Document:

EX-10.8

 Exhibit 10.8 

NUCLEAR DECOMMISSIONING 
 TRUST
AGREEMENT 
 THIS NUCLEAR DECOMMISSIONING TRUST AGREEMENT (this “Agreement”), dated as of the June 1, 1999 between OLD
DOMINION ELECTRIC COOPERATIVE, a Virginia power supply cooperative, duly organized and existing under the laws of the Commonwealth of Virginia, having its principal office at 4201 Dominion Boulevard, Glen Allen, Virginia, 23060 (the
“Company”), and CRESTAR BANK, as successor Trustee, a Virginia banking corporation, having its principal office at 919 Main Street, Richmond, Virginia 23219 (the “Trustee”); 

WITNESSETH: 
 WHEREAS, the
Company owns an 11.6% undivided ownership interest in nuclear generating facilities located in Louisa County, Virginia, known as the North Anna Nuclear Power Station (the “Station”); 

WHEREAS, pursuant to that certain Agreement and Declaration of Trust made as of September 1, 1989 (the “Predecessor Trust
Agreement”), the Company (i) established a trust fund (the “Fund”) into which it made contributions to pay for Decommissioning Costs (as herein defined) of the Station, and (ii) appointed Litten, Sipe & Miller, a
Virginia general partnership, to serve as Trustee of the Fund; 
 WHEREAS, pursuant to that Certain Agreement and Declaration of Trust made
as of March 1, 1991, between the Company and Bankers Trust Company (the “First Amended and Restated Trust Agreement”), the Company removed Litten, Sipe & Miller as Trustee and appointed Bankers Trust Company as successor
Trustee of the Fund; 

 WHEREAS, pursuant to Article IX of the First Amended and Restated Trust Agreement, the Company
wishes to remove Bankers Trust Company as Trustee of the Fund and to appoint Crestar Bank as successor Trustee of the Fund; 
 WHEREAS, on
the date first written above and pursuant to Section 9.2 of the First Amended and Restated Trust Agreement, the Company shall cause Bankers Trust Company to assign, transfer title and pay over to Crestar Bank, as successor Trustee of the Fund,
the funds and properties constituting the Fund; 
 WHEREAS, the Company wishes to wholly amend and restate the First Amended and Restated
Trust Agreement, pursuant to Section 10.1 thereof, and to enter into this Agreement with Crestar Bank as successor Trustee with all of the rights, powers, duties, and obligations specified herein; and 

WHEREAS, the execution and delivery of this Agreement have been duly authorized by each the Company and the Trustee and all things necessary
to make this Agreement a valid and binding agreement by each the Company and the Trustee have been done. 
 WITNESSETH: 

NOW, THEREFORE, THIS AGREEMENT, provides for the continuation of the Fund, the making of payments therefrom, the performance of the covenants
of the Company and the Trustee set forth herein; therefore, Banker’s Trust, the current Trustee, does hereby assign, transfer, set over and pledge unto Crestar Bank, the successor Trustee, and to its successors in trust and its assigns,
forever, all of its right, title and interest in and to any and all cash and property herewith and hereafter contributed to the Fund, subject to the provisions hereof. 

TO HAVE AND TO HOLD THE SAME IN TRUST for the exclusive purpose of providing funds for the decommissioning of the Station to satisfy the
Company’s liability in connection therewith, to pay the administrative costs and other incidental expenses of the Fund, and to make certain investments, all as hereinafter provided. 

  
 2 

 ARTICLE I 

Definitions 

Section 1.01. Definitions. Unless the context suggests otherwise, capitalized words shall have the following meanings: 

(a) “Administrative Costs” shall mean all ordinary and necessary expenses and other incidental expenses of the Fund incurred in
connection with the operation of the Fund, as provided by Applicable Laws, including without limitation, federal, state and local income tax, legal expenses, accounting expenses, actuarial expenses and trustee expenses. 

(b) “Applicable Laws” shall mean Federal and State laws, and regulations promulgated thereunder applicable to the Fund, as the same
may be amended from time to time. 
 (c) “Code” shall mean the Internal Revenue Code of 1986, and regulations promulgated
thereunder, as amended, or any corresponding section or sections of any future United States Internal Revenue statute. 
 (d)
“Decommissioning Costs” shall mean all expenses, incurred (or to be incurred) in connection with the entombment, decontamination, dismantlement, removal and disposal of the structures, systems and components of the Station when it has
permanently ceased the production of electric energy, excluding any costs incurred for the disposal of spent nuclear fuel, as provided by Applicable Laws. Such term includes all expenses to be incurred in connection with the preparation for
decommissioning, such as engineering and other planning expenses, and all otherwise deductible expenses to be incurred with respect to the Station after the actual decommissioning occurs, such as physical security and radiation monitoring expenses.

 (e) “FERC” shall mean the Federal Energy Regulatory Commission. 

(f) “Substantial completion of decommissioning” shall mean the date that the maximum acceptable radioactivity levels mandated by the
U.S. Nuclear Regulatory Commission with respect to a decommissioned nuclear power plant are satisfied by the Station; provided, however, that if the Company requests a ruling from the Internal Revenue Service, the date designated by the Internal
Revenue Service as the date on which substantial completion of decommissioning occurs shall govern; provided, further, that the date on which substantial completion of decommissioning occurs shall be in accordance with Applicable Laws. 

