Document:

Executives' Deferred Compensation Plan

 Exhibit 10.7 
  
 FROZEN AS OF DECEMBER 31, 2004 
  
 DOMINION RESOURCES, INC. 
  
 EXECUTIVES’ DEFERRED COMPENSATION PLAN 
  
 AMENDED AND RESTATED 
  
 EFFECTIVE DECEMBER 31, 2004 
  
 For the Executives of: 
  
 Dominion Resources, Inc. 
 And Affiliates 

 FROZEN AS OF DECEMBER 31, 2004 
  
 TABLE OF CONTENTS 
  

			
	 Section

	  	Page

	 1. DEFINITIONS.
	  	1
		
	 2. PURPOSE.
	  	5
		
	 3. PARTICIPATION.
	  	5
		
	 4. DEFERRAL ELECTION.
	  	6
		
	 5. EFFECT OF NO ELECTION.
	  	7
		
	 6. ROLLOVER ELECTION.
	  	7
		
	 7. FORMER CNG PLANS.
	  	8
		
	 8. DEFERRED STOCK OPTION BENEFIT.
	  	9
		
	 9. MATCH CONTRIBUTIONS.
	  	9
		
	 10. SPECIAL CONTRIBUTIONS.
	  	10
		
	 10. INVESTMENT FUNDS.
	  	10
		
	 11. DISTRIBUTIONS.
	  	11
		
	 12. HARDSHIP DISTRIBUTIONS.
	  	13
		
	 13. COMPANY’S OBLIGATION.
	  	14
		
	 14. CONTROL BY PARTICIPANT.
	  	14
		
	 15. CLAIMS AGAINST PARTICIPANT’S BENEFIT.
	  	14
		
	 16. AMENDMENT OR TERMINATION.
	  	15
		
	 17. ADMINISTRATION.
	  	15
		
	 18. NOTICES.
	  	16
		
	 19. WAIVER.
	  	16
		
	 20. CONSTRUCTION.
	  	16

  

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 DOMINION RESOURCES, INC. 
  
 EXECUTIVES’ DEFERRED COMPENSATION PLAN 
  
 EFFECT OF DECEMBER 31, 2004 RESTATEMENT 
  
 Effective December 31, 2004 (the “Plan Freeze Date”), the Dominion Resources, Inc. Executives’ Deferred Compensation Plan (the
“Plan”) is closed to any new Participants and for any new Deferrals arising after that date. The terms and conditions of this Plan shall continue to apply with respect to all Deferrals (and earnings and losses on those Deferrals) arising
under this Plan and all Participants in this Plan on or before the Plan Freeze Date. Compensation that is earned and vested on or before the Plan Freeze Date, but which is not paid until after the Plan Freeze Date, is still governed by the terms and
conditions of this Plan, provided that a valid Deferral Election Form was submitted with respect to such Compensation. The administrator of this Plan shall not materially modify any of the provisions of the Plan. Notwithstanding any provision in
this Plan to the contrary, this Plan shall be read and interpreted to be consistent with the intent of this Restatement. 
  
 The Plan is being restated with the intent that the restatement shall not constitute a material modification of the Plan for purposes of Section 885(d)(2)
of Public Law No. 108-357, the American Jobs Creation Act of 2004. If any portion of this restatement is determined to be a material modification for that purpose, that portion of the restatement shall be null and void. All provisions of this
restatement of the Plan shall be read and interpreted to be consistent with the intent of this paragraph. 
  
 1. DEFINITIONS. The following definitions apply to this Plan and to any related documents. 
  

	 	(a)	Accounts means, collectively, a Participant’s Deferral Account, Match Account, and Deferred Stock Option Account, if any. 

  

	 	(b)	Administrator means Dominion Resources Services, Inc. 

  

	 	(c)	Beneficiary or Beneficiaries means a person or persons or other entity that a Participant designates on a Beneficiary Designation Form to receive Benefit
payments pursuant to Plan Section 12(h). If a Participant does not execute a valid Beneficiary Designation Form, or if the designated Beneficiary or Beneficiaries fail to survive the Participant or otherwise fail to take the Benefit, the
Participant’s Beneficiary or Beneficiaries shall be the first of the following persons who survive the Participant: a Participant’s spouse (the person legally married to the Participant when the Participant dies); the Participant’s
children in equal shares. If none of these persons survive the Participant, the Beneficiary shall be the Participant’s estate. 

 FROZEN AS OF DECEMBER 31, 2004 
  

	 	(d)	Beneficiary Designation Form means the form that a Participant uses to name the Participant’s Beneficiary or Beneficiaries. 

  

	 	(e)	Benefit means collectively, a Participant’s Deferred Benefit, Match Benefit, and Deferred Stock Option Benefit, if any. 

  

	 	(f)	Board means the Board of Directors of DRI. 

  

	 	(g)	Change of Control means the occurrence of any of the following events: 

  
 (i) any person, including a “group” as defined in Section 13(d)(3) of Securities Exchange Act of 1934, as amended,
becomes the owner or beneficial owner of DRI securities having 20% or more of the combined voting power of the then outstanding DRI securities that may be cast for the election of DRI’s directors (other than as a result of an issuance of
securities initiated by DRI, or open market purchases approved by the Board, as long as the majority of the Board approving the purchases is also the majority at the time the purchases are made); 
  
 (ii) as the direct or indirect result of, or in connection with, a cash
tender or exchange offer, a merger or other business combination, a sale of assets, a contested election, or any combination of these transactions, the persons who were directors of DRI before such transactions cease to constitute a majority of the
Board, or any successor’s board, within two years of the last of such transactions; or 
  
 (iii) with respect to a particular Participant, an event occurs with respect to the Participant’s employer such that, after the event, the Participant’s employer is no longer a Dominion Company. 

 

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

  

	 	(i)	Committee means the Organization, Compensation and Nominating Committee of the Board. 

  

	 	(j)	Company means DRI and any Dominion Company that is designated by the Administrator as covered by this Plan, and any successor business by merger, purchase, or
otherwise that maintains the Plan. 

  

	 	(k)	Compensation means a Participant’s base salary, cash incentive pay and other cash compensation from the Company, including annual bonuses, pre-scheduled one-time
performance-based payments, and gains from stock option grants. Compensation does not include stock, stock options or spot awards. The Administrator may determine whether to include or exclude an item of income from Compensation.

  

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	 	(l)	Deferral means the amount of Compensation that a Participant has elected to defer under a Deferral Election Form. 

  

	 	(m)	Deferral Account means a bookkeeping record established for each Participant who is eligible to receive a Deferred Benefit. A Deferral Account shall be established
only for purposes of measuring a Deferred Benefit and not to segregate assets or to identify assets that may be used to satisfy a Deferred Benefit. A Deferral Account shall be credited with that amount of a Participant’s Compensation deferred
according to a Participant’s Deferral Election Form. A Deferral Account shall also be credited with the amount of benefits rolled over to the Plan pursuant to a Rollover Election Form. A Deferral Account also shall be credited periodically with
deemed investment gain or loss under Plan Section 11. 

  

	 	(n)	Deferral Election Form means the form that a Participant uses to elect to defer Compensation pursuant to Plan Section 4. 

  

	 	(o)	Deferred Benefit means the benefit available to a Participant who has executed a valid Deferral Election Form or Rollover Election Form or who has received a Special
Contribution under Section 10. 

  

	 	(p)	Deferred Stock Option Account means a bookkeeping record established for each Participant who has made an election to defer the DRI Stock to be received under an
exercise of a nonstatutory stock option granted under the Dominion Resources, Inc. Incentive Compensation Plan and the Dominion Resources, Inc. Leadership Stock Option Plan. The account shall be charged or credited with net earnings, gains, losses
and expenses, as well as any appreciation or depreciation in market value during each Plan Year for the deemed investment in the DRI Stock. The Administrator may charge or credit such earnings, gains, losses, appreciation and depreciation based on
the actual investment performance of the DRI Stock that it has deposited into the trust. 

  

	 	(q)	Deferred Stock Option Benefit means the portion of a Participant’s Benefit from the Participant’s Deferred Stock Option Account. 

