Document:

Exhibit 10.22

 

FOURTH
AMENDMENT TO THE

MIRANT CORPORATION

DEFERRED COMPENSATION PLAN

FOR DIRECTORS AND SELECT EMPLOYEES

THIS FOURTH AMENDMENT
to the Mirant Corporation Deferred Compensation Plan for Directors and Officers
(the “Plan”) is made this 8th day of December, 2005.

 

I.

 

Section 5.l(d) of the Plan shall be
deleted in its entirety and replaced with the following:

 

(d)                                 “Effective
as of December 8, 2005, all deferred Compensation and Transferred Amounts
(and accumulated investment return related thereto) invested in a Phantom Stock
Investment Account shall be transferred to a Prime Rate Investment Account, and
the Phantom Stock Investment Accounts shall be eliminated.”

 

II.

 

Section 6.3 of the Plan shall be deleted
in its entirety and replaced with the following:

 

“6.3                           Investment
Exchange.

 

(a)          Prior to December 8,
2005, a Director or Employee may elect on an Investment Exchange Date to
transfer his deferred Compensation and his Transferred Amounts (and accumulated
investment return related thereto) from one Deferred Compensation Account to
another, except that no investment transfer election which causes short swing
profit issues will be honored.

 

(b)         Effective as of December 8,
2005, all deferred Compensation and Transferred Amounts (and accumulated investment
return related thereto) invested in a Phantom Stock Investment Account shall be
transferred to a Prime Rate Investment Account, and the Phantom Stock
Investment Accounts shall be eliminated.”

 

III.

 

Except as amended herein by this Fourth
Amendment, the Plan shall remain in full force and effect as amended by the
Company prior to the adoption of this Fourth Amendment.

 

 

IN WITNESS WHEREOF,
Mirant Corporation, through its duly authorized officer pursuant to a unanimous
consent of the Committee dated December 8, 2005, has adopted this Third
Amendment to the Mirant Corporation Deferred Compensation Plan for Directors
and Select Employees, this 8th day of December, 2005, to be effective as
provided herein.

 

	
   

  	
   

  	
  MIRANT CORPORATION:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Vance N. Booker

  	
   

  
	
   

  	
   

  	
   

  	
  Vance N. Booker

  SVP, Administration

  	
   

  

 

2Exhibit 10.23

 

MIRANT
CORPORATION

 

DEFERRED
COMPENSATION PLAN

 

 

MIRANT
CORPORATION

DEFERRED COMPENSATION PLAN

 

TABLE OF
CONTENTS

 

	
  Preamble

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 1

  REFERENCES, CONSTRUCTION AND DEFINITIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.1

  	
   

  	
  Account

  	
   

  	
  2

  
	
  1.2

  	
   

  	
  Adjustment Date

  	
   

  	
  2

  
	
  1.3

  	
   

  	
  Affiliate

  	
   

  	
  2

  
	
  1.4

  	
   

  	
  Annual Bonus

  	
   

  	
  2

  
	
  1.5

  	
   

  	
  Authorized Leave of Absence

  	
   

  	
  2

  
	
  1.6

  	
   

  	
  Beneficiary

  	
   

  	
  2

  
	
  1.7

  	
   

  	
  Board

  	
   

  	
  2

  
	
  1.8

  	
   

  	
  Code

  	
   

  	
  2

  
	
  1.9

  	
   

  	
  Committee

  	
   

  	
  2

  
	
  1.10

  	
   

  	
  Company

  	
   

  	
  2

  
	
  1.11

  	
   

  	
  Compensation

  	
   

  	
  2

  
	
  1.12

  	
   

  	
  Deferral Election

  	
   

  	
  2

  
	
  1.13

  	
   

  	
  Deferrals

  	
   

  	
  3

  
	
  1.14

  	
   

  	
  Director

  	
   

  	
  3

  
	
  1.15

  	
   

  	
  Director Fees

  	
   

  	
  3

  
	
  1.16

  	
   

  	
  Effective Date

  	
   

  	
  3

  
	
  1.17

  	
   

  	
  Employee

  	
   

  	
  3

  
	
  1.18

  	
   

  	
  ERISA

  	
   

  	
  3

  
	
  1.19

  	
   

  	
  Participant

  	
   

  	
  3

  
	
  1.20

  	
   

  	
  Participating Company

  	
   

  	
  3

  
	
  1.21

  	
   

  	
  Performance-Based Compensation

  	
   

  	
  3

  
	
  1.22

  	
   

  	
  Plan

  	
   

  	
  3

  
	
  1.23

  	
   

  	
  Plan Administrator

  	
   

  	
  4

  
	
  1.24

  	
   

  	
  Plan Year

  	
   

  	
  4

  
	
  1.25

  	
   

  	
  Salary

  	
   

  	
  4

  
	
  1.26

  	
   

  	
  Service

  	
   

  	
  4

  
	
  1.27

  	
   

  	
  Termination of Service

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 2

  ELIGIBILITY AND PARTICIPATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.1

  	
   

  	
  Eligibility

  	
   

  	
  4

  
	
  2.2

  	
   

  	
  Participation

  	
   

  	
  4

  
	
  2.3

  	
   

  	
  Duration of Participation

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 3

  ACCUMULATION OF PLAN BENEFITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.1

  	
   

  	
  Deferral Elections

  	
   

  	
  5

  
	
  3.2

  	
   

  	
  Deferral Investments and Deemed Earnings

  	
   

  	
  6

  

 

 

	
  ARTICLE 4

  DISTRIBUTION OF BENEFITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.1

  	
   

  	
  Termination Benefit

  	
   

  	
  7

  
	
  4.2

  	
   

  	
  Specified Plan Year Benefit

  	
   

  	
  8

  
	
  4.3

  	
   

  	
  Subsequent Elections

  	
   

  	
  8

  
	
  4.4

  	
   

  	
  Death

  	
   

  	
  9

  
	
  4.5

  	
   

  	
  Distributions to Key Employees

  	
   

  	
  9

  
	
  4.6

  	
   

  	
  Reemployment

  	
   

  	
  9

  
	
  4.7

  	
   

  	
  Facility of Payment

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5

  UNFORESEEABLE EMERGENCY PAYMENTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.1

  	
   

