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Exhibit 10.49

FIFTH AMENDMENT
TO THE IDAHO POWER COMPANY
EMPLOYEE SAVINGS PLAN

The Idaho Power Company Employee Savings Plan, amended and restated as of January 1, 2016 (the “Plan”) is amended to reflect certain mandatory and optional changes under the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) and the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), as well as additional discretionary changes as set forth below.  This amendment shall be effective January 1, 2020.

Mandatory RMD Changes – SECURE Act and CARES Act

1.    Section 12.4 is amended to read as follows:

“12.4    Required Minimum Distributions – Special Provisions

(a)    A Participant or Beneficiary who would have been required to receive minimum required distributions for 2009 but for the enactment of Section 401(a)(9)(H) of the Code ("2009 RMDs"), and who would have satisfied that requirement by receiving distributions that are (1) equal to the 2009 RMDs or (2) one or more payments in a series of substantially equal distributions (that include the 2009 RMDs) made at least annually and expected to last for the life (or life expectancy) of the Participant, the joint lives (or joint life expectancies) of the Participant and the Participant's designated Beneficiary, or for a period of at least 10 years ("Extended 2009 RMDs"), will not receive those distributions for 2009 unless the Participant or Beneficiary chooses to receive such distributions.  2009 RMDs and Extended 2009 RMDs will also be treated as eligible rollover distributions in 2009.

(b)    A Participant or Beneficiary who would have been required to receive minimum required distributions for 2020 but for the enactment of Section 401(a)(9)(I) of the Code ("2020 RMDs"), and who would have satisfied that requirement by receiving distributions equal to the 2020 RMDs will not receive those distributions for 2020 unless the Participant or Beneficiary chooses to receive such distributions.  Installment payments will continue to be paid as scheduled unless the Participants requests otherwise.  A direct rollover will be offered only for distributions that would be eligible rollover distributions without regard to Code Section 401(a)(9)(I).

A Participant or beneficiary whose Required Beginning Date would otherwise have been April 1, 2020, but for the enactment of Code Section 401(a)(9)(I), will receive payment of the required minimum distribution that would otherwise have been due on or before April 1, 2020, and such Participant or beneficiary will receive communications regarding his or her right to roll over the payment as provided by Code Section 401(a)(9)(I).”

2.    Section 1.1(b)(i) of Appendix A is amended to replace the reference to “age 70 1⁄2” with a reference to “age 72.”

3.    Section 1.4(e)(i) of Appendix A is amended to read as follows:

Fifth Amendment to the Idaho Power Company Employee Savings Plan                                                   Page 1
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“Non-5 percent Owners.  The Required Beginning Date of a Participant who is not a 5 percent owner is: (1) with respect to a Participant who reaches age 701⁄2 before January 1, 2020, April 1st of the calendar year following the calendar year in which the later of retirement or attainment of age 701⁄2 occurs, and (2) with respect to a Participant who reaches age 701⁄2 on or after January 1, 2020, April 1st of the calendar year following the calendar year in which the later of retirement or attainment of age 72 occurs.”

4.    Section 1.4(e)(ii) of Appendix A is amended to read as follows:

“5 percent Owners.  The Required Beginning Date of a Participant who is a 5 percent owner is:  (1) with respect to a Participant who reaches age 701⁄2 before January 1, 2020, April 1st following the calendar year in which the Participant attains age 701⁄2, and (2) with respect to a Participant who reaches age 701⁄2 on or after January 1, 2020, April 1st following the calendar year in which the Participant attains age 72.”
5.    The first paragraph of Section 1.5 of Appendix A is amended to read as follows:

“Except as otherwise provided, the requirements of this Section 1 shall apply to any distribution of a Participant's benefits and shall take precedence over any inconsistent provisions of this Plan.  All distributions required under this Section 1 shall be determined and made in accordance with Internal Revenue Code Section 401(a)(9) as amended by the SECURE Act, and Treasury Regulations under § 401(a)(9), including the minimum distribution incidental benefit requirement of § 1.401(a)(9)-2 of said Regulations, and those Regulations govern to the extent a conflict exists.”

Mandatory Loan Provision – SECURE Act

6.    A new Section 11.10 is added to read as follows:

“11.10    Credit Cards

No loans shall be made through the use of a credit card or any other similar arrangement.”

