Document:

Exhibit 10.9

 

Execution Copy

 

 

SUBSERVICING SUPPLEMENT

dated as of May 1, 2012

between

OCWEN LOAN SERVICING, LLC

and

HLSS HOLDINGS, LLC

 

     

     

    

	 	Contents	 
	Clause	 	Page
	 	 	 
	 	 	 
	 	 	 
	ARTICLE I.	DEFINITIONS	1
	1.1	Definitions	1
	ARTICLE II.	SUBSERVICING	3
	2.1	Engagement as Subservicer	3
	2.2	Servicing Transfer Procedures	3
	2.3	Reference to Master Subservicing Agreement	3
	ARTICLE III.	SERVICING FEES	3
	3.1	Base Subservicing Fee	3
	3.2	Performance Fee	4
	ARTICLE IV.	MISCELLANEOUS	4
	4.1	Incorporation	4
	4.2	Third Party Beneficiaries	4
	 	 	 
	 	 	 
	 SCHEDULE I	Servicing Agreements	 
	 SCHEDULE II	Retained Servicing Fee Percentage	 
	 SCHEDULE III	Target Ratio Schedule	 

 

     

     

    
 

SUBSERVICING
SUPPLEMENT

This
SUBSERVICING SUPPLEMENT, dated as of May 1, 2012 (this “Subservicing Supplement”), is by and between HLSS HOLDINGS,
LLC, a Delaware limited liability company (“Servicer”), and OCWEN LOAN SERVICING, LLC, a Delaware limited liability
company (“Ocwen”).

RECITALS:

WHEREAS,
as of the applicable Servicing Transfer Date (as defined herein), Servicer will become the servicer of certain Mortgage Loans
(as defined in the Master Subservicing Agreement) pursuant to the terms of those certain pooling and servicing agreements or other
servicing agreements listed in Schedule I hereto; and

WHEREAS,
Servicer and Ocwen are parties to that certain Master Subservicing Agreement dated as of February 10, 2012 (the “Master
Subservicing Agreement”); and

WHEREAS,
Servicer desires to engage Ocwen to act as subservicer with respect to the Mortgage Loans relating to those pooling and servicing
agreements or other servicing agreements listed in Schedule I hereto, as of the applicable Servicing Transfer Date (as
defined herein), and Ocwen desires to act as subservicer with respect to the Mortgage Loans relating to those pooling and servicing
agreements or other servicing agreements, on the terms set forth in the Master Subservicing Agreement, as supplemented by this
Subservicing Supplement.

NOW,
THEREFORE, in consideration of the premises and mutual agreements hereinafter set forth and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, Servicer and Ocwen agree
as follows:

ARTICLE
I.

DEFINITIONS.

1.1 Definitions.
(a) For purposes of this Subservicing Supplement, the following capitalized terms shall have the respective meanings set forth
or referenced below.

“Base
Subservicing Fee” has the meaning set forth in Section 3.1.

“Deferred
Servicing Agreement” has the meaning set forth in the Sale Supplement.

“Excess
Servicing Advances” shall mean, for any calendar month, the amount, if any, by which the outstanding Servicing Advances
with respect to the Servicing Agreements as of the last day of such calendar month exceeds an amount equal to (a) the Target Ratio
for such calendar month multiplied by (b) the unpaid principal balance of the Mortgage Loans subject to the Servicing Agreements
as of the last day of such calendar month.

 

Subservicing Supplement

 

1

 

 

     

     

    
 

“Monthly
Reporting Date” means, with respect to each Subject Servicing Agreement, the date specified as the “Monthly Reporting
Date” in Schedule I to this Subservicing Supplement.

“Monthly
Servicing Fee” shall mean, for each calendar month, the sum of the Base Subservicing Fee such calendar month and the
Seller Monthly Servicing Fee (as defined in the Sale Supplement) for such calendar month.

“Performance
Fee” has the meaning set forth in Section 3.2.

“Retained
Servicing Fee” shall mean, for any calendar month, an amount equal to the sum of (a) the product of the Retained Servicing
Fee Percentage for such calendar month and the average unpaid principal balance of all Mortgage Loans subject to the Subject Servicing
Agreements and the Deferred Servicing Agreements during such calendar month, and (b) the Retained Servicing Fee Shortfall, if
any, for the immediately prior calendar month.

“Retained
Servicing Fee Percentage” shall mean, for any calendar month, the percentage set forth on Schedule II to this
Subservicing Supplement.

“Retained
Servicing Fee Shortfall” shall mean, for any calendar month, beginning in May, 2012, an amount equal to the excess,
if any, of (a) the Retained Servicing Fee for such calendar month over (b) the excess, if any, of (x) the aggregate Servicing
Fees actually received by Servicer pursuant to the Subject Servicing Agreements and with respect to the Deferred Servicing Agreements
during such calendar month (whether directly pursuant to such Subject Servicing Agreement or pursuant to Sale Supplement, as applicable)
over (y) the Monthly Servicing Fee for such calendar month.

