Document:

Form of Insurance Agreement

 Exhibit 4.2 
 INSURANCE AGREEMENT 
 INSURANCE AGREEMENT dated October 18, 2006 by and among Vectren
Utility Holdings, Inc., an Indiana corporation, as Issuer (the “Issuer”), Indiana Gas Company, Inc., an Indiana corporation and an Ohio corporation (“Indiana Gas”), Southern Indiana Gas and Electric Company, an Indiana
corporation (“SIGECO”), Vectren Energy Delivery of Ohio, Inc., an Ohio corporation (“VEDO”, and together with Indiana Gas and SIGECO, each a “Company” and collectively, the “Companies”), and Financial Guaranty
Insurance Company, a New York stock insurance company (“Financial Guaranty”). 
 WHEREAS, pursuant to an Indenture, dated as
of October 19, 2001 (the “Base Indenture”), by and among the Issuer, each of the Companies and U.S. Bank National Association, as trustee (the “Trustee”) and the Fifth Supplemental Indenture, dated as of October 18,
2006, by and among the Issuer, the Companies and the Trustee (the “Supplemental Indenture,” together with the Base Indenture, the “Indenture”), the Issuer has issued $100,000,000 in aggregate principal amount of its Insured
Quarterly Notes due 2036 (the “IQ Notes”); and 
 WHEREAS, pursuant to the Guarantees included in the Indenture and endorsed
upon the IQ Notes, the Companies fully and unconditionally guarantee, jointly and severally, among other things, the due and punctual payment of all payments to be made by the Issuer under the IQ Notes; 
 WHEREAS, Financial Guaranty has issued its surety bond relating to the IQ Notes (the “Policy”) which insures the scheduled payments of
principal of and interest on the IQ Notes and the mandatory redemption of the IQ Notes at the option of a representative of any deceased beneficial owner of the IQ Notes on the terms specified in the Policy; 
 WHEREAS, each Company will derive substantial direct and indirect benefits from the issuance of the Policy; and 
 WHEREAS, the Issuer and the Companies understand that Financial Guaranty expressly requires the delivery of this Insurance Agreement as part of
the consideration for the delivery by Financial Guaranty of the Policy; 
 NOW, THEREFORE, in consideration of the premises and of the
agreements herein contained and of the execution and delivery of the Policy, the Issuer, the Companies and Financial Guaranty agree as follows: 

 ARTICLE I 
 DEFINITIONS; PREMIUM; EXPENSES 
 Section 1.01. Definitions. Except as otherwise
expressly provided herein or unless the context otherwise requires, the terms which are capitalized herein shall have the meanings specified in the Indenture unless otherwise defined in Annex A hereto. 
 Section 1.02. Premium. In consideration of Financial Guaranty agreeing to issue the Policy hereunder, the Issuer and the Companies
hereby jointly and severally agree to pay Financial Guaranty the premiums, at the times and in the amounts specified in the Commitment. Once paid, no premium is refundable in whole or in part for any reason. 
 To the extent that any Future Premium Payment is not paid when due, interest shall accrue on such unpaid amounts at a rate equal to the Effective Interest Rate.

 ARTICLE II 
 REIMBURSEMENT OBLIGATIONS OF THE ISSUER AND THE COMPANIES AND 
 SECURITY THEREFOR 
 Section 2.01. Reimbursement Obligation. The Issuer and the Companies jointly and severally agree to reimburse Financial Guaranty, from
any available funds, immediately and unconditionally upon demand, for any Policy Payment. To the extent that any such payment due hereunder is not paid when due, interest shall accrue on such unpaid amounts at a rate equal to the Effective Interest
Rate. Following any such Policy Payment, the payment by the Issuer or any Company of the amount of principal of and/or interest on the obligations in respect of which such Policy Payment shall have been made shall satisfy and discharge, to the
extent thereof, the corresponding obligations of the Issuer and the Companies under this Section 2.01. 
 Section 2.02.
Unconditional Obligation. The obligations of the Issuer and the Companies hereunder are absolute and unconditional and will be paid or performed strictly in accordance with this Insurance Agreement, irrespective of: 
 (a) any lack of validity or enforceability of, or any amendment or other modification of, or waiver with respect to this Insurance Agreement, the
Indenture, the Guarantees, the IQ Notes or any other financing document relating to the IQ Notes (collectively, the “Transaction Documents”); 
 (b) any exchange, release or nonperfection of any security interest in property securing the Transaction Documents; 
 (c) any circumstances which might otherwise constitute a defense available to, or discharge of, the Issuer or the Companies with respect to the Transaction Documents; 
  

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 (d) whether or not obligations under the Transaction Documents are contingent or matured, disputed or
undisputed, liquidated or unliquidated; or 
 (e) the bankruptcy or insolvency of any other obligor under this Insurance Agreement.

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 The Issuer and each Company makes the following representations as the basis for its
undertakings herein contained: 
 (a) Neither the execution and delivery of any Transaction Document, the consummation of the transactions
contemplated hereby and thereby, nor the fulfillment of or compliance with the terms and conditions hereof and thereof, conflicts with or results in a breach of any of the terms, conditions or provisions of any of its organizational documents or of
any material agreement or instrument to which it is now a party or by which it is bound, or constitutes a default (with due notice or the passage of time or both) under any of the foregoing, or, except as contemplated by the Transaction Documents,
results in the creation or imposition of any prohibited lien, charge or encumbrance whatsoever upon any of its property or assets under the terms of any material instrument or agreement to which it is now a party or by which it is each bound.

 (b) All certificates, approvals, permits and authorizations of applicable local governmental agencies, state and the federal government
that are necessary (i) for the due execution and delivery by it of, and the performance of its obligations under, each Transaction Document and (ii) for the operations and business of the Issuer and each Company, have been obtained and
continue in force, except, in the case of clause (ii), for such certificates, approvals, permits and authorizations the failure of which to obtain or to maintain in full force would not, individually or in the aggregate, materially and adversely
affect the financial condition, assets, properties or operation of the Issuer or any Company. 
 (c) No event has occurred and no condition
exists that would constitute an Event of Default (as defined in the Indenture or hereunder) or that, with the passing of time or with the giving of notice or both would become such an Event of Default. 
 (d) Each Transaction Document has been executed and delivered by it and is a legal, valid and binding obligation, enforceable against it in accordance
with its terms, subject to the qualification that the enforceability of the obligations may be limited by applicable bankruptcy, insolvency, or similar laws affecting creditors’ rights generally or by equitable principles relating to
enforceability. 
 (e) Except as disclosed in the Prospectus Supplement, dated October 13, 2006, delivered in connection with the
issuance of the IQ Notes, (i) there is no action, suit, proceeding or investigation at law or in equity before or by any court or governmental agency or body pending or 
  

