Document:

Performance Share Unit Award Agreement

    
      

    

    Exhibit
      10.4

     

    Performance
      Share Unit 

                Award
      Agreement

     

    Ameren
      Corporation 

     

    2006
      Omnibus Incentive Compensation Plan

     

    ____________
      2006

     

     

     

     

     

     

    
 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      Ameren
        Corporation

      Performance
        Share Unit Award Agreement

       

      THIS
        AGREEMENT, effective ____________, 2006, represents the grant of Performance
        Share Units by Ameren Corporation (the “Company”), to the Participant named
        below, pursuant to the provisions of the Ameren Corporation 2006 Omnibus
        Incentive Compensation Plan (the “Plan”). This Award is expressly conditioned on
        shareholder approval of the Plan, and this Award shall be forfeited if
        shareholders do not approve the Plan. The number of Shares ultimately earned
        and
        paid, if any, for such Performance Share Units will be determined pursuant
        to
        Section 3 of this Agreement.

       

      The
        Plan
        provides a complete description of the terms and conditions governing the
        Performance Share Units. If there is any inconsistency between the terms
        of this
        Agreement and the terms of the Plan, the Plan’s terms will completely supersede
        and replace the conflicting terms of this Agreement. All capitalized terms
        will
        have the meanings ascribed to them in the Plan, unless specifically set forth
        otherwise herein. The parties hereto agree as follows:

       

      1.       
        Grant
        Information.
        The
        individual named below has been selected to be a Participant in the Plan,
        as
        specified below:

       

                 
        (a) Participant:
        _________________

       

                 
        (b) Target
        Number of Performance Share Units:
        _____ 

       

      2.       
        Performance
        Period.
        The
        performance period begins on January 1, 2006, and ends on December 31, 2008
        (“Performance Period”).

       

          3.       
        Performance
        Grid.
        The
        number of Performance Share Units earned by the Participant under this Agreement
        will be determined in accordance with the following grid. If the actual
        performance results fall between two of the categories listed below,
        straight-line interpolation will be used to determine the amount earned.
        Payouts
        that otherwise would have been more than 100% of Target will be capped at
        Target
        if the Company’s total shareholder return (“TSR”) is negative over the
        three-year period. TSR shall be calculated in the manner set forth in Exhibit
        1
        hereto and compared to the peer group identified in Exhibit
        1.

    

     

      
        

      

    

    
      	
               

              Ameren’s
                Percentile in

              Total
                Shareholder Return vs. Utility Peers 

              During
                the Performance Period

               

            	
               

              Payout—Percent
                of Target 

              Performance
                Share Units 

              Granted

               

            
	
              90th
                percentile +

            	
              200%

            
	
              70th
                percentile

            	
              150%

            
	
              50th
                percentile

            	
              100%

            
	
              30th
                percentile

            	
              50%

            
	
              <30th
                percentile but Earnings Per Share in each year of the Performance
                Period
                is $2.54 or greater

            	
              30%

            
	
              <30th
                percentile and Earnings Per Share in each year of the Performance
                Period
                is not $2.54 or greater

            	
              0%
                (no payout)

            

    

     

     

     

    
      
        
        

      

      
         

        
          

        

      

       

      

        4.       
          Calculation
          of Earned Performance Share Units.
          The
          Committee, in its sole discretion, will determine the number of Performance
          Share Units earned by the Participant at the end of the Performance Period
          based
          on the performance of the Company, calculated using the performance grid
          set
          forth in Section 3 of this Agreement. 

         

        5.       
          Vesting
          of Performance Share Units.
          Subject
          to provisions set forth in Section 9 of this Agreement related to a Change
          of
          Control (as defined in the Amended and Restated Ameren Corporation Change
          of
          Control Severance Plan (“the Change of Control Severance Plan”)) of the Company
          and Section 10 relating to termination for Cause (as defined in the Change
          of
          Control Severance Plan), the Performance Share Units will vest as set forth
          below: 

         

        
          	 	
                  (a)
                    

                	
                  Provided
                    the Participant has continued employment through such date, one
                    hundred
                    percent (100%) of the earned Performance Share Units will vest
                    on December
                    31, 2008; or

                

        

         

        
          	 	
                  (b)

                	
                  Provided
                    the Participant has continued employment through the date of
                    his death and
                    such death occurs prior to December 31, 2008, the Participant
                    will be
                    entitled to a prorated award based on the Target Number of Performance
                    Share Units set forth in Section 1(b) of this Agreement plus
                    accrued
                    dividends, with such prorated number equal to the total number
                    of days the
                    Participant worked during the Performance Period;
                    or

                

        

         

        
          	 	
                  (c)

                	
                  Provided
                    the Participant has continued employment through the date of
                    his
                    Disability (as defined in Code Section 409A), and such Disability
                    occurs
                    prior to December 31, 2008, one hundred percent (100%) of the
                    Performance
                    Share Units he would have earned had he remained employed by
                    the Company
                    for the entire Performance Period will vest on December 31, 2008;
                    or

                

        

         

        
          	 	
                  (d)

                	
                  Provided
                    the Participant has continued employment through the date of
                    retirement
                    (as described below) and such retirement occurs before December
                    31, 2008,
                    the following vesting schedule shall be applicable to the Performance
                    Share Units:

                

        

         

        
          	 	
                  (i)

                	
                  If
                    the Participant retires at an age of 55 to 61 with five (5) years
                    of
                    service— the Participant is entitled to receive a prorated portion of
                    the
                    Performance Share Units that would have been earned had the Participant
                    remained employed by the Company for the entire Performance Period,
                    based
                    on the actual performance of the Company during the entire Performance
                    Period, with the prorated number equal to the total number of
                    days the
                    Participant worked during the Performance Period;
                    or

                

        

         

        
          	 	
                  (ii)

                	
                  If
                    the Participant retires after reaching age 62 with five (5) years
                    of
                    service— the Participant is entitled to receive one hundred percent (100%)
                    of the Performance Share Units that would have been earned had
                    the
                    Participant remained employed by the Company for the entire Performance
                    Period based on the actual performance of the Company during
                    the entire
                    Performance Period.

                

        

         

        Termination
          of employment during the Performance Period for any reason other than death,
          Disability, retirement as described above, or on or after a Change of Control
          in
          accordance with Section 9 will require forfeiture of this entire award,
          with no
          payment to the Participant. 

         

         

        
          
             

          

          
            2

            
              

            

          

          
             

          

        

         

         

        6.       
          Form
          and Timing of Payment.
          All
          payments of vested Performance Share Units pursuant to this Agreement will
          be
          made in the form of Shares. Except as otherwise provided in this Agreement,
          payment will be made upon the earliest to occur of the following:

         

        
          	 	
                  (a)

                	
                  January
                    1, 2011 or as soon as practicable thereafter;

                

        

         

        
          	 	
                  (b)

                	
                  The
                    Participant’s death; 

                

        

         

        
          	 	
                  (c)

                	
                  Disability:

                

        

         

        
          	 	
                  (i)

                	
                  If
                    the Participant becomes disabled during the Performance Period,
                    January 1,
                    2009 or as soon as practicable
                    thereafter.

                

        

         

        
          	 	
                  (ii)

                	
                  If
                    the Participant becomes disabled after the Performance Period,
                    upon the
                    Participant’s Disability.

                

        

         

        
          	 	
                  (d)

                	
                  Retirement
                    as described in Section 5(d): 

                

        

         

        
          	 	
                  (i)

                	
                  If
                    the Participant retires during the Performance Period, January
                    1, 2009 or
                    as soon as practicable thereafter.

                

        

         

        
          	 	
                  (ii)

                	
                  If
                    the Participant retires after the Performance Period, upon the
                    Participant’s retirement.