“Sale
Supplement” shall mean that certain Sale Supplement, dated as of the date hereof, between Servicer, as Purchaser, and
Ocwen, as Seller, as the same may be amended, supplemented or otherwise modified from time to time.

“Scheduled
Termination Date” means, with respect to each Subject Servicing Agreement serviced pursuant to this Subservicing Supplement,
the date which is six (6) years after the closing date of the initial acquisition of assets pursuant to the Sale Supplement.

“Servicing
Agreement” shall mean each of the pooling and servicing agreements or other servicing agreements listed in Schedule
I hereto.

“Servicing
Fees” shall mean, with respect to any Servicing Agreement, the servicing fees payable to Servicer under the Subject
Servicing Agreements, including each “servicing fee” payable based on a percentage of the outstanding principal
balance of the Mortgage Loans serviced pursuant to such Servicing Agreement, but excluding any Ancillary Income, Prepayment Interest
Excess or any amounts earned in connection with the investment of funds in the related Custodial Accounts and Escrow Accounts.

“Servicing
Transfer Date” shall have the meaning specified in the Sale Supplement.

“Subject
Servicing Agreement”, shall mean, as of any date of determination, each Servicing Agreement with respect to which the
Servicing Transfer Date has occurred on or prior to such date and with respect to which the Subservicing Termination Date has
not occurred on or prior to such date.

 

Subservicing Supplement

 

2

 

 

     

     

    
 

“Target
Ratio” for each calendar month shall mean the amount specified in Schedule III with respect to such month.

(b)
Any capitalized term used but not defined in this Subservicing Supplement shall have the meaning assigned to such term in the
Master Subservicing Agreement.

ARTICLE
II.

SUBSERVICING

2.1 
Engagement as Subservicer. Servicer hereby engages Ocwen to act as subservicer, and
Ocwen agrees to act as subservicer, with respect to the Mortgage Loans relating to those certain pooling and servicing agreements
or other servicing agreements listed in Schedule I hereto (the “Subject Servicing Agreements”) pursuant
to the terms of the Master Subservicing Agreement, as supplement by this Subservicing Supplement, on and after the related Servicing
Transfer Date for such Subject Servicing Agreement. Except as set forth in this Subservicing Supplement or the Master Subservicing
Agreement, Ocwen further agrees to be responsible for performing all of the duties and obligations of Servicer and its subservicers
under each Subject Servicing Agreement, and to meet any standards and fulfill any requirements applicable to Servicer or its subservicer
under each Subject Servicing Agreement on and after the related Servicing Transfer Date.

2.2
Servicing Transfer Procedures. Servicer and Ocwen each covenant
and agree to following the Servicing Transfer Procedures agreed pursuant to the Sale Supplement with respect to each Subject Servicing
Agreement.

2.3
Reference to Master Subservicing Agreement. Each of Servicer and Subservicer agrees that (a) this Subservicing Supplement
is a “Subservicing Supplement” executed pursuant to Section 2.1 of the Master Subservicing Agreement,
(b) the terms of this Subservicing Supplement are hereby incorporated into the Master Subservicing Agreement with respect to the
Subject Servicing Agreements and the related Mortgage Loans to the extent set forth therein, (c) each of the Subject Servicing
Agreements listed in Schedule I is a “Subject Servicing Agreement” as such term is used in the Master Subservicing
Agreement on and after the related Servicing Transfer Date, and (d) the terms of this Subservicing Supplement apply to the Subject
Servicing Agreements specified herein and not to any other “Subject Servicing Agreement” as that term is used in the
Master Subservicing Agreement. In the event of any conflict between the provisions of this Subservicing Supplement and the Master
Subservicing Agreement, the terms of this Subservicing Supplement shall prevail.

ARTICLE
III.

SERVICING FEES

3.1 Base
Subservicing Fee. As compensation for its services with respect to the Subject Servicing Agreements, Servicer shall pay Ocwen
a monthly base subservicing fee for each calendar month during which Ocwen is servicing Mortgage
Loans with respect to Subject Servicing Agreements pursuant to this Subservicing Supplement equal to 12.00% of the aggregate Servicing
Fees actually received by Servicer pursuant to the Subject Servicing Agreements during such calendar month (the “Base
Subservicing Fee”).

