Document:

Company Deferred Comp Plan - Salaried

Exhibit 10-23

 

ENERGY EAST CORPORATION

DEFERRED COMPENSATION PLAN - SALARIED EMPLOYEES

 

 

     1.  Effective Date.

          Energy East Corporation (hereinafter called the Corporation) has established a deferred compensation plan (hereinafter called Deferred Compensation Plan) and is the Plan Sponsor. The Deferred
Compensation Plan will permit salaried employees of the Corporation who elect to participate therein to defer receipt of a portion of their annual salary, or, if applicable, their incentive compensation, until they are no longer employed by any Affiliated
Employer (as defined herein). The Plan, as amended, is effective January 1, 1999 and will continue in effect from year to year thereafter unless previously terminated or modified by the Corporation. All existing agreements under prior deferred
compensation plans or individual contracts with employees are unaffected hereby. Participation in the Plan shall be at the sole discretion of each eligible employee. For purposes of the Plan, "Affiliated Employer" shall mean the Corporation and the
members of the "affiliated group" within the meaning of Section 1504 of the Internal Revenue Code of 1986, as amended, of which the Corporation is the common parent.

          All officers and salaried employees who have a salary grade of at least 18 are entitled to participate in the Plan. Election to participate shall be evidenced by a deferred compensation
agreement, executed by the respective participant and the Corporation, prior to January 1st of the first year of deferral, or, in the case of a participant in the Corporation's Annual Executive Incentive Plan, as amended (the "AEIP"), prior to the
commencement of the first performance period to which the election is to be effective, except that, (i) if such participant in the AEIP becomes eligible to participate in the AEIP during a performance period, the agreement may be executed prior to the
first to occur of (a) the 15th day following the effective date of his participation in the AEIP or (b) the 182nd day of the performance period. An employee who (i) commences employment during a calendar year, (ii) immediately before commencing employment
was employed by an Affiliated Employer, and (iii) was participating in an analogous deferred compensation plan of that Affiliated Employer shall be deemed to have elected, prior to January 1 of that calendar year, to participate in the Plan on terms
analogous to the terms under which he participated in the deferred compensation plan of the Affiliated Employer.

     2.  Plan Administrator.

          The Plan Administrator is the Corporation.

     3.  Amounts Deferred.

          A participant may elect to defer annually any amount not greater than one-third of his annual salary but no deferral will be made which would reduce salary currently payable to less than the
Social Security base as established by law from time to time. Amounts of annual salary deferred shall be in multiples of $500. The annual amount to be deferred thereafter may be eliminated or may be changed, upward, or downward, by the participant as of
any January 1st upon at least 10 days prior written notice to the Corporation. Additionally, a participant in the AEIP may elect to defer any percentage of his incentive compensation under the AEIP but no deferral will be made which would reduce the total
annual earnings currently payable to less than the Social Security base as established by law from time to time. The percentage deferred must be specified by the participant prior to the commencement of the first performance period to which it is to
relate, except that, if the participant becomes eligible to participate in the AEIP during a performance period, the percentage deferred may be specified by the participant prior to the first to occur of (a) the 15th day following the effective date of
his participation in the AEIP or (b) the 182nd day of the performance period. The percentage deferred may be eliminated or may be changed, upward, or downward, by the participant as to any future performance period upon written notice delivered to the
Corporation at least 10 days prior to the commencement of such future performance period. The amounts deferred will be reflected in the Corporation's accounts as a liability in favor of the participants. At the end of each calendar year the Corporation
will credit to such account an amount equal to the prime interest rate from time to time established by The Chase Manhattan Bank, N.A. on short-term borrowings, and compounded semi-annually on the aggregate balance of the amounts deferred. The participant
will be furnished annually with a statement showing the aggregate amount deferred and the accumulated interest thereon.

     4.  Payment of Amounts Deferred.

          The accumulated amount deferred and interest thereon with respect to a participant during his employment will be paid to him after the date he is no longer employed by any Affiliated Employer
("Service Termination Date"), in a lump sum within one year following the Service Termination Date or in installments in such percentages and over such period of years (not exceeding 10) as he may elect. Such election must be made prior to January 1st of
any year (except that, in the case of a participant who is not already participating and who becomes eligible to participate in the AEIP during a performance period, such election may be made prior to the first to occur of (a) the 15th day following the
effective date of his participation in the AEIP or (b) the 182nd day of the performance period, with respect to amounts to be deferred thereafter, and may be changed only in accordance with the provisions of Section 7 hereof. If he elects payment over a
period of years, he also will be paid annually, upon retirement, or termination of employment, amounts equal to such interest on the remaining balance of the accumulated amount deferred. In the event of the participant's death, payment shall be made to
his estate or the beneficiary designated by him. Notwithstanding any other provisions of the Plan, the Corporation reserves the right to pay the accumulated amount deferred in one lump sum within a year if participant's employment is terminated by any
Affiliated Employer.

     5.  Other Provisions.

          The Corporation has reserved the right to terminate or modify the Plan by action of the Board of Directors of the Corporation. Any such termination or modification shall not affect rights
previously accrued. Participation in the Plan shall not be deemed an employment contract. A participant's rights and benefits under the Plan may not be assigned, pledged or encumbered by the participant, his estate or beneficiary.

     6.  Funding.

          There will be no funding of any amounts to be paid pursuant to this Plan; provided, however, that the Corporation, in its discretion, may establish a trust to pay such amounts, which trust
shall be subject to the claims of the Corporation's creditors in the event of the Corporation's bankruptcy or insolvency; and provided, further, that the Corporation shall remain responsible for the payment of any such amounts which are not so paid by any
such trust.