                

        

         

        
          	 	 	
                  If,
                    however, the Participant is a “Key Employee” (as defined in Code Section
                    409A) on the date of his retirement distribution of the Shares
                    shall be
                    made no earlier than the date six (6) months following the date
                    of the
                    Participant’s retirement. Notwithstanding the foregoing, if the final
                    regulations to Code Section 409A prevent Participants who retire
                    from
                    receiving payment of their Shares as set forth above in 6(d),
                    the
                    Participant shall receive such payment as set forth in Section
                    6(a)(b) or
                    (c), as applicable.

                

        

         

        7.        
          Right
          as Shareholder.
          Except
          as specifically set forth in this Agreement, the Participant shall not
          have
          voting or any other rights as a shareholder of the Company with respect
          to
          Performance Share Units. The Participant will obtain full voting and other
          rights as a shareholder of the Company upon the payment of the Performance
          Share
          Units in Shares as provided in Section 6 or 9. 

         

        8.        
          Dividends.
          The
          Participant shall be entitled to receive dividend equivalents, which represent
          the right to receive cash payments or Shares measured by the dividend payable
          with respect to the corresponding number of Performance Share Units. Dividend
          equivalents on Performance Share Units will accrue and be reinvested into
          additional Performance Share Units throughout the three-year Performance
          Period.
          The additional Shares will be paid as set forth in Section 6 or 9 of this
          Agreement. During the two-year period following the Performance Period,
          dividend
          equivalents will be paid on earned Performance Share Units on a current
          basis.
          The dividend equivalents will be paid to the Participant at the end of
          each
          calendar quarter with such payment equal to any dividend declared by the
          Company
          during such calendar quarter, multiplied by the number of earned Performance
          Share Units held by the Participant pursuant to this Agreement.

         

        

        
          
             

          

          
            3

            
              

            

          

          
             

          

        

         

           9.       
          Change
          of
          Control.

        

              (a)      
            Company
            No Longer Exists.
            Upon a
            Change of Control which occurs on or before December 31, 2008 in which
            the
            Company ceases to exist or is no longer publicly traded on the New York
            Stock
            Exchange or the NASDAQ Stock Market, the Target Number of Performance
            Share
            Units awarded as set forth in Section 1(b) of this Agreement plus the
            accrued
            dividends shall be converted to nonqualified deferred compensation with
            the
            following features:

        

         

        
          
            	
                        (i)

                     

                  	
                    The
                      initial amount of the nonqualified deferred compensation shall
                      equal the
                      value of one Share based on the closing price on the New York
                      Stock
                      Exchange on the last trading day prior to the date of the Change
                      of
                      Control multiplied by the sum of the Target Number of Performance
                      Share
                      Units awarded as set forth in section 1(b) of this Agreement
                      plus the
                      additional Performance Share Units attributable to accrued
                      dividends;
                      

                     

                  
	
                        (ii)

                     

                  	
                    Interest
                      on the nonqualified deferred compensation shall accrue based
                      on the prime
                      rate (adjusted on the first day of each calendar quarter) as
                      published in
                      the “Money Rates” section in the Wall
                      Street Journal from
                      the date of the Change of Control until such nonqualified deferred
                      compensation is distributed or forfeited;

                     

                  
	
                        (iii)

                     

                  	
                    If
                      the Participant remains employed with the Company or its successor
                      until
                      the last day of the Performance Period, the nonqualified deferred
                      compensation, plus interest, shall be paid to the Participant
                      in an
                      immediate lump sum on the last day of the Performance Period;

                     

                  
	
                        (iv)

                     

                  	
                    If
                      the Participant remains employed with the Company or its successor
                      until
                      his death or Disability which occurs before the last day of
                      the
                      Performance Period, the Participant (or his estate or designated
                      beneficiary) shall immediately receive the nonqualified deferred
                      compensation, plus interest,
                      upon such death or Disability;

                     

                  
	
                        (v)

                     

                  	
                    If
                      the Participant has a qualifying termination (as defined in
                      Section 9(c))
                      before the last day of the Performance Period, the Participant
                      shall
                      immediately receive the nonqualified deferred compensation,
                      plus interest,
                      upon such termination; provided that such distribution shall
                      be deferred
                      until the date which is six months following the Participant’s termination
                      of employment to the extent required by Code Section 409A;
                      and

                     

                  
	
                        (vi)

                     

                  	
                    In
                      the event the Participant terminates employment before the
                      end of the
                      Performance Period for any reason other than described in Sections
                      (iv) or
                      (v) above, the nonqualified deferred compensation, plus interest,
                      will
                      immediately be forfeited.

                     

                  

        

        Upon
          such
          a Change of Control that occurs after December 31, 2008, the Participant
          will
          receive an immediate distribution of cash equal to the value of one Share
          based
          on the closing price on the New York Stock Exchange on the last trading
          day
          prior to the date of the Change of Control multiplied by the earned Performance
          Share Units. 

         

        (b)      
          Company
          Continues to Exist.
          If
          there is a Change of Control of the Company but the Company continues in
          existence and remains a publicly traded company on the New York Stock

         

         

         

        
          
             

          

          
            4

            
              

            

          

          
             

          

           

           

          Exchange
            or the NASDAQ Stock Market, the Performance Share Units will pay out
            upon the
            earliest to occur of the following: 

        

         

        (i)  
As
          set
          forth in Section 6 (“Form and Timing of Payments”) of this Agreement; or

         

        (ii)  
If
          the
          Participant experiences a qualifying termination (as defined in Section
          9(c))
          during the two-year period following the Change of Control and the termination
          occurs prior to January 1, 2009, one hundred percent (100%) of the Performance
          Share Units he would have earned had he remained employed for the entire
          Performance Period will vest on December 31, 2008 and the vested Performance
          Share Units will be paid in Shares on January 1, 2009 or as soon as practicable
          thereafter. If the Participant experiences a qualifying termination during
          the
          two-year period following the Change of Control but the termination occurs
          after
          December 31, 2008, the Participant will receive an immediate distribution
          of the
          earned Shares. Notwithstanding the foregoing, to the extent required by
          Code
          Section 409A, distribution of the Shares shall be made no earlier than
          the date
          six (6) months following the date of the Participant’s termination of
          employment.

         

        (c)      
          Qualifying
          Termination.
          For
          purposes of Sections 9(a)(v) and 9(b)(ii), a qualifying termination means
          (i) an
          involuntary termination without Cause, (ii) for Change of Control Severance
          Plan
          participants, a voluntary termination of employment for Good Reason (as
          defined
          in the Change of Control Severance Plan) or (iii) a voluntary termination
          that
          qualifies for severance under the Ameren Corporation Severance Plan for
          Management Employees (as in effect immediately prior to the Change of Control).
          

         

        (d)      
          Termination
          in Anticipation of Change of Control.
          If a
          Participant qualifies for benefits as provided in the last sentence of
          Section
          4.1 of the Change of Control Severance Plan, or if a Participant is not
          a
          Participant in the Change of Control Severance Plan but is terminated within
          six
          (6) months prior to the Change of Control and qualifies for severance benefits
          under the Company’s general severance plan and the Participant’s termination of
          employment occurs before December 31, 2008, then the Participant shall
          receive (i) upon a Change of Control described in Section 9(a), an immediate
          cash payout equal to the value of one Share based on the closing price
          on the
          New York Stock Exchange on the last trading day prior to the date of the
          Change
          of Control multiplied by the sum of the Target Number of Performance Share
          Units
          awarded as set forth in Section 1(b) of this Agreement plus the additional
          Performance Share Units attributable to accrued dividends or (ii) upon
          a Change
          of Control described in Section 9(b), the payout provided for in Section
          9(b).

         

        10.       
          Termination
          for Cause. Termination
          of employment for Cause at any time prior to payout of the Shares will
          require
          forfeiture of the entire Performance Share Unit Award, with no distribution
          of
          any Shares to the Participant. 

