Document:

NCEX 10.28

Exhibit 10.28
FIRST AMENDMENT TO CREDIT AGREEMENT

This First Amendment to Credit Agreement (the “First Amendment”) is made as of the 7th day of August, 2012, by and among:

THE KITCHEN COLLECTION, LLC, an Ohio limited liability company (as successor by merger to The Kitchen Collection, Inc., a Delaware corporation), for itself and as Lead Borrower (in such capacity, the “Lead Borrower”) for the other Borrowers party thereto from time to time (together with the Lead Borrower, individually, a “Borrower”, and collectively, the “Borrowers”),

the BORROWERS party hereto,

the GUARANTORS party hereto,

the LENDERS party hereto, and

WELLS FARGO BANK, NATIONAL ASSOCIATION (as successor by merger to Wells Fargo Retail Finance, LLC), a national banking association having a place of business at One Boston Place, Boston, Massachusetts 02108, as Administrative Agent, Collateral Agent, and Swing Line Lender (in such capacity, the “Agent”).
 
in consideration of the mutual covenants herein contained and benefits to be derived herefrom.
WITNESSETH

WHEREAS, the Borrowers, the Guarantors, the Lenders, and the Agent, among others, have entered into a Credit Agreement dated as of April 29, 2010 (as amended and in effect, the “Credit Agreement”);

WHEREAS, the Borrowers, the Guarantors, the Agent and the Lenders have agreed to amend certain provisions of the Credit Agreement, on the terms and conditions set forth herein.

NOW THEREFORE, it is hereby agreed as follows:

		
	1.
	Defined Terms.   Capitalized terms used herein shall have the respective meanings ascribed thereto in the Credit Agreement, unless otherwise defined.

		
	2.
	Representations and Warranties.  Each Loan Party hereby represents and warrants that after giving effect to this First Amendment, (i) no Default or Event of Default exists under the Credit Agreement or under any other Loan Document, and (ii) all representations and warranties contained in the Credit Agreement and in the other Loan Documents are true and correct in all material respects (except in the case of any representation or warranty qualified or modified by materiality, which is true and correct as so qualified or modified) as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date.

		
	3.
	Ratification of Loan Documents.  The Credit Agreement, as hereby amended, and all other Loan Documents, are hereby ratified and re-affirmed in all respects and shall continue in full force and effect.  Each Loan Party hereby ratifies, confirms, and reaffirms that the Collateral continues to secure all of the Obligations, as modified by this First Amendment.

		
	4.
	Amendments to Article I.    The provisions of Article I of the Credit Agreement are hereby amended as follows:

		
	a.
	The definition of “Applicable Margin” is hereby deleted in its entirety and the following substituted in its stead: 

“Applicable Margin” means: (a) as to any Base Rate Loan, one percent (1.00%) per annum, and (b) as to any LIBOR Rate Loan, two percent (2.00%) per annum.
		
	b.
	The definition of “Change in Law” is hereby deleted in its entirety and the following substituted in its stead: 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.
		
	c.
	The definition of “Commitment” is hereby deleted in its entirety and the following substituted in its stead: 

“Commitment” means, as to each Lender, its obligation to (a) make Committed Loans to the Borrowers pursuant to Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement, including, without limitation, Section 2.16.
		
	d.
	The definition of “Excluded Taxes” is hereby amended by adding the following at the end thereof:

and (d) any U.S. federal withholding tax imposed under FATCA.
		
	e.
	The definition of “Fee Letter” is hereby deleted in its entirety and the following substituted in its stead:

“Fee Letter” means the letter agreement, dated April 29, 2010, as amended and restated by a letter agreement, dated August 7, 2012, among the Lead Borrower and the other Borrowers and the Administrative Agent, as such letter may from time to time be amended, restated, supplemented or otherwise modified.
		
	f.
	The definition of “Maturity Date” is hereby deleted in its entirety and the following substituted in its stead:

“Maturity Date” means August 7, 2017.
		
	g.
	The following new definitions are hereby added to the Credit Agreement in appropriate alphabetical order:

“FATCA” means current Section 1471 through 1474 of the Code or any amended version or successor provision that is substantively similar and, in each case, any regulations promulgated thereunder and any interpretation and other guidance issued in connection therewith.
 “First Amendment Effective Date” means August 7, 2012.
		
	h.
	By deleting the definitions of “Adjustment Date”, “Adjusted Aggregate Commitments”, “Initial Increase”, “Initial Increase Effective Date” and “Initial Increase Request” in their entirety. 

		
	5.
	Amendment to Article II.  

		
	a.
	Section 2.09 of the Credit Agreement is hereby amended by deleting clauses (a) and (b) thereof in their entirety and by substituting the following in their stead:

(a)     Commitment Fee.  The Borrowers shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, a commitment fee equal to (i) prior to the First Amendment Effective Date, one-half of one percent (0.50%) per annum and (ii) after the First Amendment Effective Date, three-eighths of one percent (0.375%) per annum, times the actual daily amount by which the Aggregate Commitments exceed the sum of (i) the Outstanding Amount of Loans and (ii) the Outstanding Amount of L/C Obligations.  The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable monthly in arrears on the first day after the end of each month, commencing with the first such date to occur after the First Amendment Effective Date, and on the last day of the Availability Period.  The commitment fee 

shall be calculated monthly in arrears.
(b)    Early Termination Fee.  In the event that the Termination Date occurs, for any reason, prior to the second anniversary of the First Amendment Effective Date, or in the event that the Borrowers reduce (but do not terminate) the Aggregate Commitments by an amount in excess of $10,000,000 prior to the second anniversary of the First Amendment Effective Date, the Borrowers shall pay to the Administrative Agent, for the ratable benefit of the Lenders, a fee (the “Early Termination Fee”) in respect of amounts which are or become payable by reason thereof equal to one percent (1.00%) of (i) in the case of the occurrence of the Termination Date, the Aggregate Commitments then in effect (without regard to any termination thereof), or (ii) in the case of a reduction of the Aggregate Commitments, the amount of such reduction in the Aggregate Commitments, as applicable.  All parties to this Agreement agree and acknowledge that the Lenders will have suffered damages on account of the early termination of this Agreement or any portion of the Commitments and that, in view of the difficulty in ascertaining the amount of such damages, the Early Termination Fee constitutes reasonable compensation and liquidated damages to compensate the Lenders on account thereof. 
		