Continuation of Loan Payments After Termination

7.    Section 11.4 is amended to read as follows:

“Upon termination of employment, a Participant must continue to make monthly payments directly to the Trustee when due.  If a Participant takes a distribution of the Participant’s Account balance before repaying the Participant’s loan, the distribution will consist first of the unpaid loan balance and then of any remaining cash balance in the Participant’s Account.  For any amounts actually distributed in cash the Participant will continue to have the ability to request a distribution in the form of IDACORP, Inc. stock.  If a Participant fails to make a payment and the failure continues for thirty (30) days, the loan default procedure in Section 11.3 will apply.”

Small Account Sweep Timing

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8.    Section 7.2.2 is amended to read as follows:

“Notwithstanding any other provision of this Article, but subject to the requirements of Section 12.2, if the value of a Participant’s vested interest in his or her Accounts determined according to Section 7.7 does not exceed $5,000, his or her vested interest in his or her Accounts shall be distributed in a lump sum as soon as administratively feasible.  Determination of the value of a Participant’s vested interest in his or her Accounts for purposes of this Section 7.2.2 shall be made first on or about the time a distribution event described in Section 7.1 occurs, and periodically as determined by the Plan Administrator thereafter.  If the Participant does not otherwise elect to receive such lump sum distribution in cash (or in kind pursuant to Section 7.2.1, if applicable) or as a direct rollover pursuant to Section 7.11, then the distribution to such Participant of the full value of the Accounts will be made in the form of a rollover to an individual retirement account (IRA) chosen by the Administrator as soon as practicable after the distribution event.”

9.    Section 7.5.1 is amended to read as follows:

“So long as a Participant’s Account balance exceeds $5,000, distribution of the vested Account balance will not be made or commenced (subject to Section 12.4) unless he or she elects to receive such distribution.  Subject to Section 12.2, a Participant can request a distribution at any time after termination of employment with the Controlled Group or becoming Disabled, and such distribution will be made as soon as administratively feasible after such request is received by the Administrator, subject to such further notices and elections which may be required under the terms of the Plan.  If a Participant’s Account balance is $5,000 or less, it will be distributed to him or her pursuant to Section 7.2.2.”

Coronavirus Related Distributions

10.  A new Section 7.17 is added to read as follows:

“7.17  Coronavirus Related Distributions

A Participant who is an Eligible CRD Participant, as defined below, is eligible to take a coronavirus related distribution (“CRD”).  “Eligible CRD Participant” shall mean a Participant:  (i)    who is diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (“COVID-19”) by a test approved by the Centers for Disease Control and Prevention (including a test authorized under the Federal Food, Drug, and Cosmetic Act), (ii)    whose spouse or dependent (as defined in Section 152 of the Code) is diagnosed COVID-19 by such approved test, or (iii)    who experiences adverse financial consequences as result of being quarantined, being furloughed or laid off or having work hours reduced due to COVID-19, being unable to work due to lack of child care due COVID-19, closing or reducing hours of a business owned or operated by the individual due to COVID-19, or other factors as determined by the Secretary of the Treasury (or the Secretary’s delegate).  Other factors determined by the Secretary include (if and until the Secretary revokes such other factors):  (i) the Participant having a reduction in pay (or self-employment income) due to COVID-19 or having a job offer rescinded or start date for a job delayed due to COVID-19, (ii) the 

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Participant’s spouse or a member of the Participant’s household (as defined below) being quarantined, being furloughed or laid off, or having work hours reduced due to COVID-19, being unable to work due to lack of child care due to COVID-19, having a reduction in pay (or self-employment income) due to COVID-19, or having a job offer rescinded or start date for a job delayed due to COVID-19; or (iii) closing or reducing hours of a business owned or operated by the Participant’s spouse or a member of the individual’s household due to COVID-19.  A member of the Participant’s household means someone who shares the Participant’s principal residence.

A Participant shall certify that he or she is an Eligible CRD Participant when he or she requests a CRD (or requests that a distribution be treated as a CRD), and the Administrator may rely on such Participant’s certification.

CRD means a distribution or distributions from the Plan (and other eligible retirement plans of the Employer and/or Controlled Group) made on or after January 1, 2020 and before December 31, 2020, which in the aggregate do not exceed $100,000.  CRDs shall be taken pro rata from the Participant’s vested Accounts.