  

	 	(r)	Disability or Disabled means, with respect to a Participant, that the Participant is entitled to benefits under the long-term disability plan of the
Company. 

  

	 	(s)	Distribution Election Form means a form that a Participant uses to establish the duration of the deferral of Compensation and the frequency of payments of a Benefit.
If a Participant does not execute a valid Distribution Election Form, the distribution of a Benefit shall be governed by Plan Section 5. 

  

	 	(t)	Dominion Company means Consolidated Natural Gas, Inc., Virginia Power, Dominion Capital, Inc., Dominion Energy, Inc., Dominion Resources Services, Inc., or another
corporation in which DRI owns stock possessing at least 50 % of 

  

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 the combined voting power of all classes of stock or which is in a chain of corporations with DRI in which stock possessing
at least 50% of the combined voting power of all classes of stock is owned by one or more other corporations in the chain. 
  

	 	(u)	DRI means Dominion Resources, Inc. 

  

	 	(v)	DRI Stock means the common stock, no par value, of DRI. 

  

	 	(w)	DRI Stock Fund means an Investment Fund in which the deemed investment is DRI Stock. 

  

	 	(x)	DSOP means the Dominion Resources, Inc. Security Option Plan. 

  

	 	(y)	Election Date means the date by which an Executive must submit a valid Deferral Election Form for regular Compensation. For each Plan Year, the Election Date shall be
January 1 unless the Administrator sets an earlier Election Date or as provided in Plan Section 4(b) or 4(c). 

  

	 	(z)	Executive means an individual who is employed by the Company and who has a base salary of at least $100,000. 

  

	 	(aa)	Investment Fund means one or more deemed investment alternatives offered to Participants from time to time. The Company may compute deemed investment gain or loss
under the Investment Funds based on the actual investment performance of assets that it has deposited in a grantor trust (as described in Plan Section 14). The DRI Stock Fund shall be one of the Investment Funds. 

  

	 	(bb)	Match Account means an Account that holds the matching contributions made by the Company under Plan Section 9. 

  

	 	(cc)	Match Benefit means the portion of a Participant’s Benefit from the Participant’s Match Account. 

  

	 	(dd)	Participant means an individual presently or formerly employed by the Company who meets one or more of the requirements of Plan Section 3(a). 

 

	 	(ee)	Plan means the Dominion Resources, Inc. Executives’ Deferred Compensation Plan. 

  

	 	(ff)	Plan Freeze Date means December 31, 2004. 

  

	 	(gg)	Plan Year means a calendar year. 

  

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	 	(hh)	Rollover Election Form means the form that a Participant uses to rollover benefits payable in the form of a lump sum payment from a Supplemental Retirement Plan to
this Plan. 

  

	 	(ii)	Special Contribution means an amount deemed to be contributed on behalf of a Participant by the Company pursuant to Section 10. 

  

	 	(jj)	Supplemental Retirement Plan means the Dominion Resources, Inc. Retirement Benefit Restoration Plan and/or the Dominion Resources, Inc. Executive Supplemental
Retirement Plan. 

  

	 	(kk)	Terminate or Termination, with respect to a Participant, means the cessation of the Participant’s employment with the Company on account of death,
Disability, severance or any other reason. 

  
 2.
PURPOSE. The Plan is intended to benefit a “select group of management or highly compensated employees,” as that term is used under Title I of the Employee Retirement Income Security Act of 1974, as amended. The Plan is intended
to permit Executives to defer their Compensation, and for related purposes. 
  
 3. PARTICIPATION. 
  

	 	(a)	An individual presently or formerly employed by the Company is a Participant if he or she is: 

  

	 	(i)	With respect to any Plan Year, an Executive who executes a valid Deferral Election Form for that Plan Year as provided in Plan Section 3(b); 

  

	 	(ii)	An individual who has a Deferred Stock Option Account due to an election to defer DRI Stock; 

  

	 	(iii)	An individual who is eligible for a Match under Plan Section 9; 

  

	 	(iv)	An individual who had a benefit entitlement under Section 4.1(b) of the CNG ERISA Excess Plan as of December 31, 2000; or 

  

	 	(v)	An individual who had a benefit entitlement under Section 5 of the Consolidated Natural Gas Company Executive Incentive Deferral Plan as of December 31, 2000.

  

	 	(vi)	An individual who has executed a Rollover Election Form pursuant to Plan Section 6. 

  

	 	(b)	An Executive may become a Participant for any Plan Year by filing a valid Deferral Election Form according to Plan Section 4 on or before the Election Date for that Plan Year, or by
filing an election to defer DRI Stock pursuant to the 

  

 5 

 FROZEN AS OF DECEMBER 31, 2004 
  
 Dominion Resources, Inc. Incentive Compensation Plan, the Dominion Resources, Inc. Leadership Stock Option Plan or any other
plan designated by the Administrator. 
  

	 	(c)	An individual remains a Participant as long as the Participant is entitled to a Benefit under the Plan. An individual who is a Participant under Plan Section 3(a)(iv), (v), or (vi)
and who is not an Executive may direct deemed investments pursuant to Plan Section 11 but may not make a Deferral election under Plan Section 4. 

  

4. DEFERRAL ELECTION. An Executive may elect on or before the Election Date to defer receipt of a portion of the Executive’s
Compensation for the Plan Year. Except as provided in Plan Section 4(a), an Executive may elect a deferral for any Plan Year only if he or she is an Executive on the Election Date for that Plan Year. The following provisions apply to deferral
elections: 
  

	 	(a)	A Participant may defer up to 50% of the Participant’s base salary and up to 85% of the Participant’s annual cash incentive award, long-term cash incentive payments and
pre-scheduled one-time cash payments. The maximum Deferrals to this Plan shall be reduced by any deferrals that the Participant has elected to defer to the DSOP or any other deferred compensation plan of the Company. Compensation for deferrals under
the Dominion Resources, Inc. Employee Savings Plan shall be based on a Participant’s Compensation after any Deferrals made under this Plan, the DSOP, or any other deferred compensation plan of the Company. 

  

	 	(b)	A Participant may defer up to 85% of the Participant’s gains on stock acquired by exercise of an option under the Dominion Resources, Inc. Incentive Compensation Plan or the
Dominion Resources, Inc. Leadership Stock Option Plan. For purposes of deferral of stock option gains, the Election Date shall be the date that is six months before the Participant exercises the option. Procedures for deferring stock option gains
shall be established under the Dominion Resources, Inc. Incentive Compensation Plan and the Dominion Resources, Inc. Leadership Stock Option Plan. 

  

	 	(c)	Before each Plan Year’s Election Date, each Executive shall be provided with a Deferral Election Form. Except as provided below, a deferral election shall be valid only when
the Deferral Election Form is completed, signed by the electing Executive, and received by the Administrator on or before the Election Date for that Plan Year. In the year in which an Executive is first promoted to a salary grade between A through
G, the Executive may make a deferral election by completing a Deferral Election Form within 30 days of the promotion. The deferral election will be effective for periods after the Administrator receives it. 

  

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	 	(d)	An Executive must complete an Investment Election Form for all amounts in the Executive’s Deferral Account. The Compensation deferred under a Deferral Election Form shall be
allocated among available Investment Funds in percentages as specified on the investment election form. 

  

	 	(e)	An Executive must complete a Distribution Election Form for the distribution of the Executive’s Deferral Account. 

  

	 	(f)	The Administrator may reject any Deferral Election Form or any Distribution Election Form or both that does not conform to the provisions of the Plan. The Administrator may modify
any Distribution Election Form at any time to the extent necessary to comply with any federal securities laws or regulations. The Administrator’s rejection or modification must be made on a uniform basis with respect to similarly situated
Executives. If the Administrator rejects a Deferral Election Form, the Executive shall be paid the amounts the Executive would have been entitled to receive if the Executive had not submitted the rejected Deferral Election Form.

  

	 	(g)	An Executive may not revoke a Deferral Election Form after the Plan Year begins, except that an Executive may revoke a Deferral Election Form within 30 days following a Change of
Control. Any revocation before the beginning of the Plan Year or within 30 days following a Change of Control has the same effect as a failure to submit a Deferral Election Form. Any writing signed by an Executive expressing an intention to revoke
the Executive’s Deferral Election Form and delivered to the Administrator before the close of business on the relevant Election Date shall be a revocation. 