         

        11.       
          Nontransferability.
          Performance Share Units awarded pursuant to this Agreement may not be sold,
          transferred, pledged, assigned or otherwise alienated or hypothecated (a
          “Transfer”) other than by will or by the laws of descent and distribution,
          except as provided in the Plan. If any Transfer, whether voluntary or
          involuntary, of Performance Share Units is made, or if any attachment,
          execution, garnishment, or lien will be issued against or placed upon the
          Performance Share Units, the Participant’s right to such Performance Share Units
          will be immediately forfeited to the Company, and this Agreement will
          lapse.

         

         

        
          
             

          

          
            5

            
              

            

          

          
             

          

        

         

        12.       
          Requirements
          of Law.
          The
          granting of Performance Share Units under the Plan will be subject to all
          applicable laws, rules, and regulations, and to such approvals by any
          governmental agencies or national securities exchanges as may be
          required.

         

        13.       
          Tax
          Withholding.
          The
          Company will have the power and the right to deduct or withhold, or require
          the
          Participant or the Participant’s beneficiary to remit to the Company, an amount
          sufficient to satisfy federal, state, and local taxes, domestic or foreign,
          required by law or regulation to be withheld with respect to any taxable
          event
          arising as a result of this Agreement.

         

        14.       
          Stock
          Withholding.
          With
          respect to withholding required upon any taxable event arising as a result
          of
          Performance Share Units granted hereunder, the Company, unless notified
          otherwise by the Participant in writing within thirty (30) days prior to
          the
          taxable event, will satisfy the tax withholding requirement by withholding
          Shares having a Fair Market Value or, in the case of dividends payable
          after
          December 31, 2008, cash equal to the total minimum statutory tax required
          to be
          withheld on the transaction. The Participant agrees to pay to the Company,
          its
          Affiliates, and/or its Subsidiaries any amount of tax that the Company,
          its
          Affiliates, and/or its Subsidiaries may be required to withhold as a result
          of
          the Participant’s participation in the Plan that cannot be satisfied by the
          means previously described. 

         

        15.       
          Administration.
          This
          Agreement and the Participant’s rights hereunder are subject to all the terms
          and conditions of the Plan, as the same may be amended from time to time,
          as
          well as to such rules and regulations as the Committee may adopt for
          administration of the Plan. It is expressly understood that the Committee
          is
          authorized to administer, construe, and make all determinations necessary
          or
          appropriate to the administration of the Plan and this Agreement, all of
          which
          will be binding upon the Participant. 

         

        16.       
          Continuation
          of Employment.
          This
          Agreement will not confer upon the Participant any right to continuation
          of
          employment by the Company, its Affiliates, and/or its Subsidiaries, nor
          will
          this Agreement interfere in any way with the Company’s, its Affiliates’, and/or
          its Subsidiaries’ right to terminate the Participant’s employment at any
          time.

         

        17.       
          Amendment
          to the Plan.
          The
          Plan is discretionary in nature and the Committee may terminate, amend,
          or
          modify the Plan; provided, however, that no such termination, amendment,
          or
          modification of the Plan may in any way adversely affect the Participant’s
          rights under this Agreement, without the Participant’s written approval.

         

        18.       
          Amendment
          to this Agreement.
          The
          Company may amend this Agreement in any manner, provided that no such amendment
          may adversely affect the Participant’s rights hereunder without the
          Participant’s written approval. 

         

        19.       
          Successor.
          All
          obligations of the Company under the Plan and this Agreement, with respect
          to
          the Performance Share Units, will be binding on any successor to the Company,
          whether the existence of such successor is the result of a direct or indirect
          purchase, merger, consolidation, or otherwise, of all or substan-tially
          all of
          the business and/or assets of the Company.

         

            20.       
          Severability.
          The
          provisions of this Agreement are severable and if any one or more provisions
          are
          determined to be illegal or otherwise unenforceable, in whole or in part,
          the
          remaining provisions will nevertheless be binding and
          enforceable.

      

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    21.       
      Applicable
      Laws and Consent to Jurisdiction.
      The
      validity, construction, interpretation, and enforceability of this Agreement
      will be determined and governed by the laws of the State of Missouri without
      giving effect to the principles of conflicts of law. For the purpose of
      litigating any dispute that arises under this Agreement, the parties hereby
      consent to exclusive jurisdiction and agree that such litigation will be
      conducted in the federal or state courts of the State of Missouri. 

     

        IN
      WITNESS
      WHEREOF, the parties have caused this Agreement to be executed effective as
      of
      _______________, 2006.

     

     

    
      	 	 	 
	 	Ameren
              Corporation
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Senior
                Vice President and Chief

              Human Resources Officer - 

              Ameren Services
                Company

            

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Participant

    

     

     

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    

      EXHIBIT
        1

       

      

       

      Total
        Shareholder Return

      Total
        Shareholder Return shall be calculated as follows:

       

      

       

      Peer
        Group

      Following
        are the peer group companies. In order to be counted in the final calculations,
        a company must still have a ticker at the end of the performance
        period.

       

        
          

        

      

      
        	
                Company

                 

              	
                Ticker

                 

              	
                Company

              	
                Ticker

                 

              
	
                DUKE
                  ENERGY

              	
                DUK

              	
                KEYSPAN

              	
                KSE

              
	
                EXELON
                  CORP

              	
                EXC

              	
                PPL
                  CORP

              	
                PPL

              
	
                DOMINION
                  RESOURCES INC

              	
                D

              	
                OGE
                  ENERGY

              	
                OGE

              
	
                FIRSTENERGY
                  CORP

              	
                FE

              	
                WPS
                  RESOURCES CORP

              	
                WPS

              
	
                SOUTHERN
                  CO

              	
                SO

              	
                ENERGY
                  EAST

              	
                EAS

              
	
                FPL
                  GROUP INC

              	
                FPL

              	
                SCANA
                  

              	
                SCG

              
	
                ENTERGY
                  CORP

              	
                ETR

              	
                WISCONSIN
                  ENERGY 

              	
                WEC

              
	
                CONSOLIDATED
                  EDISON INC

              	
                ED

              	
                NSTAR

              	
                NST

              
	
                PROGRESS
                  ENERGY INC

              	
                PGN

              	
                PINNACLE
                  WEST CAPITAL CORP

              	
                PNW

              
	
                XCEL
                  ENERGY INC

              	
                XEL

              	
                PUGET
                  ENERGY

              	
                PSD

              
	
                PEPCO
                  HOLDINGS INC

              	
                POM

              	
                GREAT
                  PLAINS ENERGY INC

              	
                GXP

              
	
                DTE
                  ENERGY CO

              	
                DTE

              	
                VECTREN
                  CORPORATION

              	
                VVC

              
	
                NORTHEAST
                  UTILITIES

              	
                NU

              	 	 

      

      
 

      
 

       

       

       

      
        
          
          

        

        
          1Amended and Restated AMC Change of Control Severance Plan

    
      

    

     

    Exhibit
      10.5

    
 

    AMENDED
      AND RESTATED AMEREN CORPORATION

    CHANGE
      OF CONTROL SEVERANCE PLAN

     

    Introduction

     

              The
      Board of Directors of Ameren
      Corporation recognizes that, as is the case with many publicly held
      corporations, there exists the possibility of a Change of Control of the
      Company. This possibility and the uncertainty it creates may result in the
      loss
      or distraction of senior executives of the Company, to the detriment of the
      Company and its shareholders.

    
       

                The
        Board considers the avoidance
        of such loss and distraction to be essential to protecting and enhancing
        the
        best interests of the Company and its shareholders. The Board also believes
        that
        when a Change of Control is perceived as imminent, or is occurring, the Board
        should be able to receive and rely on impartial service from senior executives
        regarding the best interests of the Company and its shareholders, without
        concern that senior executives might be distracted or concerned by the personal
        uncertainties and risks created by the perception of an imminent or occurring
        Change of Control.

