Document:

Form of Performance Share Agreement for Officers

  
 Exhibit 10.14 
  

					
	 	 	 411 Seventh Avenue
	  	 412-393-4150

	 	 	 Pittsburgh, PA 15219
	  	 412-393-6185 (Fax)

	 	 	 	  	 mhogel@dqe.com

	 MAUREEN L. HOGEL
 Senior Vice President - Human Resources and Administration
	 	 	  	 

  
 [date] 
  

	Re:	Performance Award — Two-Year Cycle Grant 

  
 [Name of participant] 
  
 It is my pleasure to notify you that effective [date], the Compensation Committee of the Board of Directors (the “Committee”) of DQE, Inc. (“DQE”) granted you a Performance Award of
                     shares of Common Stock, no par value, of DQE (“DQE Common Stock”) as set forth on your Performance Award
Acceptance Form (enclosed). Your Performance Award is granted under, and subject to the terms and conditions of, the DQE, Inc. 2002 Long-Term Incentive Plan, as it may be amended from time to time (the “Plan”), and to the further
conditions set forth in this letter. 
  
 Definitions 
  
 For purposes of this letter agreement, the capitalized terms set forth below shall have the
following meanings: 
  
 Change in Control
means, and shall be deemed to have occurred upon, the first to occur of any of the following events: 
  
 (a) The acquisition by any individual, entity, or group (a “Person”), including a “person” within the meaning
of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial ownership within the meaning of Rule 13d-3 promulgated under the Exchange Act, of twenty percent (20%) or more of
either: (i) the then outstanding shares of common stock of DQE (the “Outstanding Common Stock”); or (ii) the combined voting power of the then outstanding securities of DQE entitled to vote generally in the election of directors
(the “Outstanding Voting Securities”); excluding, however the following: (A) any acquisition directly from DQE (excluding an acquisition resulting from the exercise of an exercise, conversion, or exchange privilege unless the
security being so exercised, converted or exchanged was acquired directly from DQE); (B) any acquisition by DQE, (C) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by DQE or any corporation controlled by DQE;
or (D) any acquisition by any corporation pursuant to a transaction which complies with subclauses (i), (ii), and (iii) of clause (c) below; 
  

 (b) During any twenty-four (24) consecutive month period, the individuals who, at the
beginning of such period, constitute the Board (the “Incumbent Directors”) cease for any reason other than death to constitute at least a majority thereof, provided, however, that a director who was not a director at the beginning
of such twenty-four (24) month period shall be deemed to have satisfied such twenty-four (24) month requirement (and be an Incumbent Director) if such director was elected by, or on the recommendation of or with the approval of, at least two-thirds
(2/3) of the directors who then qualified as Incumbent Directors either actually (because they were directors at the beginning of such period) or by prior operation of the provisions of this clause (b); 
  
 (c) The consummation of a reorganization, merger or
consolidation of DQE or sale or other disposition of all or substantially all of the assets of DQE (a “Corporate Transaction”); excluding, however, a Corporate Transaction pursuant to which: (i) all or substantially all of the
individuals or entities who are the beneficial owners, respectively, of the Outstanding Common Stock and the Outstanding Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than sixty
percent (60%) of, respectively, the outstanding shares of common stock, and the combined voting power of the outstanding securities of such corporation entitled to vote generally in the election of directors, as the case may be, of the corporation
resulting from such Corporate Transaction (including, without limitation, a corporation, which as a result of such transaction owns DQE or all or substantially all of DQE’s assets either directly or indirectly) in substantially the same
proportions relative to each other as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Common Stock and the Outstanding Voting Securities, as the case may be; (ii) no Person (other than: DQE; any employee benefit
plan (or related trust) sponsored or maintained by DQE or any corporation controlled by DQE; the corporation resulting from such Corporate Transaction; and any Person which beneficially owned, immediately prior to such Corporate Transaction,
directly or indirectly, twenty-five percent (25%) or more of the Outstanding Common Stock or the Outstanding Voting Securities, as the case may be) will beneficially own, directly or indirectly, twenty-five percent (25%) or more of, respectively,
the outstanding shares of common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding securities of such corporation entitled to vote generally in the election of directors; and (iii)
individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or 
  
 (d) The consummation of a plan of complete liquidation or
dissolution of DQE. 
  
 Notwithstanding the
foregoing, a Change in Control will not be deemed to have occurred by reason of a distribution of the voting securities of any of DQE’s subsidiaries to the stockholders of DQE, or by means of an initial public offering of such securities.

  
 Peer Group means the corporations
listed on the EEI Utility index as published from time to time. If, during the TSR Performance Period, the common stock of a corporation included in the Peer Group ceases to be publicly traded or if a petition under 

  

 2 

 
the Bankruptcy Code is filed by or with respect to a corporation included in the Peer Group, such corporation shall be excluded from any determination with
respect to the Peer Group without further action by the Committee. 
  
 Performance Award means an award of an opportunity to earn a number of shares of DQE Common Stock in a TSR Performance Period.  
  
 Performance Level means the level of actual achievement of TSR Rank for the TSR Performance Period.

  
 TSR Rank means the relative standing
of the TSR of DQE, expressed in percentiles in the table under “Determination of Performance Award” below, as compared to the TSR for the Peer Group, in each case for the TSR Performance Period. 
  