  	
  Unforeseeable Emergency Payments

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 6

  ADJUSTMENTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.1

  	
   

  	
  Accounts

  	
   

  	
  10

  
	
  6.2

  	
   

  	
  Adjustments to Account

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 7

  FORFEITURE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.1

  	
   

  	
  Forfeiture

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 8

  ADMINISTRATION OF THE PLAN

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.1

  	
   

  	
  Designation of Committee

  	
   

  	
  10

  
	
  8.2

  	
   

  	
  Powers and Duties of the Committee

  	
   

  	
  10

  
	
  8.3

  	
   

  	
  Agents 

  	
   

  	
  11

  
	
  8.4

  	
   

  	
  Instructions for Payments

  	
   

  	
  11

  
	
  8.5

  	
   

  	
  Claims for Benefits

  	
   

  	
  11

  
	
  8.6

  	
   

  	
  Hold Harmless

  	
   

  	
  12

  
	
  8.7

  	
   

  	
  Service of Process

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 9

  DESIGNATION OF BENEFICIARIES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9.1

  	
   

  	
  Beneficiary Designation

  	
   

  	
  13

  
	
  9.2

  	
   

  	
  Failure to Designate Beneficiary

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 10

  WITHDRAWAL OF PARTICIPATING COMPANY

  	
   

  	
   

  
	
   

  
	
  10.1

  	
   

  	
  Withdrawal of Participating Company

  	
   

  	
  13

  
	
  10.2

  	
   

  	
  Effect of Withdrawal

  	
   

  	
  14

  

 

ii

 

	
  ARTICLE 11

  AMENDMENT OR TERMINATION OF THE PLAN

  
	
   

  
	
  11.1

  	
   

  	
  Right to Amend or Terminate the Plan

  	
   

  	
  14

  
	
  11.2

  	
   

  	
  Notice

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 12

  GENERAL PROVISIONS AND LIMITATIONS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12.1

  	
   

  	
  No Right to Continued Employment

  	
   

  	
  14

  
	
  12.2

  	
   

  	
  Payment of Behalf of Payee

  	
   

  	
  14

  
	
  12.3

  	
   

  	
  Nonalienation

  	
   

  	
  15

  
	
  12.4

  	
   

  	
  Missing Payee

  	
   

  	
  15

  
	
  12.5

  	
   

  	
  Required Information

  	
   

  	
  15

  
	
  12.6

  	
   

  	
  Binding Effect

  	
   

  	
  15

  
	
  12.7

  	
   

  	
  Merger or Consolidation

  	
   

  	
  15

  
	
  12.8

  	
   

  	
  Trust

  	
   

  	
  16

  
	
  12.9

  	
   

  	
  Electronic Communication

  	
   

  	
  16

  
	
  12.10

  	
   

  	
  Entire Plan

  	
   

  	
  16

  

 

iii

 

MIRANT
CORPORATION

DEFERRED COMPENSATION PLAN

 

PREAMBLE

 

The primary purpose of this Mirant
Corporation Deferred Compensation Plan (“Plan”) is to allow certain members of
management and members of the Board of Directors of Mirant Corporation (“Company”)
and Participating Companies to defer the receipt of a portion of their
compensation.

 

This Plan is intended to comply with the
requirements of Section 409A of the Internal Revenue Code and the
regulations and other guidance issued thereunder, as in effect from time to
time. To the extent a provision of the Plan is contrary to or fails to address
the requirements of Code Section 409A, the Plan shall be construed and
administered as necessary to comply with such requirements until this Plan is
appropriately amended to comply with such requirements.

 

The Company establishes this Plan, to further
the economic interests of the Company and its affiliates by providing deferred
compensation incentives to selected management members and members of its Board
of Directors. This Plan is intended to enhance the long-term performance and
retention of the directors and management members selected to participate in
this Plan.

 

This Plan is a “top-hat” plan within the
meaning of Sections 201(2), 301(a)(3), and 401(a)(1) of the Employee
Retirement Income Security Act of 1974, as amended (ERISA). As such, this Plan
is subject to limited ERISA reporting and disclosure requirements, and is
exempt from all other ERISA requirements. This Plan shall be unfunded for tax
purposes and for purposes of Title I of ERISA. Distributions required or
contemplated by this Plan or actions required to be taken under this Plan shall
not be construed as creating a trust of any kind or a fiduciary relationship
between the Company and any Participant, any Participant’s designated
beneficiary, or any other person.

 

ARTICLE 1

REFERENCES, CONSTRUCTION AND DEFINITIONS

 

Unless otherwise indicated, all references to
Articles, Sections, and subsections shall be to the Plan as set forth in this
document. The Plan and all rights thereunder shall be construed and enforced in
accordance with ERISA and, to the extent that state law is applicable, the laws
of the State of Georgia. The Article titles and the captions preceding
Sections and subsections have been inserted solely as a matter of convenience
and in no way define or limit the scope or intent of any provision. When the context
so requires, the singular includes the plural. Whenever used herein and
capitalized, the following terms have the respective meanings indicated unless
the context plainly requires otherwise.

 

1.1                               “Account”
means, with respect to each Participant’s Deferrals, the separate bookkeeping
account adjusted as of each Adjustment Date as provided in Section 6.2.
The Account may also be referred to as the Termination Benefit or the
Specified Plan Year Benefit. Subaccounts shall be maintained within each Participant’s
Account.

 

1

 

1.2                               “Adjustment
Date” means each business day, and any other date upon or as of which accounts
are adjusted as set forth in Article 6.

 

1.3                               “Affiliate”
means any corporation or trade or business which is a member of a controlled
group of corporations or a group of businesses under common control (within the
meaning of Sections 414(b) and (c) of the Code) of which the Company
is a member, and any other entity required to be aggregated with the Company
pursuant to Section 409A(d)(6) of the Code and the regulations (or
similar guidance) thereunder.

 

1.4                               “Annual
Bonus” means an annual variable bonus, which may or may not
qualify as Performance-Based Compensation, which is awarded and is payable by the
Participating Company to the Employee for Service performed during a Plan Year.

 

1.5                               “Authorized
Leave of Absence” means, with respect to an Employee, either (a) a leave
of absence authorized by the Participating Company provided that the Employee returns
within the period specified; or (b) an absence required to be considered
an Authorized Leave of Absence by applicable law.

