Document:

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                                                                   EXHIBIT 10.36

                         EXECUTIVE CASH BONUS AGREEMENT

     This EXECUTIVE CASH BONUS AGREEMENT (the "Agreement") is dated as of
February 8, 2006 (the "Effective Date") by and between ITC Holdings Corp. (the
"Company"), International Transmission Company ("ITC") and Daniel J. Oginsky
(the "Executive").

     WHEREAS, the Company and the Executive have entered into an employment
agreement, dated May 10, 2005 (such agreement, as it may be amended from time to
time, the "Employment Agreement"), embodying the terms of the Executive's
employment with the Company and ITC (collectively, the "Employer"), and
Executive is currently employed thereunder;

     WHEREAS, it is in the Company's best interests to provide additional
financial incentive to Executive to remain employed by the Company and to
provide dedicated services to the Employer;

     NOW, THEREFORE, in consideration of the premises and mutual covenants
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

     1. Definitions. For purposes of this Agreement, the following terms shall
have the meanings set forth below:

               "Bonus Payment" shall have the meaning assigned thereto in
Section 2 of this Agreement.

               "Cause" shall mean (a) Executive's continued failure
substantially to perform Executive's duties under the Employment Agreement
(other than as a result of total or partial incapacity due to physical or mental
illness) for a period of 10 days following written notice by the Employer to
Executive of such failure, (b) dishonesty in the performance of Executive's
duties under the Employment Agreement, (c) Executive's conviction of, or plea of
nolo contendere to a crime constituting (x) a felony under the laws of the
United States or any state thereof or (y) a misdemeanor involving moral
turpitude, (d) Executive's willful malfeasance or willful misconduct in
connection with Executive's duties under the Employment Agreement or any act or
omission which is injurious to the financial condition or business reputation of
the Employer or affiliates or (e) Executive's breach of the provisions of
Sections 8 or 9 of the Employment Agreement.

               "Disability" shall have the meaning assigned to it from time to
time under Section 409A.

               "Good Reason" shall mean (a) a greater than 10% reduction in the
total value of Executive's "Base Salary", "Target Bonus", and "Employee
Benefits" payable under the Employment Agreement (as such terms are defined
thereunder); (b) Executive's job responsibility and authority are substantially
diminished; and (c) Executive's work location is relocated to more than fifty
(50) miles from Novi, Michigan or Ann Arbor, Michigan; and provided, further,
that "Good Reason" shall cease to exist for an event on the 60th day following
the later of its occurrence or Executive's knowledge thereof, unless Executive
has given the Employer written notice thereof prior to such date.

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               "Section 409A" shall mean Section 409A of the Internal Revenue
Code, as amended, and the rules and regulations promulgated thereunder.

     2. Bonus Payment. Except as otherwise provided in this Agreement, ITC shall
pay an annual bonus to Executive in the amount of One Hundred Twenty Thousand
Dollars ($120,000) in each of the years 2006, 2007, 2008 and 2009 (each, a
"Bonus Payment"). Each Bonus Payment shall become due and payable on August 1 of
such year and shall be paid by ITC on the first pay date under ITC's normal
payroll schedule following August 1, unless otherwise provided in this
Agreement.

     3. Termination Without Cause, For Good Reason or Due to Death or
Disability.

          (a) If Executive's employment is terminated by the Employer without
Cause or by Executive for Good Reason, or if Executive's employment is
terminated by either Employer or Executive by reason of death or Disability,
subject to execution by Executive, Executive's then spouse, or Executive's
estate (as the case may be) of a release of all claims against Employer as
provided in and to the extent required by the Employment Agreement, Executive
shall be entitled to receive all unpaid Bonus Payments in a lump sum within
fifteen (15) business days after the date of such termination of employment (or,
if later, such other earliest date on which such amount can be paid as may be
permitted under Section 409A).

          (b) Any question as to the existence of the Disability of Executive as
to which Executive and the Employer cannot agree shall be determined in writing
by a qualified independent physician mutually acceptable to Executive and the
Employer. If Executive and the Employer cannot agree as to a qualified
independent physician, each shall appoint such a physician and those two
physicians shall select a third who shall make such determination in writing.
The determination of Disability made in writing to the Employer and Executive
shall be final and conclusive for all purposes of the Agreement.

     4. Termination For Cause or Without Good Reason. If Executive's employment
is terminated by the Employer for Cause or by Executive without Good Reason
(other than by reason of death or Disability), Executive shall not be entitled
to receive any further payments under this Agreement other than for any unpaid
Bonus Payment which became due and payable prior to the date of termination of
employment pursuant to Section 2 hereof.

     5. Benefits in Addition to Employment Agreement. Amounts due under this
Agreement shall be in addition to any other payments or benefits to which
Executive may be entitled under the Employment Agreement or otherwise.

     6. Notice of Termination. Any purported termination of employment by the
Employer or by Executive (other than due to Executive's death) shall be
communicated by written "Notice of Termination" to the other parties hereto in
accordance with the Employment Agreement.

     7. Release. Notwithstanding anything set forth in this Agreement to the
contrary, upon termination of Executive's employment for any reason, Executive
shall not receive any payments or benefits to which he may be entitled hereunder
(other than those which by law cannot be subject to the execution of a release)
(a) if Executive revokes such release or (b) until eight (8) days after the date
Executive signs such release (or until such other date as applicable law may
provide that Executive cannot revoke such release).

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     8. Arbitration. Any dispute arising out of or asserting breach of this
Agreement shall be exclusively resolved by binding statutory arbitration in
accordance with the Employment Dispute Resolution Rules of the American
Arbitration Association. Such arbitration process shall take place within 100
miles of the Detroit, Michigan metropolitan area. A court of competent
jurisdiction may enter judgment upon the arbitrator's award. In the event of any
such dispute, all reasonable fees and disbursements of counsel incurred by
Executive shall be reimbursed by Employer within a reasonable period of time
following receipt from Executive (or Executive's counsel) of a final bill
invoicing all such fees and disbursements, so long as the arbitrator does not
determine that such dispute was based on claims made by Executive that were
frivolous or in bad faith.

     9. Miscellaneous.

          (a) Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of Michigan, without regard to
conflicts of laws principles thereof.

          (b) Entire Agreement/Amendments. This Agreement contains the entire
understanding of the parties with respect to the Bonus Payments. There are no
restrictions, agreements, promises, warranties, covenants or undertakings
between the parties with respect to the subject matter herein other than those
expressly set forth herein. This Agreement may not be altered, modified, or
amended except by written instrument signed by the parties hereto.

          (c) No Waiver. The failure of a party to insist upon strict adherence
to any term of this Agreement on any occasion shall not be considered a waiver
of such party's rights or deprive such party of the right thereafter to insist
upon strict adherence to that term or any other term of this Agreement.

          (d) Severability. In the event that any one or more of the provisions
of this Agreement shall be or become invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions
of this Agreement shall not be affected thereby.

          (e) Assignment. This Agreement, and all of Executive's rights and
duties hereunder, shall not be assignable or delegable by Executive. Any
purported assignment or delegation by Executive in violation of the foregoing
shall be null and void ab initio and of no force and effect. This Agreement may
be assigned by the Employer to a person or entity that is an affiliate or a
successor in interest to substantially all of the business operations of the
Employer. Upon such assignment, the rights and obligations of the Employer
hereunder shall become the rights and obligations of such affiliate or successor
person or entity.

          (f) Set Off; No Mitigation. The Employer's obligation to pay Executive
the amounts provided hereunder shall be subject to set-off, counterclaim or
recoupment of amounts owed by Executive to the Employer or its affiliates.
Executive shall not be required to mitigate the amount of any payment provided
for pursuant to this Agreement by seeking other employment or otherwise and the
amount of any payment provided for pursuant to this Agreement shall not be
reduced by any compensation earned as a result of Executive's other employment
or otherwise.

          (g) Successors; Binding Agreement. This Agreement shall inure to the
benefit of and be binding upon the Company, ITC and their subsidiaries, and the
Executive and any personal or legal representatives, executors, administrators,
successors, assigns, heirs, distributees, devisees and legatees.

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Further, the Company and ITC will require any successor (whether, direct or
indirect, by purchase, merger, consolidation, or otherwise) to all or
substantially all of the business and/or assets of the Company or ITC, as the
case may be, to assume expressly and agree to perform this Agreement in the same
manner and to the same extent that the Company or ITC, as the case may be, would
be required to perform it if no such succession had taken place. In the event
that any successor, as described above, agrees to assume this Agreement in
accordance with the preceding sentence, as of the date such successor so assumes
this Agreement, the Company or ITC, as the case may be, shall cease to be liable
for any of the obligations contained in this Agreement.

          (h) Notice. For the purpose of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered by hand or overnight courier or
three days after it has been mailed by United States registered mail, return
receipt requested, postage prepaid, addressed to the respective addresses set
forth below in this Agreement, or to such other address as either party may have
furnished to the other in writing in accordance herewith, except that notice of
change of address shall be effective only upon receipt.

     If to the Employer:

     ITC Holdings Corp.

     39500 Orchard Hill Place

     Suite 200

     Novi, Michigan 48375

     Attention: Chief Executive Officer

     With a copy to:

     Dykema Gossett PLLC

     400 Renaissance Center

     Detroit, Michigan 48243

     Attention: Mark A. Metz, Esq.

