Document:

Exhibit 10.2

 Exhibit 10.2 
 February 26, 2008 
 Union Street Acquisition Corp. 
 102 South Union Street 
 Alexandria, VA 22027 
 Attention: Brian H. Burke, Chief Financial Officer 
  

	Re:	$30 million Senior Secured Credit Facility 

 Ladies and Gentlemen:

 Union Street Acquisition Corp., a Delaware corporation (“you” or the “Borrower”), has advised Bank of America, N.A.
(“Bank of America”) that you intend to acquire in separate acquisitions (the “Acquisitions”) all of the equity interests of Archway Marketing Services, Inc., a Delaware corporation (“Archway”), and
all of the equity interests of RAZOR Business Strategy Consultants LLC, a Texas limited liability company (“Razor” and together with Archway, the “Targets”). After giving effect to the Acquisitions, the Borrower
will be a holding company that directly owns, and the sole assets of which are, all of the equity interests in the Targets. The Borrower, Archway and its subsidiaries and Razor and its subsidiaries are hereinafter referred to collectively as the
“Relevant Entities”. 
 You have also advised Bank of America that you intend to finance in part the Acquisitions, the costs and expenses
related to the Transaction (as hereinafter defined) and the ongoing working capital and other general corporate purposes of the Relevant Entities after consummation of the Acquisitions from the following sources (and that no financing other than the
financing described herein will be required to consummate the Transaction): (a) at least $98.4 million in cash of the Borrower held in the Trust Account (defined below) and (b) up to $30 million in a senior secured revolving credit
facility of the Borrower (the “Senior Credit Facility”). The Acquisitions, the entering into and funding of the Senior Credit Facility and all related transactions are hereinafter collectively referred to as the
“Transaction”. The sources and uses for the financing for the Transaction are as set forth on Schedule I hereto. 
 In connection with the
foregoing, Bank of America is pleased to offer its commitment to provide the full principal amount of the Senior Credit Facility upon and subject to the terms and conditions set forth in this letter (this “Commitment Letter”) and in
the Summary of Terms and Conditions attached as Exhibit A hereto and incorporated herein by this reference (the “Summary of Terms”). 
 You
hereby agree that, effective upon your acceptance of this Commitment Letter and continuing through January 31, 2009, you shall not solicit any other bank, investment bank, financial institution, person or entity to provide, structure, arrange
or syndicate any component of the Senior Credit Facility or any other senior financing similar to or as a replacement of any component of the Senior Credit Facility unless we have advised you that we will not provide the Senior Credit Facility on
the terms set forth in this Commitment Letter and the Summary of Terms. 
 The commitment of Bank of America hereunder is subject to (a) the
satisfaction of each of the conditions precedent set forth in the Summary of Terms and (b) the accuracy and completeness of all representations that you and your affiliates make to Bank of America and your compliance with the terms of this
Commitment Letter (including the Summary of Terms) and the Fee Letter (as hereinafter defined) 
 You represent, warrant and covenant that (a) all
financial projections concerning the Relevant Entities that have been made available to Bank of America by you or any of your representatives (or on your or their behalf) (the “Projections”) have been prepared in good faith based
upon reasonable assumptions and (b) all information, other than Projections, which has been made available to Bank of America by you or 

 
any of your representatives (or on your or their behalf) in connection with any aspect of the Transaction (the “Information”) is complete
and correct in all material respects and does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not misleading. In issuing this commitment, Bank of America is and
will be using and relying on the Projections and Information without independent verification thereof. 
 By executing this Commitment Letter, you agree to
reimburse Bank of America from time to time on demand for all reasonable out-of-pocket fees and expenses (including, but not limited to, (a) the reasonable fees, disbursements and other charges of counsel to Bank of America and (b) due
diligence expenses) incurred in connection with the Senior Credit Facility, the preparation of the definitive documentation therefor, any other aspect of the Transaction and any other transaction contemplated hereby (not to exceed $100,000).

 You agree to indemnify and hold harmless Bank of America and each of its affiliates and their respective officers, directors, employees, agents, advisors
and other representatives (each, an “Indemnified Party”) from and against (and will reimburse each Indemnified Party as the same are incurred for) any and all claims, damages, losses, liabilities and expenses (including, without
limitation, the reasonable fees, disbursements and other charges of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of (including, without
limitation, in connection with any investigation, litigation or proceeding or preparation of a defense in connection therewith) (a) any aspect of the Transaction or any other transaction contemplated hereby or (b) the Senior Credit
Facility and any other financings, or any use made or proposed to be made with the proceeds thereof except to the extent such claim, damage, loss, liability or expense is found in a final, nonappealable judgment by a court of competent jurisdiction
to have resulted from such Indemnified Party’s gross negligence or willful misconduct. In the case of an investigation, litigation or proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not
such investigation, litigation or proceeding is brought by you, your equityholders or creditors or an Indemnified Party, whether or not an Indemnified Party is otherwise a party thereto and whether or not any aspect of the Transaction is
consummated. You also agree that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to you or your subsidiaries or affiliates or to your or their respective equity holders or creditors
arising out of, related to or in connection with any aspect of the Transaction, except to the extent of direct, as opposed to special, indirect, consequential or punitive, damages determined in a final, nonappealable judgment by a court of competent
jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct. Notwithstanding any other provision of this Commitment Letter, no Indemnified Party shall be liable for any damages arising from the use by
others of information or other materials obtained through electronic telecommunications or other information transmission systems, other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnified
Party as determined by a final and nonappealable judgment of a court of competent jurisdiction. 
 This Commitment Letter and the fee letter among you and
Bank of America of even date herewith (the “Fee Letter”) and the contents hereof and thereof are confidential and, except for disclosure hereof or thereof on a confidential basis to your accountants, attorneys and other professional
advisors retained by you in connection with the Transaction or as otherwise required by law, may not be disclosed in whole or in part to any person or entity without our prior written consent (which, in the case of the Commitment Letter and Summary
of Terms, shall not be unreasonably withheld or delayed); provided, however, it is understood and agreed that you may disclose this Commitment Letter (including the Summary of Terms) but not the Fee Letter (a) on a confidential
basis with the board of directors and advisors of the Targets and (b) after your acceptance of this Commitment Letter and the Fee Letter, in filings with the Securities and Exchange Commission and other applicable regulatory authorities and
stock exchanges. Bank of America hereby notifies you that pursuant to the requirements of the USA PATRIOT Act, Title III of 

