Document:

Exhibit 10.01

 

Amended

Employment Agreement of

Wayne H. Brunetti

 

This Amended Employment Agreement (the “Agreement”),
dated as of June 29, 2005, by and between Xcel Energy Inc., a Minnesota
corporation (the “Company”), and Wayne H. Brunetti (the “Executive”), amends
immediately, and supercedes on the Effective Date (as defined below), that
certain Employment Agreement dated as of March 24, 1999, as heretofore and as
otherwise amended prior to the Effective Date (the “Prior Agreement”), by and
among Northern States Power Company, a Minnesota corporation (“NSP”), New
Century Energies, Inc., a Delaware corporation (“NCE”) and the Executive.

 

W I T N E S S E T
H:

 

WHEREAS, the Executive has been serving as Chairman of
the Board of Directors of the Company (the “Board”) since August 18, 2001 and
as Chief Executive Officer of the Company since August 18, 2000;

 

WHEREAS, the Company’s predecessors by merger, NSP and
NCE, entered into the Prior Agreement with the Executive to become effective at
the time of the merger of NCE with and into NSP, which Prior Agreement remains
in effect as of the date hereof with the Company as successor to NSP
thereunder;

 

WHEREAS, the Executive has played a key role in the
successful integration of NSP and NCE since their merger in August 2000 and has
made major contributions to the growth and strength of the Company during his
tenure at the Company;

 

WHEREAS, under the terms of the Prior Agreement, the
Executive is to serve as Chairman of the Board and Chief Executive Officer
until at least August 18, 2007;

 

WHEREAS, the Board and the Executive wish to provide
the Company with an orderly transition from the leadership of Executive to that
of his successor;

 

WHEREAS, the Board has determined that appropriate
steps should be taken to ensure an orderly transition and, in order to induce
the Executive to serve as Chairman of the Board until the Effective Date (as
defined below) and as Chief Executive Officer of the Company until July 1,
2005, the Board desires to provide the Executive on and after the Effective
Date with compensation and benefits on the terms and conditions set forth in
this Agreement; and

 

WHEREAS, the Executive is willing to perform such
services on the terms and conditions hereinafter set forth even though such
terms and conditions will result in the Executive receiving less compensation
and benefits than if he had continued to serve as Chairman of the Board and
Chief Executive Officer through the end of the current term of his Prior
Agreement on August 18, 2007 and less compensation and benefits than he would
have received if he were terminated without Cause or he terminated for Good
Reason prior to August 18, 2007;

 

 

NOW THEREFORE, in consideration of the mutual
covenants and promises of the parties to this Agreement, the Company and
Executive agree as follows:

 

1.             Effectiveness;
Effect on Prior Agreements.

 

(a)           Effective
immediately, this Agreement amends the Prior Agreement as and to the extent set
forth in paragraph (b) of Section 2 of this Agreement.

 

(b)           On
December 15, 2005, this Agreement will supercede, without prior action of the
Company or the Executive, the Prior Agreement and the Change in Control
Agreement between NCE and the Executive effective August 1, 1997 (the “Change
in Control Agreement”), provided that the Executive is employed by the Company
as its Chairman of the Board immediately prior to December 15, 2005.  (The date this Agreement supercedes the Prior
Agreement and the Change in Control Agreement is herein referred to as the “Effective
Date”).  On the Effective Date, the Prior
Agreement and Change in Control Agreement shall be terminated and without
further effect.

 

(c)           Until the
Effective Date occurs, the Prior Agreement, as amended by paragraph (b) of
Section 2 hereof, shall remain in full force and effect, as shall the Change in
Control Agreement.

 

(d)           In the
event the Effective Date does not occur because the Executive is not employed
by the Company as Chairman of the Board immediately prior to December 15, 2005
(whether by reason by death or disability, or as a result of a termination for
Cause or without Cause or for Good Reason or without Good Reason under the
Prior Agreement or otherwise), then the provisions of this Agreement, other
than paragraph (a) of this Section 1 and paragraphs (a) and (b) of Section 2,
shall cease to be of any force and effect.

 

2.             Resignation;
Retirement.

 

(a)           The
Executive hereby submits, and the Company hereby accepts, his voluntary and
irrevocable resignation effective on July 1, 2005 as Chief Executive Officer of
the Company and of any affiliate of the Company.