 

1.6                               “Beneficiary”
means the beneficiary or beneficiaries designated by a Participant pursuant to Article 9
to receive the benefits, if any, payable on behalf of the Participant under the
Plan after the death of such Participant, or, when there has been no such designation
or an invalid designation, the individual or entity, or the individuals or entities,
who will receive such amount.

 

1.7                               “Board”
means the Board of Directors of Mirant Corporation.

 

1.8                               “Code”
means the Internal Revenue Code of 1986, as now in effect or as hereafter amended.
All citations to Sections of the Code are to such Sections as they may from
time to time be amended or renumbered.

 

1.9                               “Committee”
means the Committee appointed by the Company and responsible for administering
the Plan as provided in Article 8.

 

1.10                        “Company”
means Mirant Corporation and, where the context indicates, any Participating Company
that adopts the Plan. The term Company also includes any successor corporation
or firm of the Company which shall, by written agreement, assume the
obligations of this Plan.

 

1.11                        “Compensation”
means (i) with respect to an Employee, Salary, Annual Bonuses and Performance-Based
Compensation payable by the Participating Company to the Employee for Service,
and (ii) with respect to a Director, Director Fees. Compensation does not
include stock options, stock appreciation rights, restricted stock or stock
unit awards.

 

1.12                        “Deferral
Election” means (i) with respect to an Employee, an annual irrevocable
election, made in accordance with Section 3.1 in such form (electronic
or otherwise) as approved and provided by the Plan Administrator, to defer the
receipt of a designated amount of Salary, Annual Bonus and/or Performance-Based
Compensation, and (ii) with respect to a Director, an annual irrevocable
election, made in accordance with Section 3.1 in such form (electronic
or otherwise) as approved and provided by the Plan

 

2

 

Administrator,
to defer the receipt of a designated amount of Director Fees. Amounts so
deferred are called “Deferrals.”

 

1.13                        “Deferrals”
means amounts of Compensation deferred pursuant to a Deferral Election.

 

1.14                        “Director”
means a member of the Board of Directors of the Company who is not an employee
of the Company or of any Participating Company.

 

1.15                        “Director
Fees” means, with respect to a Director, cash meeting fees and the annual
or any supplemental retainer fee payable by the Company to the Director for
Service as a Director of the Company.

 

1.16                        “Effective
Date” means April 1, 2006.

 

1.17                        “Employee”
means a person who is a common law employee of a Participating Company.

 

1.18                        “ERISA”
means the Employee Retirement Income Security Act of 1974, as now in effect or
as hereafter amended. All citations to Sections of ERISA are to such Sections
as they may from time to time be amended or renumbered.

 

1.19                        “Participant”
means any individual who commenced participation in the Plan as provided in Article 2
and who is either (a) an Employee, (b) a former Employee who is eligible
for a benefit under the Plan, (c) a Director, or (d) a former
Director who is eligible for a benefit under the Plan.

 

1.20                        “Participating
Company” means the Company or an Affiliate which, by action of its board of
directors or equivalent governing body and with the written consent of the Board,
has adopted the Plan; provided that the Board may, subject to the foregoing provision,
waive the requirement that such board of directors or equivalent governing body
effect such adoption. By its adoption of or participation in the Plan, a
Participating Company shall be deemed to appoint the Company its exclusive
agent to exercise on its behalf all of the power and authority conferred by the
Plan upon the Company and accept the delegation to the Committee of all the
power and authority conferred upon it by the Plan. The authority of the Company
to act as such agent shall continue until the Plan is terminated as to the
Participating Company. The term “Participating Company” shall be construed as
if the Plan were solely the Plan of such Participating Company, unless the
context plainly requires otherwise.

 

1.21                        “Performance-Based
Compensation” has the meaning given such term in Code Section 162(m)
and applicable regulations (and other guidance), which generally means cash or
equity-based compensation where the amount of, or entitlement to, the compensation
is contingent on the satisfaction of preestablished organizational or individual
performance criteria relating to a performance period of at least 12 consecutive
months in which the Employee performs services; provided, however, that for
purposes of this Plan, Performance-Based Compensation shall not include any equity-based
compensation.

 

1.22                        “Plan”
means the Mirant Corporation Deferred Compensation Plan as contained herein and
as it may be amended from time to time hereafter.

 

3

 

1.23                        “Plan
Administrator” means the Committee.

 

1.24                        “Plan Year”
means the initial short plan year from the Effective Date to the next December 31.
Thereafter, Plan Year means the calendar year ending on each December 31st.

 

1.25                        “Salary”
means, with respect to an Employee, cash base salary payable by the Participating
Company to the Employee for Service with the Participating Company. Notwithstanding
any provision in this Plan to the contrary, Salary shall not include Annual
Bonuses or Performance-Based Compensation, but shall include any amount which
would have been included in cash base salary but for the Participant’s election
to defer payment of such amount under any provision of the Code, including, but
not limited to, Sections 125, 132(f), 402(e)(3), 402(h)(1), 409A, or 457(b) of
the Code.

 

1.26                        “Service”
means (i) with respect to an Employee, actual employment with the Participating
Company or any Affiliate, including service recognized by the Committee for
periods prior to such actual employment, and (ii) with respect to a
Director, service as a member of the Board of Directors of the Company.

 

1.27                        “Termination
of Service” means a separation from service with a Participating Company or
an Affiliate as determined by the Committee in accordance with the requirements
of Section 409A of the Code and the regulations (or similar guidance) thereunder,
and in accordance with reasonable standards and policies adopted by the Committee;
provided, however, that with respect to an Employee, the transfer of the Employee
from employment by one Participating Company or an Affiliate to employment by
another Participating Company or Affiliate shall not constitute a Termination
of Service.

 

ARTICLE 2

ELIGIBILITY AND PARTICIPATION

 

2.1                               Eligibility.
The following individuals are eligible to become Participants in the Plan:

 

(a)                                  Employees
who are members of the Participating Company’s “select group of management or
highly compensated employees,” as defined in Sections 201(2), 301(a)(3), and
401(a)(1) of ERISA, as amended, and who are designated in writing by the
Committee as eligible; and

 

(b)                                  Directors
of the Company.

