Document:

EXHIBIT (10)(iii)23

                                 CH ENERGY GROUP

                          SUPPLEMENTARY RETIREMENT PLAN

                  (as amended and restated as of July 1, 2001)

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                                   APPENDIX A

                             ARTICLE I. DEFINITIONS

       1.01   "Beneficiary" shall mean the person(s) designated by the
Participant entitled to receive benefits under the Plan after the death of a
Participant.

       1.02   "Pension Plan" shall mean the Retirement Income Plan of Central
Hudson Gas & Electric Corporation, as from time to time amended.

       1.03   "Central Hudson" shall mean Central Hudson Gas & Electric
Corporation, a wholly-owned affiliate of Energy Group.

       1.04   "Energy Group" shall mean CH Energy Group, Inc.

       1.05   "Compensation" shall mean the annual base rate of renumeration in
effect for a Participant, including any deferrals under any Energy Group and/or
Central Hudson plan or arrangement with Energy Group which defers or avoids
recognition of income under the Internal Revenue Code of 1986, as amended.

       1.06   "Participant" shall mean, subject to Section 3.08, any full-time
employee of Energy Group and/or Central Hudson who is holding any of the
following officer positions with Energy Group or Central Hudson, subject to the
right of Energy Group to reject him or her as a Participant:

                             CENTRAL HUDSON OFFICERS

              Chairman of the Board and Chief Executive Officer
              President and Chief Operating Officer
              Vice President (including any level thereof)
              Secretary
              Chief Financial Officer
              Treasurer
              Controller
              Assistant Treasurer
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                       ENERGY GROUP OFFICERS

              Chairman of the Board and Chief Executive Officer
              President
              Vice President (including any level thereof)
              Secretary
              Chief Financial Officer
              Treasurer
              Controller
              Assistant Treasurer

                            Notwithstanding  the foregoing,  "Participant" shall
                            also   include   any  full  time   employee  of  any
                            corporation which is within the "controlled group of
                            corporations"  (as referred to in Section  414(b) of
                            the Internal  Revenue  Code of 1986,  as amended) of
                            which  Energy  Group  is  a  member,  provided  such
                            employee  was holding any of the  foregoing  officer
                            positions  with Central Hudson on December 31, 2000,
                            subject  to the right of Energy  Group to reject him
                            or her as a Participant.

       1.07   "Plan"  shall  mean  the  CH  Energy  Group,  Inc.   Supplementary
Retirement Plan, as from time to time amended.

       1.08   "Change of Control" shall mean:

              (a)    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 Energy Group
(the  "Outstanding  Energy Group Common Stock") or (y) the combined voting power
of the then  outstanding  voting  securities  of Energy  Group  entitled to vote
generally  in the election of directors  (the  "Outstanding  Energy Group Voting
Securities");  provided,  however, that for purposes of this subsection (a), the
following  acquisitions  shall  not  constitute  a Change  of  Control:  (i) any
acquisition  directly from Energy Group,  (ii) any  acquisition by Energy Group,
(iii) any acquisition by any employee  benefit plan (or related trust) sponsored
or maintained by Energy Group or any  corporation  controlled by Energy Group or
(iv) any acquisition by any corporation pursuant

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to a transaction  which  complies with clauses (i), (ii) and (iii) of subsection
(c) of this Section 1.10; or

              (b)    Individuals  who, as of December 15, 1999,  constitute  the
Board of Directors of Energy Group (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 date hereof whose election,  or
nomination for election by Energy Group'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  occurs as a result  of 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

              (c)    Consummation of a  reorganization,  merger or consolidation
or sale or other disposition of all or substantially all of the assets of Energy
Group (a "Business Combination"),  in each case, unless, following such Business
Combination,  (i) all or  substantially  all of the individuals and entities who
were the beneficial owners, respectively, of the Outstanding Energy Group Common
Stock and Outstanding  Energy Group 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 Energy Group or all or
substantially  all of Energy  Group'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  Energy Group
Common Stock and Outstanding Energy Group Voting Securities, as the case may be,
(ii)  no  Person  (excluding  any  corporation   resulting  from  such  Business
Combination  or any employee  benefit plan (or related trust) of Energy Group or
such corporation  resulting from such Business  Combination)  beneficially owns,
directly or

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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 (iii) 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

              (d)    Approval by the  shareholders of Energy Group of a complete
liquidation or dissolution of Energy Group.

