Document:

Exhibit 10.2

 Exhibit 10.2 
 DRS Services Agreement 
 This DRS Services Agreement (this
“Agreement”) is entered into as of the 1st day of January, 2012, by and between VIRGINIA ELECTRIC AND POWER COMPANY, a Virginia public service corporation (the “Company”), and DOMINION RESOURCES SERVICES, INC., a Virginia
corporation (“DRS”). DRS is sometimes referred to herein as “Service Company.” 
 WHEREAS, each of the
Company and DRS is a direct or indirect wholly-owned subsidiary of Dominion Resources, Inc., a Virginia corporation and a “holding company” as defined in the Public Utility Holding Company Act of 2005 that is subject to regulation as such
under that Act by the Federal Energy Regulatory Commission (“Dominion”); 
 WHEREAS, the Company is an electric
utility engaged in the sale of electric service at retail within its service territories in Virginia and North Carolina and at wholesale within those territories and elsewhere in the United States; 

WHEREAS, DRS has been formed for the purpose of providing administrative, management and other services to Dominion and its subsidiaries
(“Dominion Companies”) as a subsidiary service company; 
 WHEREAS, the Company believes that it is in the interest of
the Company to provide for an arrangement whereby the Company may, from time to time and at the option of the Company, agree to purchase such administrative, management and other services as set forth in Exhibit I hereto from DRS; 

WHEREAS, DRS is an “affiliated interest” of the Company within the meaning of the Utility Affiliates Act, Chapter 4 of Title 56
of the Code of Virginia, and therefore contracts and arrangements for the furnishing of services by DRS to the Company are subject to approval of the Virginia State Corporation Commission (“SCC”); 

WHEREAS, DRS is an affiliate of the Company and therefore certain types of contracts between DRS and the Company are subject to the
requirements of North Carolina G.S. § 62-153 and are subject to approval of the North Carolina Utilities Commission (“NCUC”); and 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, hereby agree as follows: 
 I. SERVICES OFFERED. Exhibit I hereto lists and describes all of the
services that are available from DRS. DRS hereby offers to supply those services to the Company. Such services are and will be provided to the Company only at the request of the Company. DRS will provide such requested services using personnel from
DRS and, if necessary, from nonaffiliated third parties in accordance with Section III herein. 

 II. INITIAL SERVICES SELECTED. Exhibit II lists the services from Exhibit I
that (i) the Company hereby agrees to receive from DRS and (ii) DRS hereby agrees to provide to the Company.  

III. PERSONNEL. DRS will provide services by utilizing the services of such executives, accountants, financial advisers, technical
advisers, attorneys, engineers, geologists and other persons as have the necessary qualifications. 
 If necessary, DRS, after
consultation with the Company, may also arrange for the services of nonaffiliated experts, consultants and attorneys in connection with the performance of any of the services supplied under this Agreement. 

To the extent any non-DRS affiliated company personnel are required for the provision of a service, DRS will ensure that the non-DRS
affiliated company will provide and bill such service directly to DVP through its own SCC- and NCUC- approved services agreement. If the non-DRS affiliated company is not so authorized through its own approved services agreement with the
Company, DRS will not use such affiliated personnel to provide services to the Company. Use of affiliated company personnel shall be subject to federal and state codes and standards of conduct, as applicable. 

IV. COMPENSATION AND ALLOCATION. As and to the extent required by law, DRS will provide such services at cost. DRS will regularly
conduct market price salary and incentive compensation external surveys to ensure employee compensation is no higher than market. Exhibit III hereof contains rules and methods for determining and allocating costs for DRS. 

V. EFFECTIVE DATE. This Agreement is effective as of January 1, 2012 (the “Effective Date”). 

VI. TERM. This Agreement shall commence on the Effective Date and shall remain in effect for a period of five (5) years
thereafter, unless terminated earlier pursuant to Section VII(C). 
 VII. TERMINATION AND MODIFICATION. 

A. Modification of Services. The Company may modify its selection of services at any time during the calendar year by giving DRS written
notice of the additional services it wishes to receive, and/or the services it no longer wishes to receive, in Exhibit I from DRS. The requested modification in services shall take effect on the first day of the first calendar month beginning at
least thirty (30) days after the Company sent written notice to DRS. 
 B. Modification of Other Terms and Conditions. No
other amendment, change or modification of this Agreement shall be valid, unless made in writing and signed by all parties hereto. 

  
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 C. Termination of this Agreement. The Company may terminate this Agreement by providing
sixty (60) days advance written notice of such termination to DRS. DRS may terminate this Agreement by providing sixty (60) days advance written notice of such termination to the Company. 

This Agreement shall be subject to the approval of any state commission or other state regulatory body whose approval is, by the laws of
said state, a legal prerequisite to the execution and delivery or the performance of this Agreement. 
 VIII. NOTICE.
Where written notice is required by this Agreement, said notice shall be deemed given when mailed by United States registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 

 

	 	a.	To the Company: 

 Virginia
Electric and Power Company 
 120 Tredegar Street 
 Richmond, VA 23219 
 With a Copy to: 

Dominion Resources Services, Inc. 
 Law Department 
 120 Tredegar Street 

Richmond, VA 23219 
 Attention: Managing Counsel and State Regulatory Team 
  

	 	b.	To DRS: 

 Dominion Resources
Services, Inc. 
 120 Tredegar Street 
 Richmond, VA 23219 
 With a Copy to: 

Dominion Resources Services, Inc. 
 Law Department 
 120 Tredegar Street 

Richmond, VA 23219 
 Attention: Managing Counsel and State Regulatory Team 
 IX. GOVERNING LAW.
This Agreement shall be governed by and construed in accordance with the laws of Virginia, without regard to its conflict of laws provisions. 

  
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 X. ENTIRE AGREEMENT. This Agreement, together with its exhibits, constitutes the
entire understanding and agreement of the parties with respect to its subject matter, and effective upon the execution of this Agreement by the respective parties hereof and thereto, any and all prior agreements, understandings or representations
with respect to this subject matter are hereby terminated and cancelled in their entirety and are of no further force and effect. 
 XI. WAIVER. No waiver by any party hereto of a breach of any provision of this Agreement shall constitute a waiver of any preceding or succeeding breach of the same or any other provision hereof.

 XII. ASSIGNMENT. This Agreement shall inure to the benefit of and shall be binding upon the parties and their
respective successors and assigns. No assignment of this Agreement or any party’s rights, interests or obligations hereunder may be made without the other party’s consent, which shall not be unreasonably withheld, delayed or conditioned;
provided, however, that, subject to the requirements of applicable state and federal regulatory law, either party may assign its rights, interests or obligations under this Agreement to an “affiliated interest,” without the consent of the
other party. 
 XIII. SEVERABILITY. If any provision or provisions of this Agreement shall be held to be invalid,
illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall in no way be affected or impaired thereby. 
 XIV. STATE COMMISSION APPROVALS. 
 A. VSCC Approval. Pursuant to the
Virginia State Corporation Commission (“VSCC”) Order Approving Merger in Joint Petition for Dominion Resources, Inc. and Consolidated Natural Gas Company for Approval of Agreement and Plan of Merger under Chapter 5 of Title 56 of the Code
of Virginia, Case No. PUA-1999-00020, issued on September 17, 1999, neither Virginia Electric and Power Company nor any other affiliate of Dominion Resources, Inc. subject to the jurisdiction of the Commission shall have any obligation under
this Agreement except to the extent such Commission has approved such obligation. 
 B. NCUC. 

(i) Virginia Electric and Power Company, d/b/a Dominion North Carolina Power’s (“DNCP”) participation in
this Agreement is voluntary, DNCP is not obligated to take or provide services or make any purchases or sales pursuant to this Agreement, and DNCP may elect to discontinue its participation in this Agreement at its election after giving any required
notice; 
 (ii) DNCP may not make or incur a charge under this Agreement except in accordance with North
Carolina law and the rules, regulations, and orders of the North Carolina Commission promulgated thereunder; 

(iii) DNCP may not seek to reflect in rates any (A) costs incurred under this Agreement exceeding such amount as may
be allowed by the North Carolina Commission or (B) revenue level earned under this Agreement less than the amount imputed by the North Carolina Commission; and 

  
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 (iv) DNCP will not assert in any forum that the North Carolina
Commission’s authority to assign, allocate, make pro-forma adjustments to or disallow revenues and costs for retail ratemaking and regulatory accounting and reporting purposes is preempted and will bear the full risk of any preemptive effects
of federal law with respect to this Agreement. 
 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
as of the date first above mentioned. 
  

					
	
	VIRGINIA ELECTRIC AND POWER COMPANY
		
	By	 	/s/ Ashwini Sawhney
			
		 	Name:	 	Ashwini Sawhney
			
		 	Title:	 	Vice President—Accounting (Chief Accounting Officer)

  

					
	
	DOMINION RESOURCES SERVICES, INC.
		