     If to Executive:

     To the most recent address of Executive set forth in Employer's personnel
records of the Employer.

          (i) Executive Representation. Executive hereby represents to the
Employer that the execution and delivery of this Agreement by Executive and the
Employer and the performance by Executive of Executive's duties hereunder shall
not constitute a breach of, or otherwise contravene, the terms of any employment
agreement or other agreement or policy to which Executive is a party or
otherwise bound.

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          (j) Prior Agreements. This Agreement supersedes all prior agreements
and understandings between Executive and the Employer and/or its affiliates
regarding the terms and conditions of the Bonus Payments.

          (k) Cooperation. Executive shall provide Executive's reasonable
cooperation in connection with any action or proceeding (or any appeal from any
action or proceeding) that relates to events occurring during Executive's
employment hereunder. This provision shall survive any termination of this
Agreement.

          (l) Taxes.

               (i) Withholding Taxes. The Employer may withhold from any amounts
payable under this Agreement such federal, state and local taxes as may be
required to be withheld pursuant to any applicable law or regulation.

               (ii) 409A Penalties. Notwithstanding any other provision of this
Agreement, while Executive acknowledges that Employer may take actions hereunder
as are required to comply with or to minimize any potential interest charges
and/or additional taxes as may be imposed by Section 409A (the "409A Penalties")
with respect to any payment or benefit due to Executive under this Agreement
(including a delay in payment until six months after the date of termination of
Executive's employment hereunder, in the event Executive is a "specified
employee" within the meaning of Section 409A), the parties hereby confirm that
all such payments and benefits due to Executive will in fact be made or provided
at the earliest time at which it is determined either that no 409A Penalties are
applicable, or that such 409A Penalties will apply without exception. Further,
if at any time it is determined that any payment or benefit due to Executive
under this Agreement may be subject to any 409A Penalties, the Employer shall
(A) be permitted to modify the provision of such payment or benefit if such
modification would reasonably be expected to eliminate or minimize such 409A
Penalties, so long as such modification does not adversely affect, in any
material respect, the economic benefit to Executive of such payment or benefit,
or (B) to the extent that the course of action proposed in clause (A) cannot be
effected, within fifteen (15) days after the date of such determination (or such
other earliest date on which such amount can be paid as may be permitted under
Section 409A) pay to Executive an additional amount equal to such Section 409A
Penalties, along with such additional amount as is required to pay any income
and/or payroll taxes due on the 409A Penalties and the additional tax gross-up
payment. For purposes of making any computations hereunder: (i) the Employer's
independent accountants, at the Employer's expense, shall make such reasonable
assumptions and determinations as are consistent with Section 409A; and (ii)
Executive shall be deemed to pay income taxes at the highest applicable marginal
rates for the calendar year in which the gross-up payment is to be made. In the
event any initial determination under this provision is subsequently modified by
the Employer's accountants or the Internal Revenue Service, Executive and
Employer agree to reasonably cooperate to resolve any matter related thereto,
including modification of the gross-up payment previously received.

          (m) Counterparts. This Agreement may be signed in counterparts, each
of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

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     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of the day and year first above written.

ITC HOLDINGS CORP.
INTERNATIONAL TRANSMISSION COMPANY

By: /s/ Joseph Welch
    ---------------------------------
    Joseph Welch, President and
    Chief Executive Officer

/s/ Daniel J. Oginsky
-------------------------------------
Daniel J. Oginsky<PAGE>
                                                                   EXHIBIT 10.37

                               ITC HOLDINGS CORP.

                          2006 LONG TERM INCENTIVE PLAN

                            (Effective May 17, 2006)

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<TABLE>
<S>                                                                           <C>
I.      GENERAL PROVISIONS                                                     1
1.1     Establishment                                                          1
1.2     Purpose                                                                1
1.3     Plan Duration                                                          1
1.4     Definitions                                                            1
1.5     Administration                                                         7
1.6     Participants                                                           7
1.7     Stock                                                                  7
1.8     Repricing.                                                             8

II.     STOCK OPTIONS                                                          9
2.1     Grant of Options                                                       9
2.2     Incentive Stock Options                                                9
2.3     Option Price                                                           9
2.4     Payment for Option Shares.                                            10

III.    STOCK APPRECIATION RIGHTS                                             10
3.1     Grant of Stock Appreciation Rights                                    10
3.2     Exercise Price                                                        10
3.3     Exercise of Stock Appreciation Rights                                 11
3.4     Stock Appreciation Right Payment                                      11
3.5     Maximum Stock Appreciation Right Amount Per Share                     11

IV.     RESTRICTED STOCK AND UNITS                                            11
4.1     Grant of Restricted Stock and Restricted Stock Units                  11
4.2     Restricted Stock Agreement                                            11
4.3     Transferability                                                       11
4.4     Other Restrictions                                                    11
4.5     Voting Rights                                                         12
4.6     Dividends and Dividend Equivalents                                    12
4.7     Settlement of Restricted Stock Units                                  12

V.      PERFORMANCE AWARDS                                                    13
5.1     Grant of Performance Awards                                           13
5.2     Terms of Performance Awards.                                          13

VI.     ANNUAL INCENTIVE AWARDS                                               14
6.1     Grant of Annual Incentive Awards                                      14
6.2     Payment of Annual Incentive Awards                                    14

VII.    CODE SECTION 162(m) PERFORMANCE MEASURE AWARDS                        15
7.1     Awards Granted Under Code Section 162(m)                              15
7.2     Attainment of Code Section 162(m) Goals                               15
7.3     Individual Participant Limitations                                    16

VIII.   TERMINATION OF EMPLOYMENT OR SERVICES                                 16
</TABLE>

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<TABLE>
<S>                                                                           <C>
8.1     Options and Stock Appreciation Rights                                 16
8.2     Restricted Stock and Restricted Stock Units                           17
8.3     Performance Awards                                                    17
8.4     Annual Incentive Awards                                               18
8.5     Other Provisions                                                      18

IX.     ADJUSTMENTS AND CHANGE IN CONTROL                                     18
9.1     Adjustments                                                           18
9.2     Change in Control                                                     19

X.      MISCELLANEOUS                                                         20
10.1    Partial Exercise/Fractional Shares                                    20
10.2    Rights Prior to Issuance of Shares                                    20
10.3    Non-Assignability; Certificate Legend; Removal                        20
10.4    Securities Laws                                                       21
10.5    Withholding Taxes                                                     22
10.6    Termination and Amendment                                             22
10.7    Code Section 409A                                                     22
10.8    Effect on Employment or Services                                      23
10.9    Use of Proceeds                                                       23
10.10   Severability                                                          23
10.11   Beneficiary Designation                                               23
10.12   Unfunded Obligation                                                   24
10.13   Approval of Plan                                                      24
10.14   Governing Law                                                         24
</TABLE>

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                               ITC HOLDINGS CORP.

                          2006 LONG TERM INCENTIVE PLAN

                            (Effective May 17, 2006)

     I.   GENERAL PROVISIONS

     1.1 Establishment. On February 8, 2006, the Board of Directors ("Board") of
ITC Holdings Corp. ("Corporation") adopted the ITC Holdings Corp. 2006 Long Term
Incentive Plan ("Plan"), subject to the approval of shareholders at the
Corporation's annual meeting of shareholders on May 17, 2006.

     1.2 Purpose. The purpose of the Plan is to (a) promote the best interests
of the Corporation and its shareholders by encouraging Employees, Non-Employee
Directors, and Consultants of the Corporation and its Subsidiaries to acquire an
ownership interest in the Corporation by granting stock-based Awards, thus
aligning their interests with those of shareholders, and (b) enhance the ability
of the Corporation to attract, motivate and retain qualified Employees,
Non-Employee Directors and Consultants. It is the further purpose of the Plan to
authorize certain Awards that will constitute performance based compensation, as
described in Code Section 162(m) and Treasury regulations promulgated
thereunder.

     1.3 Plan Duration. Subject to shareholder approval, the Plan shall become
effective on May 17, 2006 and shall continue in effect until its termination by
the Board; provided, however, that no new Awards may be granted on or after
February 7, 2012.

     1.4 Definitions. As used in this Plan, the following terms have the meaning
described below:

     (a) "Agreement" means the written document that sets forth the terms of a
Participant's Award.

     (b) "Annual Incentive Award" means an Award that is granted in accordance
with Article VI.

     (c) "Award" means any form of Option, Stock Appreciation Right, Restricted
Stock, Restricted Stock Unit, Performance Award, Annual Incentive Award or other
incentive award granted under the Plan.

     (d) "Board" means the Board of Directors of the Corporation.

     (e) "Change in Control" means the occurrence of any of the following
events:

     (i) If any one person, or more than one person acting as a group (as
defined in Code Section 409A and IRS guidance issued thereunder), acquires
ownership of Common Stock of the Corporation that, together with stock held by
such person or group, constitutes more than fifty (50) percent of the total fair
market value or total voting power of the Common Stock of the Corporation.
However, if any one person or more than one person acting as a group, is
considered to own more than fifty (50) percent

<PAGE>

of the total fair market value or total voting power of the Common Stock of the
Corporation, the acquisition of additional stock by the same person or persons
is not considered to cause a Change in Control, or to cause a change in the
effective control of the Corporation (within the meaning of Code Section 409A
and IRS guidance issued thereunder). An increase in the percentage of Common
Stock owned by any one person, or persons acting as a group, as a result of a
transaction in which the Corporation acquires its stock in exchange for property
shall be treated as an acquisition of stock for purposes of this Section. This
paragraph applies only when there is a transfer of stock of the Corporation (or
issuance of stock of the Corporation) and stock in such Corporation remains
outstanding after the transaction.

