Document:

Exhibit 10(n)-3

 

Second Amendment
 To
 E.ON U.S. LLC Nonqualified Savings Plan

 

WHEREAS, E.ON U.S. LLC(the “Sponsor”) previously adopted and maintains the E.ON U.S. LLC Nonqualified Savings Plan (the “Plan”); and

 

WHEREAS, Section 11.4 of the Plan provides that the Board of Directors of the Sponsor of the Plan may amend the Plan; and

 

WHEREAS, the Board of Directors adopted resolutions to amend the Plan.

 

NOW, THEREFORE, the Plan is hereby amended effective January 1, 2009 as follows:

 

This amended Plan is intended to conform to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder and shall be implemented and administered in a manner consistent therewith. Prior to January 1, 2009, the Plan was administered in good faith compliance with Section 409A of the Code and guidance issued thereunder, including actions permitted by transition relief provided in Notices 2005-1, 2006-79 and 2007-86 and proposed and final regulations published under Section 409A of the Code.

 

1. Article 2 shall be amended by adding to the end thereto the following:

 

2.20 Affiliated Company means any corporation which is a member of a controlled group of corporations of which the Company is a member, or any unincorporated trade or business which is under the common control of or with the Company, which are required to be aggregated with the Company under Section 414(b) or 414(c) of the Code, without substitution of a lower percentage for 80% in applying Section 1563(a)(1), (2) and (3) of the Code as permitted in Section 1.409A-1(h)(3) of the Regulations with regard to whether or not a Participant experiences a Separation from Service.

 

2.21 Disability shall mean a Participant’s inability to engage in any substantial gainful activity by reason of medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of twelve (12) months or more. For purposes hereof, a Participant will be deemed to be subject to a Disability if the Participant is determined to be totally disabled by the Social Security Administration.

 

2.22 Identification Date means the date determined by the Benefits Committee in accordance with Section 1.409A-1(i)(3) of the Regulations which is the last day of the twelve (12) month period for determination of Key Employees. Unless otherwise designated, the Identification Date shall be December 31.

 

 

2.23 Key Employee means a “key employee” of the Company as described in Section 416(i)(1)(A)(i), (ii) or (iii) of the Code (without regard to Section 416(i)(5) of the Code) (generally, an officer having annual compensation of more than $160,000 (in 2009), as adjusted; a 5% owner; or a 1% owner having annual compensation of more than $150,000), determined at any time during the twelve (12) month period ending on the Identification Date. A Participant who is a Key Employee on an Identification Date shall be treated as a Key Employee for the twelve (12) month period beginning on January 1 (or such other date designated as set forth herein) immediately following such Identification Date. For purposes hereof, the term “officer” shall be determined on the basis of all facts, including the source of his authority, the term for which elected or appointed, and the nature and extent of his duties. Generally, the term “officer” means an administrative executive who is in regular and continued service. An Eligible Employee who merely has the title of an officer, but not the authority of an officer, is not to be considered an officer hereunder. Similarly, an eligible employee who does not have the title of an officer but has the authority of an officer is an officer for this purpose. Furthermore, for purposes hereof, during any twelve (12) month period following an Identification Date, no more than 50 employees of all members of the controlled group consisting of the Company and all Affiliated Companies, or if less, the greater of three individuals or ten percent (10%) of such employees of all members of such controlled group, shall be treated as officers hereunder.

 

2. Section 2.16 shall be deleted and replaced in its entirety to read as follows:

 

“Section 2.16 — Separation from Service means the Participant’s “separation from service” with the Company and its Affiliates within the meaning of Code Section 409A(a)(2)(A)(i) and applicable regulations and other guidance thereunder.”

 

3. Section 5.2 shall be deleted and replaced in its entirety to read as follows:

 

“Section 5.2 — Crediting of Contributions. Deferred Compensation and matching Company contributions, since the preceding Valuation Date, shall be credited to the Bookkeeping Account of each Valuation Date or, in the case of a Separation from Service as of the date of the Participant’s Separation from Service. ”

 

4. Subsection 6.2(b) shall be deleted and replaced in its entirety to read as follows:

 

“(b) Annual installment payments for a period of not less than two (2) years and not more than ten (10) years, as selected by the Participant or Beneficiary, commencing in the year of the Participant’s Separation from Service, Retirement or specified date.

