Document:

Director Compensation Table

 

Exhibit
10.5

 

PUGET
ENERGY, INC. & PUGET SOUND ENERGY, INC.

 

DIRECTOR
COMPENSATION EFFECTIVE MAY 10, 2005

The
following table provides information on the compensation of Puget Energy, Inc.
and Puget Sound Energy, Inc (the "Company") nonemployee directors. The Company
also reimburses nonemployee directors for the out-of-pocket expenses of
attending meetings. Directors who are employed by the Company do not receive any
compensation for their Board activities.

 

	
       

      DIRECTOR
      COMPENSATION 

	
      Quarterly
      Lead Director retainer
	
      $
      5,000

	
      Quarterly
      Board Member retainer(1)
	
      15,000

	
      Additional
      quarterly retainer for Audit Committee Chair
	
      2,500

	
      Additional
      quarterly retainer for Audit Committee Members
	
      1,000

	
      Additional
      quarterly retainer for Compensation and Leadership Development Committee
      Chair
	
      2,000

	
      Additional
      quarterly retainer for Governance and Public Affairs Committee Chair
      
	
      1,500

	
      Additional
      quarterly retainer for Finance and Budget Committee Chair
	
      1,500
      

	
      Additional
      quarterly retainer for Systems Integrity Committee Chair
	
      1,500
      

	
      Fee
      for each Board and Committee meeting attended
	
      1,250

	
      Fee
      for each telephonic meeting attended lasting 60 minutes or less
      
	
      625

 

 

__________________________

 

	(1)  	
      100%
      of the quarterly retainer fee is paid in the form of Puget Energy shares
      until a director owns a number of Puget Energy shares equal in value to
      two years of retainer fees. After meeting this ownership requirement,
      under the terms of the Nonemployee Director Plan as currently in effect, a
      portion of the quarterly retainer payable to a director for a fiscal
      quarter is payable in a number of shares of Puget Energy stock determined
      by dividing two-thirds of the quarterly retainer payable by the fair
      market value of Puget Energy’s common stock on the last business day of
      that fiscal quarter.

 

A
nonemployee director may elect to receive up to 100% of the quarterly retainer
in Puget Energy shares and may elect to defer the issuance of shares as
compensation under the Nonemployee Director Plan in accordance with the terms of
the plan.

In
addition to the compensation listed in the table above, the Company's
nonemployee directors are eligible to participate in Puget Sound Energy’s
Deferred Compensation Plan for Nonemployee Directors. Directors annually may
elect to defer all or a part of their fees payable in cash. Deferred
compensation may be allocated in one or more "measurement funds" (which
currently includes an interest crediting fund, an equity index fund, a bond
index fund and a Puget Energy common stock fund). Changes in "measurement funds"
allocations are allowed quarterly.Exhibit 10.1

 

OPTION
EXTENSION AMENDMENT

 

Scotsman
Holdings, Inc.

1994
Employee Stock Option Plan

 

1.             Option
Term Extended.  Each Eligible Option
is hereby amended to extend the scheduled expiration date of its original term
from March 30, 2005 to March 1, 2007.

 

2.             Single
Exercise Date.  If an Eligible Option
remains outstanding after March 30, 2005, it can thereafter be exercised only
on a single day which shall be the earliest of the following:

 

(i)                                     March 1, 2007;

 

(ii)                                  In the case of the optionee’s death, the
last day on which the option would otherwise have been exercisable but for this
paragraph 2, under the provisions of the Plan as previously in effect;

 

(iii)                               If the optionee’s employment terminates
for a disability that qualifies as such under both Code section 409A and the
applicable provisions of the Plan as previously in effect, the last day on
which the option would otherwise have been exercisable but for this paragraph
2, under the provisions of the Plan as previously in effect;

 

(iv)                              If optionee’s employment terminates other
than for cause, except for an optionee who is either a corporate officer or a
one percent owner subject to the “specified employee” rule of Code section
409A, the last day on which the option would otherwise have been exercisable
but for the provisions of this paragraph 2, under the provisions of the Plan as
previously in effect;

 

(v)                                 If the optionee’s employment terminates
other than for cause, in the case of an individual subject to the “specified
employee” rule of Code section 409A, six months after such termination of
employment;

 

(vi)                              In the case of a change of control as
defined in the Plan which also qualifies as a change of control under Code
section 409A, the last day on which the option would have been exercisable but
for the provisions of this Paragraph 2, under the provisions of the Plan as
previously in effect (but there shall be no actual or deemed exercise on a
change of control that does not qualify as such under the Plan and section 409A
of the Code); or

 

(vii)                           The later of (x) 180 days after the
effective date of a Registration statement on Form S-1 relating to the initial
public offering of common equity of the Company (or any successor) (the “IPO”)
or (y) the expiration date of any underwriters’ lock-up signed by the
undersigned related to the IPO, if and to the extent permitted by Code section
409A.