	By	 	/s/ Steven A. Rogers
			
		 	Name:	 	Steven A. Rogers
			
		 	Title:	 	President and Chief Administrative
Officer                        

  
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 EXHIBIT I 
 DESCRIPTION OF SERVICES OFFERED BY DRS 
 UNDER THIS DRS SERVICES AGREEMENT

 1. Accounting. Provide advice and assistance to Dominion Companies in accounting matters (development of
accounting practices, procedures and controls, the maintenance of the general ledger and related subsidiary systems, the preparation and analysis of financial reports, and the processing of certain accounts such as accounts payable, accounts
receivable, and payroll). 
 2. Auditing. Periodically audit the accounting records and other records maintained by
Dominion Companies and coordinate their examination, where applicable, with that of independent public accountants. The audit staff will report on their examination and submit recommendations, as appropriate, on improving methods of internal control
and accounting procedures. 
 3. Legal and Regulatory. Provide advice and assistance with respect to legal and regulatory
issues as well as regulatory compliance and matters under federal and state laws. 
 4. Information Technology, Electronic
Transmission and Computer Services. Provide the organization and resources for the operation of an information technology function (development, implementation and operation of a centralized data processing facility and the management of a
telecommunications network, and the central processing of computerized applications and support of individual applications in Dominion Companies). Develop, implement, and process those computerized applications for Dominion Companies that can be
economically best accomplished on a centralized basis. Develop, implement, and process information technology risk management services and services for the secure protection and transmission of critical and sensitive data. 

5. Software/Hardware Pooling. Accept from Dominion Companies ownership of and rights to use, assign, license or sub-license all
software owned, acquired or developed by or for Dominion Companies which Dominion Companies can and do transfer or assign to it and computer system hardware used with software and enhancements to which DRS has legal right. Preserve and protect the
rights to all such software to the extent reasonable and appropriate under the circumstances; license Dominion Companies, on a non-exclusive, no-charge or at-cost basis, to use all software which DRS has the right to sell, license or sub-license;
and, at the relevant Dominion Companies’ expense, permit Dominion Companies to enhance any such software and license others to use all such software and enhancements to the extent that DRS shall have the legal right to so permit. 

6. Human Resources. Advise and assist Dominion Companies in the formulation and administration of human resources policies and
programs relating to the relevant 

 
Dominion Companies’ labor relations, personnel administration, training, wage and salary administration, staffing and safety. Direct and administer all medical, health, and employee benefit
and pension plans of Dominion Companies. Provide systems of physical examination for employment and other purposes and direct and administer programs for the prevention of sickness. Advise and assist Dominion Companies in the administration of such
plans and prepare and maintain records of employee and company accounts under the said plans, together with such statistical data and reports as are pertinent to the plans. 
 7. Operations. Advise and assist Dominion Companies in the following matters relating to operational capacity: (i) the preparation and coordination of studying, consulting, planning,
designing, inspecting and engineering and construction of energy and electric transmission and substation plant facilities of each Dominion Company and of the Dominion Companies as a whole, (ii) the planning, engineering (including maps and
records) and construction operations of Dominion Companies, (iii) the performance of operations support services, plant and facilities operation, generation outage support, and maintenance and management services, and (iv) the planning,
formulation and implementation of load retention, load shaping and conservation and efficiency programs, and integrated resource planning for supply-side plans and demand-side management programs. Develop long-range operational programs for Dominion
Companies and advise and assist each such Dominion Company in the coordination of such programs with the programs of the other Dominion Companies, subject to federal and state codes and standards of conduct, as applicable. Manage Dominion
Companies’ purchase, movement, transfer, and accounting of nuclear fuel and gas volumes. 
 8. Executive and
Administrative. Advise and assist Dominion Companies in the solution of major problems and in the formulation and execution of the general plans and policies of Dominion Companies. Advise and assist Dominion Companies as to operations, the
issuance of securities, the preparation of filings arising out of or required by the various federal and state securities, business, public utilities and corporation laws, the selection of executive and administrative personnel, the representation
of Dominion Companies before regulatory bodies, proposals for capital expenditures, budgets, financing, acquisition and disposition of properties, expansion of business, rate structures, public relationships and related matters. 

9. Business Services. Perform: (i) general business support services (printing, mailing, records management and maintenance,
and administrative and office services across the enterprise), (ii) office facilities operation (building maintenance and property management, lease/sublease management, and property sales services across the enterprise), (iii) security
(physical security support, background investigations, and investigative services across the enterprise), (iv) travel (business-related ticketing, itinerary coordination, and reservations for airlines, train, rental cars, and hotels/lodging for
Dominion employees), (v) aviation (maintenance, operations, and aviation-related services for corporate-owned aircraft), and (vi) fleet services (fleet systems support, management of the acquisition/disposal function, maintenance
functions, and fleet management across the entire enterprise). 
 10. Risk Management. Advise and assist Dominion
Companies in securing requisite insurance, in the purchase and administration of all property, casualty and marine insurance, in the settlement of insured claims and in providing risk prevention advice. 

  
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 11. Corporate Planning. Advise and assist Dominion Companies in the study and
planning of operations, budgets, economic forecasts, capital expenditures and special projects. 
 12. Supply Chain.
Advise and assist Dominion Companies in the procurement of real and personal property, materials, supplies and services, conduct purchase negotiations, prepare procurement agreements and administer programs of material control. 

13. Rates. Advise and assist Dominion Companies in the analysis of their rate structure in the formulation of rate policies, and
in the negotiation of large contracts. Advise and assist Dominion Companies in proceedings before regulatory bodies involving the rates and operations of Dominion Companies and of other competitors where such rates and operations directly or
indirectly affect Dominion Companies. 
 14. Research. Investigate and conduct research into problems relating to
production, utilization, testing, manufacture, transmission, storage and distribution of energy. Keep abreast of and evaluate for Dominion Companies all research developments and programs of significance affecting Dominion Companies and the energy
industry, conduct research and development in promising areas and advise and assist in the solution of technical problems arising out of Dominion Companies’ operations. 
 15. Tax. Advise and assist Dominion Companies in the preparation of federal, state and other tax returns, generally advise Dominion Companies as to any problems involving taxes, and provide due
diligence in connection with acquisitions. 
 16. Corporate Secretary. Provide all necessary functions required of a
publicly held corporation. Coordinate information and activities among shareholders, the transfer agent, and Board of Directors. Provide direct services to security holders. Prepare and file required annual and interim reports to shareholders and
the U.S. Securities and Exchange Commission. Conduct the annual meeting of shareholders and ensure proper maintenance of corporate records. 
 17. Investor Relations. Provide fair and accurate analysis of Dominion and its operating subsidiaries and its outlook within the financial community. Enhance Dominion’s position in the energy
industry. Balance and diversify shareholder investment in Dominion through a wide range of activities. Provide feedback to Dominion and its operating subsidiaries regarding investor concerns, trading and ownerships. Hold periodic analysts meetings,
and provide various operating data as requested or required by investors. 
 18. Environmental Compliance. Provide
consulting, cleanup, environmental permitting, environmental compliance support, biological and chemical services, environmental reporting, and environmental compliance plan preparation as required by Dominion Companies to ensure full compliance
with applicable environmental statutes and regulations. Track state and federal environmental regulations. Provide summaries and guidance for Dominion Company personnel to ensure ongoing compliance. 

  
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 19. Customer Services. Provide services and systems dedicated to customer service,
billing, remittance, credit, collections, customer relations, call centers, energy conservation support and metering. 
 20.
Energy Marketing. Provide services and systems dedicated to energy marketing and trading of energy commodities, specifically the provision of all services related to emissions products, renewable energy products, environmental commodities
(commodities derived from environmental attributes associated with qualifying types of generation that are required for compliance with applicable federal, state and local laws, as well as any voluntary additional reductions that the Company has
elected to complete). Provide market, credit and operational risk management services and development of marketing and sales programs in physical and financial markets. 

21. Treasury/Finance. Provide services related to managing all administrative activities associated with financing and the
management of capital structure; cash, credit and risk management activities; investment and commercial banking relationships; oversight of decommissioning trust funds and general financing activities. 

22. External Affairs. Provide services in support of corporate strategies for managing relationships with federal, state and local
governments, agencies and legislative bodies. Formulate and assist with public relations, advertising, and external/internal communications programs and with the administration of corporate contribution and community affairs programs. 

  
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 EXHIBIT II 
 SERVICES THE COMPANY AGREES TO RECEIVE FROM DRS 
  

							
	SERVICE	  	 	  	YES	  	NO
	1.	  	Accounting	  	X	  	
	2.	  	Auditing	  	X	  	
	3.	  	Legal and Regulatory	  	X	  	
	4.	  	Information Technology, Electronic Transmission and Computer Services	  	X	  	
	5.	  	Software/Hardware Pooling	  	X	  	
	6.	  	Human Resources	  	X	  	
	7.	  	Operations	  	X	  	
	8.	  	Executive and Administrative	  	X	  	
	9.	  	Business Services	  	X	  	
	10.	  	Risk Management	  	X	  	
	11.	  	Corporate Planning	  	X	  	
	12.	  	Supply Chain	  	X	  	
	13.	  	Rates	  	X	  	
	14.	  	Research	  	X	  	
	15.	  	Tax	  	X	  	
	16.	  	Corporate Secretary	  	X	  	
	17.	  	Investor Relations	  	X	  	
	18.	  	Environmental Compliance	  	X	  	
	19.	  	Customer Services	  	X	  	
	20.	  	Energy Marketing	  	X	  	
	21.	  	Treasury/Finance	  	X	  	
	22.	  	External Affairs	  	X	  	

 EXHIBIT III 
 METHODS OF ALLOCATION FOR DRS 
 DRS shall allocate costs among companies receiving service
from it under this and similar service contracts using the following methods: 
  

	I.	The costs of rendering service by DRS will include all costs of doing business including interest on debt but excluding a return for the use of equity capital for which
no charge will be made to Dominion Companies. 