 

2.2                               Participation.
An Employee or Director who is eligible under Section 2.1 to become a Participant
shall become a Participant upon the execution and delivery of a Deferral Election
under this Plan. No Deferral Election shall be valid until accepted by the Committee
in the exercise of its sole and absolute discretion.

 

2.3                               Duration
of Participation. A Participant shall continue to be a Participant until
the date the Participant is no longer entitled to a benefit under this Plan. However,
the Committee may, in its sole and absolute discretion, determine that a
Participant will cease to be eligible to make subsequent year Deferral
Elections after becoming a Participant under this Article 2.

 

4

 

ARTICLE 3

ACCUMULATION OF PLAN BENEFITS

 

3.1                               Deferral
Elections. A Director or an eligible Employee shall be eligible to make
Deferral Elections as provided below.

 

(a)                                  Procedures.
The Committee, in the exercise of its discretion, may decide with respect
to each Plan Year whether to offer Directors and eligible Employees the option
of making a Deferral Election. For each Plan Year with respect to which
Deferral Elections are permitted, the following procedures shall apply:

 

(i)                                    First
Year of Participation. A Director or an Employee shall have 30 days
following the date such individual first becomes eligible to participate in
this Plan in which to execute and deliver to the Committee a Deferral Election
by which he or she elects to defer a designated percentage of Compensation to
be earned during the portion of the Plan Year remaining after the Deferral
Election is made and which, but for such Deferral Election, would be paid to the
Participant.

 

(ii)                                Subsequent
Years of Participation.

 

(a)                                  Compensation
other than Performance-Based Compensation. A Participant shall have until December 31
of each year to execute and deliver to the Committee a Deferral Election
providing for the Deferral of a designated percentage of Compensation (other
than Performance-Based Compensation) to be earned during the next Plan Year and
which, but for such Deferral Election, would be paid to the Participant. If the
Participant fails to deliver a new Deferral Election with respect to such
Compensation prior to December 31 of the then-current Plan Year indicating
an election to change or cease deferrals for the next Plan Year, the
Participant’s Deferral Election in effect during the then-current Plan Year
shall become irrevocable as of December 31 of that Plan Year and continue
in effect during the next Plan Year.

 

(b)                                  Performance-Based
Compensation. A Deferral Election with respect to Performance-Based
Compensation may be made by a Participant no later than the date that is
six (6) months before the end of the applicable performance period and in
no event after such Performance-Based Compensation has become both
substantially certain to he paid and readily ascertainable. A Deferral Election
with respect to Performance-Based Compensation other than Annual Bonus shall be
effective only for one performance period and shall not apply to future
performance periods. A Deferral Election with respect to Annual Bonus that
constitutes Performance-Based Compensation will continue in effect during the
next Plan Year if the Participant fails to deliver a new Deferral Election with
respect to Annual Bonus prior to December 31 of the then-current Plan Year
indicating an election to change or cease deferrals for the next Plan Year, the
Participant’s Deferral Election in effect during the then-current

 

5

 

Plan Year
shall become irrevocable as of December 31 of that Plan Year and continue
in effect during the next Plan Year.

 

(iii)                            Payment
Method and Time of Distribution. A Participant shall designate in his or
her Deferral Election the method for which such Deferrals plus deemed income
allocations on such amounts will be paid, and whether such payment(s) will
begin following the Participant’s Termination of Service or in a specified Plan
Year, each as further described in Article 4.

 

(b)                                  Maximum
Deferrals. An eligible Employee may make Deferrals of up to 100% of
his or her Salary and/or Annual Bonus and up to 100% of other eligible forms of
Compensation in any Plan Year (subject to the Company’s obligation to withhold
FICA taxes with respect to such amounts). A Director may make Deferrals of
up to 100% of his or her Director Fees in any Plan Year.

 

3.2                               Deferral
Investments and Deemed Earnings. The amount of all Deferrals shall be
reflected in each Participant’s Account as an account payable of the applicable
Participating Company. Each Account shall be credited on each Adjustment Date
with the amount of deemed income or loss as provided herein.

 

Subject to such limitations as may from
time to time be required by law, imposed by the Company, or contained elsewhere
in the Plan, and subject to such operating rules and procedures as may be
imposed from time to time by the Company, prior to and effective for each
Adjustment Date, each Participant may communicate to the Company a
direction as to how his or her Account should be deemed to be invested among
such categories of deemed investments as shall be determined and made available
hereunder by the Committee. Such direction shall designate the percentage (in
any whole percent multiples) of each portion of the Participant’s Account that
is requested to be deemed to be invested in such categories of deemed
investments and shall be subject to the following rules:

 

(a)                                  Any
initial or subsequent deemed investment direction shall be made in such form (electronic
or otherwise) as designated by the Committee from time to time and shall be
effective as soon as practical after receipt.

 

(b)                                  All
amounts credited to the Participant’s Account shall be deemed to be invested in
accordance with the then effective deemed investment direction, and, as of the effective
date of any new deemed investment direction, all or a portion of the Participant’s
Account at that date shall be reallocated among the designated deemed
investment funds according to the percentages specified in the new deemed
investment direction unless and until a subsequent deemed investment direction
shall be filed and become effective. A Participant may make changes to his
or her deemed investment elections in the form and manner designated by the
Committee. An election concerning deemed investment choices shall continue
indefinitely as provided in the Participant’s most recent investment election or
other form specified by the Company.

 

(c)                                  If
the Company receives an initial or revised deemed investment direction that it determines
to be incomplete, unclear, or improper, the Participant’s investment direction
then in effect shall remain in effect (or, in the case of a deficiency in an

 

6

 

initial deemed
investment direction, the Participant shall be deemed to have filed no deemed
investment direction) until the next Adjustment Date, unless the Company provides
for, and permits the application of, corrective action prior thereto.

 

(d)                                  If
the Company possesses at any time directions as to the deemed investment of less
than all of a Participant’s Account, the Participant shall be deemed to have directed
that the undesignated portion of his or her Account be deemed to be invested in
a money market fund made available under the Plan as determined by the Company
in its discretion.

 

(e)                                  Each
Participant hereunder, as a condition to his or her participation hereunder, agrees
to indemnify and hold harmless the Company and its agents and representatives
from any losses or damage of any kind relating to the deemed investment of the
Participant’s Account hereunder.