 TSR is the sum of stock price appreciation of, and
dividend reinvestment with respect to, a share of DQE Common Stock as compared to the comparable amount among the Peer Group for the TSR Performance Period as calculated on the fair market value of a share of DQE Common Stock as of the end of the
TSR Performance Period plus dividends paid on a share of DQE Common Stock during the TSR Performance Period divided by the fair market value of a share of DQE Common Stock at the beginning of the TSR Performance Period, using such methodology as the
Committee may prescribe in its sole discretion. 
  
 TSR Performance Period means the period beginning on                      and continuing until
                    .  
  
 Withholding Obligations means the amount of federal, state and local income and payroll taxes DQE determines in good faith must be
withheld with respect to a TSR Rewards. Withholding Obligations may be settled by the participant, as permitted by the Committee in its discretion, in shares of DQE Common Stock otherwise deliverable under the TRSP, cash, previously owned shares of
DQE Common Stock or any combination of the foregoing. 
  
 The Plan

  
 Your Performance Award is subject to the terms and conditions of the
Plan. This letter agreement is the award agreement referred to in Section 7(A)(i) of the Plan. If there is any conflict between the Plan and this letter agreement, the provisions of the Plan will control, except as expressly set forth in the next
two sections (Change in Control and Other Agreements). Any dispute or disagreement which may arise under or in any way relate to the interpretation or construction of the Plan or this letter agreement will be resolved by the Committee
in its sole and absolute discretion and the decision will be final, binding and conclusive for all purposes. 
  

 3 

 Change in Control 
  

Upon the occurrence of a Change in Control, the TSR shall be calculated for the TSR Performance Period as of the date of the Change in Control at the Performance Level
actually attained prior to the Change in Control, and stock certificates (or, at the discretion of the Committee, an amount in cash or a combination of cash and stock certificates, with the cash in each case representing the fair market value of the
stock certificates that would otherwise be due under the Performance Award) representing the Performance Award shall be delivered to the participant as soon as reasonably practicable after the date of the Change in Control. 

 
 Other Agreements 
  
 Notwithstanding any provision hereof to the contrary, if you are a party to an employment
agreement, change in control, severance, or similar plan, policy or agreement that provides for accelerated payment and/or other modifications of the terms and/or conditions of your Performance Awards or other stock-based awards upon the happening
of certain events (including, but not by way of limitation, changes in control and/or terminations of employment), the provisions of such other plan, policy or agreement, as the case may be, shall supercede the provisions contained in this agreement
to the extent such other provisions would provide benefits to you greater than those provided in this agreement. 
  
 Determination of Performance Award 
  
 Subject to your timely execution and return of the enclosed Performance Award Acceptance Form, the extent to which your Performance Award will be awarded to you (your
“TSR Reward”) at the end of the TSR Performance Period will be determined by the Committee, in its sole and absolute discretion. The Committee’s determination will be based on the relative standing of the TSR of DQE as against
the TSR for the Peer Group, in each case for the TSR Performance Period. As promptly as administratively feasible but in no event later than the date sixty (60) days following the last day of the TSR Performance Period, the Committee shall determine
the TSR of DQE and the TSR of each member of the Peer Group and determine the Performance Level achieved by DQE. 
  
 Your TSR Reward shall be the number of shares of DQE Common Stock determined by multiplying (i) the number of shares constituting your Performance Award as set forth in
the first paragraph of this letter agreement by (ii) the Percent of Performance Award Earned with respect to the Performance Level attained for the TSR Performance Period as set forth in the table below: 
  

			
	 TSR Rank

	  	 Percent of Performance Award Earned

	 90th
percentile or higher
	  	200%
	 80th
percentile
	  	175%
	 70th
percentile
	  	150%
	 65th
percentile
	  	100%
	 60th
percentile
	  	  75%
	 50th
percentile
	  	  25%
	 Less than 50th percentile
	  	    0%

  

 4 

 In determining the final Performance Level, the Committee shall use straight-line interpolation between the percentiles
provided in the table above for TSR Rank. No TSR Reward will be earned for a Performance Level less than the 50th
percentile. No additional TSR Reward will be earned for a Performance Level greater than the 90th percentile.
Notwithstanding anything to the contrary in this letter agreement, no TSR Reward shall be earned unless the annual compounded TSR for DQE is equal to or greater than 6% during the TSR Performance Period. 
  
 Certificates 
  
 Subject to the Withholding Obligations and any requirements of this letter agreement then applicable, within 75 days after the end of the
TSR Performance Period, DQE shall deliver to you certificates representing the TSR Reward, if any, for the TSR Performance Period. Unless you otherwise direct DQE in writing, DQE will register the certificate(s) in your name and will cause such
certificates to be delivered to you at the address specified by you in writing. Notwithstanding anything to the contrary in this letter agreement, the Committee may, in its sole discretion, award up to one third of your TSR Reward in the form of
cash in an amount representing the fair market value of the stock certificates that would otherwise be delivered under your TSR Reward. 
  
 Termination of Employment 
  
 Your TSR Reward also is subject to the provisions of the Plan. If your employment with DQE and each affiliate of DQE is terminated prior to the completion of the TSR
Performance Period for reasons other than retirement under any retirement plan of DQE or any affiliate of DQE, death or disability (as described in the Plan), any Performance Award for any then uncompleted TSR Performance Period shall be
forfeited automatically. 
  