       

       

                In
        addition, the Board believes
        that it is consistent with the Company’s employment practices and policies and
        in the best interests of the Company and its shareholders to treat fairly
        its
        employees whose employment terminates in connection with or following a Change
        of Control.

       

                Accordingly,
        the Board has
        determined that appropriate steps should be taken to assure the Company of
        the
        continued employment and attention and dedication to duty of its senior
        executives and to seek to ensure the availability of their continued service,
        notwithstanding the possibility, threat or occurrence of a Change of
        Control.

       

                Therefore,
        in order to fulfill
        the above purposes, the following plan has been developed and is hereby
        adopted.

       

    

    ARTICLE
      I 

    ESTABLISHMENT
      OF PLAN

     

              As
      of the Effective Date, the
      Company hereby amends and restates the Ameren Corporation Change of Control
      Severance Plan, as set forth in this document.

     

    ARTICLE
      II

    DEFINITIONS

     

              As
      used herein, the following
      words and phrases shall have the following respective meanings unless the
      context clearly indicates otherwise.

     

              (a)  Annual
      Bonus Award.
      The
      target annual cash bonus that a Participant is eligible to earn for the year
      in
      which a Change in Control occurs pursuant to the Company’s Executive Incentive
      Plan, the Ameren Corporation 2006 Omnibus Incentive Compensation Plan, or any
      successor to either such plan.

     

              (b)  Annual
      Salary.
      The
      Participant’s regular annual base salary immediately prior to his or her
      termination of employment, including compensation converted to other benefits
      under 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    a
      flexible pay arrangement maintained by any Employer
      or deferred pursuant to a written plan or agreement with any
      Employer.

     

    (c)  Board.
      The
      Board of Directors of the Company.

     

    (d)  Cause.
      The
      occurrence of any one or more of the following:

     

    (i)  The
      Participant’s willful failure to substantially perform his duties with the
      Company (other than any such failure resulting from the Participant’s
      Disability), after a written demand for substantial performance is delivered
      to
      the Participant that specifically identifies the manner in which the Committee
      believes that the Participant has not substantially performed his duties, and
      the Participant has failed to remedy the situation within fifteen (15) business
      days of such written notice from the Company; 

     

    (ii)  Gross
      negligence in the performance of the Participant’s duties which results in
      material financial harm to the Company;

     

    (iii)  The
      Participant’s conviction of, or plea of guilty or nolo
      contendere,
      to any
      felony or any other crime involving the personal enrichment of the Participant
      at the expense of the Company or shareholders of the Company; or 

     

    (iv)  The
      Participant’s willful engagement in conduct that is demonstrably and materially
      injurious to the Company, monetarily or otherwise.

     

    (e)  Change
      of Control.
      The
      occurrence of any of the following events after the Effective Date of this
      Plan:

     

    (i)  The
      acquisition by any individual, entity or group (within the meaning of Section
      13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
      “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of
      Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (x)
      the
      then outstanding shares of common stock of the Company (the “Outstanding Company
      Common Stock”) or (y) the combined voting power of the then outstanding voting
      securities of the Company entitled to vote generally in the election of
      directors (the “Outstanding Company Voting Securities”); provided, however, that
      for purposes of this subsection (i), the following acquisitions shall not
      constitute a Change of Control: (A) any acquisition directly from the Company,
      (B) any acquisition by the Company, (C) any acquisition by any employee benefit
      plan (or related trust) sponsored or maintained by the Company or any
      corporation controlled by the Company or (D) any acquisition by any corporation
      pursuant to a transaction which complies with clauses (A), (B) and (C) of
      paragraph (iii) below; or

     

    (ii)  Individuals
      who, as of the Effective Date of this Plan, constitute the Board (the “Incumbent
      Board”) cease for any reason to constitute at least a majority of the Board;
      provided, however, that any individual becoming a director subsequent to the
      Effective Date whose election, or nomination for election by the Company’s
      shareholders, was approved by a vote of at least a majority of the directors
      then comprising the Incumbent Board shall be considered as though such
      individual were a member of the Incumbent Board, but excluding, for this
      purpose, any such individual whose initial assumption of office 

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

       

      occurs
        as a result of (A) an actual or threatened election contest with
        respect to the election or removal of directors or other actual or threatened
        solicitation of proxies or consents by or on behalf of a Person other than
        the
        Board or (B) any agreement intended to avoid or settle any election contest;
        or

    

     

    (iii)  Consummation
      of a reorganization, merger or consolidation or sale or other disposition of
      all
      or substantially all of the assets of the Company or the acquisition of assets
      of another corporation (a “Business Combination”), in each case, unless,
      following such Business Combination, (A) all or substantially all of the
      individuals and entities who were the beneficial owners, respectively, of the
      Outstanding Company Common Stock and Outstanding Company Voting Securities
      immediately prior to such Business Combination beneficially own, directly or
      indirectly, more than 60% of, respectively, the then outstanding shares of
      common stock and the combined voting power of the then outstanding voting
      securities entitled to vote generally in the election of directors, as the
      case
      may be, of the corporation resulting from such Business Combination (including,
      without limitation, a corporation which as a result of such transaction owns
      the
      Company or all or substantially all of the Company’s assets either directly or
      through one or more subsidiaries) in substantially the same proportions as
      their
      ownership, immediately prior to such Business Combination of the Outstanding
      Company Common Stock and Outstanding Company Voting Securities, as the case
      may
      be, (B) no Person (excluding any corporation resulting from such Business
      Combination or any employee benefit plan (or related trust) of the Company
      or
      such corporation resulting from such Business Combination) beneficially owns,
      directly or indirectly, 20% or more of, respectively, the then outstanding
      shares of common stock of the corporation resulting from such Business
      Combination or the combined voting power of the then outstanding voting
      securities of such corporation except to the extent that such ownership existed
      prior to the Business Combination and (C) at least a majority of the members
      of
      the board of directors of the corporation resulting from such Business
      Combination were members of the Incumbent Board at the time of the execution
      of
      the initial agreement, or of the action of the Board, providing for such
      Business Combination; or

     

    (iv)  Approval
      by the shareholders of the Company of a complete liquidation or dissolution
      of
      the Company.

     

    Notwithstanding
      the foregoing, a Change of Control shall not be deemed to occur solely because
      any Person (the “Subject Person”) acquired beneficial ownership of more than the
      permitted amount of the then Outstanding Company Common Stock or the Outstanding
      Company Voting Securities as a result of the acquisition of shares of common
      stock or voting securities by the Company which, by reducing the number of
      shares of Outstanding Company Common Stock or the Outstanding Company Voting
      Securities, increases the proportional number of shares beneficially owned
      by
      the Subject Persons, provided that if a Change of Control would occur (but
      for
      the operation of this sentence) as a result of the acquisition of shares of
      Outstanding Company Common Stock or the Outstanding Company Voting Securities
      by
      the Company, and after such share acquisition by the Company, the Subject Person
      becomes the beneficial owner of any additional shares of Outstanding Company
      Common Stock or the Outstanding Company Voting Securities which increases the
      percentage of the then Outstanding Company Common Stock or the Outstanding
      Company Voting Securities beneficially owned by the Subject Person, then a
      Change of Control shall occur.

     

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (f)  Code.
      The
      Internal Revenue Code of 1986, as amended from time to time.

     

    (g)  Committee.
      The
      Human Resources Committee of the Board.

     

    (h)  Company.
      Ameren
      Corporation and any successors thereto.

     

    (i)  Date
      of the Change of Control.
      The
      date on which a Change of Control occurs.

     

    (j)  Date
      of Termination.
      The
      date on which a Participant ceases to be an Employee.

