Document:

Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made as
of the 1st day of June, 2006, by and among OLD DOMINION ELECTRIC COOPERATIVE, a utility aggregation cooperative
organized under the laws of the Commonwealth of Virginia (“Old Dominion”), and VIRGINIA, MARYLAND AND DELAWARE ASSOCIATION OF ELECTRIC COOPERATIVES, a non-stock corporation organized under the laws of the Commonwealth of Virginia (the
“Association”) (collectively, the “Employer”), and Jackson E. Reasor, Jr. (the “Executive”). 
 In
consideration of the mutual covenants contained herein, Employer and Executive agree as follows: 
 1. Employment. Employer agrees to
continue to employ Executive, and Executive agrees to continue in the employ of Employer on the terms and conditions hereinafter set forth. 
 2. Capacity. Executive shall serve Employer as President and Chief Executive Officer of Old Dominion and the Association and may serve as an officer of other entities owned in whole or in part by the Employer, with such powers
and duties as may be prescribed from time to time by Employer, which duties shall include, without limitation, strategic and long range planning for, and oversight of the day-to-day operations of Employer. Executive’s continued employment with
Employer is conditioned upon performance and results as set forth herein. 
 3. Effective Date and Term. The commencement date of this
Agreement shall be as of June 1, 2006 (the “Commencement Date”). Subject to the provisions of Section 6, the term of Executive’s employment hereunder shall be five (5) years from the Commencement date, and shall be
automatically extended for an additional one (1) year period unless either the Executive or the Employer gives written notice 30 days prior to the Expiration Date of such party’s election not to extend the terms of this Agreement. Such one
(1) year period, as extended, shall hereafter be referred to as the “Term.” The last day of the Term is herein sometimes referred to as the “Expiration Date.” 
 4. Compensation and Benefits. The regular compensation and benefits payment to Executive under this Agreement shall be as follows: 
 (a) Salary. For all services rendered by Executive under this Agreement Employer shall pay Executive a salary at the rate of $360,000 per year.
Executive’s salary shall be payable bi-weekly in accordance with Employer’s usual practice for its officers. Performance reviews shall be conducted every twelve months. Salary adjustments shall be considered at each twelve-month
anniversary and shall be awarded at the discretion of the Boards of Directors of Employer. 
 (b) Regular Benefits. Executive shall be
entitled to participate in all benefit plans available to employees of Employer, such plans are more specifically outlined in the Employee Benefits Package (a copy of which has been provided to Executive), including medical insurance, basic life
insurance, long-term disability, retirement and security plans, savings plans (401K), business travel 

 
accident insurance, exercise club privileges, and other benefit plans that may from time to time be approved or in effect for senior executives of Employer.
Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of Employer and (iii) the discretion of the Boards of Directors of Employer or the administrative or other
committee provided for in or contemplated by such plan. Such benefits shall be subject to review, alteration and/or cancellation in the discretion of the Boards of Directors of Employer, in accordance with the usual practice of Employer with respect
to review of benefits for its officers. 
 (c) Bonus Availability. Executive may be eligible for an annual bonus based on the criteria
established by the Board which shall be determined on an annual basis. Such bonus shall be at the discretion of the Boards of Directors. 
 (d) Business Expenses. Employer shall reimburse Executive for all reasonable travel and other business expenses incurred by him in the performance of his duties and responsibilities subject to such reasonable requirements with
respect to substantiation and documentation as may be specified by Employer. 
 (e) Vacation and Sick Leave. Executive shall be
entitled to five (5) weeks of vacation during each calendar year. Executive’s sick leave accrual shall follow the standard sick leave policy. 
 (f) Automobile. Employer shall provide Executive, for his personal use, a new, American-made sedan. “Personal use” excludes all non-business use by individuals other than Executive except in the case
of an emergency. Such personal use of the vehicle shall be permitted in and around the greater Richmond area. Executive shall be responsible for paying the tax on income attributable to the provision of such vehicle. 
 (g) Deferred Compensation. As soon as reasonably practicable, Old Dominion will enter into a deferred compensation agreement with the Executive to
provide for the payment of supplemental nonqualified deferred compensation at the discretion of the Board of Directors in an amount within the statutory maximums permitted under Section 457 of the Internal Revenue Code. Benefits shall be
payable upon retirement or other termination of employment, and they shall be fully funded and earmarked for payment using a Rabbi Trust. 
 5. Extent of Service. During his employment hereunder, Executive shall, subject to the discretion and supervision of the Boards of Directors of Employer, devote his full business time, best efforts and business judgment, skill and
knowledge to the advancement of Employer’s interest and to the discharge of his duties and responsibilities hereunder. He shall not engage in any other business activity, except as may be approved by the Boards of Directors of Employer.
“Business activity” shall not include Executive’s investment or ownership in publicly held corporations or entities whose securities are tracked on recognized national or regional stock exchanges; provided such investment or ownership
is at all times during the term of this agreement less than 5% of the outstanding shares of said corporation or entity. 