  

	 	(h)	Subject to the distribution restrictions of Plan Section 12, an Executive may revoke an existing Distribution Election Form at any time by submitting a new Distribution Election
Form. 

  
 5. EFFECT OF NO ELECTION.
Except as provided in Plan Section 4(c), an Executive who has not submitted a valid Deferral Election Form to the Administrator on or before the relevant Election Date may not defer any part of the Executive’s Compensation for the Plan Year to
this Plan. The Deferred Benefit of an Executive who submits a valid Deferral Election Form but fails to submit a valid Distribution Election Form (either as to the form or commencement of payment) before the relevant Election Date shall be
distributed in a lump sum on or before the February 28 following the calendar year of the Executive’s Termination. 
  
 6. ROLLOVER ELECTION. 
  

	 	(a)	A Participant in a Supplemental Retirement Plan who elects to receive a single lump sum payment of benefits under the Supplemental Retirement Plan may also elect to rollover the
calculated rollover amount to this Plan by executing a Rollover Election Form, provided such form is executed and submitted on or before the Plan Freeze Date. The provisions of Section 4(d), (e), (f), and (h) apply to Benefits subject to a Rollover
Election Form. 

  

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	 	(b)	A Participant who has elected to receive a single lump sum payment of benefits under the Plan may also elect to rollover the entire lump sum payment to the Dominion Resources, Inc.
Security Option Plan by executing an appropriate election. The rollover shall be made in lieu of the lump sum payment and at the time when the lump sum payment otherwise would have been made. Except as provided by the Administrative Benefits
Committee for transition upon the adoption of this election, the election must be made at least six months prior to the date on which the Participant becomes entitled to the lump sum payment. The rollover election shall not apply to any amount
payable in the form of DRI Stock. 

  
 7.
FORMER CNG PLANS. 
  

	 	(a)	The Plan has assumed a portion of the obligations and liabilities of the Unfunded Supplemental Benefit Plan for Employees of Consolidated Natural Gas Company and its Participating
Subsidiaries Who are Not Represented by a Recognized Union (“CNG ERISA Excess Plan”) with respect to Participants in the Plan. The portion assumed by the Plan is the liabilities related to “Matching Contributions” under the
“Thrift Plan” (as those terms are defined in the CNG ERISA Excess Plan) and related gains and losses as of December 31, 2000. A Participant’s Benefit as of January 1, 2001 shall include the Participant’s account under the CNG
ERISA Excess Plan as of December 31, 2000. The payment of a Participant’s Benefit from this Plan shall be in complete satisfaction of the Participant’s benefits under Section 4.1.(b) of the CNG ERISA Excess Plan. A Participant’s
Investment Election Form, Distribution Election Form and Beneficiary Election Form shall apply to the portion of the Participant’s Benefit from the CNG ERISA Excess Plan. 

  

	 	(b)	The Plan has assumed all of the obligations and liabilities of the Consolidated Natural Gas Company Executive Incentive Deferral Plan (“CNG Deferral Plan”) with respect to
Participants in the Plan. The liabilities assumed by the Plan are the liabilities of the CNG Deferral Plan as of December 31, 2000 equal to the sum of all Participants’ balances as of December 31, 2000 in the CNG Deferral Plan. The
Participant’s balance in the CNG Deferral Plan shall be part of the Participant’s Benefit as of January 1, 2001. A Participant’s Benefit as of January 1, 2001 shall include the Participant’s account under the CNG Deferral Plan as
of December 31, 2000. The payment of a Participant’s Benefit from this Plan shall be in complete satisfaction of the Participant’s benefits under Section 5 of the CNG Deferral Plan. A Participant’s Investment Election Form,
Distribution Election Form and Beneficiary Election Form shall apply to the portion of the Participant’s Benefit from the CNG Deferral Plan. 

  

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 8. DEFERRED STOCK OPTION BENEFIT. A Participant’s Deferred Stock Option Benefit shall remain deemed
invested in DRI Stock until distribution. Such Participant’s Distribution Election Form and Beneficiary Election Form shall apply to the Participant’s Deferred Stock Option Benefit. If the Company has delivered shares of DRI Stock to a
trust to satisfy the Deferred Stock Option Benefit, payment of the Deferred Stock Option Benefit shall be tracked as stock and made in shares of DRI Stock from the trust. If the Company has not delivered shares of DRI Stock to a trust, the Company
shall make payment of the Deferred Stock Option Benefit in DRI Stock through the Dominion Resources, Inc. Incentive Compensation Plan and the Dominion Resources, Inc. Leadership Stock Option Plan. 
  
 9. MATCH CONTRIBUTIONS. 
  

	 	(a)	With respect to each Plan Year, the Company shall credit a Match (as defined below) to the Match Account of each eligible Participant, unless the Company has elected to contribute
the Match to the DSOP, or another deferred compensation plan of the Company. To be eligible for a Match, a Participant must meet all of the following criteria: 

  

	 	(i)	be employed on December 31 or have Terminated during the Plan Year due to retirement or early retirement (as defined by the Dominion Savings Plan), death or Disability;

  

	 	(ii)	have made salary deferrals to the Dominion Savings Plan for the Plan Year; and 

  

	 	(iii)	have base salary for the Plan Year in excess of the dollar limit for the Plan Year under Code section 401(a)(17). 

  

	 	(b)	The amount of the Match will be determined under the following formula: Excess Compensation times Deferral Percentage times Match Percentage. The terms in the formula
have the following meanings. 

  

	 	(i)	Excess Compensation is the amount of the Participant’s base salary for the Plan Year in excess of the dollar limit for the Plan Year under Code section 401(a)(17).

  

	 	(ii)	Deferral Percentage is the total of the Participant’s salary deferrals to the Dominion Savings Plan for the Plan Year divided by the lesser of (i) the dollar limit for
the Plan Year under Code section 401(a)(17), or (ii) the Participant’s base salary for the Plan Year reduced by deferrals under this Plan and the Dominion Savings Plan. The Deferral Percentage may not exceed the maximum percentage of
compensation on which the Participant would be eligible to receive a match by making a deferral under the Dominion Savings Plan for the Plan Year. 

  

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	 	(iii)	Match Percentage is the percentage of company match made with respect to the Participant’s salary deferral to the Dominion Savings Plan. 

  

	 	(c)	A Participant’s Match Account shall be 100% vested. 

  

	 	(d)	A Participant will not be required to invest any portion of the Match Account in the DRI Stock Fund. The Administrator may establish further procedures for the administration of the
Match Account. 

  
 10. SPECIAL
CONTRIBUTION. At the discretion of the Company for any reason, the Company may make a Special Contribution to the Plan on behalf of a Participant. The Special Contribution may be made for any reason, including as a special performance award,
as an inducement to initial or continued employment, or in lieu of a cash bonus or other compensation. A Special Contribution can be made in any amount determined by the Company. At its discretion, the Company may require that the Deferred Benefit
from the Special Contribution shall remain deemed invested in DRI Stock until distribution. A Participant’s Distribution Election Form and Beneficiary Election Form shall apply to the Deferred Benefit from the Special Contribution. The
provisions of Section 4(d), (e) and (h) apply to the Deferred Benefit from a Special Contribution. 
  
 11. INVESTMENT FUNDS. 
  

	 	(a)	Each Participant shall have the right to direct the deemed investment of the Participant’s Deferral Account and the Match Account among the Investment Funds. The Administrator
shall determine the number and type of Investment Funds that will be available for investment in any Plan Year. At its sole discretion, the Administrator may change the number and type of Investment Funds at any time and may establish procedures for
the transition between Investment Funds. 

  

	 	(b)	Deferrals shall be credited to an Investment Fund as of the date on which the deferred Compensation would have been paid to the Participant. A separate bookkeeping account shall be
established for each Participant who has directed a deemed investment in an Investment Fund. Deemed transfers between Investment Funds in the Participant’s Deferral Account and Match Account shall be charged and credited as the case may be to
each Investment Fund account. The Investment Fund account shall be charged or credited with net earnings, gains, losses and expenses, as well as any appreciation or depreciation in market value during each Plan Year for the deemed investment in the
Investment Fund. The Administrator may charge or credit such earnings, gains, losses, appreciation and depreciation based on the actual investment performance of assets that it has deposited in a grantor trust (as described in Plan Section 14).