 

3.             Eligible
Options.  The “Eligible Options”
affected by this amendment are options issued under the Scotsman Holdings, Inc.
1994 Employee Stock Option Plan (the “Plan”) which meet all of these
conditions:

 

(i)                                     The option was issued on March 31, 1995;

 

(ii)                                  The original term of the option was
scheduled to expire on March 30, 2005; and

 

(iii)                               The option was outstanding but not yet
exercised at the start of business on March 30, 2005.

 

4.             Plan
and Option Agreement Continue. 
Except as amended hereby, the option shall continue to be subject to all
of the terms and provisions of the relevant stock option agreement, the Plan
and any other applicable agreement including any relevant stockholders
agreement.

 

5.             Conditions
Subsequent.  This amendment shall be
immediately effective as to each optionee, subject only to the following
conditions subsequent:

 

(i)                                     Shareholder approval of the amendment by
March 30, 2005; and

 

(ii)                                  If requested by the Company, the
Optionee’s delivery to the Company of an executed copy of this agreement and an
investment representation which is in form and substance satisfactory to this
Committee, by March 30, 2005 or such other date as the Committee may require.

 

 

 

6.             Reserved
Rights.  The option as amended hereby
is intended to comply with all applicable deferral and distribution
requirements of section 409A of the Code relating to deferred
compensation.  The Committee may, in its
sole discretion, modify or terminate the option agreement (after appropriate
notice, so as to allow exercise prior to option termination) as needed to
satisfy section 409A of the Code or other applicable law or to accomplish the
intended purposes of the Plan and this amendment.

 

7.             Optionee
Representation and Execution.  The
benefit of this amendment shall not be available to an optionee who fails to
execute the investment representation referred to in Paragraph 5 above.  The optionee shall enjoy all benefits of the
option as previously in effect through and until the close of business on March
30, 2005.  By signing below, the optionee
acknowledges that he was not obliged to accept the benefits of this amendment
and was free to exercise the option as previously in effect through the close
of business on March 30, 2005.

 

Name of Optionee:                                                                                 

 

 

Signature of
Optionee:                                                                            

 

Scotsman Holdings,
Inc.

By:                                                                                             

 

Date:Exhibit 10.1

 

	
  MOMENTA
  PHARMACEUTICALS, INC.

  	
   

  	
  675
  WEST KENDALL STREET

  	
   

  	
  T:
  617.491.9700

  	
   

  	
  F:
  617.621.0431

  
	
   

  	
   

  	
  CAMBRIDGE,
  MA 02142

  	
   

  	
  WWW.MOMENTAPHARMA.COM

  

 

 

15 March 2005

 

Dr. Ram Sasisekharan

2130 Massachusetts Avenue, 7B

Cambridge, Massachusetts  02139

 

Dear Ram:

 

Reference is made to the Consulting Agreement between Momenta
Pharmaceuticals, Inc. (formerly Mimeon, Inc.) and you dated August 16,
2001, as amended by letter agreements dated August 1, 2003 and July 12,
2004 (the “Agreement”).

 

It is hereby agreed that in consideration of the increased consulting
services you are providing to Momenta Pharmaceuticals, Inc. in connection
with our research and development activities, the compensation set forth in Section 3.1
of the Agreement shall be increased to One Hundred and Fifty Thousand Dollars
($150,000) per 365-day period effective as of February 1, 2005.  Such increase shall apply on a prospective
basis and shall be pro-rated for the remaining term ending August 15, 2005
(e.g.; a full quarter from April 1, 2005 – June 30, 2005 would be
payable at the rate of $37,500).

 

If the foregoing is in conformity with your understanding, please sign
both copies of this letter agreement and return one fully-executed copy to me.

 

	
  Very truly yours,

  	
   

  
	
   

  	
   

  
	
  /s/ Alan L. Crane

  	
   

  	
   

  
	
  Alan L. Crane

  	
   

  
	
  Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
  Agreed and accepted:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Ram Sasisekharan

  	
   

  	
   

  
	
  Ram Sasisekharan

  	
   

  
	
   

  	
   

  
	
  Date:

  	
  March 15th 05

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]