 6. Termination and Termination Benefits. Notwithstanding the provisions of Section 3,
Executive’s employment hereunder shall terminate under the following circumstances and shall be subject to the following provisions: 
 (a) Death. In the event of Executive’s death during Executive’s employment hereunder, Executive’s employment shall terminate on the date of his death without further liability on the part of the Employer under this
Agreement. 
 (b) Termination by Employer for Cause. Executive’s employment hereunder may be terminated without further liability
on the part of Employer effective immediately by a majority vote of the Boards of Directors for cause by written notice to Executive setting forth in reasonable detail the nature of such Cause. Only the following shall constitute “Cause”
for such termination: 
 (i) gross incompetence, insubordination, gross negligence, willful misconduct in office or breach of a material
fiduciary duty, which includes a breach of confidentiality as defined in Section 8(b), owed to Employer or any subsidiary or affiliate thereof; 
 (ii) conviction of a felony, a crime of moral turpitude or commission of an act of embezzlement or fraud against Employer or any subsidiary or affiliate thereof; 
 (iii) Executive’s material failure to perform a substantial portion of his duties and responsibilities hereunder; but only after Employer provides
Executive written notice of such failure and gives him thirty (30) days to remedy the situation. 
 (iv) deliberate dishonesty of
Executive with respect to Employer or any subsidiary or affiliate thereof. 
 (c) Termination by Executive. Executive may terminate
his employment hereunder with or without Good Reason (as defined below) by written notice to the Boards of Directors of Employer effective 60 days after receipt of such notice by the Boards of Directors. In the event that Executive terminates his
employment hereunder for Good Reason, Executive shall be entitled to the salary specified in Section 6(e). Executive shall not be required to render any further services to Employer. Upon termination of employment by Executive without Good
Reason, Executive shall be entitled to no further compensation under this Agreement. “Good Reason” shall be the failure by Employer to comply with the provisions of Section 4(a) or material breach by Employer of any other provision of
this Agreement, which failure or breach shall continue for more than 30 days after the date on which the Boards of Directors of Employer receive such notice. 
 (d) Termination by Employer Without Cause. Executive’s employment with Employer may be terminated without Cause by a majority of each of the Boards of Directors of Employer, effective immediately upon
delivery of written notice of such termination to Executive. 

 (e) Certain Termination Payments. In the event of termination of Executive’s employment
hereunder by Employer without Cause or by Executive with Good Reason, Executive shall be entitled to the following: 
 (i) For and during the
one-year period immediately following the date of termination, Employer shall continue to pay Executive a salary at the rate in effect on the date of termination. Payment of such salary shall be made on the same periodic date as salary payments
would have been made to Executive had he not been terminated. Employer shall also provide medical insurance to Executive for this one year period on the same basis as if Executive were still employed, except that Employer’s obligation to
provide such medical insurance shall cease if Executive becomes eligible for such coverage by virtue of his employment with another company or entity. 
 (ii) In the event that Executive becomes employed in any capacity during the one-year period immediately following the date of termination, Employer’s obligation to pay Executive’s salary pursuant to
Section 6(e)(i) herein shall be reduced by the amount of Executive’s compensation at his new employer. 
 (f) Expiration
Payments. In the event the Executive’s employment is not continued with Employer beyond the Expiration Date on mutually agreeable terms and conditions, the Employer shall continue to pay Executive a salary at the rate in effect at the
Expiration Date for a period of six months on the same periodic dates as salary payments would have been made to Executive had his employment continued. The provisions set forth in Section 6(e) (ii) also apply to the six-month
post-expiration period. 
 (g) Litigation and Regulatory Cooperation. Executive shall cooperate fully with Employer in the defense or
prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of Employer that relate to events or occurrences that transpired while Executive was employed by Employer. Executive’s full
cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of Employer at mutually convenient times. Executive
shall also cooperate fully with Employer in connection with any examination or review of any federal or state regulatory authority as any such examination or review relates to events or occurrences that transpired when Executive was employed by
Employer. If such cooperation is required after Executive ceases to be employed by Employer, Employer shall pay Executive for such cooperation at a fee of seventy-five dollars ($75) per hour, payable monthly in arrears, and will reimburse Executive
for any reasonable out-of-pocket expenses incurred in connection therewith. 
 7. Disability. If, due to physical or mental illness,
Executive shall be disabled so as to be unable to perform substantially all of his duties and responsibilities hereunder, which disability lasts for more than an uninterrupted period of at least 180 days or a total of at least 240 days in any
calendar year (as determined by the opinion of an independent physician selected by the Boards of Directors of the Company), Employer, acting through its Boards of Directors, may designate another executive to act in his place without further
liability under this Agreement except for those continuing obligations imposed upon Employer pursuant to its long-term disability plan. 