     

    (k)  Disability.
      A
      termination of a Participant’s Employment for Disability shall have occurred if
      the Termination occurs because of a disability which qualifies the Participant
      for benefits under the Company’s long-term disability plan.

     

    (l)  Effective
      Date.
      February 10, 2006

     

    (m)  Employee.
      Any
      full-time, regular-benefit, non-bargaining employee of the Company or any other
      Employer.

     

    (n)  Employer.
      The
      Company or any subsidiary of the Company.

     

    (o)  Employment.
      The
      state of being an Employee.

     

    (p)  ERISA.
      The
      Employee Retirement Income Security Act of 1974, as amended, and the regulations
      thereunder.

     

    (q)  Good
      Reason.
      The
      occurrence after a Change in Control of the Company of any one or more of the
      following without the Participant’s express written consent:

     

    (i)  A
      net
      reduction of the Participant’s authorities, duties, or responsibilities as an
      executive and/or officer of the Company from those in effect prior to the Change
      in Control, other than an insubstantial and inadvertent reduction that is
      remedied by the Company promptly after receipt of notice thereof given by the
      Participant;

     

    (ii)  The
      Company’s requiring the Participant to be based at a location in excess of fifty
      (50) miles from the location of the Participant’s principal job location or
      office immediately prior to the Change of Control; except for required travel
      on
      the Company’s business to an extent substantially consistent with the
      Participant’s then present business travel obligations;

     

    (iii)  Any
      reduction of 1% or more by the Company of the Participant’s Base Salary or
      targeted Annual Bonus Awards, in effect on the Date of the Change of Control,
      or
      as the same shall be increased from time to time;

     

    (iv)  The
      failure to provide the Participant with an annualized long-term incentive
      opportunity which is either essentially equivalent in value to or greater in
      value than the Participant’s regular annualized long-term incentive opportunity
      in effect on the 

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

       

      Date
        of
        the Change of Control (for this purpose, the permissible floor value is intended
        to reference normal long-term incentive awards made as a part of the regular
        annual pay package, and not special awards that are not made on a regular
        basis)
        when calculated on a grant date basis using widely recognized valuation
        methodologies (e.g., Black-Scholes for options);

       

      (v)  The
        failure of the Company to continue in effect the aggregate value in any of
        the
        employee benefit or retirement plans in which the

      Participant
        participates prior to the Change in Control of the Company; 

    

     

    (vi)  The
      failure of the Company to obtain a satisfactory agreement from any successor
      to
      the Company to assume and agree to perform the Company’s obligations under this
      Plan, as contemplated in Article V herein; and

     

    (vii)  A
      material breach of this Plan by the Company which is not remedied by the Company
      within ten (10) business days of receipt of written notice of such breach
      delivered by the Participant to the Company.

     

    In
      the
      event it is necessary to determine the value of a long-term incentive
      opportunity under Section q(iv) above or the aggregate value of employee benefit
      or retirement plans under Section q(v) above, an outside independent benefit
      consulting firm shall be engaged by the Company to make such
      determination.

     

    (r)  Multiple.
      With
      respect to any Participant, the number set forth opposite the Participant’s name
      under the heading “Benefit Level” on Schedule I hereto. 

     

    (s)  Participant.
      An
      individual who is designated as such pursuant to Section 3.1.

     

    (t)  Plan.
      The
      Ameren Corporation Change of Control Severance Plan.

     

    (u)  Retirement.
      A
      termination by Retirement shall have occurred where a Participant’s termination
      is due to his or her late, normal or early retirement under a pension plan
      sponsored by the Company or any of its affiliates, as defined in such
      plan.

     

    (v)  Separation
      Benefits.
      The
      benefits described in Section 4.2 that are provided to qualifying Participants
      under the Plan.

     

    (w)  Separation
      Period.
      With
      respect to any Participant, the period beginning on a Participant’s Date of
      Termination and ending after the expiration of a number of years equal to the
      Multiple for such Participant.

     

    ARTICLE
      III

    ELIGIBILITY

     

    3.1  Participants.
      Each of
      the individuals named on Schedule I hereto shall be a Participant in the
      Plan.

     

    3.2  Duration
      of Participation.
      A
      Participant shall only cease to be a Participant in the Plan as a result of
      an
      amendment or termination of the Plan complying with Article VI of the

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

       

      Plan,
        or
        when he ceases to be an Employee, unless, at the time he ceases to be an
        Employee, such Participant is entitled to payment of a Separation Benefit
        as
        provided in the Plan or there has been an event or occurrence that constitutes
        Good Reason which would enable the Participant to terminate his employment
        and
        receive a Separation Benefit. A Participant entitled to payment of a Separation
        Benefit or any other amounts under the Plan shall remain a Participant in
        the
        Plan until the full amount of the Separation Benefit and any other amounts
        payable under the Plan have been paid to the Participant.

    

     

    ARTICLE
      IV

    SEPARATION
      BENEFITS

     

    4.1  Terminations
      of Employment Which Give Rise to Separation Benefits Under Plan.
      A
      Participant shall be entitled to Separation Benefits as set forth in Section
      4.2
      below if, at any time before the second anniversary of the Date of the Change
      of
      Control, the Participant’s Employment is terminated (i) by the Employer for any
      reason other than Cause or (ii) by the Participant within 90 days after the
      occurrence of Good Reason. A Participant shall not be entitled to Separation
      Benefits if the Participant’s Employment is terminated (i) voluntarily by the
      Participant without Good Reason (or more than 90 days after any event which
      constitutes the occurrence of Good Reason) or (ii) by reason of death or
      Disability or (iii) by the Employer for Cause. In addition, if a Participant’s
      employment is terminated by the Company without Cause prior to the date of
      a
      Change of Control, either (i) at the request of a third party who has indicated
      an intention or taken steps reasonably calculated to effect such Change of
      Control, or (ii) otherwise in connection with, or in anticipation of, such
      a
      Change of Control which has been threatened or proposed, such termination shall
      be deemed to have occurred after a Change of Control for purposes of this Plan
      provided a Change of Control shall actually occur.

     

    4.2  Separation
      Benefits.

     

    (a)  If
      a
      Participant’s employment is terminated under circumstances entitling him to
      Separation Benefits as provided in Section 4.1, the Company shall pay such
      Participant, within 30 days of the Date of Termination, a cash lump sum as
      set
      forth in subsection (b) below and the continued benefits set forth in subsection
      (c) below. For purposes of determining the benefits set forth in subsections
      (b)
      and (c), if the termination of the Participant’s employment is for Good Reason
      after there has been a reduction of the Participant’s Annual Salary, opportunity
      to earn Annual Bonuses, or other compensation or employee benefits, such
      reduction shall be ignored.

     

    (b)  The
      cash
      lump sum referred to in Section 4.2(a) is the aggregate of the following
      amounts:

     

    (i)  the
      sum
      of (1) the Participant’s Annual Salary through the Date of Termination to the
      extent not theretofore paid, (2) the product of (x) the Annual Bonus Award
      and
      (y) a fraction, the numerator of which is the number of days in such year
      through the Date of Termination, and the denominator of which is 365, and (3)
      any accrued vacation pay, to the extent not theretofore paid and in full
      satisfaction of the rights of the Participant thereto;

     

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (ii)  an
      amount
      equal to the product of (1) the Participant’s Multiple times (2) the sum of (x)
      the Participant’s Annual Salary plus (y) the Participant’s Annual Bonus Award;
      and

     

    (iii)  an
      amount
      equal to the difference between (a) the actuarial equivalent of the benefit
      under the qualified defined benefit retirement plans of the Employer in which
      the Participant participates (collectively, the “Retirement Plan”) and any
      excess or supplemental retirement plans in which the Participant participates
      (collectively, the “SERP”) which the Participant would receive if his or her
      employment continued during the Separation Period, assuming that the
      Participant’s compensation during the Separation Period would have been equal to
      his or her compensation as in effect immediately before the termination or,
      if
      higher, on the Effective Date, and (b) the actuarial equivalent of the
      Participant’s actual benefit (paid or payable), if any, under the Retirement
      Plan and the SERP as of the Date of Termination. The actuarial assumptions
      used
      for purposes of determining actuarial equivalence shall be no less favorable
      to
      the Participant than the more favorable of those in effect under the Retirement
      Plan and the SERP on the Date of Termination or the Date of the Change of
      Control.