     7.  Change in Payment Election.

          A participant may change, but only with the Corporation's consent, his election of payment terms by executing a new Pay-back Schedule. However, no such change shall be effective during the
one-year period beginning with the day the participant executes the new Pay-back Schedule. If, during such one-year period, the participant becomes entitled to receive a payment or payments under the Plan pursuant to his last effective payment terms
election, said last effective payment terms election shall remain in full force and effect and the new election shall be null and void.(Lessor): Lisa Vardakis, SLC, UT  84111 of: M.N.V. Holdings, LLC

Lessee hereby offer to lease from Lessor the premises situates in the City of
Salt Lake City, County of Salt Lake, State of Utah, described as;

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upon the following term and conditions.

(1)       TERMS & RENT: Lessor demises the above promises for a term of (2)
(Check One) |_| Months, |X| Years, to commence on this 19 day of June, 1997, and
terminating on this 19 day of June, 1999 or sooner as provided herein at the
annual rental of ($36,000) _______________________________________ DOLLARS,
payable in equal installments in advance on the first day of each month for that
month's rental, during the term of this lease. All rental payments shall be made
to Lessor, at the address specified above.

(2)       USE: Lessee shall use and occupy the premises for Pawn Shop. The
premises shall be used for no other purpose. Lessor represents that the premises
may lawfully be used for such purpose.

(3)       CARE & MAINTENANCE OF PREMISES: Lessee acknowledges that the
premises are in good order and repair, unless otherwise indicated herein. Lessee
shall, at his own expense and at all times, maintain the premises in good and
safe condition, including plate glass, electrical wiring, plumbing and heating
installations and any other system or equipment upon the premises and shall
surrender the same, at termination hereof, in as good condition as received,
normal wear and tear expected. Lessee shall be responsible for all repairs
required, excepting the roof, exterior walls, structural foundation, and: Net
Net Net
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which shall be maintained by the Lessor. Lessee shall also maintain in good
condition adjacent to the premises, such as sidewalks, driveways, lawns, and
shrubbery, which would otherwise be required to be maintained by Lessor.

(4)       ALTERATIONS: Lessee shall not, without first obtaining the written
consent of Lessor, make any alterations, additions, or improvements, in, to or
about the premises.

(5)       ORDINANCES & STATUTES: Lessee shall comply with all statutes,
ordinances and requirements of all municipal, state and federal authorities now
in force, or which may hereafter be in force, pertaining to the premises,
occasioned by or affecting the use thereof by Lessee.

(6)       ASSIGNMENT & SUBLETTING: Lessee shall not assign this lease or
sublet any portion of the premises without prior written consent of the Lessor,
which shall not be unreasonably withheld. Any such assignment or subletting
without consent shall be void and, at the option of the Lessor, may terminate
this lease.

(7)       UTILITIES: All applications and connections for necessary utility
services on the demised premises shall be made in the name of the Lessee only,
and Lessee shall be solely liable for utility charges as they become due,
including those for sewer, water, gas, electricity, and telephone services.

<PAGE>

(8)       ENTRY & INSPECTION: Lessee shall permit Lessor or Lessor's agents,
to enter upon the premises at reasonable times and upon reasonable notice, for
the purpose of inspecting the same, and will permit Lessor at any time within
sixty (60) days prior to the expiration of this lease, to place upon the
premises any usual "To Let" or "For Lease" signs, and permit persons desiring to
lease the same to inspect the premises thereafter.

(9)       POSSESSION: If Lessor is unable to deliver possession of the
premises at the commencement hereof, Lessor shall not be liable for any damage
caused thereby, nor shall this lease be void or voidable, but Lessee shall not
be liable for any rent until possession is delivered. Lessee may terminate this
lease if possession is not delivered within ______ days of the commencement of
the term hereof.

(10)      INDEMNIFICATION OF LESSOR: Lessor shall not be liable for any
damage or injury to Lessee, or any other person or to any property, occurring on
the demised premises or any part thereof, and Lessee agrees to hold Lessor
harmless from any claims for damages, no matter how caused.

(11)      INSURANCE: Lessee, at his expense, shall maintain plate glass and
public liability insurance including bodily injury and property damage insuring
Lessee and Lessor with minimum coverage as follows:
Five percent increase
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Lessee shall provide Lessor with a Certificate of Insurance showing Lessor as
additional insured. The Certificate shall provide for a ten-day written notice
to Lessor in the event of cancellation or material change of coverage. To the
maximum extent permitted by insurance policies which may be owned by Lessor or
Lessee, Lessee and Lessor, for the benefit of each other, waive any and all
rights of subrogation which might otherwise exist.

(12)      OTHER AGREEMENTS NOT COVERED: (To be made a part of this Lease
Agreement)

          Lessor grants an option to extend for 2 additional years.

          Signed this 19 day of June, 1997 in the presence of each other.

          /s/ Vincent C. Lombardi, Director      /s/ Michael Verdakis
          ---------------------------------      -------------------------------
          (Lessee's Signature)                   (Lessor's Signature)

          /s/ Pawnbrokers Exchange, Inc.         /s/ M.N.V. Holdings, LLC
          ---------------------------------      -------------------------------
          (Lessee's Signature)                   (Agent for Lessor)

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          (Phone)                                (Phone)

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