 

(b)           Section
2(a) of the Prior Agreement is hereby amended to read in its entirety as
follows:

 

“(a)         During the
Initial Period, the Executive shall serve as Chief Executive Officer and
President of the Company.  During the
Second Period, the Executive shall serve until July 1, 2005 as Chief Executive
Officer of the Company and Chairman of the Board of Directors of the Company (“Board”)
and thereafter shall serve as Chairman of the Board.  The Executive shall serve in each such case
as an employee of the Company and with such duties and responsibilities as are
customarily assigned to such positions, and such other
duties and responsibilities not inconsistent therewith as may from time to time
be assigned to him by the Board.  The
Executive shall be a member of the Board on the first day of the Employment
Period, and the Board shall propose the Executive for re-election to the Board
throughout the Employment Period.”

 

2

 

The Executive hereby
waives any right or claim that he might otherwise have to terminate employment
for Good Reason, or to receive any severance or other payment or benefit, under
the Prior Agreement or the Change in Control Agreement as a result of his
ceasing to serve as Chief Executive Officer of the Company or of any affiliate
of the Company effective July 1, 2005. 
Except as set for in Section 1 hereof or in this Section 2, the Prior
Agreement shall remain in full force and effect.

 

(c)           The Executive
hereby submits, and the Company hereby accepts, his voluntary and irrevocable
retirement on December 15, 2005 as Chairman of the Board of the Company, as an
employee of the Company, as an officer and employee of any affiliate of the
Company, as a member of each committee of the Company or any affiliate on which
he serves, and as a member of the Board and the board of any affiliate of the
Company on which he serves.

 

3.             Compensation
and Benefits.

 

Upon the Executive’s retirement from the Company on the
Effective Date, the Company shall pay or commence to pay or provide to or on
behalf of the Executive the following:

 

(a)           A cash
payment in the amount of $4,050,000 to be paid to the Executive on the
Effective Date.

 

(b)           From and
after the Effective Date until the Executive’s death, the Company will provide
the Executive with the opportunity to receive, without regard to his
retirement, an annual physical under terms which are no less favorable to the
Executive than those under which he is entitled to receive Company provided
annual physicals as of the date of this Agreement.

 

(c)           From and
after the Effective Date until the Executive’s death, the Company will provide
the Executive and his eligible spouse and dependents, without regard to the
Executive’s retirement, with medical coverage under the Company’s Executive
Medical Plan under terms no less favorable to Executive, his spouse and
dependents than those in effect under such plan as of the date of this
Agreement.  Notwithstanding the
foregoing, such coverage shall be secondary to any medical coverage provided by
any other employer or Medicare. 
Following the Executive’s death, the Executive’s surviving spouse and
dependents covered under the Executive Medical Plan immediately prior to the
Executive’s death shall be entitled, at their own expense, to continuation
coverage to the extent provided in COBRA or applicable state law.

 

(d)           From and
after the Effective Date until the Executive’s death, the Company shall provide
the Executive, without regard to his retirement, with financial planning and
tax advice services under terms no less favorable to the Executive than those
under which the Executive was entitled to receive such services as of the date
of this Agreement; provided, however, if the Executive for any reason incurs
any such expenses prior to six months after the Effective Date, the Company
shall not reimburse the Executive for those expenses until the first day of the
month after the end of such six-month period or his earlier death.

 

3

 

4.             Non-Exclusivity
of Rights.

 

