Document:

Exhibit 10.29 to St. Jude Medical, Inc. Form 10-K for the year ended December 29, 2007

Exhibit 10.29

CONSULTING AGREEMENT

 

THIS AGREEMENT is made as of the 30th day of November, 2007, by and between St. Jude Medical, Inc., a Minnesota corporation with offices at One Lillehei Plaza, St. Paul, Minnesota 55117 (“SJM”) and Michael J. Coyle, whose address is 100 Stagecoach Road, Bell Canyon, CA  91307 (“Consultant”).

 

The parties, intending to be legally bound, agree as follows:

 

	
            1.
 	
            Definitions.   For the purpose of this Agreement, the follow­ing terms, whether singular or plural, shall have the following meanings:
 

 

	
             
 	
            1.1
 	
            Confidential Information.  The term “Confidential Information” shall mean information disclosed by SJM to Consultant not generally known to the public, including, but not limited to, information of a technical nature; matters of a business nature such as information about costs, margins, pricing policies, markets, sales, supplies and customers; product, marketing or strategic plans; financial information; personnel records and other information of a similar nature; provided, however, that Confidential Information shall not include any information which (i) is or becomes public knowledge without breach of Consultant’s obligations to SJM; (ii) is rightfully acquired by Consultant from a third party without restriction on disclosure or use; or (iii) is publicly disclosed or used following Consultant’s receipt of
written consent for such disclosure or use by an officer of SJM.  Consultant shall have the burden of proof respecting any of the events on which Consultant relies as relieving it of any restrictions.
 

 

	
             
 	
            1.2
 	
            Effective Date.  The term “Effective Date” shall mean January 1, 2008 or, if Consultant’s employment with the Company is terminated prior to December 28, 2007, the first business day following termination of Consultant’s employment with Company.
 

 

	
             
 	
            1.3
 	
            Services.  The term “Services” shall mean general advice, input and assistance as reasonably requested by the Company and/or its representatives on matters relating to SJM’s business, including ongoing litigation.  In this regard, Consultant shall make himself available, to provide advice, review and analyze documentation and other material, and answer questions that may arise, as reasonably requested by the Company and/or its legal counsel. 
 

 

	
             
 	
            1.4
 	
            St. Jude Medical.  The term “St. Jude Medical” shall mean St. Jude Medical, Inc. and all of its existing and future parent, subsidiary or affiliated corporation, and any divisions of any of them.
 

 

	
            2.
 	
            Services and Contact.  Consultant shall perform the Services under the direction of the President of the Cardiac Rhythm Management Division of the Company or his designee(s).  
 

 

	
            3.
 	
            Compensation.
 

 

	
             
 	
            3.1
 	
            SJM agrees to pay Consultant, in consideration of the Services performed by Consultant as described in this Agreement, a retainer of Four Thousand Dollars ($4,000) per month.
 

 

	
             
 	
            3.2
 	
            SJM shall reimburse Consultant for reasonable travel expenses incurred in connection with the Services, if pre-authorized by SJM in writing. 
 

 

	
             
 	
            3.3
 	
            In any month in which Consultant has a claim for reimbursable expenses or additional compensation which was agreed upon in advance in writing is due, Consultant shall submit to SJM a monthly invoice within a reasonable time following the end of the relevant month. All expenses in excess of Twenty Five Dollars ($25.00) must be documented by a receipt.
 

 

	
            4.
 	
            Disclosure of Information.
 

 

	
             
 	
            4.1
 	
            Consultant warrants that no trade secrets or other confidential information of any person, firm, corporation or government agency will be wrongfully disclosed by Consultant to SJM in connection with the Services.  Consultant also warrants that none of the provisions of this Agreement, or the Services to be performed by Consultant, contravenes or is in conflict with any agreement of Consultant with, or obligation to, any other person, firm, corporation or government agency.
 

	
             
 	
            4.2
 	
            In the course of performing the Services for SJM hereunder, Consultant may become the recipient of Confidential Information.  Consultant shall receive and hold all Confidential Information acquired from SJM in strict confidence and will use and/or disclose such Confidential Information only as necessary to perform the Services hereunder.  The confidentiality obligations provided in this Section 4 are in addition to those described in Consultant’s Non-Disclosure and Non-Competition Agreement with the Company dated as of March 18, 1994.
 

 

	
             
 	
            4.3
 	
            Consultant shall not, without the prior written consent of SJM, use SJM’s name in any publicity, advertisement or news release.
 

 

	
             
 	
            4.4
 	
            Consultant acknowledges that money damages would not be a sufficient remedy for any breach of this Section 4 and that SJM shall be entitled to equitable relief (including, but not limited to, an injunction or specific performance) in the event of any breach of the provisions of this Section 4.
 

