Document:

ex10_1-5.htm

    Exhibit 10.1.5

    

     

     

     

    RESTRICTED
STOCK AGREEMENT

    

    THIS RESTRICTED STOCK AGREEMENT (the
“Award Agreement”) is entered into as of May 5, 2009, by and between Great
Plains Energy Incorporated (the “Company”) and ________________________________
(the “Grantee”).  All capitalized terms in this Agreement that are not
defined herein shall have the meanings ascribed to in the Company’s Amended
Long-Term Incentive Plan, as amended as of May 1, 2007 (the
“Plan”).

    

    WHEREAS, the Grantee is employed by the
Company or one of its subsidiaries in a key capacity, and the Company desires to
(i) encourage the Grantee to acquire a proprietary and vested long-term interest
in the growth and performance of the Company, (ii) provide the Grantee with the
incentive to enhance the value of the Company for the benefit of its customers
and shareholders, and (iii) encourage the Grantee to remain in the employ of the
Company as one of the key employees upon whom the Company's success depends;
and

    

    WHEREAS,
the Company wishes to grant to Grantee, and Grantee wishes to accept, an Award
of Restricted Stock as approved on May 5, 2009, pursuant to the terms and
conditions of the Plan and this Award Agreement.

    

    NOW, THEREFORE, in consideration of the
covenants and agreements herein contained, the parties hereto agree as
follows:

    

    
      	
              1.

            	
              Restricted Stock
      Award.  The Company hereby grants to the Grantee an Award
      of _______ shares of Restricted Stock subject to the restrictions provided
      herein.

            

    

    

    
      	
              2.

            	
              Terms and
      Conditions.  The Award of Restricted Stock is subject to
      the following terms and conditions:

            

    

    

    
      	
               
      

            	
              a.

            	
              The
      Restricted Stock granted hereunder will be held in book entry and may not
      be sold, transferred, pledged, hypothecated or otherwise transferred other
      than as provided in the Plan.  The restrictions will terminate
      on February 10, 2012 (Restriction
      Period).

            

    

    

    
      	
               
      

            	
              b.

            	
              Dividends
      with respect to the Restricted Stock shall be paid and reinvested during
      the period under the Company’s Dividend Reinvestment and Direct Stock
      Purchase Plan.  Such reinvested dividends shall be subject to
      the same restrictions as the Restricted
Stock.

            

    

    

    
      	
               
      

            	
              c.

            	
              No
      Company common stock will be delivered under this Award until the Grantee
      (or the Grantee’s successor) has paid to the Company the amount that must
      be withheld under federal, state and local income and employment tax laws
      or the Grantee and the Company have made satisfactory provision for the
      payment of such taxes. As an alternative to making a cash payment to
      satisfy the applicable withholding taxes, the Grantee may elect to have
      the Company retain that number of shares (valued at their Fair Market
      Value as of the applicable vesting

            

    

     

     

     

      
        

      

    

    

    or
delivery date) that would satisfy the applicable withholding
taxes.  To the extent the Grantee elects to have shares withheld to
cover the applicable minimum withholding requirements, the Grantee must complete
a withholding election on the form provided by the Corporate Secretary of the
Company and return it to the designated person set forth on the form no later
than the date specified thereon (which shall in no event be more than ten days
from the grant date of the Award).  The Grantee may elect on such form
to deliver additional shares for withholding above the minimum required
withholding rate, but not to exceed Grantee's individual marginal tax
rate.  To the extent no withholding election is made before the date
specified, the Grantee is required to pay the Company the amount of federal,
state and local income and employment tax withholdings by cash or check at the
time the Grantee recognizes income with respect to such shares, or must make
other arrangements satisfactory to the Company to satisfy the tax withholding
obligations after which the Company will release or deliver, as applicable, to
the Grantee the full number of shares.

    

    
      	
               
      

            	
              d.

            	
              The
      Company will, to the full extent permitted by law, have the discretion
      based on the particular facts and circumstances to require that each
      participant reimburse the Company for all or any portion of any awards if
      and to the extent the awards reflected the achievement of financial
      results that were subsequently the subject of a restatement, or the
      achievement of other objectives that were subsequently found to be
      inaccurately measured , and a lower award would have occurred based upon
      the restated financial results or inaccurately measured
      objectives.  The Company may, in its discretion, (i) seek
      repayment from the participants; (ii) reduce the amount that would
      otherwise be payable to the participants under current or future awards;
      (iii) withhold future equity grants or salary increases; (iv) pursue other
      available legal remedies; or (v) any combination of these actions. The
      Company may take such actions against any participant, whether or not such
      participant engaged in any misconduct or was otherwise at fault with
      respect to such restatement or inaccurate measurement. The Company will,
      however, not seek reimbursement with respect to any awards paid more than
      three years prior to such restatement or the discovery of inaccurate
      measurements, as applicable.

            

    

    

    
      	
               
      

            	
              e.

            	
              Except
      as otherwise specifically provided herein, the Award of Restricted Stock
      is subject to and governed by the applicable terms and conditions of the
      Plan, which are incorporated herein by
  reference.