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 to its knowledge threatened against or affecting the Issuer or any Company that seeks to restrain or enjoin the issuance
or delivery of the IQ Notes, or the collection of the payments to be made pursuant to the Transaction Documents or in any way contests or materially adversely affects the validity of the Transaction Documents or the resolutions of the Issuer or any
Company relating to the IQ Notes, or contests or affects its powers to enter into or perform its obligations or consummate the transactions contemplated under any of the foregoing; and (ii) neither the Issuer nor any Company is in default with
respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or other governmental authority which could reasonably be expected to have a material adverse effect on the financial condition, assets,
properties or operations of the Issuer or any of the Companies. 
 (f) The consolidated financial statements of the Issuer contained in
(i) the Annual Report on Form 10-K for the year ended December 31, 2005 and (ii) Quarterly Report on Form 10-Q for the quarter ended June 30, 2006 (the “Interim Financial Statements”), respectively, present fairly in
all material respects the consolidated financial condition, results of operations and cash flows of the Issuer and the Companies and have been prepared in conformity with generally accepted accounting principles applied on a consistent basis
throughout the periods involved (except as otherwise noted therein), except in the case of the Interim Financial Statements for normal year end adjustments. Since June 30, 2006, there has been no material adverse change in the financial
condition, assets, properties or operation of the Issuer and the Companies, taken as a whole. 
 ARTICLE IV 
 COVENANTS 
 Section 4.01.
Merger, Consolidation, Etc. (a) Other than a Transfer (as defined in Section 10.02 of the Base Indenture) permitted by Section 10.02 of the Base Indenture, the Issuer and each Company hereby agrees that, in the event of
a Reorganization of any Company, unless otherwise consented to by Financial Guaranty, the obligations of such Company under, and in respect of, this Insurance Agreement and the other Transaction Documents shall be assumed by, and shall become direct
and primary obligations of, a Regulated Utility Company that holds substantially all of the assets that were held by such Company prior to such Reorganization. 
 (b) Notwithstanding anything in the Transaction Documents to the contrary, the Issuer and each Company hereby agree that, unless otherwise consented to by Financial Guaranty, at least one of the direct and primary
obligors under this Insurance Agreement and at least one of the direct and primary obligors or guarantors under the other Transaction Documents shall at all times be one of the Guarantors that on the date hereof is a Regulated Utility Company
regulated by the Indiana Utility Regulatory Commission, unless the Issuer shall (i) pay all amounts due and payable to Financial Guaranty hereunder and (ii) redeem or cause to be redeemed, in full, the IQ Notes pursuant to the terms of the
Indenture. 
 (c) In the event of a Transfer under Section 10.02 of the Base Indenture of a 
  

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 Guarantor, the Issuer shall within 18 months after the date of the consummation of the Transfer apply the amount required
to be paid to the Issuer pursuant to Section 10.02(1) of the Base Indenture relating to the repayment of amounts loaned to such Company from the proceeds of the IQ Notes (the “Repayment Amount”) for any of the following purposes or
any combination thereof (but for no other purpose): (i) to make a loan to another Company, (ii) to redeem the IQ Notes in an amount equal to the Repayment Amount (less any amount applied pursuant to the foregoing clause (i)) in accordance
with the terms of the Indenture or (iii) with the prior written consent of Financial Guaranty, to make a loan to a subsidiary of the Issuer that is not a Company or to acquire the stock or assets of another Regulated Utility Company.

 (d) Prior to or concurrently with any Reorganization or Transfer, the Issuer shall deliver to Financial Guaranty a certificate of the
president or any vice president and an opinion of counsel in each case reasonably acceptable to Financial Guaranty, addressed to Financial Guaranty, each stating that such Reorganization or Transfer, as the case may be, complies with this
Section 4.01. 
 (e) The Issuer hereby agrees that it shall provide only those financial services described in the Financial Services
Agreement to Regulated Utility Companies. 
 (f) Upon the consummation of a Transfer of a Company that is permitted by Section 10.02 of
the Base Indenture and Section 4.01 of this Insurance Agreement, such Company shall be released from its obligations hereunder. 
 Section 4.02. Transaction Documents. (a) The Issuer and each Company shall perform or observe each covenant, agreement and undertaking required to be performed or observed by it pursuant to the Transaction
Documents. 
 (b) For so long as the Policy remains in effect (and Financial Guaranty is not in default thereunder) or any Reimbursement
Obligation remains unpaid, neither the Issuer nor any Company will enter into, authorize, approve or consent to any amendment, supplement, waiver or other modification to or under any Transaction Document without the prior written consent of
Financial Guaranty except that Financial Guaranty’s consent shall not be required for any supplemental indenture entered into pursuant to Section 9.01(1), (2), (3), (4), (6), or (7) of the Base Indenture. 
  

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 ARTICLE V 
 EVENTS OF DEFAULT; REMEDIES 
 Section 5.01. Events of Default. The
following events shall constitute Events of Default hereunder: 
 (a) The Issuer or any of the Companies shall fail to pay to Financial
Guaranty any amount payable (i) under Sections 1.02 or 2.01 hereof and such failure shall have continued for a period in excess of ten (10) days after receipt by the Issuer or any of the Companies of written notice thereof from Financial
Guaranty or (ii) under Section 7.02 hereof and such failure shall have continued for a period in excess of thirty (30) days after receipt by the Issuer or any of the Companies of written notice thereof; 
 (b) Any representation or warranty made by the Issuer or any of the Companies hereunder or under any of the Transaction Documents or any statement in the
application for the Policy or any report, certificate, financial statement or other instrument provided in connection with the Commitment, the Policy or any Transaction Document shall have been materially false at the time when made; 
 (c) Except as otherwise provided in this Section 5.01, the Issuer or any of the Companies shall fail to perform any of its other obligations under
any Transaction Documents, provided that such failure continues for more than thirty (30) days after receipt by the Issuer or the Companies of written notice from Financial Guaranty of such failure to perform; 
 (d) The Issuer or any of the Companies shall (i) voluntarily commence any proceeding or file any petition seeking relief under the United States
Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency or similar law, (ii) consent to the institution of, or fail to controvert in a timely and appropriate manner, any such proceeding or the filing of any such petition,
(iii) apply for or consent to the appointment of a receiver, paying agent, custodian, sequestrator or similar official for it or for a substantial part of its property, (iv) file an answer admitting the material allegations of a petition
filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, (vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due or (vii) take action for the
purpose of effecting any of the foregoing; 
 (e) An involuntary proceeding shall be commenced or an involuntary petition shall be filed in a
court of competent jurisdiction seeking (i) relief in respect of the Issuer or any of the Companies, or of a substantial part of the property of the Issuer or any of the Companies, under the United States Bankruptcy Code or any other Federal,
state or foreign bankruptcy, insolvency or similar law or (ii) the appointment of a receiver, paying agent, custodian, sequestrator or similar official for the Issuer or any of the Companies or for a substantial part of the property of the
Issuer or any of the Companies; and such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall continue unstayed and in effect for sixty (60) days; or

  