 8. Noncompetition and Confidential Information. 
 (a) Noncompetition. During a period of one year following the date of termination of Executive’s employment with Employer occasioned by a
failure to extend employment beyond the Expiration Date or termination by Employer for Cause pursuant to Section 6(b) hereof, or by Executive in the event that such termination is not for Good Reason, Executive will not directly or indirectly,
whether as owner, Partner, shareholder, consultant, agent, employee, co-venturer, or otherwise, or through any Person (as defined in Section 10), compete by serving another electric utility which is a member of the PJM Interconnection in the
same or similar capacity as he serves Employer under this Agreement; nor will he attempt to hire any employee of Employer, assist in such hiring by any other Person, or solicit or encourage any customer of Employer to terminate its relationship with
Employer or to conduct with any other Person any business or activity that such customer conducts or could conduct with Employer. 
 (b)
Confidential Information. Executive agrees and acknowledges that, by reason of his employment by and service to Employer, he will have access to confidential information of Employer (and its affiliates, vendors, customers, and others having
business dealings with it) including, without limitation, information and knowledge pertaining to products, sales and profit figures, customer and client lists and information related to relationships between Employer and its affiliates, customers,
vendors, and others having business dealings with it (collectively, the “Confidential Information”). Executive acknowledges that the Confidential Information is a valuable and unique asset of Employer (and its affiliates, vendors,
customers, and others having business dealings with it) and covenants that, both during and after the term of his employment by Employer, he will not disclose any Confidential Information to any person or use any Confidential Information (except as
his duties as an employee of Employer may require) without the prior written authorization of the Boards of Directors of Employer. Executive further agrees that all files, letters, memoranda, reports, records, data, sketches, drawings, program
listings or other written, photographic, or other tangible materials containing Confidential Information, whether created by Executive or others, that shall come into his custody or possession, shall be delivered to Employer, upon the earlier of
(i) a request by employer or (ii) termination of Executive’s employment. After such delivery, Executive shall not retain any such records or copies thereof or any such tangible property. The obligation of confidentiality imposed by
this Section shall not apply to information that is required by law, regulation or judicial or governmental authorities to be disclosed or that otherwise becomes part of the public domain by means other than Executive’s non-observance of his
obligations hereunder. 
 (c) Rights and Remedies Upon Breach. If Executive breaches, or threatens to commit a breach of, any of the
provisions of Section 8 herein (collectively, the “Restrictive Covenants”), Employer shall have the following rights and remedies, each of which shall be independent of the other and shall be severally enforceable, and all of which
shall be in addition to, and not in lieu of, any other rights and remedies available to Employer under law or in equity: 