 

	
             
 	
            4.5
 	
            The furnishing of Confidential Information shall not constitute or be construed as a grant of any express or implied license or other right, or a covenant not to sue by SJM to Consultant under any of SJM’s patents or other intellectual property rights.
 

 

	
             
 	
            4.6
 	
            Upon SJM’s request or upon expiration or termination of this Agreement, Consultant shall immediately return all written, graphic and other tangible forms of the Confidential Information (and all copies) in Consultant’s possession.
 

 

	
             
 	
            4.7
 	
            The obligations of Consultant regarding disclosure and use of Confidential Information shall survive termination of this Agreement and shall continue until the effective date of any of the events set forth in Section 1.1 subparagraphs (i) through (iii).
 

 

	
            5.
 	
            Inventions.  All ideas, inventions, improve­ments, developments, tech­niques, methods, formulations, products, trade secrets and applications, whether patentable or not (“Inventions”), made or conceived solely by Consultant or jointly with SJM in connection with, or as a result of, the Services performed hereunder, shall be and remain SJM’s sole and exclusive property.  Consultant shall promptly submit to SJM a written disclosure of such Inventions.  Consultant assigns the entire right, title and interest in all such Inventions to SJM and will at any time, at the request and expense of SJM, render all reasonable assistance, execute all papers and take such other actions as SJM may consider necessary to vest, perfect, defend, maintain and/or secure SJM’s rights in such Inventions.  No additional compensation
is or will be due for such Inventions or the assignment to SJM.
 

 

	
            6.
 	
            Publications.  Consultant shall not publish any data, findings or results related to the Services without SJM’s prior written consent.
 

 

	
            7.
 	
            Non-Compete.  During the term of this Agreement, Consultant will not compete, directly or indirectly, with SJM in the field of Cardiac Rhythm Management.   In addition, until July 1, 2008, Consultant will not compete, directly or indirectly with SJM in the fields of Neuromodulation or Atrial Fibrillation.  For these purposes:  (i) “compete” shall mean engaging in the design, development, manufacture or sale, or managing people or businesses engaged in those activities, with respect to products in design or development, or manufactured or sold by the Company in its Cardiac Rhythm Management, Atrial Fibrillation and Neuromodulation divisions as of July 1, 2007 and shall include Consultant’s activities as a member of a partnership, as an officer, director, employee, agent, associate or consultant of any person,
partnership, corporation or other entity; (ii) “Neuromodulation” division products shall mean products used in neuromodulation for pain management; and (iii) Atrial Fibrillation” division products shall mean Electrophysiology devices and equipment for mapping, navigation and cardiac ablation.
 

 

This Non-Competition Agreement will supersede all previously existing agreements between SJM and Consultant relative to non-competition, including but not limited to, Section IV of the Non-Disclosure and Non-Competition Agreement between the parties dated March18, 1994. 

 

 

2

	
            8.
 	
            Term and Termination.
 

 

	
             
 	
            8.1
 	
            The term of this Agreement shall commence on the Effective Date and shall continue for a period of one (1) year.
 

 

	
             
 	
            8.2
 	
            This Agreement may be terminated by SJM in the event of the death or disability of Consultant. 
 

 

	
             
 	
            8.3
 	
            This Agreement may be terminated by SJM at any time, for any reason, by giving written notice to Consultant of SJM’s intention to terminate at least thirty (30) days prior to the effective date of the termination.
 

 

	
             
 	
            8.4
 	
            The termination of this Agreement shall discharge any further obligations of either party with respect to this Agreement; provided, however, that Consultant’s obligations under Sections 4, 5 and 6 hereof and SJM’s obligation under Section 3 (with respect to pay­ment for Services rendered prior to the effective date of the termination) shall remain in effect.
 

 

	
            9.
 	
            Miscellaneous.
 

 

	
             
 	
            9.1
 	
            Notices.  Any notice, request or demand required or desired to be given hereunder shall be in writing and shall be considered effective when delivered in person, upon mailing by certified mail, return receipt requested, postage prepaid, or by delivery via Federal Express or similarly recognized over­night courier with all charges prepaid, addressed as follows:
 

 

	
             
 	
            If to SJM:
 	
            St. Jude Medical, Inc.

One Lillehei Plaza

St. Paul, Minnesota 55117

Attn:  General Counsel
 

 

	
             
 	
            If to Consultant:
 	
            Michael J. Coyle 
 

	
             
 	
            100 Stagecoach Road

Bell Canyon, CA  91307
 

 

Either party may change its address by giving the other party written notice of its new address.

 

	
             
 	
            9.2
 	
            Compliance.  In the performance of the Services, Consultant shall comply with all applicable laws, orders and regulations.
 

 

	
             
 	
            9.3
 	
            Performance.  Consultant represents that Consultant is free to enter into this Agreement and that Consultant has no knowledge of any fact(s) which would prevent Consultant from performing the Services in accordance with the terms of this Agreement.
 