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 (f) An “Event of Default” under the Indenture shall occur. 
 Section 5.02. Remedies. If an Event of Default shall occur and be continuing, then Financial Guaranty may take whatever action at law
or in equity may appear necessary or desirable, including, without limitation, legal action for the specific performance of any covenant made by the Issuer or any of the Companies herein and any financing document and, to the extent applicable and
permissible under the Transaction Documents, the pursuit of remedies available under the Transaction Documents to collect the amounts then due and thereafter to become due under this Insurance Agreement, or to enforce performance and observance of
any obligation, agreement or covenant of the Issuer or the Companies under this Insurance Agreement or under the Transaction Documents. All rights and remedies of Financial Guaranty under this Section 5.02 are cumulative and the exercise of any
one remedy does not preclude the exercise of one or more of the other available remedies under this Insurance Agreement or under the Transaction Documents or now or hereafter existing at law or in equity. No delay or omission to exercise any right
or power accruing under this Insurance Agreement, the Transaction Documents or any other financing document, or otherwise, upon the happening of any event set forth in Section 5.01, shall impair any such right or power or shall be construed to
be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle Financial Guaranty to exercise any remedy reserved to Financial Guaranty in this Article, it shall not
be necessary to give any notice, other than such notice as may be required by this Article. 
 Section 5.03. Default Related
Provisions Under the Indenture or Agreement. 
 (a) In determining whether a payment default has occurred under the Indenture or
whether a payment on the IQ Notes has been made under the authorizing document(s), no effect shall be given to payments made under the Policy. 
 (b) Financial Guaranty shall receive notice from the Issuer or any Company of any Event of Default within 30 days of the Issuer’s or any of the Companies’ actual knowledge thereof. 
 ARTICLE VI 
 SETTLEMENT

 Financial Guaranty shall have the exclusive right to decide and determine whether any claim, liability, suit or judgment made or
brought against Financial Guaranty on the Policy (a “Policy Claim”), shall or shall not be paid, compromised, resisted, defended, tried or appealed, and Financial Guaranty’s decision thereon, if made in good faith, shall be final and
binding upon the 
  

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 Issuer and the Companies. An itemized statement of payments made by Financial Guaranty, certified by an officer of
Financial Guaranty, or the voucher or vouchers for such payments, shall be prima facie evidence of the liability of the Issuer and the Companies, absent manifest error. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01. Waiver of Subrogation, Etc.  
 Each Company and the Issuer hereby agrees that (i) the subrogation rights of Financial Guaranty in respect of any amounts paid by Financial Guaranty to the Holders under the Policy shall take priority over the
subrogation rights of the Companies set forth in the Guarantees or as a party that is jointly and severally obligated hereunder, and (ii) neither the Issuer nor any Company shall, without the written consent of Financial Guaranty, be entitled
to enforce or to receive any payments arising out of or based upon its right of subrogation set forth in the Guarantee or as a party hereunder until the principal of and interest on, and any Redemption Price with respect to, all IQ Notes and any
Reimbursement Obligations shall have been paid in full or payment thereof shall have been provided for to the satisfaction of Financial Guaranty and all other obligations (including, without limitation, any other payment obligations) contained in
the IQ Notes, the Guarantees, the Indenture and this Insurance Agreement shall have been performed. If any amount shall be paid to the Issuer or any Company in violation of the preceding sentence and all amounts payable under this Insurance
Agreement and in respect of the IQ Notes shall not have been paid in full, such amount shall be deemed to have been paid to the Issuer or such Guarantor for the benefit of, and held in trust for the benefit of, the Holders or the Insurer, as the
case may be, and shall forthwith be paid to the Trustee for the benefit of the Holders or Insurer, respectively, to be credited and applied upon such amounts. The Issuer and each Company acknowledges that it will receive direct and indirect benefits
from the issuance of the Policy and IQ Notes. 
 Notwithstanding anything to the contrary in the Transaction Documents, if following any
payment by the Issuer or any Company to the Holders of the IQ Notes of the principal, Redemption Price or interest in respect of the IQ Notes or to Financial Guaranty of any amounts due hereunder or in respect of the Policy, it is determined by a
final decision of a court of competent jurisdiction that such payment shall be avoided by a trustee in bankruptcy (including any debtor-in-possession) as a preference under 11 U.S.C. Section 547 and such payment is returned by such Holder or
Financial Guaranty to such trustee in bankruptcy, then the obligations of the Issuer and the Companies under the Indenture, the IQ Notes and this Insurance Agreement shall remain in full force and effect to the extent of such repayment. 

Notwithstanding anything to the contrary contained herein, the obligations of the Issuer and each Company hereunder, shall be, and hereby are, limited
to the maximum amount that may be payable by the Issuer or the applicable Company without rendering this Insurance Agreement, as it relates to Issuer or such Company, voidable under any applicable law relating to fraudulent conveyance, fraudulent
transfer or similar laws affecting the rights of creditors generally. 
  

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 Section 7.02. Reimbursement of Costs and Expenses; Payments Generally. 
 (a) The Issuer and the Companies jointly and severally agree to pay or reimburse Financial Guaranty for any and all charges, fees, costs, and expenses
(including reasonable attorney’s fees) that Financial Guaranty may reasonably pay or incur in connection with the following: (i) the administration, enforcement, defense, or preservation of any rights or security hereunder or under any
Transaction Document; (ii) the pursuit of any remedies hereunder, under any other Transaction Document, or otherwise afforded by law or equity, (iii) any amendment, waiver, or other action hereunder or with respect to or related to any
Transaction Document whether or not executed or completed; (iv) the violation by the Issuer or any of the Companies of any law, rule, or regulation or any judgment, order or decree applicable to it; (v) any advances or payments made by
Financial Guaranty to cure defaults of the Issuer or any of the Companies hereunder or under the Transaction Documents; or (vi) any litigation or other dispute in connection with the Insurance Agreement, or any other Transaction Document, or
the transactions contemplated hereby or thereby, other than amounts resulting from the failure of Financial Guaranty to honor its payment obligations under the Policy or from the negligence or willful misconduct of Financial Guaranty. Financial
Guaranty reserves the right to charge a reasonable fee as a condition to executing any amendment, waiver, or consent proposed in respect of the Insurance Agreement or any other Transaction Document. The obligations of the Issuer and the Companies to
Financial Guaranty shall survive discharge and termination of the Transaction Documents. The Issuer’s and the Companies’ obligations under this Section 7.02 shall be unconditional and shall be paid promptly upon receipt by the Issuer
or any of the Companies of demand therefore. 
 (b) If any payment hereunder is specified to be made on a date that is not a Business Day,
then such payment shall be made on the Business Day next succeeding the date originally specified for such payment. 
 Section 7.03. Indemnification; Limitation of Liability. (a) In addition to any and all rights of indemnification or any other rights of Financial Guaranty pursuant hereto or under law or equity or under any financing
document, the Issuer and the Companies jointly and severally agree to pay, and to protect, indemnify and save harmless, Financial Guaranty and its officers, directors, shareholders, employees, and agents, from and against any and all claims, losses,
liabilities (including penalties), actions, suits, judgments, demands, damages, costs or reasonable expenses (including, without limitation, reasonable fees and expenses of attorneys, consultants and auditors and reasonable costs of investigations)
or obligations whatsoever paid by Financial Guaranty (herein collectively referred to as “Liabilities”) of any nature arising out of or relating to the transactions contemplated by the Transaction Documents by reason of: 
  