Eligible CRD Participants who receive a CRD may at any time during the three-year period beginning on the day after the date the CRD was received, make a contribution or contributions in an aggregate amount not to exceed the amount of the CRD so long as such Participant is eligible to make rollover contributions at the time such repayment contribution is made.  Participants who receive a coronavirus related distribution from an eligible retirement plan (as defined in Section 402(c)(8)(E) of the Code) other than the Plan may at any time during the three-year period beginning on the day after the date the distribution was received, make a contribution or contributions to the Plan in an aggregate amount not to exceed the amount of the distribution, so long as such Participant is eligible to make rollover contributions at the time such repayment contribution is made.  All repayment contributions shall be subject to administrative procedures and guidelines approved by the Administrator.

Notwithstanding anything to the contrary in this Plan, CRDs shall meet the requirements of, and be treated and interpreted in accordance with, Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act, and any regulations or guidance issued thereunder.”

IN WITNESS WHEREOF, the Employer has executed this Amendment this 21 day of December, 2020.

IDAHO POWER COMPANY
Employer

By:/s/ Sarah E. Griffin
                                Sarah Griffin
Its:      VP, Human Resources
00063.0107.13103053.1a101consultingagreementw

   1  56137244;8  CONSULTING AGREEMENT  THIS CONSULTING AGREEMENT ("Consulting Agreement"), effective as of April  01, 2021, is entered into by and between Amerant Bank, N.A., a national banking association (the  "Bank"), and Millar Wilson, an individual who is a resident of the State of Florida ("Consultant").   BACKGROUND  A. In addition to his current role as Director, the Bank wishes to retain Consultant and  to avail itself of the services of Consultant on the terms set forth herein; and  B. Consultant wishes to be so retained under the terms set forth herein.    NOW, THEREFORE, in consideration of the promises, mutual covenants, and the  agreements set forth herein, and for other good and valuable consideration, the receipt and  sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, hereby  agree as follows:  AGREEMENT  1. NATURE OF ENGAGEMENT.  The Bank hereby engages Consultant as an  independent contractor, and Consultant hereby accepts such engagement. Consultant and the Bank  agree and understand that the relationship of Consultant to the Bank shall at all times be that of an  independent contractor. No employment, agency, partnership or joint venture relationship is  created by this Consulting Agreement. Consultant understands that absent express approval of the  Bank’s Board of Directors or Executive Management Committee, Consultant shall not have the  right to enter into any contract or incur any obligation, debt or other liability on behalf of or in the  name of the Bank or any of its affiliates. Consultant represents and warrants to Bank that there is  no legal impediment to Consultant entering into this Consulting Agreement, and neither entering  into this Consulting Agreement nor performing the services contemplated hereby will violate any  other agreement to which Consultant is a party.  2. SERVICES.  It is contemplated that Consultant will, upon specific request from the  office of the Bank's Chief Executive Officer, provide the Bank and any of its affiliates with support  in connection with ongoing transactions or processes and guidance and advice on corporate and/or  business strategy matters.  Consultant shall render such services as are outlined by the Bank and  agreed to by Consultant on a project-by-project basis, establishing among other terms, the scope  of any specific assignment.  Unless the nature of the assignment would require the presence of  Consultant, Consultant may provide such services remotely at its sole option. Consultant shall  provide such services on an as-needed basis with no designated minimum number of hours per  week or per month.  3. POLICIES AND PROCEDURES.  Consultant agrees that in performing the services  contemplated hereby, he shall be subject to and shall comply with the applicable policies and  procedures of the Bank, as established and as modified, added to or eliminated from time to time  at the sole discretion of the Bank. Consultant further agrees and acknowledges that any written or  

 