Except as otherwise explicitly provided in this
Agreement, including, without limitation, in Section 1 or paragraph (f) of
Section 9, nothing in this Agreement shall prevent or limit the Executive’s
continuing or future participation in any plan, program, policy or practice
provided by the Company or any of its affiliated companies for which the
Executive may qualify.  Vested benefits
and other amounts that the Executive is otherwise entitled to receive under the
Company’s Supplemental Executive Retirement Plan (“SERP”) or any other plan,
policy, practice or program of the Company or any of its affiliated companies
on or after the Effective Date shall be payable in accordance with the terms of
each such plan, policy, practice or program, as the case may be, except as
explicitly modified by or otherwise provided in this Agreement.  In this respect and for the avoidance of
doubt, in accordance with the terms of Executive’s outstanding grants or awards
under the annual and long-term incentive plans of the Company or any of its
predecessors or affiliate companies, on the Executive’s retirement on the
Effective Date: (i) any restricted stock outstanding at the Effective Date
shall be fully vested on the Effective Date, (ii) all options outstanding on
the Effective Date shall be fully vested and exercisable and shall remain in
effect and exercisable through the end of the their respective terms, (iii) all
performance share awards and restricted stock unit awards shall remain in
effect and payable in accordance with their terms without regard to the
Executive’s retirement, and (iv) any earned incentive award for 2005 under the
Company’s annual incentive plan shall be payable on a pro-rated basis based on
the number of days in 2005 through the Effective Date.  In addition, and for the further avoidance of
doubt, (A) the amount of the benefits to which the Executive is entitled under
the Company’s Nonqualified Pension Plan and SERP on his retirement on the
Effective Date shall be fully vested on the Effective Date as shall the amount
of accrued vacation to which he is entitled at the time of his retirement to
the extent provided by Company policy, and due to his termination of
participation in such plans and policy on the Effective Date shall be paid to
the Executive in a lump sum cash payment on the Effective Date, and (B) the
Company shall provide the Executive, commencing upon retirement on the
Effective Date and continuing for his life, post-retirement death benefit
coverage providing a death benefit to such beneficiary or beneficiaries as the
Executive may designate in amounts which, in the aggregate, equal 200% of the
Executive’s final base salary, provided, however, that, notwithstanding the
foregoing, the Company will defer making any premium payments under any policy
providing such benefits that are due prior to six months after the Effective
Date until six months after the Effective Date or the Executive’s earlier
death, and provided further that, except for being provided with such death
benefit coverage, the Executive hereby waives any and all rights he may
otherwise have in or to any insurance policies through which the Company
provides such coverage from and after the Effective Date.

 

5.             Full
Settlement; Release.  

 

(a)           The
Company’s obligation to make the payments provided for in, and otherwise to
perform its obligations under, this Agreement shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right or action that
the Company may have against the Executive or others.  In no event shall the Executive be obligated
to seek other employment or take any other action by way of mitigation of the
amounts payable to the Executive under any of the provisions of this Agreement
and, except as specifically provided in paragraph (c) of Section 3 with respect
to secondary coverage of medical benefits provided

 

4

 

thereunder, such amounts shall
not be reduced, regardless of whether the Executive obtains other employment.

 

(b)           Payment of
any amount described in paragraph (a) of Section 3 is conditioned upon the
Executive executing and not revoking a Release of Claims Agreement in the form
appended hereto as Attachment A.

 

6.             Non-Competition
Provision and Confidential Information.

 

(a)           Without
the prior written consent of the Company, for 24 months following the Effective
Date, the Executive shall not, as a shareholder, officer, director, partner,
consultant, or otherwise, engage directly or indirectly in any business or
enterprise which is “in competition” with the Company or its successors or
assigns; provided, however, that the Executive’s ownership of less than five
percent of the issued and outstanding voting securities of a publicly-traded
company shall not be deemed to constitute such competition.  A business or enterprise is deemed to be “in
competition” if it is engaged in the business of generation, purchase,
transmission, distribution, or sale of electricity, or in the purchase,
transmission, distribution, sale or transportation of natural gas, within the
States of Colorado, Kansas, Minnesota, New Mexico, North Dakota, Oklahoma,
South Dakota, Texas, Wisconsin or Wyoming.

 

(b)           The
Executive shall hold in a fiduciary capacity for the benefit of the Company all
secret or confidential information, knowledge or data relating to the Company
or any of its affiliated companies and their respective businesses that the
Executive obtains during the Executive’s employment by the Company or any of
its affiliated companies and that is not public knowledge (other than as a
result of the Executive’s violation of this Section 6) (“Confidential
Information”). The Executive shall not communicate, divulge or disseminate
Confidential Information at any time during or after the Executive’s employment
with the Company, except with the prior written consent of the Company or as
otherwise required by law or legal process. 
In no event shall any asserted violation of the provisions of this
Section 6 constitute a basis for deferring or withholding any amounts otherwise
payable to the Executive under this Agreement.