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 (i) any untrue statement or alleged untrue statement of a material fact contained in the
offering document or in any amendment or supplement thereto or arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as such Liabilities arise out of or are based upon any such untrue statement or omission or allegation thereof based upon information which describes Financial Guaranty in the offering document set forth under the caption “The
Policy and the Insurer,” or in the financial statements of Financial Guaranty, including any information in any amendment or supplement to the offering document furnished by Financial Guaranty in writing expressly for use therein that amends or
supplements such information; 
 (ii) to the extent not covered by clause (i) above, any act or omission of the Issuer or
any of the Companies in connection with the offering, issuance, sale or delivery of the IQ Notes other than by reason of false or misleading information provided by Financial Guaranty in writing for inclusion in the offering document as specified in
clause (i) above or the allegation thereof; 
 (iii) the misfeasance or malfeasance of, or negligence or theft committed
by, any director, officer, employee or agent of the Issuer or any of the Companies; 
 (iv) the breach by the Issuer or any of
the Companies of its obligations under any Transaction Documents; and 
 (v) the breach by the Issuer or any of the Companies
of any representation or warranty on the part of the Issuer or any of the Companies contained in the Transaction Documents or in any certificate or report furnished or delivered to Financial Guaranty thereunder. 
 (vi) any claim by any party other than the parties to be indemnified under this Section 7.03 arising out of any Event of Default
under the Transaction Documents. 
 This indemnity provision shall survive the termination of this Insurance Agreement and shall survive until the statute of
limitations has run on any causes of action which arise from one of these reasons and until all suits filed as a result thereof have been finally concluded. Any party which proposes to assert the right to be indemnified under this Section 7.03
will promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim is to be made against the Issuer or the Companies under this Section 7.03, shall notify the Issuer or any of
the Companies of the commencement of such action, suit or proceeding, enclosing a copy of all papers served. In case any action, suit or proceeding, other than a policy claim, shall be brought against any indemnified party and it shall notify the
Issuer or the Companies of the commencement thereof, the Issuer and the Companies shall be entitled to participate in, and, to the extent that it shall wish, to assume the defense thereof, with counsel satisfactory to such indemnified party, and
after notice from the Issuer and the Companies to 
  

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 such indemnified party of its election so to assume the defense thereof, the Issuer and the Companies shall not be liable
to such indemnified party for any legal expenses other than reasonable costs of investigation subsequently incurred by such indemnified party in connection with the defense thereof. The indemnified party shall have the right to employ its counsel in
any such action the defense of which is assumed by the Issuer and the Companies in accordance with the terms of this subsection (b), but the fees and expenses of such counsel shall be at the expense of such indemnified party unless the employment of
counsel by such indemnified party has been authorized by the Issuer and the Companies, or unless there is a conflict of interest. The Issuer and the Companies shall not under any circumstances be liable for any settlement of any action or claim
effected without its prior written consent, other than a Policy Claim. 
 Section 7.04. Computations. All computations of
premium, interest and fees hereunder shall be made on the basis of the actual number of days elapsed over a year of 365 or 366 days, as applicable. 
 Section 7.05. Exercise of Rights. No failure or delay on the part of Financial Guaranty to exercise any right, power or privilege under this Insurance Agreement and no course of dealing between Financial Guaranty and the
Issuer or the Companies or any other party shall operate as a waiver of any such right, power or privilege, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. The rights and remedies herein expressly provided are cumulative and not exclusive of any rights or remedies which Financial Guaranty would otherwise have pursuant to law or equity. No notice to or demand on
any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances, or constitute a waiver of the right of the other party to any other or further action in any circumstances without notice or
demand. 
 Section 7.06. Amendment and Waiver. Any provision of this Insurance Agreement may be amended, waived,
supplemented, discharged or terminated only with the prior written consent of the Issuer, the Companies and Financial Guaranty. The Issuer and the Companies hereby agree that upon the written request of the Trustee, Financial Guaranty may make or
consent to issue any substitute for the Policy to cure any ambiguity or formal defect or omission in such Policy which does not materially change the terms of such Policy or adversely affect the rights of the Holders or the Issuer or the Companies,
and this Insurance Agreement shall apply to such substituted Policy. Financial Guaranty agrees to deliver to the Issuer and the Companies, and the rating agencies if any, rating the IQ Notes, a copy of such substituted Policy. 
 Section 7.07. Amendments and Supplements to the Transaction Documents. Any rating agency rating the IQ Notes must receive notice of
each amendment to the Transaction Documents relating to the IQ Notes and a copy thereof at least 15 days in advance of its execution or adoption. Financial Guaranty shall be provided with a full transcript of all proceedings relating to the
execution of any such amendment or supplement. 
  

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 Section 7.08. Successors and Assigns; Descriptive Headings. 
 (a) This Insurance Agreement shall bind, and the benefits thereof shall inure to, the Issuer, the Companies and Financial Guaranty and their respective
successors and assigns, so long as the IQ Notes or any portion thereof are outstanding or any amounts are due and payable to Financial Guaranty hereunder or Financial Guaranty has any obligations or liabilities under the Policy; provided, that
neither the Issuer, any of the Companies nor Financial Guaranty may transfer or assign any or all of its rights and obligations hereunder without the prior written consent of the other party hereto. 
 (b) The descriptive headings of the various provisions of this Insurance Agreement are inserted for convenience of reference only and shall not be deemed
to affect the meaning or construction of any of the provisions hereof. 
 Section 7.09. Waiver. The Issuer and the
Companies waive any defense that this Insurance Agreement was executed subsequent to the date of the Policy, admitting and covenanting that such Policy was executed pursuant to the Issuer’s and Companies’ request and in reliance on the
Issuer’s and Companies’ promise to execute this Insurance Agreement. 
 Section 7.10. Entire Agreement. This
Insurance Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements and understandings of the parties hereto with respect to the subject matter hereof,
including but not limited to the Commitment (except as expressly set forth herein with respect to Premium). 
 Section 7.11.
Reporting Requirements. Financial Guaranty shall be provided with the following: 
 (a) Notice of the redemption, other than mandatory
sinking fund redemption, of any of the IQ Notes, or of any advance refunding of the IQ Notes, including the principal amount and maturities thereof provided however that the Issuer shall only be required to notify Financial Guaranty of redemptions
under Section 3.4 of the Supplemental Indenture one time each year, but no later than January 31 of the year following the year to which the notice relates. 
 (b) Notice of the downgrading by any rating agency of the Issuer’s or any of Companies’ underlying rating, or the underlying rating on the IQ Notes or any parity obligations, to “non-investment
grade”; 
 (c) Such additional information as Financial Guaranty may reasonably request from time to time. 
 Section 7.12. Notices, Requests, Demands. Except as otherwise expressly provided herein, all written notices, requests, demands or
other communications to or upon the respective 
  

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 parties hereto shall be deemed to have been given or made when actually received, or in the case of telecopier notice
sent over a telecopier machine owned or operated by a party hereto, when sent, with confirmation of receipt, addressed as specified below or at such other address as either of the parties hereto may hereafter specify in writing to the other:

  

			
	If to the Issuer:	  	Vectren Utility Holdings, Inc.
		  	One Vectren Square
		  	Evansville, IN 47708-125
		  	Attention: Ronald E. Christian,
		  	Executive Vice President,
		  	Chief Administrative Officer and Secretary
		  	Fax No. (812) 491-4169
		