 (i) Specific Performance. Executive recognizes and agrees that the violation of the Restrictive
Covenants may not be reasonably or adequately compensated in damages and that, in addition to any other relief to which Employer may be entitled by reason of such violation, it shall also be entitled to injunctive and equitable relief and, pending
determination of any dispute with respect to such violation, no bond or security shall be required in connection herewith. If any dispute arises with respect to this Section 8, without limiting in any way any other rights or remedies to which
Employer may be entitled, Executive agrees that the Restrictive Covenants shall be enforceable by a decree of specific performance. 
 (ii)
Accounting. Employer shall have the right and remedy to require Executive to account for and pay over to Employer all compensation, profits, monies, accruals, increments or other benefits (collectively, “Benefits”) derived or
received by Executive as a result of any transactions constituting a breach of any of the Restrictive Covenants, and Executive shall account for and pay overall such Benefits to the Company. 
 (d) Severability of Covenants. If any of the Restrictive Covenants, or any part thereof, or any of the other provisions of this Section 8 are
held by a court of competent jurisdiction or any other governmental authority to be invalid, void, unenforceable or against public policy for any reason, the remainder of the Restrictive Covenants or such other provisions shall remain in full force
and effect and shall in no way be affected, impaired or invalidated, and such court or authority shall be empowered to substitute, to the extent enforceable, provisions similar thereto or other provisions so as to provide to Employer, to the fullest
extent permitted by applicable law, the benefits intended by such provisions. 
 (e) Definition and Survival. For purposes of this
Section 8 only, the term “Employer” shall mean Old Dominion and the Association, and any subsidiary and/or affiliate of the Old Dominion and the Association. All provisions of this Section 8 shall survive termination of this
Agreement. 
 9. Conflicting Agreements. Executive hereby represents and warrants that the execution of this Agreement and the
performance of his obligations hereunder will not breach or be in conflict with any other agreement to which he is a party or by which he is bound, and that he is not subject to any covenants against competition or similar covenants that would
affect the performance of his obligations hereunder. 
 10. Definition of “Person”. For all purposes of this Agreement, the
term “Person” shall mean an individual, a corporation, an association, a partnership, an estate, a trust and any other entity or organization. 
 11. Withholding. All payments made by Employer under this Agreement shall be net of any tax or other amounts required to be withheld by Employer under applicable law. 
 12. Assignment; Successors and Assigns, etc. Neither Employer nor Executive may make any assignment of this Agreement or any interest herein, by
operation of law or otherwise, without the prior written consent of the other party; provided, however, that Employer may assign its rights under this Agreement without the consent of Executive in the event that Employer shall hereafter 

 
effect a reorganization, consolidate with or merge into any other Person (as defined in section 10), or transfer all or substantially all of its properties
or assets to any other Person. This Agreement shall inure to the benefit of and be binding upon Employer and Executive, their respective successors, executors, administrators, heirs and permitted assigns. In the event of Executive’s death prior
to the completion by Employer of all payments due him under this Agreement, Employer shall continue such payments to Executive’s beneficiary designated in writing to Employer prior to his death (or to his estate, if he fails to make such
designation). 
 13. Enforceability. If any portion or provision of this Agreement shall to any extent be declared illegal or
unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected
thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 14.
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party
of any breach of this Agreement, shall not prevent subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 
 15. Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by registered or certified mail, postage
prepaid (in which case notice shall be deemed to have been given on the third day after mailing), or by overnight delivery by a reliable overnight courier service (in which case notice shall be deemed to have been given on the day after deliver to
such courier service) to Executive at the last address Executive has filed in writing with Employer or, in the case of Employer, at the main offices of the Old Dominion or the Association, to the attention of the Board of Directors. 
 16. Amendment. This Agreement may be amended or modified only by a written instrument signed by Executive and by a duly authorized representative
of Employer. 
 17. Governing Law. This is a Virginia contract and shall be construed under and be governed in all respects by the
laws of the Commonwealth of Virginia, without regard to its conflict of laws provisions. 
 18. Entire Agreement. This Agreement
constitutes the entire understanding among the parties, superseding any previous understandings, oral or written, pertaining to the subject matter contained herein. No party has relied or will rely upon any oral or other written representation or
oral or written information made or given to such party by any other party, representative of such party or anyone acting on its behalf. 
 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by Employer, by its duly authorized officers, and by Executive, as of the date first above written. 