   2  56137244;8  oral policies and procedures of the Bank do not constitute contracts between the Bank and  Consultant.   4. COMPENSATION.  (a) Compensation.  For Consultant's availability to perform services under this  Consulting Agreement and for providing such services up to twenty hours per month, the Bank  shall pay Consultant the monthly fee set forth on Exhibit "A" attached hereto. For any hours of  service in excess of twenty hours per month, Consultant shall be paid the hourly rate set forth on  Exhibit "A."  (b) Payment Terms.  The compensation will be paid to Consultant monthly  after submittal of a billing statement at the end of each month, including a reference to the monthly  fee on Exhibit "A" and additional fees accrued as set forth in Section 4(a), if any, as well as  expenses to be reimbursed by the Bank as set forth below.  (c) Expense Reimbursement.  Consultant shall provide a detailed accounting  of all reimbursable expenses incurred in relation to services performed under this Consulting  Agreement in accordance with the Bank's policies.  The Bank shall reimburse all reimbursable  expenses in accordance with the Bank's policies and procedures for such reimbursements.  (d) Taxes.  Consultant acknowledges and agrees that: (i) Consultant is solely  and exclusively responsible for the payment of all federal, state and local taxes, whether income,  sales, excise or otherwise, imposed on the compensation provided for in Section 4(a) above  (collectively, "Taxes"); (ii) the Bank is not required to withhold or pay over any Taxes on behalf  of Consultant; and (iii) Consultant will indemnify and hold harmless the Bank from and against  any liability, together with any and all attorneys' fees and costs that the Bank may incur by reason  of any of the following: (a) Consultant's failure to properly and timely report all such compensation  and pay all Taxes due with respect to such compensation; (b) the Bank's being required to pay  Taxes with respect to Consultant; or (c) the Bank's need to defend or prosecute the independent  contractor status of the Bank's relationship with Consultant.  5. TERM OF THE CONSULTING AGREEMENT.  The term of this Consulting Agreement  shall commence on April 1, 2021 and shall continue through December 31, 2021, unless extended  by mutual agreement in writing or terminated earlier by Consultant with not less than 30 days prior  written notice.  6. NO IMPACT ON OTHER AGREEMENTS.  Nothing in this Consulting Agreement  shall be deemed to relieve Consultant of any continuing obligations under the Employment  Agreement entered into as of March 20, 2019 between Consultant and the Bank (which agreement  terminated as of March 31, 2021) (the "Employment Agreement"), including but not limited to the  obligations set forth in Sections 6 through 8 thereof.  Further, Consultant's previously-awarded  unvested restricted stock pursuant to his prior employment with the Bank shall remain active and  shall continue to vest as scheduled so long as this Consulting Agreement remains active on each  Vesting Date, as such term is defined in the corresponding Restricted Stock Agreement.  7. CONFIDENTIALITY.  Consultant hereby acknowledges and agrees that during the  term of this Consulting Agreement, Consultant may be provided with access to trade secrets and  

 

   3  56137244;8  confidential information of the Bank and its affiliates. Consultant agrees to keep in strict  confidence, and not to, directly or indirectly, at any time during or following termination of this  Consulting Agreement, disclose, furnish, disseminate, make available or, except in the course of  performing the contemplated services, use any trade secrets or confidential information of the  Bank or its affiliates or their customers, vendors, joint venturers, and third parties with whom they  do business, without limitation as to when or how Consultant may have acquired such information.  Such confidential information (hereinafter "Confidential Information") shall include, without  limitation, the Bank's or its affiliates' trade secrets, unique selling, origination and servicing  methods and business techniques; training, service and business manuals; promotional materials,  and other training and instructional materials; vendor and product information; customer and  prospective customer lists, other customer and prospective customer information; and other  business information. Consultant specifically acknowledges that all such Confidential  Information, whether reduced to writing, maintained on any form of electronic media, or  maintained in Consultant's mind or memory and whether compiled by the Bank or its affiliates,  and/or Consultant, derives independent economic value from not being readily known to or  ascertainable by proper means by others who can obtain economic value from its disclosure or use,  that reasonable efforts have been made by the Bank or its affiliates to maintain the secrecy of such  information, that such information is the sole property of the Bank or its respective affiliates and  that any retention and use of such information by Consultant during the term of this Consulting  Agreement (except in the course of performing the contemplated services) or following the  termination of this Consulting Agreement shall constitute a misappropriation of the Bank's or its  affiliates' trade secrets.  Upon termination of this Consulting Agreement, Consultant shall promptly return all  materials reflecting Confidential Information to the Bank, regardless of the form in which such  materials are maintained and including any information stored on Consultant's personal computer.  Further, upon termination of this Consulting Agreement, Consultant shall not retain any copies of  such materials and shall immediately delete from Consultant's computer all information in any  way pertaining to the Bank or its affiliates.  Nothing in this Consulting Agreement prohibits Consultant from, without prior notice to  the Bank, filing a charge or complaint with, communicating with, or participating in any  investigation or proceeding conducted by, any federal, state, or local government agency  (including, but not limited to, the Securities Exchange Commission) or otherwise reporting  possible violations of any law, rule, or regulation to any government agency charged with  enforcement of such law, rule, or regulation.  9. MISCELLANEOUS.  (a) No Fringe Benefits. During the term of this Consulting Agreement,  Consultant will not be eligible to participate in any benefit plans or programs maintained by the  Bank for the benefit of its employees. For the avoidance of doubt, this Consulting Agreement shall  not prohibit Consultant from receiving awards from the Bank pursuant to other written agreements  or relationships Consultant may have with the Bank, including but not limited to awards and other  payments made to Consultant in his role as Director of the Bank or any of its affiliates.  