  

	II.	A.     DRS will maintain a separate record of the expenses of each department. The expenses of each department will include:

  

	 	1.	those expenses that are directly attributable to such department, and 

  

	 	2.	an appropriate portion of those office and housekeeping expenses that are not directly attributable to a department but which are necessary to the operation of such
department. 

  

	 	B.	Expenses of the department will include salaries and wages of employees, rent and utilities, materials and supplies, depreciation, and all other expenses attributable
to the department. The expenses of a department will not include: 

  

	 	1.	those incremental out-of-pocket expenses that are incurred for the direct benefit and convenience of an individual Dominion Company or group of Dominion Companies,

  

	 	2.	DRS overhead expenses that are attributable to maintaining the corporate existence of DRS, and all other incidental overhead expenses including those auditing fees,
internal auditing department expenses and accounting department expenses attributable to DRS. 

  

	 	C.	DRS will establish annual budgets for controlling the expenses of each department and for determining estimated costs to be included in interim monthly billing.

  

	III.	A.     Employees in each department will be divided into two groups: 

 

	 	1.	Group A will include those employees rendering service to Dominion Companies, and 

 

	 	2.	 Group B will include those office and general service employees, such as secretaries, file clerks and administrative assistants, who generally assist

  

	 	
employees in Group A or render other housekeeping services and who are not engaged directly in rendering service to each Dominion Company or a group of Dominion Companies.

  

	 	B.	Expenses set forth in Section II. above will be separated to show: 

  

	 	1.	salaries and wages of Group A employees, and 

  

	 	2.	all other expenses of the department. 

  

	 	C.	There will be attributed to each dollar of a Group A employee’s salary or wage, that percentage of all other expenses of such employee’s department (as
defined in B above), that such employee’s salary or wage is to the total Group A salaries and wages of that department. 

  

	 	D.	Group A employees in each department will maintain a record of the time they are employed in rendering service to each Dominion Company or group of Dominion Companies.
An hourly rate will be determined by dividing the total expense attributable to a Group A employee as determined under subsection C above by the productive hours reported by such employee. 

 

	IV.	The charge to the Dominion Company for a particular service will be determined by multiplying the hours reported by Group A employees in rendering such service to each
Dominion Company by the hourly rates applicable to such employees. When such employees render service to a group of Dominion Companies, the charge to each Dominion Company will be determined by multiplying the hours attributable to the Dominion
Company under the allocation formulas set forth in Section IX of this Exhibit by the hourly rates applicable to such employees. 

  

	V.	To the extent appropriate and practical, the foregoing computations of hourly rates and charges may be determined for groups of employees within reasonable salary range
limits. 

  

	VI.	Those expenses of DRS that are not included in the annual expense of a department under Section II above will be charged to Dominion Companies receiving service as
follows: 

  

	 	A.	Incremental out-of-pocket costs incurred for the direct benefit and convenience of a Dominion Company or group of Dominion Companies will be charged directly to such
Dominion Company or group of Dominion Companies. Such costs incurred for a group of Dominion Companies will be allocated on the basis of an appropriate formula. 

 

	 	B.	DRS overhead expenses referred to in Section II above will be charged to the Dominion Company either on the proportion of direct charges to that Dominion Company or
under the allocation formulas set forth in Section IX of this Exhibit. 

  
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	VII.	Notwithstanding the foregoing basis of determining cost allocations for billing purposes, cost allocations for certain services involving machine operations, production
or service units, or facilities cost will be determined on an appropriate basis established by DRS. 

  

	VIII.	Monthly bills will be issued for the services rendered to the Dominion Company on an actual basis. However, if such actual information is not available at the time of
preparation of the monthly bill, estimates may be used. Estimates will normally be predicated on service department budgets and estimated productive hours of employees for the year. At the end of each quarter, estimated figures will be revised and
adjustments will be made in amounts billed to give effect to such revision. 

  

	IX.	When Group A employees render services to a group of Dominion Companies, the following formulas shall be used to allocate the time of such employees to the individual
Dominion Companies receiving such service (Each Dominion Company metric/Total Dominion Companies’ metrics): 

  

	 	A.	The Service Department or Function formulas to be used when employees render services to all Dominion Companies participating in such service, for the services
indicated are set forth below. 

  

			
	 Service Department

or Function
	  	 Basis of Allocation

		
	 Accounting:
	  	
	 Payroll Processing
	  	Number of Dominion Company employees on the previous December 31st.
		
	 Accounts Payable Processing
	  	Number of Dominion Company accounts payable documents processed during the preceding year ended December 31st.
		
	 Fixed Assets Accounting
	  	Dominion Company fixed assets added, retired or transferred during the preceding year ended December 31st.
		
	 Accounts Receivable Processing
	  	Number of Dominion Company payments processed during the preceding year ended December 31st.
		
	 Information Technology, Electronic Transmission and Computer Services and Software/Hardware Pooling:
	  	
		
	 LDC/EDC Computer Applications
	  	Number of Dominion Company customers at the end of the preceding year ended December 31st.
		
	 Other Computer Applications, including Software/Hardware Pooling
	  	Number of Dominion Company users or usage of specific computer systems at the end of the preceding year ended December 31st.
		
	 Network Computer Applications
	  	Number of Dominion Company network devices at the end of the preceding year ended December 31st.

  
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	 Service Department

or Function
	  	 Basis of Allocation

	Telecommunications Applications	  	Number of Dominion Company telecommunications units at the end of the preceding year ended December 31st.
		
	Human Resources:	  	
	Human Resources	  	The number of Dominion Company employees as of the preceding December 31st.
		
	Business Services:	  	
	Energy Services	  	Dominion Company energy sale and deliveries for the preceding year ended December 31st.
		
	Facility Services	  	Square footage of Dominion Company office space as of the preceding year ended December 31st.
		
	Fleet Administration	  	Number of Dominion Company vehicles as of the preceding December 31st.
		
	Security	  	The number of Dominion Company employees as of the preceding December 31st.
		
	Gas Supply	  	Throughput of gas volumes purchased for each Dominion Company for the preceding year ended December 31st.
		
	Risk Management:	  	
	Risk Management	  	Dominion Company insurance premiums for the preceding year ended December 31st.
		
	Corporate Planning:	  	
	Corporate Planning	  	Total Dominion Company capitalization (Debt and Equity) recorded at preceding December 31st.
		
	Supply Chain:	  	
	Purchasing	  	Dollar value of Dominion Company purchases for the preceding year ended December 31st.
		
	Materials Management	  	Dominion Company material inventory assets as of the preceding year ended December 31st.
		
	Tax:	  	
	Tax Accounting and Compliance	  	The sum of the total income and total deductions as reported for Dominion Consolidated Federal Income Tax purposes on the last return filed.
		
	Customer Services:	  	
	Customer Payment (Remittance) Processing	  	Number of Dominion Company customer payments processed during the preceding year ended December 31st.

  
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	 Service Department

or Function
	  	 Basis of Allocation

	Treasury/ Finance:	  	
	Treasury and Cash Management	  	Total Dominion Company capitalization (Debt and Equity) recorded at preceding December 31st.
		
	Research	  	Dominion Company gross revenues recorded during the preceding year ended December 31st.

  

	 	B.	Company Group Formulas to be used in the absence of a Service Department or Function formula or when service rendered by employees is for a different group of Dominion
Companies than those companies regularly participating in such service: 

  

			
	 Company Group
	  	 Basis of Allocation

	All Dominion Companies (includes all Dominion Companies except DRS)	  	 Prior to December 1, 2013: Total operating expenses, excluding purchased gas expense, purchased power expense (including fuel
expense), other purchased products and royalties for the preceding year ended December 31st for the affected Dominion Companies.
  
 Effective December 1, 2013: Total operating expenses, excluding purchased gas expense, purchased power expense (including fuel expense), other purchased products and royalties, depreciation,
depletion, and amortization, and taxes other than income for the preceding year ended December 31st for the affected Dominion Companies.

  

	 	C.	If the use of a basis of allocation would result in an inequity because of a change in operations or organization, then DRS may adjust the basis to effect an equitable
distribution. 