 

7.             Attorney’s
Fees.  

 

The Company agrees to pay, as incurred, to the fullest
extent permitted by law, all legal fees and expenses that the Executive may
reasonably incur as a result of any contest regardless of the outcome by the
Company, the Executive or others of the validity or enforceability of or
liability under or otherwise involving, any provision of this Agreement,
together with interest on any delayed payment at the applicable federal rate
provided for in Section 7872 (f) (2) (A) of the Code.

 

8.             Successors.

 

(a)           This
Agreement is personal to the Executive and, without the prior written consent
of the Company, shall not be assignable by the Executive otherwise than by will
or the laws of descent and distribution. 
This Agreement shall inure to the benefit of and be enforceable by the
Executive’s legal representatives.

 

5

 

(b)           This
Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns.

 

(c)           The
Company shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would have
been required to perform it if no such succession had taken place.  As used in this Agreement, “Company” shall
mean both the Company as defined above and any such successor that assumes and
agrees to perform this Agreement, by operation of law or otherwise.

 

9.             Miscellaneous.

 

(a)           This
Agreement shall be governed by, and construed in accordance with, the laws of
the State of Minnesota, without reference to principles of conflict of
laws.  The captions of this Agreement are
not part of the provisions hereof and shall have no force and effect.  This Agreement may not be amended or modified
except by a written agreement executed by the parties hereto or their
respective successors and legal representatives.

 

(b)           All
notices and other communications under this Agreement shall be in writing and
shall be given by hand delivery to the other party or by registered or
certified mail, return receipt requested, postage prepaid, addressed as
follows:

 

	
  If to the Executive:

  	
   

  	
  Wayne H. Brunetti

  
	
   

  	
   

  	
  P.O. Box 23433

  
	
   

  	
   

  	
  Silverthorne, CO 80498

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  If to the Company:

  	
   

  	
  Xcel Energy Inc.

  
	
   

  	
   

  	
  800 Nicollet Mall

  
	
   

  	
   

  	
  Minneapolis, Minnesota 55402

  
	
   

  	
   

  	
  Attention: General Counsel

  

 

or
to such other address as either party furnishes to the other in writing in
accordance with this paragraph (b) of Section 9.  Notices and communications shall be effective
when actually received by the addressee.

 

(c)           The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this
Agreement.  If any provision of this
Agreement shall be held invalid or unenforceable in part, the remaining portion
of such provision, together with all other provisions of this Agreement, shall
remain valid and enforceable and continue in full force and effect to the
fullest extent consistent with law.

 

(d)           Notwithstanding
any other provision of this Agreement, the Company may withhold from amounts
payable under this Agreement all federal, state, local and foreign taxes that
are required to be withheld by applicable laws or regulations.

 

6

 

(e)           The Executive’s
or the Company’s failure to insist upon strict compliance with any provision
of, or to assert any right under, this Agreement shall not be deemed to be a
waiver of such provision or right or of any other provision of or right under
this Agreement.

 

(f)            The
Executive and the Company acknowledge that at the Effective Date this Agreement
supersedes and terminates any other severance, change-in-control, and
employment contracts or agreements between the Executive and the Company or its
predecessors and affiliates, including, without limitation, the Prior Agreement
and the Change in Control Agreement. 
Without limiting the generality of the foregoing, the Executive hereby
expressly waives any right that he might otherwise have to receive any payments
or benefits under any Company severance plan, policy, program or practice.

 

(g)           The rights
and benefits of the Executive under this Agreement may not be anticipated,
assigned, alienated or subject to attachment, garnishment, levy, execution or
other legal or equitable process except as required by law.  Any attempt by the Executive to anticipate,
alienate, assign, sell, transfer, pledge, encumber or charge the same shall be
void.  Payments hereunder shall not be
considered assets of the Executive in the event of insolvency or bankruptcy.

 

(h)           This
Agreement may be executed in several counterparts, each of which shall be
deemed an original, and said counterparts shall
constitute but one and the same instrument.