 

   4  56137244;8  (b) Technology.  Consultant shall utilize his own personal computer in  performing the services contemplated under this Consulting Agreement.  Reasonable access to the  Bank's network will be granted to Consultant, as needed, for the purposes of gathering data for the  performance of the services contemplated under this Consulting Agreement.  (c) Control.  The parties agree that the Bank shall have no control over the  details or the manner in which Consultant performs the services contemplated hereunder. The  parties acknowledge that Consultant possesses professional skills and expertise not possessed by  the Bank.  (d) Service to Others. Consultant is an independent consultant who may  provide consulting services to the general public. Except as provided herein or in the Employment  Agreement, nothing in this Consulting Agreement shall be construed as limiting his right to do so.  (e) Entire Agreement.  This Consulting Agreement between the parties sets  forth the entire agreement and understanding of the parties hereto with regard to the engagement  of Consultant by the Bank and supersedes any and all prior agreements, arrangements and  understandings, written or oral, pertaining to the subject matter hereof, except as set forth herein.   For clarity, this Consulting Agreement does not supersede the Employment Agreement or any of  the Restricted Stock Agreements to which Consultant and the Bank are parties.  (f) Severability.  In the event that any provision of this Consulting Agreement  is held to be invalid, illegal, prohibited or unenforceable by any court or other authority of  competent jurisdiction, such provision shall be ineffective only to the extent of such prohibition,  illegality, or invalidity, without invalidating or affecting in any manner the remainder of such  provision or the remaining terms or provisions of this Consulting Agreement.    (g) Governing Law; Enforcement; Waiver of Jury Trial; Prevailing Party  Fees.  This Consulting Agreement and all disputes relating to this Consulting Agreement shall be  governed in all respects by the laws of the State of Florida as such laws are applied to agreements  entered into and performed entirely in Florida.  The parties agree that jurisdiction for any disputes  related to this Consulting Agreement lies solely in the state and federal courts of Florida, and that  venue for any litigation related to this Consulting Agreement lies solely in Miami Dade County,  Florida. FURTHER, IF LITIGATION IS BROUGHT TO ENFORCE THIS CONSULTING  AGREEMENT OR OTHERWISE ARISING OUT OF THE RELATIONSHIP OF THE  PARTIES, THE PARTIES KNOWINGLY AND INTENTIONALLY WAIVE THE RIGHT ANY  OF THEM HAS TO A TRIAL BY JURY.  And, in any action or suit to enforce any right or remedy  under this Consulting Agreement or to interpret any provision of this Consulting Agreement, the  prevailing party shall be entitled to recover its costs, including reasonable attorneys’ fees, at all  levels.  (h) Counterparts.  This Consulting Agreement may be executed by electronic  means and in counterparts, each of which will be considered an original, but all of which together  will constitute the same instrument.  (i) No Assignment or Delegation.  Consultant shall neither assign, attempt to  assign, delegate or attempt to delegate this Consulting Agreement or any right or obligation  

 

   5  56137244;8  hereunder unless written consent is first procured from the Bank. Any assignment or delegation of  duties in violation of this provision shall be null and void.  (j) No Modification.  No term, provision or condition hereof shall be held to  be altered, amended, waived, modified or changed in any respect unless such is effected in writing  executed by the Bank and Consultant.  (k) No Waiver.  Failure of either party at any time to require performance by  the other of any provision hereof shall in no way affect the full right to require such performance  at any time thereafter, nor shall the waiver by either party of a breach of any of the provisions  hereof constitute a waiver of any succeeding breach of the same or of any other provision itself.    IN WITNESS WHEREOF, the parties have each duly executed this Consulting Agreement as  of the day and year first above written.  BANK:  AMERANT BANK, N.A.      /s/ Ivan E. Trujillo       By: Ivan E. Trujillo   Title: EVP Chief Legal Officer and Corporate  Secretary       CONSULTANT:      /s/ Millar Wilson       Millar Wilson    [Address]    

 

   Exhibit A - 1  56137244;8  EXHIBIT A    COMPENSATION      - Monthly fee =  $7,500 per month for up to twenty hours of services per month.    - Hourly rate for each hour of service in excess of twenty hours per month = $375.

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