       1.09   "Deferred   Compensation   Plan"  shall  mean  the  Directors  and
Executives Deferred  Compensation Plan of Energy Group as in effect from time to
time.

                              ARTICLE II. BENEFITS

       2.01   BENEFITS  TO  PARTICIPANTS.   If  a  Participant  retires  and  at
retirement has 10 years of service with Energy Group and/or Central Hudson or is
age 65 or older,  the  Participant  will be  entitled  to  receive,  as deferred
compensation  for his or her services prior to his or her retirement,  an annual
benefit  for 10  years,  payable  in 120  approximately  equal  monthly  amounts
commencing  with the first payment to such retiree under the Pension Plan;  such
benefit to be a percentage of the Participant's Compensation as follows:

                                            Percentage of Compensation
         Retirement Age                       to Date of Retirement
         --------------                       ---------------------

         Under age 60                             No Benefit
         60, but less than 63                         10%
         63, but less than 65                         15%
         65 or over                                   20%

       2.02   BENEFICIARY PAYMENTS.  Upon the death of a Participant on or after
the date  benefits  are vested  hereunder,  the  Beneficiary  shall  receive the
remaining  monthly

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payments of benefits due under Section 2.01 above and, if no such Beneficiary is
designated,  the remaining  unpaid  benefits shall be paid to the  Participant's
estate.

       2.03   VESTING. Participants shall be vested in the benefits described in
Section  2.01 upon  attainment  of age 60 with at least 10 years of service with
Energy Group and/or Central Hudson or attainment of age 65, subject, however, to
the provisions of Sections 3.06 and 3.07. If a Participant terminates employment
with Energy Group and/or Central Hudson prior to such vesting,  the  Participant
shall not be entitled to any benefits under the Plan.

       2.04   SPECIAL VESTING.  Notwithstanding anything herein to the contrary,
all Participants in the Plan who, on December 31, 1993, attained age 55 (but not
age 60),  regardless  of their years of service  with Central  Hudson,  shall be
vested in the  benefits  described  in Section  2.01 (and,  thereupon,  shall be
eligible to receive such benefits on  retirement)  as if they had reached age 60
and had 10 years of service with Central Hudson as of December 31, 1993.

       2.05   CHANGE OF CONTROL VESTING.  Notwithstanding anything herein to the
contrary,  upon a Change of Control,  all  Participants in the Plan who have not
then reached age 60 and 10 years of service  with Energy  Group  and/or  Central
Hudson  shall  be  vested  in the  benefits  described  in  Section  2.01  (and,
thereupon,  shall be eligible to receive such benefits on retirement) as if they
had reached age 60 and had 10 years of service with Energy Group and/or  Central
Hudson as of the date of the Change of Control.

       2.06   DEFERRED  PAYMENT.  If a Participant  has in effect an election to
defer receipt of benefits  under the Plan pursuant to the Deferred  Compensation
Plan,  benefits,  when  payable  under  the  Plan,  shall  not  be  paid  to the
Participant or the Participant's Beneficiary or estate, but shall be paid to the
Deferred  Compensation Plan pursuant to the provision of Article II hereof,  and
the Deferred  Compensation Plan, in turn, shall pay such benefits so received to
the  Participant  on a deferred basis pursuant to the provisions of the Deferred
Compensation  Plan.  In the event  that all or part of

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payments  under the Plan cannot be paid  pursuant to the  Deferred  Compensation
Plan,  either  because no such  election is in effect or the  provisions  of the
Deferred Compensation Plan do not permit such payments to be made, such payments
shall be made to the  Participant  or the  Participant's  Beneficiary  or estate
pursuant to the Plan.

                     ARTICLE III. ADMINISTRATION OF THE PLAN

       3.01   ADMINISTRATOR.  The Plan shall be  administered  by Energy  Group,
which shall have the authority to interpret the Plan and issue such  regulations
as it deems appropriate.  Energy Group shall have the duty and responsibility of
maintaining records,  making the requisite calculations and causing disbursement
of the  payments  hereunder.  Energy  Group's  interpretations,  determinations,
regulations  and  calculations  shall be final and  binding on all  persons  and
parties concerned.