 

	
             
 	
            9.4
 	
            Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the state of Minnesota without regard to such state’s principles of conflicts of law.
 

 

	
             
 	
            9.5
 	
            Assignment.  Consultant acknowledges that the Services to be provided by Consultant are unique and personal.  As a result, Consultant may not assign any of Consultant’s rights, or delegate any of Consultant’s duties or obligations, or engage any other person to assist Consultant in the performance of the Services, without the prior written approval of SJM.
 

 

	
             
 	
            9.6
 	
            [Reserved]
 

 

	
             
 	
            9.7
 	
            Independent Contractor Status.  Consultant is an independent contractor and not an employee of SJM.  Consultant’s compensation is limited to the amounts set forth in this Agreement.  SJM shall not be responsible for withholding taxes from any payments to Consultant.  Consultant shall have no authority to bind SJM.
 

 

3

	
             
 	
            9.8
 	
            Severability.  If any provision of this Agreement shall be determined by a court of competent jurisdiction to be void or of no effect, the provisions of this Agreement shall be deemed amended to modify or delete, as necessary, the offending provision and this Agreement, as so amended or modified, shall not be rendered unenforceable but shall remain in force to the fullest extent possible in keeping with the intention of the parties.
 

 

	
             
 	
            9.9
 	
            No Waiver.  Failure of any party at any time to require performance of any provision of this Agreement shall not constitute a waiver of such party’s right to require full performance thereafter and a waiver by any party of a breach of any provision of this Agreement shall not be taken as or held to be a waiver of any further or similar breach or as nullifying the effectiveness of such provision.
 

 

	
             
 	
            9.10
 	
            Stock Options.  All SJM options continue to be governed by the terms of the plans and the option grants.
 

 

	
             
 	
            9.11
 	
            Modification.  Any modification, statement, promise or representation made to or about this Agreement by any party or any employee, officer or agent of any party must be in writing and signed by an authorized representative of both parties.  
 

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

 

ST. JUDE MEDICAL, INC.

 

By:  /s/ Pamela S. Krop

 

Name:  Pamela S. Krop

 

Its:  Vice President and General Counsel

 

CONSULTANT:

 

/s/ Michael J. Coyle

Michael J. Coyle

 

 

4Exhibit 10.1

 

         

        

        

        

        

        
        Exhibit 10.1

         

        
        IDACORP, Inc.

        EXECUTIVE INCENTIVE PLAN

        

        
        1.
             
        PURPOSE

        

        
        The purpose of the IDACORP, Inc.
        Executive Incentive Plan (the "Plan") is to reinforce goals for profitable growth and
        continuation of a sound overall financial condition of IDACORP, Inc. (the "Company") by
        providing incentive compensation opportunities to selected key employees. The Plan is
        designed to: 

        

        

        	
                	
                    
                    ·     

                	
                    
                    attract, retain and
                    motivate key employees;

                

        

        

        

        	
                	
                    
                    ·     

                	
                    
                    relate compensation to
                    performance and financial results and

                

        

        

        

        	
                	
                    
                    ·     

                	
                    
                    provide a portion of
                    compensation in a variable rather than a fixed form.

                

        

        

        
        2.
             
        DEFINITIONS

        

        

        	
                	
                    
                    2.1     

                	
                    
                    Award
                    means, for a given calendar
                    year, as to each Participant, an award granted under the Plan with respect to
                    such year that provides the Participant an opportunity to earn an annual
                    incentive payment under the Plan.

                

        

        

        

        	
                	
                    
                    2.2     

                	
                    
                    Board
                    means the Board of
                    Directors of the Company.

                

        

        

        

        	
                	
                    
                    2.3     

                	
                    
                    Cause
                    means:

                

        

        

        

        	
                	
                    
                    (a)     

                	
                    
                    if the Participant is party
                    to an employment or change in control agreement that includes a definition of
                    "Cause," the term "Cause" as defined in such agreement or

                

        	
                	
                    
                    (b)     

                	
                    
                    if the Participant is not a party to an employment or change
                    in control agreement that includes a definition of "Cause," a Participant's (i)
                    willful and repeated refusal or failure to perform duties; (ii) willful or
                    intentional act that has injured (or could reasonably be expected to injure)
                    the reputation or business of the Company or a Subsidiary in any material
                    respects; (iii) continued or repeated absence, unless due to serious injury or
                    illness; (iv) conviction of (or pleading nolo contendere to) a felony; (v)
                    commission of an act of fraud, embezzlement, theft or gross misconduct against
                    the Company or a Subsidiary, (vi) violation of a material policy of the Company
                    or a Subsidiary or (vii) other action or inaction that the Company deems to
                    constitute "Cause" for purposes of the
                    Plan.