	b.
	Section 2.15 of the Credit Agreement is hereby amended by deleting Section 2.15 thereof in its entirety and by substituting the following in its stead:

2.15    [Reserved.]
		
	c.
	Section 2.16 of the Credit Agreement is hereby amended by deleting clause (a) thereof in its entirety and by substituting the following in its stead:

(a)    Request for Additional Increase.  Provided no Default then exists and is continuing or would arise therefrom, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Lead Borrower may from time to time on or after the First Amendment Effective Date request an increase in the Aggregate Commitments (each, an “Additional Increase”) by an amount (for all such requests) not exceeding $10,000,000.00 (each such request, an “Additional Increase Request”); provided that (i) any such request for an increase shall be in a minimum amount of $2,000,000.00, and (ii) the Lead Borrower may make a maximum of three (3) such Additional Increase Requests.  At the time of sending such notice, the Lead Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten (10) Business Days from the date of delivery of such notice to the Lenders).  
		
	d.
	Section 2.17 of the Credit Agreement is hereby amended by deleting Section 2.17 thereof in its entirety and by substituting the following in its stead:

2.17    [Reserved.]
		
	6.
	Amendment to Article VI.  Section 6.10 of the Credit Agreement is hereby amended by deleting clauses (a) and  (b) thereof in their entirety and by substituting the following in their stead:

(a)    Permit representatives and independent contractors of the Administrative Agent to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and Registered Public Accounting Firm, and permit the Administrative Agent or professionals (including investment bankers, consultants, accountants, and lawyers) retained by the Administrative Agent to conduct evaluations of the Loan Parties’ business plan, forecasts and cash flows, all at the expense of the Loan Parties and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Lead Borrower; provided, however, that when an Event of Default exists the Administrative Agent (or any of its representatives or independent contractors) may do any of the foregoing at the expense of the Loan Parties at any time during normal business hours and without advance notice.  The inspection rights pursuant to this Section 6.10(a) shall be in addition to the rights of the Administrative Agent pursuant to Section 6.10(b) and Section 6.15.
(b)    Upon the request of the Administrative Agent after reasonable prior notice, permit the Administrative Agent or professionals (including investment bankers, consultants, accountants, lawyers and appraisers) retained by the Administrative Agent to conduct appraisals, commercial finance examinations and other evaluations, including, without limitation, of (i) the Lead Borrower’s practices in the computation of the Borrowing Base and (ii) the assets included in the Borrowing Base and related financial information such as, but not limited to, sales, gross margins, payables, accruals and reserves.  The Loan Parties shall pay the fees and expenses of the Administrative Agent and such professionals with respect to one (1) commercial finance examination and one (1) appraisal in each Fiscal Year; provided that if during any Fiscal Year, Availability shall be less than (i) for the months of December through September, forty percent (40%) of the Loan Cap or (ii) for the months of October and November,  thirty-five percent (35%) of the Loan Cap, in each case for more than five (5) consecutive Business Days on two (2) occasions during such Fiscal Year, then the Loan Parties shall pay the fees and expenses of the Administrative Agent and such professionals with respect to two (2) inventory appraisals and two (2) commercial finance examinations during such Fiscal Year; provided further that if Availability shall be less than twenty five percent (25%) of the Loan Cap for more than five (5) consecutive Business Days on two (2) occasions during any Fiscal Year, then the Loan Parties shall pay the fees and expenses of the Administrative Agent and such professionals with respect to three (3) inventory appraisals and three (3) commercial finance examinations during such Fiscal Year.  Notwithstanding the foregoing, the Administrative Agent may cause additional appraisals and commercial finance examinations to be undertaken (i) as it in its Permitted Discretion deems necessary or appropriate, at its own expense or, (ii) if required by applicable Law or if a Default shall have occurred and be continuing, at the expense of the Loan Parties.  
		
	7.
	Amendment to Article VII.  Section 7.15 of the Credit Agreement is hereby amended by deleting Section 7.15 thereof in its entirety and by substituting the following in its stead:

Minimum Availability.  Permit Availability at any time to be less than the greater of (a) ten percent (10%) of the Loan Cap, or (b) $3,000,000.00.

		
	8.
	Amendment to Article X.  Section 10.01 of the Credit Agreement is hereby amended by deleting clause (b) and (h) thereof in their entirety and by substituting the following in their stead:

(b)    as to any Lender, postpone any date fixed by this Agreement or any other Loan Document for (i) any scheduled payment (including the Maturity Date) or mandatory prepayment of principal, interest, fees or other amounts due hereunder or under any of the other Loan Documents without the written Consent of such Lender entitled to such payment, or (ii) any scheduled or mandatory reduction of the Aggregate Commitments hereunder or under any other Loan Document without the written Consent of such Lender;
(h)     except as provided in Section 2.16, increase the Aggregate Commitments without the written Consent of each Lender;
Amendments to Schedules to Credit Agreement.  The Loan Parties represent and warrant that the information set forth in the other Schedules annexed to the Credit Agreement are true and complete in all respects as of the date hereof, except to the extent such information has been updated in accordance with the Schedules annexed hereto as Exhibit A.
		
	9.
	Amendment to Exhibits to Credit Agreement.  The Exhibits to the Credit Agreement are hereby amended by deleting Exhibit H in its entirety therefrom and substituting in its stead the Exhibit H annexed hereto.

		
	10.
	Conditions to Effectiveness.  This First Amendment shall not be effective until each of the following conditions precedent has been fulfilled to the satisfaction of (or waived by) the Agent:

		
	a.
	All action on the part of the Loan Parties necessary for the valid execution, delivery and performance by the Loan Parties of this First Amendment shall have been duly and effectively taken.  The Agent shall have received from the Loan Parties true copies of their respective resolutions authorizing the transactions described herein, each certified by the secretary or other appropriate officer of such Loan Party to be true and complete.

		
	b.
	The Agent shall have received, in form and substance reasonably satisfactory to the Agent and duly executed by the Borrowers, a Note in favor of Wells Fargo and reflecting the Commitment of Wells Fargo after giving effect to this First Amendment.

		
	c.
	The Agent shall have received a favorable opinion of Jones Day LLP, counsel to the Loan Parties, addressed to the Agent and each other Lender, as to such matters concerning the Loan Parties, this First Amendment and the other Loan Documents as the Agent may reasonably request.

		
	d.
	The Borrowers shall have paid the fees set forth in the Fee Letter.

		
	e.
	No Default or Event of Default shall have occurred and be continuing.

		
	f.
	The Agent shall have received those instruments, documents and agreements described on the First Amendment Document Agenda annexed hereto.