 

(i)            To the
extent applicable, it is intended that this Agreement comply with Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”).  Accordingly, notwithstanding anything in this
Agreement to the contrary, if the Company in good faith determines that any
payment or reimbursement required to be made under this Agreement prior to a
date that is six months after the Effective Date would be subject to, and in
violation of, Section 409A of the Code, the Company shall not make such payment
or reimbursement until six months after the Effective Date or the Executive’s
earlier death.

 

IN WITNESS WHEREOF, the Executive has hereunto set the
Executive’s hand and, pursuant to the authorization of its Board of Directors,
the Company has caused this Agreement to be executed in its name on its behalf,
all as of the day and year first above written.

 

	
   

  	
  /S/
  WAYNE H. BRUNETTI

  
	
   

  	
  Wayne
  H. Brunetti

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  XCEL
  ENERGY INC.

  
	
   

  	
  By:

  	
  /S/
  DOUG LEATHERDALE

  
	
   

  	
  Title:

  	
  Chairman
  of the Governance,

  
	
   

  	
   Compensation Nominating Committee of the 

  
	
   

  	
  Board
  of Directors of Xcel Energy Inc.

  
				

 

7

 

ATTACHMENT A

RELEASE OF CLAIMS AGREEMENT

 

This Release of Claims Agreement (“Agreement”) is made
by and between Xcel Energy Inc., a Minnesota corporation (the “Company”), and
Wayne H. Brunetti (“Executive”).

 

WHEREAS, Executive was employed by the Company;

 

WHEREAS, the Company and Executive have entered into
an Amended Employment Agreement dated as of June 29, 2005 (the “Employment
Agreement”).

 

NOW THEREFORE, in consideration of the mutual promises
made herein, the Company and Executive (collectively referred to as the “Parties”)
hereby agree as follows:

 

1.             Termination.  Executive’s employment from the Company
terminated on December 15, 2005.

 

2.             Consideration.  Subject to and in consideration of Executive’s
release of claims as provided herein, the Company has agreed to pay Executive
certain benefits as set forth in the Employment Agreement.

 

3.             Payment
of Salary.  Executive acknowledges
and represents that the Company has paid all salary, wages, bonuses, accrued
vacation, commissions and any and all other benefits due to Executive, except
such bonuses, long-term compensation or employee benefits as may be payable
under the terms of the bonus plan, long-term incentive plan or related awards or
benefit plans, at a point in time after the execution of this Agreement.

 

4.             Release
of Claims.  Executive agrees that the
foregoing consideration represents settlement in full of all outstanding
obligations owed to Executive by the Company. 
Executive, on behalf of himself, and his respective heirs, family
members, executors and assigns, hereby fully and forever releases the Company
and its past, present and future officers, agents, directors, executives,
investors, shareholders, administrators, affiliates, divisions, subsidiaries,
parents, predecessor and successor corporations, and assigns, from, and agrees
not to sue or otherwise institute or cause to be instituted any legal or
administrative proceedings concerning, any claim, duty, obligation or cause of
action relating to any matters of any kind, whether presently known or unknown,
suspected or unsuspected, that he may possess arising from any omissions, acts
or facts that have occurred up until and including the Effective Date of this
Agreement, as defined below in Section 13, including, without limitation,

 

(a)           any and all claims relating to or arising from Executive’s
employment relationship with the Company and its predecessors or their
affiliates and the termination of that relationship;

 

(b)           any and
all claims relating to, or arising from, Executive’s right to purchase, or
actual purchase, of shares of stock of the Company, including, without
limitation, any claims for fraud, misrepresentation, breach of fiduciary duty,
breach of duty under applicable state corporate law, and securities fraud under
any state of federal law;

 

 

(c)           any and
all claims for wrongful discharge of employment; termination in violation of
public policy; discrimination; breach of contract, both express and implied;
breach of a covenant of good faith and fair dealing, both express and implied;
promissory estoppel; negligent or intentional infliction of emotional distress;
negligent or intentional misrepresentation; negligent or intentional
interference with contract or prospective economic advantage; unfair business
practices; defamation; libel; slander; negligence; personal injury; assault;
battery; invasion of privacy; false imprisonment; and conversion;

 

(d)           any and
all claims for violation of any federal, state or municipal statute, including,
but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights
Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans
with Disabilities Act of 1990, the Fair Labor Standards Act, the Employee Retirement
Income Security Act of 1974, The Worker Adjustment and Retraining Notification
Act, and all amendments to each such Act as well as the regulations issued
thereunder;

 

(e)           any and all claims for violation of the federal, or any
state, constitution;

 

(f)            any and all claims arising out of any other laws and
regulations relating to employment or employment discrimination; and

 

(g)           any and all claims for attorneys’ fees and costs.