 

Notwithstanding the foregoing, elections with respect to the time and form of distribution must be timely and otherwise consistent with the provisions of Section 409A of the Internal Revenue Code and related Treasury Regulations. To the extent required by Section 409A a distribution made because of separation from Service to a Participant

 

 

who is a Key Employee as of the date of his separation from Service shall not occur before the date which is six (6) months after the Separation from Service. For this purpose, a Participant who is a Key Employee on an Identification Date shall be treated as Key Employee for the twelve (12) month period beginning on the January 1 immediately following such Identification Date. The Benefits Committee may designate another date for commencement of this twelve (12) month period, provided that such date must follow the Identification Date and occur no later than the first day of the fourth month thereafter, provided that such designation is made in accordance with Regulations under Section 409A and is the same for all nonqualified deferred compensation plans of the Company or any Affiliated Company.”

 

5. Article 9 shall be deleted and replaced in its entirety to read as follows:

 

“Article 9 Claims Procedure

 

9.1.                            Filing of Claim. Any Member or Beneficiary under the Plan (“Claimant”) may file a written claim for a Plan benefit with the Administrator or with a person named by the Administrator to receive claims under the Plan. The claim must be filed no later than sixty (60) days after the latest date for payment of the benefit under the terms of the Plan;

 

9.2.                            Denial of Claim; Notice and Information to Claimants. In the event of a denial or limitation of any benefit or payment due to or requested by any Claimant, Claimant shall be given a written notification containing specific reasons for the denial or limitation of his or her benefit. The written notification shall contain specific reference to the pertinent Plan provisions on which the denial or limitation of benefits is based. In addition, it shall contain a description of any additional materials or information necessary for the Claimant to perfect a claim and an explanation of why such material or information is necessary. Further, the notification shall provide appropriate information as to the steps to be taken if the Claimant wishes to submit his or her claim for review. This written notification shall be given to a Claimant within sixty (60) days after receipt of his or her claim by the Administrator;

 

9.3.                            Right of Review. In the event of a denial or limitation of benefits, the Claimant or his or her duly authorized representative shall be permitted to review pertinent documents and to submit to the Administrator issues and comments in writing. In addition, the Claimant or his or her duly authorized representative may make a written request for a full and fair review of his or her claim and its denial by the Administrator, provided, however, that such written request must be received by the Administrator (or its delegate to receive such requests) within sixty (60) days after receipt by the Claimant of written notification of the denial or limitation of the claim; and

 

9.4.                            Decision on Review. A decision shall be rendered by the Administrator within sixty (60) days after the receipt of the request for review, provided that where special circumstances require an extension of time for processing the decision, it may be postponed on written notice to the Claimant (prior to the expiration of the initial sixty-day period), for an additional sixty (60) days, but in no event shall the decision be rendered more than one hundred twenty (120) days after the receipt of such request for review. Any decision by the Administrator shall be furnished to the Claimant in writing and in a

 

 

manner calculated to be understood by the Claimant and shall set forth the specific reason(s) for the decision and the specific Plan provision(s) on which the decision is based.

 

9.5.                            Time of Payment. In the event a claim is upheld, the Participant’s or Beneficiary’s benefit shall be paid no later than the last day of the calendar year in which the decision to uphold the claim is made.”

 

IN WITNESS WHEREOF, and as evidence of the adoption of this amendment by the Board of Directors, this instrument is executed this 19th of December 2008 , but effective as of the dates indicated above.

 

	
 
    	
 
    	
E.ON U.S. LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Paula H. PottingerExhibit 10(p)-1

 

 

E.ON SHARE PERFORMANCE PLAN*

 

 

TERMS AND CONDITIONS FOR THE 5T H TRANCHE (2010-2013)

 

 

(DATE: JANUARY 2010)

 

 

* This translation is provided as a courtesy. Only the original German version of these Terms and Conditions shall be legally binding.