  
 5Exhibit 10.32

 Exhibit 10.32 
 DOMINION RESOURCES, INC. 
 2005 INCENTIVE COMPENSATION PLAN

 Originally Effective May 1, 2005 
 As Amended and Restated Effective December 20, 2011 
 1. Purpose. To
support a pay-for-performance compensation program, this Dominion Resources, Inc. 2005 Incentive Compensation Plan (the “Plan”) is the primary component that ties compensation to the long-term performance of Dominion Resources, Inc. The
Plan seeks to further the long-term stability and financial success of Dominion Resources, Inc. by attracting and retaining employees through the use of cash and stock incentives; rewarding employees for the achievement of certain performance goals
that may be attached to the incentives; and further aligning the interests of employees with those of Dominion Resources, Inc. shareholders. 
 2. Definitions. As used in the Plan, the following terms have the meanings indicated: 
 (a) “Act” means the Securities Exchange Act of 1934, as amended. 
 (b) “Applicable Withholding Taxes” means the aggregate amount of federal, state and local income and payroll taxes that an Employer is required to withhold in connection with any Performance
Grant, any lapse of restrictions on Restricted Stock, dividends paid on Restricted Stock, any grant of Goal-Based Stock, or any exercise of a Nonstatutory Stock Option or Stock Appreciation Right. 

(c) “Beneficiary” means the individual, individuals, entity, entities or the estate of a Participant entitled
to receive the amounts payable under an Incentive Award, if any, upon the Participant’s death 
 (d)
“Change of Control” means the occurrence of any of the following events: 
 (i) any person, including
a “group” as defined in Section 13(d)(3) of the Act becomes the owner or beneficial owner of Dominion securities having 20% or more of the combined voting power of the then outstanding Dominion securities that may be cast for the
election of Dominion’s directors (other than as a result of an issuance of securities initiated by Dominion, or open market purchases approved by the Dominion Board, as long as the majority of the Dominion Board approving the purchases is also
the majority at the time the purchases are made); 
 (ii) as the direct or indirect result of, or in connection
with, a cash tender or exchange offer, a merger or other business combination, a sale of assets, 

 
a contested election, or any combination of these transactions, the persons who were directors of Dominion before the transactions cease to constitute a majority of the Dominion Board, or any
successor’s board, within two years of the last of the transactions; or 
 (iii) with respect to a
particular Participant, an event occurs with respect to the Employer that employs that Participant such that, after the event, the Employer is no longer a Dominion Company. 

(e) “Code” means the Internal Revenue Code of 1986, as amended. 

(f) “Committee” means the Compensation, Governance and Nominating Committee of the Dominion Board (or any
successor Board committee designated by the Board to administer this plan), provided that, if any member of the Compensation, Governance and Nominating Committee does not qualify as both an outside director for purposes of Code section 162(m) and a
non-employee director for purposes of Rule 16b-3, the remaining members of the committee (but not less than two members) shall be constituted as a subcommittee to act as the Committee for purposes of the Plan. 

(g) “Company Stock” means common stock of Dominion. In the event of a change in the capital structure of
Dominion (as provided in Section 15), the shares resulting from the change shall be deemed to be Company Stock within the meaning of the Plan. 
 (h) “Date of Grant” means (i) with respect to an Option or Stock Appreciation Right, the date on which the Committee completes the corporate action necessary to create an offer of stock for
sale to a Participant under the terms and conditions of, or to create a legally binding right constituting, the Option or Stock Appreciation Right; and (ii) with respect to an Incentive Award other than an Option or Stock Appreciation Right,
the date on which the Committee grants the Incentive Award. With respect to any Incentive Award, the Committee may specify a future date on which the Incentive Award is to be granted or become effective. 

(i) “Disability” or “Disabled” means, as to an Incentive Stock Option, a Disability within the
meaning of Code section 22(e)(3). With respect to an Incentive Award that provides for a deferral of compensation within the meaning of Code section 409A and that is payable under its terms on a Participant’s Disability, Disability shall mean
having received long-term disability benefits under the Corporation’s long-term disability plan (or successor thereto) for a period of 3 consecutive months by reason of a medically determinable physical or mental impairment that can be expected
to result in death or can be expected to last for a continuous period of not less than 12 months. As to all other Incentive Awards, the Committee shall determine whether a Disability exists and the determination shall be conclusive. 

(j) “Dominion Company” means any corporation in which Dominion owns stock possessing at least 50% of the
combined voting power of all classes of stock or 

  
 2 

 
which is in a chain of corporations with Dominion in which stock possessing at least 50% of the combined voting power of all classes of stock is owned by one or more other corporations in the
chain. 
 (k) “Dominion” means Dominion Resources, Inc. 

(l) “Dominion Board” means the Board of Directors of Dominion Resources, Inc. 

(m) “Employer” means, with respect to a Participant, Dominion or the Dominion Company that employs the
Participant. 
 (n) “Fair Market Value” means the closing price of a share of Company Stock, as
reported in the Wall Street Journal or other financial reporting service selected by the Company, on the Date of Grant or any other date for which the value of Company Stock must be determined under the Plan, or if the determination date is not a
trading day, on the most recent trading day immediately preceding the determination date. 
 (o)
“Goal-Based Stock” means Company Stock awarded when performance goals are achieved pursuant to an award as provided in Section 8. 
 (p) “Incentive Award” means, collectively, a Performance Grant or the award of Restricted Stock, Goal-Based Stock, Option or Stock Appreciation Right under the Plan. 

(q) “Incentive Stock Option” means an Option intended to meet the requirements of, and qualify for favorable
federal income tax treatment under, Code section 422. 
 (r) “Mature Shares” means shares of Company
Stock for which the holder thereof has good title, free and clear of all liens and encumbrances and which the holder has held for at least six months. 
 (s) “Nonstatutory Stock Option” means an Option that does not meet the requirements of Code section 422, or, even if meeting the requirements of Code section 422, is not intended to be an
Incentive Stock Option and is so designated. 
 (t) “Option” means a right to purchase Company Stock
granted under the Plan, at a price determined in accordance with the Plan. 
 (u) “Participant” means
any employee of Dominion or a Dominion Company who receives an Incentive Award under the Plan. 
 (v)
“Performance Criteria” means the performance of Dominion or any subsidiary, division, business unit or individual using one of the following measures, either on an operating or GAAP basis where applicable, and including measuring the

  
 3 

 
performance of any of the following relative to a defined peer group of companies: total shareholder return; book value (including on a per share basis); return on capital (including invested
capital); environmental considerations; safety; reliability; customer earnings (including on a per share basis); earnings growth rate (including on a per share basis); profitability; return on equity; cash flow, including free cash flow; cost
savings under the Six Sigma discipline, or other cost savings or process improvement goals; and capital expenditures. 
 (w) “Performance Goal” means an objectively determinable performance goal established by the Committee with respect to a given Performance Grant or grant of Restricted Stock that relates to one
or more Performance Criteria. 
 (x) “Performance Grant” means an Incentive Award made pursuant to
Section 6. 
 (y) “Plan Year” means January 1 to December 31. 

(z) “Qualifying Change of Control” means an event which meets the requirements for a Change of Control (as
defined in Section 2(d) above) and which, in addition, constitutes either a change in ownership of Dominion (as described in paragraph (i)), a change in effective control of Dominion (as described in paragraph (ii), or, with respect to an
individual Participant, a change in ownership of the Participant’s Employer (as described in paragraph (iii)): 
 (i) Any person or more than one person acting as a group acquires beneficial ownership of Company Stock that, together with the Company Stock already held by such person or group, represents more than 50
percent of the total voting power of Company Stock; provided, however, that if any one person or more than one person acting as a group is considered to own more than 50 percent of the total fair market value or total voting power of Company Stock,
the acquisition of additional Company Stock by the same person or persons is not considered to cause a change in the ownership of Dominion for purposes of this paragraph (i); 

(ii) Any person or more than one person acting as a group acquires (or has acquired during the twelve-consecutive-month
period ending on the date of the most recent acquisition by such person or persons) beneficial ownership of Company Stock possessing 30 percent or more of the total voting power of Company Stock; or (2) a majority of members of the Board is
replaced during a twelve-consecutive-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; provided, however, that if any one person or more
than one person acting as a group is considered to effectively control Dominion for purposes of this paragraph (ii), the acquisition of additional Company Stock by the same person or persons is not considered to cause a change in the effective
control for purposes of this paragraph (ii); or 

  
 4 

 (iii) Any person or more than one person acting as a group acquires
beneficial ownership of stock of the Employer that, together with the Employer stock already held by such person or group, represents more than 50 percent of the total voting power of the Employer stock; provided, however, that if any one person or
more than one person acting as a group is considered to own more than 50 percent of the total fair market value or total voting power of the Employer stock, the acquisition of additional Employer stock by the same person or persons is not considered
to cause a change in the ownership of the Employer for purposes of this paragraph (iii). 
 For purposes of this
Section 2(z), the term “group” shall have the meaning provided in U.S. Treasury Regulation 1.409A-3(i)(5)(v)(B), (vi)(D) or (vii)(C), as applicable. The term “beneficial ownership” shall have the meaning provided in U.S.
Treasury Regulation 1.409A-3(i)(5)(v)(iii). Notwithstanding anything in this Section 2(z) to the contrary, an event which does not constitute a change in the ownership or a change in the effective control of Dominion or, with respect to an
individual Participant, a change in the ownership of the Participant’s Employer, each as defined in U.S. Treasury Regulation 1.409A-3(i)(5), shall not constitute a Qualifying Change of Control for purposes of this Plan. 