                

        	
                	
                    
                    2.4     

                	
                    
                    Change in
                    Control means
                    the earliest of the following to occur:

                

        

        

        

        	
                	
                    
                    (a)     

                	
                    
                    any Person, excluding (i)
                    the Company or any Subsidiary, (ii) a corporation or other entity owned,
                    directly or indirectly, by the stockholders of the Company immediately prior to
                    the transaction in substantially the same proportions as their ownership of
                    stock of the Company, (iii) an employee benefit plan (or
                    related 

                

         

        

        

        

        

        

        

        	
                	
                    
                             
                         

                	
                    
                    trust) sponsored or
                    maintained by the Company or any Subsidiary or (iv) an underwriter temporarily
                    holding securities pursuant to an offering of such securities ("Change in
                    Control Person") is the beneficial owner (as defined in Rule 13d-3 under the
                    Exchange Act), directly or indirectly, of 20% or more of the combined voting
                    power of the then outstanding voting securities eligible to vote generally in
                    the election of directors of the Company; provided, however, that no Change in
                    Control will be deemed to have occurred as a result of a change in ownership
                    percentage resulting solely from an acquisition of securities by the
                    Company;

                

        	
                	
                    
                    (b)            

                	
                    
                    consummation of a merger,
                    consolidation, reorganization or share exchange, or sale of all or
                    substantially all of the assets, of the Company or Idaho Power Company (a
                    "Qualifying Transaction"), unless, immediately following such Qualifying
                    Transaction, all of the following have occurred: (i) all or substantially all
                    of the beneficial owners of the Company immediately prior to such Qualifying
                    Transaction beneficially own in substantially the same proportions, directly or
                    indirectly, more than 50% of the combined voting power of the then outstanding
                    voting securities entitled to vote generally in the election of directors of
                    the corporation or other entity resulting from such Qualifying Transaction
                    (including, without limitation, a corporation or other entity which, as a
                    result of such transaction, owns the Company or all or substantially all of the
                    Company's assets either directly or through one or more subsidiaries) (as the
                    case may be, the "Successor Entity"), (ii) no Change in Control Person is the
                    beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or
                    indirectly, of 20% or more of the combined voting power of the then outstanding
                    voting securities eligible to vote generally in the election of directors of
                    the Successor Entity and (iii) at least a majority of the members of the board
                    of directors of the Successor Entity are Incumbent Directors;

                
	
                	
                                        
                (c)	
                    
                    a complete liquidation or dissolution
                    of the Company or Idaho Power Company or

                
	
                	
                                        
                (d)	
                    
                    within a 24-month period, individuals
                    who were directors of the Board immediately before such period ("Incumbent
                    Directors") cease to constitute at least a majority of the directors of the
                    Board; provided, however, that any director who was not a director of the Board
                    at the beginning of such period shall be deemed to be an Incumbent Director if
                    the election or nomination for election of such director was approved by the
                    vote of at least two-thirds of the directors of the Board then still in office
                    (i) who were in office at the beginning of the 24-month period or (ii) whose
                    election or nomination for election was so approved, in each case, unless such
                    individual was elected or nominated as a result of an actual or threatened
                    election contest or as a result of an actual or threatened solicitation of
                    proxies or consents by or on behalf of any Change in Control Person other than
                    the Board.

                

        

        
            For
            avoidance of doubt, transactions for the purpose of dividing Idaho Power Company's
            assets into separate distribution, transmission or generation entities or such other
            entities as the Company or Idaho Power Company may determine shall not constitute a
            Change in Control unless so determined by the Board.

        

        	
                	
                    
                    2.5     

                	
                    
                    Committee
                    means the Compensation
                    Committee of the Board.

                

        

        

        

        2

        

        

        

        

        

        

        

        

        	
                	
                    
                    2.6     

                	
                    
                    Coverage
                    Period means the
                    period commencing on the date of a Change in Control and ending on the last day
                    of the calendar year in which the Change in Control occurs.

                

        

        

        

        	
                	
                    
                    2.7     

                	
                    
                    Disability
                    means termination of a
                    Participant's employment with the Company and/or its Subsidiaries, as
                    applicable, if the Participant is eligible to receive benefits under the
                    Long-Term Disability Program maintained by the Company or its
                    Subsidiaries.

                

        

        

        

        	
                	
                    
                    2.8     

                	
                    
                    Employee
                    means an individual who is
                    on the payroll of the Company or a Subsidiary, who is not covered by any
                    collective bargaining agreement to which the Company or any of its Subsidiaries
                    is a party and is classified in the payroll system as a regular, full-time,
                    part-time or temporary employee.

                

        

        

        

        	
                	
                    
                    2.9     

                	
                    
                    Exchange Act
                    means the Securities
                    Exchange Act of 1934, as amended.