 

Subservicing Supplement

 

3

 

 

     

     

    
 

3.2
Performance Fee. Servicer shall pay to Ocwen for each calendar month during which Ocwen is servicing Mortgage Loans with
respect to Subject Servicing Agreements pursuant to this Subservicing Supplement a performance fee (the “Performance
Fee”) equal to the greater of (a) zero and (b) the excess, if any, of the aggregate of all Servicing Fees actually received
by Servicer pursuant to the Subject Servicing Agreements and with respect to the Deferred Servicing Agreements during such calendar
month (whether directly pursuant to such Subject Servicing Agreement or pursuant to the Sale Supplement, as applicable) over the
sum of (i) the Monthly Servicing Fee for such calendar month and (ii) the Retained Servicing Fee for such calendar month, multiplied
by (y) a fraction, (i) the numerator of which is the average unpaid principal balance of all Mortgage Loans subject to the Subject
Servicing Agreements during such calendar month and (ii) the denominator of which is equal to the sum of the average unpaid principal
balance of all Mortgage Loans subject to the Deferred Servicing Agreements during such calendar month and the average unpaid principal
balance of all Mortgage Loans subject to the Subject Servicing Agreements during such calendar month, or such other allocation
percentage which is agreed by Servicer and Ocwen (the “Allocation Percentage”). The Performance Fee, if any,
for any calendar month will be reduced by 6.50% per annum (i.e., 0.5417% per month) of the Excess Servicing Advances, if any,
for such calendar month multiplied by the Allocation Percentage. If the Closing Date does not occur on the first day of a calendar
month, the Performance Fee for the period from the Closing Date to the last of the calendar month in which the Closing Date occurs
shall be calculated in a pro rata manner based on the number of days in such period.

ARTICLE
Iv.

MISCELLANEOUS

4.1 Incorporation.
The provisions of Article 10 of the Master Subservicing Agreement are hereby incorporated into this Subservicing Supplement
by reference, mutatis mutandis, as if its provisions were fully set forth herein.

4.2
Third Party Beneficiaries. Ocwen and Servicer each acknowledges and agrees that the indenture trustee, on behalf of the
holders of related notes, with respect to any Servicing Advance Facility pursuant to which Servicer has transferred Servicer Advances
made pursuant to a Servicing Agreement is an express third party beneficiary of this Subservicing Supplement and the Subservicing
Agreement solely with respect to the Servicing Agreements related to such Servicing Advance Facility.

 

[Signature Page Follows]

 

Subservicing Supplement

 

4

  

 

     

     

    

IN WITNESS
WHEREOF, the parties hereto have caused this Subservicing Supplement to be executed and delivered as of the date first above written. 

	 	 	 
	 	HLSS HOLDINGS, LLC	 
	 	 	 	 	 
	 	By: Home Loan Servicing Solutions, Ltd., its sole member	 
	 	 	 	 	 
	 	 	By:	/s/ James Lauter	 
	 	 	 	 	 
	 	 	Name:	James Lauter	 
	 	 	 	 	 
	 	 	Title:	CFO	 
	 	 	 	 	 
	 	 	 	 	 
	 	OCWEN LOAN SERVICING, LLC	 
	 	 	 	 	 
	 	 	By:	/s/ John Britti	 
	 	 	 	 	 
	 	 	Name:	John Britti	 
	 	 	 	 	 
	 	 	Title:	Authorized Signatory	 

 

Subservicing Supplement

 

5

 

 

     

     

    
 

SCHEDULE I

SERVICING AGREEMENTS

	 	Short Form Deal Name	Subject Servicing Agreement	Monthly Reporting Date
	1.                     	DB ACE 2006-ASAP4	Pooling and Servicing Agreement, dated as of July 1, 2006, among ACE Securities Corp., as Depositor, Ocwen Loan Servicing, LLC, as Servicer, Wells Fargo Bank, National Association, as Master Servicer and Securities Administrator and HSBC Bank USA, National Association, as Trustee.	2573
	2.                     	MABS 2006-AM3	Pooling and Servicing Agreement, dated as of October 1, 2006, among Mortgage Securitization Transactions, Inc., as Depositor, Ocwen Loan Servicing, LLC, as Servicer, Wells Fargo Bank, National Association, as Master Servicer and Trust Administrator, and U.S. Bank National Association, as Trustee.	2585
	3.                     	ACE 2007-D1	Pooling and Servicing Agreement, dated as of November 1, 2007, among DB Structured Products, Inc., as Seller, ACE Securities Corp., as Depositor, Ocwen Loan Servicing, LLC, as Servicer, Clayton Fixed Income Services Inc., as credit risk manager, HSBC Bank USA, National Association, as Trustee, and Wells Fargo Bank, N.A., as Master Servicer and as Securities Administrator.	2657
	4.                     	Soundview 2008-1	Pooling and Servicing Agreement, dated as of December 1, 2007, among Financial Asset Securities Corp., as depositor, Ocwen Loan Servicing, LLC, as servicer, Wells Fargo Bank, N.A., as master servicer, trust administrator and custodian, and Deutsche Bank National Trust Company, as trustee.	2661
	5.                     	Morgan Stanley IXIS 2006-2	Pooling and Servicing Agreement, dated as of November 1, 2006, among Morgan Stanley ABS Capital I Inc., as depositor, Saxon Mortgage Services, Inc., as a servicer, Countrywide Home Loans Servicing LP, as a servicer, First NLC Financial Services, LLC, as the responsible party, IXIS Real Estate Capital Inc. and Deutsche Bank National Trust Company, as trustee.	2749
	6.                     	IXIS Real Estate Cap Trust 2007-HE1	Pooling and Servicing Agreement, dated as of January 1, 2007, among Morgan Stanley ABS Capital I Inc., as depositor, Wells Fargo Bank, National Association, as master servicer and securities administrator, Saxon Mortgage Services, Inc., as servicer, IXIS Real Estate Capital Inc., as unaffiliated seller, and Deutsche Bank National Trust Company, as trustee and custodian.	2753