 

1

 

	
PREAMBLE
    	
 
    	
 
    	
The   E.ON Group’s long-term and sustainable success is largely determined by the   commitment of its employees. Because of their role in fundamental strategic   decisions, managers and top executives are responsible for promoting the   company’s sustainable success and the positive long-term performance of E.ON   stock.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
In   order to provide the necessary incentives for managers and top executives and   in order to reward for positive performance of the E.ON stock in the capital   markets, E.ON began in 1999 to extend the scope of its compensation systems   on an annual basis by including a long-term compensation component.   Participation in the Share Performance Plan is a voluntary benefit offered by   E.ON. Beneficiaries do not acquire a claim to any future participation in the   Plan. E.ON will examine regularly which type of long-term incentive (LTI) is   most effective in supporting the E.ON Group’s compensation philosophy.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Since   2006, the LTI has been designed as a Share Performance Plan based on phantom   stocks. The plan’s core element is that the performance of the phantom stock   is based on the performance of the E.ON stock price relative to a European   utilities index. The plan supports the goal of sustainably positioning E.ON   as a top performer in the stock market due to the fact that the amount paid   out increases proportionally when the E.ON stock overperforms and that it   decreases progressively when the E.ON stock underperforms.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
The   E.ON Share Performance Plan is not only in line with current market practice   but also meets the requirements of the German Corporate Governance Code.   Because of their four-year time to maturity, the virtual stocks are tied to   the company’s long-term success. Their dependence on the stock price   performance creates an identity of interests and objectives for executives   and shareholders. This effect is further enhanced by the personal investment   that executives have to make in E.ON AG shares during the maturity period of   the Share Performance Plan. In addition, the fact that the performance of the   stock is benchmarked against the performance of an industry index amplifies   the element of risk. There will be no payments under the Plan unless a minimum   performance is achieved relative to this defined benchmark.
    

 

2

 

	
 
    	
 
    	
 
    	
Managers   and top executives are awarded performance rights in writing, accompanied by   the Supplementary Terms and Conditions describing the specifics of the   tranche concerned and specifying the number of performance rights awarded to   an executive. In addition, the Supplementary Terms and Conditions specify the   number of E.ON stocks that beneficiaries must hold as a personal investment before   they can be awarded performance rights. The Terms and Conditions for the plan   as well as the Supplementary Terms and Conditions both form integral parts of   the performance rights awarded.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
There   is a “Technical Annex”, which is an integral part of the Terms and   Conditions. This Technical Annex provides more detailed information relating   to the Terms and Conditions and contains not only explanatory comments but   also the mathematical formulas and definitions required for the calculation   of the amount to be paid.
    

 

3

 

	
§ 1

PERFORMANCE RIGHT, CASH AMOUNT
    	
(1)
    	
 
    	
Within   the framework of this Share Performance Plan, the company (“Company”)   mentioned in the Supplementary Terms and Conditions shall award performance   rights (“Performance Rights”) of stock of E.ON AG, Düsseldorf (“E.ON AG”);   beneficiaries shall be entitled to receive a given number of Performance   Rights as determined in the Supplementary Terms and Conditions. In accordance   with said terms and conditions, the holder of a Performance Right (the   “Beneficiary”) shall be entitled to payment by the Company of the amount per   Performance Right (the “Cash Amount”) determined at the end of the maturity   period (as defined in Article 2 below). Additional rights such as voting   or dividend rights shall not be associated with Performance Rights.
    

 

	
 
    	
(2)
    	
 
    	
The   Cash Amount shall be determined by the Calculation Agent (as defined in   Article 6 below) and shall be equivalent to the product (rounded off to   the second decimal) of the Closing Price (as defined in Article 3 below)   and the Performance Factor (as defined in Article 4 below). The maximum   Cash Amount to be paid to Beneficiaries shall be the triple of the stock’s   initial value (E0 ) as specified in the Supplementary Terms   and Conditions.
    

 

	
 
    	
(3)
    	
 
    	
Performance   Rights shall be awarded to beneficiaries free of charge; they shall not   create any claim for beneficiaries to participate in the E.ON Share   Performance Plan in the future or to be awarded a certain amount of performance   rights.
    

 

	
§ 2

TIME TO MATURITY
    	
 
    	
 
    	
The   time to maturity of Performance Rights shall be four years; it shall begin on   January 1 of the year in which they are awarded (“start of maturity   period”) and shall end on December 31 of the third calendar year   following the calendar year in which they were awarded (“end of maturity   period”).
    

 

	
§ 3

DETERMINATION OF THE CLOSING PRICE
    	
 
    	
 
    	
The   Closing Price ( EON pay ) shall be   the arithmetic mean (expressed in euros (“EUR”) and adjusted for Capital   Measures during the performance rights’ time to maturity) of the closing   prices – as determined and published by Deutsche Börse AG in the XETRA®  electronic trading system (Exchange Electronic   Trading) during the preceding 60 trading days within the plan’s time to   maturity – of the no-par bearer share of common stock of E.ON AG (the “E.ON   Stock”) which has an accounting par value of EUR 2.60. The Closing Price   shall be calculated as specified in (1) of the Technical Annex.
    