		
	11.
	Miscellaneous.

		
	a.
	The Loan Parties shall reimburse the Agent for all Credit Party Expenses incurred by the Agent in connection herewith.

		
	b.
	This First Amendment may be executed in several counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Amendment and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all contemporaneous or previous agreements and understandings, oral or written, relating to the subject matter hereof.  Delivery of an executed counterpart of a signature page to this First Amendment by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart of this First Amendment.

		
	c.
	This First Amendment and the Credit Agreement together shall constitute one agreement.  This First Amendment and the Credit Agreement together express the entire understanding of the parties with respect to the matters set forth herein and supersede all prior discussions or negotiations hereon.

		
	d.
	The Loan Parties represent and warrant that they have consulted with independent legal counsel of their selection in connection with this First Amendment and are not relying on any representations or warranties of the Agent or the other Credit Parties or their respective counsel in entering into this First Amendment.

		
	e.
	If any provision of this First Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this First Amendment shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

		
	f.
	This First Amendment shall constitute a Loan Document for all purposes.

		
	g.
	THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICT OF LAWS THEREOF.

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed as of the date first above written.  
	
			
	 
	 
	THE KITCHEN COLLECTION, LLC, an Ohio limited liability company (as successor by merger to The Kitchen Collection, Inc., a Delaware corporation), as Lead Borrower and as a Borrower

	 
	By:
	/s/ Jan A. Kennedy, Jr.

	 
	Name:
	Jan A. Kennedy, Jr.

	 
	Title:
	Secretary and Treasurer

Signature Page to First Amendment to Credit Agreement

	
			
	 
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION (as successor by merger to Wells Fargo Retail Finance, LLC), as Administrative Agent and Collateral Agent, as Swing Line Lender and as a Lender

	 
	By:
	/s/ Michele L. Ayou

	 
	Name:
	Michele L. Ayou

	 
	Title:
	Authorized Agent

Signature Page to First Amendment to Credit Agreement

Exhibit A

Updated Schedules to Credit Agreement

[see attached]

SCHEDULE 2.01

Commitments and Applicable Percentages

	
			
	Lender
	Commitment
	Applicable Percentage

	Wells Fargo Bank, National Association
	$30,000,000
	100%

	TOTAL
	$30,000,000
	100%

Schedule 10.02
Administrative Agent's Office; Certain Addresses for Notices

Administrative Agent's Office:

Wells Fargo Bank, National Association, as Administrative Agent
One Boston Place, 18th Floor
Boston, Massachusetts 02108
Attention:      Michele L. Ayou 
Telephone:      (617) 854-7246
Facsimile:     (617) 523-4029
E-mail:      michele.l.ayou@wellsfargo.com

Certain Addresses for Notices:

		
	1.
	If to any Loan Party:

The Kitchen Collection, LLC
71 East Water Street
Chillicothe, Ohio 45601
Attention:      Jan A. Kennedy, Jr.
Telephone:     (740) 774-0662
Facsimile:         (740) 774-0762
E-mail:          ljkennedy@kitcol.com

with a copy to:

Jones Day LLP
North Point 
901 Lakeside Avenue 
Cleveland, OH 44114-1190 
Attention:        Laura A. DeLong, Esq.
Telephone:     (216) 586-7471
Facsimile:         (216) 579-0212
E-mail:           ladelong@jonesday.com

		
	2.
	If to the Administrative Agent, the Collateral Agent, the L/C Issuer or the Swing Line Lender:

Wells Fargo Bank, National Association, as Administrative Agent
One Boston Place, 18th Floor
Boston, Massachusetts 02108
Attention:      Michele L. Ayou 
Telephone:      (617) 854-7246
Facsimile:     (617) 523-4029

E-mail:      michele.l.ayou@wellsfargo.com

with a copy to:

Riemer & Braunstein LLP
Three Center Plaza
Boston, Massachusetts 02108
Attention:        David S. Berman, Esq.
Telephone:     (617) 523-9000
Facsimile:         (617) 880-3456
E-mail:           dberman@riemerlaw.com

Lead Borrower's Website:

http://www.kitchencollection.com 

Exhibit H

Updated Form of Borrowing Base CertificateeixQ32012ex101

Exhibit 10.1

EDISON INTERNATIONAL

2008 DIRECTOR DEFERRED COMPENSATION PLAN

Amended and Restated Effective 
October 25, 2012

	
			
	 
	TABLE OF CONTENTS
	 

	 
	 
	 

	 
	 
	Page

	 
	 
	 

	ARTICLE 1 DEFINITIONS
	1

	ARTICLE 2 DEFERRAL ELECTIONS
	2

	 
	2.1 Elections
	3

	 
	2.2 Vesting
	4

	ARTICLE 3 DEFERRAL ACCOUNTS
	4

	 
	3.1 Deferral Accounts
	4

	 
	3.2 Timing of Credits
	4

	 
	3.3 Statement of Accounts
	5

	ARTICLE 4 PAYMENT ELECTIONS
	5

	 
	4.1 Primary Payment Election
	5

	 
	4.2 Contingent Payment Election
	6

	 
	4.3 Changes to Payment Elections
	6

	 
	4.4 Small Benefit Exception
	7

	 
	4.5 Six-Month Delay in Payment for Specified Employees
	7

	 
	4.6 Conflict of Interest Exception, Etc.
	7

	ARTICLE 5 SURVIVOR BENEFITS
	7

	 
	5.1 Payment
	7

	 
	5.2 Special Increase
	7

	ARTICLE 6 BENEFICIARY DESIGNATION
	8

	ARTICLE 7 CONDITIONS RELATED TO BENEFITS
	8

	 
	7.1 Nonassignability
	8

	 
	7.2 Unforeseeable Emergency Distribution
	9

	 
	7.3 No Right to Assets
	9

	 
	7.4 Protective Provisions
	9

	 
	7.5 Constructive Receipt
	9

	 
	7.6 Withholding
	9

	 
	7.7 Incapacity
	10

	ARTICLE 8 PLAN ADMINISTRATION
	10

	 
	8.1  Plan Interpretation
	10

	 
	8.2 Limited Liability
	10

	
			