  
 3 

 ARTICLE II 

Purposes of the Fund: Contributions 

Section 2.01. Establishment of the Fund. The Fund shall be maintained separately at all times in the United States pursuant to
this Agreement and as a trust in accordance with the laws of the Commonwealth of Virginia. The Company has advised the Trustee that it does not intend to make an election under Section 468A of the Code to qualify the Fund as a Nuclear
Decommissioning Reserve Fund thereunder and agrees that fees shall be renegotiated in the event that the Company does make such an election 

Section 2.02. Purposes of the Fund. The Fund is established for the exclusive purpose of providing funds for the decommissioning
of the Station. The Fund shall accumulate all contributions (whether from the Company or others) which satisfy the requirements of this Agreement. None of the assets of the Fund shall be subject to attachment, garnishment, execution or levy in any
manner for the benefit of creditors of the Company. 
 Section 2.03. Contributions to the Fund. The Company (or by others
approved in writing by the Company) shall contribute assets to the Fund from time to time. 
 ARTICLE III 

Payments by the Trustee 

Section 3.01. Limitation on Use of Assets. The assets of the Fund shall be used exclusively: 

(a) to satisfy in whole or in part any Decommissioning Costs, (b) to pay the administrative costs and other incidental expenses of each
Fund separately from the assets of such Fund, and (c) to invest in securities and investments as directed by the investment manager(s) pursuant to Section 4.02(a) hereof or the Trustee pursuant to Section 4.02(b) hereof. 

  
 4 

 Section 3.02. Certification for Decommissioning Costs. If assets of the Fund are
required to satisfy Decommissioning Costs, the Company shall present a certificate substantially in the form attached hereto as Exhibit A to the Trustee signed by any one of the Chairman of the Board, the President or Vice Presidents of the Company,
requesting payment from the Fund. Any certificate requesting payment by the Trustee to a third party or to the Company from the Fund for Decommissioning Costs shall include the following: 

(a) a statement of the amount of the payment to be made from the Fund; 

(b) a statement that the payment is requested to pay Decommissioning Costs which have been incurred; 

(c) the nature of the Decommissioning Costs to be paid; 

(d) the payee, which may be the Company in the case of reimbursement for payments previously made or expenses previously incurred by the
Company for Decommissioning Costs; 
 (e) a statement that the Decommissioning Costs for which payment is requested have not theretofore been
paid out of funds of the Fund; and 
 (f) a statement that any necessary authorizations of any governmental agencies having jurisdiction with
respect to the decommissioning have been obtained. 
 The Trustee shall retain at least one counterpart of all copies of such certificates
(including attachments) and related documents received by it pursuant to this Article III. The Company shall have the right to enforce payments from the Fund upon compliance with the procedures set forth in this Section 3.02. 

  
 5 

 Section 3.03. Administrative Costs. The Trustee shall pay, as directed by the
Company, the administrative costs and other incidental expenses of the Fund, including all federal, state, and local taxes, if any, imposed directly on the Fund, legal expenses, accounting expenses, actuarial expenses and trustee expenses, from the
assets of the Fund. 
 ARTICLE IV 

Concerning the Trustee 

Section 4.01. Authority of Trustee. The Trustee hereby accepts the trust created under this Agreement. The Trustee shall have the
authority and discretion to manage and control the Fund to the extent provided in this Agreement but does not guarantee the Fund in any manner against investment loss or depreciation in asset value or guarantee the adequacy of the Fund to satisfy
the Decommissioning Costs. The Trustee shall not be liable for the acquisition, retention or sale of any asset of the Fund, nor shall the Trustee be responsible for any other loss to or diminution of the Fund, or for any other loss or damage which
may result from the discharge of its duties hereunder except for any action not taken in good faith. 
 Section 4.02. Investment of
Fund. 
 (a) The Company shall have the authority to appoint one or more investment managers who shall have the power to direct the
Trustee in investing the assets of the Fund; provided, however, that nothwithstanding the foregoing, neither the Company nor its subsidiaries, affiliates or associates may engage in day-to-day management of the Fund or mandate individual investment
decisions. To the extent that the Company chooses to exercise this authority, it shall so notify the Trustee and instruct the Trustee in writing to separate into a separate account those assets the investment of which will be directed by each
investment manager. The Company shall designate in writing the person or persons who are to represent any such investment manager in dealings with the Trustee. Upon the separation of the assets in accordance with the Company instructions, the
Trustee, as to those assets while so separated, shall be released and relieved of all investment duties, investment responsibilities and investment liabilities normally or statutorily incident to a trustee. The Trustee shall retain all other
fiduciary duties with respect to assets the investment of which is directed by investment managers. 