  

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	 	(c)	Pursuant to procedures established by the Administrator uniformly applied, Participants may direct the transfer of deemed investments among Investment Funds at least once in each
Plan Year. The transfer of deemed investments involving the DRI Stock Fund may be subject to such restrictions, including prior approval, as determined appropriate by DRI. 

  
 12. DISTRIBUTIONS. 
  

	 	(a)	All Benefits, less withholding for applicable income and employment taxes, shall be paid in cash by the Company or its designee, except that payment from a Participant’s
Deferred Stock Option Account shall be made in the form of DRI Stock and the Committee may provide that a designated payment from the DRI Stock Fund shall be made in the form of DRI Stock under payment procedures similar to Section 8. A Participant
may elect to receive a distribution of all or a portion of the Participant’s Benefits subject to the provisions of this Section. Payment of each distribution of Benefits shall be made in one lump sum or in installments as provided in this
Section. Except in the event of Termination for reasons other than death, retirement or Disability, or as provided in Plan Section 12(f), a Participant may receive a distribution from the Participant’s Deferral Account only on a date that is at
least six months after the date on which the Participant’s most recent Deferral Election Form is effective. 

  
 (i) Unless otherwise provided herein or specified in a Participant’s Distribution Election Form, any lump sum payment shall be paid, or installment
payments shall begin, on or before February 28 of the calendar year after the Participant’s Termination. The Participant may elect on the Participant’s Distribution Election Form to begin payments (A) on or before the February 28 of the
calendar year following the calendar year of the Participant’s Termination; (B) on or before the February 28 of the calendar year following the calendar year of the Participant’s Termination but no sooner than February 28 of a specified
calendar year; or (C) even if the Participant does not Terminate, on or before the February 28 of a specified calendar year. 
  
 (ii) Installment payments will be made in such amount and at such times as specified in the Participant’s Distribution Election Form, provided
however, no such payments shall exceed a period of ten (10) years. Benefits will not be paid more often than once a year, except as provided in Plan Section 12(a)(iii). For a Benefit payable in a form other than a lump sum, the unpaid balance of a
Participant’s Deferral Account and Match Account, if any, shall continue to be maintained in Investment Funds. The unpaid balance of a Participant’s Deferred Stock Option Account shall remain invested in DRI Stock. All Benefits must be
paid no later than February 28 of the 10th calendar year after the year in which the Participant’s retirement
or Disability occurs. 
  

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 (iii) If a Participant has commenced distribution of benefits in a form other than a lump sum, the Participant may make a
one-time election to receive any unpaid Benefits in the form of a single lump sum payment or to modify the remaining payment schedule to any form permitted under Plan Section 12(a)(ii). The election may be made at any time prior to the full payment
of the Participant’s Benefits. The election is subject to the Committee’s approval, in its absolute discretion, and the election will be effective no less than 30 days after notice is provided to the Administrator. The Committee, in its
discretion, may delegate its authority to approve the one-time election to the Administrative Benefits Committee. Notwithstanding the foregoing, the Committee shall not exercise its discretion to permit a Participant to elect to accelerate the
payment of any Benefit under this Plan until further guidance on this matter under Code section 409A is received from the United States Treasury Department. 
  

	 	(b)	Benefits paid on account of Termination for retirement shall be paid in a lump sum unless the Participant’s Distribution Election Form specifies annual installment payments
over a period of up to ten (10) years. 

  

	 	(c)	Benefits paid on account of a Participant’s death shall be paid in a lump sum in accordance with the provisions of Plan Section 12(h). 

  

	 	(d)	Benefits paid on account of Termination due to Disability shall begin to be paid as soon as administratively practicable following the Participant’s Termination. The Benefits
shall be paid in the method designated on the Participant’s Distribution Election Form, or in annual installment payments over a period of ten (10) years if the Participant made no election on the Participant’s Distribution Election Form.
If a Disabled Participant begins to receive Benefits and thereafter recovers and returns to employment before the balance of the Participant’s Accounts is fully paid, distributions shall cease and any remaining Benefits under the Plan shall be
governed by this Plan Section 12 and the Participant’s Distribution Election Form. 

  

	 	(e)	Benefits paid on account of Termination due to other than death, Disability or retirement shall be paid in a lump sum as soon as practicable following the Termination.

  

	 	(f)	A Participant may elect to receive payment of Benefits prior to Termination. If payment is made pursuant to a Distribution Election Form that was effective less than six months
before the date of such payment, the Participant’s Deferred Benefit shall be reduced by 10%. Such payment shall be paid in a lump sum. 

  

	 	(g)	Notwithstanding any other provision of this Plan or a Participant’s Distribution Election Form, the Committee in its sole discretion may postpone the distribution of all or
part of a Benefit to the extent that the payment would not be deductible under Section 162(m) of the Internal Revenue Code of 1986, as amended (the 

  

 12 

 FROZEN AS OF DECEMBER 31, 2004 
  
 Code) or any successor thereto. A Benefit distribution that is postponed pursuant to the preceding sentence shall be paid as
soon as it is possible to do so within the deduction limitations of Section 162(m) of the Code. 
  

	 	(h)	A Participant or Beneficiary may not assign Benefits. A Participant may use only one Beneficiary Designation Form to designate one or more Beneficiaries for all of the
Participant’s Benefits under the Plan. Such designations are revocable. Each Beneficiary shall receive the Beneficiary’s portion of the Participant’s Accounts on or before February 28 of the year following the Participant’s
death. However, the Administrator, in its discretion, may approve a Beneficiary’s request for accelerated payment under Plan Section 13. The Administrator may require that multiple Beneficiaries agree upon a single distribution method.

  
 13. HARDSHIP DISTRIBUTIONS.

  

	 	(a)	At its sole discretion and at the request of a Participant before or after the Participant’s Termination, or at the request of any of the Participant’s Beneficiaries after
the Participant’s death, the Administrator may accelerate and pay all or part of any amount attributable to a Participant’s Benefits. The Administrator may accelerate distributions only in the event of Hardship as defined in Plan Section
13(b). An accelerated distribution under this Section shall be limited to the amount necessary to satisfy the Hardship. Notwithstanding the foregoing, the Administrator shall not exercise its discretion to accelerate the payment of any Benefit to a
Participant under this Section or any other Section of the Plan until further guidance on this matter under Code section 409 is received from the United States Treasury Department. 

  

	 	(b)	Hardship is a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent of the Participant, loss
of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The circumstances that will constitute a Hardship will depend
upon the facts of each case, but, in any case, payment will not be made to the extent that the Hardship is or may be relieved: (i) through reimbursement or compensation by insurance or otherwise, (ii) by liquidation of the Participant’s assets,
to the extent that the liquidation of such assets would not itself cause severe financial hardship, or (iii) by cessation of deferrals under the Plan. 

  

	 	(c)	Distributions under this Plan Section 13 shall be made in one lump sum payment in cash except that in the case of a Participant’s Deferred Stock Option Benefit, distributions
shall be made in DRI Stock. Distributions shall be made proportionately from all of the Investment Funds in the Participant’s Accounts first, and, with respect to Deferred Benefits, shall be limited to amounts attributable to Compensation
deferred under a Deferral Election Form that was 

  

 13 

 FROZEN AS OF DECEMBER 31, 2004 
  
 effective at least six months before the distribution. The Investment Funds in the Participant’s Accounts shall be
valued as of the last business day prior to the distribution, or as of such other date as may be determined in the discretion of the Administrator. 
  

	 	(d)	A distribution under this Plan Section 13 shall be in lieu of that portion of a Participant’s Benefit that would have been paid otherwise. A Benefit shall be adjusted by
reducing the balance of the Participant’s Accounts by the amount of the distribution. 