 

4

 

	
§ 4

DETERMINATION OF THE PERFORMANCE FACTOR
    	
 
    	
 
    	
The   “Performance Factor” shall depend on the Total Shareholder Return (“TSR”) of   the E.ON Stock and the Dow Jones STOXX Utility EUR Return Index, referred to   as the “Index” (as explained in greater detail in (2) of the Technical   Annex). This factor shall be determined at the end of the maturity period and   shall take into account not only the stock performance but also dividend   payouts and capital measures. The Performance Factor shall be 1 if the   performance of the TSR of the E.ON Stock is identical with that of the Index.   If the E.ON Stock outperforms the Index, the Performance Factor shall   increase proportionately. If the E.ON Stock underperforms the Index, the   Performance Factor shall be reduced by the quintuple of the underperformance.   The Performance Factor shall be 0 if the total underperformance amounts to 20   percentage points or more. The Performance Factor shall be calculated as   specified in (3) of the Technical Annex.
    

 

	
§ 5

CAPITAL MEASURES OF E.ON AG, DIVIDEND PAYMENTS AND   TRANSFORMATION OF E.ON AG
    	
(1)
    	
 
    	
If   E.ON AG implements Capital Measures and distributes Special Dividends (both   terms as defined in (4)(a) of the Technical Annex) during the   Performance Rights’ maturity period, the economic effects that such measures   have on the value of the Performance Rights shall be offset. To this end,   so-called Capital Adjustment Factors ( KAFtipay , KAFtiperf ) shall be   taken into account when determining the Closing Price and the Performance   Factor. The Capital Adjustment Factors shall be calculated as specified in   (4) (b) of the Technical Annex.
    

 

	
 
    	
 
    	
(2)
    	
 
    	
In   order to compensate for the economic effects of dividend payments by E.ON AG   that do not qualify as Special Dividends, a so-called Dividend Factor ( DFti ) shall be   taken into account when determining the Performance Factor. The Dividend   Factor shall be calculated as specified in (5) of the Technical Annex.
    

 

	
 
    	
 
    	
(3)
    	
 
    	
Should   E.ON AG carry out capital measures other than those specified in   (1) above in conjunction with (4)(a) of the Technical Annex, or   should E.ON AG be transformed in accordance with the provisions of the German   Conversion Act (see (4)(c) of the Technical Annex), without this event   triggering an extraordinary settlement of the Performance Rights (as   specified in Article 8(1) below), these Terms and Conditions shall   be adjusted in such a way that the economic effects that the cited measures   have on the value of the Performance Rights will be offset. Adjustments of   the Terms and Conditions shall be jointly agreed upon by the Calculation   Agent and E.ON AG and shall be communicated to the Beneficiaries by the   Company. Adjustments made by the Calculation Agent and E.ON AG shall be   binding on the Company and the Beneficiaries in the absence of manifest errors.
    

 

5

 

	
§ 6

CALCULATION AGENT
    	
(1)
    	
 
    	
HSBC   Trinkaus & Burkhardt AG, Düsseldorf, shall be the “Calculation   Agent”. E.ON AG shall be entitled to appoint a new Calculation Agent for   compelling reasons. However, E.ON AG shall ensure that a Calculation Agent is   appointed at any time during the entire maturity period of the Performance   Rights. Should the Calculation Agent cease to perform its function or should   it no longer be able or willing to perform its function, E.ON AG shall be   obliged to appoint another leading bank in the stock options business. If   another Calculation Agent is appointed, the Beneficiaries shall be notified   by the Company without undue delay.
    

 

	
 
    	
 
    	
(2)
    	
 
    	
All   calculation data provided and decisions made by the Calculation Agent for the   purposes defined in the present Terms and Conditions shall (in the absence of   a manifest error) be binding upon the Company and the Beneficiaries.   Notwithstanding the aforementioned provisions, any claims by Beneficiaries   may be lodged only against the Company.
    

 

	
§ 7

PAYMENT OF CASH AMOUNT
    	
(1)   

 

 

 

(2)

 

 

(3)
    	
 
    	
The   Company shall deposit the Cash Amount accrued on the full number of a   Beneficiary’s Performance Rights to the Beneficiary’s payroll account in   connection with the next possible salary or pension payment after the end of   the maturity period. 