(aa) “Restricted Stock” means Company Stock awarded upon the terms and subject to the restrictions set forth in Section 7.

 (bb) “Rule 16b-3” means Rule 16b-3 of the Securities and Exchange Commission promulgated under the Act. A reference
in the Plan to Rule 16b-3 shall include a reference to any corresponding rule (or number redesignation) of any amendments to Rule 16b-3 enacted after the effective date of the Plan’s adoption. 

(cc) “Separation from Service” means a Participant’s termination of employment (within the meaning of U.S. Treasury
Regulation 1.409A-1(h), applying the default terms thereof) with the Participant’s Employer and all other persons that would be treated as a single employer with the Participant’s Employer under Code sections 414(b) or (c); provided that,
in applying Code sections 1563(a)(1), (2) and (3) for purposes of determining a controlled group of corporations, or in applying U.S. Treasury Regulation 1.414(c)-2 for purposes of determining trades or businesses under common control, the
phrase “at least 50%” shall replace the phrase “at least 80%” each time it appears in those sections. 

(dd) “Stock Appreciation Right” or “SAR” means a right to receive Company Stock or cash from the Company granted
under Section 10. 
 (ee) “Taxable Year” means the fiscal period used by Dominion for reporting taxes on income
under the Code. 

  
 5 

 3. General. The following types of Incentive Awards may be granted under the Plan:
Performance Grants, Restricted Stock, Goal-Based Stock, Options, or Stock Appreciation Rights. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options. 

4. Stock. 
 (a) Subject to Section 15 of the Plan, there shall be reserved for issuance under the Plan an aggregate of thirty-six million (36,000,000) shares of Company Stock, which shall be authorized but
unissued shares. All of the shares of Company Stock that may be issued under this Plan may be issued upon the exercise of Options that qualify as Incentive Stock Options. No more than eighteen million (18,000,000) shares may be issued as
Restricted Stock, Goal-Based Stock or Performance Grants, provided that any shares of Restricted Stock, Goal-Based Stock or shares that are issuable under Performance Grants that are forfeited shall not count against this limit. No more than three
million six hundred thousand (3,600,000) shares may be allocated to the Incentive Awards, including the maximum amounts payable under a Performance Grant, that are granted to any individual Participant during any single Taxable Year.

 (b) Shares allocable to Options, Restricted Stock or portions thereof granted under the Plan that expire, are
forfeited, or otherwise terminate unexercised may again be subjected to an Incentive Award under the Plan. The Committee is expressly authorized to make an Incentive Award to a Participant conditioned upon the surrender for cancellation of an Option
granted under an existing Incentive Award, provided that, without prior shareholder approval, the Committee is expressly prohibited from repricing an Option or SAR if the exercise price of the new Option or SAR would be less than the exercise price
of the Option or SAR under the existing Incentive Award surrendered for cancellation. Any shares of Company Stock tendered or exchanged by a Participant as full or partial payment to the Company of the exercise price under an Option or SAR and any
shares retained or withheld by the Employer in satisfaction of an Employee’s obligations to pay Applicable Withholding Taxes with respect to any Incentive Award shall not be available for issuance, subjected to new awards or otherwise used to
increase the share reserve under the Plan. The cash proceeds from Option or SAR exercises shall not be used to repurchase shares on the open market for reuse under the Plan. Reload Options issued on the exercise of an Option or otherwise are
expressly prohibited. 
 (c) Since the original approval of the Plan by shareholders at the 2005 Annual Meeting
of shareholders of Dominion, no additional grants of incentive awards have been made under the Dominion Resources, Inc. Incentive Compensation Plan or under the Dominion Resources, Inc. Leadership Stock Option Plan for Salaried Employees, and no
additional grants of incentive awards may be made under such plans in the future. At that time, all outstanding obligations under the Dominion Resources, Inc. Incentive Compensation Plan for payments of Company Stock, including Company Stock from
reinvested dividends, related to the Dominion Resources, Inc. Executives’ Deferred Compensation Plan were assumed by the Plan and were treated for purposes of Section 4(a) based on the nature of the original award. 

  
 6 

	5.	Eligibility. 

 (a) All
present and future employees of Dominion or a Dominion Company (whether now existing or hereafter created or acquired) whom the Committee determines to have contributed or who can be expected to contribute significantly to Dominion or a Dominion
Company shall be eligible to receive Incentive Awards under the Plan. The Committee shall have the power and complete discretion, as provided in Section 16, to select eligible employees to receive Incentive Awards and to determine for each
employee the nature of the award and the terms and conditions of each Incentive Award. 
 (b) The grant of an Incentive Award
shall not obligate an Employer to pay an employee any particular amount of remuneration, to continue the employment of the employee after the grant or to make further grants to the employee at any time thereafter. 

 

	6.	Performance Grants. 

 (a)
Each Performance Grant shall contain the Performance Goals for the award, including the Performance Criteria, the target and maximum amounts payable and any other terms and conditions as are applicable to the Performance Grant. The terms of a
Performance Grant may be set in an annual bonus plan or other similar document. Each Performance Grant shall be granted and administered to comply with the requirements of Code section 162(m). The aggregate maximum cash amount payable under the Plan
to any Participant in any Plan Year shall not exceed 0.5% of Dominion’s consolidated operating income, before taxes and interest, as reported on its annual financial statements for the prior Plan Year. In the event of any conflict between a
Performance Grant and the Plan, the terms of the Plan shall govern. 
 (b) The Committee shall establish the Performance Goals
for Performance Grants. The Committee shall determine the extent to which any Performance Criteria shall be used and weighted in determining Performance Grants. The Committee may vary the Performance Criteria, Performance Goals and weightings from
Participant to Participant, Performance Grant to Performance Grant and Plan Year to Plan Year. The Committee may increase, but not decrease, any Performance Goal during a Plan Year. 

(c) The Committee shall establish for each Performance Grant the amount of cash or Company Stock payable at specified levels of
performance, based on the Performance Goal for each Performance Criteria. Any Performance Grant shall be made not later than 90 days after the start of the period for which the Performance Grant relates and shall be made prior to the completion of
25% of the period. All determinations regarding the achievement of any Performance Goals will be made by the Committee. The Committee may not increase during a Plan Year the amount of cash or Common Stock that would otherwise be payable upon
achievement of the Performance Goal or Goals but may reduce or eliminate the payments as provided in a Performance Grant. 

  
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 (d) The actual payments to a Participant under a Performance Grant will be calculated by
applying the achievement of a Performance Criteria to the Performance Goal as established in the Performance Grant. All calculations of actual payments shall be made by the Committee and the Committee shall certify in writing the extent, if any, to
which the Performance Goals have been met. 
 (e) Performance Grants will be paid in cash, Company Stock or both, at the time or
times as are provided in the Performance Grant. A Performance Grant payable in cash may allow a Participant to elect to receive a payment in Company Stock that has a greater Fair Market Value than the cash award, and the Performance Grant may impose
restrictions on the Company Stock issued under the election. 
 (f) Nothing contained in the Plan will be deemed in any way to
limit or restrict any Employer or the Committee from making any award or payment to any person under any other plan, arrangement or understanding, whether now existing or hereafter in effect. 

(g) A Participant who receives a Performance Grant payable in Company Stock shall have no rights as a shareholder until the Company Stock
is issued pursuant to the terms of the Performance Grant. The Company Stock may be issued without cash consideration. 
 (h) A
Participant’s interest in a Performance Grant may not be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered. 
 (i) Whenever payments under a Performance Grant are to be made in cash, the Employer will withhold therefrom an amount sufficient to satisfy any Applicable Withholding Taxes. Each Participant shall agree
as a condition of receiving a Performance Grant payable in the form of Company Stock, to pay to the Employer, or make arrangements satisfactory to the Employer regarding the payment to the Employer of, Applicable Withholding Taxes. Until the amount
has been paid or arrangements satisfactory to the Employer have been made, no stock certificate shall be issued to the Participant. As an alternative to making a cash payment to the Employer to satisfy Applicable Withholding Taxes, if the
Performance Grant so provides, the Participant may elect to have the Employer retain that number of shares of Company Stock (valued at their Fair Market Value) that would satisfy all or a specified portion of the Applicable Withholding Taxes.

  

	7.	Restricted Stock Awards. 

(a) The Committee may make grants of Restricted Stock to Participants. Whenever the Committee deems it appropriate to grant Restricted
Stock, notice shall be given to the Participant stating the number of shares of Restricted Stock granted and the terms and conditions to which the Restricted Stock is subject. This notice shall be the Grant Agreement between the Employer and the
Participant. Restricted Stock may be awarded by the Committee in its discretion without cash consideration. 