                

        

        

        

        	
                	
                    
                    2.10     

                	
                    
                    Participant
                    means an Employee selected
                    for participation in this Plan.

                

        

        

        

        	
                	
                    
                    2.11     

                	
                    
                    Person
                    shall have the meaning
                    ascribed to such term in Section 3(a)(9) of the Exchange Act.

                

        

        

        

        	
                	
                    
                    2.12     

                	
                    
                    Pre-Change in Control
                    Board means the
                    Board, as composed prior to a Change in Control.

                

        

        

        

        	
                	
                    
                    2.13     

                	
                    
                    Retirement
                    means a Participant's
                    termination from employment with the Company and/or its Subsidiaries, as
                    applicable, if the date of termination occurs on or after attainment of any of
                    the following: (a) age 62, (b) age 55 with 10 years of service or (c) 30 years
                    of service.

                

        

        

        

        	
                	
                    
                    2.14     

                	
                    
                    Subsidiary
                    means

                

        

        

        

        	
                	
                    
                    (a)     

                	
                    
                    any corporation more than
                    fifty (50%) percent of the outstanding securities having ordinary voting power
                    of which shall at the time be owned or controlled, directly or indirectly, by
                    the Company or one or more of its Subsidiaries or by the Company and one or
                    more of its Subsidiaries or

                
	
                	
                                      
                 (b)  	
                    
                    any partnership, limited liability company, association,
                    joint venture or similar business organization more than fifty (50%) percent of
                    the ownership interests having ordinary voting power of which shall at the time
                    be so owned or controlled.

                

        	
                	
                    
                    2.15    

                	
                    
                    Target Award
                    Amount means the
                    amount payable if the Participant achieves target performance levels pursuant
                    to the Plan.

                

        

        

        

        3

        

        

        

        

        3.
             
        ADMINISTRATION

        

        
        The Plan will be administered by the
        Committee, which is authorized to interpret the Plan, select Employees who are eligible to
        be Participants, establish rules and regulations necessary to administer the Plan and take
        all other actions it determines are required for the proper administration of the Plan;
        provided, however, that (a) the Committee will report on its actions to the Board and (b)
        all Awards and payments pursuant to Awards shall be subject to Board approval. The
        Committee shall make recommendations to the Board regarding the terms, conditions and
        amounts of Awards and any payments it determines should be made with respect to
        Awards.

        

        
        All actions, determinations,
        interpretations and decisions made by the Committee and/or the Board regarding the Plan or
        its administration will be final, conclusive and binding upon all parties concerned. No
        member of the Committee or the Board shall incur any liability by reason of any action or
        determination made with respect to the Plan.

         

        
        4.
             
        PARTICIPATION

        

        
        Employees that may be selected for
        participation in the Plan in a given calendar year are those in a position to directly and
        significantly affect revenues, profits or losses or operating efficiencies of the Company
        and/or Subsidiaries. Participants will be notified and provided a copy of the performance
        goals and other criteria for Award determination.

         

         Participants may be added to the Plan or removed from the Plan at any time during the
        calendar year based on participation criteria previously approved by the Committee, by
        virtue of promotion or new hire following the initial eligibility designation or upon
        approval of the Committee. Participation in the Plan during a particular calendar year
        shall not entitle a Participant to participation in the Plan in future years.

         

        
        5.
             
        DETERMINATION OF AWARDS

        

        
        Subject to the terms of the Plan,
        Awards will be based upon performance goals established under the Plan.
        Awards may provide for payment of
        threshold, target, maximum and/or other amounts. Performance goals may relate to the
        Company, Subsidiaries, business units or such other criteria as the Board shall
        determine. No Awards shall be
        paid under the Plan if Awards are not paid to employees under the IDACORP, Inc. Employee
        Incentive Plan for the same calendar year or if net income is less than the Board approved
        dividend for IDACORP common stock for the calendar year to which the Award relates. Awards
        need not be uniform among Participants and may vary from year to year.

        
        As soon as practicable after the end of
        each calendar year, the Committee shall assess performance achievement levels relative to
        the pre-established performance goals and shall recommend Award payment amounts for
        approval by the Board. The Committee's recommendation may reflect downward adjustment of
        Awards (to zero) in light of such considerations as the Committee may deem relevant. An
        Award shall be deemed earned and vested only at such time as the Board has approved payment
        of the Award to the Participant.

         

         When used in the attached Exhibit, the term "base salary" shall mean only the
        Participant's annual base salary for the calendar year to which the Award relates; the term
        base salary shall not include any amounts earned under any incentive, bonus or other
        compensation or benefit plans. If there is a
        change during a calendar year to a Participant's base salary and/or Target

        
         

        
        
        4

        

        

        

        

        

        

        
        Award Amount after the Participant's
        base salary and/or Target Award Amount have been established for the calendar year, unless
        the Board specifies a different methodology, the Participant's Award for that calendar year
        will be determined by calculating the Participant's Award using each base salary level and
        target percentage, prorating each such amount based on the number of days during the
        calendar year that the base salary level was paid and/or Target Award Amount was applicable
        and adding each prorated Award amount.