 
Pub. L. 107-56 (signed into law October 26, 2001) (the “Act”), it is required to obtain, verify and record information that identifies
you, which information includes your name and address and other information that will allow Bank of America to identify you in accordance with the Act. 
 You acknowledge that Bank of America or its affiliates may be providing financing or other services to parties whose interests may conflict with yours. Bank of America agrees that it will not furnish confidential information obtained from
you or any of the Relevant Entities to any of its other customers and that it will treat confidential information relating to you and the Relevant Entities with the same degree of care as it treats its own confidential information. Bank of America
further advises you that it will not make available to you confidential information that it has obtained or may obtain from any other customer. In connection with the services and transactions contemplated hereby, you agree that Bank of America is
permitted to access, use and share with any of its bank or non-bank affiliates, agents, advisors (legal or otherwise) or representatives any information concerning you or any of the Relevant Entities that is or may come into the possession of Bank
of America or any of such affiliates. 
 In connection with all aspects of each transaction contemplated by this Commitment Letter, you acknowledge and
agree, and acknowledge your affiliates’ understanding, that: (a) (i) the services described herein regarding the Senior Credit Facility are arm’s-length commercial transactions between you and your affiliates, on the one hand,
and Bank of America, on the other hand, (ii) you have consulted your own legal, accounting, regulatory and tax advisors to the extent you have deemed appropriate, and (iii) you are capable of evaluating, and understand and accept, the
terms, risks and conditions of the transactions contemplated hereby; (b) (i) Bank of America has been, is, and will be acting solely as a principal and, except as otherwise expressly agreed in writing by the relevant parties, has not been,
is not, and will not be acting as an advisor, agent or fiduciary for you, any of your affiliates or any other person or entity and (ii) Bank of America has no obligation to you or your affiliates with respect to the transactions contemplated
hereby except those obligations expressly set forth herein; and (c) Bank of America and its affiliates may be engaged in a broad range of transactions that involve interests that differ from yours and those of your affiliates, and Bank of
America has no obligation to disclose any of such interests to you or your affiliates. To the fullest extent permitted by law, you hereby waive and release any claims that you may have against Bank of America with respect to any breach or alleged
breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated by this Commitment Letter. 
 The provisions of the
immediately preceding five paragraphs shall remain in full force and effect regardless of whether any definitive documentation for the Senior Credit Facility shall be executed and delivered, and notwithstanding the termination of this Commitment
Letter or any commitment or undertaking of Bank of America. 
 This Commitment Letter and the Fee Letter may be executed in counterparts which, taken
together, shall constitute an original. Delivery of an executed counterpart of this Commitment Letter or the Fee Letter by telecopier or facsimile shall be effective as delivery of a manually executed counterpart thereof. 
 This Commitment Letter (including the Summary of Terms) and the Fee Letter shall be governed by, and construed in accordance with, the laws of the State of New York.
Each of you and Bank of America hereby irrevocably waives any and all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Commitment Letter (including the
Summary of Terms), the Fee Letter, the Transaction or the other transactions contemplated hereby and thereby or the actions of Bank of America in the negotiation, performance or enforcement hereof. The commitments and undertakings of Bank of America
may be terminated by us if you fail to perform your obligations under this Commitment Letter or the Fee Letter on a timely basis and such failure continues for two (2) business days after notice of such failure is provided to you by Bank of
America. 

 This Commitment Letter (including the Summary of Terms) and the Fee Letter embody the entire agreement and understanding
among Bank of America, you and your affiliates with respect to the Senior Credit Facility and supersedes all prior agreements and understandings relating to the specific matters hereof (including, without limitation, the letter agreement dated
February 22, 2008 between Bank of America and you regarding due diligence). However, please note that the terms and conditions of the commitment of Bank of America hereunder are not limited to those set forth herein or in the Summary of Terms.
Those matters that are not covered or made clear herein or in the Summary of Terms or the Fee Letter are subject to mutual agreement of the parties. No party has been authorized by Bank of America to make any oral or written statements that are
inconsistent with this Commitment Letter. This Commitment Letter is not assignable by you without our prior written consent and is intended to be solely for the benefit of the parties hereto and the Indemnified Parties. 
 Bank of America acknowledges that Bank of America has read the Borrower’s prospectus relating to its initial public offering and understands that the
Borrower has established a trust account for the benefit of the Borrower’s public stockholders maintained by Continental Stock Transfer & Trust Company acting as trustee (the “Trust Account”). Bank of America
hereby agrees that as a result of executing this Commitment Letter and performing services hereunder neither Bank of America nor any Indemnified Party has any right, title, interest or claim of any kind in or to any monies held in the Trust Account
for any claim arising under this Commitment Letter. Notwithstanding anything to the contrary contained herein, this Commitment Letter shall in no way limit or modify any rights or obligations (including without limitation any indemnification
obligations of the Borrower) pursuant to the Underwriting Agreement, dated February 5, 2007, by and among the Borrower, Banc of America Securities LLC and Morgan Joseph & Co., Inc. For purposes of clarity, assets now or hereafter
held by the Borrower (other than those held directly in the Trust Account) are in no way limited by the restrictions described in this paragraph. 
 This Commitment Letter and all commitments and undertakings of Bank of America hereunder will expire at 5:00 p.m. (Eastern time) on February 27, 2008 unless you execute this Commitment Letter and the Fee Letter and return them to us
prior to that time (which may be by facsimile transmission), whereupon this Commitment Letter (including the Summary of Terms) and the Fee Letter shall become binding agreements. Thereafter, all commitments and undertakings of Bank of America
hereunder will expire on the earliest of (a) January 31, 2009, unless the Closing Date occurs on or prior thereto, (b) the closing of each Acquisition without the use of the Senior Credit Facility and (c) the acceptance by each
Target or any of its affiliates of an offer for all or any substantial part of the capital stock or property and assets of such Target and its subsidiaries other than as part of the Transaction. 
 [SIGNATURE PAGES FOLLOW] 

 We are pleased to have the opportunity to work with you in connection with this important financing. 
  

			
	Very truly yours,
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Mary K. Giermek

	Name:	 	Mary K. Giermek
	Title:	 	Senior Vice President
	
	 ACCEPTED AND AGREED TO
 AS OF THE DATE FIRST
ABOVE WRITTEN:

	
	 UNION STREET ACQUISITION CORP.,
 a Delaware
corporation

		
	By:	 	 /s/ Brian H. Burke

	Name:	 	Brian H. Burke
	Title:	 	Chief Financial Officer

 SCHEDULE I 
 SOURCES AND USES OF FUNDS 
 ($ millions) 
  

							
	 Sources
	  	 	    	 Uses
	  	 
	 cash of the Borrower held in the Trust Account
	  	98.4	    	 cash purchase price of Archway acquisition
	  	80.3
	 Senior Credit Facility
	  	24.0	    	 cash purchase price of Razor acquisition
	  	20.0
	 Cash outside Trust Account
	  	1.5	    	 estimated fees and expenses and working capital
	  	3.3
	 Perfall Reinvestment (3.0)
	  		    	 Shareholder Redemptions
	  	20.3
		  		    	 Perfall Reinvestment (3.0)
	  	
	 Total
	  	123.9	    		  	123.9

 EXHIBIT A 
 SUMMARY OF TERMS AND CONDITIONS 
 UNION STREET ACQUISITION CORP. 
 $30 MILLION SENIOR SECURED CREDIT FACILITY 
 Capitalized terms not otherwise defined herein have the same meanings 
 as specified therefor in the commitment letter (the
“Commitment Letter”) to which 
 this Summary of Terms and Conditions is attached. 
  

	 BORROWER: 
	Union Street Acquisition Corp., a Delaware corporation (the “Borrower”). After giving effect to the Acquisitions (defined below), the Borrower will be a holding company that directly owns,
and the sole assets of which are, all of the equity interests in the Targets (defined below). 

  

	 GUARANTORS: 
	The obligations of the Borrower under the Senior Credit Facility and under any treasury management, interest protection or other hedging arrangements entered into with the Lender or an affiliate of the
Lender will be guaranteed by each existing and future direct and indirect domestic and, to the extent no material adverse tax consequences would result, foreign subsidiary of the Borrower (collectively, the “Guarantors”). All
guarantees will be guarantees of payment and not of collection. 

  

	 LENDER: 
	Bank of America, N.A. (the “Lender”). 

  

	 SENIOR CREDIT FACILITY: 
	$30 million revolving credit facility (the “Senior Credit Facility”), which will include a sublimit in an amount to be determined for the issuance of standby letters of credit (each a
“Letter of Credit”). 

  

	 TRANSACTION: 
	The Borrower intends to acquire in separate acquisitions (the “Acquisitions”) all of the equity interests of Archway Marketing Services, Inc., a Delaware corporation
(“Archway”), and all of the equity interests of RAZOR Business Strategy Consultants LLC, a Texas limited liability company (the “Razor” and together with Archway, the “Targets”). The Borrower,
Archway and its subsidiaries and Razor and its subsidiaries are collectively referred to herein as the “Relevant Entities”. The Acquisitions, the entering into and funding of the Senior Credit Facility and all related transactions
are hereinafter collectively referred to as the “Transaction”. 