 

Executive agrees that the release set forth in this
section shall be and remain in effect in all respects as a complete general
release as to the matters released. This release does not extend to any
obligations under the Employment Agreement or any obligations incurred under
this Agreement.

 

Notwithstanding the foregoing, this release shall not
cover Executive’s rights to payments and benefits under any benefit plan or
policy (other than any severance plan or policy), Executive’s rights to
indemnification under the by-laws or Articles of Incorporation of the Company
or under any directors’ and officers’ liability insurance coverage maintained
by the Company or any other rights to indemnification or Executive’s rights
with regard to any equity granted or under any benefit plan.

 

5.             Acknowledgement
of Waiver of Claims under ADEA. 
Executive acknowledges that he is waiving and releasing any rights he
may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and
that this waiver and release is knowing and voluntary. Executive and the
Company agree that this waiver and release does not apply to any rights or
claims that may arise under the ADEA after the Effective Date of this
Agreement.  Executive acknowledges that
the consideration given for this waiver and release Agreement is in addition to
anything of value to which Executive was already entitled.  Executive further acknowledges that he has
been advised by this writing that (a) he should consult with an attorney prior
to executing this Agreement; (b) he has at least twenty-one (21) days within
which to consider this Agreement; (c) he has seven (7) days following the
executing of this Agreement by the Parties to revoke the Agreement; and (d)
this Agreement shall not be effective until the revocation period has
expired.  Any revocation should be in
writing and delivered to the Company as provided in

 

2

 

paragraph
(b) of Section 9 of the Employment Agreement, by close of business on the
seventh day from the date that Executive signs this Agreement.

 

6.             No
Pending or Future Lawsuits. 
Executive represents that he has no lawsuits, claims, or actions pending
in his name, or on behalf of any other person or entity, against the Company or
any other person or entity referred to herein. 
Executive also represents that he does not intend to bring any claims on
his own behalf or on behalf of any other person or entity against the Company
or any other person or entity referred to herein with regard to matters
released hereunder.

 

7.             Costs.  The Parties shall each bear their own costs,
expert fees, attorneys’ fees and other fees incurred in connection with this
Agreement.

 

8.             Authority.  Executive represents and warrants that he has
the capacity to act on his own behalf and on behalf of all who might claim
through him to bind them to the terms and conditions of this Agreement.

 

9.             No
Representations.  Executive
represents that he has had the opportunity to consult with an attorney, and has
carefully read and understands the scope and effect of the provisions of this
Agreement.  Neither party has relied upon
any representations or statements made by the other party hereto which are not
specifically set forth in this Agreement.

 

10.           Severability.  In the event that any provision hereof
becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement shall continue in full force and effect
without said provision.

 

11.           Entire
Agreement.  This Agreement and the
Employment Agreement and the agreements and plans referenced therein represent
the entire agreement and understanding between the Company and Executive
concerning Executive’s separation from the Company, and supersede and replace
and all prior agreements and understandings concerning Executive’s relationship
with the Company, its predecessors and their affiliates and his compensation
therefrom.  This Agreement may only be
amended in writing signed by Executive and an executive officer of the Company.

 

12.           Governing
Law.  This Agreement shall be
governed by the internal substantive laws, but not the choice of law rules, of
the State of Minnesota.

 

13.           Effective
Date.  This Agreement is effective
eight (8) days after it has been signed by both Parties.

 

14.           Counterparts.  This Agreement may be executed in
counterparts, and each counterpart shall have the same force and effect as an
original and shall constitute an effective, binding agreement on the part of
each of the undersigned.