	 
	TABLE OF CONTENTS
	 

	 
	 
	 

	 
	 
	Page

	ARTICLE 9 AMENDMENT OR TERMINATION OF PLAN
	10

	 
	9.1 Amendment of Plan
	10

	 
	9.2 Termination of Plan
	10

	 
	9.3 Amendment or Termination after Change in Control
	11

	 
	9.4 Exercise of Power to Amend or Terminate
	11

	ARTICLE 10 CLAIMS AND REVIEW PROCEDURES
	11

	 
	10.1 Claims Procedure
	11

	 
	10.2 Dispute Arbitration
	12

	ARTICLE 11 MISCELLANEOUS
	13

	 
	11.1 Successors
	13

	 
	11.2 Trust
	13

	 
	11.3 Service Not Guaranteed
	13

	 
	11.4 Gender, Singular and Plural
	13

	 
	11.5 Captions
	13

	 
	11.6 Validity
	13

	 
	11.7 Waiver of Breach
	14

	 
	11.8 Applicable Law
	14

	 
	11.9 Notice
	14

	 
	11.10 Statutes and Regulations
	14

ii

EDISON INTERNATIONAL

2008 DIRECTOR DEFERRED COMPENSATION PLAN

Amended and Restated Effective October 25, 2012

PREAMBLE

The purpose of this Plan is to provide Eligible Directors of participating Affiliates with the opportunity to defer payment and taxation of some elements of their compensation.

This Plan applies to amounts arising from board compensation earned after December 31, 2004, and is intended to comply with Section 409A of the Internal Revenue Code and the regulations issued thereunder.  This version of the Plan applies to amounts arising from deferrals of compensation pursuant to deferral elections made on or after December 1, 2012.  For the terms and conditions applicable to amounts deferred under this Plan pursuant to deferral elections made prior to that date, refer to the version of this Plan as in effect at the time of the applicable deferral election.

ARTICLE 1
DEFINITIONS

Capitalized terms in the text of the Plan are defined as follows:

Administrator means the Compensation and Executive Personnel Committee of the Board of Directors of EIX.

Affiliate means EIX or any corporation or entity which (i) along with EIX, is a component member of a "controlled group of corporations" within the meaning of Section 414(b) of the Code, and (ii) has approved the participation of its directors in the Plan.

Beneficiary means the person or persons or entity designated as such in accordance with Article 6 of the Plan.

Board means the Board of Directors of EIX.

Code means the Internal Revenue Code of 1986, as amended.

Company means the Affiliate the Participant serves as a director.

Contingent Event means the Participant's Disability or death while serving on an Affiliate board or Separation from Service for other reasons if such event occurs prior to the Participant's Retirement.

1

Contingent Payment Election means an election regarding the time and form of payment made or deemed made in accordance with Section 4.2.  

Crediting Rate means the rate at which interest will be credited to Deferral Accounts.  The rate will be determined annually in advance of the calendar year and will be equal to the average monthly Moody's Corporate Bond Yield for Baa Public Utility Bonds for the 60 months preceding November 1st of the prior year.  EIX reserves the right to prospectively change the definition of Crediting Rate.

Deferral Account means the notional account established for record keeping purposes for a Participant pursuant to Article 3 of the Plan.

Deferral Election means the Participant's written election to defer amounts under the Plan, submitted to the Administrator in the manner prescribed by the Administrator.

Deferral Period means the Plan Year covered by a valid Deferral Election previously submitted by a Participant, or in the case of a newly eligible Participant, the balance of the Plan Year following the date of the Deferral Election.

Deferred Stock Unit means a bookkeeping entry linked to shares of EIX Common Stock on a one-for-one basis.  Deferred Stock Units may be credited to a Participant's Deferral Account as a result of an award under the Equity Compensation Plan, 2007 Performance Incentive Plan or any successor plan or Dividend Equivalents on such an award.  Deferred Stock Units will be payable in shares of EIX Common Stock on a one-for-one basis, or to the extent determined by the Board in the terms applicable to a particular Deferred Stock Unit award, in cash equal to the value of such shares of EIX Common Stock.  

Disability means the Participant is unable to engage in any substantial gainful activity by reason of any 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 twelve months.  

Dividend Equivalent means an amount equal to the dividend declared by the Board on one share of EIX common stock for any calendar quarter.

EIX means Edison International.

Eligible Director means a non-employee director of an Affiliate who (i) is a U.S. director or an expatriate who is based and paid in the U.S., and (ii) is designated by the Company as eligible to participate in the Plan (subject to the restrictions in Section 7.2 of the Plan).

Participant means an Eligible Director who has completed a Deferral Election with respect to future payments pursuant to Article 2 of the Plan, or a director or former director who has a Deferral Account balance.

2

Payment Election means a Primary Payment Election or a Contingent Payment Election.

Plan means the EIX 2008 Director Deferred Compensation Plan.

Plan Year means the calendar year.

Primary Payment Election means an election regarding the time and form of payments made or deemed made in accordance with Section 4.1.  

Retainers and Fees means retainers and meeting fees which would be paid to a Participant as an Eligible Director for the Plan Year before reductions for deferrals under the Plan.

Retirement means a Separation from Service after attaining age 55 with at least 5 years of board service.

Separation from Service occurs when a Participant dies, retires, or otherwise has a termination of service from all Affiliate boards of directors that constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h), without regard to the optional alternative definitions available thereunder.  

Similar Plan means a plan required to be aggregated with this Plan under Treasury Regulation Section 1.409A-1(c)(2)(i).  

Termination of Service means the voluntary or involuntary Separation from Service for any reason other than Retirement or death.  

Unforeseeable Emergency means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant's Beneficiary, or the Participant's spouse or dependent (as defined in Code Section 152, without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B)); loss of the Participant's property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant's control.  

Valuation Date means the last day of the month in which the final day of board service falls prior to Separation from Service, unless distribution is scheduled or required to commence on a date other than the first day of the month following Separation from Service, in which latter case Valuation Date means the day before a distribution is scheduled or required to commence.