  
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 (b) The Committee shall establish as to each award of Restricted Stock the terms and
conditions upon which the restrictions set forth in paragraph (c) below shall lapse. Restrictions conditioned on employment and the passage of time shall not expire less than three years from the Date of Grant of the Restricted Stock except
that up to two million four hundred thousand 2,400,000 shares of Restricted Stock may be granted with a restriction of no less than one year. Restrictions conditioned on the achievement of Performance Goals or other performance conditions shall not
expire less than one year from the Date of Grant. Notwithstanding the foregoing, the Committee may in its discretion, and without limitation, provide that restrictions will expire as a result of the Disability, death or retirement of the Participant
or the occurrence of a Change of Control. The terms and conditions may include the achievement of a Performance Goal, which shall be governed by the provisions of Section 6 to the extent that the award is intended to comply with the
requirements of Code section 162(m). 
 (c) No shares of Restricted Stock may be sold, assigned, transferred, pledged,
hypothecated, or otherwise encumbered or disposed of until the restrictions on the shares as set forth in the Participant’s Grant Agreement have lapsed or been removed. 
 (d) Upon the acceptance by a Participant of an award of Restricted Stock, the Participant shall, subject to the restrictions set forth in this paragraph (d) with respect to dividends and in paragraph
(c) above, have all the rights of a shareholder with respect to the shares of Restricted Stock, including, but not limited to, the right to vote the shares of Restricted Stock. Dividends or other distributions payable to the Participant with
respect to his or her award of Restricted Stock shall be paid at the same time such dividends or other distributions are paid to other shareholders of record, unless the Grant Agreement provides that (i) any dividends or other distributions
with respect to any outstanding shares of Restricted Stock that are payable in Company Stock shall be subject to the same restrictions as the underlying shares of Restricted Stock; and (ii) for any dividends or other distributions payable in
cash, either (A) an equivalent number of additional shares of Restricted Stock (based on the Fair Market Value of Company Stock on the dividend payment date) shall be issued subject to the same restrictions as the underlying shares of
Restricted Stock, or (B) the dividends shall be withheld and accumulated without interest in an unfunded bookkeeping account for the Participant, which account shall be subject to the same restrictions to which the underlying shares of
Restricted Stock are subject, plus any additional restrictions or conditions necessary to comply with Code section 409A, and which shall be distributable in cash upon and to the extent of the lapsing or removal of such restrictions, or forfeitable
(as the case may be) to the Company upon and to the extent the underlying shares of Restricted Stock are forfeited. Such bookkeeping account shall be paid, if at all, from the general assets of the Company, and the Participant’s right to
receive any amounts credited to such account shall be solely that of an unsecured general creditor of the Company. Certificates representing Restricted Stock shall be held by Dominion (or the Company may hold the Restricted Stock in uncertificated
form) until the restrictions lapse and upon request the Participant shall provide Dominion with appropriate stock powers endorsed in blank. 

  
 9 

 (e) Each Participant shall agree at the time his or her Restricted Stock is granted, and as
a condition thereof, to pay to the Employer, or make arrangements satisfactory to the Employer regarding the payment to the Employer of, Applicable Withholding Taxes. Until the amount has been paid or arrangements satisfactory to the Employer have
been made, no stock certificate free of a legend reflecting the restrictions set forth in paragraph (b) above shall be issued to the Participant. As an alternative to making a cash payment to the Employer to satisfy Applicable Withholding
Taxes, if the grant so provides, the Participant may elect to have the Employer retain that number of shares of Company Stock (valued at their Fair Market Value) that would satisfy all or a specified portion of the Applicable Withholding Taxes.

 (f) To the extent authorized by the Committee, a Participant may elect to not receive all or a portion of an annual cash
incentive plan award and instead receive Restricted Stock in place of the designated cash award. The Committee shall determine which cash incentive plan awards are eligible for this election. The Committee may coordinate eligibility for the election
with any share ownership guideline applicable to a Participant. The following provisions shall apply if an election is made under this paragraph (f). 
 (i) On the date the designated Incentive Award would otherwise be received, the Company shall issue Restricted Stock to the Participant in an amount equal to a pre-designated percentage of the designated
Incentive Award. The Restricted Stock will be valued based on the Fair Market Value of Company Stock. 
 (ii)
The restrictions on the Restricted Stock will lapse and the Restricted Stock will vest on the third anniversary of the date of grant of the Restricted Stock. The restrictions shall also lapse on the earlier of the Participant’s death,
disability or upon a Change of Control (or, if necessary to comply with Section 409A of the Code, a Qualifying Change of Control). 
  

	8.	Goal-Based Stock Awards. 

(a) The Committee may make grants of Goal-Based Stock to Participants. Whenever the Committee deems it appropriate to grant Goal-Based
Stock, notice shall be given to the Participant stating the number of shares of Goal-Based Stock granted and the terms and conditions to which the Goal-Based Stock is subject. This notice shall be the grant agreement between the Employer and the
Participant. 
 (b) Goal-Based Stock may be issued pursuant to the Plan from time to time by the Committee when performance
criteria established by the Committee have been achieved and certified by the Committee. 
 (c) The Committee shall establish
the performance criteria for an award of Goal-Based Stock. More than one award of Goal-Based Stock may be established by the Committee for a Participant and the awards may operate concurrently or for varied

  
 10 

 
periods of time. Goal-Based Stock will be issued only subject to the award and the Plan and consistent with meeting the goal or goals set by the Committee in the award. A Participant shall have
no rights as a shareholder until the Committee has certified that the performance objectives of the Goal-Based Stock award have been met and the Goal-Based Stock is issued. Goal-Based Stock may be issued without cash consideration. 

(d) A Participant’s interest in a Goal-Based Stock award may not be sold, assigned, transferred, pledged,
hypothecated, or otherwise encumbered. 
 (e) The Committee may at any time, in its sole discretion, remove or
revise any and all performance criteria for an award of Goal-Based Stock. 
 (f) Each Participant shall agree at
the time of receiving an award of Goal-Based Stock, and as a condition thereof, to pay to the Employer, or make arrangements satisfactory to the Employer regarding the payment to the Employer of, Applicable Withholding Taxes. Until the amount has
been paid or arrangements satisfactory to the Employer have been made, no stock certificate shall be issued to the Participant. As an alternative to making a cash payment to the Employer to satisfy Applicable Withholding Taxes, if the grant so
provides, the Participant may elect to have the Employer retain that number of shares of Company Stock (valued at their Fair Market Value) that would satisfy all or a specified portion of the Applicable Withholding Taxes. 

 

	 	9.	Stock Options. 

 (a) The
Committee may make grants of Options to Participants. Whenever the Committee deems it appropriate to grant Options, notice shall be given to the Participant stating the number of shares for which Options are granted, the Option price per share,
whether the Options are Incentive Stock Options or Nonstatutory Stock Options, the extent, if any, to which associated Stock Appreciation Rights are granted, and the conditions to which the grant and exercise of the Options are subject. This notice
shall be the stock option agreement. 
 (b) The exercise price of shares of Company Stock covered by an Option shall be not less
than 100% of the Fair Market Value of the shares on the Date of Grant, except as provided in Section 15. 
 (c) Options may
be exercised in whole or in part at the times as may be specified by the Committee in the Participant’s stock option agreement; provided that no Option may be exercised after the expiration of eight (8) years from the Date of Grant and
provided that the exercise provisions for Incentive Stock Options shall in all events not be more liberal than the following provisions: 
 (i) No Incentive Stock Option may be exercised after the first to occur of (x) eight years from the Date of Grant, (y) three months following the date of the Participant’s retirement or
termination of employment with all Employers for reasons other than Disability or death, or (z) one year following the date of the Participant’s termination of employment on account of Disability or death. 

  
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 (ii) An Incentive Stock Option by its terms shall be exercisable in any calendar year only
to the extent that the aggregate Fair Market Value (determined at the Date of Grant) of the Company Stock with respect to which Incentive Stock Options are exercisable for the first time during the calendar year does not exceed $100,000 (the
“Limitation Amount”). Incentive Stock Options granted under the Plan and all other plans of any Employer shall be aggregated for purposes of determining whether the Limitation Amount has been exceeded. The Committee may impose any
conditions as it deems appropriate on an Incentive Stock Option to ensure that the foregoing requirement is met. If Incentive Stock Options that first become exercisable in a calendar year exceed the Limitation Amount, the excess Options will be
treated as Nonstatutory Stock Options to the extent permitted by law. 
 (d) No modification (within the meaning of U.S.
Treasury Regulation 1.409A-1(b)(5)(v)(B)) shall be made with respect to any Option if the modification would result in the Option constituting a deferral of compensation, and no extension (within the meaning of U.S. Treasury Regulation
1.409A-1(b)(5)(v)(C)) shall be made with respect to any Option if the extension would result in the Option having an additional deferral feature from the Date of Grant, in each case without the Participant’s consent. 

 

	 	10.	Stock Appreciation Rights. 

 (a) Whenever the Committee deems it appropriate, Stock Appreciation Rights may be granted in connection with all or any part of an Option to a Participant or in a separate Incentive Award. No Stock
Appreciation Right may be exercised after the expiration of eight (8) years from the Date of Grant. Stock Appreciation Right granted in connection with an Option must have the same Date of Grant as the Option. 