  

	 PURPOSE: 
	The proceeds of the Senior Credit Facility shall be used by the Borrower solely (a) to finance in part the purchase price of the Acquisitions, (b) to pay fees and expenses incurred in connection
with the Transaction, (c) to finance share repurchases and (d) for working capital and other lawful corporate purposes. 

  

	 CLOSING DATE: 
	The execution of definitive loan documentation, to occur on or before January 31, 2009 (the “Closing Date”). 

	 INTEREST RATES: 
	As set forth in Addendum I. 

  

	 MATURITY: 
	The Senior Credit Facility shall terminate and all amounts outstanding thereunder shall be due and payable in full three years after the Closing Date. 

  

	 AVAILABILITY: 
	Loans under the Senior Credit Facility may be made on a revolving basis up to the full amount of the Senior Credit Facility and Letters of Credit may be issued up to the sublimit for Letters of Credit.

 OPTIONAL PREPAYMENTS 
 AND COMMITMENT 

	 REDUCTIONS: 
	The Borrower may prepay the Senior Credit Facility in whole or in part at any time without premium or penalty, subject to reimbursement of the Lender’s breakage and redeployment costs in the case of
prepayment of LIBOR borrowings. The unutilized portion of the commitments under the Senior Credit Facility may be irrevocably reduced or terminated by the Borrower at any time without penalty. 

  

	 AUTOMATED PAYMENTS: 
	The Lender shall have the right (but not the obligation) to debit the Borrower’s checking account maintained with the Lender for all payments of principal, interest and fees due in respect of the Senior
Credit Facility. 

  

	 SECURITY: 
	The Borrower and each of the Guarantors shall grant the Lender valid and perfected first priority (subject to certain exceptions to be set forth in the loan documentation) liens and security interests in all
of the following: 

 (a) All present and future shares of capital stock of (or other ownership or profit interests in) each of
its present and future subsidiaries (limited, in the case of each entity that is a “controlled foreign corporation” under Section 957 of the Internal Revenue Code, to a pledge of 66% of the capital stock of each such first-tier
foreign subsidiary to the extent the pledge of any greater percentage would result in material adverse tax consequences to the Borrower). 
 (b) All present and future intercompany debt of the Borrower and each Guarantor. 
 (c) All of its present and future property and
assets, real and personal (excluding leased real property that is office or warehouse space), including, but not limited to, machinery and equipment, inventory and other goods, accounts receivable, owned real estate, leaseholds, fixtures, bank
accounts, general intangibles, financial assets, investment property, license rights, patents, trademarks, tradenames, copyrights, chattel paper, insurance proceeds, contract rights, hedge agreements, documents, instruments, indemnification rights,
tax refunds and cash. 

 (d) All proceeds and products of the property and assets described in clauses (a), (b) and
(c) above. 
 The Security shall ratably secure the relevant party’s obligations in respect of the Senior Credit Facility and any
treasury management, interest protection or other hedging arrangements entered into by the Borrower or any of its subsidiaries with the Lender or an affiliate of the Lender. 
 CONDITIONS PRECEDENT 

	 TO CLOSING: 
	The closing and the initial extension of credit under the Senior Credit Facility will be subject to satisfaction of the conditions precedent deemed appropriate by the Lender including, but not limited to,
the following: 

 (a) Loan Documentation. The negotiation, execution and delivery of definitive documentation with
respect to the Senior Credit Facility satisfactory to the Lender. 
 (b) Security. The Lender shall have received satisfactory
evidence that the Lender shall have a valid and perfected first priority (subject to certain exceptions to be set forth in the loan documentation) lien and security interest in such capital stock and in the other collateral referred to under the
section entitled “Security” set forth above. All filings, recordations and searches necessary in connection with the liens and security interests referred to above under “Security” shall have been duly made; all
filing and recording fees and taxes shall have been duly paid; and any surveys, title insurance, landlord waivers and access letters reasonably requested by the Lender with respect to real property interests of the Borrower and its subsidiaries
shall have been obtained. 
 (c) Insurance. The Lender shall have received endorsements naming the Lender, as an additional insured or
loss payee, as the case may be, under all insurance policies to be maintained with respect to the properties of the Borrower and its subsidiaries forming part of the Lender’s collateral described under the section entitled
“Security” set forth above. 
 (d) Legal Opinion; Resolutions; Customary Certificates. The Lender shall have received
satisfactory opinions of counsel to the Borrower and the Guarantors (which shall cover, among other things, authority, legality, validity, binding effect and enforceability of the documents for the Senior Credit Facility) and such corporate
resolutions, certificates and other documents as the Lender shall reasonably require. 
 (e) No Material Adverse Effect. There shall
not have occurred since December 31, 2007 any event or condition that has had or could be reasonably expected, either individually or in the aggregate, to have a Material Adverse Effect on any Relevant Entity 

 “Material Adverse Effect” means, with respect to any Relevant Entity, any change,
event, violation, inaccuracy, circumstance or effect, individually or when aggregated with other changes, events, violations, inaccuracies, circumstances or effects, that is materially adverse to the business, assets (including intangible assets),
revenues, financial condition or results of operations of such Relevant Entity, it being understood that (i) changes in general, national or regional economic or political conditions, (ii) changes that generally impact the industries in
which such Relevant Entity conducts its business, (iii) changes that result from the announcement or pendency of the Acquisitions and the transactions contemplated hereby, and (iv) changes that result directly from action taken by the
party alleging that a Material Adverse Effect exists, alone or in combination, shall not be deemed, in and of itself, to constitute a Material Adverse Effect. 
 (f) Cash on Hand. The Lender shall be satisfied that the Borrower shall have used at least $98.4 million in cash from the Trust Account (less the portion thereof used to redeem equity interest in the Borrower
of any shareholder of the Borrower that votes against the Acquisitions and demands that the Borrower convert such shareholder’s shares) to pay in part the purchase price of the Acquisitions. 
 (g) Availability. There shall be no less than $3 million of availability under the Senior Credit Facility as of the Closing Date after giving
effect to the Transaction. 
 (h) Information. 
 (i) All Projections shall have been prepared in good faith based upon reasonable assumptions. 
 (ii) All Information shall be complete and correct in all material respects and shall not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements contained therein not misleading. 
 (iii) No changes or
developments shall have occurred, and no new or additional information, shall have been received or discovered by the Lender regarding the Relevant Entities or the Transaction after the date of the Commitment Letter that (A) either individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect on any Relevant Entity or (B) purports to adversely affect the Senior Credit Facility or any other aspect of the Transaction. 
 (iv) Confirmation for each of the Relevant Entities that the “Know Your Customer” provisions are satisfactory to the Lender.

 (i) Acquisitions. With respect to the Acquisitions: 
 (i) The purchase agreement (including all schedules and exhibits thereto) and all other agreements, instruments and documents relating to
each Acquisition (collectively, the “Acquisition Documents”) shall not be amended, modified or supplemented in a manner adverse to the Relevant Entities or the Lender, or any material condition therein waived, without the prior
written consent of the Lender. 

 (ii) Receipt of all governmental, shareholder and third party consents (including, if
applicable, Hart-Scott-Rodino clearance) and approvals necessary in connection with the Transaction; expiration of all applicable waiting periods without any action being taken by any authority that could restrain, prevent or impose any material
adverse conditions on any aspect of the Transaction; and no law or regulation shall be applicable which could restrain, prevent or impose any material adverse conditions on any aspect of the Transaction. 
 (iii) Each Acquisition shall have been consummated substantially in accordance with the terms of the applicable Acquisition Documents and
substantially in compliance with applicable law and regulatory approvals. 
 (iv) The Lender shall have received evidence
that the applicable Target shall have repaid all outstanding indebtedness and all liens securing such indebtedness shall have been released. 
 (j) Solvency. The Lender shall have received certification as to the financial condition and solvency of the Borrower and each Guarantor after giving effect to the Transaction from the chief executive office or chief financial
officer of the Borrower. 
 (k) Fees and Expenses. All expenses of the Lender (including the fees and expenses of counsel for the
Lender) shall have been paid. 
 CONDITIONS PRECEDENT TO

	 ALL EXTENSIONS OF CREDIT: 
	Usual and customary for transactions of this type, including, without limitation, the following: (a) all of the representations and warranties in the loan documentation shall be true and correct as of
the date of such extension of credit; and (b) no event of default under the Senior Credit Facility or incipient default shall have occurred and be continuing, or would result from such extension of credit. 