 

Any   (income) taxes, levies and employee social security contributions arising   from the Cash Amount shall be borne by the Beneficiary. 

 

Should   a Beneficiary’s salary or pension be paid in a currency other than EUR, the   Company shall be entitled at its reasonable discretion to translate the EUR   Cash Amount accrued on the full number of Performance Rights of the   Beneficiary concerned into the required currency based on the exchange rate   effective on the cut-off date. The relevant exchange rate for the currency   translation shall be the exchange rate effective at the end of the maturity   period or, in the cases specified in Article 8 below, the exchange rate   effective on the date of the event triggering the extraordinary settlement.
    

 

	
§ 8

EXTRAORDINARY SETTLEMENT OF PERFORMANCE RIGHTS
    	
(1)
    	
 
    	
Following   a “Change-in-Control” event (as defined below) regarding E.ON AG, the time to   maturity of the Performance Rights shall end prematurely on the date of   occurrence of such an event. The Beneficiary shall receive from the Company   the Cash Amount which shall be determined by analogy in accordance with   Articles 1(2), 3 and 4. In this event, Article 7 shall apply mutatis   mutandis.
    

 

6

 

	
 
    	
 
    	
An   event is a “Change-in-Control” event regarding E.ON if: 

 

a)     a   third party, either directly or indirectly, on its own or by virtue of voting   rights attributable to said party in accordance with Section 30 of the German   Securities Trading Act (WpHG), has acquired control of E.ON AG within the   meaning of Section 29(2) WpHG, or 

 

b)    an   affiliation agreement has been concluded with E.ON AG as a controlled   company, in accordance with Sections 291 ff. of the German Stock Corporation   Act (AktG), or 

 

c)     E.ON   AG is merged under Sections 2 ff. of the German Conversion Act (UmwG) with   another legal entity which is not affiliated to the E.ON Group, unless the   enterprise value of the other legal entity is less than 20 percent of E.ON   AG’s enterprise value at the time when a resolution to this effect is adopted   by E.ON AG, or 

 

d)    the   stock of E.ON AG is no longer admitted for stock exchange trading in an   organized market or is no longer permanently traded. 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
E.ON   AG shall notify Beneficiaries without undue delay of any “Change-in-Control”   event regarding E.ON AG.
    
	
 
    	
 
    	
 
    

 

	
 
    	
(2)
    	
 
    	
If   the Company ceases to be an affiliated company of E.ON AG, as defined in   Section 15 of the German Stock Corporation Act (AktG)   (“Change-in-Control” event regarding the Company), the time to maturity of   the Performance Rights shall end prematurely on the date of occurrence of   such an event. The Beneficiary shall receive from the Company the Cash Amount   which shall be determined by analogy in accordance with Articles 1(2), 3 and   4. In this event, Article 7 shall apply mutatis mutandis.

 

The   Company shall notify Beneficiaries without undue delay of any   “Change-in-Control” event regarding the Company.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(3)
    	
 
    	
The   following provisions shall apply if the employment contract of a Beneficiary   terminates prior to the end of the Performance Rights’ maturity period due to
    

 

	
 
    	
 
    	
a)     the   Beneficiary’s retirement, 

b)    the   Beneficiary’s death, 

c)     the   termination of a fixed-term employment contract, 

d)    contractual   notice of termination being given by the Company, 

e)     behavior-related   contractual notice of termination or summary
    

 

7

 

	
 
    	
 
    	
 
    	
 
    	
termination   of the employment contract for cause (as defined in Section 626(1) of the   German Civil Code) by the Company, or
    

 

	
 
    	
 
    	
 
    	
 
    	
f)     the   termination of the employment contract by the Beneficiary. 

 

In   case (a) above, the Beneficiary shall be entitled to request from the   Company the premature calculation of the Cash Amount within one month after   the event. If a Beneficiary does not make any use of this right, he or she   shall receive the Cash Amount determined at the end of the maturity period.
    

 

	
 
    	
 
    	
 
    	
 
    	
In   cases (b), (c) and (d) above, the time to maturity shall end   prematurely, either on the monthly cut-off date preceding the termination of   the employment contract, or if the date of the event coincides with a monthly   cut-off date, on that monthly cut-off date. This shall also apply to case (a)   above if a Beneficiary has requested the premature calculation of the   Performance Amount.
    