 

(f)                                    The
fact that an amount has been credited to a Participant’s Account, as provided
above, will not operate to vest in the Participant any right, title or interest
in or to any benefit under the Plan. Vesting of such benefits shall occur only
as herein set forth.

 

(g)                                 Each
reference in this Section to a Participant shall be deemed to include,
where applicable, a reference to a Beneficiary.

 

ARTICLE 4

DISTRIBUTION OF BENEFITS

 

4.1                               Termination
Benefit

 

(a)                                  Eligibility. Upon a Participant’s Termination of Service,
the Participating Company shall pay the Participant the “Termination Benefit”
described in this Section 4.1.

 

(b)                                  Payment Method and Timing. A Participant may elect in
his or her annual Deferral Election, in the manner and form required by
the Committee, to receive payment of such Plan Year’s Deferrals plus deemed
income allocations thereon either in a single lump sum payment or in annual
installment payments not to exceed ten (10). If elected, the annual installment
payments with respect to any year’s Deferrals shall be determined by dividing
the balance of the Participant’s Deferrals for such Plan Year by the remaining
number of years in the original installment period.

 

Upon Termination of Service, the Participant’s
Deferrals with respect to a Plan Year shall be distributed to the Participant
in a single lump sum payment or in annual installments not to exceed ten (10) years
as elected by the Participant; provided, however that, regardless of any
contrary election, if a Participant’s total Deferrals, including all
sub-accounts, upon Termination of Service is $25,000 or less, the balance will
be paid in a single lump sum payment on or before the later of December 31
of the calendar year in which the Termination of Service occurred, or the 15th
day of the third month following the Termination of Service. Except as provided
in the foregoing sentence, payment of the Termination

 

7

 

Benefit will be made or will begin as soon as
practicable after the Participant’s Termination of Service; provided, however,
that with respect to any Participant who is a “specified employee” as
determined in accordance with Section 409A of the Code and related
guidance, payment of the Termination Benefit will be made or will begin no
earlier than the date that is six (6) months following the date of the
Participant’s Termination of Service.

 

4.2                               Specified
Plan Year Benefit

 

(a)                                  General Rule. In lieu of receiving a Termination Benefit
with respect to Deferrals for a Plan Year as described in Section 4.1,
each Participant may irrevocably elect in his or her annual Deferral
Election, in the manner and form required by the Committee, to receive
payment of such Plan Year’s Deferrals plus deemed income allocations thereon, in
a single lump sum payment or in annual installment payments not to exceed four (4) on
or about July 1 of the Plan Year(s) specified by the Participant;
provided, however that, regardless of any contrary election to receive a
Specified Plan Year Benefit in annual installment payments, if a Participant’s
total Deferrals covered by such Specified Plan Year Benefit election as of the
date on which the first installment payment would be payable is $10,000 or
less, the balance will be paid in a single lump sum payment on such date.

 

(b)                                  Intervening Termination of Service. In the event a
Participant has elected to receive a Specified Plan Year Benefit for some or
all of his or her Deferrals and the Participant incurs a Termination of Service
prior to the beginning of the calendar year in which such Specified Plan Year
Benefit was scheduled to commence in accordance with Section 4.2(a), the
Specified Plan Year Benefit shall instead be distributed as a lump sum payment
as soon as practicable after the Participant’s Termination of Service;
provided, however, that with respect to any Participant who is a “specified
employee” as determined in accordance with Section 409A of the Code and
related guidance, payment of the Specified Plan Year Benefit in that case will
be made no earlier than the date that is six (6) months following the date
of the Participant’s Termination of Service.

 

4.3                               Subsequent Elections. Notwithstanding the preceding, a
Participant may, with the approval of the Committee, elect (i) to change
the method of distribution with respect to a Termination Benefit under Section 4.1
or a Specified Plan year Benefit under Section 4.2 from lump sum to annual
installment payments, or (ii) to delay the timing of any distribution with
respect to a Termination Benefit under Section 4.1 or a Specified Plan Year
Benefit under Section 4.2. Such subsequent election shall not take effect
for at least twelve (12) months after it is made, and the first payment with
respect to such subsequent election must be deferred for at least five (5) years
from the date such payment would otherwise have been made. Further, any
subsequent election with respect to a Specified Plan Year Benefit under Section 4.2
may not be made less than twelve (12) months prior to the date of the
scheduled payment to which it relates.

 

Notwithstanding anything to the contrary in the Plan, this Section 4.3
shall be construed so as to comply with the requirements of Section 409A(a)(2)(A)(iv) and
409A(a)(4)(C) of the Code and the regulations (or similar guidance) issued
thereunder.

 

8

 

4.4                               Death. If a Participant dies before beginning distributions,
or dies after beginning distributions but before receiving distribution of his
entire Termination Benefit or Specified Plan Year Benefit, if applicable, the
Participant’s Termination Benefit or Specified Plan Year Benefit elected for
each Plan Year’s Deferrals will be paid to the Participant’s Beneficiary(ies)
according to the payment method(s) and at the time(s) elected by the
Participant.

 

4.5                               Distributions to Key Employees. Notwithstanding any other
provision of this Plan to the contrary, for purposes of Section 409A(a)(2)(A)(i) of
the Code, in the case of a key employee as determined in accordance with Section 409A
of the Code and related guidance, in no event shall a benefit payment payable
as a result of the Participant’s Termination of Service begin earlier than the
date that is six (6) months following the date of the Participant’s
Termination of Service.

 

4.6                               Reemployment. If a Participant who has incurred a
Termination of Service again becomes an Employee, such reemployment shall not
change, suspend, delay, or otherwise affect payment of the Participant’s
Termination Benefit.

 

4.7                               Facility of Payment. If, in the Committee’s opinion, a
Participant or other person entitled to benefits under the Plan is under a
legal disability or is in any way incapacitated so as to be unable to manage
his financial affairs, payment will be made to the conservator or other person
legally charged with the care of his person or his estate or, if no such legal
conservator will have been appointed, then to any individual (for the benefit
of such Participant or other person entitled to benefits under the Plan) whom
the Committee may from time to time approve.