  
 14. COMPANY’S OBLIGATION. 
  
 (a) The Plan shall be unfunded. DRI shall not be required to segregate any assets that at any time may represent a Benefit. DRI shall establish a grantor
trust (within the meaning of Sections 671 through 679 of the Code) for Participants and Beneficiaries and shall deposit Participants’ Match Benefits with the trustee of such trust. DRI may deposit funds with the trustee of such trust to provide
the Deferred Benefits or Deferred Stock Option Benefits to which Participants and Beneficiaries may be entitled under the Plan. The funds deposited with the trustee or trustees of such trust, and the earnings thereon, will be dedicated to the
payment of Benefits under the Plan but shall remain subject to the claims of the general creditors of the Company. Any liability of DRI to a Participant or Beneficiary under this Plan shall be based solely on any contractual obligations that may be
created pursuant to this Plan. No such obligation of DRI shall be deemed to be secured by any pledge of, or other encumbrance on, any property of DRI. 
  
 (b) Notwithstanding the foregoing, in the event of a Change of Control, DRI shall, immediately prior to a Change of Control, make an irrevocable
contribution to the trust so that the amount held in trust is equal to 105% of the amount that is sufficient to pay each Participant or Beneficiary the Benefit to which they would be entitled, and for which DRI and each other Dominion Company is
liable, pursuant to the terms of the Plan as in effect on the date on which the Change of Control occurred. The amount of such contribution exceeding the amount required to pay Benefits under the Plan shall be used to pay administrative costs of the
trust and reimburse any Participant who incurs legal fees as a result of an attempt to enforce the terms of the Plan against an acquirer of DRI. Additionally, the trustee of the trust as of the date of the Change of Control may not be removed as
trustee of the trust before the fifth anniversary of the date of the Change of Control. 
  
 15. CONTROL BY PARTICIPANT. A Participant shall have no control over the Participant’s Benefit except according to the Participant’s Deferral Election Forms, Rollover Election Forms,
Distribution Election Forms, Investment Election Form and Beneficiary Designation Form. 
  

 14 

 FROZEN AS OF DECEMBER 31, 2004 
  
 16. CLAIMS AGAINST PARTICIPANT’S BENEFIT. An Account shall not be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to do so shall be void. A Benefit shall not be subject to attachment or legal process for a Participant’s debts or other obligations. Nothing contained in
this Plan shall give any Participant any interest, lien, or claim against any specific asset of the Company. A Participant or the Participant’s Beneficiary shall have no rights other than as a general creditor of DRI. 
  
 17. AMENDMENT OR TERMINATION. Except as otherwise provided,
this Plan may be altered, amended, suspended, or terminated at any time by the Committee. The Committee may not alter, amend, suspend, or terminate this Plan without the consent of that Participant if such action would result in (i) a distribution
of the Participant’s Benefit in any manner not provided in the Plan or (ii) immediate taxation of a Benefit to a Participant.  
  
 18. ADMINISTRATION. 
  

	 	(a)	This Plan shall be administered by the Administrator. The Administrator shall interpret the Plan, establish regulations to further the purposes of the Plan and take any other action
necessary to the proper operation of the Plan. To the extent authorized by the Administrator, any action required to be taken by a Participant may be taken in writing, by electronic transmission, by telephone, or by facsimile, except for a
beneficiary designation which must be in writing. Prior to paying a Benefit under the Plan, the Administrator may require the Participant, former Participant or Beneficiary to provide such information or material as the Administrator, in its sole
discretion, shall deem necessary to make any determination it may be required to make under the Plan. The Administrator may withhold payment of a Benefit under the Plan until it receives all such information and material and is reasonably satisfied
of its correctness and genuineness. The Administrator may delegate all or any of its responsibilities and powers to any persons selected by it, including designated officers of employees of the Company. 

  

	 	(b)	If for any reason a Benefit payable under this Plan is not paid when due, the Participant or Beneficiary may file a written claim with a committee appointed by the Administrator to
review claims for benefits under the Plan (the “Claims Committee”). If the claim is denied or no response is received within forty-five (45) days after the date on which the claim was filed with the Claims Committee (in which case the
claim will be to have been denied), the Participant or Beneficiary may appeal the denial to the Committee within sixty (60) days of receipt of written notification of the denial or the end of the forty-five day period, whichever occurs first. In
pursuing an appeal, the Participant or Beneficiary may request that the Committee review the denial, may review pertinent documents, and may submit issues and documents in writing to the Committee. A decision on appeal will be made within sixty (60)
days after the appeal is made, unless special circumstances require the Committee to extend the period for another sixty (60) days. 

  

 15 

 FROZEN AS OF DECEMBER 31, 2004 
  
 19. NOTICES. All notices or election required under the Plan must be in writing. A notice or election shall be
deemed delivered if it is delivered personally or sent registered or certified mail to the person at the person’s last known business address. 
  
 20. WAIVER. The waiver of a breach of any provision in this Plan does not operate as and may not be construed as a waiver of any later
breach. 
  
 21. CONSTRUCTION. This Plan shall be
adopted and maintained according to the laws of the Commonwealth of Virginia (except its choice-of-law rules and except to the extent that such laws are preempted by applicable federal law). Headings and captions are only for convenience; they do
not have substantive meaning. If a provision of this Plan is not valid or enforceable, the validity or enforceability of any other provision shall not be affected. Use of one gender includes all, and the singular and plural include each other.

  

 16New Executive Supplemental Retirement Plan

 Exhibit 10.8 
  
 DOMINION RESOURCES, INC. 
  
 NEW EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN 
  
 Effective January 1, 2005 

 DOMINION RESOURCES, INC. 
 NEW EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN 
  
 Purpose 
  
 The Board of
Directors of Dominion Resources, Inc. determined that the adoption of the New Executive Supplemental Retirement Plan effective January 1, 2005 would assist it in attracting and retaining those employees whose judgment, abilities and experience would
contribute to its continued progress. The Plan is intended to be a plan that is unfunded and maintained primarily for the purpose of providing deferred compensation for a “select group of management or highly compensated employees” (as
such phrase is used in the Employee Retirement Income Security Act of 1974). 
  
 The Plan is intended to qualify under the provisions of Code Section 409A and any regulations and other guidance under that section. The Plan shall be interpreted to qualify under Code Section 409A. 
  
 Article I 
  
 Definitions 
  
 As defined herein, the following phrases or terms shall have the indicated
meanings: 
  
 1.1 “Administrative Benefit Committee”
means the Administrative Benefit Committee of Dominion Resources, Inc. which shall manage and administer the Plan in accordance with the provisions of Article XI. 
  
 1.2 “Affiliate” means any entity that is (i) a member of a controlled group of corporations as defined in Section
1563(a) of the Code, determined without regard to Code Sections 1563(a)(4) and 1563(e)(3)(C), of which Dominion Resources, Inc. is a member according to Code Section 414(b); (ii) an unincorporated trade or business that is under common control with
Dominion Resources, Inc., as determined according to Code Section 414(c); or (iii) a member of an affiliated service group of which Dominion Resources, Inc. is a member according to Code Section 414(m). 
  
 1.3 “Annual Benefit” means the annual amount determined under
Section 3.1(a) or Section 3.1(b), as applicable, used for purposes of calculating the Lump Sum Equivalent. 
  
 1.4 “Beneficiary” means the individual, individuals, entity, entities or the estate of a Participant which, in accordance with the provisions of
Article V, is entitled to receive the benefits payable under the Plan, if any, upon the Participant’s death. 
  
 1.5 “Benefit Agreement” means any agreement between the Company and a Participant or any declaration by the Company under which a Participant is
to be provided deemed age and/or service for purposes of the Plan. 

 1.6 “Cash Incentive Plan” means any short-term incentive plan of Dominion Resources, Inc. or an
Affiliate that the OCN Committee determines should be taken into account for purposes of this Plan. 
  
 1.7 “Change in Control” means with regard to each Participant at any time an event that constitutes a “Change in Control” for purposes
of the Employment Continuity Agreement between the Participant and Dominion Resources, Inc. as in effect at that time, if any. 
  
 1.8 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 1.9 “Company” means Dominion Resources, Inc., its predecessor, a subsidiary or an Affiliate. 
  
 1.10 “Eligibility Conditions” means either reaching age fifty-five
(55) and completing sixty (60) months of service, or being deemed to have reached age fifty-five (55) and have completed sixty (60) months of service due to a Benefit Agreement. 
  