  
 6 

 (b) To the extent that the investment of assets of the Fund is not being directed by one or more
investment managers under Section 4.02(a) hereof, the Trustee shall hold, invest, and reinvest the funds delivered to it hereunder as it in its sole discretion deems advisable. These investments may include, but are not limited to, common trust
funds managed by the Trustee or an affiliate, registered investment companies for which the Trustee or an affiliate provides services for a fee, and deposits in the commercial bank of the Trustee or its affiliates. Notwithstanding the foregoing, the
Trustee shall be subject to the restrictions set forth herein for investment of the assets of the Fund. 
 (c) When any investment manager or
the Trustee is carrying out its duties hereunder, it must exercise the standard of care, whether in investing or otherwise, that a prudent investor would use in the circumstances. The term “prudent investor” means a prudent investor as
described in Restatement of Law (Third), Trusts §227. 
 Section 4.03. Prohibition Against Self-Dealing. Notwithstanding
any other provision in this Agreement, the Trustee shall not engage in any act of self-dealing as defined by Section 468A of the Code if the Company has elected to qualify the Trust under Section 468A of the Code. 

Section 4.04. Compensation. As agreed to by the Company, from time to time, the Trustee shall be entitled to receive out of the
Fund reasonable compensation for services rendered by it, as well as expenses necessarily incurred by it in the execution of the trust hereunder, provided such compensation and expenses qualify as administrative costs and other incidental expenses
of the Fund, as provided for herein. Subject to Section 2.1 providing for a renegotiation of fees in the event the Company makes an election under Section 468A of the Code with respect to the Trust, the initial fee structure to be in
effect for the period beginning June 1, 1999 and ending on May 30, 2001 is attached hereto as Schedule A. 

  
 7 

 Section 4.05. Books of Account. The Trustee shall keep separate true and correct
books of account with respect to the Funds which books of account shall at all reasonable times be open to inspection by the Company or its duly appointed representatives. The Trustee shall, upon written request of the Company, permit government
agencies, such as the FERC or the Internal Revenue Service, to inspect the books of account of the Fund. The Trustee shall furnish to the Company by the tenth business day of each month a statement for the Fund showing, with respect to the preceding
calendar month, the balance of assets on hand at the beginning of such month, all receipts, investment transactions, and disbursements which took place during such month and the balance of assets on hand at the end of such month. The Trustee agrees
to provide on a timely basis any information deemed necessary by the Company to file: (i) the Company’s federal, state and local tax returns, and (ii) any other reports required by Applicable Laws. 

Section 4.06. Reliance on Documents. The Trustee, upon receipt of documents furnished to it by the Company pursuant to the
provisions of this Agreement, shall examine the same to determine whether they conform to the requirements thereof. The Trustee acting in good faith may conclusively rely on the truth of statements and the correctness of opinions expressed in any
certificate or other documents conforming to the requirements of this Agreement. If the Trustee in the administration of the Fund shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering any action
hereunder, such matter (unless evidence in respect thereof is otherwise specifically prescribed hereunder) may be deemed by the Trustee to be conclusively proved or established by a certificate signed by any one of the Chairman of the Board, the
President or Vice Presidents of the Company and delivered to the Trustee. The Trustee shall have no duty to inquire into the validity, accuracy or relevancy of any statement contained in any certificate or document nor the authorization of any party
making such certificate or delivering such document and the Trustee may rely and shall be protected in acting or remaining from acting upon 

  
 8 

 
any such written certificate or document furnished to it hereunder and believed by it to be genuine and to have been signed or presented by the proper party or parties. The Trustee shall not,
however, be relieved of any obligation to refrain from self-dealing as provided in Section 4.03 hereof. 
 Section 4.07.
Liability and Indemnification. The Trustee shall not be liable for any action taken by it in good faith and, without gross negligence and believed by it to be authorized or within the rights or powers conferred upon it by this Agreement and
may consult with counsel of its own choice (including counsel for the Company) and shall have full and complete authorization and protection for any action taken or suffered by it hereunder in good faith and without gross negligence and in
accordance with the opinion of such counsel, provided, however, that the Trustee shall be liable for any consequences resulting from self-dealing as provided in Section 4.03 hereof. Provided indemnification does not result in self-dealing under
Section 4.03 hereof or in a deemed contribution to the Fund in excess of the limitation on contributions under Applicable Laws, the Company hereby agrees to indemnify the Trustee for and to hold it harmless against, any loss, liability or
expense incurred without gross negligence, willful recklessness or bad faith on the part of the Trustee, arising out of or in connection with its entering into this Agreement and carrying out its duties hereunder, including the costs and expenses of
defending itself against any claim of liability hereunder, provided such loss, liability or expense does not result from self-dealing as provided in Section 4.03 hereof, and provided further, that no such costs or expenses shall be paid if the
payment of such costs or expenses is prohibited by Applicable Laws. 
 Section 4.08. Resignation, Removal and Successor
Trustees. The Trustee may resign at any time upon thirty (30) days written notifications to the Company. The Company may remove the Trustee for any reason at any time upon thirty (30) days written notification to the Trustee. If a
successor Trustee shall not have been appointed within thirty (30) days after the giving of written notice of such resignation or removal, the Trustee or Company may apply to any court of 