 

Sch I-1

 

 

     

     

    

	7.                     	Merrill Lynch Mtg Inv Tr 2006-RM3	Pooling and Servicing Agreement, dated as of June 1, 2006, among Merrill Lynch Mortgage Investors, Inc., as depositor, Saxon Mortgage Services, Inc., as servicer, and LaSalle Bank National Association, as trustee.	2754
	8.                   
 	Morgan Stanley ABS Cap 2006-HE8	Pooling and Servicing Agreement, dated as of November 1, 2006, among Morgan Stanley ABS Capital I Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, securities administrator and a custodian, Saxon Mortgage Services, Inc., as a servicer, Countrywide Home Loans Servicing LP, as a servicer, New Century Mortgage Corporation, as a servicer, NC Capital Corporation, as a responsible party, WMC Mortgage Corp., as a responsible party, Decision One Mortgage Company, LLC, as a responsible party, Deutsche Bank National Trust Company, as trustee and LaSalle Bank National Association and, together with Wells Fargo Bank, National Association, as custodians.	2755
	9.                     	Morgan Stanley ABS Cap 2007-HE2	Pooling and Servicing Agreement, dated as of February 1, 2007, among Morgan Stanley ABS Capital I Inc., as depositor, Saxon Mortgage Services, Inc., as a servicer, Countrywide Home Loans Servicing LP, as a servicer, Wells Fargo Bank, National Association, as a servicer and a custodian, New Century Mortgage Corporation, as a servicer, NC Capital Corporation, as a responsible party, WMC Mortgage Corp., as a responsible party, Decision One Mortgage Company, LLC, as a responsible party, Deutsche Bank National Trust Company, as trustee and LaSalle Bank National Association, as a custodian.	2756
	10.                     	Morgan Stanley ABS Cap 2007-HE3	Pooling and Servicing Agreement, dated as of February 1, 2007, among Morgan Stanley ABS Capital I Inc., as depositor, Saxon Mortgage Services, Inc., as a servicer, Countrywide Home Loans Servicing LP, as a servicer, NC Capital Corporation, as responsible party, Deutsche Bank National Trust Company, as trustee, and Wells Fargo Bank, National Association, as custodian.	2757
	11.                     	Morgan Stanley ABS Cap 2007-NC1	Pooling and Servicing Agreement, dated as of January 1, 2007, among Morgan Stanley ABS Capital I Inc., as depositor, Countrywide Home Loans Servicing LP, as a servicer, Saxon Mortgage Services, Inc., as a servicer, NC Capital Corporation, as a responsible party, and Deutsche Bank National Trust Company, as trustee.	2758

 

Sch I-2

 

 

     

     

    

	12.                     	IXIS RE Capital Trust 2006-HE2	Pooling and Servicing Agreement, dated as of May 1, 2006, by and among Morgan Stanley ABS Capital I Inc., as Depositor, JPMorgan Chase Bank, National Association, as Master Servicer, Backup Servicer and Securities Administrator, Saxon Mortgage Services, Inc., as Servicer, Master Financial, Inc., as Servicer, IXIS Real Estate Capital Inc., as Unaffiliated Seller, and Deutsche Bank National Trust Company, as Trustee and Custodian.	2751
	13.                     	IXIS Real Estate Cap Trust 2006-HE3	Pooling and Servicing Agreement, dated as of September 1, 2006, by and among Morgan Stanley ABS Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Backup Servicer and Securities Administrator, Saxon Mortgage Services, Inc., as Servicer, Master Financial, Inc., as Servicer, IXIS Real Estate Capital Inc., an Unaffiliated Seller, and Deutsche Bank National Trust Company, as Trustee and Custodian.	2752
	14.                     	Morgan Stanley ABS Cap 2007-NC2	Pooling and Servicing Agreement, dated as of April 1, 2007, by and among Morgan Stanley ABS Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer and Securities Administrator, Saxon Mortgage Services, Inc., as Servicer, Countrywide Home Loans Servicing LP, as Servicer, and Deutsche Bank National Trust Company, as Trustee.	2759