			
	OLD DOMINION ELECTRIC COOPERATIVE
		
	By:	 	 /s/ M. John Bowman

		 	M. John Bowman
		 	Chairman of the Board
		
	Date:	 	Nov. 30, 2006
	
	VIRGINIA, MARYLAND AND DELAWARE
	ASSOCIATION OF ELECTRIC COOPERATIVES
		
	By:	 	 /s/ James C. Tennant

		 	James C. Tennant
		 	Chairman of the Board
		
	Date:	 	12-9-2006
		
	By:	 	 /s/ Jackson E. Reasor, Jr.

		 	Jackson E. Reasor, Jr.
		
	Date:	 	12-18-2006

			
		
	Address:Executive Deferred Compensation Plan

 Exhibit 10.2 
 OLD DOMINION ELECTRIC COOPERATIVE 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 This Executive Deferred Compensation Plan (the “Plan”) is made and entered into by Old Dominion Electric Cooperative (the
“Cooperative”), a tax-exempt employer, for the purpose of providing deferred compensation to designated management and executive employees. 
 1. Eligibility to Participate. 
 (a) Participation in the Plan is restricted to those executive
employees designated by the Board of Directors (the “Board”) of the Cooperative who are generally responsible for ongoing Cooperative operations, responsible for and have general supervision over the Cooperative’s overall financial
condition, setting and executing overall corporate policies and practices, and supervising large numbers of employees and who elect to participate in the Plan by agreeing to a deferral of a portion of their current compensation on forms provided by
the Cooperative. Designated participants in the Plan are listed on the attached Exhibit A. 
 (b) Compensation may be deferred for any
calendar month by salary reduction only if an agreement providing for the deferral has been entered into before the first day of the month in which the compensation is paid or made available. For new employees, participation may begin when first
eligible if the agreement providing for the deferral is entered into on or before the first day on which the Participant performs services for the Cooperative. 
 2. Deferral Limitations. 
 (a) Annual deferrals shall not in any event exceed 100% of the
Participant’s annual compensation by the Cooperative before deferral, nor exceed $15,000 (for 2006), as adjusted under Internal Revenue Code of 1986, as amended (the “Code”) Section 457(e)(15) from time to time (the
“Deferral Limit”), during any year the Cooperative is tax-exempt and subject to Code Section 457. 
 (b) During each of the
last three years before the Participant attains the normal retirement age under the Cooperative’s primary pension plan, the Deferral Limit provided in the preceding sentence (but not the 100% limit) shall be increased to the lesser of

 (i) two times the Deferral Limit or 
 (ii) the Deferral Limit plus the amount the Participant was eligible to, but did not defer under the Plan (or a predecessor plan).

 3. Deferred Compensation Account. The Cooperative shall establish for each individual participating in the Plan a deferred
compensation account. No funds shall be set aside by the Cooperative for payment under the Plan, and each Participant shall be a general, unsecured creditor of the Cooperative. 

 4. Allocations to Accounts. 
 (a) The Cooperative shall credit to the account of each individual participating in the Plan an amount equal to the amount selected in a preceding month
by the Participant for deferral of compensation otherwise subsequently payable to the Participant during a year, subject to the limitations of Section 2. 
 (b) In addition to the allocations provided in subsection (a), the Cooperative may credit additional amounts to the account of a Participant participating in the Plan from time to time at the discretion of the
Cooperative, provided that the allocations when combined with those of subparagraph (a) do not exceed the limitations of Section 2. 
 5. Earning and Losses. All amounts credited under the terms of the Plan to a deferred compensation account maintained in the name of a Participant by the Cooperative shall be credited with earnings and losses equal to those made by
an investment in one or more of the investment funds of the Homestead Funds, Inc., a regulated investment company, as designated by the Participant or the Cooperative as provided in Section 6. 
 6. Investment Selections. The Cooperative shall elect to either determine the investments to be made for the Participant’s account within the
Homestead Funds or shall permit the Participants to each select the investment to be made for the Participant’s account within the Homestead Funds by selecting one of the two options following: 
  

	 	x	Each Participant shall determine the investment fund or funds into which the Participant’s account is invested. The amounts credited to the deferred compensation account,
including gains and losses, shall be retained by the Cooperative until the entire amount credited to the account has been distributed to the Participant or to the Participant’s beneficiary in accordance with a written designation which has been
delivered to the Cooperative. 