  
 9 

 competent jurisdiction to appoint a successor Trustee to act until such time, if any, as a successor shall have
been appointed and shall have accepted its appointment as provided below. If the Trustee shall be adjudged bankrupt or insolvent, a vacancy shall thereupon be deemed to exist in the office of Trustee and a successor shall thereupon be appointed by
the Company. Any successor Trustee appointed hereunder shall execute, acknowledge and deliver to the Company an appropriate written instrument accepting such appointment hereunder, subject to all the terms and conditions hereof, and thereupon such
successor Trustee shall become fully vested with all the rights, powers, trusts, duties and obligations of its predecessor in trust hereunder, with like effect as if originally named as Trustee hereunder. The predecessor Trustee shall upon written
request of the Company, and payment of all fees and expenses, deliver to the successor Trustee the corpus of the Fund and perform such other acts as may be required or be desirable to vest and confirm in said successor Trustee all right, title and
interest in the corpus of the Fund to which it succeeds. A successor Trustee is not liable for any act or failure to act of any predecessor Trustee and shall have no duty or responsibility to investigate the act or transactions of any predecessor
Trustee and is entitled to accept and rely on the books of account as they may be delivered to it upon its appointment as successor Trustee without incurring any liability or responsibility for so doing. 

Section 4.09. Merger of Trustee. Any corporation into which the Trustee may be merged or with which it may be consolidated, or any
corporation resulting from any merger or consolidation to which the Trustee shall be a party, or any corporation to which the corporate trust functions of the Trustee may be transferred, shall be the successor Trustee under this Agreement without
the necessity of executing or filing any additional acceptance of this Agreement or the performance of any further act on the part of any other parties hereto. 

  
 10 

 ARTICLE V 

Amendments 
 The Company
may amend this Agreement from time to time, provided the Agreement may not be amended so as to violate Applicable Laws. The Fund is established and shall be maintained for the sole purpose of qualifying as a nuclear decommissioning trust fund under
Applicable Law (other than Section 468A of the Code unless the Company makes a subsequent election to qualify the Trust thereunder), and the assets of the Fund shall be used as authorized by Applicable Laws. If the Fund would fail to so qualify
because of any provision contained in this Agreement, this Agreement shall be deemed to be amended as necessary to conform with the requirements of Applicable Laws. If a proposed amendment shall affect the responsibility of the Trustee, such
amendment shall not be considered valid and binding until such time as the amendment is executed by the Trustee. 
 ARTICLE VI 

Termination 
 The Fund
shall terminate upon the later of: (a) substantial completion of decommissioning of the Station, and (b) termination by the U.S. Nuclear Regulatory Commission of the Company’s operating license with respect to the Station. Upon
termination of the Fund, the assets of the Fund shall be distributed in accordance with any written directive of any governmental agency having jurisdiction over decommissioning of the Station. Absent a written directive of such governmental agency
within thirty (30) days after such governmental agency is notified of the termination, all of the assets shall be distributed to the Company. The Company shall provide the Trustee with notification that the Fund has terminated and with either:
(a) the written directive of the appropriate governmental agency, or (b) a certificate signed by any one of the Chairman of the Board, the President or the Vice Presidents of the Company stating that there is no written directive of any
appropriate governmental agency and that thirty (30) days have elapsed since notification to such appropriate governmental agency of termination, as the case may be, prior to distribution of the assets of the Fund. 

  
 11 

 ARTICLE VII 

Miscellaneous 

Section 7.01. Binding Agreement. All covenants and agreements in this Agreement shall be binding upon and inure to the benefit of
the respective parties hereto, their successors and assigns. 
 Section 7.02. Notices. All notices and communications hereunder
shall be in writing and shall be deemed to be duly given on the date mailed if sent by registered mail, return receipt requested, as follows: 

CRESTAR BANK 
 Trust Department

 919 Main Street 
 Richmond,
Virginia 23219 
 OLD DOMINION ELECTRIC COOPERATIVE 

Attn: Vice President of Accounting and Finance 

P.O. Box 2310 
 Glen Allen,
Virginia 23058-2310 
 or at such other address as any of the above may have furnished to the other parties in writing by registered mail, return receipt
requested. 
 Section 7.03. Governing Law. The Funds have been established pursuant to this Agreement in accordance with the
requirements for a trust under the laws of the Commonwealth of Virginia, and this Agreement shall be governed by and construed and enforced in accordance with the laws of the Commonwealth of Virginia. 

  
 12 

 Section 7.04. Counterparts. This Agreement may be executed in several counterparts,
and all such counterparts executed and delivered, each an original, shall constitute but one and the same instrument. 
 IN WITNESS WHEREOF,
the parties hereto have caused this Nuclear Decommissioning Trust Agreement to be executed by their respective officers thereunto duly authorized and their corporate seals to be hereunto affixed and attested to as of the day and year first above
written. 
  