 

Sch I-3

 

 

     

     

    

 

SCHEDULE II

 

RETAINED SERVICING FEE PERCENTAGE

	From
Month1	To Month	Retained Fee
	1	3	31.5 bps
	4	6	30.5 bps
	7	12	29.5 bps
	13	18	28.5 bps
	19	24	27.5 bps
	25	30	27.5 bps
	31	36	27.5 bps
	37	42	27.0 bps
	43	48	27.0 bps
	49	54	27.0 bps
	55	60	27.0 bps
	61	66	27.0 bps
	67	72	27.0 bps

 

 

 

 

 1 Starting with May 2012.

Sch II-1

 

 

     

     

    

SCHEDULE III

TARGET RATIO SCHEDULE

 

	Month2	Target Advance Ratio
	1	3.07%
	2	2.99%
	3	2.92%
	4	2.85%
	5	2.77%
	6	2.71%
	7	2.64%
	8	2.57%
	9	2.51%
	10	2.45%
	11	2.38%
	12	2.32%
	13	2.27%
	14	2.21%
	15	2.15%
	16	2.10%
	17	2.05%
	18	2.00%
	19	2.00%
	20	2.00%
	21	2.00%
	22	2.00%
	23	2.00%
	24	2.00%
	25	2.00%
	26	2.00%
	27	2.00%
	28	2.00%
	29	2.00%
	30	2.00%
	31	2.00%
	32	2.00%
	33	2.00%

 

 

2 Starting with May
2012.

 

Sch III-1

 

 

     

     

    

	Month2	Target Advance Ratio
	34	2.00%
	35	2.00%
	36	2.00%
	37	2.00%
	38	2.00%
	39	2.00%
	40	2.00%
	41	2.00%
	42	2.00%
	43	2.00%
	44	2.00%
	45	2.00%
	46	2.00%
	47	2.00%
	48	2.00%
	49	2.00%
	50	2.00%
	51	2.00%
	52	2.00%
	53	2.00%
	54	2.00%
	55	2.00%
	56	2.00%
	57	2.00%
	58	2.00%
	59	2.00%
	60	2.00%
	61	2.00%
	62	2.00%
	63	2.00%
	64	2.00%
	65	2.00%
	66	2.00%
	67	2.00%
	68	2.00%
	69	2.00%
	70	2.00%
	71	2.00%
	72	2.00%

 

 

Sch III-2Q1 2012 OGE 10-Q - Ex. 10.01

Exhibit 10.01

OGE ENERGY CORP.
FORM OF PERFORMANCE UNIT AGREEMENT
UNDER 2008 STOCK INCENTIVE PLAN

OGE Energy Corp. (the "Company") hereby awards, at target, to (_____) (the "Participant") (#) Performance Units pursuant to the OGE Energy Corp. 2008 Stock Incentive Plan (the "Plan"), the definitions and provisions of which are incorporated herein by reference.
The specific terms and conditions of the award are set forth hereinafter.
		
	1.
	Performance Units and Award Cycle.  Each Performance Unit represents and is equal to the value of one share of Company Common Stock.  Subject to the provisions of the Plan, the Performance Units awarded to the Participant may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of during the award cycle established with respect thereto beginning on ______________ and ending on ______________ (the "Award Cycle").

		
	2.
	Performance Goal Condition.  The Performance Units are contingently awarded subject to the condition that the number of Performance Units, if any, earned by the Participant upon the expiration of the Award Cycle is dependent (in the manner hereinafter set forth) on the performance of Company's total shareholder return relative to the total shareholder return of all of the companies (the "S&P Companies") comprising the Standard and Poor's 1500 Utilities Index as of January 1, ____ and December 31, ____ (or their successors from a merger or other combination with another company listed in such Index, but excluding any company subject to a Business Combination, as hereinafter defined on December 31, ____).  Total shareholder return ("TSR") for any company, including the Company, shall include both price appreciation (depreciation) and cash dividends, shall be calculated in the same manner that Standard and Poor's calculated total return as of _____________ and shall be measured by the company's total return that shareholders receive over the Award Cycle by investment at the first day of the Award Cycle.