(b) The following provisions apply to all Stock Appreciation Rights that are not granted in connection with Options:

 (i) Stock Appreciation Rights shall entitle the Participant, upon exercise of all or any part of the Stock
Appreciation Rights, to receive in exchange from the Company an amount equal to the excess of (x) the Fair Market Value on the date of exercise of the Company Stock covered by the surrendered Stock Appreciation Right over (y) the Fair
Market Value of the Company Stock on the Date of Grant of the Stock Appreciation Right. The Committee may limit the amount that the Participant will be entitled to receive upon exercise of Stock Appreciation Rights. The Committee may not revise or
amend a Stock Appreciation Right to reduce the Fair Market Value of Company Stock on the Date of Grant, except as provided in Section 15. 
 (ii) A Stock Appreciation Right may only be exercised at a time when the Fair Market Value of the Company Stock covered by the Stock Appreciation Right exceeds the Fair Market Value of the Company Stock
on the Date of Grant of the Stock Appreciation Right. 

  
 12 

 (c) The following provisions apply to all Stock Appreciation Rights that are granted in
connection with Options: 
 (i) Stock Appreciation Rights shall entitle the Participant, upon exercise of all or
any part of the Stock Appreciation Rights, to surrender to the Company unexercised that portion of the underlying Option relating to the same number of shares of Company Stock as is covered by the Stock Appreciation Rights (or the portion of the
Stock Appreciation Rights so exercised) and to receive in exchange from the Company an amount equal to the excess of (x) the Fair Market Value on the date of exercise of the Company Stock covered by the surrendered portion of the underlying
Option over (y) the exercise price of the Company Stock covered by the surrendered portion of the underlying Option. The Committee may limit the amount that the Participant will be entitled to receive upon exercise of Stock Appreciation Rights.

 (ii) Upon the exercise of a Stock Appreciation Right and surrender of the related portion of the underlying
Option, the Option, to the extent surrendered, shall not thereafter be exercisable. 
 (iii) Subject to any
further conditions upon exercise imposed by the Committee, a Stock Appreciation Right shall be exercisable only to the extent that the related Option is exercisable and a Stock Appreciation Right shall expire no later than the date on which the
related Option expires. 
 (iv) The Stock Appreciation Right is only transferable when the related Options are
otherwise transferable. 
 (v) A Stock Appreciation Right may only be exercised at a time when the Fair Market
Value of the Company Stock covered by the Stock Appreciation Right exceeds the exercise price of the Company Stock covered by the underlying Option. 
 (d) The manner in which the Company’s obligation arising upon the exercise of a Stock Appreciation Right shall be paid shall be determined by the Committee and shall be set forth in the Incentive
Award. The Incentive Award may provide for payment in Company Stock or cash, or a fixed combination of Company Stock or cash, or the Committee may reserve the right to determine the manner of payment at the time the Stock Appreciation Right is
exercised. Shares of Company Stock issued upon the exercise of a Stock Appreciation Right shall be valued at their Fair Market Value on the date of exercise. 
 (e) No modification (within the meaning of U.S. Treasury Regulation 1.409A-1(b)(5)(v)(B)) shall be made with respect to any Stock Appreciation Right if the modification would result in the Stock
Appreciation Right constituting a deferral of compensation, and no extension (within the meaning of U.S. Treasury Regulation 

  
 13 

 
1.409A-1(b)(5)(v)(C)) shall be made with respect to any Stock Appreciation Right if the extension would result in the Stock Appreciation Right having an additional deferral feature from the Date
of Grant, in each case without the Participant’s consent. 
 11. Method of Exercise of Options and Stock Appreciation
Rights. 
 (a) Options and Stock Appreciation Rights may be exercised by the Participant giving written
notice of the exercise to the Employer, stating the number of shares the Participant has elected to purchase under the Option or the number of Stock Appreciation Rights the Participant has elected to exercise. In the case of the purchase of shares
under an Option, the notice shall be effective only if accompanied by the exercise price in full in cash; provided, however, that if the terms of an Option so permit, the Participant may (i) deliver a properly executed exercise notice together
with irrevocable instructions to a broker to deliver promptly to the Employer, from the sale or loan proceeds with respect to the sale of Company Stock or a loan secured by Company Stock, the amount necessary to pay the exercise price and, if
required by the terms of the Option, Applicable Withholding Taxes, (ii) deliver Mature Shares (valued at their Fair Market Value) in satisfaction of all or any part of the exercise price, or (iii) use any other methods of payment as the
Committee, at its discretion, deems appropriate. 
 (b) Dominion may place on any certificate representing
Company Stock issued upon the exercise of an Option or Stock Appreciation Right any legend deemed desirable by the Dominion’s counsel to comply with federal or state securities laws, and Dominion may require a customary written indication of
the Participant’s investment intent. Until the Participant has made any required payment, including any Applicable Withholding Taxes, and has had issued a certificate for the shares of Company Stock acquired, he or she shall possess no
shareholder rights with respect to the shares. 
 (c) Each Participant shall agree as a condition of the
exercise of an Option or Stock Appreciation Right to pay to the Employer, or make arrangements satisfactory to the Employer regarding the payment to the Employer of, Applicable Withholding Taxes. Until the amount has been paid or arrangements
satisfactory to the Employer have been made, no stock certificate shall be issued upon the exercise of an Option. 
 (d) As an alternative to making a cash payment to the Employer to satisfy Applicable Withholding Taxes, if the Option or Stock Appreciation Rights agreement so provides, the Participant may elect to have
the Employer retain that number of shares of Company Stock (valued at their Fair Market Value) that would satisfy all or a specified portion of the Applicable Withholding Taxes. The shares of Company Stock retained may not exceed the amount of the
Applicable Withholding Taxes. 
 12. Transferability of Options and Stock Appreciation Rights. Nonstatutory Stock Options
and Stock Appreciation Rights may be transferable by a Participant and exercisable by a person other than the Participant, but only to the extent specifically provided in the Incentive Award. Incentive Stock Options, by their terms, shall not be
transferable except by will or by the laws of descent and distribution and shall be exercisable, during the Participant’s lifetime, only by the Participant. 

  
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 13. Effective Date of the Plan. The original effective date of the Plan was
May 1, 2005. The effective date of this amendment to and restatement of the Plan shall be May 5, 2009, subject to approval by the affirmative vote of the holders of a majority of the votes cast at the 2009 Annual Meeting of Dominion’s
shareholders. Until (i) the Plan, as amended and restated herein, has been approved by Dominion’s shareholders, and (ii) the requirements of any applicable Federal or State securities laws have been met, no Restricted Stock or
Goal-Based Stock shall be awarded on shares in excess of the shares already available for issuance under the Plan (without regard to this amendment and restatement), unless such grant is contingent on these events, and no Option granted with respect
to shares in excess of the shares already available for issuance under the Plan (without regard to this amendment and restatement) shall be exercisable. 
 14. Termination, Modification, Change. If not sooner terminated by the Dominion Board, the Plan, as amended and restated herein, shall terminate at the close of business on the date after the 2016
Annual Meeting of shareholders of Dominion. No Incentive Awards shall be made under the Plan after its termination. The Dominion Board may amend or terminate the Plan in any respects as it shall deem advisable; provided that, if and to the extent
required by the Code, no change shall be made that increases the total number of shares of Company Stock reserved for issuance pursuant to Incentive Awards granted under the Plan (except pursuant to Section 15), materially modifies the
requirements as to eligibility for participation in the Plan, or materially increases the benefits accruing to Participants under the Plan, unless the change is authorized by the shareholders of Dominion. Notwithstanding the foregoing, the Dominion
Board may unilaterally amend the Plan and Incentive Awards with respect to Participants as it deems appropriate to ensure compliance with Rule 16b-3 or Code section 409A and to cause Incentive Stock Options and Performance Grants to meet the
requirements of the Code and regulations thereunder. Except as provided in the preceding sentence, a termination or amendment of the Plan shall not, without the consent of the Participant, adversely affect a Participant’s rights under an
Incentive Award previously granted to him or her. 
  

	 	15.	Change in Capital Structure. 

 (a) In the event of a stock dividend, stock split or combination of shares, recapitalization or merger in which Dominion is the surviving corporation or other change in Dominion’s capital stock
(including, but not limited to, the creation or issuance to shareholders generally of rights, options or warrants for the purchase of common stock or preferred stock of Dominion), the number and kind of shares of stock or securities of Dominion to
be subject to the Plan and to Options and Stock Appreciation Rights then outstanding or to be granted thereunder, the maximum number of shares or securities which may be delivered under the Plan (including the maximum limit on Incentive Stock
Options, Incentive Awards, Restricted Stock, Goal-Based Stock and Performance Grants under Section 4), the maximum number of shares or securities that can be granted to an individual Participant under Section 4, the exercise price of
Options, the initial Fair Market Value of Company Stock under Stock Appreciation Rights, the terms of Incentive 

  
 15 

 
Awards and other relevant provisions shall be appropriately adjusted by the Committee, whose determination shall be binding on all persons. If the adjustment would produce fractional shares with
respect to any unexercised Option or Stock Appreciation Right, the Committee may adjust appropriately the number of shares covered by the Option or Stock Appreciation Right so as to eliminate the fractional shares. 