       3.02   AMENDMENT AND TERMINATION. Energy Group may amend or terminate the
Plan at any time, provided, however, that no such amendment or termination shall
deprive any  Participant or beneficiary of the benefits  vested  hereunder as of
the date of such amendment or termination.

       3.03   NON-ASSIGNABILITY  OF BENEFITS.  The benefits payable hereunder or
the right to  receive  future  benefits  under the Plan may not be  anticipated,
alienated, pledged, encumbered or subjected to any charge or legal process.

       3.04   NON-GUARANTEE OF EMPLOYMENT.  Nothing contained in this Plan shall
be construed as a contract of  employment  between  Energy Group and/or  Central
Hudson and any Participant,  or as a right of any Participant to be continued in
employment  of Energy Group and/or  Central  Hudson,  or as a limitation  on the
right of Energy Group and/or  Central  Hudson to discharge any of its employees,
with or without cause.

       3.05   APPLICABLE  LAW. All  questions  pertaining  to the  construction,
validity and effect of the Plan shall be determined in accordance  with the laws
of the United States and to the extent not  pre-empted by such laws, by the laws
of the State of New York.

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       3.06   FORFEITURE  PROVISIONS.  All rights to any vested benefits payable
under the Plan, including the payment of any unpaid benefit installments,  shall
be forfeited if any of the following events occur as may be applicable:

              a.     If  Energy   Group  or  Central   Hudson   terminates   the
                     Participant for any cause.

              b.     The Participant  resigns (as opposed to retires) his or her
                     office with both Energy Group and Central Hudson.

              c.     The Participant,  after retirement,  breaches any fiduciary
                     duty to Energy Group and/or  Central  Hudson or enters into
                     competition with Energy Group and/or Central Hudson without
                     its or their written permission.

       Notwithstanding  the foregoing:  (i) any  termination of employment  that
gives  rise to a  right,  on the  part of a  Participant,  to  severance  pay or
benefits under a Change of Control Employment  Agreement between Energy Group or
Central Hudson and the Participant  shall be treated as a retirement rather than
a resignation by the  Participation  or termination of the Participant by Energy
Group or Central Hudson;  and (ii) clause c. of the preceding  sentence shall be
inapplicable after a Change of Control.

       3.07   INCAPABLE OF PERFORMING DUTIES. If at any time after a Participant
reaches age 60, Energy Group or Central Hudson, as the case may be,  determines,
in its sole  judgment,  that the  Participant is not fully capable of performing
his or her duties,  he or she will be entitled to the benefits  vested under the
Plan at the time of such determination.

       3.08   OUTSIDE HIRES. If any officer of Energy Group or Central Hudson is
hired  directly  into any  position  referred to in Section  1.05,  from outside
Energy Group or Central

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Hudson,  there  shall be a  one-year  waiting  period  before he or she  becomes
eligible for participation in the Plan.

       3.09   BENEFIT  PAYMENTS.  Energy  Group will make all  benefit  payments
under the Plan for Energy Group  Participants  and Central  Hudson will make all
payments under the Plan for Central Hudson  Participants.  No person, other than
Energy  Group or Central  Hudson,  shall  have any  obligation  with  respect to
benefit payments or otherwise under the Plan. No funds or assets of Energy Group
or Central Hudson will be segregated or physically set aside with respect to the
Plan.

       3.10   INTEREST IN PLAN.  Neither a Participant nor a Beneficiary,  where
applicable,  will have any  interest in any  specific  asset of Energy  Group or
Central Hudson as a result of the Plan. Any right to receive  benefits under the
Plan will be only the right of an unsecured  general creditor of Energy Group or
Central Hudson.

       3.11   LIFE  INSURANCE  POLICIES.  Energy Group and/or Central Hudson may
require  each and any  Participant  to assist  it in  obtaining  life  insurance
policies on the life of the  Participant,  which  policies would be owned by and
payable to Energy Group or Central  Hudson,  as the case may be. The Participant
may  be  required  to  complete  an  application  for  life  insurance,  furnish
underwriting  information  including  medical  examination  by a life  insurance
company-approved  examiner, and authorize release of medical history to the life
insurance  company's  underwriter,  as  designated  by Energy  Group or  Central
Hudson, as the case may be. No election of Energy Group and/or Central Hudson to
insure  the life of any  Participant  shall give such  Participant  or any other
person any right or interest  either in or to any  insurance  contract or policy
issued to Energy Group or Central Hudson or in or to any proceeds thereof.