    

    (c)  The
      continued benefits referred to above are as follows:

     

    (i)  during
      the Separation Period, the Participant and his or her family shall be provided
      with medical, dental and life insurance benefits as if the Participant’s
      employment had not been terminated; provided, however, that if the Participant
      becomes reemployed with another employer and is eligible to receive medical
      or
      other welfare benefits under another employer-provided plan, the medical and
      other welfare benefits described herein shall be secondary to those provided
      under such other plan during such applicable period of eligibility.
      Notwithstanding the foregoing, the Participant will be required to pay the
      full
      cost of such medical and dental insurance for the portion of the Separation
      Period, if any, extending beyond the last day of the second calendar year
      following the calendar year in which the Date of Termination occurs (“Full
      Cost”). On the January 1 following the last day of such second calendar year,
      the Company shall pay the Participant a lump sum equal to the amount which
      would
      allow the Participant to retain, after payment of all federal, state, and local
      income taxes (including any interest or penalties thereon) on such amount,
      the
      Full Cost. For purposes of determining eligibility (but not the time of
      commencement of benefits) of the Participant for retiree medical, dental and
      life insurance benefits under the Employer’s plans, practices, programs and
      policies, the Participant shall be considered to have remained employed during
      the Separation Period and to have retired on the last day of such period;
      and

     

    (ii)  if
      the
      Participant’s employment is terminated by the Company other than for Cause, the
      Company shall, at its sole expense as incurred, provide the Participant with
      outplacement services the scope and provider of which shall be selected by
      the
      Participant in his or her sole discretion (but at a cost to the Company of
      not
      more than $30,000), provided that no such outplacement services shall be
      provided beyond the end of the second calendar year following the calendar
      year
      in which the Date of Termination occurs;

     

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    To
      the
      extent any benefits described in this Section 4.2(c) cannot be provided pursuant
      to the appropriate plan or program maintained for Employees, the Company shall
      provide such benefits outside such plan or program at no additional cost
      (including without limitation tax cost) to the Participant.

     

    4.3  Other
      Benefits Payable.
      The
      cash lump sum and continuing benefits described in Section 4.2 above shall
      be
      payable in addition to, and not in lieu of, all other accrued or vested or
      earned but deferred compensation, rights, options or other benefits which may
      be
      owed to a Participant upon or following termination, including but not limited
      to accrued vacation or sick pay, amounts or benefits payable under any bonus
      or
      other compensation plans, stock option plan, stock ownership plan, stock
      purchase plan, life insurance plan, health plan, disability plan or similar
      or
      successor plan, but excluding any severance pay or pay in lieu of notice
      required to be paid to such Participant under applicable law.

     

    4.4  Certain
      Additional Payments by the Company.

     

    (a)  Anything
      in this Plan to the contrary notwithstanding and except as set forth below,
      in
      the event it shall be determined that any payment or distribution by the Company
      to or for the benefit of any Participant (whether paid or payable or distributed
      or distributable pursuant to the terms of this Plan or otherwise, but determined
      without regard to any additional payments required under this Section 4.4)
      (a
“Payment”) would be subject to the excise tax imposed by Section 4999 of the
      Code or any interest or penalties are incurred by the Participant with respect
      to such excise tax (such excise tax, together with any such interest and
      penalties, are hereinafter collectively referred to as the “Excise Tax”), then
      the Participant shall be entitled to receive an additional payment (a “Gross-Up
      Payment”) in an amount such that after payment by the Participant of all taxes
      (including any interest or penalties imposed with respect to such taxes),
      including, without limitation, any income taxes (and any interest and penalties
      imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment,
      the Participant retains an amount of the Gross-Up Payment equal to the Excise
      Tax imposed upon the Payments. Notwithstanding the foregoing provisions of
      this
      Section 4, if it shall be determined that the Participant is entitled to a
      Gross-Up Payment, but that the Payments do not exceed 110% of the greatest
      amount (the “Reduced Amount”) that could be paid to the Participant such that
      the receipt of Payments will not give rise to any Excise Tax, then no Gross-Up
      Payment shall be made to the Participant and the Payments, in the aggregate,
      shall be reduced to the Reduced Amount. 

     

    (b)  Subject
      to the provisions of Section 4.4(c), all determinations required to be made
      under this Section 4.4, including whether and when a Gross-Up Payment is
      required and the amount of such Gross-Up Payment and the assumptions to be
      utilized in arriving at such determination, shall be made by such certified
      public accounting firm, human resources consulting firm, or other consulting
      firm in the business of performing such calculations as may be designated by
      the
      Company (the “Consulting Firm”), which shall provide detailed supporting
      calculations both to the Company and the Participant. All fees and expenses
      of
      the Consulting Firm shall be borne solely by the Company. Any Gross-Up Payment,
      as determined pursuant to this Section 4.4, due upon a Change of Control or
      due
      upon the Participant’s termination of employment shall be paid by the Company to
      the Participant no later than two and one-half months following such Change
      of
      Control or termination of employment, respectively. Any determination by the
      Consulting Firm shall be binding upon the Company and the Participant. As a
      result of the uncertainty in the application of Section 4999 of the Code at
      the
      time of the initial determination by the Consulting 

     

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

       

      Firm
        hereunder, it is possible that Gross-Up Payments which will not have been
        made
        by the Company should have been made (“Underpayment”), consistent with the
        calculations required to be made hereunder. In the event that the Company
        exhausts its remedies pursuant to Section 4.4(c) and the Participant thereafter
        is required to make a payment of any Excise Tax, the Consulting Firm shall
        determine the amount of the Underpayment that has occurred and any such
        Underpayment shall be paid by the Company to or for the benefit of the
        Participant within two and one-half months after the date the Company has
        exhausted such remedies.

    

     

    (c)  The
      Participant shall notify the Company in writing of any claim by the Internal
      Revenue Service that, if successful, would require the payment by the Company
      of
      the Gross-Up Payment. Such notification shall be given as soon as practicable
      but no later than ten business days after the Participant is informed in writing
      of such claim and shall apprise the Company of the nature of such claim and
      the
      date on which such claim is requested to be paid. The Participant shall not
      pay
      such claim prior to the expiration of the 30-day period following the date
      on
      which it gives such notice to the Company (or such shorter period ending on
      the
      date that any payment of taxes with respect to such claim is due). If the
      Company notifies the Participant in writing prior to the expiration of such
      period that it desires to contest such claim, the Participant
      shall:

     

    (i)  give
      the
      Company any information reasonably requested by the Company relating to such
      claim,

     

    (ii)  take
      such
      action in connection with contesting such claim as the Company shall reasonably
      request in writing from time to time, including, without limitation, accepting
      legal representation with respect to such claim by an attorney reasonably
      selected by the Company,

     

    (iii)  cooperate
      with the Company in good faith in order effectively to contest such claim,
      and

     

    (iv)  permit
      the Company to participate in any proceedings relating to such
      claim;