(b) If Dominion is a party to a consolidation or a merger in which Dominion is not the surviving corporation, a transaction that results
in the acquisition of substantially all of Dominion’s outstanding stock by a single person or entity, or a sale or transfer of substantially all of Dominion’s assets or if a Change of Control as defined in Section 2(d)(i) or
(ii) otherwise occurs (a “Corporate Event”), then the Committee may take any actions with respect to outstanding Incentive Awards as the Committee deems appropriate; provided, however, the Committee may not accelerate the time or
schedule of any payment of any Incentive Award that is subject to Code section 409A, or take any other action to cause such an award to violate Code section 409A, without the Participant’s consent. 

(c) Notwithstanding anything in the Plan to the contrary, the Committee may take the foregoing actions without the consent of any
Participant, and the Committee’s determination shall be conclusive and binding on all persons for all purposes. 
  

	16.	Administration of the Plan. 

 (a) The Plan shall be administered by the Committee. Subject to the express provisions and limitations set forth in this Plan, the Committee shall be authorized and empowered to do all things necessary or
desirable, in its sole discretion, in connection with the administration of this Plan, including, without limitation, the following: 
 (i) to prescribe, amend and rescind policies relating to this Plan, and to interpret the Plan, including defining terms not otherwise defined; 

(ii) to determine which persons will be Participants, to which of the Participants, if any, Incentive Awards shall be
granted hereunder and the timing of any Incentive Awards; 
 (iii) to grant Incentive Awards to Participants and
determine the terms and conditions thereof, including the number of shares of Company Stock subject to Incentive Awards and the exercise or purchase price of the shares of Company Stock and the circumstances under which Incentive Awards become
exercisable or vested or are forfeited or expire, which terms may but need not be conditioned upon the passage of time, continued employment, the satisfaction of Performance Goals, the occurrence of certain events, or other factors; 

(iv) to establish or verify the extent of satisfaction of any Performance Goals or other conditions applicable to the
grant, issuance, exercisability, vesting and/or ability to retain any Incentive Award; 

  
 16 

 (v) to prescribe and amend the terms of the award agreements or other
documents evidencing Incentive Awards made under this Plan (which need not be identical); 
 (vi) to determine
whether, and the extent to which, adjustments are required pursuant to Section 15; 
 (vii) to interpret
and construe this Plan, any policies under this Plan and the terms and conditions of any Incentive Award granted hereunder, and to make exceptions to any provisions for the benefit of the Company; 

(viii) to delegate any portion of its authority under the Plan to make Incentive Awards to an executive officer of
Dominion, subject to any conditions that the Committee may establish, and 
 (ix) to make all other
determinations deemed necessary or advisable for the administration of this Plan. 
 Notwithstanding the foregoing, no “tandem stock
options” (where two stock options are issued together and the exercise of one option affects the right to exercise the other option) may be issued in connection with Incentive Stock Options. The Committee shall have the power to amend the terms
of previously granted Incentive Awards that were granted by that Committee so long as the terms as amended are consistent with the terms of the Plan and provided that the consent of the Participant is obtained with respect to any amendment that
would be detrimental to him or her, except that the consent will not be required if the amendment is for the purpose of complying with Rule 16b-3, Code section 409A or any other section or requirement of the Code applicable to the Incentive Award.

 (b) The interpretation and construction of any provision of the Plan by the Committee shall be final and
conclusive as to any Participant. The Committee may consult with counsel, who may be counsel to the Company, and shall not incur any liability for any action taken in good faith in reliance upon the advice of counsel. 

(c) A majority of the members of the Committee shall constitute a quorum, and all actions of the Committee shall be taken
by a majority of the members present. Any action may be taken by a written instrument signed by all of the members, and any action so taken shall be fully effective as if it had been taken at a meeting. 

(d) The Committee may delegate the administration of the Plan to an officer or officers of the Company, and the
administrator(s) may have the authority to execute and distribute agreements or other documents evidencing or relating to Incentive Awards granted by the Committee under this Plan, to maintain records relating to the grant, vesting, exercise,
forfeiture or expiration of Incentive Awards, to process or oversee the issuance of shares of Company Stock upon the exercise, vesting and/or settlement of an Incentive Award, to interpret the terms of Incentive Awards and to take any other actions
as the Committee may specify, provided that in no case shall any administrator be authorized to grant Incentive Awards under the Plan. Any action by an administrator within the scope of its delegation shall be deemed for all purposes to have been
taken by 

  
 17 

 
the Committee and references in this Plan to the Committee shall include any administrator, provided that the actions and interpretations of any administrator shall be subject to review and
approval, disapproval or modification by the Committee. 
 17. Notice. All notices and other communications required or
permitted to be given under this Plan shall be in writing and shall be deemed to have been duly given if delivered personally or mailed first class, postage prepaid, as follows (a) if to Dominion—at the principal business address of
Dominion to the attention of the Corporate Secretary of Dominion; and (b) if to any Participant—at the last address of the Participant known to the sender at the time the notice or other communication is sent. 

18. Interpretation. The Plan is intended to operate in compliance with the provisions of Securities and Exchange Commission Rule
16b-3 and to facilitate compliance with, and optimize the benefits from, Code section 162(m) and Code section 409A. The terms of this Plan are subject to all present and future regulations and rulings of the Secretary of the Treasury of the United
States or his or her delegate relating to the qualification of Incentive Stock Options under the Code. If any provision of the Plan conflicts with any such regulation or ruling, then that provision of the Plan shall be void and of no effect. The
terms of this Plan shall be governed by the laws of the Commonwealth of Virginia. 
 19. Beneficiary Matters. A
Participant may designate a Beneficiary to receive benefits due under an Incentive Award, if any, upon the Participant’s death. Designation of a Beneficiary shall be made by execution of a form approved or accepted by the administrator. In the
absence of a valid Beneficiary designation, a Participant’s surviving Spouse, if any, and if none, the Participant’s estate, shall be the Beneficiary. 

(a) A Participant may change a prior Beneficiary designation made under Section 19 by a subsequent execution of a
new Beneficiary designation form. The change in Beneficiary will be effective upon receipt by the administrator. 
 (b) Any payment made to a Beneficiary under this Plan by the administrator in good faith shall fully discharge the Company from all further obligations with respect to that payment. If the administrator
has any doubt as to the proper Beneficiary to receive a payment under this Plan, the administrator shall have the right to withhold such payment until the matter is fully adjudicated. 

(c) In making any payment to or for the benefit of any minor or an incompetent Beneficiary, the administrator, in its
sole and absolute discretion, may make a distribution to a legal or natural guardian or other relative of a minor or court-appointed representative of such incompetent. Alternatively, it may make a payment to any adult with whom the minor or
incompetent temporarily or permanently resides. The receipt by a guardian, representative, relative or other person shall be a complete discharge of the Company’s obligations under the Plan. The Company shall have no responsibility to see to
the proper application of any payment so made. 
 20. Separation from Service. With respect to any Incentive Award that
provides for a deferral of compensation for purposes of Code section 409A and that is payable under its terms 

  
 18 

 
on a Participant’s termination of employment (including a Participant’s termination of employment on account of retirement, if applicable), (i) any references herein and in the
Participant’s Grant Agreement to the Participant’s termination of employment or date of termination of employment shall refer to the Participant’s Separation from Service or date of Separation from Service, as the case may be; and
(ii) notwithstanding any provision herein or in the Participant’s Incentive Award to the contrary, if at the time of payment under such an Incentive Award, the Participant is a “specified employee” (as defined below), no such
payment shall occur prior to the earlier of (A) the expiration of the six (6)-month period measured from the date of the Participant’s Separation from Service, or (B) the date of the Participant’s death. Upon the expiration of
the six (6)-month deferral period referred to in the preceding sentence or the Participant’s death, all amounts that would otherwise have been paid during such period but for this Section 20 shall be paid and any amounts that remain to be
paid under the Award shall be paid in accordance with the terms hereof and of the Award Agreement. The term “specified employee” shall have the same meaning as assigned to that term under Code section 409A(a)(2)(B)(i) and whether a
Participant is a specified employee shall be determined in accordance with written guidelines adopted by Dominion for such purposes. 
 21. Qualifying Change of Control. With respect to any Award that provides for a deferral of compensation for purposes of Code section 409A and that is payable under its terms upon a Change of
Control, or under which the time or form of payment of the Award varies depending on whether a Change of Control has occurred, any references herein and in the Participant’s Grant Agreement to a Change of Control or date of the Change of
Control shall refer to a Qualifying Change of Control or the date of a Qualifying Change of Control, as the case may be. 

22. Continuing Securities Law Compliance. If at any time on or after the effective date of this amended and
restated Plan as described in Section 16 above, the Committee should determine that the issuance of any shares of Company Stock under an Incentive Award granted under the Plan, whether pursuant to the exercise of an Option or Stock Appreciation
Right or otherwise, would result in the violation of any applicable federal or state securities laws with respect to the Plan, then no shares of Company Stock shall be issued, and no Options or Stock Appreciation Rights shall be exercised, unless
and until the Committee has determined that the issuance of such shares or the exercise of such Options or Stock Appreciation Rights would not result in such violation. If a Participant’s right to exercise an Option or Stock Appreciation Right
is suspended pursuant to the preceding sentence, the Committee may provide that any time period to exercise the Option or Stock Appreciation Right is extended or tolled during such period of suspension. 

  
 19

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