        
        

         

        
        6.
             
        EFFECT OF TERMINATION OF
        EMPLOYMENT

        

        

        	
                	
                    
                    (a)     

                	
                    
                    If a Participant's
                    employment is terminated for any reason other than Retirement, death or
                    Disability, except as provided in Section 7 herein and unless otherwise
                    determined by the Committee, (i) with respect to the Participant's Award
                    relating to the calendar year in which the employment termination occurs, such
                    Award will be cancelled and the Participant will not be eligible to receive a
                    payment under the Plan with respect to that calendar year and (ii) with respect
                    to the Participant's Award relating to the prior calendar year (if such Award
                    was either not yet approved or approved but not yet paid as of the date of
                    employment termination), such Award will remain in effect, the amount payable
                    to the Participant (if any) shall be determined in accordance with Section 5
                    hereof based on actual performance through the end of the prior calendar year
                    and any amount payable to the Participant shall be paid pursuant to Section 8
                    hereof at the same time such amount would have been paid had the Participant
                    remained employed through the payment date.

                
	
                	
                    
                    (b)     

                	
                    
                    Except as otherwise provided in  Section 7 herein, if a
                    Participant's employment is terminated due to Retirement, death or Disability,
                    (i) with respect to the Participant's Award relating to the calendar year in
                    which the employment termination occurs, (A) such Award shall remain in effect,
                    (B) the amount payable to the Participant (if any) shall be determined by
                    multiplying (I) the amount that would have been paid if the Participant had
                    remained employed through the payment date, determined in accordance with
                    Section 5 hereof based on actual performance through the end of the calendar
                    year, by (II) a fraction, the numerator of which equals the number of days the
                    employee worked in the calendar year in which the termination of employment
                    occurs and the denominator of which is 365 and (C) any amount payable to the
                    Participant shall be paid pursuant to Section 8 hereof at the same time such
                    amount(s) would have been paid had the Participant remained employed through
                    the payment date and (ii) with respect to the Participant's Award relating to
                    the prior calendar year (if such Award was either not yet approved or approved
                    but not yet paid as of the date of employment termination), (A) such Award
                    shall remain in effect, (B) the amount payable to the Participant (if any)
                    shall be determined in accordance with Section 5 hereof based on actual
                    performance through the end of the calendar year to which the Award relates and
                    (C) any amount payable to the Participant shall be paid pursuant to Section 8
                    hereof at the same time such amount would have been paid had the Participant
                    remained employed through the payment date.

                
	
                	
                    
                    (c)     

                	
                    
                    No Award shall be paid to a Participant whose employment is
                    terminated for Cause.

                

        

        
         

        
        
        5

        

        

        

        

         

        

        	
                	
                    
                    (d)     

                	
                    
                    For purposes of the Plan, (i) transfer of employment of a
                    Participant between the Company and any one of its Subsidiaries (or between
                    Subsidiaries) and transfer of employment to a Successor Entity or other
                    successor of the Company or a Subsidiary shall not be deemed a termination of
                    employment unless so determined by the Committee and (ii) if a Participant is
                    employed by the Company and a Subsidiary or more than one Subsidiary, a
                    Participant shall not be deemed to have terminated employment unless the
                    Participant's employment with each such entity terminates.

                

        

        
        7.
             
        CHANGE IN CONTROL

        

        

        	
                	
                    
                    (a)     

                	
                    
                    If a Change in Control
                    involving a Successor Entity occurs, the Pre-Change in Control Board may
                    require that the Successor Entity (i) assume or otherwise continue all or any
                    part of the Awards that are outstanding at the time of the Change in Control or
                    (ii) substitute outstanding Awards with awards that are no less favorable to
                    Participants (as determined in the sole discretion of the Pre-Change in Control
                    Board).

                
	
                	
                    
                    (b)     

                	
                    
                    If a Successor Entity
                    refuses to assume or continue such Awards or to provide substitute awards that
                    are deemed acceptable by the Pre-Change in Control Board or if a Change in
                    Control not involving a Successor Entity occurs and the Pre-Change in Control
                    Board determines that the Change in Control would adversely affect outstanding
                    Awards, the Pre-Change in Control Board, in its sole discretion, may (i) with
                    respect to outstanding Awards that relate to the calendar year in which the
                    Change in Control occurs, provide for the payment of all or a portion of the
                    outstanding Awards (at target or another level determined by the Pre-Change in
                    Control Board), (ii) with respect to outstanding Awards that relate to the
                    prior calendar year and that were either not yet approved or approved but not
                    yet paid as of the date of the Change in Control, provide for the accelerated
                    payment of the outstanding Awards (at target or another level determined by the
                    Pre-Change in Control Board) or (iii) take such other action with respect to
                    outstanding Awards, which action need not be consistent among Participants, as
                    it deems appropriate (including taking no action).