     (ii) If any one person, or more than one person acting as a group (as
determined in accordance with Code Section 409A and IRS guidance thereunder),
acquires (or has acquired during the 12-month period ending on the date of the
most recent acquisition by such person or persons) ownership of Common Stock of
the Corporation possessing thirty-five (35) percent or more of the total voting
power of the Common Stock of the Corporation; or

     (iii) If a majority of members on the Corporation's Board is replaced
during any 12-month period by Directors whose appointment or election is not
endorsed by a majority of the members of the Corporation's Board prior to the
date of the appointment or election (provided that for purposes of this
paragraph, the term Corporation refers solely to the "relevant" Corporation, as
defined in Code Section 409A and IRS guidance issued thereunder), for which no
other Corporation is a majority shareholder.

     (iv) If there is a change in the ownership of a substantial portion of the
Corporation's assets, which shall occur on the date that any one person, or more
than one person acting as a group (within the meaning of Code Section 409A and
IRS guidance issued thereunder) acquires (or has acquired during the 12-month
period ending on the date of the most recent acquisition by such person or
persons) assets from the Corporation that have a total gross fair market value
equal to or more than forty (40) percent of the total gross fair market value of
all of the assets of the Corporation immediately prior to such acquisition or
acquisitions. For this purpose, gross fair market value means the value of the
assets of the Corporation, or the value of the assets being disposed of,
determined without regard to any liabilities associated with such assets.

     (f) "Code" means the Internal Revenue Code of 1986, as amended.

     (g) "Committee" means the Compensation Committee of the Board, or any other
committee or sub-committee of the Board, designated by the Board from time to
time, comprised solely of two or more Directors who are "Non-Employee
Directors," as defined in Rule 16b-3 of the Exchange Act, "Outside Directors" as
defined in Code Section 162(m) and Treasury regulations thereunder, and
"Independent Directors" for purposes of the rules and regulations of the Stock
Exchange. However, the fact that a Committee member shall fail to qualify under
any of these requirements shall not invalidate any Award made by the Committee,
if the Award is otherwise validly made under the Plan. The members of the
Committee shall be appointed by, and may be changed at any time and from time to
time, at the discretion of the Board.

     (h) "Common Stock" means shares of the Corporation's authorized common
stock.

<PAGE>

     (i) "Consultant" means a consultant or advisor (other than as an Employee
or member of the Board) to the Corporation or a Subsidiary; provided that such
person (1) renders bona fide services that are not in connection with the offer
and sale of the Corporation's securities in a capital-raising transaction, and
(2) does not promote or maintain a market for the Corporation's securities.

     (j) "Corporation" means ITC Holdings Corp., a Michigan corporation.

     (k) "Director" means an individual who has been elected or appointed to
serve as a Director of the Corporation.

     (l) "Disability" means total and permanent disability, as defined in Code
Section 22(e); provided, however, that for purposes of a Code Section 409A
distribution event, "disability" shall be defined under Code Section 409A and
IRS guidance issued thereunder.

     (m) "Dividend Equivalent" means a credit, made at the discretion of the
Committee or as otherwise provided by the Plan, to the account of a Participant
in an amount equal to the cash dividend paid on one share of Common Stock for
each share of Common Stock represented by an Award held by such Participant.
Dividend Equivalents shall not be paid on Option or Stock Appreciation Right
Awards.

     (n) "Employee" means an individual who has an "employment relationship"
with the Corporation or a Subsidiary, as defined in Treasury Regulation 1.421
7(h), and the term "employment" means employment with the Corporation, or a
Subsidiary of the Corporation.

     (o) "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time, and any successor thereto.

     (p) "Fair Market Value" means for purposes of determining the value of
Common Stock on the Grant Date, the closing price of the Common Stock on the
Stock Exchange for the Grant Date. In the event that there are no Common Stock
transactions on such date, the Fair Market Value shall be determined as of the
immediately preceding date on which there were Common Stock transactions. Unless
otherwise specified in the Plan, "Fair Market Value" for purposes of determining
the value of Common Stock on the date of exercise means the closing price of the
Common Stock on the Stock Exchange for the last date preceding the exercise on
which there were Common Stock transactions.

     (q) "Grant Date" means the date on which the Committee authorizes an Award,
or such later date as shall be designated by the Committee.

     (r) "Incentive Stock Option" means an Option that is intended to meet the
requirements of Section 422 of the Code.

     (s) "Nonqualified Stock Option" means an Option that is not an Incentive
Stock Option.

     (t) "Option" means either an Incentive Stock Option or a Nonqualified Stock
Option.

     (u) "Participant" means an Employee (including an Employee who is a
Director), Director or Consultant, who is designated by the Committee to
participate in the Plan.

<PAGE>

     (v) "Performance Award" means any Award of Performance Shares or
Performance Units granted pursuant to Article V.

     (w) "Performance Measures" means the measures of performance of the
Corporation and its Subsidiaries used to determine a Participant's entitlement
to an Award under the Plan. Such performance measures shall have the same
meanings as used in the Corporation's financial statements, or, if such terms
are not used in the Corporation's financial statements, they shall have the
meaning applied pursuant to generally accepted accounting principles, or as used
generally in the Corporation's industry. Performance Measures shall be
calculated with respect to the Corporation and each Subsidiary consolidated
therewith for financial reporting purposes or such division or other business
unit as may be selected by the Committee. For purposes of the Plan, the
Performance Measures shall be calculated in accordance with generally accepted
accounting principles, but, unless otherwise determined by the Committee, prior
to the accrual or payment of any Award under this Plan for the same performance
period and excluding the effect (whether positive or negative) of any change in
accounting standards or any extraordinary, unusual or nonrecurring item, as
determined by the Committee, occurring after the establishment of the
performance goals. Performance Measures shall be one or more of the following,
or a combination of any of the following, on an absolute or peer group
comparison, as determined by the Committee:

     -    earnings (as measured by net income, operating income, operating
          income before interest, EBIT, EBITA, EBITDA, pre-tax income, or cash
          earnings, or earnings as adjusted by excluding one or more components
          of earnings, including each of the above on a per share and/or segment
          basis);

     -    sales/net sales;

     -    return on net sales (as measured by net income, operating income,
          operating income before interest, EBIT, EBITA, EBITDA, pre-tax income,
          operating cash flow or cash earnings as a percentage of net sales);

     -    sales growth;

     -    cash flow;

     -    operating cash flow;

     -    free cash flow;

     -    discounted cash flow;

     -    working capital;

     -    market capitalization;

     -    cash return on investment - CRI;

     -    return on capital;

     -    return on cost of capital;

<PAGE>

     -    shareholder value;

     -    return on equity;

     -    total shareholder return;

     -    return on investment;

     -    economic value added;

     -    return on assets/net assets;

     -    stock trading multiples (as measured vs. investment, net income,
          operating income, operating income before interest, EBIT, EBITA,
          EBITDA, pre-tax income, cash earnings or operating cash flow);

     -    stock price;

     -    attainment of strategic or operational initiatives;

     -    achievement of operational goals, including but not limited to safety
          records, outage frequencies, and capital and maintenance projects.

     (x) "Performance Share" means any grant pursuant to Article V and Section
5.2(b)(i).

     (y) "Performance Unit" means any grant pursuant to Article V and Section
5.2(b)(ii).

     (z) "Plan" means the ITC Holdings Corp. 2006 Long Term Incentive Plan, the
terms of which are set forth herein, and any amendments thereto.

     (aa) "Restriction Period" means the period of time during which a
Participant's Restricted Stock or Restricted Stock Unit is subject to
restrictions and is nontransferable.

     (bb) "Restricted Stock" means Common Stock granted pursuant to Article IV
that is subject to a Restriction Period.

     (cc) "Restricted Stock Unit" means a right granted pursuant to Article IV
to receive Restricted Stock or an equivalent value in cash.

     (dd) "Securities Act" means the Securities Act of 1933, as amended.

     (ee) "Stock Appreciation Right" means the right to receive a cash or Common
Stock payment from the Corporation, in accordance with Article III of the Plan.

     (ff) "Stock Exchange" means the principal national securities exchange on
which the Common Stock is listed for trading, or, if the Common Stock is not
listed for trading on a national securities exchange, such other recognized
trading market or quotation system upon which the largest number of shares of
Common Stock has been traded in the aggregate during the last 20 days before a
Grant Date, or date on which an Option is exercised, whichever is applicable.

<PAGE>

     (gg) "Subsidiary" means a corporation or other entity defined in Code
Section 424(f).

     (hh) "Substitute Awards" shall mean Awards granted or shares issued by the
Corporation in assumption of, or in substitution or exchange for, awards
previously granted, or the right or obligation to make future awards, by a
company acquired by the Corporation or any Subsidiary or with which the
Corporation or any Subsidiary combines.

     (ii) "Vested" or "Vesting" means the extent to which an Award granted or
issued hereunder has become exercisable or any applicable Restriction Period has
terminated in accordance with the Plan and the terms of any respective Agreement
pursuant to which such Award was granted or issued.