       3.12   APPLICABILITY  TO CENTRAL HUDSON  PARTICIPANTS.  No Central Hudson
employee can become a  Participant  until  Central  Hudson's  Board of Directors
authorizes Central Hudson's participation in the Plan.

                                                                               8EXHIBIT (10)(iii)24

                         AMENDMENT TO AND RESTATEMENT OF
                    CENTRAL HUDSON GAS & ELECTRIC CORPORATION
                       RETIREMENT BENEFIT RESTORATION PLAN

       WHEREAS,  Central Hudson Gas & Electric  Corporation  ("Central  Hudson")
established,  effective  March,  1992, its Retirement  Benefit  Restoration Plan
which has been amended three times, the last such amendment being by instrument,
executed June 23, 2000 (as so amended, the "Plan"), and

       WHEREAS,  Central Hudson  proposes  further to amend the Plan in order to
provide for the inclusion  therein of certain  officers of Central Hudson Energy
Services, Inc., a subsidiary of CH Energy Group, Inc., the parent corporation of
Central Hudson,  and to make certain other  administrative  changes,  and, as so
amended, to restate the Plan,

       NOW, THEREFORE, Central Hudson hereby amends and, as so amended, restates
the Plan,  effective as of June 22, 2001,  to read as set forth in  Attachment A
hereto.

       Pursuant to  authorization  of the Board of Directors  of Central  Hudson
granted  on August 6, 2001,  I have  executed  this  Amendment  and  Restatement
instrument this 13th day of August, 2001.

                                                       /s/ PAUL J. GANCI
                                              ----------------------------------

                                                         PAUL J. GANCI
                                                   Chairman of the Board and
                                                    Chief Executive Officer
<PAGE>

                                                                    ATTACHMENT A

                    CENTRAL HUDSON GAS & ELECTRIC CORPORATION

                       RETIREMENT BENEFIT RESTORATION PLAN

                    AMENDED AND RESTATED AS OF JUNE 22, 2001
<PAGE>

                    CENTRAL HUDSON GAS & ELECTRIC CORPORATION

                       RETIREMENT BENEFIT RESTORATION PLAN

                    AMENDED AND RESTATED AS OF JUNE 22, 2001

                             ARTICLE I. DEFINITIONS

       1.01   "Act" shall mean the Employee  Retirement  Income  Security Act of
1974 ("ERISA"), as from time to time amended.

       1.02   "Pension  Plan" shall mean the  Retirement  Income Plan of Central
Hudson Gas & Electric Corporation, as from time to time amended.

       1.03   "Code"  shall mean the Internal  Revenue Code of 1986,  as amended
from time to time.

       1.04   "Central   Hudson"  shall  mean  Central  Hudson  Gas  &  Electric
Corporation.

       1.05   "Effective Date" shall mean May 1, 1993.

       1.06   "Maximum  Benefit" shall mean the benefit or benefits to be paid a
Participant under the Pension Plan.

       1.07   "Participant"  shall mean any employee of Central  Hudson,  Energy
Group,  or CH Services  who is an active  Member in the Pension Plan on or after
the  Effective  Date,  whose  pension  benefits  determined  on the basis of the
provisions of the Pension Plan,  without  regard to the  limitations  imposed by
Code Sections  401(a)(17)  and 415,  would exceed the Maximum  Benefit,  and who
holds any of the following officer positions with either Central Hudson,  Energy
Group or CH Services:

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<PAGE>

                             CENTRAL HUDSON OFFICERS

              Chairman of the Board and Chief Executive Officer
              President and Chief Operating Officer
              Vice President (including any level thereof)
              Secretary
              Chief Financial Officer
              Treasurer
              Controller
              Assistant Treasurer

                              ENERGY GROUP OFFICERS

              Chairman of the Board and Chief Executive Officer
              President
              Vice President (including any level thereof)
              Secretary
              Chief Financial Officer
              Treasurer
              Controller
              Assistant Treasurer

                              CH SERVICES OFFICERS

              Chairman of the Board and Chief Executive Officer
              President and Chief Operating Officer
              Vice President (including any level thereof)
              Secretary
              Chief Financial Officer
              Treasurer
              Controller
              Assistant Treasurer

       1.08   "Plan"   shall  mean  the  Central   Hudson   Retirement   Benefit
Restoration  Plan, as from time to time amended,  which shall be an unfunded and
uninsured  pension  benefit  plan  for a  select  group  of  highly  compensated
management employees of Central Hudson, Energy Group or CH Services.