 Retirement. If your employment with DQE and
each affiliate of DQE is terminated prior to the completion of the TSR Performance Period for reason of retirement under any retirement plan of DQE or any affiliate of DQE, you shall be entitled to receive a pro rata TSR Reward for the uncompleted
TSR Performance Period determined: 
  
 (a) when
the TSR Rewards for all other participants in the TSR Performance Period are determined; 
  
 (b) based on the actual Performance Level achieved for the TSR Performance Period and your Performance Award; 
  
 (c) pro rated by multiplying the number of shares of DQE
Common Stock you would have received if you completed the TSR Performance Period by a fraction, the numerator of which shall be the number of months of the TSR Performance Period completed before your termination of employment and the denominator of
which shall be the total number of months in the TSR Performance Period; and 
  

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 (d) stock certificates representing the number determined above shall be delivered at the
same time as all other certificates for such TSR Performance Period are delivered to participants who completed the TSR Performance Period. 
  
 Death. If your employment with DQE and each affiliate of DQE is terminated prior to the completion of the TSR Performance Period due to your death, your legal
representative shall be entitled to receive a pro rata TSR Reward for the uncompleted TSR Performance Period determined: 
  
 (a) as soon as reasonably practicable after the date of your death; 
  
 (b) based on the actual Performance Level achieved as of the end of the month in which your death occurs;

  
 (c) pro rated by multiplying the number of
shares of DQE Common Stock you would have received if you completed the TSR Performance Period by a fraction, the numerator of which shall be the number of months of the TSR Performance Period completed before your death and the denominator of which
shall be the total number of months in the TSR Performance Period; and 
  
 (d) stock certificates representing the number determined above shall be delivered as soon as reasonably practicable after the date of your death. 
  
 Disability. If your employment by DQE or an affiliate is terminated due to disability (as described in the Plan), you (or your legal
representative) shall be entitled to receive your TSR Reward for the uncompleted TSR Performance Period determined as if you were an active employee for the duration of such TSR Performance Period. 
  
 Acceptance Form 
  
 Enclosed is one copy of your Performance Award Acceptance Form. IF YOU DESIRE TO ACCEPT THE PERFORMANCE AWARD, YOU SHOULD
SIGN THE PERFORMANCE AWARD ACCEPTANCE FORM IN DUPLICATE AND RETURN ONE COPY TO MAUREEN L. HOGEL. YOUR PERFORMANCE AWARD WILL BE DEEMED TO BE CANCELLED AND BE VOID IF THE SIGNED PERFORMANCE AWARD ACCEPTANCE FORM IS NOT RETURNED TO
DQE BY                     . 
  
 Information Statement 
  
 You previously received or will be receiving an Information Statement which describes the Plan. You should read the Information Statement, together with
the Plan and this letter agreement for a full understanding of the Performance Award granted to you. Until your Performance Award is earned by you, you will continue to receive notification if there is a material amendment to the Plan or a change in
the law which impacts your rights under the Plan. 
  

 6 

 Officers and Affiliates - Restrictions 
  
 There are certain legal restrictions under the federal securities laws upon officers and affiliates who receive grants of Performance Awards
and/or sell shares acquired under the Plan. If you are an officer or affiliate of DQE, you must consult the Corporate Secretary before selling shares under the Plan. Such sales may be restricted in order to ensure compliance with the federal
securities laws. You may also consult the Corporate Secretary if you have any questions concerning your status as an “affiliate” of DQE as defined in the Plan. 
  
 Federal Income Tax Consequences 
  
 Information with respect to the Federal income tax consequences of the receipt of Performance Awards, whether in cash or DQE Common Stock, and the subsequent disposition
of any shares of DQE Common Stock acquired under the Plan, appears in the Information Statement under the caption “Federal Income Tax Consequences.” The Federal income tax consequences are complex. Accordingly, you are encouraged to
carefully read the material which was provided and to consult your personal tax adviser with specific reference to your own tax situation. 
  
 Withholding of Taxes 
  
 DQE will advise you as to the amount of any Federal income, employment or excise taxes required to be withheld as a result of the cash part of your award and the delivery
of DQE Common Stock in connection with a Performance Award, and that state or local income or employment taxes may also be required to be withheld. You will be required to pay any such taxes directly to DQE in cash within ten days after DQE’s
notification, and such payment will be made before distribution of stock certificates or cash to you. In lieu of payment of cash, however, you may satisfy your withholding obligation by one, or any combination, of the following: (i) delivering
previously acquired shares of DQE Common Stock (valued at their fair market value on the date of delivery) (ii) having cash withheld from any cash otherwise payable to you with respect to your Performance Award and (iii) having shares of DQE Common
Stock withheld from any shares otherwise issuable to you with respect to your Performance Award (valued at their fair market value on the date of such withholding). 
  
 If you do not pay any taxes required to be withheld, DQE may withhold such taxes from any other compensation to which you are entitled from
DQE. You agree to hold DQE harmless in acting to satisfy the withholding obligation in this manner if it becomes necessary to do so. Further information regarding withholding of taxes appears in the Information Statement under the caption,
“Federal Income Tax Consequences – Tax Withholding.” 
  