ARTICLE 2
DEFERRAL ELECTIONS

		
	2.1
	Elections

(a)    Retainers and Fees.  An Eligible Director may elect to participate in the Plan and defer Retainers and Fees by submitting a Deferral Election to the Administrator specifying the whole percentage of Retainers and Fees to be deferred prior to the beginning of the Plan Year during

3

which the Eligible Director performs the services for which such Retainers and Fees are to be earned.  Notwithstanding the foregoing, an individual who first becomes an Eligible Director during a Plan Year may make an initial Deferral Election for deferral of Retainers and Fees under this Plan within thirty days after the date the individual becomes an Eligible Director, provided that such Eligible Director has not previously become eligible to participate in this or any Similar Plan.  Any such election will apply to Retainers and Fees earned for services performed after the election is submitted to the Administrator.  Once made, a Deferral Election (including any election regarding time and form of payment) will continue to apply for subsequent Deferral Periods unless (i) the Eligible Director submits a new Deferral Election during a subsequent enrollment period changing the deferral amount or revoking the existing election, or (ii) the Participant is not an Eligible Director on the last day of a subsequent enrollment period.  

(b)    Deferred Stock Units.  If upon initial election to the Board, an Eligible Director receives an award of Deferred Stock Units made under the 2007 Performance Incentive Plan or any successor plan, such Deferred Stock Units shall be credited to this Plan.  An Eligible Director may elect to receive Deferred Stock Units rather than shares of Common Stock upon board re-election by submitting a Deferral Election to the Administrator prior to the beginning of the Plan Year in which re-election occurs.  Once made, a Deferral Election (including any election regarding time and form of payment) will continue to apply for subsequent Deferral Periods unless (i) the Eligible Director submits a new Deferral Election during a subsequent enrollment period changing the deferral percentage or revoking the existing election or (ii) the Participant is not an Eligible Director on the last day of a subsequent enrollment period.  

		
	2.2
	Vesting

Amounts deferred under this Article 2 and any earnings thereon will be 100% vested at all times.

ARTICLE 3
DEFERRAL ACCOUNTS

		
	3.1
	Deferral Accounts

Solely for record keeping purposes, the Administrator will maintain a Deferral Account for each Participant with such subaccounts as the Administrator or its record keeper finds necessary or convenient in the administration of the Plan.

		
	3.2
	Timing of Credits

(a)    Retainer and Fee Deferrals.  The Administrator will credit to the Participant's Deferral Account the Retainer and Fee Deferrals at the time such amounts would otherwise have been paid to the Participant but for the Deferral Election.

(b)    Deferred Stock Units.  The Administrator will credit Deferred Stock Units to the Participant's Deferral Account as of the effective date of any award of Deferred Stock Units under the 2007 Performance Incentive Plan or any successor plan.  

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(c)    Earnings Crediting Dates.
(i)    The Administrator will credit interest at the Crediting Rate to the Participant's Deferral Account on a daily basis, compounded annually.
(ii)    The Administrator will credit a Dividend Equivalent for each Deferred Stock Unit credited to the Participant's Deferral Account on the EIX common stock ex-dividend date each quarter.  Dividend Equivalents so credited will be converted into additional Deferred Stock Units based on the closing price of EIX Common Stock on that date as reported by Bloomberg Professional Service.  Fractional Dividend Equivalents and Deferred Stock Units will be credited.

		
	3.3
	Statement of Accounts  

The Administrator will periodically either provide or make available to each Participant a statement setting forth the balance of the Deferral Account maintained for the Participant.

ARTICLE 4
PAYMENT ELECTIONS

		
	4.1
	Primary Payment Election 

As part of a Deferral Election, a Participant may make a Primary Payment Election specifying the payment schedule for each subaccount that will be created as a result of the Deferral Election.  The choices available for a Primary Payment Election are as follows:

(a)    Monthly installments for 60 to 180 months; or 

(b)    A single lump sum; or 

(c)    Two to fifteen installments paid annually; or
 
(d)    Any combination of the preceding three choices.
  
Payments under this Primary Payment Election may commence upon (i) the first day of a specified month and year that may be no later than the month and year in which the Participant attains age 75; (ii) the Participant's Retirement; or (iii) the first day of the month that is a specified number of months following the Participant's Retirement or the first day of a specified month a specified number of years following the calendar year in which Retirement occurs (provided that if the date otherwise determined pursuant to this clause (iii) is later than the month and year in which the Participant attains age 75, the date pursuant to this clause (iii) shall be the later of the Participant's Retirement or the month and year in which the Participant attains age 75).

Subject to Section 4.5, lump sum payments or initial installment payments will be made within 60 days of the scheduled dates.  Interest will be added to the payment amount for the days elapsed between the scheduled payment date and the actual date of payment.

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If paid in installments of cash, the installments will be paid in amounts that will amortize the Deferral Account or subaccount balance with interest credited at the Crediting Rate over the period of time benefits are to be paid.  For purposes of calculating installments, the Deferral Account or subaccount will be valued as of December 31 each year, and the subsequent installments will be adjusted for the next calendar year according to procedures established by the Administrator.  Notwithstanding anything herein to the contrary, distribution in installments shall be treated as a single payment as of the date of the initial installment for purposes of Section 409A of the Code.  If paid in monthly installments, the installments may be paid in a single check each month or in more than one check for any given month, provided that in either such case the total amount of the monthly payment shall not change.

If no Primary Payment Election has been made, the Primary Payment Election shall be deemed to be a single lump sum upon the Participant's Retirement (or, if earlier, the Participant's death or Disability).  

		
	4.2
	Contingent Payment Election 

As part of a Deferral Election, a Participant may make a Contingent Payment Election for each of the Contingent Events of (1) the Participant's death during service on an Affiliate board, (2) the Participant's Disability during service on an Affiliate board and (3) Termination of Service, for each subaccount that will be created as a result of the Deferral Election, which Contingent Payment Election will take effect upon the first Contingent Event, if any, that occurs before the Participant's Retirement (if the Participant specified a payment schedule determined by reference to Retirement in Section 4.1) or the first day of a specified month and year elected by the Participant pursuant to Section 4.1.  The choices available for the Contingent Payment Election are those specified in Section 4.1 except that the references to Retirement shall instead refer to the applicable Contingent Event.  