 OR 
  

	 	 ̈	The Board of Directors shall determine the investment fund or funds into which the Participant’s account is invested. The amounts credited to the deferred compensation account,
including gains and losses, shall be retained by the Cooperative until the entire amount credited to the account has been distributed to the Participant or to the Participant’s beneficiary in accordance with a written designation which has been
delivered to the Cooperative. 

 7. Distributions. Distributions under the Plan shall commence at such time and be made
in such form as follows: 
 (a) Distribution Events: 
 (i) Severance of Employment: A Participant has a severance of employment upon termination of employment, retirement or death. 

 

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 (ii) Unforeseeable Emergencies: A distribution may be made if requested by a Participant
due to an unforeseeable emergency. An unforeseeable emergency is defined as a severe financial hardship of the Participant or beneficiary resulting from an illness or accident of the Participant, their spouse or dependent, the beneficiary, their
spouse or dependent, loss of the Participant or beneficiary’s property due to casualty; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant or beneficiary. A
distribution under this subparagraph may not be made if the emergency is or may be relieved through reimbursement or compensation from insurance, or otherwise; by liquidation of the Participant’s assets, to the extent that the liquidation of
such assets would not itself cause severe financial hardship or by cessation of deferrals under this Plan. 
 (iii) Minimum
Required Distributions: This Plan will begin lifetime distributions to the participant no later than April 1 of the calendar year following the later of the calendar year in which the Participant attains age 70 1/2 or the calendar year in which the Participant retires. 
 (iv) In addition, distributions may be made pursuant to a domestic relations order determined to be qualified under Section 414(p) of
the Code. 
 (v) If no initial election is made by a participant or beneficiary under this Section 7, then the amounts
deferred under this Plan are considered made available and taxable to the Participant at the earliest time, on or after severance of employment (but in no event later than the date on which distributions must commence due to the Participant’s
attainment of age 70 1/2) that distributions are permitted to commence 
 (b) Forms and Timing of distributions: 
 (i) A Participant may elect a distribution, prior to termination of the Participant’s services to the Cooperative, of the amount credited to the Participant’s account under this Plan in the following form:

 (A) annual installments. The number of installments shall be such as to qualify under Code Section 457(d)(2). 
 (B) single sum 
 (C) annual
installment/single sum combination 
 (D) transfer in-kind 
 Distributions will commence 60 days after severance from employment unless during the 30-day period immediately following the severance, the Participant elects to commence benefits at a later date or elects to receive
the distribution in installments. In addition, one additional deferral election may be made not less than 30 days prior to the date payment would otherwise be made. Distributions may not be deferred later than the April 1 of the year the
Participant attains age 

  

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70 1/2. Once
commenced, the number of installments shall not be changed or accelerated, except by the application of Section 8. Payments shall be made at such time and in such form as provided in distribution forms provided by the Cooperative.

 (ii) If a Participant should die before distribution of the full amount of the account described in this Plan has
been made to the Participant, any remaining amounts shall be distributed to the Participant’s beneficiary by the method designated by the Participant on distribution forms provided by the Cooperative at the time the Participant selected the
number of distribution installments. The Participant may designate a payment of a lump sum or the continued payment of the Participant’s elected number installments to the beneficiary if distribution has begun. If distribution has not begun
before death of the Participant, payment to the beneficiary shall be made in a lump sum or not more than five installments. If a Participant has not designated a beneficiary, or if no designated beneficiary is living on the date of distribution, the
amount credited to the account shall be distributed to the Participant’s estate in a lump sum distribution as soon as administratively feasible following the Participant’s death. 
 (iii) The Participant may change the designation of beneficiary at any time. The Participant may change the method of distribution in
writing delivered to the Cooperative before termination of services to the Cooperative. 
 (c) Earnings and losses shall continue to be
credited to the funds remaining in the account as if the Participant had not terminated services with the Cooperative. Each installment payment shall be based on the amount then credited to the Participant’s account. The final installment will
be the balance of the account and any earnings or losses credited to such date. 
 (d) Unless the Cooperative elects otherwise, if the
Participant’s services with the Cooperative and all other related employers of the Cooperative (as determined under Section 414 of the Code) terminates for any reason, and the Participant within three months begins rendering services for
another company that is a member of the National Rural Electric Cooperative Association, termination shall be deemed to occur when the Participant terminates services with the new company. 
 (e) If a severance of employment is treated under subsection (d), a transfer is permitted if the following conditions are met— 
 (i) The transferring plan provides for the transfer; 
 (ii) The receiving plan provides for the receipt of transfers; 
 (iii) The participant whose amounts deferred are being transferred will have an amount deferred immediately after the transfer at least
equal to the amount deferred with respect to that participant or beneficiary immediately before the transfer; and 
  