       1.09   "Unrestricted  Benefit"  shall mean  whichever of the following is
applicable:  (i) the monthly  retirement  income  benefit under the Pension Plan
("Retirement  Income  Benefit")  and (ii) the  benefit  under  the Cash  Balance
Account ("Cash Balance  Benefit") of the Pension Plan, all

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determined  under the Pension Plan without regard to the limitations  imposed by
Code Sections 401(a)(17) and 415.

       1.10   "Change of Control" shall mean:

              (a)    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 Energy Group
(the  "Outstanding  Energy Group Common Stock") or (y) the combined voting power
of the then  outstanding  voting  securities  of Energy  Group  entitled to vote
generally  in the election of directors  (the  "Outstanding  Energy Group Voting
Securities");  provided,  however, that for purposes of this subsection (a), the
following  acquisitions  shall  not  constitute  a Change  of  Control:  (i) any
acquisition  directly from Energy Group,  (ii) any  acquisition by Energy Group,
(iii) any acquisition by any employee  benefit plan (or related trust) sponsored
or maintained by Energy Group or any  corporation  controlled by Energy Group or
(iv) any acquisition by any corporation pursuant to a transaction which complies
with clauses (i), (ii) and (iii) of subsection (c) of this Section 1.10; or

              (b)    Individuals  who, as of December 15, 1999,  constitute  the
Board of Directors of Energy Group (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 date hereof whose election,  or
nomination for election by Energy Group'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  occurs as a result  of 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

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<PAGE>

              (c)    Consummation of a  reorganization,  merger or consolidation
or sale or other disposition of all or substantially all of the assets of Energy
Group (a "Business Combination"),  in each case, unless, following such Business
Combination,  (i) all or  substantially  all of the individuals and entities who
were the beneficial owners, respectively, of the Outstanding Energy Group Common
Stock and Outstanding  Energy Group 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 Energy Group or all or
substantially  all of Energy  Group'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  Energy Group
Common Stock and Outstanding Energy Group Voting Securities, as the case may be,
(ii)  no  Person  (excluding  any  corporation   resulting  from  such  Business
Combination  or any employee  benefit plan (or related trust) of Energy Group 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 (iii) 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

              (d)    Approval by the  shareholders of Energy Group of a complete
liquidation or dissolution of Energy Group.

       1.11   "Employment  Agreement" shall mean a Change of Control  Employment
Agreement between a Participant and Energy Group.

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<PAGE>

       1.12   "Energy  Group"  shall  mean CH Energy  Group,  Inc.,  the  parent
corporation of Central Hudson.

       1.13   "CH Services" shall mean Central Hudson Energy Services, Inc.

                              ARTICLE II. BENEFITS

       2.01   "Benefit":  Upon the applicable  Retirement Date (as defined under
the Pension Plan) of a Participant,  such Participant shall be entitled to (i) a
Retirement  Income  Benefit and, if  applicable,  (ii) a Cash  Balance  Benefit,
equal,  in each  case,  in amount to his or her  Unrestricted  Benefit  less the
Maximum Benefit.

       2.02   "Spouse's  Pension  Benefit":  Subject to Section 2.03 below, upon
the death of a  Participant  whose spouse is eligible  for an annuity  under the
Pension  Plan,  the  Participant's  surviving  spouse shall be entitled to (i) a
monthly  benefit equal to the surviving  spouse benefit  annually  determined in
accordance  with the  provisions  of the  Pension  Plan  without  regard  to any
limitations  imposed by the Code Sections  401(a)(17)  and 415, less the related
Maximum  Benefit  to which such  spouse is  entitled  and (ii) any Cash  Balance
Benefit determined in accordance with the provisions of the Pension Plan without
regard to any limitations  imposed by Code Sections 401(a)(17) and 415, less the
related  Maximum Benefit to which such spouse is entitled and less any amount of
the Cash Balance Benefit previously paid to the Participant.