If the Participant has made no Contingent Payment Election and a Contingent Event occurs prior to Retirement (if the Participant specified a payment schedule determined by reference to Retirement in Section 4.1) or the first day of a specified month and year elected by the Participant pursuant to Section 4.1, the Administrator will pay the benefit as specified in the Participant's Primary Payment Election, except that payments scheduled for payment or commencement of payment “upon Retirement,” or with a payment date determined by reference to “Retirement,” will be paid, commence or have payment determined by reference to the first day of the month following the month in which the Contingent Event occurs.  If the Participant has made neither a Contingent Payment Election nor a Primary Payment Election and a Contingent Event occurs prior to Retirement, the Payment Election shall be deemed to be a single lump sum upon the Participant's Contingent Event.  

		
	4.3
	Changes to Payment Elections 

Participants may change a Primary Payment Election or Contingent Payment Election, including a deemed Payment Election, after the period allowed for the initial Deferral Election by submitting a new written Payment Election to the Administrator in the manner prescribed by the Administrator, subject to the following conditions:  (1) the new Payment Election shall not be effective unless made at least twelve months before the payment or commencement date 

6

scheduled under the prior Payment Election; (2) the new Payment Election must defer a lump sum payment or commencement of installment payments for a period of at least five years from the date that the lump sum would have been paid or installment payments would have commenced under the prior Payment Election and (3) the election shall not be effective until twelve months after it is submitted to the Administrator.  If at the time a new Payment Election is submitted, the Administrator determines that imposition of the five-year delay would require that a Participant's payments begin after he or she has attained age 75, then the Participant will not be permitted to make a new Payment Election.  The payment schedules available under a new Payment Election are those specified in Section 4.1 and 4.2 (as applicable), subject to the conditions specified in this paragraph.  

		
	4.4
	Small Benefit Exception 

Notwithstanding the foregoing, the Administrator may, in its sole discretion and as determined by it in writing, pay the benefits in a single lump sum if the sum of all benefits payable to the Participant under this Plan and all Similar Plans is less than or equal to the applicable dollar amount under Section 402(g)(1)(B) of the Code.  

		
	4.5
	Six-Month Delay in Payment for Specified Employees 

Notwithstanding any provision of this Plan to the contrary, if a Participant is reasonably determined to be a “specified employee” as defined in Code Section 409A and is entitled to a distribution from the Plan due to the Participant's Separation from Service, the lump sum payment or the commencement of installment payments, as the case may be, may not be scheduled to occur or occur before the date that is the earlier of (1) six months following the Participant's Separation from Service for reasons other than death or (2) the Participant's death.

		
	4.6
	Conflict of Interest Exception, Etc. 

Notwithstanding the foregoing, the Administrator may, in its sole discretion, pay benefits in a single lump sum if permitted under Treasury Regulation Section 1.409A-3(j)(4)(iii). In addition, the Administrator may, in its sole discretion, accelerate benefits if and to the extent permitted under any of the other exceptions specified in Treasury Regulation Section 1.409A-3(j)(4) to the general rule in Code Section 409A prohibiting accelerated payments, provided that the terms of Section 4.4 of the Plan shall govern whether benefits will be paid in a single lump sum pursuant to the small benefit exception contained in Treasury Regulation Section 1.409A-3(j)(4)(v). 
ARTICLE 5
SURVIVOR BENEFITS

		
	5.1
	Payment

Following the Participant's death, payment of the Participant's Deferral Account will be made to the Participant's Beneficiary or Beneficiaries according to the payment schedule elected or deemed elected according to Article 4.  

		
	5.2
	Special Increase

This Section 5.2 applies as to any Participant who was first an Eligible Director in this Plan on or before December 31, 2008.  If any such Participant's death occurs within the first ten years 

7

following the date on which he or she was first an Eligible Director, the balance existing on the date of the Participant's death, but excluding the portion of the balance derived from Deferred Stock Units and from Dividend Equivalents associated with stock options, shall be doubled.  The doubled balance will be paid out according to the payment schedule elected or deemed elected according to Article 4.  For the avoidance of doubt, the death benefit provided in this Section 5.2 is intended as a separate plan within the meaning of Code Section 409A and Treasury Regulation Section 1.409A-1(c). 

ARTICLE 6
BENEFICIARY DESIGNATION

The Participant will have the right, at any time, to designate any person or persons or entity as Beneficiary (both primary and contingent) to whom payment under the Plan will be made in the event of the Participant's death.  The Beneficiary designation will be effective when it is submitted to the Administrator during the Participant's lifetime in accordance with procedures established by the Administrator.

The submission of a new Beneficiary designation will cancel all prior Beneficiary designations.  Any finalized divorce or marriage of a Participant subsequent to the date of a Beneficiary designation will revoke such designation, unless in the case of divorce the previous spouse was not designated as a Beneficiary, and unless in the case of marriage the Participant's new spouse has previously been designated as Beneficiary.  The spouse of a married Participant must consent in writing to any designation of a Beneficiary other than the spouse.

If a Participant fails to designate a Beneficiary as provided above, or if the Beneficiary designation is revoked by marriage, divorce, or otherwise without execution of a new designation, or if every person designated as Beneficiary predeceases the Participant, then the Administrator will direct the distribution of the benefits to the Participant's estate.  If a primary Beneficiary dies after the Participant's death but prior to completion of benefits under this Plan and no contingent Beneficiary has been designated by the Participant, any remaining payments will be paid to the primary Beneficiary's Beneficiary, if one has been designated, or to the Beneficiary's estate.

ARTICLE 7
CONDITIONS RELATED TO BENEFITS

		
	7.1
	Nonassignability

The benefits provided under the Plan may not be alienated, assigned, transferred, pledged or hypothecated by or to any person or entity, at any time or any manner whatsoever.  These benefits will be exempt from the claims of creditors of any Participant or other claimants and from all orders, decrees, levies, garnishment or executions against any Participant to the fullest extent allowed by law.  Notwithstanding the foregoing, the benefit payable to a Participant may be assigned in full or in part, pursuant to a domestic relations order of a court of competent jurisdiction.

8

		
	7.2
	Unforeseeable Emergency Distribution

A Participant may submit a hardship distribution request to the Administrator in writing setting forth the reasons for the request.  The Administrator will have the sole authority to approve or deny such requests.  Upon a finding that the Participant has suffered an Unforeseeable Emergency, the Administrator may in its discretion, permit the Participant to cease any on-going deferrals and accelerate distributions of benefits under the Plan in the amount reasonably necessary to alleviate the Unforeseeable Emergency.  If a distribution is to be made to a Participant on account of an Unforeseeable Emergency, the Participant may not make deferrals under the Plan until one entire Plan Year following the Plan Year in which a distribution based on an Unforeseeable Emergency was made has elapsed.