 7 

 Investment Representation 
  
 You shall deliver to the Committee, upon demand by the Committee, at the time of any payment your TSR Reward which contains shares of DQE
Common Stock, a written representation that the shares to be acquired are to be acquired for investment and not for resale or with a view to the distribution thereof. Upon such demand, delivery of such representation prior to delivery of any shares
of DQE Common Stock shall be a condition precedent to your right to receive any shares. 
  
 No Rights as Shareholder 
  
 You shall have no rights as a
shareholder of DQE with respect to the shares of DQE Common Stock subject to the Performance Award evidenced hereby unless and until a certificate for shares of DQE Common Stock is issued to you. 
  
 Performance Awards Not a Bar to Corporate Event 
  
 The existence of the Performance Award granted hereunder shall not affect in any way the
right or the power of DQE or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in DQE’s capital structure or its business, or any merger or consolidation of DQE, or any issue of
bonds, debentures, preferred or prior preference stocks ahead of or affecting the DQE Common Stock or the rights thereof, or the dissolution or liquidation of DQE, or any sale or transfer of all or any part of its assets or business, or any other
corporate act or proceeding, whether of similar character or otherwise. 
  
 General Restriction 
  
 To the extent any Performance
Award is denominated in DQE Common Stock under this letter agreement, it shall be subject to the requirement that if at any time the Committee shall determine that any listing or registration of the shares of DQE Common Stock or any consent or
approval of any governmental body or any other agreement or consent is necessary or desirable as a condition of the issuance of shares of DQE Common Stock or cash in satisfaction thereof, such issuance of shares of DQE Common Stock may not be
consummated unless such requirement is satisfied in a manner acceptable to the Committee. DQE shall in no event be obligated to register any securities pursuant to the Securities Act of 1933 (as the same shall be in effect from time to time) or to
take any other affirmative action to cause the issuance of shares pursuant to the distribution of TSR Rewards to comply with any law or regulation of any governmental authority. 
  
 Determinations of Committee 
  
 The actions taken and determinations of the Committee made pursuant to this letter agreement and of the Committee pursuant to the Plan shall be final, conclusive and
binding upon DQE and upon you. No member of the Committee shall be liable for any action taken or determination made relating to this letter agreement or the Plan if made in good faith. 
  

 8 

 Miscellaneous 
  
 Your Performance Award may not be transferred otherwise than by will or by the law of descent and distribution. During your lifetime, any TSR Rewards shall be payable
only to you. No assignment or transfer of a Performance Award or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise (except by will or the laws of descent and distribution), shall vest in the
assignee or transferee any interest or right herein whatsoever, and immediately upon such purported assignment or transfer, the Performance Award shall terminate and become of no further effect. 
  
 This letter agreement does not confer any right on you to continue in the employ of DQE or
its affiliates, or interfere in any way with the rights of DQE or its affiliates to terminate your employment. 
  
 Whenever the word “you” is used in any provision of this letter agreement under circumstances where the provision should logically be construed to apply to your executors, administrators, or the person or
persons to whom the Performance Award may be transferred by will or by the laws of descent and distribution, the word “you” shall be deemed to include such person or persons. 
  
 The Plan, or any part thereof, may be terminated or may, from time to time be amended, in accordance with the Plan; provided, however, the
termination or amendment of the Plan shall not, without your consent, affect your rights under this letter agreement. 
  
 This letter agreement shall be binding upon the successors and assigns of DQE and upon your legal representatives, heirs and legatees. This letter agreement, along with
the Plan and the Information Statement, constitutes the entire agreement between you and DQE with respect to the Performance Award granted to you and supersedes all prior agreements and understandings, oral or written, between you and DQE with
respect to the subject matter of this letter agreement. This letter agreement may be amended only by a written instrument signed by you and DQE and will be governed by, and construed and enforced in accordance with, the laws of the Commonwealth of
Pennsylvania. 
  
 Between the date of this letter agreement and the date your
Performance Award is paid to you, you will receive copies of all reports, proxy statements and other communications distributed generally to the shareholders of DQE. 
  
 It is recommended that you establish a file for this letter and enclosures as well as any other material you receive regarding the Plan,
including the Information Statement. 
  

 9 

 If you have any questions with respect to your Performance Award, please direct your inquiry to Maureen L. Hogel, Senior
Vice President – Human Resources and Administration, Duquesne Light Company, 411 Seventh Avenue, 16th Floor
(16-3), Pittsburgh, PA 15219. 
  
 Very truly yours, 
  

	
	
	

	Maureen L. Hogel

  
 Enclosures 
  

 10 

 PERFORMANCE AWARD ACCEPTANCE FORM 
  
 Two-Year Cycle Grant 
  
 I, the undersigned participant, accept the grant of the Performance Award (Two-Year Cycle Grant) confirmed by the attached letter agreement dated
                    , for the number of shares set forth below. Also, I understand that the number of shares set forth below represents my
grant, and that the extent to which those shares are awarded will be determined based on TSR Rank (as defined in the attached letter agreement) of DQE. I agree to be bound by the terms and provisions of the Plan, as the Plan may be amended from time
to time, and the attached letter agreement; provided, however, that no alteration, amendment, revocation or termination of the Plan shall, without my written consent, adversely affect my rights with respect to this Performance Award. 
  