			
	OLD DOMINION ELECTRIC COOPERATIVE
		
	By: 		/s/ Daniel M. Walker
	Name:		  
 Daniel M. Walker

	Title:		Vice President-Accounting & Finance
	
	CRESTAR BANK
		
	By:		/s/ Karl McTaggart
	Name:		  
 Karl McTaggart

	Title:		Assistant Vice President

  
 13 

 Exhibit A 

CERTIFICATE FOR PAYMENT 
 OF
DECOMMISSIONING COSTS 
 [Name of Trustee], 

    as Trustee 
 [Address] 

This Certificate is submitted pursuant to Section 3.02 of the Nuclear Decommissioning Trust Agreement, dated
                                    , between Crestar (the
“Trustee”) and Old Dominion Electric Cooperative (the “Company”) (the “Agreement”). All capitalized terms used in this Certificate and not otherwise defined herein shall have the meanings assigned to such terms in the
Agreement. In your capacity as Trustee, you are hereby authorized and requested to disburse out of the Funds
to                         the amount of $
                                for the payment of the Decommissioning Costs which
have been incurred. With respect to such Decommissioning Costs, the Company hereby certifies as follows: 
 1. The amount to be disbursed
pursuant to this Certificate shall be solely used for the purpose of paying the Decommissioning Costs described in Schedule A hereto. 
 2.
None of the Decommissioning Costs described in Schedule A hereto have previously been made the basis of any certificate pursuant to Section 3.02 of the Agreement. 

3. Any necessary authorizations of any governmental authority having jurisdiction over the decommissioning of the Station have been obtained.

 IN WITNESS WHEREOF, the undersigned have executed this Certificate in the capacity shown below as of
                                         
       . 

  
 14 

 
			
	OLD DOMINION ELECTRIC COOPERATIVE
		
	By:		
	Name:		  

	Title:		
	
	CRESTAR BANK
		
	By:		
	Name:		  

	Title:		

  
 15 

 Certificate of Resolution 

I, Vernon N. Brinkley, Secretary of Old Dominion Electric Cooperative, hereby certify that the following is a true copy of action taken by the Board of
Directors of the Corporation at a meeting, duly called and convened on April 13th, 1999. 

RESOLVED, that the Corporation enter into a Custodian Agreement with Crestar Bank for the deposit and custody of such funds and securities, in one or more
accounts, as may be determined from time to time. 
 RESOLVED, either, that the President, Vice-President, or any officer designated by the President is
hereby authorized and directed to execute such documents and to take such additional action as may be appropriate to carry out the purposes of these resolutions. 

And the undersigned further certifies that the foregoing resolutions remain in effect and do not contravene the charter of the by-laws of the Corporation.

 WITNESS the following signature and seal this 13th day of April, 1999. 

 

	
	 /s/ Vernon N. Brinkley

	Secretary

 OLD DOMINION ELECTRIC COOPERATIVE 

AMENDMENT TO 
 OLD
DOMINION ELECTRIC COOPERATIVE 
 NUCLEAR DECOMMISSIONING TRUST 

WHEREAS, Old Dominion Electric Cooperative (the “Company”) maintains the Old Dominion Electric Cooperative Nuclear
Decommissioning Trust (the “Trust”), effective September 1, 1989; and 
 WHEREAS, Article V of the Plan gives the
Company the authority to amend the Plan provided the Amendment does not violate Applicable Laws as that term is defined by the Trust; 

WHEREAS, the Company has advised the Trustee that certain funds of the Trust are to be invested with Mellon Bank, N.A.
(“Mellon”) under a Subordinated Trust Agreement (see, attached) with Mellon serving as the subordinated trustee; 

WHEREAS, the Trust does not expressly provide for the investment of Trust assets by the Trustee in a fund maintained by a subordinated
trustee; 
 WHEREAS, the power to invest Trust assets in a fund maintained by a subordinated trustee does not violate Applicable
Laws: 
 NOW, THEREFORE, BE IT RESOLVED THAT: 

FIRST: Section 4.02(b) of the Trust is amended and restated in its entirety to read as follows: 

(b) To the extent that the investment of assets of the Fund is not being directed by one or more investment managers under
Section 4.02(a) hereof, the Trustee shall hold, invest, and reinvest the funds delivered to it hereunder as it in its sole discretion deems advisable. These investments may include, but are not limited to, common trust funds managed by the
Trustee, an affiliate, subordinated trust, registered investment companies for which the Trustee, affiliate, or subordinated trustee provides services for a fee, and deposits in the commercial bank of the Trustee or its affiliates. Notwithstanding
the foregoing, the Trustee shall be subject to the restrictions set forth herein for investment of the assets of the Fund. 
 SECOND:
The remaining provisions of the Trust are hereby ratified and shall continue with full force and effect. 

 WITNESS the following signatures: 

 

			
	OLD DOMINION ELECTRIC COOPERATIVE
		
	By:		 /s/ Daniel M. Walker

	Date:		9/21/99
	
	CRESTAR BANK
		
	By:		 /s/ Karl McTaggart

			KARL A. McTAGGART, ASST. V.P.
	Date:		8/23/99

  
 2 

 SCHEDULE A 

Administrative Fee schedule for Old Dominion Electric Cooperative Nuclear Decommissioning Trust Fund: 

2.5 Basis Points (.025%) annually on the first $50 million in Market Value 1.0 Basis Points (.01%) annually on the balance in Market Value

 $18 per Book Entry (DTC, Fed Reserve, etc.) security transaction $30 per non-eligible, futures, or Mutual Fund transaction 

Base Fee: $1,000 annually 

Minimum annual fee: $3,000 (with both Market Value and Transactions fees contributing to the minimum) 

Global Custody, On-line Access and tax reporting services if needed, will be quoted separately.EX-10.41

 Exhibit 10.41 

OLD DOMINION ELECTRIC COOPERATIVE 

AMENDED AND RESTATED 

SEVERANCE PAY PENSION RESTORATION PLAN 

WHEREAS, Old Dominion Electric Cooperative (the “Cooperative”) has previously adopted the Severance Pay Pension Restoration
Plan for the benefit of certain employees of the Cooperative who may have the need for supplemental payments to them upon severance of employment with the Cooperative because of limitations in the federal pension law relating to allowable payments
from qualified pension plans; and 
 WHEREAS, the Cooperative wishes for the payments that would otherwise be paid in pension
benefits to be paid by the Cooperative as severance pay benefits, to the extent allowed by this plan and as provided in existing federal regulations. 