 1.11 “Final Compensation” means, with respect to a specified Participant as of a specified date, the sum of (i)
the Participant’s annual base salary rate then in effect and (ii) the Participant’s Incentive Compensation Amount. For purposes of this definition, all components of Final Compensation are calculated without regard to any elections by the
Participant to defer any amount that otherwise would have been paid to the Participant for the relevant period. 
  
 1.12 “Incentive Compensation Amount” means the target amount that may be paid to a Participant under the Cash Incentive Plan with regard to the
year as of which the determination is being made. If a Participant participates in more than one Cash Incentive Plan during a year, the Participant’s “Incentive Compensation Amount” will be the greatest of the target amounts
designated under any plan for that year. 
  
 1.13
“Installment Payments” mean a series of monthly payments in an amount equal to one-twelfth of the Annual Benefit. 
  
 1.14 “Life Participant” means any Participant who is specifically designated by the OCN Committee to receive benefits determined under Section
3.1(b). 
  
 1.15 “Lump Sum Equivalent” means a single
lump sum payment that is actuarially determined as the amount required to purchase a commercial annuity that would provide an after-tax monthly payment equal to one-twelfth of the after-tax amount of the Annual Benefit. The actuarial determination
shall be computed using actuarial and other factors, adjusted annually, as determined by the Administrative Benefit Committee. The after-tax amounts shall be based on Federal income and FICA tax rates and the state income tax rate for the residence
of the Participant at the date of the payment, as determined by the Administrative Benefit Committee. 
  
 1.16 “OCN Committee” means the Organization, Compensation and Nominating Committee of the Board of Directors of Dominion Resources, Inc.

  

 2 

 1.17 “Participant” means an elected officer of Dominion Resources, Inc. or an Affiliate who is
designated by the OCN Committee to participate in the Plan in accordance with Article II. Participant includes a Regular Participant and a Life Participant. 
  
 1.18 “Plan” means the Dominion Resources, Inc. Executive Supplemental Retirement Plan. 
  
 1.19 “Potential Change in Control” means with regard to each
Participant at any time an event that constitutes a “Potential Change in Control” for purposes of the Employment Continuity Agreement between the Participant and Dominion Resources, Inc. as in effect at that time, if any. 
  
 1.20 “Regular Participant” means any Participant who is not
specifically designated as a Life Participant and who is entitled to benefits under Section 3.1(a). 
  
 1.21 “Retirement” and “Retire” mean severance from employment with the Company at or after the attainment of fifty-five (55) years of
age (actually or deemed under a Benefit Agreement) and the completion of sixty (60) months of service with the Company (actually or deemed under a Benefit Agreement) and which also constitutes a separation from service for purposes of Code Section
409A. 
  
 1.22 “Single Life Annuity” means an annuity
with payments equal to one-twelfth of the Annual Benefit payable in monthly installments for the Participant’s lifetime with no survivor benefits except as provided in Section 3.5(d). 
  
 1.23 “Totally and Permanently Disabled” means a condition that
renders a Participant disabled for purposes of Code Section 409A(a)(2)(C) 
  
 Article II 
  
 Participation 
  
 An elected officer of
Dominion Resources, Inc. or an Affiliate will become a Participant in the Plan upon his or her designation as a Participant by the OCN Committee. The individual shall remain a Participant until (a) the individual ceases to be an elected officer, or
(b) the OCN Committee revokes its designation of any individual officer as a Participant, which may be done at its discretion at any time. Any Affiliate that is the employer of a Participant will be a designated employer under the Plan. 

 
 Article III 
  
 Benefits 
  
 Subject to the provisions of Articles VII and VIII, a Participant (or the
Participant’s Beneficiary, if applicable) shall be entitled to benefits under this Plan as follows: 
  
 3.1 (a) If a Regular Participant meets the Eligibility Conditions while in the employ of the Company, a Regular Participant shall upon Retirement be
entitled to an Annual Benefit calculated as follows: 
  
 (i) an annual amount equal to Twenty-Five Percent (25%) of the Regular Participant’s Final Compensation, payable in equal monthly installments for a period of one hundred twenty (120) months, minus 
  

 3 

 (ii) if applicable, the annual amount payable to the Regular Participant under the
Dominion Resources, Inc. Executive Supplemental Retirement Plan frozen as of December 31, 2004. 
  
 (b) If a Life Participant meets the Eligibility Conditions while in the employ of the Company, a Life Participant shall upon Retirement be entitled to an
Annual Benefit calculated as follows: 
  
 (i) an
annual amount equal to Twenty-Five Percent (25%) of the Life Participant’s Final Compensation, payable in equal monthly installments for the life of the Participant, minus 
  
 (ii) if applicable, the annual amount payable to the Life Participant under the Dominion Resources, Inc.
Executive Supplemental Retirement Plan frozen as of December 31, 2004. 
  
 (c) If a Regular Participant or Life Participant has completed sixty (60) months of service with the Company (actually or deemed under a Benefits Agreement), upon his severance from employment with the Company before the attainment of
fifty-five (55) years of age (actually or deemed under a Benefits Agreement), the Participant shall be entitled to an Annual Benefit equal to the benefit computed under Section 3.1(a) or Section 3.1(b), as applicable, multiplied by the following
fraction (not greater than one): 
  
 Participant’s completed
months of service since becoming a Participant 

 Total months from the date on which the
individual became a Participant to 
 the Participant’s attainment of fifty-five (55) years of age 
 (actually or deemed under a Benefits Agreement). 
  
 In calculating months of service, partial months shall be disregarded. The actuarial equivalent of the benefit under this Section 3.1(c) shall be paid in
the form of the Lump Sum Equivalent. 
  
 3.2 Unless a Regular
Participant makes an election under Section 3.3 to receive Installment Payments or a Life Participant makes an election under Section 3.4 to receive a Single Life Annuity, the Annual Benefit payable to a Participant under the Plan shall be paid in
the form of the Lump Sum Equivalent. 
  
 3.3 In lieu of the Lump
Sum Equivalent, a Regular Participant may elect to receive Installment Payments under the provisions of this Section 3.3. 
  

 4 

 (a) The Installment Payments shall be made in 120 monthly installments. Each installment shall be
one-twelfth of the Annual Benefit. 
  
 (b) To receive Installment
Payments, a Participant must make an irrevocable election within the first 30 days after the Participant becomes a Participant. 
  
 3.4 In lieu of the Lump Sum Equivalent, a Life Participant may elect to receive a Single Life Annuity under the provisions of this Section 3.4. To receive
a Single Life Annuity, a Participant must make an irrevocable election within the first 30 days after the Participant becomes a Participant. 
  
 3.5 (a) If a Participant becomes Totally and Permanently Disabled prior to Retirement, regardless of such Participant’s age or months of service, the
Participant shall be entitled to an Annual Benefit equal to the amount described in Section 3.1(a) or 3.1(b), as applicable. The Annual Benefit shall be payable as a Lump Sum Equivalent unless the Participant has made an election to receive
Installment Payments under Section 3.3 or a Single Life Annuity under Section 3.4. If the Participant has elected to receive Installment Payments or a Single Life Annuity, the Monthly Benefit shall be payable as Installment Payments to a Regular
Participant and as a Single Life Annuity to a Life Participant. 
  
 (b) If a Participant dies while still employed by the Company, regardless of such Participant’s age or months of service, the Participant’s Beneficiary shall be entitled to the Lump Sum Equivalent that would have been payable to
the Participant under Section 3.1(a) or Section 3.1(b), as applicable, if the Participant had Retired on his or her date of death. The amount payable shall be determined as of the date of the Participant’s death. 
  
 (c) If a Regular Participant dies after Installment Payments have commenced,
but before receiving 120 Installment Payments, the remainder of such payments will be made to the Participant’s Beneficiary on the same schedule as the amounts would have been payable to the Participant. 
  
 (d) If a Life Participant dies after payments have commenced under a Single
Life Annuity, but before receiving 120 monthly payments, additional monthly payments will be made to the Participant’s Beneficiary on the same schedule as the amounts would have been payable to the Participant until the Participant and the
Beneficiary have received a combined total of 120 monthly payments. After a combined total of 120 monthly payments have been made, payments to the Beneficiary shall cease and the Plan shall have no further obligation to the Beneficiary. 