     

    provided,
      however, that the Company shall bear and pay directly all costs and expenses
      (including additional interest and penalties) incurred in connection with such
      contest and shall indemnify and hold the Participant harmless, on an after-tax
      basis, for any Excise Tax or income tax (including interest and penalties with
      respect thereto) imposed as a result of such representation and payment of
      costs
      and expenses. Without limitation on the foregoing provisions of this Section
      4.5(c), the Company shall control all proceedings taken in connection with
      such
      contest and, at its sole option, may pursue or forgo any and all administrative
      appeals, proceedings, hearings and conferences with the taxing authority in
      respect of such claim and may, at its sole option, either direct the Participant
      to pay the tax claimed and sue for a refund or contest the claim in any
      permissible manner, and the Participant agrees to prosecute such contest to
      a
      determination before any administrative tribunal, in a court of initial
      jurisdiction and in one or more appellate courts, as the Company shall
      determine; provided, however, that if the Company directs the Participant to
      pay
      such claim and sue for a refund, to the extent permitted by law the Company
      shall advance the amount of such payment to the Participant, on an interest-free
      basis and shall indemnify and hold the Participant harmless, on an after-tax
      basis, from any Excise Tax or income tax (including interest or penalties with
      respect 

     

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    thereto)
      imposed with respect to such advance or with respect to any imputed income
      with
      respect to such advance; and further provided that any extension of the statute
      of limitations relating to payment of taxes for the taxable year of the
      Participant with respect to which such contested amount is claimed to be due
      is
      limited solely to such contested amount. Furthermore, the Company’s control of
      the contest shall be limited to issues with respect to which a Gross-Up Payment
      would be payable hereunder and the Participant shall be entitled to settle
      or
      contest, as the case may be, any other issue raised by the Internal Revenue
      Service or any other taxing authority.

     

    (d)  If,
      after
      the receipt by the Participant of an amount advanced by the Company pursuant
      to
      Section 4.4(c), the Participant becomes entitled to receive any refund with
      respect to such claim, the Participant shall (subject to the Company’s complying
      with the requirements of Section 4.4(c)) promptly pay to the Company the amount
      of such refund (together with any interest paid or credited thereon after taxes
      applicable thereto). If, after the receipt by the Participant of an amount
      advanced by the Company pursuant to Section 4.4(c), a determination is made
      that
      the Participant shall not be entitled to any refund with respect to such claim
      and the Company does not notify the Participant in writing of its intent to
      contest such denial of refund prior to the expiration of 30 days after such
      determination, then such advance shall be forgiven and shall not be required
      to
      be repaid and the amount of such advance shall offset, to the extent thereof,
      the amount of Gross-Up Payment required to be paid.

     

    4.5  Payment
      Obligations Absolute.
      The
      obligations of the Company and the other Employers to pay the separation
      benefits described in Section 4.2 and any additional payments described in
      Section 4.4 shall be absolute and unconditional and shall not be affected by
      any
      circumstances, including, without limitation, any set-off, counterclaim,
      recoupment, defense or other right which the Company or any of the other
      Employers may have against any Participant. In no event shall a Participant
      be
      obligated to seek other employment or take any other action by way of mitigation
      of the amounts payable to a Participant under any of the provisions of this
      Plan, nor shall the amount of any payment hereunder be reduced by any
      compensation earned by a Participant as a result of employment by another
      employer, except as specifically provided in Section 4.2(c)(i).

     

    ARTICLE
      V

    SUCCESSOR
      TO COMPANY

     

    This
      Plan
      shall bind any successor of the Company, its assets or its businesses (whether
      direct or indirect, by purchase, merger, consolidation or otherwise), in the
      same manner and to the same extent that the Company would be obligated under
      this Plan if no succession had taken place.

     

    In
      the
      case of any transaction in which a successor would not by the foregoing
      provision or by operation of law be bound by this Plan, the Company shall
      require such successor expressly and unconditionally to assume and agree to
      perform the Company’s obligations under this Plan, in the same manner and to the
      same extent that the Company would be required to perform if no such succession
      had taken place. The term “Company,” as used in this Plan, shall mean the
      Company as hereinbefore defined and any successor or assignee to the business
      or
      assets which by reason hereof becomes bound by this Plan.

     

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VI

    DURATION,
      AMENDMENT AND TERMINATION

     

    6.1  Amendment
      or Termination.
      The
      Board may amend or terminate this Plan (including Schedule I) at any time;
      provided,
      that
      this Plan (including Schedule I) may not be terminated or amended (i) following
      a Change of Control, (ii) at the request of a third party who has taken steps
      reasonably calculated to effect a Change of Control, or (iii) otherwise in
      connection with or in anticipation of a Change of Control, in any manner that
      could adversely affect the rights of any Participant. If a Change of Control
      occurs while this Plan is in effect, this Plan shall continue in full force
      and
      effect and shall not terminate or expire until after all Participants who become
      entitled to any payments hereunder shall have received such payments in full
      and
      all adjustments required to be made pursuant to Section 4.4 have been
      made.

     

    6.2  Procedure
      for Amendment or Termination.
      Any
      Amendment or termination of this Plan by the Board in accordance with the
      foregoing shall be made by action of the Board in accordance with the Company’s
      charter and by-laws and applicable law, and shall be evidenced by a written
      instrument signed by a duly authorized officer of the Company, certifying that
      the Board has taken such action.

     

    ARTICLE
      VII

    MISCELLANEOUS

     

    7.1  Legal
      Fees and Expenses.
      The
      Company shall pay as incurred all legal fees, costs of litigation, costs of
      arbitration, prejudgment interest, and other expenses which are incurred in
      good
      faith by the Participant as a result of the Company’s refusal to provide the
      benefits to which the Participant becomes entitled under this Agreement, or
      as a
      result of the Company’s (or any third party’s) contesting the validity,
      enforceability, or interpretation of the Agreement, or as a result of any
      conflict between the parties pertaining to this Agreement; provided, however,
      that if the court (or arbitration panel, as applicable) determines that the
      Participant’s claims were arbitrary and capricious, the Company shall have no
      obligation hereunder.

     

    7.2  Employment
      Status.
      This
      Plan does not constitute a contract of employment, nor does it impose on the
      Participant or the Employers any obligation for the Participant to remain an
      Employee or change the status of the Participant’s employment or the Employers’
policies regarding termination of employment.

     

    7.3  Named
      Fiduciary; Administration.
      The
      Company is the named fiduciary of the Plan, with full authority to control
      and
      manage the operation and administration of the Plan, acting through the Benefits
      Administration Committee.

     

    7.4  Claim
      Procedure.
      If an
      Employee, former Employee or other person who believes that he or she is being
      denied a benefit to which he or she is entitled (“claimant”), or his or her duly
      authorized representative, makes a written request alleging a right to receive
      benefits under this Plan or alleging a right to receive an adjustment in
      benefits being paid under the Plan, the Company shall treat it as a claim for
      benefit. All claims for benefit under the Plan shall be sent to the Chief
      Executive Officer of the Company at Ameren Corporation, 1901 Chouteau Avenue,
      P.O. Box 66149, St. Louis, MO 63166, and must be received within 30 days
      after termination of employment. 

     

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    (a)  Claim
      Decision.
      Upon
      receipt of a claim, the Chief Executive Officer shall advise the claimant that
      a
      reply will be forthcoming within a reasonable period of time, but ordinarily
      not
      later than 90 days, and shall, in fact, deliver such reply within such period.
      However, the Chief Executive Officer may extend the reply period for an
      additional ninety days for reasonable cause. If the reply period will be
      extended, the Chief Executive Officer shall advise the claimant in writing
      during the initial 90-day period indicating the special circumstances requiring
      an extension and the date by which the Chief Executive Officer expects to render
      the benefit determination. If the Chief Executive Officer denies the claim,
      in
      whole or in part, the Chief Executive Officer will inform the claimant in
      writing of his or her determination and the reasons therefor in terms calculated
      to be understood by the claimant. The notice shall set forth the specific
      reasons for the denial, make specific reference to the pertinent Plan provisions
      on which the denial is based, and describe any additional material or
      information necessary for the claimant to perfect the claim and explain why
      such
      material or such information is necessary. Such notice shall, in addition,
      inform the claimant what procedure the claimant should follow to take advantage
      of the review procedures set forth below in the event the claimant desires
      to
      contest the denial of the claim, including a statement of the claimant’s right
      to bring a civil action under Section 502(a) of ERISA following an adverse
      benefit determination on review and the time limits for requesting a review
      and
      for the actual review. 