	If to the Companies:	  	Indiana Gas Company, Inc.
		  	One Vectren Square
		  	Evansville, IN 47708-125
		  	Attention: Ronald E. Christian,
		  	Executive Vice President,
		  	 Chief Administrative Officer and Secretary
 Fax No.
(812) 491-4169

		
		  	Southern Indiana Gas and Electric Company
		  	One Vectren Square
		  	Evansville, IN 47708-125
		  	Attention: Ronald E. Christian,
		  	Executive Vice President,
		  	Chief Administrative Officer and Secretary
		  	Fax No. (812) 491-4169
		
		  	Vectren Energy Delivery of Ohio, Inc.
		  	One Vectren Square
		  	Evansville, IN 47708-125
		  	Attention: Ronald E. Christian,
		  	Executive Vice President,
		  	Chief Administrative Officer and Secretary
		  	Fax No. (812) 491-4169
		
	If to Financial Guaranty:	  	Financial Guaranty Insurance Company
		  	125 Park Avenue
		  	New York, New York 10017
		  	Attention: Managing Director, Global Utilities
		  	Fax No.: 212-312-3093

  

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 Section 7.13. Survival of Representations and Warranties. All representations,
warranties and obligations contained herein shall survive the execution and delivery of this Insurance Agreement and the Policy. 
 Section 7.14. Governing Law. This Insurance Agreement and the rights and obligations of the parties under this Insurance Agreement shall be governed by and construed and interpreted in accordance with the laws of the
State of Indiana. 
 Section 7.15. Counterparts. This Insurance Agreement may be executed in any number of copies and by
the different parties hereto on the same or separate counterparts, each of which shall be deemed to be an original instrument. Complete counterparts of this Insurance Agreement shall be lodged with the Issuer, the Companies and Financial Guaranty.

 Section 7.16. Severability. In the event any provision of this Insurance Agreement shall be held invalid or
unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. 
  

 14 

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Insurance Agreement to be
duly executed and delivered as of the date first above written. 
  

			
	Vectren Utility Holdings, Inc.
		
	By	 	  

	Name:	 	Robert L. Goocher
	Title:	 	Vice President and Treasurer
	
	Indiana Gas Company, Inc.
		
	By	 	  

	Name:	 	Robert L. Goocher
	Title:	 	Vice President and Treasurer
	
	Southern Indiana Gas and Electric Company
		
	By	 	  

	Name:	 	Robert L. Goocher
	Title:	 	Vice President and Treasurer
	
	Vectren Energy Delivery of Ohio, Inc.
		
	By	 	  

	Name:	 	Robert L. Goocher
	Title:	 	Vice President and Treasurer
	
	Financial Guaranty Insurance Company
		
	By	 	  

		 	Paul R. Morrison
		 	Managing Director, International and Global Utilities

  

 15 

 ANNEX A 
 DEFINITIONS 
 For all purposes of this Insurance Agreement, except as otherwise expressly provided
herein or unless the context otherwise requires, all capitalized terms used herein and not otherwise defined shall have the same meaning as in the Indenture, and all other capitalized terms shall have the meaning as set out below. 
 “Base Indenture” has the meaning set forth in the first recital of this Insurance Agreement. 
 “Business Day” has the meaning set forth in the Indenture. 
 “Commitment” means that certain letter, dated October 9, 2006 between the Issuer, the Companies and Financial Guaranty.

 “Company” or “Companies” has the meaning set forth in the first paragraph of this Insurance Agreement.

 “Effective Interest Rate” means the lesser of (i) the prime rate announced from time to time by Citibank,
N.A., in effect from time to time plus 2% per annum and (ii) the maximum rate of interest permitted by then applicable law. 
 “Event of Default” shall mean those events of default set forth in Section 5.01 of this Insurance Agreement. 
 “Financial Services Agreement” means the Financial Services Agreement dated as of January 5, 2001 among the Companies and the Issuer as amended from time to time. 
 “Future Premium Payment” has the meaning set forth in the Commitment. 
 “Guarantees” has the meaning set forth in the Base Indenture. 
 “Holder” or “Holders” means the Person in whose name an IQ Notes is registered on the books kept and maintained by the
Trustee for registration and transfer of the IQ Notes. 
 “Indenture” has the meaning set forth in the first recital
of this Insurance Agreement. 
 “Insurance Agreement” means this Insurance Agreement. 
 “IQ Notes” has the same meaning as set forth in the first recital of this Insurance Agreement. 
  

 A-1 

 “Issuer” has the same meaning set forth in the first paragraph of this Insurance
Agreement. 
 “Payment Obligations” means amounts payable by the each of the Issuer and the Companies to Financial
Guaranty pursuant to the provisions of Sections 1.02 and 7.02 hereof. 
 “Policy Claim” has the meaning set forth in
Article VI. 
 “Policy Payment” means any payment by Financial Guaranty pursuant to the terms of the Policy.

 “Regulated Utility Company” means a corporation, partnership, limited partnership, joint venture, limited
liability company, limited liability partnership or other entity engaged in the transmission and distribution of electricity and/or natural gas, and which is regulated by the applicable public service commissions in all of the states which comprise
its service area in which it has retail customers. 
 “Reimbursement Obligations” means the amounts payable by the
Issuer and the Companies to Financial Guaranty pursuant to the provisions of Section 2.01 hereof. 
 “Reorganization”
means any reorganization of any of the Companies or its affiliates, or any transfer of a substantial portion of the assets of any of the Companies, in each case as a result of which any of the Companies ceases to be a Regulated Utility
Company. 
 “Transaction Documents” has the meaning set forth in Section 2.02(a). 
  

 A-2Vice President Severance Benefits Plan

 Exhibit 10.1 
 Effective August 11, 2003 
 SILICON GRAPHICS, INC. 
 VICE PRESIDENT SEVERANCE BENEFITS PLAN 
 AND SUMMARY PLAN DESCRIPTION 
 Silicon Graphics, Inc., a Delaware corporation (“SGI”), has adopted this Silicon
Graphics Inc. Vice President Severance Benefits Plan and Summary Plan Description (the “Plan”) to provide severance benefits to eligible employees. This Plan will supersede any severance benefit plan, program or practice previously
maintained by SGI or its subsidiaries (the “Company”). 
 This Plan is designated to be an “employee welfare benefit
plan” as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). This Plan is governed by ERISA and, to the extent applicable, the laws of the State of California. This document
constitutes both the official plan document and the required Summary Plan Description under ERISA. The Plan is also intended to satisfy, where applicable, the obligations of the Company under the Federal Worker Adjustment and Retraining Notification
(“WARN”) Act. 
 1. Events That Trigger Benefits. Benefits will become payable to you under the Plan if you are permanently
laid off after August 11, 2003, pursuant to a Company initiated reduction in force while you are eligible for benefits under this Plan. 
 2. Plan Eligibility. You are generally eligible for this Plan if, at the time of a Company-initiated reduction in force you receive a written Notice of Eligibility, you are a full-time or part-time regular U.S. employee of the
Company in a vice president position and you execute a written Release (as set forth in Section 5) and do not revoke the Release within the time permitted under applicable state or federal law. You are not eligible for this Plan if you are a
temporary employee, temporary agency worker or independent contractor or if you are covered under a separate written agreement with the Company that provides severance or severance type benefits. In addition, you will not be eligible for benefits
under the circumstances set forth in Section 3. 
 3. Benefit Ineligibility. 
 (a) Resignation, Discharge or Declines Another Company Position. You will not be eligible for benefits under this Plan if your employment
terminates by resignation (even if you felt compelled to resign), by retirement, death, or disability (except as set forth herein), or by discharge for poor performance, misconduct, or any other reason except layoff. You will not be eligible for
benefits under this Plan if, before the date of your scheduled termination, you are employed by or have been offered other qualifying employment (as determined by the Plan Administrator) with the Company, any of its affiliates or a Successor
Employer (pursuant to paragraph (b) below). 