     1.5 Administration.

     (a) The Plan shall be administered by the Committee. The Committee shall
interpret the Plan, prescribe, amend, and rescind rules and regulations relating
to the Plan, and make all other determinations necessary or advisable for its
administration. The decision of the Committee on any question concerning the
interpretation of the Plan or its administration with respect to any Award
granted under the Plan shall be final and binding upon all Participants. No
member of the Committee shall be liable for any action or determination made in
good faith with respect to the Plan or any Award hereunder.

     (b) In addition to any other powers set forth in the Plan and subject to
the provisions of the Plan, but, in the case of Awards designated as Awards
under Code Section 162(m), subject to the requirements of Code Section 162(m),
the Committee shall have the full and final power and authority, in its
discretion to:

     (i) amend, modify, or cancel any Award, or to waive any restrictions or
conditions applicable to any Award or any shares acquired pursuant thereto;

     (ii) subject to Code Section 409A, accelerate, continue, or defer the
exercisability or Vesting of any Award or any shares acquired pursuant thereto;

     (iii) authorize, in conjunction with any applicable deferred compensation
plan of the Corporation, that the receipt of cash or Common Stock subject to any
Award under this Plan may be deferred under the terms and conditions of such
deferred compensation plan;

     (iv) determine the terms and conditions of Awards granted to Participants;
and

     (v) establish such other Awards, besides those specifically enumerated in
the Plan, which the Committee determines are consistent with the Plan's
purposes.

     1.6 Participants. Participants in the Plan shall be such Employees
(including Employees who are Directors), Directors and Consultants of the
Corporation and its Subsidiaries as the Committee in its sole discretion may
select from time to time. The Committee may grant Awards to an individual upon
the condition that the individual become an Employee, Director or Consultant of
the Corporation or of a Subsidiary, provided that the Award shall be deemed to
be granted only on the date that the individual becomes an Employee, Director or
Consultants, as applicable.

<PAGE>

     1.7 Stock.

     (a) The Corporation has reserved 1.75 million (1,750,000) shares of the
Corporation's Common Stock for issuance pursuant to stock-based Awards, one
million (1,000,000) of which has been transferred from the Amended and Restated
2003 Stock Purchase and Option Plan for Key Employees of ITC Holdings Corp. and
Its Subsidiaries. Up to one million four hundred thousand (1,400,000) of the
reserved shares may be granted as Incentive Stock Options under the Plan. All
provisions in this Section 1.7 shall be adjusted, as applicable, in accordance
with Article IX.

     (b) Each share of Common Stock subject to an Award other than (1) an
Option; (2) a Stock Appreciation Right; (3) an Award under which the Corporation
receives monetary consideration equal to the Fair Market Value of the shares
subject to the Award; or (4) a Common Stock-based Award based on appreciation in
the Fair Market Value of the Common Stock, shall be counted against the
aggregate reserved share limit in paragraph (a) above, as two (2) shares instead
of one (1).

     (c) If any shares subject to an Award are forfeited, cancelled, expire or
otherwise terminate without issuance of such shares, or any Award is settled for
cash or otherwise does not result in the issuance of all or a portion of the
shares subject to such Award, the shares shall, to the extent of such
forfeiture, cancellation, expiration, termination, cash settlement or
non-issuance, again be available for Awards under the Plan.

     (d) In the event that (i) any Option or other Award granted hereunder is
exercised through the tendering of shares or by the withholding of shares by the
Corporation, or (ii) withholding tax liabilities arising from such Option or
other Award are satisfied by the tendering of shares or by the withholding of
shares by the Corporation, then only the number of shares issued net of the
shares tendered or withheld shall be counted for purposes of determining the
maximum number of shares available for issuance under the Plan.

     (e) Substitute Awards shall not reduce the shares reserved for issuance
under the Plan or authorized for grant to a Participant in any fiscal year.
Additionally, in the event that a company acquired by the Corporation or any
Subsidiary or with which the Corporation or any Subsidiary combines has shares
available under a pre-existing plan approved by shareholders and not adopted in
contemplation of such acquisition or combination, the shares available for grant
pursuant to the terms of such pre-existing plan (as adjusted, to the extent
appropriate, using the exchange ratio or other adjustment or valuation ratio or
formula used in such acquisition or combination to determine the consideration
payable to the holders of common stock of the entities party to such acquisition
or combination) may be used for Awards under the Plan and shall not reduce the
Shares authorized for issuance under the Plan; provided that Awards using such
available shares shall not be made after the date awards or grants could have
been made under the terms of the pre-existing plan, absent the acquisition or
combination, and shall only be made to individuals who were not Employees or
Directors or an affiliate of the Corporation or its Subsidiaries prior to such
acquisition or combination.

     1.8 Repricing. Without the affirmative vote of holders of a majority of the
shares of Common Stock cast in person or by proxy at a meeting of the
shareholders of the Corporation at which a quorum representing a majority of all
outstanding shares is present or represented by proxy, neither the Board nor the
Committee shall approve a program providing for either (a) the cancellation of
outstanding Options and/or Stock Appreciation Rights and the grant in
substitution therefore of any new

<PAGE>

Awards under the Plan having a lower exercise price than the Fair Market Value
of the underlying Common Stock on the original Grant Date, or (b) the amendment
of outstanding Options and/or Stock Appreciation Rights to reduce the exercise
price thereof below the Fair Market Value of the underlying Common Stock on the
original Grant Date. This Section shall not be construed to apply to "issuing or
assuming a stock option in a transaction to which section 424(a) applies,"
within the meaning of Section 424 of the Code.

     II. STOCK OPTIONS

     2.1 Grant of Options. The Committee, at any time and from time to time,
subject to the terms and conditions of the Plan, may grant Options to such
Participants and for such number of shares of Common Stock as it shall
designate. Any Participant may hold more than one Option under the Plan and any
other plan of the Corporation or Subsidiary. The Committee shall determine the
general terms and conditions of exercise, which shall be set forth in a
Participant's Agreement. No Option granted hereunder may be exercised after the
tenth anniversary of the Grant Date. The Committee may designate any Option
granted as either an Incentive Stock Option or a Nonqualified Stock Option, or
the Committee may designate a portion of an Option as an Incentive Stock Option
or a Nonqualified Stock Option. Unless otherwise provided in a Participant's
Agreement, Options are intended to satisfy the requirements of Code Section
162(m) and the regulations promulgated thereunder, to the extent applicable.

     2.2 Incentive Stock Options. Any Option intended to constitute an Incentive
Stock Option shall comply with the requirements of this Section 2.2. An
Incentive Stock Option only may be granted to an Employee. No Incentive Stock
Option shall be granted with an exercise price below the Fair Market Value of
Common Stock on the Grant Date nor with an exercise term that extends beyond ten
(10) years from the Grant Date. An Incentive Stock Option shall not be granted
to any Participant who owns (within the meaning of Code Section 424(d)) stock of
the Corporation or any Subsidiary possessing more than 10% of the total combined
voting power of all classes of stock of the Corporation or a Subsidiary unless,
at the Grant Date, the exercise price for the Option is at least 110% of the
Fair Market Value of the shares subject to the Option and the Option, by its
terms, is not exercisable more than five (5) years after the Grant Date. The
aggregate Fair Market Value of the underlying Common Stock (determined at the
Grant Date) as to which Incentive Stock Options granted under the Plan
(including a plan of a Subsidiary) may first be exercised by a Participant in
any one calendar year shall not exceed $100,000. To the extent that an Option
intended to constitute an Incentive Stock Option shall violate the foregoing
$100,000 limitation (or any other limitation set forth in Code Section 422), the
portion of the Option that exceeds the $100,000 limitation (or violates any
other Code Section 422 limitation) shall be deemed to constitute a Nonqualified
Stock Option.

     2.3 Option Price. The Committee shall determine the per share exercise
price for each Option granted under the Plan. No Option may be granted with an
exercise price below 100% of the Fair Market Value of Common Stock on the Grant
Date.

     2.4 Payment for Option Shares.

     (a) The purchase price for shares of Common Stock to be acquired upon
exercise of an Option granted hereunder shall be paid in full in cash or by
personal check, bank draft or money order at the time of exercise; provided,
however, that in lieu of such form of payment, unless otherwise provided

<PAGE>

in a Participant's Agreement, payment may be made by (i) delivery to the
Corporation of outstanding shares of Common Stock that have been held at least
six (6) months, on such terms and conditions as may be specified in the
Participant's Agreement; (ii) by delivery to the Corporation of a properly
executed exercise notice, acceptable to the Corporation, together with
irrevocable instructions to the Participant's broker to deliver to the
Corporation sufficient cash to pay the exercise price and any applicable income
and employment withholding taxes, in accordance with a written agreement between
the Corporation and the brokerage firm; (iii) delivery of other consideration
approved by the Committee having a Fair Market Value on the exercise date equal
to the total purchase price; (iv) other means determined by the Committee; or
(v) any combination of the foregoing. Shares of Common Stock surrendered upon
exercise shall be valued at the Stock Exchange closing price for the
Corporation's Common Stock on the day prior to exercise, and the shares shall be
surrendered to the Corporation.

     (b) Notwithstanding the foregoing, an Option may not be exercised by
delivery to or withholding by the Corporation of shares of Common Stock to the
extent that such delivery or withholding (i) would constitute a violation of the
provisions of any law or regulation (including the Sarbanes-Oxley Act of 2002),
or (ii) if there is a substantial likelihood that the use of such form of
payment would result in adverse accounting treatment to the Corporation under
generally accepted accounting principles. Until a Participant has been issued a
certificate or certificates for the shares of Common Stock so purchased (or the
book entry representing such shares has been made and such shares have been
deposited with the appropriate registered book-entry custodian), he or she shall
possess no rights as a record holder with respect to any such shares.