 

ARTICLE 5

UNFORESEEABLE EMERGENCY PAYMENTS

 

5.1                               Unforseeable Emergency Payments. In the event a Participant
incurs a financial hardship as a result of an “unforeseeable emergency” (as
such term is defined below), the Participant may apply to the Committee
for the distribution of all or a portion of the Participant’s Account. The
application shall provide such information and be in such form as the
Committee shall require. The Committee, in the exercise of its sole and
absolute discretion, may approve or deny the request in whole or in part,
and shall direct the Participating Company accordingly. The term “unforeseeable
emergency” means a severe financial hardship to the Participant resulting from
an illness or accident of the Participant, the Participant’s spouse, or a
dependent (as defined in Section 152(a) of the Code) 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. In no event may the amounts
distributed with respect to an unforeseeable emergency exceed the amounts
necessary to satisfy such emergency plus amounts necessary to pay taxes
reasonably anticipated as a result of the distribution, after taking into
account the extent to which such hardship is or may be relieved through
reimbursement or compensation by insurance or otherwise or by liquidation of
the Participant’s assets (to the extent the liquidation of such assets would
not itself cause severe financial hardship). If a Participant receives a
distribution of all or a portion of the Participant’s Account pursuant to this Section 5.1,
any Deferral Election in effect for the Participant shall be cancelled, and the
Participant shall make no additional Deferrals for the remainder of the current
Plan Year, The Participant may make Deferrals in future Plan Years by
delivering a new Deferral Election in accordance

 

9

 

with Section 3.1(a)(ii). Notwithstanding
any provision in the Plan to the contrary, any payment made pursuant to this Section 5.1
shall comply with Section 409A(a)(2)(A)(vi) of the Code and the
regulations (or similar guidance) promulgated thereunder (or any successor
provisions).

 

ARTICLE 6

ADJUSTMENTS

 

6.1                               Accounts. The Committee shall establish and cause to be
maintained with respect to each Participant’s Deferrals and income allocations
separate subaccounts as part of the Participant’s Account, and as of each
Adjustment Date shall adjust each subaccount as provided in this Article 6.

 

6.2                               Adjustments to Account. As of each Adjustment Date, the
Committee shall adjust each Account by the following:

 

(a)                                  Unforeseeable Emergency Payments. The Account shall be
reduced by the amount of Deferrals distributed pursuant to Article 5 and
allocable to the account.

 

(b)                                  Income Allocations. Deemed income or loss allocations for
the period since the last Adjustment Date shall be credited or debited to the
Account, as the case may be.

 

(c)                                  Deferrals. Deferrals, if any, made since the last Adjustment
Date and allocable to the account shall be added to the Account.

 

ARTICLE 7

FORFEITURE

 

7.1                               Forfeiture. Notwithstanding any provision in this Plan to
the contrary, no benefit whatsoever shall be paid to or on behalf of any
Participant under this Plan if the Participant defrauds a Participating Company
or an Affiliate or embezzles money or property of a Participating Company or an
Affiliate.

 

ARTICLE 8

ADMINISTRATION OF THE PLAN

 

8.1                               Designation of Committee. For purposes of this Plan, the
Committee shall be the Mirant Benefits Committee, unless a different committee
is appointed by the Board to be responsible for administering the Plan.

 

8.2                               Powers and Duties of the Committee. The Committee shall have
general responsibility for the administration of the Plan (including but not
limited to complying with reporting and disclosure requirements (if any), and
establishing and maintaining Plan records). In the exercise of its sole and
absolute discretion, the Committee shall interpret the Plan’s provisions and
determine the eligibility of individuals for benefits. The Committee shall, to
the best of its ability, interpret the Plan in such a way as to meet the
requirements of Section 409A of the Code and any regulations and guidance
issued thereunder.

 

10

 

8.3                               Agents. The Committee may engage such legal counsel,
certified public accountants and other advisers and service providers, who may be
advisers or service providers for the Participating Company or an Affiliate,
and make use of such agents and clerical or other personnel, as it shall
require or may deem advisable for purposes of the Plan. The Committee may rely
upon the written opinion of any legal counsel or accountants engaged by the Committee,
and may delegate to any such agent or to any subcommittee or member of the
Committee its authority to perform any act hereunder, including, without
limitation, those matters involving the exercise of discretion, provided that
such delegation shall be subject to revocation at any time at the discretion of
the Committee.

 

8.4                               Instructions for Payments. All requests of or directions to
the Participating Company for payment or disbursement shall be signed by a
member of the Committee or such other person or persons as the Committee may from
time to time designate. This person shall cause to be kept full and accurate accounts
of payments and disbursements under the Plan.

 

8.5                               Claims
for Benefits.

 

(a)                                  Initial Claims. Any Employee, Beneficiary, or his duly
authorized representative may file a claim for a benefit to which the
claimant believes that he is entitled. Such a claim must be in writing and
delivered to the Committee in person or by mail, postage paid. Within ninety
(90) days after receipt of such claim, the Committee shall send to the
claimant, by mail, postage prepaid, notice of the granting or denying, in whole
or in part, of such claim, unless special circumstances require an extension of
time for processing the claim. In no event may the extension exceed ninety
(90) days from the end of the initial period. If such extension is necessary,
the claimant will be given a written notice to this effect prior to the
expiration of the initial 90-day period. The Committee shall have full
discretion to deny or grant a claim in whole or in part. If notice of the denial
of a claim is not furnished in accordance with this Section 8.5(a), the
claim shall be deemed denied and the claimant shall be permitted to exercise
his right to review pursuant to subsections (c) and (d).

 

(b)                                  Requirement for Written Notice of Claim. The Committee shall
provide a written notice to every claimant who is denied a claim for benefits
under this Article. Such written notice shall set forth in a manner calculated
to be understood by the claimant, the following information:

 

(i)                                    The
specific reason or reasons for the adverse determination.

 

(ii)                                Reference
to the specific Plan provisions on which the determination was based.

 

(iii)                            A
description of any additional material or information necessary for the
Participant to perfect the claim and an explanation of why such material or
information is necessary.

 

(iv)                               A
description of the Plan’s review procedures, incorporating any voluntary appeal
procedures offered by the Plan, and the time limits applicable to such procedures,
including a statement of the Participant’s right to bring a

 

11

 

civil action under Section 502 of ERISA
following an adverse benefit determination on review.