 

15.           Voluntary
Execution of Agreement.  This
Agreement is executed voluntarily and without any duress or undue influence on
the part or behalf of the Parties hereto, with the full intent of releasing all
claims. The Parties acknowledge that:

 

3

 

(a)           They have
read this Agreement;

 

(b)           They have
been represented in the preparation, negotiation, and execution of this
Agreement by legal counsel of their own choice or that they have voluntarily
declined to seek such counsel;

 

(c)           They
understand the terms and consequences of this Agreement and of the releases it
contains;

 

(d)           They are
fully aware of the legal and binding effect of the Agreement.

 

IN WITNESS WHEREOF, the Parties have executed this
Agreement on the respective dates set forth below.

 

	
   

  	
  XCEL
  ENERGY INC.

  
	
   

  
	
   

  
	
   

  
	
  Dated:

  	
  June 29, 2005  

  	
   

  	
  By:

  	
  /S/ DOUG LEATHERDALE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
  June 29, 2005  

  	
   

  	
   

  	
  /S/ WAYNE BRUNETTI

  	
  , an individual

  
							

 

4EXHIBIT 10.1

 

RETIREMENT
AGREEMENT

 

THIS AGREEMENT made
this 2nd day of December, 1998, between HAWKINS
CHEMICAL, INC. (“Hawkins”) and HOWARD M. HAWKINS
(“HMH”).

 

WHEREAS, HMH has
been employed as Vice President and Treasurer of Hawkins; and

 

WHEREAS, Hawkins and
HMH have agreed that it is appropriate to provide for the future retirement
from employment by HMH;

 

NOW, THEREFORE, in
consideration of the foregoing premises, the parties agree and covenant as
follows:

 

1.                                       Resignation. Effective September 30,
1999, or such earlier time as HMH shall desire, HMH shall resign from all
offices which he holds at Hawkins or any subsidiary of Hawkins, except as a
member of the Hawkins Board of Directors or a member of the Hawkins Executive
Committee and as a trustee of qualified plans. HMH shall also resign as a
trustee of the qualified plans at such times as a corporate trustee is
appointed for each such plan.

 

At all times after such resignation and prior
to reaching early retirement, HMH shall be available for consultation by
Hawkins by telephone, and in an emergency, Hawkins may require HMH to perform
certain duties consistent with HMH’s experience and level of performance, not
to exceed 30 days at any one time nor 90 days in any one year.

 

2.                                       Compensation. Hawkins shall pay to
HMH, commencing upon such resignation on or before October 1, 1999, annual
compensation of $110,000 for a period of six consecutive years, payable in
accordance with the customary payroll practices of Hawkins for its employees.

 

HMH shall remain as an employee (without
duties) until the termination of such six-year period and shall receive
contributions to qualified plans, but there shall be no payment for directors’
fees or out-of-pocket expenses, including car or gasoline allowances, and there
shall be no annual or periodic bonuses. HMH shall also be entitled to
participate in the Employee Stock Purchase Plan.

 

3.                                       Insurance. Hawkins shall continue
HMH’s Hawkins medical and other insurance benefits as they existed before his
resignation as an officer and until he reaches age 65. The cost of providing
such benefits shall be shared by Hawkins and HMH in accordance with the terms
of such benefit programs as they exist during such period, and if any payment
is required from HMH, it shall be withheld in accordance with the customary
practices for all other employees, or if withholding is impracticable, it shall
be promptly reimbursed by HMH.

 

4.                                       Qualified Plan Benefits. Upon the
expiration of such six-year period, HMH may commence taking benefits from Hawkins
qualified plans, provided he bas then attained early retirement age provided in
such plans.

 

5.                                       Automobile. HMH shall receive title
to his company automobile at the time that his resignation as an officer shall
become effective.

 

1

 

6.                                       Taxes. HMH assumes responsibility
for any federal, state, or local income tax liability which may arise as a
result of payments made to him pursuant to this Agreement.