 Qualifying employment may include, but is not limited to, reassignment to a position in the same geographic area, as
determined by the Plan Administrator with a pay band that includes your salary in effect at the date of Notice of Eligibility and is no more than two salary levels below your position at the date of Notice of Eligibility. The Plan Administrator is
responsible for making all determinations relating to eligibility for benefits and shall have the sole and absolute discretion to determine whether, for purposes of this Section 3(a), your termination is for a reason other than layoff or
whether you are ineligible for benefits as a result of declining another qualifying employment position. 
 (b) Successor Employment.
You will not be considered to have been laid off, and will not be entitled to severance benefits under this Plan, if the Plan Administrator determines, in its sole and absolute discretion, that you have been offered reasonably comparable employment
by a Successor Employer to commence promptly following your termination by the Company, whether you accept the position or not. A “Successor Employer” includes any affiliate of the Company or any other entity that directly or indirectly
acquires (i) all or any portion of the assets or operations of SGI, or any subsidiary; (ii) all or any portion of the outstanding capital stock of SGI, or (iii) fifty percent (50%) or more of the capital stock of any subsidiary
of SGI; or that (iv) offers employment to a group of Company employees in connection with the assumption of operations or functions formerly carried out by the Company or with an asset purchase, business combination or spin off, or other
transfer of assets or business teams formerly employed at the Company. 
 (c) Personal or Family Medical Leaves of Absence. If you are
on an unpaid leave of absence without a right of reinstatement, you will not be eligible for benefits under this Plan. If you otherwise meet the criteria for plan eligibility set forth under Section 2 and are on a family or medical leave of
absence, you are eligible for benefits under this plan. The Notice Period set forth in Section 4 and your family leave period will run concurrently. 
 (d) Independent Contractors. If the Company is not treating you as a common-law employee, as conclusively evidenced by its failure to withhold taxes from your compensation, you are not eligible for benefits
under the Plan, even if you are determined by a governmental agency or court to be a common-law employee of the Company. 
 (e) Transition
Assistance. You will not be entitled to benefits under this Plan unless you satisfy to the Plan Administrator’s satisfaction, all transition assistance requests of the Company in connection with your layoff, such as aiding in the location
of files or preparing any documentation, or records or preparing invention disclosure forms or otherwise cooperating in the patent application process. In addition you will not be entitled to any benefits under this Plan unless you return all
Company property in your possession or under your control, including but not limited to, all equipment, documents, data, information and media pertaining to the past, present, future or anticipated business, research, development, trade or industry
of the Company, any 

 information regarding patents, trade secrets, or other confidential information of the Company or other entities which
the Company is obligated to protect and all copies of such materials in tangible, magnetic, digital or other form. 
 (f) Changed
Decisions. The Company has the right to cancel or reschedule your layoff before you terminate employment. You will not be eligible for severance benefits under this Plan if your layoff is canceled. 
 (g) Death. You will not be eligible for benefits under this Plan if you die before you receive any or all of your severance benefits under the
Plan. 4. Notice Period. You will be paid your Base Pay (the “Notice Payment”) and continue to be eligible for your regular employee benefits until the effective date of termination of employment (the “Termination Date”), which
will be 60 days after the date of your Notice of Eligibility or your resignation, except as otherwise provided under Sections 6, 7 or 8 below. You will be paid in the same manner and at the same frequency as in effect on the date of Notice of
Eligibility, and payment will be subject to the required tax withholding and payroll deductions. 
 5. Severance Benefits. If you are
entitled to severance benefits under the Plan, you will receive a Severance Benefit equal to 8 weeks of your Base Pay, plus an amount equal to one week of your Base Pay for each Year of Service, up to a total maximum payment of 24 weeks of your Base
Pay, but only if you execute a termination agreement and general release form including a six month non-solicitation period (the “Release”) prescribed by the Plan Administrator and file it with the person, and within the time period, the
Plan Administrator prescribes and any revocation period for the release mandated by state or federal law expires. If you are rehired by the Company prior to the end of the period covered by your Severance Benefit, you will be responsible for
repaying the excess portion of the Severance Benefit to the Company. 
 “Base Pay” means your base rate of pay at the time of
Notice of Eligibility, including shift differential but excluding overtime, sales commissions (except as described below), bonuses, premium pay, employee benefits, expense reimbursements, amounts paid for the purpose of retention, including but not
limited to retention, stay or transition bonuses, and similar amounts. However, amounts withheld from your pay for taxes, employee benefits, or other reasons will be disregarded in calculating your pay. If you are a salaried full-time employee, your
weekly Base Pay is calculated by converting an administratively determined hourly rate (based on your actual variable pay earnings for a prior 12 month period determined by the Plan Administrator in its sole and absolute discretion, not to exceed
your current target compensation for employees on a sales compensation plan) into a weekly rate. If you are an hourly full-time employee, your weekly Base Pay is your regular hourly rate multiplied by your scheduled hours per week for full-time
employees. If you are a part-time employee, your weekly Base Pay will be the pro-rated salary for your time worked as a part-time employee (based on the ratio of scheduled part-time hours compared to scheduled full-time hours). 

 “Years of Service” means your full years of employment with the Company and its affiliates in
your most recent period of employment. If you had a break in service at the Company, your Severance Benefit is based on your adjusted hire date. If your date of rehire is prior to January 1, 1999, your adjusted hire date takes into account the
service time you had prior to your date of termination and is determined once you have been rehired for at least 12 months. If your date of hire or rehire is January 1, 1999 or after, your adjusted hire date takes into account the service time
you had prior to your date of termination if you have been rehired at the Company within two (2) years of your most recent termination date. Fractional periods of six months or greater will be rounded up to the next full year of employment.
Pro-rated Severance Benefits will not be paid for any fractional period of less than six months. 
 Your Years of Service and Base Pay
(including the weekly rate) will be determined by the Plan Administrator, in its sole and absolute discretion, as of the date benefits become payable to you. 
 6. Payment. 
 (a) Form of Payment. The Company reserves the right to pay your Severance Benefit
in the same manner and at the same frequency as in effect on the date of Notice of Eligibility, and payment(s) will be subject to the required tax withholding. The Company reserves the right to reduce the amount of the Severance Benefits otherwise
payable under the Plan by the amount of any monies owed by you to the Company. 
 (b) Time of Payment. Your Severance Benefit will not
be payable until the expiration of any revocation period for the General Release mandated by state or federal law. 
 7. Other
Benefits. 
 (a) Outplacement. The Plan Administrator, in its sole and absolute discretion, will determine (i) the type of
outplacement benefits which will be provided, if any, and (ii) the eligibility requirements for any such benefits. 
 (b) Cobra
Continuation. If you receive a Severance Benefit under the Plan, you may also be eligible to continue your coverage under the Company’s medical, dental and vision plans under the Consolidated Omnibus Budget Reconciliation Act of 1985
(“COBRA”). The Company will contribute a portion of COBRA premiums for you, if eligible, and your eligible dependents through the end of the last month in the period covered by your Severance Benefit if you and/or your eligible dependents
return the COBRA election documentation within sixty (60) days of your Termination Date in addition to the executed General Release. You will be required to continue to make your usual benefits co-pay. Failure to return the executed General
Release and the COBRA election documentation within sixty (60) days of your Termination Date will result in ineligibility for Company contributed COBRA benefits for both you and your covered dependents. However, no provision of this Plan will
affect your statutory right to 