NOW THEREFORE, the Cooperative adopts this amended and restated Severance Pay Pension Restoration Plan (the “Severance Pay
PRP”), effective January 1, 2015, as provided below: 
 1. Incorporation of Definitions. Unless otherwise defined in
quotations in parentheticals, capitalized terms used herein shall have the meaning set forth in the amended and restated Deferred Compensation Pension Restoration Plan (the “Deferred Compensation PRP”), effective January 1, 2015. 

2. Participation. The Participants in the Severance Pay PRP who shall be eligible for benefits shall be the individuals
designated in writing by the Board as Participants and listed on Schedule A (List of Grandfathered Participants) under the Deferred Compensation PRP whose compensation, as defined by the RS Plan, exceeds the applicable limitations under
Section 415 and/or 401(a)(17) of the Internal Revenue Code of 1986, as amended (the “Code”), and who, on their Normal Retirement Date, or such other date as may be designated by the Board, have a Pension Limitation applied to reduce
the amount of payment that would otherwise be payable by the RS Plan. 
 3. Benefit Payment. 

(a) The benefit payable with respect to a Participant under the Severance Pay PRP is the lesser of the Pension Limitation and the Severance Pay
Limit as such terms are defined in the Deferred Compensation PRP. For convenience, these definitions are repeated here: 

(i) The “Pension Limitation” is the difference between the single sum equivalent of (i) the Participant’s
accrued benefit from the RS Plan as calculated by NRECA without limitations provided in Sections 401(a)(17) and 415 of the Code, and (ii) the Participant’s accrued benefit from the RS Plan as calculated by NRECA after application of
the limitations of Sections 401(a) (17) and 415 of the Code, each of which is calculated at the time a Participant is entitled to a payment hereunder. For purposes of determining a Participant’s Pension Limitation, the definitions and
rules in the RS Plan shall apply to this Plan, unless otherwise provided herein. For example, a Participant’s final average pay shall be based on “Final Average Pay” as defined in the RS Plan. 

 (ii) The “Severance Pay Limit” is an amount equal to the lesser of
(i) the frozen benefit under this Severance Pay PRP, or (ii) twice the Participant’s Annual Compensation for the year immediately preceding the year in which the earlier of the Participant’s termination of employment with the
Cooperative less the amount of any other severance pay benefits paid by the Cooperative to the Participant. 
 (b) The benefit of a
Participant under the frozen Severance Pay PRP pursuant to Section 9 shall be determined based on the age and service and final average Effective Salary of the Participant under the RS Plan as of the date of the freeze and on compensation (for
purposes of the Severance Pay Limit) as of the December 31 which coincides with, or immediately precedes the date the Severance Pay PRP is frozen. The Cooperative is solely responsible for determining the maximum allowable severance pay
accumulation. 
 (c) The calculation of the Participant’s pension benefit from the RS Plan shall include amounts paid from the RS Plan
in cash to the Participant or his Beneficiary, amounts transferred to an individual retirement account or annuity for the benefit of the Participant or Beneficiary, and transferred to the Participant’s account in the ODEC and VMDAEC 401(k)
Plan. 
 (d) If the Cooperative has any stock which is publicly traded on an established securities market or otherwise, then distributions
to a key employee (as defined in Section 416(i) of the Code without regard to paragraph (5) thereof) shall not be made before the date that is six months after the date of separation of service (or, if earlier, the date of death). 

4. Timing of Payment. 

(a) The Severance Pay PRP benefit accrued prior to January 1, 2005, and payable to the Participant shall be governed by and payable
pursuant to the terms of the Severance Pay PRP in effect on December 31, 2004. Severance Pay amounts accrued between January 1, 2005 and July 1, 2006, the date Severance Pay PRP participation and benefit accruals were frozen, shall be
paid in 24 monthly installments pursuant to the terms of the Severance Pay PRP as amended and restated effective July 1, 2006 to comply with Section 409A of the Code (the “2006 Severance Pay PRP”). All payments will begin no later
than 60 days following the Participant’s separation from service with the Cooperative. For this purpose, a separation from service shall have the meaning set forth in Section 409A(a)(2)(A)(i) of the Code. All Severance Pay benefits will be
fully distributed to the Participant no later than the 24th month following the month of the Participant’s separation from service. 