 REPRESENTATIONS 

	 AND WARRANTIES: 
	Usual and customary for transactions of this type, including, without limitation, the following: (i) legal existence, qualification and power; (ii) due authorization and no contravention of law,
contracts or organizational documents; (iii) governmental and third party approvals and consents; (iv) enforceability; (v) accuracy and completeness of specified financial statements and other information and no event or circumstance,
either individually or in the aggregate, that has had or could reasonably be expected to have a material adverse effect (to be defined in the loan documentation); (vi) no material litigation; (vii) no default; (viii) ownership of
property; (ix) insurance matters; (x) environmental matters; (xi) tax matters; (xii) ERISA compliance; (xiii) identification of subsidiaries, equity interests and loan parties; (xiv) use of proceeds and not engaging in
business of purchasing/carrying margin stock; (xv) status under Investment Company Act; (xvi) accuracy of disclosure; (xvii) compliance with laws; (xviii) intellectual property; (xix) solvency; and (xx) collateral
matters, in each case with such exceptions as may be agreed upon in the loan documentation. 

  

	 COVENANTS: 
	Usual and customary for transactions of this type, including, without limitation, the following: 

 (a) Affirmative Covenants—(i) delivery of financial statements (annual audited financial statements within 90 days of each fiscal year end and quarterly unaudited financial statements within 45 days of
each fiscal quarter end), budgets, forecasts and accounts receivable agings; (ii) delivery of certificates and other information; (iii) delivery of notices (of any default, material adverse condition, ERISA event and material change in
accounting or financial reporting practices); (iv) payment of obligations; (v) preservation of existence; (vi) maintenance of properties; (vii) maintenance of insurance; (viii) compliance with laws; (ix) maintenance of
books and records; (x) inspection rights; (xi) use of proceeds; (xii) covenant to guarantee obligations, give security; (xiii) compliance with environmental laws; and (ix) maintenance of primary deposit relationship
(including operating, cash management and/or collection/lockbox services) with the Lender, in each case with such exceptions as may be agreed upon in the loan documentation. 
 (b) Negative Covenants—Restrictions on (i) liens; (ii) indebtedness, including guarantees and other contingent obligations (the
loan documentation will permit purchase money indebtedness in an aggregate outstanding principal amount of up to $1.0 million; no other indebtedness will be permitted); (iii) investments (including loans and advances) and acquisitions (the loan
documentation will permit acquisitions provided that (x) the aggregate cash and noncash consideration paid for all acquisitions shall not exceed $5 million and (y) the Borrower would be in compliance with the financial covenants after
giving effect to such acquisition (and the incurred of funded debt in connection therewith) on a pro forma basis; (iv) mergers and other fundamental changes; (v) sales and other dispositions of property or assets; (vi) payments of
dividends and other distributions and share 

 repurchases (the loan documentation will permit share repurchases required by the Borrower’s
organizational documents provided that (x) the Borrower would be in compliance with the financial covenants after giving effect to such share repurchase (and the incurred of funded debt in connection therewith) on a pro forma basis and
(y) after giving effect to such share repurchase (and the incurred of funded debt in connection therewith) there shall be no less than $3 million of availability under the Senior Credit Facility; (vii) changes in the nature of business;
(viii) transactions with affiliates; (ix) burdensome agreements; (x) use of proceeds; (xi) capital expenditures; (xii) amendments of organizational documents; and (xiii) prepayments of and amendments to certain other
indebtedness; in each case with such exceptions as may be agreed upon in the loan documentation. 
 (c) Financial Covenants—To
include (but not be limited to) the following: 
  

	 	•	 	 minimum Consolidated EBITDA (net income (excluding extraordinary gains and losses) plus, to the extent deducted in calculating net income, interest expense, income
taxes, depreciation and amortization and other adjustments to be agreed) of $13.5 million for each period of four consecutive fiscal quarters; 

 EBITDA shall include the earnings of Archer Corporate Services (ACS) and any other minority interest owned by the Borrower or any subsidiary to the extent such earnings are actually distributed in cash to the Borrower
or any subsidiary during the applicable period. 
  

	 	•	 	 maximum Consolidated Leverage Ratio (total funded debt/Consolidated EBITDA) of 2.50:1.0; and 

  

	 	•	 	 minimum Consolidated Fixed Charge Coverage Ratio (Cash Floew (defined below)/(the current portion of long term debt and capital leased obligations plus interest
expense)) of 1.25:1.0. 

 “Cash Flow” means the sum of (a) net income, after income tax, less
(b) income from discontinued operations and extraordinary items, plus (c) losses from discontinued operations and extraordinary items, plus (d) depreciation, depletion, amortization and other non-cash charges,
plus (e) interest expense, minus (f) dividends and other distributions and share repurchases minus (g) non-financed capital expenditures. 
 Each of the ratios referred to above will be calculated on a consolidated basis for each consecutive four fiscal quarter period. 
  

	 EVENTS OF DEFAULT: 
	Usual and customary in transactions of this type, including, without limitation, the following: (i) nonpayment of principal, interest, fees or other amounts; (ii) failure to perform or observe
covenants set forth in the loan documentation within a specified period of time, where 

 customary and appropriate, after such failure; (iii) any representation or warranty proving to have
been incorrect when made or confirmed; (iv) cross-default to other indebtedness in an amount to be agreed; (v) bankruptcy and insolvency defaults (with grace period for involuntary proceedings); (vi) inability to pay debts;
(vii) monetary judgment defaults in an amount to be agreed and material nonmonetary judgment defaults; (viii) customary ERISA defaults; (ix) actual or asserted invalidity or impairment of any loan documentation; and (x) change of
control or change in management. 
  

	 ASSIGNMENTS AND PARTICIPATIONS:

	The Lender will be permitted to make assignments and sell participations to other financial institutions in respect of the Senior Credit Facility. 

  

	 INDEMNIFICATION: 
	The Borrower will indemnify and hold harmless the Lender and its affiliates and their partners, directors, officers, employees, agents and advisors from and against all losses, claims, damages, liabilities
and expenses arising out of or relating to the Senior Credit Facility, the Borrower’s use of loan proceeds or the commitments or any other aspect of the Transaction, including, but not limited to, reasonable attorneys’ fees (including the
allocated cost of internal counsel) and settlement costs. This indemnification shall survive and continue for the benefit of all such persons or entities. 

  

	 GOVERNING LAW: 
	State of New York. 

  

	 PRICING/FEES/EXPENSES: 
	As set forth in Addendum I. 

  

	 OTHER: 
	Each of the parties shall (i) waive its right to a trial by jury and (ii) submit to New York jurisdiction. 

 ADDENDUM I 
 PRICING, FEES AND EXPENSES 
  

	 INTEREST RATES: 
	The interest rates per annum applicable to the Senior Credit Facility will be LIBOR plus the Applicable Margin (as hereinafter defined) or, at the option of the Borrower, the Base Rate (to be defined
as the higher of (x) the Bank of America prime rate and (y) the Federal Funds rate plus 0.50%) plus the Applicable Margin. “Applicable Margin” means a percentage per annum determined in accordance with the
pricing grid set forth below under “Performance Pricing”. 