     III. STOCK APPRECIATION RIGHTS

     3.1 Grant of Stock Appreciation Rights. Stock Appreciation Rights may be
granted, held and exercised in such form and upon such general terms and
conditions as determined by the Committee on an individual basis. A Stock
Appreciation Right may be granted to a Participant with respect to such number
of shares of Common Stock of the Corporation as the Committee may determine.
Unless otherwise provided in a Participant's Agreement, Stock Appreciation
Rights are intended to satisfy the requirements of Code Section 162(m) and the
regulations promulgated thereunder, to the extent applicable. No Stock
Appreciation Right shall be granted with an exercise term that extends beyond
ten (10) years from the Grant Date.

     3.2 Exercise Price. The Committee shall determine the per share exercise
price for each Stock Appreciation Right granted under the Plan; provided,
however, that the exercise price of a Stock Appreciation Right shall not be less
than 100% of the Fair Market Value of the shares of Common Stock covered by the
Stock Appreciation Right on the Grant Date.

     3.3 Exercise of Stock Appreciation Rights. A Stock Appreciation Right shall
be deemed exercised upon receipt by the Corporation of written notice of
exercise from the Participant. The Committee shall specify in a Participant's
Agreement whether payment shall be made in cash or shares of Common Stock, or
any combination thereof.

     3.4 Stock Appreciation Right Payment. Upon exercise of a Stock Appreciation
Right, a Participant shall be entitled to payment from the Corporation, in cash,
shares, or partly in each (as determined by the Committee in accordance with any
applicable terms of the Agreement), of an amount equal to the difference between
(i) the aggregate Fair Market Value on the exercise date for the specified

<PAGE>

number of shares being exercised, and (ii) the aggregate exercise price for the
specified number of shares being exercised.

     3.5 Maximum Stock Appreciation Right Amount Per Share. The Committee may,
at its sole discretion, establish (at the time of grant) a maximum amount per
share which shall be payable upon the exercise of a Stock Appreciation Right,
expressed as a dollar amount.

     IV. RESTRICTED STOCK AND UNITS

     4.1 Grant of Restricted Stock and Restricted Stock Units. Subject to the
terms and conditions of the Plan, the Committee, at any time and from time to
time, may grant shares of Restricted Stock and Restricted Stock Units under the
Plan to such Participants and in such amounts as it shall determine.

     4.2 Restricted Stock Agreement. Each grant of Restricted Stock or
Restricted Stock Units shall be evidenced by an Agreement that shall specify the
terms of the restrictions, including the Restriction Period, or periods, the
number of Common Stock shares subject to the grant, or units, the purchase price
for the shares of Restricted Stock, if any, the form of consideration that may
be used to pay the purchase price of the Restricted Stock, including those
specified in Section 2.4, and such other general terms and conditions, including
performance goals, as the Committee shall determine.

     4.3 Transferability. Except as provided in this Article IV and Section 10.3
of the Plan, the shares of Common Stock subject to an Award of Restricted Stock
or Restricted Stock Units granted hereunder may not be transferred, pledged,
assigned, or otherwise alienated or hypothecated until the termination of the
applicable Restriction Period or for such period of time as shall be established
by the Committee and specified in the applicable Agreement, or upon the earlier
satisfaction of other conditions as specified by the Committee in its sole
discretion and as set forth in the applicable Agreement.

     4.4 Other Restrictions. The Committee shall impose such other restrictions
on any shares of Common Stock subject to an Award of Restricted Stock or
Restricted Stock Units under the Plan as it may deem advisable including,
without limitation, restrictions under applicable Federal or State securities
laws, and the issuance of a legended certificate of Common Stock representing
such shares to give appropriate notice of such restrictions. The Committee shall
have the discretion to waive the applicable Restriction Period with respect to
all or any part of the Common Stock subject to an Award of Restricted Stock or
Restricted Stock Units that has not been granted under Code Section 162(m).

     4.5 Voting Rights. During the Restriction Period, Participants holding
shares of Common Stock subject to a Restricted Stock Award may exercise full
voting rights with respect to the Restricted Stock.

     4.6 Dividends and Dividend Equivalents.

     (a) Except as set forth below or in a Participant's Agreement, during the
Restriction Period, a Participant shall be entitled to receive all dividends and
other distributions paid with respect to shares of Common Stock subject to an
Award of Restricted Stock. If any dividends or distributions are paid in shares
of Common Stock during the Restriction Period applicable to an Award of
Restricted Stock, the dividend or other distribution shares shall be subject to
the same restrictions on transferability as the shares of Common Stock with
respect to which they were paid.

<PAGE>

     (b) The Committee, in its discretion, may provide in the Agreement
evidencing any Restricted Stock Unit that the Participant shall be entitled to
receive Dividend Equivalents with respect to the payment of cash dividends on
Common Stock having a record date prior to the date on which Restricted Stock
Units held by such Participant are settled. Such Dividend Equivalents, if any,
shall be paid by crediting the Participant with additional whole Restricted
Stock Units as of the date of payment of such cash dividends on Common Stock.
The number of additional Restricted Stock Units (rounded to the nearest whole
number) to be so credited shall be determined by dividing (i) the amount of cash
dividends paid on such date with respect to the number of shares of Common Stock
represented by the Restricted Stock Units previously credited to the
Participant, by (ii) the Fair Market Value per share of Common Stock on such
date. Such additional Restricted Stock Units shall be subject to the same terms
and conditions and shall be settled in the same manner and at the same time (or
as soon thereafter as practicable) as the Restricted Stock Units originally
subject to the Restricted Stock Unit. In the event of a dividend or distribution
paid in shares of Common Stock or any other adjustment made upon a change in the
capital structure of the Corporation as described in Article IX, appropriate
adjustments shall be made in the Participant's Restricted Stock Unit so that it
represents the right to receive upon settlement any and all new, substituted or
additional securities or other property (other than normal cash dividends) to
which the Participant would be entitled by reason of the shares of Common Stock
issuable upon settlement of the Restricted Stock Unit, and all such new,
substituted or additional securities or other property shall be immediately
subject to the same restrictions as are applicable to the Restricted Stock Unit.

     4.7 Settlement of Restricted Stock Units. If a Restricted Stock Unit is
payable in Common Stock, the Corporation shall issue to a Participant on the
date on which Restricted Stock Units subject to the Participant's Restricted
Stock Unit Vest or on such other date determined by the Committee, in its
discretion, and set forth in the Agreement, one (1) share of Common Stock and/or
any other new, substituted or additional securities or other property pursuant
to an adjustment described in Section 9.1 for each Restricted Stock Unit then
becoming Vested or otherwise to be settled on such date, subject to the
withholding of applicable taxes.

     4.8 Restricted Stock Unit Bonus Deferral Awards. A Participant designated
by the Committee who is an insider or otherwise among a select group of highly
compensated Employees may irrevocably elect, prior to a date specified by the
Committee and in compliance with Code Section 409A, to defer receipt of any cash
bonus or cash Annual Incentive Award payable by the Corporation (subject to any
minimum or maximum limitations imposed by the Committee), which shall be
credited to the Participant in the form of Restricted Stock Units, subject to
such terms and other conditions established by the Committee as set forth in the
associated Agreement. In consideration for foregoing bonus or Annual Incentive
Award compensation, the dollar amount deferred by a Participant may be increased
by the Committee up to fifty (50) percent (or such lesser percentage specified
by the Committee), for purposes of determining the number of Restricted Stock
Units in the Participant's Award. The electing Participant shall be credited, as
of the date specified in the Agreement, with a number of Restricted Stock Units,
equal to the amount of the deferral (increased by any Committee match), divided
by the Fair Market Value on the applicable date.

     V. PERFORMANCE AWARDS

<PAGE>

     5.1 Grant of Performance Awards. The Committee, at its discretion, may
grant Performance Awards to Participants and may determine, on an individual or
group basis, the performance goals to be attained pursuant to each Performance
Award.

     5.2 Terms of Performance Awards.

     (a) Performance Awards shall consist of rights to receive cash, Common
Stock, other property or a combination of each, if designated performance goals
are achieved. The terms of a Participant's Performance Award shall be set forth
in a Participant's Agreement. Each Agreement shall specify the performance
goals, which may include the Performance Measures, applicable to a particular
Participant or group of Participants, the period over which the targeted goals
are to be attained, the payment schedule if the goals are attained, and any
other general terms as the Committee shall determine and conditions applicable
to an individual Performance Award. The Committee, at its discretion, may waive
all or part of the conditions, goals and restrictions applicable to the receipt
of full or partial payment of a Performance Award that has not been granted
pursuant to Code Section 162(m).

     (b) Performance Awards may be granted as Performance Shares or Performance
Units, at the discretion of the Committee.

     (i) In the case of Performance Shares, the Participant shall receive a
legended certificate of Common Stock, restricted from transfer prior to the
satisfaction of the designated performance goals and restrictions, as determined
by the Committee and specified in the Participant's Agreement. Prior to
satisfaction of the performance goals and restrictions, the Participant shall be
entitled to vote the Performance Shares. Further, any dividends paid on such
shares during the performance period automatically shall be reinvested on behalf
of the Participant in additional Performance Shares under the Plan, and such
additional shares shall be subject to the same performance goals and
restrictions as the other shares under the Performance Share Award.