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 (iv) For a Participant, the participant has had a severance from employment with the
transferring employer and is performing services for the entity maintaining the receiving plan. 
 If such transfer is agreed to, it shall be
conditioned upon the release of the Cooperative’s obligation to the Participant under this Plan and any preceding plan. 
 8.
Acceleration of Distributions. 
 (a) The Cooperative may, in its sole discretion, accelerate the payment of some or all of any
installment payments that may have been elected by a Participant upon a good faith showing of a hardship financial need arising from an unforeseeable emergency, as defined in Section 7(a)(ii), such as severe financial hardship resulting from
sudden and unexpected illness or accident of the Participant or a dependent, loss of property due to casualty or other similar extraordinary and unforeseeable circumstances beyond the control of the Participant. 
 (b) Acceleration may not be made to the extent that the hardship is or may be relieved through insurance, by liquidation of the Participant’s assets
(except to the extent that liquidation would be a financial hardship) or by cessation of deferrals under this Plan, nor shall acceleration be made beyond the extent necessary to alleviate the hardship. 
 9. General Administrative Powers and Duties. General administration of the Plan shall be placed in the Board. The Board shall have the power to
take all actions required to carry out the provisions of the Plan and shall further have the following powers and duties which shall be exercised in a manner consistent with the provisions of the Plan: 
 (a) To construe and interpret the provisions of the Plan and make rules and regulations under the Plan to the extent deemed advisable by the Board,

 (b) To decide all questions as to eligibility to become a Participant in the Plan, 
 (c) To file or cause to be filed all such reports and other statements as may be required by any federal or state statute, agency or authority for the
Plan, and 
 (d) To do such other acts as it deems reasonably required to administer the Plan in accordance with its provisions or as may be
provided for or required by law for the Plan. 
 10. Establishment of a Rabbi Trust. The Cooperative shall establish a Rabbi Trust and
contribute assets to the Rabbi Trust sufficient to pay the Participant’s deferred compensation account. The assets held in the Rabbi Trust shall be subject to the claims of the Cooperative’s creditors only in the event of the
Cooperative’s insolvency. The Participant shall not have any right, title or interest in and to the assets of the Rabbi Trust, except for rights to benefit payments in accordance with the terms of this Plan. For purposes of 

  

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this Plan, “Rabbi Trust” means a grantor trust within the meaning of Code Sections 671 through 679 that shall be established by the Cooperative to
provide for the payment of all the benefits payable to the Participant under this Plan. 
 11. Grant of Discretion. In discharging the
duties assigned to it under the Plan, the Board and its delegates have the discretion and final authority to interpret and construe the terms of the Plan; to determine coverage and eligibility for and amount of benefits under the Plan; to adopt,
amend, and rescind rules, regulations and procedures pertaining to its duties under the Plan and the administration of the Plan; and to make all other determinations deemed necessary or advisable for the discharge of its duties or the administration
of the Plan. The discretionary authority of the Board and its delegates is final, absolute, conclusive and exclusive, and binds all parties so long as exercised in good faith. Any judicial review of any decision of the Board or its delegates shall
be limited to the arbitrary and capricious standard of review. 
 12. Claim Adjudicator. All claims for benefits under the Plan shall
be determined by the Cooperative. 
 13. Claim Procedure. Upon the submission of a claim for benefits under the Plan to the
Cooperative, notice of a decision with respect to the claim shall be furnished within 90 days. If circumstances require an extension of time for processing the claim, written notice of the extension shall be furnished by the Cooperative to the
claimant prior to the expiration of the initial 90-day period. If such claim is wholly or partially denied, such notice shall be in writing and set forth the reason or reasons for the denial and an explanation of the claims review procedure. If the
claimant is not notified of the decision in accordance with this Section, such claim shall be deemed denied and the claimant shall then be permitted to proceed with the claims review procedure provided below. 
 14. Claims Review Procedure. 
 (a)
Within 90 days following receipt of notice of a claim denial, the claimant must file an appeal of the denial of a claim in writing with the Board requesting a review of such denial. 
 (b) Prior to a decision on the appeal by the Board, the claimant or the claimant’s duly authorized representative may review pertinent documents and
submit issues and comments in writing for consideration. The issues and comments submitted by a claimant or the claimant’s duly authorized representative shall supplement the administrative record on which the appeal is to be decided and should
contain all of the additional information the claimant wishes to be considered in the review. 
 (c) Within 60 days following receipt of an
appeal, the Board shall render a written decision. If circumstances require an extension of time for reviewing an appeal, written notice of the extension shall be furnished to the claimant or the claimant’s authorized representative prior to
the commencement of the extension. 
  