 The Borrower may select interest periods of one,
two, three or six months for LIBOR loans. Interest shall be payable at the end of the selected interest period, but no less frequently than quarterly. 
 During the continuance of any default under the loan documentation, the Applicable Margin on obligations owing under the loan documentation shall increase by 2% per annum. 
  

	 COMMITMENT FEE: 
	Commencing on the Closing Date, a commitment fee equal to a percentage per annum determined in accordance with the pricing grid set forth below shall be payable on the actual daily unused portions of the
Senior Credit Facility. Such fee shall be payable quarterly in arrears, commencing on the first quarterly payment date to occur after the Closing Date. 

  

	 LETTER OF CREDIT FEES: 
	Letter of Credit fees shall be payable on the maximum amount available to be drawn under each Letter of Credit at a rate per annum equal to the Applicable Margin from time to time applicable to Revolving
Credit LIBOR loans. Such fees will be payable quarterly in arrears, commencing on the first quarterly payment date to occur after the Closing Date. 

  

	 PERFORMANCE PRICING: 
	The Applicable Margin and the commitment fee shall be the following percentages per annum based upon the Consolidated Leverage Ratio (defined above) as of the most recent fiscal quarter end:

  

										
	 Consolidated Leverage Ratio
	  	Applicable Margin
for LIBOR Loans	 	 	Applicable Margin
for Base Rate Loans	 	 	Commitment
Fee	 
	 3 2.5:1.0
	  	2.50	%	 	1.50	%	 	0.250	%
	 3 2.0:1.0 but < 2.5:1.0
	  	2.00	%	 	1.00	%	 	0.250	%
	 3 1.0:1.0 but < 2.0:1.0
	  	1.50	%	 	0.50	%	 	0.375	%
	 < 1.0:1.0
	  	1.25	%	 	0.25	%	 	0.500	%

 CALCULATION OF 

	 INTEREST AND FEES: 
	Other than calculations in respect of interest at the Bank of America prime rate (which shall be made on the basis of actual number of days elapsed in a 365/366 day year), all calculations of interest and
fees shall be made on the basis of actual number of days elapsed in a 360 day year. 

 COST
AND YIELD 

	 PROTECTION: 
	Customary for transactions and facilities of this type, including, without limitation, in respect of breakage or redeployment costs incurred in connection with prepayments, changes in capital adequacy and
capital requirements or their interpretation, illegality, unavailability, reserves without proration or offset and payments free and clear of withholding or other taxes. 

  

	 EXPENSES: 
	The Borrower will pay all reasonable costs and expenses associated with the preparation, due diligence, administration and closing of all loan documentation, including, without limitation, the legal fees of
counsel to the Lender. The Borrower will also pay the expenses of the Lender in connection with the enforcement of any of the loan documentation.Portland General Electric Company 2006 Stock Incentive Plan, as amended

 Exhibit 10.23 
 PORTLAND GENERAL ELECTRIC COMPANY 
 2006 STOCK INCENTIVE PLAN 
 Effective as of March 31, 2006 
 (As Amended and Restated October 24, 2007) 
 1. Purpose. The Portland General Electric Company 2006 Stock
Incentive Plan, as amended and restated (the “Plan”) is intended to provide incentives which will attract, retain and motivate highly competent persons as officers, directors and key employees of Portland General Electric Company
(the “Company”) and its subsidiaries and Affiliates, by providing them with appropriate incentives and rewards in the form of rights to earn shares of the common stock of the Company (“Common Stock”) and cash
equivalents. 
 2. Definitions. A listing of the defined terms utilized in the Plan is set forth in Appendix A. 
 3. Effective Date of Plan. The Plan is effective on March 31, 2006. 
 4. Administration. 
 (a)
Committee. The Plan will be administered by a committee (the “Committee”) appointed by the Board of Directors of the Company (the “Board of Directors”) from among its members (which may be the Compensation
and Human Resources Committee) and shall be comprised, solely of not less than two (2) members who shall be (i) “non-employee directors” within the meaning of Rule 16b-3(b)(3) (or any successor rule) promulgated under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) and (ii) “outside directors” within the meaning of Treasury Regulation Section 1.162-27(e)(3) under Section 162(m) of the Internal Revenue
Code of 1986, as amended (the “Code”). 
 (b) Authority. The Committee is authorized, subject to the provisions of
the Plan, to establish such rules and regulations as it deems necessary for the proper administration of the Plan and, in its sole discretion, to make such determinations, valuations and interpretations and to take such action in connection with the
Plan and any Awards (as hereinafter defined) granted hereunder as it deems necessary or advisable. All determinations and interpretations made by the Committee shall be binding and conclusive on all participants and their legal representatives.

 (c) Indemnification. No member of the Committee and no employee of the Company shall be liable for any act or failure to act
hereunder, or for any act or failure to act hereunder by any other member or employee or by any agent to whom duties in connection with the administration of this Plan have been delegated, except in circumstances involving his or her bad faith or
willful misconduct. The Company shall indemnify members of the Committee and any agent of the Committee who is an employee of the Company, or of a subsidiary or an Affiliate against any and all liabilities or expenses to which they may be subjected
by reason of 

 
any act or failure to act with respect to their duties on behalf of the Plan, except in circumstances involving such person’s bad faith or willful
misconduct. For purposes of this Plan, “Affiliate(s) “ means any entity that controls, is controlled by or is under common control with the Company; provided, however, that neither the Disputed Claims Reserve, the Disputed
Claims Overseers, the Plan Administrator nor the Disbursing Agent, as those terms are defined in Fifth Amended Joint Plan of Affiliated Debtors In Re Enron Corp. et al., shall be an Affiliate. 
 (d) Delegation and Advisers. The Committee may delegate to one or more of its members, or to one or more employees or agents, such duties and
authorities as it may deem advisable including the authority to make grants as permitted by applicable law, the rules of the Securities and Exchange Commission (the “SEC”) and any requirements of the New York Stock Exchange (the
“NYSE”), and the Committee, or any person to whom it has delegated duties or authorities as aforesaid, may employ one or more persons to render advice with respect to any responsibility the Committee or such person may have under
the Plan. The Committee may employ such legal or other counsel, consultants and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion or computation received from any such counsel, consultant or agent.
Expenses incurred by the Committee in the engagement of such counsel, consultant or agent shall be paid by the Company, or the subsidiary or Affiliate whose employees have benefited from the Plan, as determined by the Committee. 
 5. Type of Awards. Awards under the Plan may be granted in any one or a combination of (a) Stock Options, (b) Stock Appreciation Rights,
(c) Restricted Stock Awards, and (d) Stock Units (each as described below, and collectively, the “Awards”). Awards may, as determined by the Committee in its discretion, constitute Performance-Based Awards, as described in
Section 13 hereof. 
 6. Participants. Participants will consist of (i) such officers and key employees of the Company and
its subsidiaries and Affiliates as the Committee in its sole discretion determines to be significantly responsible for the success and future growth and profitability of the Company and whom the Committee may designate from time to time to receive
Awards under the Plan and (ii) each director of the Company who is not otherwise an employee of the Company or any of its subsidiaries and whom the Committee may designate from time to time to receive Awards under the Plan. Designation of a
participant in any year shall not require the Committee to designate such person to receive an Award in any other year or, once designated, to receive the same type or amount of Award as granted to the participant in any other year. The Committee
shall consider such factors as it deems pertinent in selecting participants and in determining the type and amount of their respective Awards. 
 7. Grant Agreements. 
 (a) Awards granted under the Plan shall be evidenced by an agreement (“Grant
Agreement”) that shall provide such terms and conditions, as determined by the Committee in its sole discretion, provided, however, that in the event of any conflict between the provisions of the Plan and any such Grant Agreement,
the provisions of the Plan shall prevail. 