 

(v)                                   A
statement that the Participant is entitled to receive, upon request and free of
charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the claim.

 

(c)                                  Appeals. Within sixty (60) days after the receipt by the
claimant of written notification of the denial (in whole or in part) of his
claim, the claimant or his duly authorized representative may make a
written application to the Committee, in person or by certified mail, postage
prepaid, to be afforded a review of such denial; may review pertinent documents;
and may submit issues and comments in writing.

 

(d)                                  Disposition of Disputed Claims. Upon receipt of a request
for review, the Committee shall make a prompt decision on the review matter.
The decision on such review shall be written in a manner calculated to be
understood by the Participant and shall include:

 

(i)                                    The
specific reason or reasons for the adverse decision;

 

(ii)                                Reference
to the specific plan provisions on which the benefit determination is based;

 

(iii)                            A
statement that the Participant is entitled to receive, upon request and free of
charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the Participant’s claim for benefits; and

 

(iv)                               A
statement describing any voluntary appeal procedures offered by the Plan and
the Participant’s right to obtain the information about such voluntary appeal
procedures (if applicable), and a statement of the Participant’s right to bring
action under Section 502(a) of ERISA.

 

The decision upon review shall be made not
later than sixty (60) days after the Committee’s receipt of a request for a
review, unless special circumstances require an extension of time for
processing and the Participant is informed of the need for the extension within
the initial sixty (60) day period. When an extension is necessary, a decision
shall be rendered as soon as possible, but not later than 120 days after
receipt of the request for review. If notice of the decision on the review is
not furnished in accordance with this Section 8.5(d), the claim shall be
deemed denied and the Participant shall be permitted to exercise his right to a
legal remedy.

 

8.6                               Hold Harmless. To the maximum extent permitted by law, no
member of the Committee shall be personally liable by reason of any contract or
other instrument executed by such member or on such member’s behalf in such
member’s capacity as a member of the Committee nor for any mistake of judgment
made in good faith, and the Company shall indemnify and hold harmless, directly
from its own assets (including the proceeds of any insurance policy the
premiums of which are paid from the Company’s own assets), each member of the
Committee and each other officer, Employee, or

 

12

 

director of the Company or an Affiliate to
whom any duty or power relating to the administration or interpretation of the
Plan against any cost or expense (including counsel fees) or liability
(including any sum paid in settlement of a claim with the approval of the
Company) arising out of any act or omission to act in connection with the Plan
unless arising out of such person’s own fraud or bad faith.

 

8.7                               Service of Process. The Secretary of the Company or such
other person designated by the Board shall be the agent for service of process
under the Plan.

 

ARTICLE 9

DESIGNATION OF BENEFICIARIES

 

9.1                               Beneficiary Designation. Every Participant shall file with
the Committee a designation in such form (electronic or otherwise) as approved
and provided by the Plan Administrator of one or more persons as the
Beneficiary who shall be entitled to receive the benefits, if any, payable
under the Plan after the Participant’s death. A Participant may from time
to time revoke or change such Beneficiary designation without the consent of any
prior Beneficiary by filing a new designation with the Committee. The last such
designation received by the Committee shall be controlling; provided, however,
that no designation, or change or revocation thereof, shall be effective unless
received by the Committee prior to the Participant’s death, and in no event
shall it be effective as of any date prior to such receipt. All decisions of
the Committee concerning the effectiveness of any Beneficiary designation, and
the identity of any Beneficiary, shall be final. If a Beneficiary shall die
after the death of the Participant and prior to receiving the payment(s) that
would have been made to such Beneficiary had such Beneficiary’s death not
occurred, then for the purposes of the Plan the payment(s) that would have been
received by such Beneficiary shall be made to the Beneficiary’s estate.

 

9.2                               Failure to Designate Beneficiary. If no Beneficiary
designation is in effect at the time of a Participant’s death, the benefits, if
any, payable under the Plan after the Participant’s death shall be made to the
Participant’s estate. If the Committee is in doubt as to the right of any
person to receive such benefits, the Committee may direct the Participating
Company to withhold payment, without liability for any accruals thereon, until
the rights thereto are determined, or the Committee may direct the
Participating Company to pay any such amount into any court of appropriate
jurisdiction and such payment shall be a complete discharge of the liability of
the Participating Company therefor.

 

ARTICLE 10

WITHDRAWAL OF PARTICIPATING COMPANY

 

10.1                        Withdrawal of Participating Company. A Participating Company
(other than the Company) may withdraw from participation in the Plan by
giving the Board prior written notice approved by resolution by its board of
directors or similar governing body specifying a withdrawal date, which shall
be the last day of a month at least 30 days subsequent to the date which notice
is received by the Board. The Participating Company shall withdraw from
participating in the Plan if and when it ceases to be either a division of the
Company or an Affiliate. The Board may require the Participating Company
to withdraw from the Plan, as of any withdrawal date the Board specifies.

 

13

 

10.2                        Effect of Withdrawal. A Participating Company’s withdrawal
from the Plan shall not in any way modify, reduce, or otherwise affect the
Participating Company’s obligations incurred before the withdrawal, as such
obligations are defined under the provisions of the Plan existing immediately
before the withdrawal. Withdrawal from the Plan by any Participating Company
shall not in any way affect any other Participating Company’s participation in
the Plan.

 

ARTICLE 11

AMENDMENT OR TERMINATION OF THE PLAN

 

11.1                        Right to
Amend or Terminate the Plan

 

(a)                                  The
Board reserves the right at any time to amend or terminate the Plan by corporate
resolution, in whole or in part, and for any reason and without the consent of
any Participating Company, Participant, or Beneficiary. In addition, the Board may amend
the Plan retroactively to the extent required to qualify the Plan under Section 409A
of the Code, provided that no such amendment may reduce any Participant’s Account.
Each Participating Company by its participation in the Plan shall be deemed to
have delegated this authority to the Board.

 

(b)                                  The
Committee may adopt any ministerial and nonsubstantive amendment which may be
necessary or appropriate to facilitate the administration, management, and
interpretation of the Plan, provided the amendment does not materially affect the
currently estimated cost to the Participating Companies of maintaining the Plan.
Each Participating Company by its participation in the Plan shall be deemed to
have delegated this authority to the Committee.