                
	
                	
                    
                    (c)     

                	
                    
                    The Pre-Change in Control Board may make or cause to be made
                    such changes to performance goals and other terms of Awards as it may deem
                    appropriate to reflect or adjust for changes resulting from a Change in
                    Control.

                
	
                	
                    
                    (d)     

                	
                    
                    If a Participant's employment is terminated for any reason
                    other than Cause during the Coverage Period, (i) with respect to outstanding
                    Awards that relate to the calendar year in which the Change in Control occurs,
                    the Participant shall be paid either (A) a prorated Award determined by
                    multiplying the Participant's Target Award Amount (or another amount determined
                    by the Pre-Change in Control Board) by a fraction, the numerator of which
                    equals the number of days the employee worked in the calendar year in which the
                    termination of employment occurs and the denominator of which is 365 or (B) if
                    so determined by the Pre-Change in Control Board, a full Award in an amount
                    determined by the Pre-Change in Control Board and (ii) with respect to
                    outstanding Awards that relate to the prior calendar year and that were either
                    not yet approved or approved but not yet paid as of the date of the Change in
                    Control, provide for the

                

        

        
         

        
        6

        

        

        

        

         

        

        	
                	
                    
                              

                	
                    
                    accelerated payment of outstanding Awards (at target or
                    another level determined by the Pre-Change in Control Board).

                
	
                	
                    
                    (e)    

                	
                    
                    Any Award paid pursuant to this Section 7 shall be paid on
                    the date selected by the Pre-Change in Control Board, provided that such date
                    shall in no event be later than the earlier of (i) the date such payment would
                    have been made in the ordinary course and (ii) 21⁄2 months following the
                    event triggering the payment
                    (i.e.
                    , the Change in Control or
                    termination of employment).

                

        

         8.
             
        PAYMENT OF AWARD

        

        
        Except as otherwise provided in Section
        7, Awards shall be paid as promptly as practicable after the Board has approved the Award
        payments; provided, however, that the payment date shall in all events be within the
        calendar year following the calendar year to which the Award relates and, if possible, not
        later than March 15 of the calendar year following the calendar year to which the Award
        relates. All Award payments shall be in cash in a lump sum.

        

        
        The Company or Subsidiary, as the case
        may be, shall deduct from all payments made under the Plan an amount necessary to satisfy
        federal, state and or local tax withholding requirements. Amounts paid under the Plan will
        be considered in the calculation of benefits under the Idaho Power Company Retirement Plan
        and the Idaho Power Company Employee Savings Plan for eligible participating employees.

         

        
        9.
              PLAN IS
        NOT A CONTRACT

        

        
        No provision of the Plan nor any
        document describing the Plan or establishing rules or regulations regarding the Plan's
        administration shall be deemed to confer on any Participant the right to continue in the
        Company's or Subsidiary's employ nor shall any such provision or document affect the right
        of the Company or any Subsidiary to terminate any Participant's employment.

         

        
        10.
             
        AMENDMENT AND TERMINATION OF THE
        PLAN

        

        
        The Board reserves the right to amend,
        suspend or terminate the Plan and any Award under the Plan at any time in whole or in part,
        for any reason, and without the consent of any Participant or other person; provided,
        however, that the Plan and any Award under the Plan may not be amended, suspended or
        terminated during the Coverage Period without the written consent of each Participant whose
        Award would be affected by the amendment.

        

        
        11.
             
        PLAN BINDING ON SUCCESSOR
        ENTITIES

        

        
        All obligations of the Company or any
        Subsidiary under the Plan shall be binding on any successor to the Company or any
        Subsidiary, respectively, whether the existence of such successor is the result of a direct
        or indirect purchase, merger, consolidation, reorganization or other transaction involving
        all or substantially all of the business and/or assets of the Company or any Subsidiary.
        References to the Company or Subsidiary in the Plan shall be deemed to refer to the
        successors thereto, as applicable.

        

        
        12.
             
        EFFECTIVE DATE

        

        
        

        7

        
        

        
         

        
        The Plan shall become effective January
        1, 2007 and shall remain in effect until terminated by the Board.

         

        
        

        8

        
        

        

        

        

        

        
        EXHIBIT A

        
        IDACORP and Idaho Power Executive
        Participants 2008 Goals

        
        HOW THE PLAN
        WORKS

        
        The Plan consists of a combination of
        Operational and Customer Service goals for Idaho Power Company, Net Income targets for
        Idaho Power Company and Net Income targets for the Company. The intent of the Plan is to
        focus on key areas management can impact while maintaining a means of additional profit
        sharing should Net Income exceed expected performance.