 (b) The Grant Agreement will determine the effect on an Award of the disability, death, retirement,
involuntary termination, termination for cause or other termination of employment or service of a participant and the extent to which, and the period during which, the participant’s legal representative, guardian or beneficiary may receive
payment of an Award or exercise rights thereunder. If the relevant Grant Agreement does not provide otherwise, however, the following default rules shall apply: 
 (i) vested Stock Option and Stock Appreciation Rights held by a participant shall be exercisable for a period of 90 days following the date the participant ceases to be an employee or director of the Company, its
subsidiaries and Affiliates; 
 (ii) unvested Stock Option, Stock Appreciation Rights, Restricted Stock Awards and Stock Units held by a
participant shall be forfeited on the date the participant ceases to be an employee or director of the Company, its subsidiaries and Affiliates. 
 (c) Subject to Section 13(e), the Committee, in its sole discretion, may modify a Grant Agreement, provided any such modification will not materially adversely affect the economic interests of the participant unless the Committee shall
have obtained the written consent of the participant. Notwithstanding the foregoing, the Committee shall not reduce the exercise price of a Stock Option or Stock Appreciation Right (other than under Section 15) without the approval of the
Company’s shareholders. 
 (d) Grant Agreements under the Plan need not be identical. 
 8. Stock Options. 
 (a)
Generally. At any time, the Committee may grant, in its discretion, awards of stock options that will enable the holder to purchase a number of shares of Common Stock from the Company, at set terms (a “Stock Option”). Stock
Options may be incentive stock options (“Incentive Stock Options”), within the meaning of Section 422 of the Code, or Stock Options which do not constitute Incentive Stock Options (“Nonqualified Stock
Options”). The Committee will have the authority to grant to any participant one or more Incentive Stock Options and/or Nonqualified Stock Options. Each Stock Option shall be subject to such terms and conditions, including vesting,
consistent with the Plan as the Committee may provide in the Grant Agreement, subject to the following limitations: 
 (b) Exercise
Price. Each Stock Option granted hereunder shall have such per-share exercise price as the Committee may determine in the Grant Agreement, but such exercise price may not be less than “Fair Market Value” (as defined in
Section 8(g) below) on the date the Stock Option is granted, except as provided in Section 11(c). 
 (c) Payment of Exercise
Price. The option exercise price may be paid in cash or, in the discretion of the Committee and in accordance with any requirements established by the 

 
Committee, by the delivery of shares of Common Stock of the Company then owned by the participant. In the discretion of the Committee and in accordance with
any requirements established by the Committee, payment may also be made by delivering a properly executed exercise notice to the Company together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of
sale or loan proceeds to pay the exercise price. 
 (d) Exercise Period. Stock Options granted under the Plan shall be exercisable at
such time or times and subject to such terms and conditions, including vesting, as shall be determined by the Committee in the Grant Agreement. 
 (e) Limitations on Incentive Stock Options. Incentive Stock Options may be granted only to participants who are employees of the Company or of a “Parent Corporation” or “Subsidiary Corporation” (as
defined in Sections 424(e) and (f) of the Code, respectively) at the date of grant. The aggregate “Fair Market Value” (as defined and determined as of the time the Stock Option is granted in accordance with Section 8(g) below) of
the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by a participant during any calendar year (under all option plans of the Company and of any Parent Corporation or Subsidiary Corporation) shall not
exceed one hundred thousand dollars ($100,000). For purposes of the preceding sentence, Incentive Stock Options will be taken into account in the order in which they are granted. The per-share exercise price of an Incentive Stock Option shall not be
less than one hundred percent (100%) of the Fair Market Value of the Common Stock on the date of grant, and no Incentive Stock Option may be exercised later than ten (10) years after the date it is granted. 
 (f) Additional Limitations on Incentive Stock Options for Ten Percent Shareholders. Incentive Stock Options may not be granted to any participant
who, at the time of grant, owns stock possessing (after the application of the attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any
Parent Corporation or Subsidiary Corporation, unless the exercise price of the option is fixed at not less than one hundred ten percent (110%) of the Fair Market Value of the Common Stock on the date of grant and the exercise of such option is
prohibited by its terms after the expiration of five (5) years from the date of grant of such option. 
 (g) Fair Market Value.
For purposes of this Plan and any Awards granted hereunder, “Fair Market Value” shall be the closing price of the Common Stock on the relevant date (or on the last preceding trading date if Common Stock was not traded on such date)
if the Common Stock is readily tradable on a national securities exchange or other market system, and if the Common Stock is not readily tradable, Fair Market Value shall mean the amount determined in good faith by the Committee as the fair market
value of the Common Stock. 
 9. Stock Appreciation Rights. 
 (a) Generally. At any time, the Committee may, in its discretion, grant stock appreciation rights with respect to Common Stock (“Stock
Appreciation Rights”), including a concurrent grant of Stock Appreciation Rights in tandem with any Stock Option 

 
grant. A Stock Appreciation Right means a right to receive a payment in cash or in Common Stock of an amount equal to the excess of (i) the Fair Market
Value of a share of Common Stock on the date the right is exercised over (ii) the Fair Market Value of a share of Common Stock on the date the right is granted, all as determined by the Committee. Each Stock Appreciation Right shall be subject
to such terms and conditions, including vesting, as the Committee shall impose in the Grant Agreement. 
 (b) Exercise Period. Stock
Appreciation Rights granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions, including vesting, as shall be determined by the Committee in the Grant Agreement. 
 10. Restricted Stock Awards. 
 (a)
Generally. At any time, the Committee may, in its discretion, grant Awards of Common Stock, subject to restrictions determined by the Committee (a “Restricted Stock Award”). Such Awards may include mandatory payment of any
bonus in stock consisting of Common Stock issued or transferred to participants with or without other payments therefor and may be made in consideration of services rendered to the Company or its subsidiaries or Affiliates. A Restricted Stock Award
shall be construed as an offer by the Company to the participant to purchase the number of shares of Common Stock subject to the Restricted Stock Award at the purchase price, if any, established therefore. 
 (b) Payment of the Purchase Price. If the Restricted Stock Award requires payment therefor, the purchase price of any shares of Common Stock
subject to a Restricted Stock Award may be paid in any manner authorized by the Committee, which may include any manner authorized under the Plan for the payment of the exercise price of a Stock Option. 
 (c) Restrictions. Restricted Stock Awards shall be subject to such terms and conditions, including without limitation time based vesting and/or
performance based vesting, restrictions on the sale or other disposition of such shares, and/or the right of the Company to reacquire such shares for no consideration upon termination of the participant’s employment within specified periods, as
the Committee determines appropriate. The Committee may require the participant to deliver a duly signed stock power, endorsed in blank, relating to the Common Stock covered by such an Award. The Committee may also require that the stock
certificates evidencing such shares be held in custody or bear restrictive legends until the restrictions thereon shall have lapsed. 
 (d)
Rights as a Shareholder. The Restricted Stock Award shall specify whether the participant shall have, with respect to the shares of Common Stock subject to a Restricted Stock Award, all of the rights of a holder of shares of Common Stock of
the Company, including the right to receive dividends and to vote the shares. 