 

7.                                       Confidentiality; Competition. HMH
acknowledges that as Vice President and Treasurer of Hawkins he has become
familiar with trade secrets, know-how, executive personnel, strategies, and
other confidential information and data concerning Hawkins and its
subsidiaries. In consideration of the various benefits to HMH arising under
this Agreement, during the term of payments under this Agreement and for a
period of two years after, HMH shall not:

 

a.                                       directly
or indirectly own, manage, control, participate in, consult with, or render
services of any kind for any concern which engages in a business which is
competitive with any business being conducted by Hawkins or its subsidiaries
throughout the six-year period of payments hereunder, without the prior
approval of Hawkins;

 

b.                                      without
the prior approval of Hawkins, become an agent or employee of any publicly
traded corporation or any division or subsidiary of such corporation where more
than 5% of such entity’s business is in competition with any business being
conducted by Hawkins or its subsidiaries during such six-year period, unless
the annual sales of such organization do not exceed $10 million;

 

c.                                       except
as required by subpoena or court order, disclose to any other person any such
confidential information or data; or make any written or oral statement regarding
Hawkins’ or its subsidiaries’ directors or officers which may have the effect
of being detrimental to any of their best interests; or

 

d.                                      participate
directly or indirectly in any attempt to acquire the business or assets of
Hawkins or any subsidiary or in any other manner to interfere with the
management of Hawkins, whether by friendly or unfriendly means, other than
acting as a director or Executive Committee member of Hawkins.

 

If at the time of the enforcement of this Section 7
the court shall hold that the duration, scope, or area of restriction stated in
this section is unreasonable under the circumstances then existing, the
parties agree that the maximum duration, scope, or area reasonable under such
circumstances shall be substituted for the stated duration, scope, or area.

 

In the event of a breach of any of the
provisions of this Section 7 by HMH, Hawkins, in addition to any of the
rights and remedies existing in its favor, may apply to a court of competent
jurisdiction for specific performance or injunctive or other relief in order to
enforce or prevent any violations hereof.

 

8.                                       Cooperation. HMH shall cooperate
with Hawkins in furnishing testimony or other assistance in connection with the
claims or litigation of any kind against Hawkins or any of its subsidiaries,
officers, or directors from time to time but shall be reimbursed for any
out-of-pocket expense in connection therewith.

 

9.                                       Nonsolicitation. During the course
of his employment with Hawkins, HMH has become familiar with its employees and
those of its subsidiaries. During said six-year period and for two years
thereafter he shall not directly or indirectly without the prior written
permission of Hawkins induce any person to leave the employ of Hawkins or any
subsidiary of it and enter into employment with him or his then employer, nor
shall he hire any such individual who approaches him for employment.

 

10.                                 Claims.
Except for breaches of this Agreement or claims for amounts due pursuant to
this Agreement or benefits under of any Hawkins qualified plans, HMH waives,
releases, and discharges Hawkins and its successors, assigns, officers,
directors,

 

2

 

employees, and agents from any and all claims which he might have,
including claims arising out of his employment with Hawkins and claims arising
under any federal or state employment policy.

 

11.                                 Breach of
Agreement. Upon breach or a threat of breach of any provision of
this Agreement, either party has the right to pursue all rights and remedies
provided at law or in equity to enforce this Agreement, and Hawkins shall have
the right to suspend any payment to be made by it other than from its
tax-qualified plans.

 

If either party must act to enforce this
Agreement, the other party shall reimburse the party so acting for all
reasonable costs of enforcement, including attorneys’ fees.

 

12.                                 Entire
Agreement. This Agreement is the entire agreement between the
parties and may be altered or amended only by a written document signed by both
parties. HMH acknowledges that, except as provided in this Agreement, no
additional sums of any kind will be paid to him by Hawkins or its subsidiaries.

 

13.                                 Binding
Effect. This Agreement is binding upon and inures to, the
benefit of the parties, their heirs, successors, administrators, and assigns.
This Agreement cannot be assigned by either party without the written consent
of the other party.

 

14.                                 Savings
Clause. Should any valid federal or state law or final
determination of any agency or court of competent jurisdiction affect any
provision of this Agreement, the remaining provisions shall otherwise continue
in full force and effect.

 

IN WITNESS WHEREOF,
this Agreement bas been executed by the parties the date first above written.

 

	
   

  	
  HAWKINS CHEMICAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   /s/ Dean L. Hahn

  	
   

  
	
   

  	
   

  	
     Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   /s/ Howard M. Hawkins

  	
   

  
	
   

  	
   

  	
  Howard M. Hawkins, Individually

  

 

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