        
        The weightings for the three areas are
        as follows:

        

        

        	
                	
                    
                    ·     

                	
                    
                    Operational/Customer
                    Service Goals – 40%

                

        

        	
                	
                    
                    ·     

                	
                    
                    Net Income at Idaho Power Company – 40%

                

        

        	
                	
                    
                    ·     

                	
                    
                    IDACORP Consolidated Net
                    Income – 20%

                

        

        

        

        

        
        The total payout will be based on
        predetermined participation levels approved by the Board. The amount of incentive to be
        awarded each participant will be calculated by multiplying the approved incentive
        percentage by the combined multiplier times the base salary.

        
        I.     
        Operational/Customer Service
        Goals

        
        A.     Customer
        Satisfaction

        
        The Customer Relationship Index (CRI)
        details the company's performance through the eyes of the customer and is based on a
        rolling 4-quarter average for the period beginning January 1, 2008 through December 31,
        2008. The index consists of 5 specific questions asked of our customers by an independent
        survey company and addresses issues such as overall satisfaction, quality, value, advocacy
        and loyalty. The CRI goal for 2008 is as follows:

        

        	
                    
                    Performance
                    Level

                	
                    
                    CRI Goal

                	
                    
                    Qualifying
                    Multiplier

                
	
                    
                    Threshold

                	
                    
                    %

                	
                    
                    7.5%

                
	
                    
                    Target

                	
                    
                    %

                	
                    
                    15%

                
	
                    
                    Maximum

                	
                    
                    %

                	
                    
                    30%

                

        

        

        

        
        

        

        

        
        B.     
        Other Operation and Maintenance
        Expense (Other O&M Expense)

        
        Operational and strategic goals help
        management focus on effective use of assets and capital. The operational target will be to
        manage to budgeted levels of forecasted amounts. For 2008 the goal is as
        follows:

        

        	
                    
                    Performance
                    Level

                	
                    
                    Other O&M
                    Expense

                	
                    
                    Qualifying
                    Multiplier

                
	
                    
                    Threshold

                	
                    
                    $

                	
                    
                    7.5%

                
	
                    
                    Target

                	
                    
                    $

                	
                    
                    15%

                
	
                    
                    Maximum

                	
                    
                    $

                	
                    
                    30%

                

        

        

        

        
        Other O&M Expense will be other
        operation expense (excluding third party transmission expense, short-term employee and executive
        incentive expense and fixed cost adjustment) and maintenance expense.

        
        C.     Network
        Reliability

        
        This goal will be measured using the
        number of interruptions greater than 5 minutes in duration experienced by Small and Large
        General Service Customers ("Customers"). In addition to the required performance levels
        below, this metric contains a hurdle of no more than 10% of Customers subjected to more
        than 6 interruptions. If this hurdle is not passed, the payout for the Network Reliability
        goal will be zero.

        

        	
                    
                    Performance
                    Level

                	
                    
                    Interruptions

                	
                    
                    Qualifying
                    Multiplier

                
	
                    
                    Threshold

                	
                 	
                    
                    5%

                
	
                    
                    Target

                	
                 	
                    
                    10%

                
	
                    
                    Maximum

                	
                 	
                    
                    20%

                

        

        

        

         

        2

        

        

        

        

        
        II.     
        Idaho Power Company Net
        Income

        

        	
                    
                    Performance
                    Level

                	
                    
                    Idaho Power Company Net
                    Income

                	
                    
                    Qualifying
                    Multiplier

                
	
                    
                    Threshold

                	
                    
                    $

                	
                    
                    20%

                
	
                    
                    Target

                	
                    
                    $

                	
                    
                    40%

                
	
                    
                    Maximum

                	
                    
                    $

                	
                    
                    80%

                

        

        

        
        Net Income is defined as Net Income
        reported in the audited year-end financial statements, exclusive of short-term employee and executive
        incentive expense (net of tax) as a result of performance under the IDACORP Consolidated Net
        Income goals. The target amounts are those amounts reported after considering all applicable incentive
        amounts.

        
        

        III.     
        IDACORP Consolidated Net
        Income

        

        	
                    
                    Performance
                    Level

                	
                    
                    Consolidated IDACORP Net
                    Income

                	
                    
                    Qualifying
                    Multiplier

                
	
                    
                    Threshold

                	
                    
                    $

                	
                    
                    10%

                
	
                    
                    Target

                	
                    
                    $

                	
                    
                    20%

                
	
                    
                    Maximum

                	
                    
                    $

                	
                    
                    40%

                

        

        

        
        Consolidated Net Income is defined as
        Net Income reported in the audited year-end financial statements. The target amounts are
        those amounts reported after considering all applicable incentive amounts.

        
         

        
        3

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