The number of Performance Units earned is dependent on the performance ranking of the Company's total shareholder return for the Award Cycle, as set forth below (expressed in terms of the Company's position among the S&P Companies when ranked by total shareholder return for the Award Cycle):
	
		
	COMPANY TSR PERCENTILE RANKING VS. S&P COMPANIES
	PERCENT OF TARGET PERFORMANCE UNITS EARNED

	__th percentile
	200%

	__th percentile
	175%

	__th percentile
	150%

	__th percentile
	125%

	__th percentile
	100%

	__th percentile
	75%

	__th percentile
	50%

	__th percentile
	25%

	Below __th percentile
	0%

Performance Units earned for performance between the percentiles shown above will be determined by straight-line interpolation; provided, that, in all cases, the number of Performance Units which the Participant earns shall be a whole number (disregarding any fraction).
Any Performance Units awarded hereunder that the Participant does not earn at the end of the Award Cycle pursuant to the foregoing schedule shall be forfeited.  
The provisions of this Section 2 shall not affect in any way any forfeiture under Section 4 below or Section 8(b) of the Plan or any provision regarding the earning of Performance Units at the 100% target level under Section 9 of the Plan upon the occurrence of a Change of Control.

For purposes of determining whether any of the S&P Companies is subject to a Business Combination on December 31, ____, a company shall be deemed subject to a Business Combination on December 31, ____, if such company is: (i) the subject of a tender offer or exchange offer by a third party seeking to acquire more than 20% of the outstanding voting securities of such company or (ii) a party to a merger, consolidation, share exchange or reorganization agreement or an agreement providing for the sale or disposition of all or substantially all of its assets.
		
	3.
	Payout.  Subject to Section 9 of the Plan, as soon as practicable following the end of the Award Cycle, but in no event later than the 15th day of the third month thereafter, the Committee shall determine and certify to the number of Performance Units earned hereunder and, after the Committee certifies in writing the number of Performance Units earned and that all other material terms of the award have been satisfied, earned Performance Units, if any, will be paid to the Participant, or on the Participant's death, to the Participant's beneficiary under the Plan, by issuing a certificate for shares of Common Stock equal in number to the earned Performance Units (disregarding any fraction).

		
	4.
	Forfeiture.  All Performance Unit awards are subject to the terms and conditions of the Plan relating to Performance Units.  If the Participant incurs a Termination of Employment for any reason on or before the end of the Award Cycle, all rights to or in respect of Performance Units awarded hereunder shall be forfeited except as provided in Section 8(b)(iii) or Section 9(a)(iii) of the Plan.

		
	5.
	Acceptance of Award.  By execution of this Agreement, the Participant accepts the award, acknowledges receipt of a copy of the Plan and represents that the Participant is familiar with the terms and provisions thereof and agrees to be bound thereby.  Participant further agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee with respect to any questions arising under the Plan, including any calculation of, or in connection with, the total shareholder return of the Company or any other company for the Award Cycle.

		
	6.
	Taxes and Other Matter.

(a)    By execution of this Agreement, the Participant agrees to pay all withholding and other taxes payable by the Participant with respect to Performance Units earned under this Agreement at such times and in such manner as the Company may request, and the Participant further agrees to comply with all Federal and State securities laws.
(b)    The Participant may elect, subject to approval of the Board of Directors or a committee composed of two or more non-employee directors within the meaning of Rule 16b-3(b)(3) of the Securities Exchange Act of 1934 or any successor provision thereto, to satisfy Participant's minimum tax withholding requirements under Federal, State and local laws and regulations thereunder, in whole or in part, by having the Company withhold shares having a fair market value equal to all or a portion of the amount so required to be withheld.  The value of the shares to be withheld is to be based upon the same price of the shares that is utilized to determine the amount of withholding tax that the Participant owes.  All elections under this Section 6(b) shall be (i) irrevocable, (ii) made in writing and signed by the Participant on the form prescribed by the Company and (iii) submitted to the Board of Directors prior to the date on which the Committee will determine the number of Performance Units earned hereunder or such earlier date as the Company shall prescribe.
		
	7.
	Other Condition.  The award of Performance Units evidenced by this Agreement shall be subject to delivery to the Company of an executed copy of this Agreement.

	
		
	 
	    OGE ENERGY CORP.  

________________________________________________
Chairman of the Board, President and Chief Executive Officer

	

ACCEPTED AND AGREED TO this _____ day of _______________, ____.

______________________________
                   Participant

OGE ENERGY CORP.
PERFORMANCE UNIT AGREEMENT

OGE Energy Corp. (the "Company") hereby awards, at target, to (____) (the "Participant") (#) Performance Units pursuant to the OGE Energy Corp. 2008 Stock Incentive Plan (the "Plan"), the definitions and provisions of which are incorporated herein by reference.
The specific terms and conditions of the award are set forth hereinafter.
		
	1.
	Performance Units and Award Cycle.  Each Performance Unit represents and is equal to the value of one share of Company Common Stock.  Subject to the provisions of the Plan, the Performance Units awarded to the Participant may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of during the award cycle established with respect thereto beginning on ______________ and ending on ______________ (the "Award Cycle").