 IN WITNESS WHEREOF, I have executed this Performance Award Acceptance Form as
of                     , the date on which the Performance Award was granted to me, subject to the terms and conditions set forth in the Plan
and in the attached letter agreement. 
  
 Number of Shares of DQE 
 Common Stock for which 
 Performance Award 
 is Granted -                      
  
 [name of participant] 
 [address of participant] 
  

					
			
	  	 	 	 	  
	Participant’s Signature	 	 	 	Date

  
 For your grant to be effective, one

 signed copy of this form must be 
 returned by
                     to: 
  
 Maureen L. Hogel 
 Senior Vice President – Human Resources and
Administration 
 Duquesne Light Company 
 411 Seventh Avenue

 16th Floor (16-3)

 Pittsburgh, PA 15219Form of Restricted Stock Agreement for Officers

			
	

	  	Exhibit 10.15

  

					
	 	 	 411 Seventh Avenue
	  	 Telephone: 412-393-4150

	 	 	 Mail Drop 16-3
	  	 Fax:            412-393-4151

	 	 	 Pittsburgh, PA 15219
	  	 E-mail: mhogel@duqlight.com

		
	 MAUREEN L. HOGEL
 Senior Vice President and
Chief Legal and Administrative Officer
	  	 

  
 [date] 
  
 [name of participant] 
  

	Re:	Restricted Stock Grant 

  
 Dear
                            : 
  
 It is my pleasure to notify you that effective [date], (“Date of Grant”) the Compensation Committee of the Board of
Directors (the “Committee”) of Duquesne Light Holdings, Inc. (the “COMPANY”) granted you
                     restricted shares of common stock, no par value, of the Company (“Restricted Shares”) as set forth on
your Restricted Shares Acceptance Form (enclosed). Your Restricted Shares are granted under, and subject to the terms and conditions of, the Duquesne Light Holdings, Inc. 2002 Long-Term Incentive Plan, as it may be amended from time to time (the
“Plan”), and to the further conditions set forth in this letter. Your right to retain ownership of such shares shall be based upon your continued employment with the Company. Any capitalized term not defined herein will have the
meaning as defined in the Plan. 
  
 Definitions 
  
 For purposes of this letter agreement, the capitalized terms set forth below shall have the
following meanings: 
  
 Change in Control
means, and shall be deemed to have occurred upon, the first to occur of any of the following events: 
  
 (a) The acquisition by any individual, entity, or group (a “Person”), including a “person” within the meaning
of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial ownership within the meaning of Rule 13d-3 promulgated under the Exchange Act, of twenty percent (20%) or more of
either: (i) the then outstanding shares of common stock of the Company (the “Outstanding Common Stock”); or (ii) the combined voting power of the then 

  

 
outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Voting Securities”);
excluding, however the following: (A) any acquisition directly from the Company (excluding an acquisition resulting from the exercise of an exercise, conversion, or exchange privilege unless the security being so exercised, converted or exchanged
was acquired directly from the Company); (B) any acquisition by the Company, (C) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or (D) any
acquisition by any corporation pursuant to a transaction which complies with subclauses (i), (ii), and (iii) of clause (c) below; 
  
 (b) During any twenty-four (24) consecutive month period, the individuals who, at the beginning of such period, constitute the Board (the
“Incumbent Directors”) cease for any reason other than death to constitute at least a majority thereof, provided, however, that a director who was not a director at the beginning of such twenty-four (24) month period shall be deemed
to have satisfied such twenty-four (24) month requirement (and be an Incumbent Director) if such director was elected by, or on the recommendation of or with the approval of, at least two-thirds (2/3) of the directors who then qualified as Incumbent
Directors either actually (because they were directors at the beginning of such period) or by prior operation of the provisions of this clause (b); 
  
 (c) The consummation of a reorganization, merger or consolidation of the Company or sale or other disposition of all or substantially all
of the assets of the Company (a “Corporate Transaction”); excluding, however, a Corporate Transaction pursuant to which: (i) all or substantially all of the individuals or entities who are the beneficial owners, respectively, of the
Outstanding Common Stock and the Outstanding Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than sixty percent (60%) of, respectively, the outstanding shares of common stock, and
the combined voting power of the outstanding securities of such corporation entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a
corporation, which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or indirectly) in substantially the same proportions relative to each other as their ownership, immediately
prior to such Corporate Transaction, of the Outstanding Common Stock and the Outstanding Voting Securities, as the case may be; (ii) no Person (other than: the Company; any employee benefit plan (or related trust) sponsored or maintained by the
Company or any corporation controlled by the Company; the corporation resulting from such Corporate Transaction; and any Person which beneficially owned, immediately prior to such Corporate Transaction, directly or indirectly, twenty-five percent
(25%) or more of the Outstanding Common Stock or the Outstanding Voting Securities, as the case may be) will beneficially own, directly or indirectly, twenty-five percent (25%) or more of, respectively, the outstanding shares of common stock of the
corporation resulting from such Corporate Transaction or the combined voting power of the outstanding securities of such corporation entitled to vote generally in the election of directors; and (iii) individuals who were Incumbent Directors will
constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or 
  

 2 

 (d) The consummation of a plan of complete liquidation or dissolution of the Company.