 continuation coverage under COBRA. The Plan Administrator, in its sole and absolute discretion, will determine the amount
of contribution that the Company will make for COBRA premiums and the amount of your contribution. 
 (c) Sabbatical. Eligibility for
sabbatical ends as of the date of your Notice of Eligibility under the Plan and will not extend or delay your Notice Period or Termination Date or otherwise affect the severance benefits for which you are eligible under the Plan. If you are on
sabbatical at the date of your Notice of Eligibility under the Plan, any remaining sabbatical will run concurrent with the Notice Period and will not extend or delay your Notice Period or Termination Date or otherwise affect the severance benefits
for which you are eligible under the Plan. 
 (d) Other Employee Benefits. Except as otherwise provided herein, all Company non-health
benefits (such as life insurance, disability coverage, accidental death and dismemberment, the health care spending account, dependent care assistance, etc.) will terminate as of your Termination Date or as otherwise provided in the relevant plan
document or insurance contract (except to the extent that any conversion privilege is available). 
 8. Disability and Leaves of
Absence. If you are receiving total disability benefits or are on a leave of absence (other than a personal or family medical leave) at the time you become eligible for benefits under the Plan, your Notice Period will commence on the earlier of
the date your leave or disability ends or your employment otherwise terminates under the Company’s disability or leave policy. 
 9.
Integration With Other Payments. Should the Plan Administrator, in its sole and absolute discretion, determine that any other benefits are or may become payable, including but not limited to workers’ compensation wage replacement
benefits, pay-in-lieu-of-notice, severance pay, or similar benefits under other benefit plans, severance programs, employment contracts, or applicable laws, such as the Workers’ Adjustment and Retraining Notification (WARN) Act, your benefits
under this Plan will be reduced accordingly or, alternatively, benefits previously paid under this Plan will be treated as having been paid to satisfy such other benefit obligations. In either case, the Plan Administrator will determine how to apply
this provision, and may override other provisions in this Plan in doing so. 
 10. Taxes. Taxes will be withheld from benefits
provided under the Plan to the extent required by law. 
 11. Relation to Other Plans, Programs or Arrangements. Any other severance
or similar Company plan, program or arrangement that might apply to you is superseded and replaced by this Plan. Severance Benefits under this Plan will not be counted as “compensation” for purposes of determining benefits under any other
company compensation or benefit plan, program or arrangement. All such plans, programs or arrangements, to the extent inconsistent with this Plan, are hereby amended as necessary. No benefits that would constitute “excess parachute
payments” within the meaning of Internal Revenue Code Section 280G, or cause any other amounts to be excess parachute payments, will be payable under this Plan. 

 12. No Right to Employment. No provision of this Plan is intended to provide you or any other
employee with any right to continue employment with the Company or affect the Company’s right, which right is hereby expressly reserved, to terminate the employment of any individual at any time for any reason, with or without cause.

 13. Plan Administration. 
 (a) Plan Sponsor and Administrator. The “Plan Sponsor” and “Plan Administrator” of the Plan is Silicon Graphics, Inc. with principal offices at 1600 Amphitheatre Parkway, Mountain View, CA 94043-1351. The Plan
Administrator is the named fiduciary and is responsible for the general administration and management of the Plan and shall have all powers and duties necessary to fulfill its responsibilities, including, but not limited to, the exclusive discretion
and authority to administer and interpret the Plan and to decide any and all questions of fact, interpretation, definition, computation or administration arising in connection with the operation of the Plan, including but not limited to, eligibility
to participate in the Plan and the amount of benefits to be paid under the Plan. The Vice President, Human Resources and/or his respective designees may act on behalf of the Plan Administrator with full discretionary authority. 
 The Vice President, Human Resources and/or his respective designees may act on behalf of the Plan Administrator to review all initial claims for benefits
under the terms of the Plan. The Plan Administrator shall afford a full and fair review of any denial of a claim by the Plan Administrator, or the Vice President, Human Resources, and/or their respective designees for benefits under the terms of the
Plan. 
 (b) Finality of Determinations. Except as provided otherwise by applicable law, all actions taken and all determinations made
in good faith by or on behalf of the Plan Administrator shall be final and binding on all persons. 
 14. Amendment or Termination.
The Company reserves the right, in its sole and absolute discretion and without prior notice, to modify, amend or terminate the Plan at any time and in any manner. Because the provisions of the Plan are intended to serve as mere guidelines for the
payment of severance benefits under certain prescribed circumstances, it is not intended that any employee obtain any vested right to severance benefits. Accordingly, any termination or amendment of the Plan may be made effective immediately with
respect to any benefits not yet paid, whether or not prior notice of such amendment or termination has been given to affected employees. 
 15. Costs and Indemnification. All costs of administering the Plan and providing Plan benefits will be paid by the Company out of general assets. To the extent permitted by applicable law and in addition to any other indemnities or
insurance provided by the Company, the Company shall indemnify and hold harmless members of 

 the Vice President, Human Resources arising out of the carrying out of the responsibilities of the Plan Administrator;
provided, however, such person does not act with gross negligence or willful misconduct. 
 16. Assignment of Benefits. Assignment or
alienation of any benefits provided by the Plan will not be permitted or recognized. However, payments and benefits under the Plan may be reduced or offset by any amount a participant may owe the Company, to the extent permitted by applicable law.