 

(c)                                  In
no event shall an amendment or termination modify, reduce, or otherwise affect
the Participating Company’s obligations under the Plan made before the amendment
or termination, as such obligations are defined under the provisions of the
Plan and the trust existing immediately before such amendment or termination.

 

11.2                        Notice. Notice of any amendment or termination of the Plan
shall be given by the Board or the Committee, whichever adopts the amendment,
to the other and all Participating Companies.

 

ARTICLE 12

GENERAL PROVISIONS AND LIMITATIONS

 

12.1                        No Right to Continued Employment. Nothing contained in the
Plan shall give any Employee the right to be retained in the employment of the
Participating Company or Affiliate or affect the right of any such employer to
dismiss any Employee. The adoption and maintenance of the Plan shall not
constitute a contract between any Participating Company and Employee or
consideration for, or an inducement to or condition of, the employment of any
Employee.

 

12.2                        Payment on Behalf of Payee. If the Committee shall find that
any person to whom any amount is payable under the Plan is unable to care for
such person’s affairs because of illness or accident, or is a minor, or had
died, then any payment due such person or

 

14

 

such person’s estate (unless a prior claim
therefor has been made by a duly appointed legal representative) may, if the
Committee so elects, be paid to such person’s spouse, a child, a relative, an
institute maintaining or having custody of such person, or any other person
deemed by the Committee to be a proper recipient on behalf of such person
otherwise entitled to payment. Any such payment shall be a complete discharge
of the liability of the Plan and the Participating Company therefor.

 

12.3                        Nonalienation. No interest, expectancy, benefit, payment,
claim, or right of any Participant or Beneficiary under the Plan shall be (a) subject
in any manner to any claims of any creditor of the Participant or Beneficiary; (b) subject
to the debts, contracts, liabilities or torts of the Participant or
Beneficiary; or (c) subject to alienation by anticipation, sale, transfer,
assignment, bankruptcy, pledge, attachment, charge or encumbrance of any kind.
If any person shall attempt to take any action contrary to this Section, such
action shall be null and void and of no effect, and the Committee and the Participating
Company shall disregard such action and shall not in any manner be bound thereby
and shall suffer no liability on account of its disregard thereof. If the
Participant, Beneficiary, or any other beneficiary hereunder shall become
bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber, or
charge any right hereunder, then such right or benefit shall, in the discretion
of the Committee, cease and terminate, and in such event the Committee may hold
or apply the same or any part thereof for the benefit of the Participant
or Beneficiary or the spouse, children, or other dependents of the Participant
or Beneficiary, or any of them, in such manner and in such amounts and proportions
as the Committee may deem proper.

 

12.4                        Missing Payee. If the Committee cannot ascertain the
whereabouts of any person to whom a payment is due under the Plan, and if,
after five years from the date such payment is due, a notice of such payment
due is mailed to the last known address of such person, as shown on the records
of the Committee or the Participating Company, and within three months after
such mailing such person has not made written claim therefor, the Committee, if
it so elects, after receiving advice from counsel to the Plan, may direct
that such payment and all remaining payments otherwise due to such person be
canceled on the records of the Plan and the amount thereof forfeited, and upon
such cancellation, the Participating Company shall have no further liability
therefor, except that, in the event such person later notifies the Committee of
such person’s whereabouts and requests the payment or payments due to such
person under the Plan, the amounts otherwise due but unpaid as of the date
payment would have been made shall be paid to such person without accruals due
to late payment.

 

12.5                        Required Information. Each Participant shall file with the
Committee such pertinent information concerning himself or herself, such
Participant’s Beneficiary, or such other person as the Committee may specify,
and no Participant, Beneficiary, or other person shall have any rights or be entitled
to any benefits under the Plan unless such information is filed by or with
respect to the Participant.

 

12.6                        Binding Effect. Obligations incurred by the Participating
Company pursuant to this Plan shall be binding upon and inure to the benefit of
the Participating Company, its successors and assigns, and the Participant and
the Participant’s Beneficiary.

 

12.7                        Merger or Consolidation. In the event of a merger or
consolidation by the Participating Company with another corporation, or the
acquisition of substantially all of the assets or outstanding stock of the
Participating Company by another corporation, then and in such

 

15

 

event the obligations and responsibilities of
the Participating Company under this Plan shall be assumed by any such
successor or acquiring corporation, and all of the rights, privileges, and
benefits of the Participants and Beneficiaries hereunder shall continue.

 

12.8                        Trust. Notwithstanding anything to the contrary in the Plan,
the Company may establish a grantor trust, which may be an
irrevocable “rabbi trust,” to assist it and other Participating Companies in
funding Plan obligations, and any payments made to a Participant or Beneficiary
from such trust shall relieve the Participating Company from any further
obligations under the Plan only to the extent of such payment. The trust shall be
a domestic trust maintained in the United States, The Company shall pay all management
and other fees associated with the administration of the trust established pursuant
to this Section. Notwithstanding any other provisions of the Plan, the assets
of the trust shall remain the property of the Company, and shall be subject to
the claims of creditors in the event of bankruptcy or insolvency, as provided
in the trust agreement.

 

12.9                        Electronic Communication. Whenever any action or
communication is required to be made in writing under the terms of the Plan,
such action or communication may be made via electronic means in such form as
approved by the Plan Administrator.

 

12.10                 Entire Plan. This document and any written amendments
hereto, the Deferral elections, and the Beneficiary designations contain all
the terms and provisions of the Plan and shall constitute the entire Plan, any
other alleged terms or provisions being of no effect.

 

The foregoing is hereby acknowledged as being the Mirant Corporation
Deferred Compensation Plan as adopted by the Board of Directors on January 12,
2006.

 

 

	
   

  	
  MIRANT CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Vance N. Booker

  	
   

  
	
   

  	
   

  	
   Vance N. Booker

  
	
   

  	
   

  	
   SVP Administration

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Beth Chandler

  	
   

  	
   

  
	
   

  	
   Beth Chandler

  	
   

  
	
   

  	
   Vice President and

  	
   

  
	
   

  	
   Corporate Secretary

  	
   

  
						

 

16

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