  
 Notwithstanding the foregoing, a Change in
Control will not be deemed to have occurred by reason of a distribution of the voting securities of any of the Company’s subsidiaries to the stockholders of the Company, or by means of an initial public offering of such securities. 

 
 Forfeiture Period means, with respect to any
Restricted Shares, the period during which such Restricted Shares can be forfeited. With respect to the Restricted Shares Awarded to you hereunder, the Forfeiture Period begins on the Date of Grant of such Restricted Shares and ends as follows:
                                . 
  
 Withholding Obligations means the amount of federal,
state and local income and payroll taxes the Company determines in good faith must be withheld with respect to Restricted Shares. Withholding Obligations may be settled by the participant, as permitted by the Committee in its discretion, in shares
of the Company Common Stock otherwise deliverable under this Agreement, cash, previously owned shares of the Company Common Stock or any combination of the foregoing. 
  
 Share Awards 
  
 Subject to your timely execution and return of the enclosed Restricted Share Acceptance Form, you are hereby awarded
             Restricted Shares. The Restricted Shares awarded to you hereunder will be subject to such restrictions as the Committee may deem advisable under the rules, regulations
and other requirements of the Securities and Exchange Commission, any stock exchange upon which the common stock is listed and any applicable federal or state securities law, and the Committee may cause a legend or legends to be endorsed on any
stock certificates representing the Restricted Shares, making appropriate references to such legal restrictions. 
  
 The Plan 
  
 Your Restricted Shares are subject to the terms and conditions of the Plan. This letter agreement is the award agreement referred to in Section 6(A)(i) of the Plan. If there is any conflict between the Plan and this
letter agreement, the provisions of the Plan will control, except as expressly set forth in the paragraphs titled Change in Control and Other Agreements. Any dispute or disagreement which may arise under or in any way relate to the
interpretation or construction of 

  

 3 

 
the Plan or this letter agreement will be resolved by the Committee in its sole and absolute discretion and the decision will be final, binding and
conclusive for all purposes. 
  
 Stock Certificates. 
  
 The Restricted Shares awarded to you hereunder will be subject to the transferability and
forfeiture restrictions described below. As soon as practicable after the Date of Grant, the Company will cause to be registered in your name on the books of its transfer agent shares of Common Stock representing such Restricted Shares, subject to
appropriate transfer restrictions consistent with this letter agreement. If a stock certificate is issued with respect to any Restricted Shares awarded hereunder, until the expiration of all restrictions applicable to such Restricted Shares, as
described below, and the satisfaction of all Withholding Obligations with respect to such Restricted Shares, as described below, the stock certificate will be held in custody by the Company or its designee. 
  
 If a stock certificate is issued with respect to Restricted Shares, such stock certificate
will bear the following legend: 
  
 The ownership and
transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of an Agreement entered into between the registered owner and Duquesne Light Holdings, Inc. Copies of such
Agreement are on file in the offices of Duquesne Light Holdings, Inc., 411 Seventh Ave, Pittsburgh, PA 15219. 
  
 Restrictions Applicable to the Restricted Shares. 
  
 Subject to the restrictions described below, you will become a shareholder of Duquesne Light Holdings, Inc. as to the Restricted Shares awarded to you hereunder, beginning on the Date of Grant of such Restricted
Shares, and you will have all of the rights of a shareholder, including the right to vote such Restricted Shares and the right to receive dividends and, subject to the following paragraph, other distributions paid with respect to such Restricted
Shares; provided, however, that any Common Stock distributed as a dividend or otherwise with respect to any Restricted Shares during the Forfeiture Period applicable to such Restricted Shares shall be subject to the same restrictions as such
Restricted Shares and shall be held as prescribed above. During the Forfeiture Period applicable to any Restricted Shares, such Restricted Shares will be subject to forfeiture as described below, and none of such Restricted Shares may be assigned,
transferred (other than by will or the laws of descent and distribution), pledged, sold or otherwise disposed of by you prior to expiration of the applicable restrictions. Any attempt to dispose of Restricted Shares or any interest in the Restricted
Shares in violation of these restrictions will be null, void and ineffective. 
  
 Notwithstanding the foregoing, dividends paid with respect to any Restricted Shares for which the Forfeiture Period has not lapsed will be paid to and held by the Company and you hereby assign to the Company the right to receive such
dividends. Upon the lapse of the Forfeiture Period with respect to such Restricted Shares, any and all dividends paid to and held by the Company with respect to such Restricted Shares during the Forfeiture Period will be paid to you (without 

  

 4 

 
interest) as soon as practicable following the last day of such Forfeiture Period. In the event any Restricted Shares are forfeited, the Company shall retain
the dividends applicable to such Restricted Shares that were assigned to Duquesne Light Holdings, Inc. prior to such forfeiture. 
  
 Forfeiture of Restricted Shares. 
  