 11. Common Stock Available Under the Plan. 
 (a) Basic Limitations. The aggregate number of shares of Common Stock that may be subject to Awards shall be 4,687,500, subject to any adjustments
made in accordance with Section 15 hereof. The maximum number of shares of Common Stock that may be: 
 (i) the subject of an Award with
respect to any individual participant under the Plan during the term of the Plan shall not exceed 2,000,000 (subject to adjustments made in accordance with Section 15 hereof); 
 (ii) covered by Awards issued under the Plan during a year shall be limited during the first calendar year of the Plan to1,250,000 and during any year
thereafter to 1% of the Company’s outstanding Common Stock at the beginning such year; and 
 (iii) issued pursuant to Incentive Stock
Options awarded under the Plan shall be 1,000,000. 
 (b) Additional Shares. Any shares of Common Stock subject to a Stock Option or
Stock Appreciation Right which for any reason is cancelled or terminated without having been exercised, or any shares of Common Stock subject to Restricted Stock Awards or Stock Units which are forfeited, and any shares delivered to the Company as
part or full payment for an Award or, to the extent the Committee determines that the availability of Incentive Stock Options under the Plan will not be compromised, to satisfy the Company’s withholding obligation with respect to an Award
granted under this Plan as payment of a withholding obligation, shall again be available for Awards under the Plan under 11(a). The preceding sentence shall apply only for purposes of determining the aggregate number of shares of Common Stock
subject to Awards but shall not apply for purposes of determining the maximum number of shares of Common Stock with respect to which Awards may be granted to any individual participant under the Plan. 
 (c) Acquisitions. In connection with the acquisition of any business by the Company or any of its subsidiaries or Affiliates, any outstanding
grants or awards of options, restricted stock or other equity-based compensation pertaining to such business may be assumed or replaced by Awards under the Plan upon such terms and conditions as the Committee determines, including granting of Stock
Options or Stock Appreciation Rights with an exercise price below Fair Market Value at the date of the replacement grant. 
 12. Stock
Units. 
 (a) Generally. The Committee may, in its discretion, grant “Stock Units” (as defined in subsection
(c) below) to participants hereunder. Stock Units may be subject to such terms and conditions, including time based vesting and/or performance based vesting, as the Committee determines appropriate. A Stock Unit granted by the Committee shall
provide payment in shares of Common Stock at such time as the Grant Agreement shall specify. Shares of Common Stock issued pursuant to this Section 12 may be issued with or without 

 
other payments therefor as may be required by applicable law or such other consideration as may be determined by the Committee. The Committee shall determine
whether a participant granted a Stock Unit shall be entitled to a Dividend Equivalent Right (as defined in subsection (c) below). 
 (b)
Settlement of Stock Units. Shares of Common Stock representing the Stock Units shall be distributed to the participant upon settlement of the Award pursuant to the Grant Agreement. 
 (c) Definitions. A “Stock Unit” means a notional account representing one (1) share of Common Stock. A “Dividend
Equivalent Right” means the right to receive the amount of any dividend paid on the share of Common Stock underlying a Stock Unit, which shall be payable in cash or in the form of additional Stock Units, in the discretion of the Committee.

 13. Performance-Based Awards. 
 (a) Generally. Any Award granted under the Plan may be granted in a manner such that the Award qualifies for the performance-based compensation exemption of Section 162(m) of the Code (“Performance-Based
Awards”). As determined by the Committee in its sole discretion, either the vesting and/or payment of such Performance-Based Awards shall be based on achievement of hurdle rates and/or growth rates in one or more business criteria that
apply to the individual participant, one or more business units, or the Company as a whole. 
 (b) Business Criteria. The business
criteria shall be as follows, individually or in combination: (1) net earnings; (2) earnings per share; (3) net sales growth; (4) market share; (5) operating profit; (6) earnings before interest and taxes (EBIT);
(7) earnings before interest, taxes, depreciation and amortization (EBITDA); (8) gross margin; (9) expense targets; (10) working capital targets relating to inventory and/or accounts receivable; (11) operating margin;
(12) return on equity; (13) return on assets; (14) planning accuracy (as measured by comparing planned results to actual results); (15) market price per share; (16) total return to stockholders; (17) cash flow and/or
cash flow return on equity; (18) recurring after-tax net income; (19) gross revenues; (20) return on invested capital; (21) safety; (22) cost management; (23) productivity ratios; (24) operating efficiency;
(25) accomplishment of mergers, acquisitions, dispositions or similar extraordinary business transactions; (26) bond ratings; (27) economic value added; (28) book value per share; (29) strategic initiatives;
(30) employee satisfaction; (31) cash management or asset management metrics; (32) regulatory performance; (33) dividend yield; (34) dividend payout ratio; (35) pre-tax interest coverage; (36) P/E ratio;
(37) capitalization targets; (38) customer value/satisfaction; (39) inventory; (40) inventory turns; (41) availability and/or reliability of generation; (42) outage duration; (43) outage frequency;
(44) trading floor earnings; (45) budget-to-actual performance; (46) customer growth; (47) funds from operations; (48) interest coverage; (49) funds from operations/average total debt; (50) funds from
operations/capital expenditures; (51) total debt/total capital; (52) electric service power quality and reliability, (53) resolution and/or 

 
settlement of litigation and other legal proceedings and (54) total equity/ total capital. In addition, Performance-Based Awards may include comparisons
to the performance of other companies, such performance to be measured by one or more of the foregoing business criteria. 
 (c)
Establishment of Performance Goals. With respect to Performance-Based Awards, the Committee shall establish in writing (i) the performance goals applicable to a given period, and such performance goals shall state, in terms of an
objective formula or standard, the method for computing the portion of an Award that vests or the number of shares to be delivered to a participant under an Award if such performance goals are obtained, and (ii) the individual employees or
class of employees to which such performance goals shall apply, in each case no later than ninety (90) days after the commencement of the applicable performance period (but in no event after twenty-five percent (25%) of such performance
period has elapsed). 
 (d) Certification of Performance. No Performance-Based Awards shall be payable to or vest with respect to, as
the case may be, any participant for a given period until the Committee certifies in writing that the objective performance goals (and any other material terms) applicable to such period have been satisfied. 
 (e) Modification of Performance-Based Awards. Subject to Section 15(b), with respect to any Awards intended to qualify as Performance-Based
Awards, after establishment of a performance goal, the Committee shall not revise such performance goal or increase the amount of compensation payable thereunder upon the attainment of such performance goal (in accordance with the requirements of
Section 162(m) of the Code and the regulations thereunder). Notwithstanding the preceding sentence, (i) the Committee may reduce or eliminate the number of shares of Common Stock or cash granted or the number of shares of Common Stock
vested upon the attainment of such performance goal, and (ii) the Committee shall disregard or offset the effect of “Extraordinary Items” in determining the attainment of performance goals. For this purpose, “Extraordinary
Items” means extraordinary, unusual and/or non-recurring items, including but not limited to, (i) regulatory disallowances or other adjustments, (ii) restructuring or restructuring-related charges, (iii) gains or losses on the
disposition of a business or major asset, (iv) changes in regulatory, tax or accounting regulations or laws, (v) resolution and/or settlement of litigation and other legal proceedings or (vi) the effect of a merger or acquisition.

 14. Foreign Laws. The Committee may grant Awards to individual participants who are subject to the tax laws of nations other than
the United States, which Awards may have terms and conditions as determined by the Committee as necessary to comply with applicable foreign laws. The Committee may take any action which it deems advisable to obtain approval of such Awards by the
appropriate foreign governmental entity; provided, however, that no such Awards may be granted pursuant to this Section 14 and no action may be taken which would result in a violation of the Exchange Act, the Code or any other applicable
law. 

 15. Adjustment Provisions. 
 (a) Adjustment Generally. If there shall be any change in the Common Stock of the Company, through merger, consolidation, reorganization,
recapitalization, stock dividend, stock split, reverse stock split, split up, spin-off, combination of shares, exchange of shares, dividends or other changes in capital structure, an adjustment shall be made as provided below in (b) to each
outstanding Award. 
 (b) Modification of Awards. In the event of any change or distribution described in subsection (a) above,
the Committee shall appropriately adjust the number of shares of Common Stock which may be issued pursuant to the Plan, the other limits on Common Stock issuable under the Plan under Section 11, and the number of shares covered by, and the
exercise price of, each outstanding Award; provided, however, that any such adjustment to a Performance-Based Award shall not cause the amount of compensation payable thereunder to be increased from what otherwise would have been due upon
attainment of the unadjusted award. 
 (c) Notwithstanding the above, no adjustment to a Stock Option or Stock Appreciation Right shall be
made under this Section 15 in a manner that will be treated under Section 409A of the Code as the grant of a new Stock Option or Stock Appreciation Right. 
 16. Nontransferability, Title and Other Restrictions. Except as otherwise specifically provided by the Committee in a Grant Agreement or modification of a Grant Agreement that provides for transfer, each Award
granted under the Plan to a participant shall not be transferable otherwise than by will or the laws of descent and distribution, and shall be exercisable, during the participant’s lifetime, only by the participant. In the event of the death of
a participant, each Award granted to him or her shall be exercisable during such period after his or her death as the Committee shall in its discretion set forth in the Grant Agreement at the date of grant and then only by the executor or
administrator of the estate of the deceased participant or the person or persons to whom the deceased participant’s rights under the Stock Option or Stock Appreciation Right shall pass by will or the laws of descent and distribution.