     

    (b)  Request
      for Review.
      The
      claimant may within 60 days thereafter request in writing that the Committee
      of
      the Board review the Chief Executive Officer’s prior determination. Such request
      must be addressed to the Committee of the Board at Ameren Corporation, 1901
      Chouteau Avenue, P.O. Box 66149, St. Louis, MO 63166. The claimant or his or
      her
      authorized representative may submit written comments, documents, records or
      other information relating to the denied claim, which shall be considered in
      the
      review without regard to whether such information was submitted or considered
      in
      the initial benefit determination. The claimant or his or her authorized
      representative shall be provided, upon request and free of charge, reasonable
      access to, and copies of, all documents, records and other information which
      (i)
      was relied upon by the Chief Executive Officer in making his or her initial
      claims decision, (ii) was submitted, considered or generated in the course
      of
      the Chief Executive Officer making his or her initial claims decision, without
      regard to whether such instrument was actually relied upon by the Chief
      Executive Officer in making his or her decision or (iii) demonstrates compliance
      by the Chief Executive Officer with the administrative processes and safeguards
      designed to ensure and to verify that benefit claims determinations are made
      in
      accordance with governing Plan documents and that, where appropriate, the Plan
      provisions have been applied consistently with respect to similarly situated
      claimants. If the claimant does not request a review of the Chief Executive
      Officer’s determination within such 60-day period, he or she shall be barred and
      estopped from challenging such determination. 

     

    (c)  Review
      of Decision.
      The
      Committee shall, within a reasonable period of time, ordinarily not later than
      60 days, after the Committee’s receipt of a request for review, review the Chief
      Executive Officer’s prior determination. If special circumstances require that
      the 60-day time period be extended, the Committee will so notify the claimant
      within the initial 60-day period indicating the special circumstances requiring
      an extension and the date by which the Committee expects to render its decision
      on review, which shall be as soon as possible but not later than 120 days after
      receipt of the request for review. In the event that the Committee extends
      the
      determination period on review due to a claimant’s failure to submit information
      necessary to decide a claim, the period for making the benefit determination
      on
      review shall not take into account the period beginning on the date on which
      notification of extension is sent to the claimant and ending 

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

       

       

      on
        the
        date on which the claimant responds to the request for additional information.
        The Committee has discretionary authority to determine a claimant’s eligibility
        for benefits and to interpret the terms of the Plan. Benefits under the Plan
        will be paid only if the Committee decides in its discretion that the claimant
        is entitled to such benefits. The decision of the Committee shall be final
        and
        non-reviewable, unless found to be arbitrary and capricious by a court of
        competent review. Such decision will be binding upon the Company and the
        claimant. If the Committee makes an adverse benefit determination on review,
        the
        Committee will render a written opinion, using language calculated to be
        understood by the claimant, that sets forth the specific reasons for the
        denial,
        makes specific references to pertinent Plan provisions on which the denial
        is
        based and includes a statement of the claimant’s right to bring a civil action
        under Section 502(a) of ERISA following the adverse benefit determination
        on
        such review. The opinion shall also include a statement that the claimant
        is
        entitled to receive, upon request and free of charge, reasonable access to,
        and
        copies of, all documents, records and other information which (i) was relied
        upon by the Committee in making its decision, (ii) was submitted, considered
        or
        generated in the course of the Committee making its decision, without regard
        to
        whether such instrument was actually relied upon by the Committee in making
        its
        decision, or (iii) demonstrates compliance by the Committee with its
        administrative processes and safeguards designed to ensure and to verify
        that
        benefit claims determinations are made in accordance with governing Plan
        documents, and that, where appropriate, the Plan provisions have been applied
        consistently with respect to similarly situated claimants. 

    

     

    7.5  Unfunded
      Plan Status.
      This
      Plan is intended to be an unfunded plan maintained primarily for the purpose
      of
      providing deferred compensation for a select group of management or highly
      compensated employees, within the meaning of Section 401 of ERISA. All payments
      pursuant to the Plan shall be made from the general funds of the Company and
      no
      special or separate fund shall be established or other segregation of assets
      made to assure payment. No Participant or other person shall have under any
      circumstances any interest in any particular property or assets of the Company
      as a result of participating in the Plan. Notwithstanding the foregoing, one
      or
      more of the Employers may (but shall not be obligated to) create one or more
      grantor trusts, the assets of which are subject to the claims of the Employers’
creditors, to assist them in accumulating funds to pay their obligations under
      the Plan.

     

    7.6  Validity
      and Severability.
      The
      invalidity or unenforceability of any provision of the Plan shall not affect
      the
      validity or enforceability of any other provision of the Plan, which shall
      remain in full force and effect, and any prohibition or unenforceability in
      any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.

     

    7.7  Governing
      Law.
      The
      validity, interpretation, construction and performance of the Plan shall in
      all
      respects be governed by the laws of Missouri, without reference to principles
      of
      conflict of law, except to the extent pre-empted by ERISA.

     

     

    
 

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      I

     

    Change
      of Control

    Severance
      Plan Participants

    

     

    
      
        	
                Name

              	
                Benefit
                  Level

                 

              
	
                Rainwater,
                  G. L.

              	
                3

              
	
                Baxter,
                  Warner L.

              	
                3

              
	
                Cisel,
                  Scott A.

              	
                3

              
	
                Cole,
                  Daniel F.

              	
                3

              
	
                Sullivan,
                  Steven R.

              	
                3

              
	
                Voss,
                  Thomas R.

              	
                3

              
	
                Kelley,
                  Richard A.

              	
                3

              
	
                Whiteley,
                  David A.

              	
                3

              
	
                Martin,
                  Donna K.

              	
                3

              
	
                Mark,
                  Richard J.

              	
                3

              
	
                Naslund,
                  Charles D.

              	
                3

              
	 	 
	
                Birdsong,
                  Jerre E.

              	
                2

              
	
                Birk,
                  Mark C.

              	
                2

              
	
                Borkowski,
                  Maureen A.

              	
                2

              
	
                Bremer,
                  Charles A.

              	
                2

              
	
                Davis,
                  Jimmy Lowell

              	
                2

              
	
                Evans,
                  Ronald K.

              	
                2

              
	
                Glaeser,
                  Scott A.

              	
                2

              
	
                Herrmann,
                  Timothy E.

              	
                2

              
	
                Heflin,
                  Adam C.

              	
                2

              
	
                Lyons,
                  Jr., Martin J.

              	
                2

              
	
                Menne,
                  Michael L.

              	
                2

              
	
                Moehn,
                  Michael

              	
                2

              
	
                Mueller,
                  Michael G.

              	
                2

              
	
                Neff,
                  Robert K.

              	
                2

              
	
                Nelson,
                  Craig D.

              	
                2

              
	
                Nelson,
                  Gregory L.

              	
                2

              
	
                Power,
                  Joseph M.

              	
                2

              
	
                Powers,
                  Robert L.

              	
                2

              
	
                Prebil,
                  William J.

              	
                2

              
	
                Schepers,
                  David J.

              	
                2

              
	
                Schukar,
                  Shawn

              	
                2

              
	
                Serri,
                  Andrew M.

              	
                2

              
	
                Simpson,
                  Jerry Lee

              	
                2

              
	
                Sobule,
                  James A.

              	
                2

              
	
                Weisenborn,
                  Dennis W.

              	
                2

              
	
                Zdellar,
                  Ronald C.

              	
                2

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