 Restricted Shares will be forfeited and returned to the Company and all of your rights to such Restricted Shares will cease and terminate in their entirety if prior to
the last day of the Forfeiture Period applicable to such Restricted Shares, your employment with the Company or its Affiliate companies terminates for any reason other than death, or Disability (except for Change in Control). In the event of any
such forfeiture, the certificates representing such Restricted Shares, if any, will be canceled. For purposes of this Agreement, “Disability” shall mean any physical or mental injury or disease of a permanent nature, which renders
you incapable of meeting the requirements of your employment immediately prior to the commencement of such disability. The determination of whether you are disabled will be made by the Committee in its sole discretion. 
  
 Noncompete 
  
 In addition, if you engage in the operation or management of a business (whether as owner, partner, officer, director, employee or otherwise
and whether during or after termination of employment) which is in competition with the Company or an Affiliate of the Company, the Committee may immediately cause all Restricted Shares with respect to which the Forfeiture Period applicable to such
Restricted Shares has not lapsed to be forfeited and returned to the Company and all your rights with respect to such Restricted Shares shall terminate. Whether you have engaged in the operation or management of a business that is in competition
with the Company or an Affiliate of the Company shall also be determined, in its discretion, by the Committee, and any such determination by the Committee shall be final and binding. 
  
 Change in Control 
  
 Upon the occurrence of a Change in Control, all Restricted Shares shall become vested and nonforfeitable, and stock certificates, free and clear of all restrictions,
representing such Restricted Shares shall be delivered to you as soon as reasonably practicable after the date of the Change in Control.  
  
 Other Agreements 
  
 Notwithstanding any provision hereof to the contrary, if you are a party to an employment agreement, change in control, severance, or similar plan, policy or agreement that provides for accelerated payment and/or
other modifications of the terms and/or conditions of your Restricted Shares or other stock-based awards upon the happening of certain events (including, but not by way of limitation, changes in control and/or terminations of employment), the
provisions of such other plan, policy or agreement, as the case may be, shall supercede the provisions contained in this agreement to the extent such other provisions would provide benefits to you greater than those provided in this agreement.

  

 5 

 Delivery of Certificates Upon Vesting 
  
 Upon expiration or earlier termination of the Forfeiture Period and upon the satisfaction of all Withholding Obligations with respect to any
Restricted Shares, the restrictions applicable to such Restricted Shares which have become vested and nonforfeitable as described above will lapse. As soon as practicable after vesting, subject to the Withholding Obligations, the Company will
deliver to you or, in case of your death, to your legal representatives, one or more stock certificates representing the appropriate number of shares of common stock which have vested, free of all such restrictions, except for any restrictions that
may be imposed by law. 
  
 Acceptance Form 
  
 Enclosed are two copies of your Restrictive Shares Acceptance Form. IF YOU DESIRE TO ACCEPT
THE RESTRICTED SHARES, YOU SHOULD SIGN BOTH COPIES OF THE RESTRICTED SHARES ACCEPTANCE FORM, RETURN ONE COPY TO MAUREEN L. HOGEL AND RETAIN THE OTHER COPY FOR YOUR RECORDS. YOUR RESTRICTED SHARES WILL BE DEEMED TO BE CANCELLED AND BE
VOID IF THE SIGNED RESTRICTED SHARES ACCEPTANCE FORM IS NOT RETURNED TO THE COMPANY BY                     . 
  
 Information Statement 
  
 You previously received or will be receiving an Information Statement that describes the
Plan. You should read the Information Statement, together with the Plan and this letter agreement for a full understanding of the Restricted Shares granted to you. Until you earn your Restricted Shares, you will continue to receive notification if
there is a material amendment to the Plan or a change in the law, which impacts your rights under the Plan. 
  
 Officers and Affiliates - Restrictions 
  
 There are certain legal restrictions under the federal securities laws upon officers and affiliates who receive grants of Restricted Shares and/or sell shares acquired under the Plan. If you are an officer or affiliate of the Company, you
must consult the Corporate Secretary before selling shares under the Plan. Such sales may be restricted in order to ensure compliance with the federal securities laws. You may also consult the Corporate Secretary if you have any questions concerning
your status as an “affiliate” of the Company as defined in the Plan. 
  
 Federal Income Tax Consequences 
  
 Information with
respect to the federal income tax consequences of the receipt of Restricted Shares and the subsequent disposition of any shares acquired under the Plan, appears in the Information Statement under the caption “Federal Income Tax
Consequences.” The federal income tax consequences are complex. Accordingly, you are encouraged to carefully read the material that was provided and to consult your personal tax adviser with specific reference to your own tax situation.

  

 6 

 Withholding of Taxes 
  
 The Company will advise you as to the amount of any federal income, employment or excise taxes required to be withheld as a result of your
award and the delivery of the Restricted Shares, and that state or local income or employment taxes may also be required to be withheld. You will be required to pay any such taxes directly to the Company in cash within ten days after the
Company’s notification, and such payment will be made before distribution of stock certificates to you. In lieu of payment of cash, however, you may satisfy your withholding obligation by one, or any combination, of the following: (i)
delivering previously acquired shares of the Company common stock (valued at their fair market value on the date of delivery) (ii) having cash withheld from any cash otherwise payable to you with respect to Plan and (iii) having shares of the
Company common stock withheld from any shares otherwise issuable to you with respect to your Restricted Shares (valued at their fair market value on the date of such withholding). 
  