(b) The Cooperative shall make arrangements to satisfy any federal, state or local income tax withholding requirements, employment taxes, or
other requirements applicable to the granting, crediting, vesting, or payment of benefits under the Severance Pay PRP. There shall be deducted from any payment under the Severance Pay PRP or any other compensation payable to the Participant all
taxes which are required to be withheld by the Cooperative in respect to such payment or the Severance Pay PRP. Determining withholding and payment of taxes shall be the responsibility of the Cooperative and not NRECA. 

  
 2 

 5. Form of Payment. 

(a) The Cooperative elected in the 2006 Severance Pay PRP that the form of payment for the portion of the Severance Pay Benefit accruing after
December 31, 2004 shall be paid in equal monthly payments with the last payment made within 24 months of the Participant’s termination of employment. Such election shall not be modified and must remain in full force and effect. 

(b) Notwithstanding the provisions of the 2006 Severance Pay PRP regarding the manner in which benefits earned after 2004 shall be paid, the
terms of the Severance Pay PRP in effect on December 31, 2004 will govern the payment of Severance Pay benefits earned before January 1, 2005. 

6. Severance Pay Plan. This Plan is adopted by the Cooperative with the intention that the Severance Pay PRP is a bona
fide severance pay plan as provided in Section 457(e)(11) of the Code. In the event that the Secretary of the Treasury issue any regulations that render this Plan not to be a bona fide severance pay plan as provided in
Section 457(e)(11) of the Code and benefits under the Plan become includable in the income of the Participants, then no Participant shall accrue any additional benefits under the Severance Pay PRP after the date such Treasury Regulations shall
affect whether the Severance Pay PRP is a bona fide severance pay plan. 
 7. Plan to Comply with Code
Section 409A. Notwithstanding any provision to the contrary in this Severance Pay PRP, each provision in this Severance Pay PRP shall be interpreted to permit the deferral of compensation in accordance with Section 409A of the Code
and any provision that would conflict with such requirements shall not be valid or enforceable. 
 8. Termination and
Amendment. The Board of Directors of the Cooperative may amend any or all provisions of this Plan at any time by written instrument identified as an amendment effective as of a specified date. The Severance Pay PRP may be terminated in whole
or in part at any time by action of the Board. However, no such termination or amendment shall reduce any benefit accrued by a Participant in this Plan prior to the effective date of the termination or amendment. Notwithstanding the foregoing, in
the event of the death of the Participant the amount of the vested benefit under the Severance Pay Plan shall be determined using the same methodology as applied to the calculation of the death benefit from the RS Plan. 

9. Frozen Benefit. The 2006 Severance Pay PRP included the provisions that, on and after July 1, 2006, no new Participants
shall become eligible to participate in the Severance Pay PRP, and no benefits shall accrue under the Severance Pay PRP. The freeze of participation and benefit accrual continues under this 2015 amendment and restatement of the Severance Pay PRP.

  
 3 

 10. Assets of the Severance Pay PRP and Benefit Payments. The benefits under this
Severance Pay PRP shall be payable from the general assets of the Cooperative. The Cooperative may elect to place assets in a grantor trust to provide itself with a source of funds to meet its liabilities under the Severance Pay PRP, provided that
the assets of such trust remain subject to the general creditors of the Cooperative. No part of the Participant’s benefit shall be liable for the debts, contracts, or engagements of any Participant, nor shall a Participant’s benefit be
subject to execution, levy, attachment, or garnishment. No Participant (or his or her successor or assigns) shall have any right to alienate, anticipate, sell, transfer, encumber, or assign any benefits or payments hereunder in any manner
whatsoever. 
 11. General Administrative Powers and Duties. 

(a) General administration of the Severance Pay PRP shall be placed in the Board. The Board shall have the power to take all actions required
to carry out the provisions of the Severance Pay PRP and shall further have the following powers and duties which shall be exercised in a manner consistent with the provisions of the Severance Pay PRP: 

 

	 	(i)	To construe and interpret the provisions of the Severance Pay PRP and make rules and regulations under the Severance Pay PRP to the extent deemed advisable by the Board; 

 

	 	(ii)	To decide all questions as to eligibility to become a Participant in the Severance Pay PRP and as to the rights of Participants under the Severance Pay PRP; 

 

	 	(iii)	To file or cause to be filed all such reports and other statements as may be required by any federal or state statute, agency or authority for the Severance Pay PRP; and 

 

	 	(iv)	To do such other acts as it deems reasonably required to administer the Severance Pay PRP in accordance with its provisions or as may be provided for or required by law for the Severance Pay PRP. 

(b) Notwithstanding any provision of this Plan, NRECA is the sole authority with respect to application of any credit to the Cooperative as an
offset to the Cooperative’s RS Plan billings. NRECA may reduce or eliminate the amount of any credit if in its judgment the PRP benefit is not applicable or fully funded as a result of actions by the Cooperative, for example, an unreasonable
increase in a Participant’s compensation in years preceding the date the Participant’s substantial risk of forfeiture lapses, or if the Cooperative approves participation of an employee who does not satisfy eligibility requirements under
this Plan and federal law. This authority is limited to funding by the RS Plan and shall not be interpreted or construed as discretion with respect to this Plan. 