       2.03   "Forms of Benefit  Payment":  A retirement  benefit  payable under
this Article II shall be paid at such time or times in such form and in the same
manner as the benefit  payable  under the Pension  Plan,  except a Cash  Balance
Benefit shall be paid in lump sum form only.

       2.04   "Change-of-Control  Benefit":  Notwithstanding any other provision
of the Plan, if a  Participant's  employment is terminated  under  circumstances
entitling him or her to severance pay or benefits under an Employment  Agreement
that becomes effective as a result of the Change of Control, the amount (but not
the time for payment) of the  Unrestricted  Benefit  shall be computed as if the
Participant's  employment  had  continued  for a number  of  years  equal to the
Multiple (as defined in such Employment  Agreement),  with compensation equal to
the

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<PAGE>

compensation required by the Employment  Agreement,  and as if the Participant's
accrued benefits were fully vested even if they are not then fully vested.

                     ARTICLE III. ADMINISTRATION OF THE PLAN

       3.01   "Administrator": The Plan shall be administered by Central Hudson,
which shall have the authority to interpret the Plan and issue such  proceedings
as  it  deems   appropriate.   The   Administrator   shall  have  the  duty  and
responsibility  of maintaining  records,  making the requisite  calculations and
disbursing  the  payments  hereunder.   The   Administrator's   interpretations,
determinations,  regulations and calculations  shall be final and binding on all
persons and parties concerned.

       3.02   "Amendment  and  Termination":  The  Administrator  may  amend  or
terminate the Plan at any time,  provided,  however,  that no such  amendment or
termination  shall deprive any  Participant  or  beneficiary  of the benefits to
which such Participant is entitled, under Section 2.01 hereof, as of the date of
such amendment or  termination  unless the  Participant  or beneficiary  becomes
entitled  to an amount  equal to such  benefit  under  another  plan or practice
adopted  by Central  Hudson.  Notwithstanding  the  foregoing,  for three  years
following  a  Change-of-Control:  (a) the Plan may not be  amended in any manner
adverse to any individual who is a Participant  in the Plan  immediately  before
the  Change-of-Control  (a  "Protected  Participant"),  or  a  beneficiary  of a
Protected  Participant;  and (b) the Plan may not be terminated  with respect to
Protected Participants and their beneficiaries.

       3.03   "Payments":  Central  Hudson will pay all benefits  arising  under
this Plan and all costs, charges and expenses relating thereto.

       3.04   "Non-assignability of Benefits":  Except as otherwise permitted or
required by law, the benefits  payable  hereunder or the right to receive future
benefits under the Plan may not be anticipated,  alienated, pledged, encumbered,
or  subjected to any charge or legal  process,  and if any attempt is made to do
so, or a person eligible for any benefits becomes  bankrupt,  the interest under
the Plan of the person affected may be terminated by the Administrator which, in
its sole

                                       6
<PAGE>

discretion,  may cause the same to be held or applied  for the benefit of one or
more of the  dependents  of such  person or make any other  disposition  of such
benefits that it deems appropriate.

       3.05   "Status  of Plan":  The  benefits  under  this  Plan  shall not be
funded, but shall constitute liabilities of Central Hudson payable when due.

       3.06   "Nonguarantee of Employment": Nothing contained in this Plan shall
be  construed  as a  contract  of  employment  between  Central  Hudson  and any
Participant,  or as a right of any  Participant to be continued in employment of
Central  Hudson,  or as a limitation on the right of Central Hudson to discharge
any of its employees, with or without cause.

       3.07   "Applicable  Law": All questions  pertaining to the  construction,
validity and effect of the Plan shall be determined in accordance  with the laws
of the United States and to the extent not  pre-empted by such laws, by the laws
of the State of New York.

       3.08   "Inclusion  of Energy  Group and CH Services  Participants":  This
Plan shall only apply to Energy Group and CH Services Participants if adopted by
each of the respective Boards of Directors of each corporation.

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