		
	2.
	Performance Goal Condition.  The Performance Units are contingently awarded subject to the condition that the number of Performance Units, if any, earned by the Participant upon the expiration of the Award Cycle is dependent (in the manner hereinafter set forth) on the Company's Average Earnings Per Share Growth during the Award Cycle.  Average Earnings Per Share Growth shall mean the amount obtained by multiplying one-third times the percentage increase or decrease in the Company's earnings per share for the year ended December 31, ____ as compared to the Company's earnings per share for the year ended December 31, ____, of $____.  Thus, for example, if the Company's earnings per share were $____ for the year ended December 31, ____, the Company's Average Earnings Per Share Growth would be ____% [1/3 x ($____/$____)].  For purposes of the foregoing, all percentages shall be calculated to the nearest one-hundredth of one percent and the Company's earnings per share for any year shall be the consolidated diluted earnings per average common share of the Company as reported on the Company's Consolidated Statement of Income for such year.  The number of Performance Units earned for the Award Cycle shall be determined in accordance with the following chart:

	
		
	COMPANY'S AVERAGE EARNINGS PER SHARE GROWTH
	PERCENT OF TARGET PERFORMANCE UNITS EARNED

	___%
	200%

	___%
	180%

	___%
	160%

	___%
	140%

	___%
	120%

	___%
	100%

	___%
	87.5%

	___%
	75%

	___%
	62.5%

	___%
	50%

	Below ___%
	0%

Performance Units earned for performance between the percentiles shown above will be determined by straight-line interpolation; provided, that, in all cases, the number of Performance Units which the Participant earns shall be a whole number (disregarding any fraction).
Any Performance Units awarded hereunder that the Participant does not earn at the end of the Award Cycle pursuant to the foregoing chart shall be forfeited.  
The provisions of this Section 2 shall not affect in any way any forfeiture under Section 4 below or Section 8(b) of the Plan or any provision regarding the earning of Performance Units at the 100% target level under Section 9 of the Plan upon the occurrence of a Change of Control.
		
	3.
	Payout.  Subject to Section 9 of the Plan, as soon as practicable following the end of the Award Cycle, but in no event later than the 15th day of the third month thereafter, the Committee shall determine and certify to the number of Performance Units earned hereunder and, after the Committee certifies in writing the number of Performance Units earned and that other material terms of the award have been satisfied, earned Performance Units, if any, will be paid to the Participant, or on the Participant's death, to the Participant's beneficiary under the Plan, by issuing a certificate for shares of Common Stock equal in number to the earned Performance Units (disregarding any fraction).

		
	4.
	Forfeiture.  All Performance Unit awards are subject to the terms and conditions of the Plan relating to Performance Units.  If the Participant incurs a Termination of Employment for any reason on or before the end of the Award Cycle, all rights to or in respect of Performance Units awarded hereunder shall be forfeited except as provided in Section 8(b)(iii) or Section 9(a)(iii) of the Plan.

		
	5.
	Acceptance of Award.  By execution of this Agreement, the Participant accepts the award, acknowledges receipt of a copy of the Plan and represents that the Participant is familiar with the terms and provisions thereof and agrees to be bound thereby.  Participant further agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee with respect to any questions arising under the Plan, including any calculation of, or in connection with, earnings per share of the Company or any other company for the any period.

		
	6.
	Taxes and Other Matter.

(a)    By execution of this Agreement, the Participant agrees to pay all withholding and other taxes payable by the Participant with respect to Performance Units earned under this Agreement at such times and in such manner as the Company may request, and the Participant further agrees to comply with all Federal and State securities laws.
(b)    The Participant may elect, subject to approval of the Board of Directors or a committee composed of two or more non-employee directors within the meaning of Rule 16b-3(b)(3) of the Securities Exchange Act of 1934 or any successor provision thereto, to satisfy Participant's minimum tax withholding requirements under Federal, State and local laws and regulations thereunder, in whole or in part, by having the Company withhold shares having a fair market value equal to all or a portion of the amount so required to be withheld.  The value of the shares to be withheld is to be based upon the same price of the shares that is utilized to determine the amount of withholding tax that the Participant owes.  All elections under this Section 6(b) shall be (i) irrevocable, (ii) made in writing and signed by the Participant on the form prescribed by the Company and (iii) submitted to the Board of Directors prior to the date on which the Committee will determine the number of Performance Units earned hereunder or such earlier date as the Company shall prescribe.
		
	7.
	Other Condition.  The award of Performance Units evidenced by this Agreement shall be subject to delivery to the Company of an executed copy of this Agreement.

	
		
	 
	    OGE ENERGY CORP.  

________________________________________________
Chairman of the Board, President and Chief Executive Officer

	

ACCEPTED AND AGREED TO this _____ day of _______________, ____.

______________________________
                   Participant

OGE ENERGY CORP.
PERFORMANCE UNIT AGREEMENT

OGE Energy Corp. (the "Company") hereby awards, at target, to (____) (the "Participant") (#) Performance Units pursuant to the OGE Energy Corp. 2008 Stock Incentive Plan (the "Plan"), the definitions and provisions of which are incorporated herein by reference.
The specific terms and conditions of the award are set forth hereinafter.
		