 17. Benefit Claim and Appeal Procedures. 
 (a) If you believe you are incorrectly denied a benefit or are entitled to a greater benefit than the benefit you received under the Plan you may submit a signed, written application to the Plan Administrator within
ninety (90) days of the date the revocation period for the Release mandated by state or federal law expires or, if you were not provided the opportunity to execute a release within a reasonable period of time after the occurrence of an
applicable Company-initiated reduction in force, within ninety (90) days after the occurrence of such reduction in force. You will be notified in writing of the approval or denial of this claim within ninety (90) days of the date that the
Plan Administrator receives the claim, unless special circumstances require an extension of time for processing the claim. In the event an extension is necessary, you will be provided written notice prior to the end of the initial ninety
(90) day period indicating the special circumstances requiring the extension and the date by which the Plan Administrator expects to notify you of approval or denial of the claim. In no event will an extension extend beyond ninety
(90) days after the end of the initial ninety (90) day period. If your claim is denied, the written notification will state specific reasons for the denial, make specific reference to the Plan provision(s) on which the denial is based, and
provide a description of any material or information necessary for you to perfect the claim and why such material or information is necessary. The written notification will also provide a description of the Plan’s review procedures and the
applicable time limits, including a statement of your right to bring a civil suit under section 502(a) of ERISA following denial of your claim on review. 
 (b) You will have sixty (60) days from receipt of the written notification of the denial of your claim to file a signed, written request for a full and fair review by the Vice President of Human Resources of the
denial. This request should include the reasons you are requesting a review and may include facts supporting your request and any other relevant comments, documents, records and other information relating to your claim. Upon request and free of
charge, you will be provided with reasonable access to, and copies of, all documents, records and other information relevant to your claim, including any document, record or other information that was relied upon in, or submitted, considered or
generated in the course of, denying your claim. Pursuant to its discretionary authority to administer and interpret the Plan and to determine eligibility for benefits under the Plan, the Vice President of Human Resources will generally make a final,
written determination of your eligibility for benefits within sixty (60) days of receipt of your request for review, unless special circumstances require an 

 extension of time for processing the claim. This review will take into account all comments, documents, records and other
information submitted by you relating to your claim, whether or not submitted or considered in the initial review of your claim. In the event an extension is necessary, you will be provided written notice prior to the end of the initial sixty
(60) day period indicating the special circumstances requiring the extension and the date by which the Vice President of Human Resources expects to render a determination on review. In no event will an extension extend beyond sixty
(60) days after the end of the initial sixty (60) day period. If an extension is required because you fail to submit information that is necessary to decide your claim, the period for making the benefit determination on review will be
tolled from the date the notice of extension is sent to you until the date on which you respond to the request for additional information. If your claim is denied on review, the written notification will state specific reasons for the denial, make
specific reference to the Plan provision(s) on which the denial is based and state that you are entitled to receive upon request, and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to your
claim, including any document, record or other information that was relied upon in, or submitted, considered or generated in the course of, denying your claim. The written notification will also include a statement of your right to bring an action
under section 502(a) of ERISA. 
 (c) The Plan Administrator or its designee will require that documentation be kept demonstrating that all
benefit claim determinations have been made in accordance with Plan provisions and, where appropriate, that those provisions have been applied consistently with respect to similarly situated participants. If your claim is initially denied or is
denied upon review, you are entitled to receive upon request, and free of charge, reasonable access to, and copies of, any document, record or other information that demonstrates that (1) your claim was denied in accordance with the terms of
the Plan, and (2) the provisions of the Plan have been consistently applied to similarly situated Plan participants, if any. In pursuing any of your rights set forth in this Section 17, your authorized representative may act on your
behalf. 
 18. Rights of a Plan Participant under ERISA. If you are a participant in the Plan you are entitled to certain rights and
protections under ERISA. In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of employee benefits plans. The people who operate the Plan, called “fiduciaries” of
the Plan, have a duty to do so prudently and in the interest of all Plan participants. No one, including a participant’s employer or union or any other person may fire or otherwise discriminate against a participant in any way for the purpose
of preventing a participant from obtaining a benefit to which he/she is entitled or exercising rights under ERISA. If any claim for a Plan benefit is denied or ignored, in whole or in part, the person whose claim was denied must receive a written
explanation of the reason for the denial. Such person has the right to the claims procedures set forth above in Section 17. 
 Under
ERISA, there are steps to take to enforce the above rights. For instance, if materials from the Plan are requested but not received within 30 days, the person making 

 the request may file suit in a federal court. In such cases, the court may require the Plan Administrator to provide the
materials and pay that person up to $110 a day until the materials are received, unless they were not sent because of reasons beyond the control of the Plan Administrator. Anyone whose claim for severance benefits is denied or ignored, in whole or
in part, may file suit in a state or federal court. If it should happen that the Plan fiduciaries misuse the Plan’s money (if any) or if anyone is discriminated against for asserting rights under the Plan, he or she may seek assistance from the
U.S. Department of Labor or may file suit in a federal court, but an action relating to a claim for benefits may not be filed prior to exhausting the claims procedure under the Plan. The court will decide who will pay court costs and legal fees. If
that person is successful, the court may order the party that was sued to pay the court costs and legal fees. If that person loses, the court may order him or her to pay these costs and fees if, for example, it finds that the claim or suit was
frivolous. 
 Anyone who has questions about the Plan should contact the Plan Administrator. Anyone who has questions about this statement of
participants’ rights, about rights under ERISA or who needs assistance in obtaining documents from the Plan Administrator should contact the nearest area office of the Pension and Welfare Benefits Administration, U.S. Department of Labor,
listed in the telephone directory or the Division of Technical Assistance and Inquiries, Pension and Welfare Benefit Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington D.C. 20210. Certain publications about
participants’ rights and responsibilities under ERISA may be obtained by calling the publications hotline of the Pension and Welfare Benefits Administration. 
 19. Plan Documents. If you are eligible for benefits under the Plan, you are entitled to examine, without charge, Plan documents and copies of all documents filed with the U.S. Department of Labor, such as
detailed annual reports and Plan descriptions. These documents are available for review at SGI, 1600 Amphitheatre Parkway, Mountain View, CA 94043-1351. If you are unable to examine these documents there, you should write to the Vice President,
Human Resources at the above address specifying the documents to be examined and the Company work location at which you wish to examine them. Copies of such documents will be made available for examination at the work location within ten
(10) days of the date the request is received. At any time, you may request copies of the Plan documents by writing to: SGI, Attention: Human Resources Department (Mail Stop 740), 1600 Amphitheatre Parkway, Mountain View, CA 94043- 1351. You
will be charged a reasonable fee for copies of the documents requested, unless federal law requires that the documents be furnished without charge. You may also request a summary of the Plan’s annual financial report. 
 20. Plan Records. The Plan Year End (for purposes of maintaining the Plan’s fiscal records) is June 30. The Company and the Plan are
identified by the following numbers under Department of Labor rules: 
  

			
	Name of Plan:	  	 Silicon Graphics, Inc.
 Vice President Severance
Benefit Plan

			
	Company Sponsoring Plan:	  	 Silicon Graphics, Inc.
 1600 Amphitheatre
Parkway
 Mountain View, CA 94043-1351

		
	Employer Identification Number:	  	94-2789662
		
	Plan Number:	  	510
		
	Plan Year:	  	July 1– June 30
		
	Plan Administrator:	  	 Silicon Graphics, Inc.
 c/o Vice President, Human
Resources
 1600 Amphitheatre Parkway
 Mountain View, CA
94043-1351

		
	Agent for Service of Legal Process:	  	Vice President and General Counsel
		
	Type of Plan:	  	Severance Plan/Employee Welfare Benefit Plan
		
	Plan Costs:	  	The cost of the plan is paid by Silicon Graphics, Inc.

 21. Effective Date. This Plan is effective commencing August 11, 2003, and shall
remain in effect until modified, amended or terminated pursuant to Section 14.

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