		
	7.3
	No Right to Assets

The benefits paid under the Plan will be paid from the general funds of the Company, and the Participant and any Beneficiary will be no more than unsecured general creditors of the Company with no special or prior right to any assets of the Company for payment of any obligations hereunder.  Neither the Participant nor the Beneficiary will have a claim to benefits from any other Affiliate.  Amounts of compensation deferred by Participants pursuant to this Plan accrue as liabilities of the participating Affiliate at the time of the deferral under the terms and conditions set forth herein.  By electing to defer compensation under the Plan, Participants consent to EIX sponsorship of the Plan, but acknowledge that EIX is not a guarantor of the benefit obligations of other participating Affiliates.  Each participating Affiliate is responsible for payment of the accrued benefits under the Plan with respect to its own Eligible Directors subject to the terms and conditions set forth herein.

		
	7.4
	Protective Provisions

The Participant will cooperate with the Administrator by furnishing any and all information requested by the Administrator, in order to facilitate the payment of benefits hereunder, taking such physical examinations as the Administrator may deem necessary and signing such consents to insure or taking such other actions as may be requested by the Administrator.  If the Participant refuses to cooperate, the Administrator and the Company will have no further obligation to the Participant under the Plan.

		
	7.5
	Constructive Receipt 

Notwithstanding anything to the contrary in this Plan, in the event the Administrator determines that amounts deferred under the Plan have failed to comply with Section 409A and must be recognized as income for federal income tax purposes, distribution of the amounts included in a Participant's income will be made to such Participant.  The determination of the Administrator under this Section 7.5 will be binding and conclusive.

		
	7.6
	Withholding

The Participant or the Beneficiary will make appropriate arrangements with the Administrator for satisfaction of any federal, state or local income tax withholding requirements and Social Security or other director tax requirements applicable to the payment of benefits under the Plan. 

9

If no other arrangements are made, the Administrator may provide, at its discretion, for such withholding and tax payments as may be required.

		
	7.7
	Incapacity

If any person entitled to payments under this Plan is incapacitated and unable to use such payments in his or her own best interest, EIX may direct that payments (or any portion) be made to that person's legal guardian or conservator, or that person's spouse, as an alternative to payment to the person unable to use the payments.  EIX will have no obligation to supervise the use of such payments, and court-appointed guardianship or conservatorship may be required.

ARTICLE 8
PLAN ADMINISTRATION

		
	8.1
	Plan Interpretation

The Administrator will administer the Plan and interpret, construe and apply its provisions in accordance with its terms and will provide direction and oversight as necessary to management, staff, or contractors to whom day-to-day Plan operations may be delegated.  The Administrator will establish, adopt or revise such rules and regulations as it may deem necessary or advisable for the administration of the Plan.  The Administrator will interpret and construe the Plan and the prior version of the Plan to comply with Section 409A of the Code.  All decisions of the Administrator will be final and binding.  

		
	8.2
	 Limited Liability 

Neither the Administrator, nor any of its members or designees, will be liable to any person for any action taken or omitted in connection with the interpretation and administration of this Plan.

ARTICLE 9
AMENDMENT OR TERMINATION OF PLAN

		
	9.1
	Amendment of Plan

Subject to the terms of Section 9.3, EIX may at any time amend the Plan in whole or in part, provided, however, that the amendment (i) will not decrease the balance of the Participant's Deferral Account at the time of the amendment and (ii) will not retroactively decrease the applicable Crediting Rates of the Plan prior to the time of the amendment.  EIX may amend the Crediting Rates of the Plan prospectively, in which case the Administrator will notify the Participant of the amendment in writing within 30 days after the amendment.

		
	9.2
	Termination of Plan

Subject to the terms of Section 9.3, EIX may at any time terminate the Plan.  If EIX terminates the Plan, distributions to the Participants or their Beneficiaries shall be made on the dates on which the Participants or Beneficiaries would receive benefits hereunder without regard to the termination of the Plan except that payments may be made upon termination of the Plan if the requirements for accelerated payment under Treasury Regulation Section 1.409A-3(j)(4)(ix)(C) are satisfied.  

10

		
	9.3
	Amendment or Termination after Change in Control

Notwithstanding the foregoing, EIX will not amend or terminate the Plan without the prior written consent of affected Participants for a period of two calendar years following a Change in Control of EIX (as defined in the EIX 2008 Executive Severance Plan) and will not thereafter amend or terminate the Plan in any manner which affects any Participant (or Beneficiary of a deceased Participant) who commences receiving payment of benefits under the Plan prior to the end of the two-year period following a Change in Control.

		
	9.4
	Exercise of Power to Amend or Terminate

EIX's power to amend or terminate the Plan will be exercisable by the Board.

ARTICLE 10
CLAIMS AND REVIEW PROCEDURES

		
	10.1
	Claims Procedure

(a)    The Administrator will notify a Participant or his or her Beneficiary (or person submitting a claim on behalf of the Participant or Beneficiary) (a “claimant”) in writing, within 90 days after his or her written application for benefits, of his or her eligibility or noneligibility for benefits under the Plan.  If the Administrator determines that a claimant is not eligible for benefits or full benefits, the notice will set forth (1) the specific reasons for the denial, (2) a specific reference to the provisions of the Plan on which the denial is based, (3) a description of any additional information or material necessary for the claimant to perfect his or her claim, and a description of why it is needed, and (4) an explanation of the Plan's claims review procedure and other appropriate information as to the steps to be taken if the claimant wishes to have the claim reviewed.  If the Administrator determines that there are special circumstances requiring additional time to make a decision, the Administrator will notify the claimant of the special circumstances and the date by which a decision is expected to be made, and may extend the time for up to an additional 90-day period.