     (ii) In the case of Performance Units, the Participant shall receive an
Agreement from the Committee that specifies the performance goals and
restrictions that must be satisfied before the Corporation shall issue the
payment, which may be cash, a designated number of shares of Common Stock, other
property, or a combination thereof.

     VI. ANNUAL INCENTIVE AWARDS

     6.1 Grant of Annual Incentive Awards.

     (a) The Committee, at its discretion, may grant Annual Incentive Awards to
such Participants as it may designate from time to time. The terms of a
Participant's Annual Incentive Award shall be set forth in the Participant's
individual Agreement. Each Agreement shall specify such general terms and
conditions as the Committee shall determine.

     (b) The determination of Annual Incentive Awards for a given year may be
based upon the attainment of specified levels of Corporation or Subsidiary
performance as measured by pre-established, objective performance criteria
determined at the discretion of the Committee, including any or all of the
Performance Measures.

<PAGE>

     (c) The Committee shall (i) select those Participants who shall be eligible
to receive an Annual Incentive Award, (ii) determine the performance period,
(iii) determine target levels of performance, and (iv) determine the level of
Annual Incentive Award to be paid to each selected Participant upon the
achievement of each performance level. The Committee generally shall make the
foregoing determinations prior to the commencement of services to which an
Annual Incentive Award relates (or within the permissible time period
established under Code Section 162(m)), to the extent applicable, and while the
outcome of the performance goals and targets is uncertain.

     6.2 Payment of Annual Incentive Awards.

     (a) Annual Incentive Awards shall be paid in cash, shares of Common Stock
or other property, at the discretion of the Committee. Payments shall be made
following a determination by the Committee that the performance targets were
attained and shall be made within two and a half (2 1/2) months after the later
of the end of the fiscal or calendar year in which the Annual Incentive Award is
earned.

     (b) The amount of an Annual Incentive Award to be paid upon the attainment
of each targeted level of performance shall equal a percentage of a
Participant's base salary for the fiscal year, a fixed dollar amount, or such
other formula, as determined by the Committee.

     VII. CODE SECTION 162(m) PERFORMANCE MEASURE AWARDS

     7.1 Awards Granted Under Code Section 162(m). The Committee, at its
discretion, may designate that a Restricted Stock, Restricted Stock Unit,
Performance Share, Performance Unit or Annual Incentive Award shall be granted
pursuant to Code Section 162(m). Such an Award must comply with the following
additional requirements, which shall control over any other provision that
pertains to such Award under Articles IV, V and VI.

     (a) Each Code Section 162(m) Award shall be based upon the attainment of
specified levels of pre-established, objective Performance Measures that are
intended to satisfy the performance based compensation requirements of Code
Section 162(m) and the regulations promulgated thereunder. Further, at the
discretion of the Committee, an Award also may be subject to goals and
restrictions in addition to the Performance Measures.

     (b) For each Code Section 162(m) Award, the Committee shall (i) select the
Participant who shall be eligible to receive a Code Section 162(m) Award, (ii)
determine the applicable performance period, (iii) determine the target levels
of the Corporation or Subsidiary Performance Measures, and (iv) determine the
number of shares of Common Stock or cash or other property (or combination
thereof) subject to an Award to be paid to each selected Participant. The
Committee shall make the foregoing determinations prior to the commencement of
services to which an Award relates (or within the permissible time period
established under Code Section 162(m)) and while the outcome of the performance
goals and targets is uncertain.

     7.2 Attainment of Code Section 162(m) Goals.

     (a) After each performance period, the Committee shall certify, in writing:
(i) if the Corporation has attained the performance targets, and (ii) the number
of shares pursuant to the Award that are to become freely transferable, if
applicable, or the cash or other property payable under the

<PAGE>

Award. The Committee shall have no discretion to waive all or part of the
conditions, goals and restrictions applicable to the receipt of full or partial
payment of an Award except in the case of the death or Disability of a
Participant.

     (b) Notwithstanding the foregoing, the Committee may, in its discretion,
reduce any Award based on such factors as may be determined by the Committee,
including, without limitation, a determination by the Committee that such a
reduction is appropriate in light of pay practices of competitors, or the
performance of the Corporation, a Subsidiary or a Participant relative to the
performance of competitors, or performance with respect to the Corporation's
strategic business goals.

     7.3 Individual Participant Limitations. Subject to adjustment as provided
in Section 9.1, no Participant in any one fiscal year of the Corporation may be
granted (a) Options or Stock Appreciation Rights with respect to more than two
hundred thousand (200,000) shares of Common Stock; (b) Restricted Stock or
Restricted Stock Units that are denominated in shares of Common Stock with
respect to more than one hundred thousand (100,000) shares; (c) Performance
Awards that are denominated in shares of Common Stock with respect to more than
one hundred thousand (100,000) shares; and (d) an Annual Incentive Award
denominated in shares of Common Stock with respect to more than one hundred
thousand (100,000) shares. The maximum dollar value payable to any Participant
in any one fiscal year of the Corporation with respect to Restricted Stock
Units, Performance Awards or Annual Incentive Awards that are valued in property
other than Common Stock is the lesser of three million dollars ($3,000,000) or
four (4) times the Participant's base salary for the fiscal year. If an Award is
cancelled, the cancelled Award shall continue to be counted towards the
applicable limitations.

     VIII. TERMINATION OF EMPLOYMENT OR SERVICES

     8.1 Options and Stock Appreciation Rights.

     (a) If, prior to the date when an Option or Stock Appreciation Right first
becomes Vested, a Participant terminates employment or services for any reason,
the Participant's right to exercise the Option or Stock Appreciation Right shall
terminate and all rights thereunder shall cease, unless provided otherwise in a
Participant's Agreement.

     (b) If, on or after the date when an Option or Stock Appreciation Right
first becomes Vested, a Participant terminates employment or services for any
reason other than death or Disability, the Participant shall have the right,
within the earlier of (i) the expiration of the Option or Stock Appreciation
Right, and (ii) three (3) months after termination of employment or services, as
applicable, to exercise the Option or Stock Appreciation Right to the extent
that it was exercisable and unexercised on the date of the Participant's
termination of employment or services, subject to any other limitation on the
exercise of the Option or Stock Appreciation Right in effect on the date of
exercise. The Committee may designate in a Participant's Agreement that an
Option or Stock Appreciation Right shall terminate at an earlier or later time
than set forth above.

     (c) If, on or after the date when an Option or Stock Appreciation Right
first becomes Vested, a Participant terminates employment or services due to
death while an Option or Stock Appreciation Right is still exercisable, the
person or persons to whom the Option or Stock Appreciation Right shall have been
transferred by will or the laws of descent and distribution, shall have the
right within the

<PAGE>

exercise period specified in the Participant's Agreement to exercise the Option
or Stock Appreciation Right to the extent that it was exercisable and
unexercised on the Participant's date of death, subject to any other limitation
on exercise in effect on the date of exercise. Provided, however, that the
beneficial tax treatment of an Incentive Stock Option may be forfeited if the
Option is exercised more than one (1) year after a Participant's date of death.

     (d) If, on or after the date when an Option or Stock Appreciation Right
first becomes Vested, a Participant terminates employment or services due to
Disability, the Participant shall have the right, within the exercise period
specified in the Participant's Agreement, to exercise the Option or Stock
Appreciation Right to the extent that it was exercisable and unexercised on the
date of the Participant's termination of employment or services due to
Disability, subject to any other limitation on the exercise of the Option or
Stock Appreciation Right in effect on the date of exercise. If the Participant
dies after termination of employment or services, as applicable, while the
Option or Stock Appreciation Right is still exercisable, the Option or Stock
Appreciation Right shall be exercisable in accordance with the terms of
paragraph (c), above.

     (e) The Committee, at the time of a Participant's termination of employment
or services, may accelerate a Participant's right to exercise an Option or,
subject to Code Section 409A, may extend an Option term.

     (f) Shares subject to Options and Stock Appreciation Rights that are not
exercised in accordance with the provisions of (a) through (e) above shall
expire and be forfeited by the Participant as of their expiration date and shall
become available for new Awards under the Plan as of such date.

     8.2 Restricted Stock and Restricted Stock Units. If a Participant
terminates employment for any reason, the Participant's right to shares of
Common Stock subject to a Restricted Stock or Restricted Stock Unit Award that
are still subject to a Restriction Period automatically shall terminate and be
forfeited by the Participant (or, if the Participant was required to pay a
purchase price for the Restricted Stock, other than for the performance of
services, the Corporation shall have the option to repurchase any shares
acquired by the Participant which are still subject to the Restriction Period
for the purchase price paid by the Participant) and, subject to Section 1.6,
said shares shall be available for new Awards under the Plan as of such
termination date. Provided, however, that the Committee, in its sole discretion,
may provide in a Participant's Agreement for the continuation of a Restricted
Stock Award or Restricted Stock Unit after a Participant terminates employment
or services or may waive or, subject to Code Section 409A, change the remaining
restrictions or add additional restrictions, as it deems appropriate. The
Committee shall not waive any restrictions on a Code Section 162(m) Restricted
Stock or Restricted Stock Unit Award, but the Committee may provide in a
Participant's Code Section 162(m) Restricted Stock or Restricted Stock Unit
Agreement or otherwise that upon the Employee's termination of employment due to
(a) death, (b) Disability, or (c) involuntary termination by the Corporation
without cause (as determined by the Committee) prior to the termination of the
Restriction Period, that the performance goals and restrictions shall be deemed
to have been satisfied on terms determined by the Committee.