 
 (e) A Beneficiary receiving Installment Payments after the
Participant’s death under Section 3.5(c) or a continuation of monthly payments under Section 3.5(d) may designate a beneficiary who will be entitled to receive the remaining benefits due the Beneficiary after the Beneficiary’s death.
Designation of a beneficiary shall be made in accordance with Article V of the Plan. 
  
 (f) If the Participant has received a Lump Sum Equivalent or if the Participant has commenced payments under a Single Life Annuity under this Plan, the Participant’s Beneficiary shall not be entitled to receive
any benefit under this Plan after the Participant’s death except as provided in Section 3.5(d). 
  

 5 

 3.6 Payments under the Plan shall be made at the times provided in this Section 3.6. 
  
 (a) The Lump Sum Equivalent shall be distributed to the Participant as soon
as administratively practicable after the date which is six months after the Participant’s Retirement. The Lump Sum Equivalent shall be distributed to the Participant’s Beneficiary or Beneficiaries as soon as administratively practicable
after the date of the Participant’s death. 
  
 (b) The
Installment Payments shall commence on the first of the month that is at least six months after the Participant’s Retirement. All future Installment Payments shall be made on the first of each succeeding month. 
  
 (c) The Single Life Annuity shall commence on the first of the month that is
at least six months after the Participant’s Retirement. All future payments shall be made on the first of each succeeding month. 
  
 (d) Payment of the benefit described in Section 3.5(a) shall commence on (or as soon as practicable after) the first day of the month next following the
Administrative Benefit Committee’s determination of the Participant’s Total and Permanent Disability. 
  
 3.7 It is not intended that a Participant or Beneficiary receive duplicate benefits under this Plan. Anything herein to the contrary notwithstanding,
therefore, the following provisions shall apply after a Participant has received a payment of any benefits under this Plan: 
  
 (a) If a Participant ceases to be employed by the Company, receives a distribution of part or all of the benefits payable under this Plan,
and is subsequently reemployed by the Company, the amount of any benefit subsequently payable to the Participant from this Plan shall be appropriately adjusted to reflect the earlier distribution. 
  
 (b) Any adjustment under this Section 3.7 shall be made in
accordance with rules established by the Administrative Benefit Committee and applied in a uniform and nondiscriminatory manner. 
  
 3.8 All payments under the Plan shall be subject to any applicable payroll and withholding taxes. 
  
 Article IV 
  
 Coordination of Benefit Payments 
  
 Any amount payable to a Participant or a Beneficiary under the Plan may be
paid in part or in whole from any trust which is maintained by or on behalf of Dominion Resources, Inc. or an Affiliate or to which Dominion Resources, Inc or an Affiliate contributes, including without limitation any so-called “rabbi” or
“secular” trust established from time to time. Dominion Resources, Inc. shall have the complete discretion to determine the source of any payment due under the Plan to any Participant or Beneficiary. 
  

 6 

 Article V 
  

Designation of Beneficiary 
  
 5.1 A Participant may designate a Beneficiary to receive benefits due under the Plan, if any, upon the Participant’s death. Designation of a
Beneficiary shall be made by execution of a form approved or accepted by the Administrative Benefit Committee. In the absence of an effective Beneficiary designation, a Participant’s surviving spouse, if any, and if none, the Participant’s
estate, shall be the Beneficiary. 
  
 5.2 A Participant may change
a prior Beneficiary designation made under Section 5.1 by a subsequent execution of a new Beneficiary designation form. The change in Beneficiary will be effective upon receipt by the Administrative Benefit Committee or its designee. 
  
 5.3 A beneficiary designation or a change in beneficiary designation by a
Beneficiary pursuant to Section 3.5(e) shall be governed by Sections 5.1 and 5.2 as if “Beneficiary” were substituted for “Participant” and “beneficiary” were substituted for “Beneficiary” therein. 

 
 Article VI 
  
 Guarantees 
  
 The Company has only a contractual obligation to make payments of the
benefits described in Article III. All benefits paid by the Company are to be satisfied solely out of the general corporate assets of the Company, which assets shall remain subject at all times to the claims of its creditors. No assets of the
Company will be segregated or committed to the satisfaction of its obligations to any Participant or Beneficiary under this Plan. 
  
 Article VII 
  
 Termination of Employment 
  
 7.1 The Plan does not in any way limit the right of the Company at any time and for any reason to terminate either a Participant’s employment or a Participant’s status as an officer. In no event shall the
Plan, by its terms or by implication, constitute an employment contract of any nature whatsoever between the Company and a Participant. 
  
 7.2 Except as otherwise provided in Section 7.3, a Participant (a) who is removed or not reelected as an officer or (b) whose employment with the Company
terminates for any reason other than death or Total and Permanent Disability before the Participant has completed sixty (60) months of service with the Company (actually or deemed under a Benefits Agreement), shall immediately cease to be a
Participant under this Plan and shall forfeit all rights under this Plan. In no event shall an individual who was a Participant but who is not an officer of a 
  

 7 

 designated employer at the time of such individual’s death, Retirement, Total and Permanent Disability, or other
termination of employment with the Company be entitled to any benefit under the Plan. A Participant on authorized leave of absence from the Company shall not be deemed to have terminated employment or to lose the status of Participant solely as a
result of such leave of absence. 
  
 7.3 Anything herein to the
contrary notwithstanding, if a Participant is in the employ of a Company on the date of a Change in Control or a Potential Change in Control relating to that Company, the provisions of the Employment Continuity Agreement between the Participant and
Dominion Resources, Inc., if any, shall control (a) the Participant’s subsequent participation in this Plan and (b) the eligibility for, computation of, and payment of any benefits under this Plan to the Participant. 
  
 7.4 A Participant who ceases to be an employee of the Company and who is
subsequently reemployed by the Company shall not accrue any additional benefits for periods during which he or she is not a Participant. 
  
 Article VIII 
  
 Termination, Amendment or Modification of Plan 
  
 8.1 Except as otherwise specifically provided, Dominion Resources, Inc. reserves the right to amend, modify or terminate this Plan, wholly or partially,
at any time and from time to time by action of its Board of Directors or its delegate; provided, however, except for an amendment required to comply with Code Section 409A, that: 
  
 (a) no such amendment, modification or termination may decrease the benefit of a Participant (or
Beneficiary, if applicable) where (i) the Participant has already Retired at a time when a benefit is payable under the Plan or (ii) the Participant has already completed sixty (60) months of service with the Company as of the date of the change and
remains an elected officer of a designated employer; and 
  
 (b) further provided that with respect to a Participant who is in the employ of a Company on the date of a Change in Control or a Potential Change in Control relating to that Company, the provisions of the Employment
Continuity Agreement between the Participant and Dominion Resources, Inc., if any, shall apply to limit the ability of Dominion Resources, Inc. to amend, modify or terminate this Plan with regard to the affected Participant unless the Participant
agrees to such amendment, modification or termination in writing. 
  
 8.2 Section 8.1 notwithstanding, no action to terminate the Plan shall be taken except upon written notice to each Participant to be affected thereby, which notice shall be given not less than thirty (30) days prior to such action.

  
 8.3 Any notice which shall be or may be given under the Plan
shall be in writing and shall be mailed by United States mail, postage prepaid. If notice is to be given to Dominion Resources, Inc., such notice shall be addressed to the corporate offices and sent to the attention of the Corporate Secretary. If
notice is to be given to a Participant, such notice shall be addressed to the Participant’s last known address. 
  

 8 

 8.4 Except as otherwise provided in Sections 7.3 and 8.1, upon the termination of this Plan, the Plan
shall no longer be of any further force or effect and neither Dominion Resources, Inc. nor any Participant or Beneficiary shall have any further obligation or right under this Plan. 
  
 8.5 Unless such action is prohibited by Section 8.1(b), the OCN Committee may revoke or rescind the designation of an
individual as a Participant at its discretion. The rights of any individual who was a Participant and whose designation as a Participant is revoked or rescinded by the OCN Committee shall cease upon such action. 
  