 17. Acceleration of Awards. 
 (a) In order to preserve a participant’s rights under an Award in the event of a Change in Control of the Company or in the event of a fundamental change in the business condition or strategy of the Company, the Committee, in its sole
discretion, may, at the time an Award is made or at any time thereafter, take one or more of the following actions: (i) provide for the acceleration of any time period relating to the exercise or payment of the Award, (ii) provide for
payment to the participant of cash or other property with a fair market value equal to the amount that would have been received upon the exercise or payment of the Award had the Award been exercised or paid upon such event, (iii) adjust the
terms of the Award in a manner determined by the Committee to reflect such event, (iv) cause the Award to be assumed, or new rights substituted therefor, by another entity, or (v) make such other 

 
adjustments in the Award as the Committee may consider equitable to the participant and in the best interests of the Company. Further, any Award shall be
subject to such conditions as necessary to comply with federal and state securities laws, the performance based exception of Section 162(m) of the Code, or understandings or conditions as to the participant’s employment in addition to
those specifically provided for under the Plan. 
 (b) A “Change in Control” shall be mean any of the following events:

 (i) Any person (as such term is used in Section 14(d) of the Exchange Act) becomes the “beneficial owner” (as determined
pursuant to Rule 14d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than thirty percent (30%) of the combined voting power of the Company’s then outstanding voting securities; or

 (ii) During any period of two (2) consecutive years (not including any period prior to the execution of this Plan), individuals who
at the beginning of such period constitute the members of the Board of Directors and any new director whose election to the Board of Directors or nomination for election to the Board of Directors by the Company’s stockholders was approved by a
vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a
majority of the Board of Directors; or 
 (iii) The Company shall merge with or consolidate into any other corporation or entity, other than
a merger or consolidation which would result in the holders of the voting securities of the Company outstanding immediately prior thereto holding immediately thereafter securities representing more than fifty percent (50%) of the combined
voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or 
 (iv) The stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets. 
 Notwithstanding any of the foregoing, the issuance of shares to or the distribution of shares from the “Disputed Claims Reserve” pursuant to
the Fifth Amended Joint Plan of Affiliated Debtors In Re Enron Corp. et al. shall not constitute a Change in Control. 
 (c) Notwithstanding
the above, this Section 17 shall not apply to any Award made under the Plan that is subject to Section 409A of the Code to the extent that its application would result in a modification to either the time or form of payment or distribution
of such Award as provided for under the terms of the Plan or a Grant Agreement. 
 18. Withholding. All payments or distributions of
Awards made pursuant to the Plan shall be net of any amounts required to be withheld pursuant to applicable federal, state and local 

 
tax withholding requirements. If the Company proposes or is required to distribute Common Stock pursuant to the Plan, it may require the recipient to remit
to it or to the corporation or entity that employs such recipient an amount sufficient to satisfy such tax withholding requirements prior to the delivery of any certificates for such Common Stock. In lieu thereof, the Company or the employing
corporation or entity shall have the right to withhold the amount of such taxes from any other sums due or to become due from such corporation to the recipient as the Committee shall prescribe. The Committee may, in its discretion and subject to
such rules as it may adopt (including any as may be required to satisfy applicable tax and/or non-tax regulatory requirements), permit an optionee or award or right holder to pay all or a portion of the federal, state and local withholding taxes
arising in connection with any Award consisting of shares of Common Stock by electing to have the Company withhold shares of Common Stock having a Fair Market Value equal to the amount of tax to be withheld, such tax calculated at minimum statutory
withholding rates. 
 19. Employment. A participant’s right, if any, to continue to serve the Company or any of its subsidiaries
or Affiliates as a director, officer, employee, or otherwise, shall not be enlarged or otherwise affected by his or her designation as a participant under the Plan. 
 20. Unfunded Plan. Participants shall have no right, title, or interest whatsoever in or to any investments which the Company may make to aid it in meeting its obligations under the Plan. Nothing contained in
the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any participant, beneficiary, legal representative or any other person. To the
extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the
general funds of the Company and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan. The Plan is not intended to be subject to the
Employee Retirement Income Security Act of 1974, as amended. 
 21. No Fractional Shares. No fractional shares of Common Stock shall
be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, or Awards, or other property shall be issued or paid in lieu of fractional shares or whether such fractional shares or any rights thereto shall be
forfeited or otherwise eliminated. 
 22. Duration, Amendment and Termination. No Award shall be granted more than ten (10) years
after the effective date of the Plan. The Committee may amend the Plan from time to time or suspend or terminate the Plan at any time. No amendment of the Plan may be made without approval of the stockholders of the Company if such approval is
required under the Code, the rules of a stock exchange, or any other applicable laws or regulations. 
 23. Award Deferrals.
Participants may elect to defer receipt of shares of Common Stock or amounts payable under an Award in accordance with procedures established by the Committee. 

 24. Effect of Code Section 409A. To the extent that any Award under this plan is or may be
considered to involve a nonqualified deferred compensation plan or deferral subject to Section 409A of the Code, the terms and administration of such Award shall comply with the provisions of such Section, applicable IRS guidance and good faith
reasonable interpretations thereof and, to the extent necessary, shall be modified, replaced, or terminated in the discretion of the Committee. 
 25. Compliance with Securities Laws. Notwithstanding any other provision of the Plan, the Company shall have no liability to deliver any shares of Common Stock under the Plan or make any other distribution of benefits under the Plan
unless such delivery or distribution would comply with all applicable laws (including, without limitation, the requirements of the Securities Act of 1933), and the applicable requirements of any securities exchange or similar entity. 
 26. Governing Law. This Plan, Awards granted hereunder and actions taken in connection herewith shall be governed and construed in accordance with
the laws of the state of Oregon. 
 Executed as of the 25th day of October, 2007. 
  

			
	PORTLAND GENERAL ELECTRIC COMPANY
		
	By:	 	 /s/ Arleen Barnett

	Name:	 	Arleen Barnett
	Title:	 	Vice President, Administration

 Appendix A 
 Index of Defined Terms 
  

			
	 Term
	  	 Section
 Where Defined

	 Affiliate(s)
	  	4(c)
	 Awards
	  	5
	 Board of Directors
	  	4(a)
	 Change in Control
	  	17(b)
	 Code
	  	4(a)
	 Committee
	  	4(a)
	 Common Stock
	  	1
	 Company
	  	1
	 Dividend Equivalent Right
	  	12(c)
	 Exchange Act
	  	4(a)
	 Fair Market Value
	  	8(g)
	 Grant Agreement
	  	7(a)
	 Incentive Stock Options
	  	8(a)
	 Nonqualified Stock Options
	  	8(a)
	 Parent Corporation
	  	8(e)
	 Performance-Based Awards
	  	13(a)
	 Plan
	  	1
	 Restricted Stock Award
	  	10(a)
	 Stock Appreciation Rights
	  	9(a)
	 Stock Option
	  	8(a)
	 Stock Unit
	  	12(c)
	 Subsidiary Corporation
	  	8(e)

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