     8.3 Performance Awards. Performance Awards shall expire and be forfeited by
a Participant upon the Participant's termination of employment or services for
any reason, and, subject to Section 1.6, shall be available for new Awards under
the Plan as of such termination date. Provided, however, that the Committee, in
its discretion, may provide in a Participant's Agreement or, subject to Code
Section

<PAGE>

409A, may provide otherwise for the continuation of a Performance Award after a
Participant terminates employment or services or may waive or change all or part
of the conditions, goals and restrictions applicable to such Performance Award.
Notwithstanding the foregoing, the Committee shall not waive any restrictions on
a Code Section 162(m) Performance Award, but the Committee may provide in an
Employee's Code Section 162(m) Performance Share Agreement or otherwise that
upon the Employee's termination of employment due to (a) death; (b) Disability;
or (c) involuntary termination by the Corporation without cause (as determined
by the Committee) prior to the attainment of the associated performance goals
and restrictions, that the performance goals and restrictions shall be deemed to
have been satisfied on terms determined by the Committee.

     8.4 Annual Incentive Awards.

     (a) A Participant who has been granted an Annual Incentive Award and
terminates employment or services due to Disability or death prior to the end of
the Corporation's fiscal year shall be entitled to a pro-rated payment of the
Annual Incentive Award, based on the number of full months of employment or
services, as applicable during the fiscal year. Any such prorated Annual
Incentive Award shall be paid at the same time as regular Annual Incentive
Awards and, in the event of the Participant's death, to the Participant's
designated beneficiary.

     (b) Except as otherwise determined by the Committee in its discretion, a
Participant who has been granted an Annual Incentive Award and resigns or is
terminated for any reason (other than Disability or death), before the payment
date of an Annual Incentive Award, shall forfeit the right to the Annual
Incentive Award payment for that fiscal year.

     8.5 Other Provisions. The transfer of an Employee from one corporation to
another among the Corporation and any of its Subsidiaries, or a leave of absence
under the leave policy of the Corporation or any of its Subsidiaries shall not
be a termination of employment for purposes of the Plan, unless a provision to
the contrary is expressly stated by the Committee in a Participant's Agreement
issued under the Plan.

     IX. ADJUSTMENTS AND CHANGE IN CONTROL

     9.1 Adjustments. In the event of a merger, reorganization, consolidation,
recapitalization, dividend or distribution (whether in cash, shares or other
property), stock split, reverse stock split, spin-off or similar transaction or
other change in corporate structure affecting the Common Stock or the value
thereof, such adjustments and other substitutions shall be made to the Plan and
Awards as the Committee, in its sole discretion, deems equitable or appropriate,
including adjustments in the aggregate number, class and kind of securities that
may be delivered under the Plan and, in the aggregate or to any one Participant,
in the number, class, kind and option or exercise price of securities subject to
outstanding Awards granted under the Plan (including, if the Committee deems
appropriate, the substitution of similar options to purchase the shares of, or
other awards denominated in the shares of, another company, as the Committee may
determine to be appropriate in its sole discretion).

     9.2 Change in Control.

     (a) Notwithstanding anything contained herein to the contrary, the
Committee, in its discretion, may provide in a Participant's Agreement or
otherwise that upon a Change in Control, any or all of the following shall
occur: (i) any outstanding Option or Stock Appreciation Right granted

<PAGE>

hereunder immediately shall become fully Vested and exercisable, regardless of
any installment provision applicable to such Option or Stock Appreciation Right;
(ii) the remaining Restriction Period on any Shares of Common Stock subject to a
Restricted Stock or Restricted Stock Unit Award granted hereunder immediately
shall lapse and the shares shall become fully transferable, subject to any
applicable Federal or State securities laws; (iii) all performance goals and
conditions shall be deemed to have been satisfied and all restrictions shall
lapse on any outstanding Performance Awards, which immediately shall become
payable (either in full or pro-rata based on the portion of the applicable
performance period completed as of the Change in Control); (iv) all performance
targets and performance levels shall be deemed to have been satisfied for any
outstanding Annual Incentive Awards, which immediately shall become payable
(either in full or pro-rata based on the portion of the applicable performance
period completed as of the Change in Control); or (v) such other treatment as
the Committee may determine.

     (b) The Committee may, in its sole discretion and without the consent of
any Participant, determine that, upon the occurrence of a Change in Control,
each or any Option or Stock Appreciation Right outstanding immediately prior to
the Change in Control shall be cancelled in exchange for a payment with respect
to each Vested share of Common Stock subject to such cancelled Option or Stock
Appreciation Right in (i) cash, (ii) stock of the Corporation or of a
corporation or other business entity a party to the Change in Control, or (iii)
other property which, in any such case, shall be in an amount having a Fair
Market Value equal to the excess of the Fair Market Value of the consideration
to be paid per share of Common Stock in the Change in Control over the exercise
price per share under such Option or Stock Appreciation Right (the "Spread"). In
the event such determination is made by the Committee, the Spread (reduced by
applicable withholding taxes, if any) shall be paid to a Participant in respect
of the Participant's cancelled Options and Stock Appreciation Rights as soon as
practicable following the date of the Change in Control.

     (c) Notwithstanding the foregoing, the Committee, in its discretion, may
provide in a Participant's Agreement or otherwise that, if in the event of a
Change in Control the successor company assumes or substitutes for an Option,
Stock Appreciation Right, Restricted Stock, or Restricted Stock Unit payable in
shares of Common Stock, Performance Award payable in shares of Common Stock or
Annual Incentive Award payable in shares of Common Stock, then each such
outstanding Option, Stock Appreciation Right, Restricted Stock, Restricted Stock
Unit, Performance Award or Annual Incentive Award shall not be accelerated as
described in Section 9.2(a). For the purposes of this Section 9.2(c), such an
Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit,
Performance Award or Annual Incentive Award shall be considered assumed or
substituted for if following the Change in Control the Award confers the right
to purchase or receive, for each share of Common Stock subject to such Option,
Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance
Award or Annual Incentive Award immediately prior to the Change in Control, the
consideration (whether stock, cash or other securities or property) received in
the transaction constituting a Change in Control by holders of shares of Common
Stock for each share held on the effective date of such transaction (and if
holders were offered a choice of consideration, the type of consideration chosen
by the holders of a majority of the outstanding shares); provided, however, that
if such consideration received in the transaction constituting a Change in
Control is not solely common stock of the successor company, the Committee may,
with the consent of the successor company, provide that the consideration to be
received upon the exercise or vesting of such Option, Stock Appreciation Right,
Restricted Stock, Restricted Stock Unit, Performance Award or Annual Incentive
Award, for each share of Common Stock subject thereto, shall be solely common
stock of the successor company substantially equal in fair

<PAGE>

market value to the per share consideration received by holders of shares of
Common Stock in the transaction constituting a Change in Control. The
determination of such substantial equality of value of consideration shall be
made by the Committee in its sole discretion and its determination shall be
conclusive and binding.

     X. MISCELLANEOUS

     10.1 Partial Exercise/Fractional Shares. The Committee may permit, and
shall establish procedures for, the partial exercise of Options and Stock
Appreciation Rights granted under the Plan. No fractional shares shall be issued
in connection with the exercise of a Stock Appreciation Right or payment of a
Performance Award, Restricted Stock Award, Restricted Stock Unit, or Annual
Incentive Award, instead, the Fair Market Value of the fractional shares shall
be paid in cash, or at the discretion of the Committee, the number of shares
shall be rounded down to the nearest whole number of shares and any fractional
shares shall be disregarded.

     10.2 Rights Prior to Issuance of Shares. No Participant shall have any
rights as a shareholder with respect to shares covered by an Award until the
issuance of a stock certificate for such shares (or book entry representing such
shares has been made and such shares have been deposited with the appropriate
registered book-entry custodian). No adjustment shall be made for dividends or
other rights with respect to such shares for which the record date is prior to
the date the certificate is issued except as otherwise provided in the Plan or a
Participant's Agreement or by the Committee.

     10.3 Non Assignability; Certificate Legend; Removal.

     (a) Except as described below or as otherwise determined by the Committee
in a Participant's Agreement, no Award shall be transferable by a Participant
except by will or the laws of descent and distribution, and an Option or Stock
Appreciation Right shall be exercised only by a Participant during the lifetime
of the Participant. Notwithstanding the foregoing, a Participant may assign or
transfer an Award that is not an Incentive Stock Option with the consent of the
Committee (each transferee thereof, a "Permitted Assignee"); provided that such
Permitted Assignee shall be bound by and subject to all of the terms and
conditions of the Plan and any Agreement relating to the transferred Award and
shall execute an agreement satisfactory to the Corporation evidencing such
obligations; and provided further that such Participant shall remain bound by
the terms and conditions of the Plan.