            

    

    

     

     2

      
        

      

    

    

    

    

    
      	
              GREAT
      PLAINS ENERGY INCORPORATED

            	 
      
	 
      	 
      
	
              By:     ________________________________

            	
              By:    ________________________________

            
	
                          Michael
      J. Chesser

            	
                        ____________________

                        Grantee   

            
	 
      	 
      
	 
      	
              Dated:
      May _____, 2009

            

    

    

    

     

     

     3ex10_1-6.htm

    Exhibit 10.1.6

      Great
Plains Energy Incorporated (Great Plains Energy)

      Long-Term
Incentive Plan

      

      Awards
Standards and Performance Criteria

      Effective
as of January 1, 2009

      

      

      Objective

      

      The
purpose of the Great Plains Energy Long-Term Incentive Plan (“Plan”) is to
encourage executives and other key employees to acquire a proprietary and vested
interest in the growth and performance of Great Plains Energy (GPE); to generate
an increased incentive to enhance the value of the Company for the benefit of
its customers and shareholders; and to aid in the attraction and retention of
the qualified individuals upon whom Great Plains Energy’s success largely
depends.  The Plan provides competitive incentives for the achievement
of increased shareholder value over a multi-year period.

      

      Eligible
employees include executives and other key employees of Great Plains Energy and
Kansas City Power & Light (KCP&L) (“participants”), as approved by the
Compensation and Development Committee (“Committee”) of the Board of
Directors.

      

      Purpose

      

      The Plan
provides for the Committee to make awards under the Plan, and to administer the
Plan for, and on behalf of, the Board of Directors.  This document
sets out certain standards adopted by the Committee in determining the forms of
awards, the terms (including performance criteria) of awards, and other
administrative matters within the Committee’s authority under the
Plan.

      

      Target
Awards

      

      Award
levels will be approved by the Committee and set forth as a percentage of the
participant’s base salary at target.  Percentages will vary based on
level of responsibility, market data, and internal
comparisons.  Awards will generally, but not always, be granted 50% in
time-based restricted stock with the number of shares determined at the date of
grant based upon the GPE stock price (Fair Market Value).  The
remaining 50% of the target grant will be made in performance shares, with the
number of performance shares also determined by the Fair Market Value at the
date of grant.

      

      Performance
Criteria

      

      The
performance share criteria, weightings, and percentage payouts for the
performance share awards are listed in Appendix A.

      

      Performance
criteria are fixed for the duration of the performance period and will only be
changed upon the approval of the Committee.

      

      Payment
and Awards

      

      Time-based
restricted stock will be payable in shares of GPE common stock unless otherwise
determined by the Committee.  Dividends accrued on the shares will be
reinvested during the

       

       

        
          

        

      

      period
under the Company’s Dividend Reinvestment and Direct Stock Purchase Plan (DRIP)
and will also be paid in stock at the end of the period.  During the
period, the restricted stock will be issued in the name of the participant;
consequently, the participant will have the right to vote the restricted stock
during the period.

      

      Performance
shares, as determined by the performance against the performance criteria at the
end of the period, will be paid in shares of GPE common stock unless otherwise
determined by the Committee.  Dividend equivalent units over the
performance period will be figured on the final number of shares earned and will
be paid in cash.

      

      Approved
awards will be payable by Great Plains Energy to each participant as soon as
practicable after the end of the performance period and after the Committee has
certified the performance against the performance criteria.

      

      In the
event a participant ceases employment, please refer to the Long-Term Incentive
Plan document for treatment of outstanding grants.

      

      The
company will, to the full extent permitted by law, have the discretion based on
the particular facts and circumstances to require that each participant
reimburse the Company for all or any portion of any awards if and to the extent
the awards reflected the achievement of financial results that were subsequently
the subject of a restatement, or the achievement of other objectives that were
subsequently found to be inaccurately measured , and a lower award would have
occurred based upon the restated financial results or inaccurately measured
objectives.  The Company may, in its discretion, (i) seek repayment
from the participants; (ii) reduce the amount that would otherwise be payable to
the participants under current or future awards; (iii) withhold future equity
grants or salary increases; (iv) pursue other available legal remedies; or (v)
any combination of these actions. The Company may take such actions against any
participant, whether or not such participant engaged in any misconduct or was
otherwise at fault with respect to such restatement or inaccurate measurement.
The Company will, however, not seek reimbursement with respect to any awards
paid more than three years prior to such restatement or the discovery of
inaccurate measurements, as applicable.

      

      Tax
Withholding

      

      The
Company shall be authorized to withhold under the Plan the amount of withholding
taxes due in respect of an award or payment thereunder and to take other actions
as may be necessary in the opinion of the Company to satisfy all obligations for
the payment of taxes.  Such withholding may be deducted in cash from
the value of any award.

      

      Administration

      

      The Plan
provides that the Committee has the full power and authority to administer, and
interpret the provisions of, the Plan.  The Committee has the power
and authority to add, delete and modify the provisions of this document at any
time.  This document does not replace or change the provisions or
terms of the Plan; in the event of conflicts between this document and the Plan,
the Plan is controlling.

      

      
        

      

      Appendix
A

      

      2009
– 2011 Performance Plan Goals

      

      
        	
                Goal

              	
                Weighting

              	
                Threshold

                (50%)

              	
                Target

                (100%)

              	
                Superior

                (200%)

              
	 
      	 
      	 
      	 
      	 
      
	
                1.FFO
      to Total Adjusted Debt 1

              	
                50%

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                2.Earnings
      Per Share

              	
                50%

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

      

      

      1 Excludes Fair Market
Value Debt Adjustment

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