 Article IX 
  
 Other Benefits and Agreements 
  
 Except as provided in Section 3.1 and Article IV with regard to the
coordination of benefit payments, the benefits provided for a Participant and the Participant’s Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program of the Company for
its employees, and, except as may otherwise be expressly provided for, the Plan shall supplement and shall not supersede, modify or amend any other plan or program of the Company in which a Participant is participating. 
  
 Article X 
  
 Restrictions on Transfer of Benefits 
  
 No right or benefit under the Plan shall be subject to anticipation,
alienation, sale, assignment, pledge, encumbrance or charge, and any attempt to do so shall be void. No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the person entitled to
such benefit. If any Participant or Beneficiary under the Plan should become bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber or charge any right to a benefit hereunder, then such right or benefit, in the discretion of the
OCN Committee, shall cease and terminate, and, in such event, the OCN Committee may hold or apply the same or any part thereof for the benefit of such Participant or Beneficiary, his or her spouse, children, or other dependents, or any of them, in
such manner and in such portion as the OCN Committee may deem proper. 
  
 Article XI 
  
 Administration of the
Plan 
  
 11.1 The Plan shall be administered by the
Administrative Benefit Committee, which shall have the discretionary authority to interpret the terms of the Plan and to decide factual and other questions relating to the Participant and the Participant’s benefits, including without limitation
questions relating to eligibility for, calculation of, and payment of benefits under the 
  

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 Plan. Subject to the provisions of the Plan, the Administrative Benefit Committee may adopt such rules and regulations as
it may deem necessary or desirable to carry out the purposes of the Plan. The Administrative Benefit Committee’s interpretation and construction of any provision of the Plan shall be final, conclusive and binding upon the Company and upon
Participants and their Beneficiaries. 
  
 11.2 Dominion Resources,
Inc. shall indemnify and save harmless each member of the Administrative Benefit Committee and each member of the OCN Committee against any and all expenses and liabilities arising out of membership on the respective Committee, excepting only
expenses and liabilities arising out of the member’s own willful misconduct. Expenses against which a member of the OCN Committee or the Administrative Benefit Committee shall be indemnified hereunder shall include without limitation, the
amount of any settlement or judgment, costs, counsel fees, and related charges reasonably incurred in connection with a claim asserted, or a proceeding brought or settlement thereof. The foregoing right of indemnification shall be in addition to any
other rights to which any such member may be entitled. 
  
 11.3 In
addition to the powers specified in Section 11.1 and other provisions of this Plan, the Administrative Benefit Committee shall have the specific discretionary authority to compute and certify the amount and kind of benefits from time to time payable
to Participants and their Beneficiaries under the Plan, to authorize all disbursements for such purposes, and to determine whether a Participant is Totally and Permanently Disabled so as to be entitled to a benefit under Section 3.5(a). 

 
 11.4 To enable the Administrative Benefit Committee to perform its
functions, the Company shall supply full and timely information to the Administrative Benefit Committee on all matters relating to the compensation of all Participants, their retirement, death or other cause for termination of employment, and such
other pertinent facts as the Administrative Benefit Committee may require. 
  
 11.5 Any responsibility or authority given under this Plan to either the Administrative Benefit Committee or the OCN Committee may be delegated by the respective committee. Any such delegation shall be in writing and
shall be prospectively revocable at any time. 
  
 11.6 (a) Every
Participant, retired Participant, or Beneficiary of a Participant shall be entitled to file with the Administrative Benefit Committee a claim for benefits under the Plan. The claim is required to be in writing. For purposes of this section, any
action required or authorized to be taken by the claimant may be taken by a representative authorized in writing by the claimant to represent the claimant. 
  
 (b) If the claim is denied by the Administrative Benefit Committee, in whole or in part, the claimant shall be furnished written notice of the denial of
the claim within ninety (90) days after the Administrative Benefit Committee’s receipt of the claim or within one hundred eighty (180) days after such receipt if special circumstances require an extension of time. If special circumstances
require an extension of time, the claimant shall be furnished written notice prior to the termination of the initial ninety-day period explaining the special circumstances that require an extension of time and the date by which the Administrative
Benefit Committee expects to render the benefit determination. 
  

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 (c) Within sixty (60) days following the date the claimant receives written notice of the denial of the
claim, the claimant may request the OCN Committee to review the denial. For purposes of this section, any action required or authorized to be taken by the claimant may be taken by a representative authorized in writing by the claimant to represent
the claimant. 
  
 (d) The OCN Committee shall afford the claimant
a full and fair review of the decision denying the claim and shall: 
  
 (i) Provide, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to the claim; 
  
 (ii) Permit the claimant to submit written comments, documents, records and other information relating to
the claim; and 
  
 (iii) Provide a review that
takes into account all comments, documents, records and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial determination. 
  
 (e) The decision on review by the OCN Committee shall be in writing and shall
be issued within sixty (60) days following receipt of the request for review. The period for decision may be extended to a date not later than one hundred twenty (120) days after such receipt if the Committee determines that special circumstances
require extension. If special circumstances require an extension of time, the claimant shall be furnished written notice prior to the termination of the initial sixty-day period explaining the special circumstances that require an extension of time
and the date by which the Committee expects to render its decision on review. 
  
 Article XII 
  
 Confidentiality and Noncompetition Provisions 
  
 12.1 By receiving a benefit under this Plan, a Participant agrees never directly or indirectly to disclose to any third party or use for such Participant’s own personal benefit any confidential information or trade secret of the
Company except and to the extent (a) disclosure is ordered by a court of competent jurisdiction or (b) the information otherwise becomes public through no action of the Participant. 
  
 12.2 By receiving a benefit under this Plan, a Participant further agrees that for a period of one (1) year following
termination of employment with the Company for any reason, the Participant will not, without the specific written permission of the Company, be directly employed in, or otherwise provide services in any capacity to, any business or enterprise
(including but not limited to the Participant’s own business or enterprise) that engages in direct competition with the Company in any state in which the Company is at the time of the Participant’s termination of employment either carrying
on business or actively negotiating to enter business. 
  

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 12.3 The OCN Committee (or its delegate) in its sole discretion has the authority to interpret and
administer this Article XII and to determine whether a business is in competition with the Company as described in Section 12.2. In addition, a terminated Participant may request the OCN Committee to determine in advance whether a specific
contemplated business or enterprise would be in competition with the Company for purposes of Section 12.2, and a response shall be provided to the Participant within a reasonable time after all relevant information is provided to enable the OCN
Committee to make its determination. 
  
 12.4 If the OCN Committee
determines that a terminated Participant who is receiving or has received benefits under this Plan is, within one (1) year following termination of employment and without the specific written permission of the Company, directly employed in, or
otherwise providing services in any capacity to, a business or enterprise that engages in direct competition with the Company in any state in which the Company is at the time of the Participant’s termination of employment either carrying on
business or actively negotiating to enter business, then (a) all payments to the Participant under this Plan shall cease, (b) the Participant and his or her Beneficiaries shall forfeit all rights to any further payments under the Plan, and (c) the
Participant shall be responsible for repaying to the Plan any payments already made to the Participant that represent (i) amounts paid or payable with regard to any period for which the Participant was in competition with the Company as described
herein and/or (ii) any amounts already paid that are in excess of the amount that would have been paid before the period of competition began as Installment Payments to a Regular Participant or as a Single Life Annuity to a Life Participant.

  
 12.5 As a condition to receiving payments under the Plan, the
OCN Committee may require that Participant to enter into a separate confidentiality and/or noncompetition agreement in a form acceptable to the Company. 
  
 Article XIII 
  
 Miscellaneous 
  
 13.1 The Plan shall inure to the benefit of, and shall be binding upon, Dominion Resources, Inc. and its successors and assigns, and upon a Participant, a Beneficiary, and either of their assigns, heirs, executors and
administrators. 
  
 13.2 To the extent not preempted by federal
law, the Plan shall be governed and construed under the laws of the Commonwealth of Virginia, without regard to its choice of law provisions. 
  
 13.3 Masculine pronouns wherever used shall include feminine pronouns and the use of the singular shall include the plural. 
  

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