     (b) Each certificate representing shares of Common Stock subject to an
Award shall bear the following legend:

     The sale or other transfer of the shares of stock represented by this
certificate, whether voluntary, involuntary or by operation of law, is subject
to certain restrictions on transfer set forth in the ITC Holdings Corp. 2006
Long Term Incentive Plan ("Plan"), rules and administrative guidelines adopted
pursuant to such Plan [and an Agreement dated ______ __, ____]. A copy of the
Plan, such rules [and such Agreement] may be obtained from the Vice President
and General Counsel of International Transmission Company.

     (c) Subject to applicable Federal and State securities laws, issued shares
of Common Stock subject to an Award shall become freely transferable by the
Participant after all applicable restrictions, limitations, performance
requirements or other conditions have terminated, expired, lapsed or been

<PAGE>

satisfied. Once such issued shares of Common Stock are released from such
restrictions, limitations, performance requirements or other conditions, the
Participant shall be entitled to have the legend required by this Section 10.3
removed from the applicable Common Stock certificate.

     10.4 Securities Laws.

     (a) Anything to the contrary herein notwithstanding, the Corporation's
obligation to sell and deliver Common Stock pursuant to the exercise of an
Option or Stock Appreciation Right or deliver Common Stock pursuant to a
Restricted Stock Award, Restricted Stock Unit, Performance Award or Annual
Incentive Award is subject to such compliance with Federal and State laws, rules
and regulations applying to the authorization, issuance or sale of securities as
the Corporation deems necessary or advisable. The Corporation shall not be
required to sell and deliver or issue Common Stock unless and until it receives
satisfactory assurance that the issuance or transfer of such shares shall not
violate any of the provisions of the Securities Act of 1933 or the Securities
Exchange Act of 1934, or the rules and regulations of the Securities Exchange
Commission promulgated thereunder or those of the Stock Exchange or any stock
exchange on which the Common Stock may be listed, the provisions of any State
laws governing the sale of securities, or that there has been compliance with
the provisions of such acts, rules, regulations and laws.

     (b) The Committee may impose such restrictions on any shares of Common
Stock acquired pursuant to the exercise of an Option or Stock Appreciation Right
or the grant of Restricted Stock or Restricted Stock Units or the payment of a
Performance Award or Annual Incentive Award under the Plan as it may deem
advisable, including, without limitation, restrictions (i) under applicable
Federal securities laws; (ii) under the requirements of the Stock Exchange or
any other securities exchange or recognized trading market or quotation system
upon which such shares of Common Stock are then listed or traded; and (iii)
under any blue sky or State securities laws applicable to such shares.

     10.5 Withholding Taxes.

     (a) The Corporation shall have the right to withhold from a Participant's
compensation or require a Participant to remit sufficient funds to satisfy
applicable withholding for income and employment taxes upon the exercise of an
Option or Stock Appreciation Right or the lapse of the Restriction Period on a
Restricted Stock Award, Restricted Stock Unit, or the payment of a Performance
Award or Annual Incentive Award. A Participant may in order to fulfill the
withholding obligation tender previously-acquired shares of Common Stock that
have been held at least six (6) months or have shares of stock withheld from the
exercise, provided that the shares have an aggregate Fair Market Value
sufficient to satisfy in whole or in part the applicable withholding taxes. The
broker assisted exercise procedure of Section 2.4 may be utilized to satisfy the
withholding requirements related to the exercise of an Option. At no point shall
the Corporation withhold from the exercise of an Option more shares than are
necessary to meet the established tax withholding requirements of federal, state
and local obligations.

     (b) Notwithstanding the foregoing, a Participant may not use shares of
Common Stock to satisfy the withholding requirements to the extent that (i)
there is a substantial likelihood that the use of such form of payment or the
timing of such form of payment would subject the Participant to a substantial
risk of liability under Section 16 of the Exchange Act; (ii) such withholding
would constitute a violation of the provisions of any law or regulation
(including the Sarbanes-Oxley Act of 2002); or

<PAGE>

(iii) there is a substantial likelihood that the use of such form of payment
would result in adverse accounting treatment to the Corporation under generally
accepted accounting principles.

     10.6 Termination and Amendment.

     (a) The Board may terminate the Plan, or the granting of Awards under the
Plan, at any time. No new Awards shall be granted under the Plan after February
7, 2012.

     (b) The Board may amend or modify the Plan at any time and from time to
time, and the Committee may amend or modify the terms of an outstanding
Agreement at any time and from time to time, but no amendment or modification,
without the approval of the shareholders of the Corporation, shall (i)
materially increase the benefits accruing to Participants under the Plan; (ii)
increase the amount of Common Stock for which Awards may be made under the Plan,
except as permitted under Sections 1.6 and Article 9; or (iii) change the
provisions relating to the eligibility of individuals to whom Awards may be made
under the Plan. In addition, if the Corporation's Common Stock is listed on a
Stock Exchange, the Board may not amend the Plan in a manner requiring approval
of the shareholders of the Corporation under the rules of the Stock Exchange
without obtaining the approval of the shareholders.

     (c) No amendment, modification, or termination of the Plan or an
outstanding Agreement shall in any manner adversely affect any then outstanding
Award under the Plan without the consent of the Participant holding such Award,
except as set forth in any Agreement relating to the Award, or to bring the Plan
and/or an Award into compliance with the requirements of Code Section 409A or to
qualify for an exemption under Code Section 409A.

     10.7 Code Section 409A. It is intended that Awards granted under the Plan
shall be exempt from or in compliance with Code Section 409A, and the Board
reserves the right to amend the terms of the Plan, and the Committee reserves
the right to amend any outstanding Agreement if necessary either to exempt such
Award from Code Section 409A or comply with the requirements of Code Section
409A, as applicable. Further, Plan Participants who are "Specified Employees"
(as defined under Code Section 409A and IRS guidance issued thereunder), shall
be required to delay payment of an Award for six (6) months after separation
from service to the extent such Award is governed by Code Section 409A, and the
delay is required thereunder.

     10.8 Effect on Employment or Services. Neither the adoption of the Plan nor
the granting of any Award pursuant to the Plan shall be deemed to create any
right in any individual to be retained or continued in the employment or
services of the Corporation or a Subsidiary.

     10.9 Use of Proceeds. The proceeds received from the sale of Common Stock
pursuant to the Plan shall be used for general corporate purposes of the
Corporation.

     10.10 Severability. If any one or more of the provisions (or any part
thereof) of this Plan or of any Agreement issued hereunder, shall be held to be
invalid, illegal or unenforceable in any respect, such provision shall be
modified so as to make it valid, legal and enforceable, and the validity,
legality and enforceability of the remaining provisions (or any part thereof) of
the Plan or of any Agreement shall not in any way be affected or impaired
thereby. The Corporation may, without the consent of any Participant, and in a
manner determined necessary solely in the discretion of the Corporation, amend
the Plan and any outstanding Agreement as the Corporation deems necessary to
ensure the Plan and all Awards remain valid, legal or enforceable in all
respects.

<PAGE>

     10.11 Beneficiary Designation. Subject to local laws and procedures, each
Participant may file a written beneficiary designation with the Corporation
stating who is to receive any benefit under the Plan to which the Participant is
entitled in the event of such Participant's death before receipt of any or all
of a Plan benefit. Each designation shall revoke all prior designations by the
same Participant, be in a form prescribed by the Corporation, and become
effective only when filed by the Participant in writing with the Corporation
during the Participant's lifetime. If a Participant dies without an effective
beneficiary designation for a beneficiary who is living at the time of the
Participant's death, the Corporation shall pay any remaining unpaid benefits to
the Participant's legal representative.

     10.12 Unfunded Obligation. A Participant shall have the status of a general
unsecured creditor of the Corporation. Any amounts payable to a Participant
pursuant to the Plan shall be unfunded and unsecured obligations for all
purposes. The Corporation shall not be required to segregate any monies from its
general funds, or to create any trusts, or establish any special accounts with
respect to such obligations. The Corporation shall retain at all times
beneficial ownership of any investments, including trust investments, which the
Corporation may make to fulfill its payment obligations hereunder. Any
investments or the creation or maintenance of any trust or any Participant
account shall not create or constitute a trust or fiduciary relationship between
the Committee or the Corporation and a Participant, or otherwise create any
Vested or beneficial interest in any Participant or the Participant's creditors
in any assets of the Corporation. A Participant shall have no claim against the
Corporation for any changes in the value of any assets which may be invested or
reinvested by the Corporation with respect to the Plan.

     10.13 Approval of Plan. The Plan shall be subject to the approval of the
holders of at least a majority of the votes cast at a duly held meeting of
shareholders of the Corporation held within twelve (12) months after adoption of
the Plan by the Board. No Award granted under the Plan may be exercised or paid
in whole or in part unless the Plan has been approved by the shareholders as
provided herein. If not approved by shareholders within twelve (12) months after
approval by the Board, the Plan and any Awards granted under the Plan shall be
null and void, with no further force or effect.

     10.14 Governing Law. Except to the extent governed by applicable federal
law, the validity, interpretation, construction and performance of the Plan and
Agreements under the Plan, shall be governed by the laws of the State of
Michigan, without regard to its conflict of law rules.

     IN WITNESS WHEREOF, this ITC Holdings Corp. 2006 Long Term Incentive Plan
has been executed on behalf of the Corporation on this the 8th day of February,
2006.

ITC HOLDINGS CORP.

By: /s/ Linda Blair
    ------------------------------------
Its: Senior VP Business Strategy

BOARD APPROVAL: 02/08/06

SHAREHOLDER APPROVAL: __/__/06

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