12. Grant of Discretion. In discharging the duties assigned to it under the Severance Pay PRP, the Board and its delegates have
the discretion and final authority to interpret and construe the terms of the Severance Pay PRP; to determine coverage and eligibility for and amount of benefits under the Severance Pay PRP; to adopt, amend, and rescind rules, regulations and
procedures pertaining to its duties under the Severance Pay PRP and the administration of 

  
 4 

 
the Severance Pay PRP; and to make all other determinations deemed necessary or advisable for the discharge of its duties or the administration of the Severance Pay PRP. The discretionary
authority of the Board and its delegates is final, absolute, conclusive and exclusive, and binds all parties so long as exercised in good faith. Any judicial review of any decision of the Board or its delegates shall be limited to the arbitrary and
capricious standard of review. 
 13. Claim Adjudicator. All claims for benefits under the Severance Pay PRP shall be
determined by the Cooperative, which shall be the administrator and named fiduciary of the Severance Pay PRP for purposes of Section 503 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) with respect to
adjudication of such claims for benefits under the Severance Pay PRP. 
 14. Claim Procedure. Upon the submission of a claim
for benefits under the Severance Pay PRP to the Cooperative, notice of a decision with respect to the claim shall be furnished within 90 days. If circumstances require an extension of time for processing the claim, written notice of the extension
shall be furnished by the Cooperative to the claimant prior to the expiration of the initial 90 day period. The notice of extension shall indicate the circumstances requiring the extension and the date by which the notice of the decision with
respect to the claim shall be furnished. Commencement of benefit payment shall constitute notice of approval of a claim to the extent of the amount of the approved benefit. If such claim is wholly or partially denied, such notice shall be in writing
and worded in a manner calculated to be understood by the claimant and shall set forth (a) the reason or reasons for the denial, (b) specific reference to pertinent provisions of the Severance Pay PRP on which the denial was based,
(c) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary, and (d) an explanation of the claims review procedure. If the
claimant is not notified of the decision in accordance with this Section, such claim shall be deemed denied and the claimant shall then be permitted to proceed with the claims review procedure provided below. 

15. Claims Review Procedure. 

(a) Within 90 days following receipt of notice of a claim denial, or within 90 days following close of the 90 day period referred to in
Section 14, the claimant must file an appeal of the denial of a claim in writing with the Board requesting a review of such denial. 

(b) Prior to a decision on the appeal by the Board, the claimant or the claimant’s duly authorized representative may review pertinent
documents and submit issues and comments in writing for consideration. The issues and comments submitted by a claimant or the claimant’s duly authorized representative shall supplement the administrative record on which the appeal is to be
decided and should contain all of the additional information the claimant wishes to be considered in the review. 
 (c) Within 60 days
following receipt of an appeal, the Board shall render a written decision. If circumstances require an extension of time for reviewing an appeal, written notice of the extension shall be furnished to the claimant or the claimant’s authorized
representative prior to the commencement of the extension. If an extension of time is elected, the Board shall render its decision within 120 days after receipt of the appeal. 

  
 5 

 (d) The Board’s decision on the appeal shall be in writing, worded in a manner calculated to
be understood by the claimant, and shall set forth the reason or reasons for the decision and specific reference to pertinent provisions of the Severance Pay PRP on which the decision is based. 

(e) Any action brought for judicial review of the Board’s decision may be made only after the claims review process is completed and must
commence within one year of the date on which the Board renders its final decision to the claimant in writing. 
 16. Notices.

 (a) The Cooperative shall notify NRECA in writing upon the occurrence of any of the following events: 

 

	 	(i)	The payment of any benefits to a Participant in the Severance Pay PRP, including the amount and time of the benefit payment; 

  

	 	(ii)	The adoption, amendment or termination of the Severance Pay PRP, including a copy of the signed Plan as adopted or amended and the Board resolution authorizing such action or the resolution authorizing the termination
of the Severance Pay PRP; and 

  

	 	(iii)	The request for the application of a credit to the RS Plan. 

 (b) All notices sent to NRECA
shall be mailed to: 
 Debi Strong 

Deferred Compensation Products Group 

Insurance & Financial Services Department 

National Rural Electric Cooperative Association 

4301 Wilson Boulevard 

Arlington, Virginia 22203 

17. No Right to Employment. Nothing in the Severance Pay PRP shall constitute, nor be interpreted to constitute, a promise or
representation of the employment or continued employment of any individual by the Cooperative or other entity. 
 18. No Waiver or
Estoppel. No term, condition or provision of the Severance Pay PRP shall be deemed to have been waived, and there shall be no estoppel against the enforcement of any provision of the Severance Pay PRP, except by written instrument of the
party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a
waiver of such term or condition for the future or as to any act other than that specifically waived. 

  
 6 

 19. Misstatements of Information. In the event of any misstatement of any fact
affecting benefits and eligibility for benefits, the true facts shall be used to determine eligibility and benefits. 
 20. Applicable
Law. The provisions of this Plan shall be construed according to the laws of the Commonwealth of Virginia, except as preempted by Federal law and in accordance with the Code and ERISA. 

IN WITNESS WHEREOF, the Cooperative has caused this document to be executed, to be effective as of January 1, 2015. 

 

							
					OLD DOMINION ELECTRIC COOPERATIVE
				
	Date: 12/2/2014				By:		 /s/ Jackson E. Reasor

  
 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}]]