 If you do not pay any taxes required to be withheld, the Company may withhold such taxes from any other compensation to which you are
entitled from the Company. You agree to hold the Company harmless in acting to satisfy the withholding obligation in this manner if it becomes necessary to do so. Further information regarding withholding of taxes appears in the Information
Statement under the caption, “Federal Income Tax Consequences – Tax Withholding.” 
  
 Restricted Shares Not a Bar to Corporate Event 
  
 The existence of the Restricted Shares granted hereunder shall not affect in any way the right or the power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations,
reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stocks ahead of or affecting the Company Common
Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of similar character or otherwise. 
  
 General Restriction 
  
 The Restricted Shares shall be subject to the requirement that if at any time the Committee
shall determine that any listing or registration of the shares of the Company common stock or any consent or approval of any governmental body or any other agreement or consent is necessary or desirable as a condition of the issuance of shares of
the Company common stock such issuance of shares of the Company common stock may not be consummated unless such requirement is satisfied in a manner acceptable to the Committee. The Company shall in no event be obligated to register any securities
pursuant to the Securities Act of 1933 (as the same shall be in effect from time to time) or to take any other affirmative action to cause the issuance of shares pursuant to the distribution of Restricted Shares to comply with any law or regulation
of any governmental authority. 
  

 7 

 Determinations of Committee 
  
 The actions taken and determinations of the Committee made pursuant to this letter agreement and of the Committee pursuant to the Plan shall
be final, conclusive and binding upon the Company and upon you. No member of the Committee shall be liable for any action taken or determination made relating to this letter agreement or the Plan if made in good faith. 
  
 Miscellaneous 
  
 This letter agreement does not confer any right on you to continue in the employ of the Company or its affiliates, or interfere in any way
with the rights of the Company or its affiliates to terminate your employment. 
  
 Whenever the word “you” is used in any provision of this letter agreement under circumstances where the provision should logically be construed to apply to your executors, administrators, or the person or persons to whom the
Restricted Shares may be transferred by will or by the laws of descent and distribution, the word “you” shall be deemed to include such person or persons. 
  
 The Plan, or any part thereof, may be terminated or may, from time to time be amended, in accordance with the Plan; provided, however, the
termination or amendment of the Plan shall not, without your consent, affect your rights under this letter agreement. 
  
 This letter agreement shall be binding upon the successors and assigns of the Company and upon your legal representatives, heirs and legatees. This letter agreement,
along with the Plan and the Information Statement, constitutes the entire agreement between you and the Company with respect to the Restricted Shares granted to you and supersedes all prior agreements and understandings, oral or written, between you
and the Company with respect to the subject matter of this letter agreement. This letter agreement may be amended only by a written instrument signed by you and the Company and will be governed by, and construed and enforced in accordance with, the
laws of the Commonwealth of Pennsylvania. 
  
 You agree, upon demand of the
Company or the Committee, to do all acts and execute, deliver and perform all additional documents, instruments and agreements (including, without limitation, stock powers with respect to shares of Common Stock or other securities of the Company
issued as a dividend or distribution on Restricted Shares) which may be required by the Company or the Committee, as the case may be, to implement the provisions and purposes of this Agreement. 
  
 Between the date of this letter agreement and the date your Restricted Shares are issued to
you, you will receive copies of all reports, proxy statements and other communications distributed generally to the shareholders of the Company. 
  
 It is recommended that you establish a file for this letter and enclosures as well as any other material you receive regarding the Plan, including the Information
Statement. 
  

 8 

 If you have any questions with respect to your Restricted Shares, please direct your inquiry to Maureen L. Hogel, Senior
Vice President and Chief Legal and Administrative Officer, Duquesne Light, 411 Seventh Avenue, 16th Floor (16-3),
Pittsburgh, PA 15219. 
  
 Very truly yours, 
  

	
	
	  
	Maureen L. Hogel

  
 Enclosures 
  

 9 

 RESTRICTED SHARES ACCEPTANCE FORM 
  
 I, the undersigned participant, accept the grant of the Restricted Shares confirmed by the attached letter agreement dated
                    , for the number of shares set forth below. Also, I understand that the number of shares set forth below represents my
grant, and that the extent to which those shares are awarded will be determined based on my continued employment with the Company. I agree to be bound by the terms and provisions of the Plan, as the Plan may be amended from time to time, and the
attached letter agreement; provided, however, that no alteration, amendment, revocation or termination of the Plan shall, without my written consent, adversely affect my rights with respect to this Restricted Shares. 
  
 IN WITNESS WHEREOF, I have executed this Restricted Shares Acceptance Form as
of                     , the date on which the Restricted Shares was granted to me, subject to the terms and conditions set forth in the Plan
and in the attached letter agreement. 
  
 Number of Shares of the Company

 Common Stock for which 
 Restricted Shares 
 is Granted –                      
  
 [name of participant] 
 [address of participant] 
  

					
			
	  	 	 	 	  
	Participant’s Signature	 	 	 	Date

  
 For your grant to be effective, one

 signed copy of this form must be 
 returned by
                     to: 
  
 Maureen L. Hogel 
 Senior Vice President and Chief Legal and Administrative
Officer 
 Duquesne Light 
 411 Seventh Avenue 
 16th Floor (16-3) 
 Pittsburgh, PA 15219 
  
 Retain the other signed copy of this form for your records

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