 6 

 (d) The Board’s decision on the appeal shall be in writing and shall set forth (a) the reason
or reasons for the decision and (b) specific reference to pertinent provisions of the Plan on which the decision is based. 
 15.
Unsecured Claim. The right of a Participant or the Participant’s beneficiary to receive a distribution shall be an unsecured claim against the general assets of the Cooperative and neither a Participant nor his or her designated
beneficiary shall have any rights in or against any amount credited to any accounts under this Plan or any other assets of the Cooperative. The Plan at all times shall be entirely unfunded for tax purposes and for all other purposes. Any funds
invested pursuant to the Plan shall continue for all purposes to be part of the general assets of the Cooperative and available to its general creditors in the event of bankruptcy or insolvency. Accounts under this Plan and any benefits which may be
payable pursuant to this Plan are not subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of a Participant or a Participant’s beneficiary. The Plan
constitutes solely a promise by the Cooperative to make benefit payment in the future. No interest or right to receive a benefit may be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligation or claims
against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. 
 16.
No Guaranty. Nothing in the Plan shall be interpreted as a guaranty that assets of the Cooperative will be sufficient to pay any benefit of the Plan. The adoption and maintenance of the Plan shall not create any contract of services between
the Cooperative and any Participant. 
 17. Facility of Payment. The Cooperative may establish rules for the administration and
distribution of accounts in the event an individual is declared incompetent and a conservator or other person legally charged with that individual’s care is appointed. When the Cooperative determines that such individual is unable to manage his
or her own financial affairs, the Cooperative may pay such individual’s benefits to such conservator, person legally charged with such individual’s care, or institution then contributing toward or providing for the care and maintenance of
such individual. Any such payment shall constitute a complete discharge of any liability of the Cooperative and the Plan for such individual. 
 18. Limitation of Liability. Not withstanding any provision to the contrary, neither the Cooperative nor any individual acting as an employee or agent of the Cooperative shall be liable to any Participant, former Participant,
designated beneficiary, or any other person for any claim, loss, liability or expense incurred in connection with the Plan, unless attributable to fraud or willful misconduct on the part of the Cooperative or any such employee or agent of the
Cooperative. This limitation does not apply to the Cooperative’s obligation to pay the unsecured benefit provided by the Plan. 
 19.
No Waiver or Estoppel. No term, condition or provision of the Plan shall be deemed to have been waived, and there shall be no estoppel against the enforcement of any provision of the Plan, except by written instrument of the party charged
with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated in the waiver, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver
of such term or condition for the future or as to any act other than that specifically waived. 
  

 7 

 20. Termination and Amendment. The Cooperative reserves the right to amend or terminate the Plan
at any time. Any amounts credited to any account in the Plan shall remain subject to the provisions of the Plan and distribution will not be accelerated because of the termination of the Plan. 
 21. Choice of Laws. All questions pertaining to the construction, validity and effect of the Plan shall be determined in accordance with the laws
of the United States and to the extent not preempted by such laws, by the laws of the state in which the principal office of the Cooperative is located. 
 IN WITNESS WHEREOF, the Cooperative has duly executed this Plan as of this 30th day
of June, 2006. 
  

			
	OLD DOMINION ELECTRIC COOPERATIVE
		
	By	 	 /s/ M. John Bowman

		 	M. John Bowman
		 	Chairman of the Board

  

 8 

 EXHIBIT A 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
  

			
	 Designated Participants
	  	 Effective Date

		
	Jack Reasor	  	June 30, 2006

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