(b)    If a claimant is determined by the Administrator not to be eligible for benefits, or if the claimant believes that he or she is entitled to greater or different benefits, the claimant will have the opportunity to have the claim reviewed by the Administrator by filing a petition for review with the Administrator within 60 days after receipt of the notice issued by the Administrator.  Said petition will state the specific reasons which the claimant believes entitle him or her to benefits or to greater or different benefits.  Within 60 days after receipt by the Administrator of the petition, the Administrator will afford the claimant (and counsel, if any) an opportunity to present his or her position to the Administrator in writing, and the claimant (or counsel) will have the right to review the pertinent documents.  The Administrator will notify the claimant of its decision in writing within the 60-day period, stating specifically the basis of its decision, written in a manner calculated to be understood by the claimant and the specific provisions of the Plan on which the decision is based.  If, due to special circumstances (for example, because of the need for a hearing), the 60-day period is not sufficient, the decision may be deferred for up to another 60-day period at the election of the Administrator, but notice of this deferral will be given to the claimant.  In the event of the death of the Participant, the same procedures will apply to the Participant's Beneficiaries.

11

		
	10.2
	Dispute Arbitration

Notwithstanding the foregoing, and because it is agreed that time will be of the essence in determining whether any payments are due to the claimant under the Plan, a claimant may, if he or she desires, submit any claim for payment under the Plan to arbitration.  This right to select arbitration will be solely that of the claimant and claimant may decide whether or not to arbitrate in his or her discretion.  The "right to select arbitration" is not mandatory on the claimant, and the claimant may choose in lieu thereof to bring an action in an appropriate civil court.  Once an arbitration is commenced, however, it may not be discontinued without the mutual consent of both parties to the arbitration.  During the lifetime of the Participant only he or she can use the arbitration procedure set forth in this Section.

Any claim for arbitration may be submitted as follows: if a claimant has submitted a request to be paid under the Plan and the claim is finally denied by the Administrator in whole or in part, the claim may be filed in writing with an arbitrator of the claimant's choice who is selected by the method described in the next four sentences.  The first step of the selection will consist of the claimant submitting a list of five potential arbitrators to the Administrator.  Each of the five arbitrators must be either (1) a member of the National Academy of Arbitrators located in the State of California or (2) a retired California Superior Court or Appellate Court judge.  Within one week after receipt of the list, the Administrator will select one of the five arbitrators as the arbitrator for the dispute in question.  If the Administrator fails to select an arbitrator within one week after receipt of the list, the claimant will then designate one of the five arbitrators for the dispute in question.

The arbitration hearing will be held within seven days (or as soon thereafter as possible) after the picking of the arbitrator.  No continuance of said hearing will be allowed without the mutual consent of the claimant and the Administrator.  Absence from or nonparticipation at the hearing by either party will not prevent the issuance of an award.  Hearing procedures which will expedite the hearing may be ordered at the arbitrator's discretion, and the arbitrator may close the hearing in his or her sole discretion when he or she decides he or she has heard sufficient evidence to satisfy issuance of an award.

The arbitrator's award will be rendered as expeditiously as possible and in no event later than one week after the close of the hearing.

In the event the arbitrator finds that the Administrator or the Company has breached the terms of the Plan, he or she will order the Company to pay to the claimant within two business days after the decision is rendered the amount then due the claimant, plus, notwithstanding anything to the contrary in the Plan, an additional amount equal to 20% of the amount actually in dispute.  The award of the arbitrator will be final and binding upon the Parties.

The award may be enforced in any appropriate court as soon as possible after its rendition.  The Administrator will be considered the prevailing party in a dispute if the arbitrator determines (1) that neither the Administrator nor the Company has breached the terms of the Plan and (2) the claim by the claimant was not made in good faith.  Otherwise, the claimant will be considered the 

12

prevailing party.  In the event that the Administrator is the prevailing party, the fee of the arbitrator and all necessary expenses of the hearing (excluding any attorneys' fees incurred by the Administrator) including the fees of a stenographic reporter, if employed, will be paid by the losing party.  In the event that the claimant is the prevailing party, the fee of the arbitrator and all necessary expenses of the hearing (including all attorneys' fees incurred by the claimant in pursuing his or her claim and the fees of a stenographic reporter, if employed) will be paid by the Company by March 15 of the year following the year in which the arbitrator determines who is the prevailing party.

ARTICLE 11
MISCELLANEOUS

		
	11.1
	Successors

The rights and obligations of EIX and the Companies under the Plan will inure to the benefit of, and will be binding upon, the successors and assigns of EIX and the Companies, respectively.

		
	11.2
	Trust

The Companies will be responsible for the payment of all benefits under the Plan.  At their discretion, the Companies may establish one or more grantor trusts for the purpose of providing for payment of benefits under the Plan.  The trust or trusts may be irrevocable, but a Company's share of the assets thereof will be subject to the claims of the Company's creditors.  Benefits paid to the Participant from any such trust will be considered paid by the Company for purposes of meeting the obligations of the Company under the Plan.

		
	11.3
	Service Not Guaranteed

Nothing contained in the Plan nor any action taken hereunder will be construed as a contract of service or as giving any Participant any right to continue in service as a director of EIX or any other Affiliate.

		
	11.4
	Gender, Singular and Plural

All pronouns and variations thereof will be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require.  As the context may require, the singular may be read as the plural and the plural as the singular.

		
	11.5
	Captions

The captions of the articles and sections of the Plan are for convenience only and will not control or affect the meaning or construction of any of its provisions.

		
	11.6
	Validity

If any provision of the Plan is held invalid, void or unenforceable, the same will not affect, in any respect whatsoever, the validity of any other provisions of the Plan.

13

		
	11.7
	Waiver of Breach

The waiver by EIX or the Administrator of any breach of any provision of the Plan by the Participant will not operate or be construed as a waiver of any subsequent breach by the Participant.

		
	11.8
	Applicable Law

The Plan will be governed and construed in accordance with the laws of California.

		
	11.9
	Notice

Any notice or filing required or permitted to be given to the Administrator under the Plan will be sufficient if in writing and hand-delivered, or sent by first class mail to the principal office of EIX, directed to the attention of the Administrator.  The notice will be deemed given as of the date of delivery, or, if delivery is made by mail, as of the date shown on the postmark.

11.10 Statutes and Regulations
Any reference to a statute or regulation herein shall include any successor to such statute or regulation.

IN WITNESS WHEREOF, EIX has adopted this amended and restated Plan effective the 25th day of October, 2012.

EDISON INTERNATIONAL

/s/ Daryl D. David
__________________________________________
Daryl D. David
Senior Vice President, Human Resources

14

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