 

	
 
    	
 
    	
 
    	
 
    	
In   cases (a) to (d) above, the Beneficiary shall receive from the   Company the Cash Amount which shall be determined by analogy in accordance   with Articles 1(2), 3 and 4 above. In this event, Article 7 shall apply   mutatis mutandis.
    

 

	
 
    	
 
    	
 
    	
 
    	
In   cases (e) and (f) above, the Performance Rights awarded to the   Beneficiary shall be lost without compensation when the employment contract   is terminated.
    

 

	
 
    	
(4)
    	
 
    	
If   the employment contract between a Beneficiary and the Company is terminated   and if the Beneficiary subsequently enters into an employment contract with   an affiliated company of E.ON AG as defined in Section 15 of the German   Stock Corporation Act (AktG), this shall not affect the Beneficiary’s   Performance Rights, except as otherwise provided in the Beneficiary’s   personal employment contract.
    

 

	
§ 9

TRANSFERABILITY
    	
 
    	
 
    	
Performance   Rights may not be assigned or pledged. It shall also be prohibited to dispose   of the Performance Rights in any other form, to grant sub-participation or to   establish a trust. Beneficiaries shall not be allowed to conduct any   back-to-back transactions that are economically tantamount to selling the   Performance Rights. If any of these provisions are violated, the Performance   Rights awarded shall be lost without compensation..
    

 

	
§ 10

WRITTEN FORM
    	
 
    	
 
    	
Amendments   and supplements to these Terms and Conditions must be made in writing. This   shall also apply to amendments of the present Article or the Technical   Annex.
    

 

8

 

	
§ 11

APPLICABLE LAW, ANNEXES, PLACE OF PERFORMANCE AND   JURISDICTION
    	
(1)
    	
 
    	
The   form and substance of the Performance Rights, as well as all rights and   duties of Beneficiaries and the Company, shall be governed in every respect   by the law applicable in the Federal Republic of Germany. 
    
	
 
    	
 
    	
 
    
	
(2)
    	
 
    	
The   Technical Annex shall form part of these Terms and Conditions. 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(3)
    	
 
    	
The   place of performance shall be the place where the Company concerned has its   corporate domicile. 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(4)
    	
 
    	
The   venue for the settlement of disputes arising from matters covered in these   Terms and Conditions shall be Düsseldorf.
    
	
 
    	
 
    	
 
    	
 
    
	
§ 12

PARTIAL INVALIDITY
    	
 
    	
 
    	
Should   any of the provisions of these Terms and Conditions be or become invalid or   impracticable, in whole or in part, this shall not affect the validity of the   other provisions. Any gap resulting from the invalidity or impracticability   of a provision of these Terms and Conditions shall be filled by additionally   interpreting the terms of the contract by analogy, taking into consideration   the interests of the parties involved.
    

 

9

 

E.ON Share Performance Plan (2010-2013 Tranche)

Supplemental Terms and Conditions

Provided by E.ON AG

 

	
Beginning of maturity period:
    	
 
    	
January 1, 2010
    
	
 
    	
 
    	
 
    
	
End of maturity   period:
    	
 
    	
December 31,   2013
    
	
 
    	
 
    	
In compliance with   the requirements of the German Act on the Adequacy of the Compensation for   Members of the Board of Management (VorstAG), which entered into force on   August 5, 2009, the maturity period of the fifth tranche will be   extended and for the first time will be 4 years for all Plan participants.   The maturity periods of earlier tranches continue to be 3 years.
    
	
 
    	
 
    	
 
    
	
Initial E.ON Share   Price:
    	
 
    	
€ 27.25   (arithmetic mean of the E.ON stock’s closing prices, as determined and   published by Deutsche Börse AG in the XETRA trading system during the past 60   trading days prior to the maturity period)
    
	
 
    	
 
    	
 
    
	
Initial price of the   benchmark index:
    	
 
    	
620.58 index points   (source: STOXX Ltd.) (arithmetic mean of the closing values of the Dow Jones   STOXX Utility EUR Return Index, as determined during the past 60 trading days   prior to the maturity period)
    
	
 
    	
 
    	
 
    
	
Maximum amount   payable:

(3 times Initial   E.ON Share Price)
    	
 
    	
€ 81.75 per   performance right (maximum amount to be per performance right at the end of   the maturity period)
    
	
 
    	
 
    	
 
    
	
Your 2010 Personal Investment Requirement:
    	
 
    	
322 E.ON AG ADRs, to   be confirmed in writing to the Company no later than June 15, 2010.

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