	1.
	Performance Units and Award Cycle.  Each Performance Unit represents and is equal to $____ per unit.  Subject to the provisions of the Plan, the Performance Units awarded to the Participant may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of during the award cycle established with respect thereto beginning on ______________ and ending on ______________ (the "Award Cycle").

		
	2.
	Performance Goal Condition.  The Performance Units are contingently awarded subject to the condition that the number of Performance Units, if any, earned by the Participant upon the expiration of the Award Cycle is dependent (in the manner hereinafter set forth) on Enogex's Average EBITDA Per Unit Growth during the Award Cycle.  Enogex's Average EBITDA Per Unit Growth shall mean the amount obtained by multiplying one-third times the percentage increase or decrease in Enogex EBITDA Per Unit for the year ended December 31, ____ as compared to Enogex EBITDA Per Unit for the year ended December 31, ____, of $____.  Thus, for example, if Enogex EBITDA Per Unit were $____ for the year ended December 31, ____, Enogex's Average EBITDA Per Unit Growth would be ____% [1/3 x ($____/$____)].  For purposes of the foregoing:  (i) all percentages shall be calculated to the nearest one-hundredth of one percent, (ii) Enogex EBITDA shall mean, as shown on the consolidated income statement of Enogex LLC unless otherwise stated, net income from continuing operations plus interest expense, income taxes, depreciation expense, and amortization expense (including any amortization of acreage dedication fees not presented under the amortization caption under GAAP), less interest income, and (iii) Enogex EBITDA Per Unit shall mean Enogex EBITDA divided by the weighted average number of outstanding membership units of Enogex Holdings LLC for the year in question.  The number of Performance Units earned for the Award Cycle shall be determined in accordance with the following chart:

	
		
	ENOGEX'S AVERAGE EBITDA PER UNIT GROWTH
	PERCENT OF TARGET PERFORMANCE UNITS EARNED

	___%
	200%

	___%
	180%

	___%
	160%

	___%
	140%

	___%
	120%

	___%
	100%

	___%
	87.5%

	___%
	75%

	___%
	62.5%

	___%
	50%

	Below ___%
	0%

Performance Units earned for performance between the percentiles shown above will be determined by straight-line interpolation; provided, that, in all cases, the number of Performance Units which the Participant earns shall be a whole number (disregarding any fraction).
Any Performance Units awarded hereunder that the Participant does not earn at the end of the Award Cycle pursuant to the foregoing chart shall be forfeited.
The provisions of this Section 2 shall not affect in any way any forfeiture under Section 4 below or Section 8(b) of the Plan or any provision regarding the earning of Performance Units at the 100% target level under Section 9 of the Plan upon the occurrence of a Change of Control.
		
	3.
	Payout.  Subject to Section 9 of the Plan, as soon as practicable following the end of the Award Cycle, but in no event later than the 15th day of the third month thereafter, the Committee shall determine and certify to the number of Performance Units earned hereunder and, after the Committee certifies in writing the number of Performance Units earned and that 

other material terms of the award have been satisfied, earned Performance Units, if any, will be paid to the Participant, or on the Participant's death, to the Participant's beneficiary under the Plan in cash, by paying an amount equal to the number of earned Performance Units (disregarding any fraction) multiplied by $____.
		
	4.
	Forfeiture.  All Performance Unit awards are subject to the terms and conditions of the Plan relating to Performance Units.  If the Participant incurs a Termination of Employment for any reason on or before the end of the Award Cycle, all rights to or in respect of Performance Units awarded hereunder shall be forfeited except as provided in Section 8(b)(iii) or Section 9(a)(iii) of the Plan.

		
	5.
	Acceptance of Award.  By execution of this Agreement, the Participant accepts the award, acknowledges receipt of a copy of the Plan and represents that the Participant is familiar with the terms and provisions thereof and agrees to be bound thereby.  Participant further agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee with respect to any questions arising under the Plan, including any calculation of, or in connection with, Enogex's Average EBITDA Per Unit Growth.

		
	6.
	Taxes and Other Matter.  By execution of this Agreement, the Participant agrees to pay all withholding and other taxes payable by the Participant with respect to Performance Units earned under this Agreement at such times and in such manner as the Company may request, and the Participant further agrees to comply with all Federal and State securities laws.

		
	7.
	Other Condition.  The award of Performance Units evidenced by this Agreement shall be subject to delivery to the Company of an executed copy of this Agreement.

	
		
	 
	    OGE ENERGY CORP.  

________________________________________________
Chairman of the Board, President and Chief Executive Officer

	

ACCEPTED AND AGREED TO this _____ day of _______________, ____.

______________________________
                   Participant

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