Document:

Exhibit 10.25

 

FIRST AMENDMENT TO THE 

SHORT-TERM ANNUAL INCENTIVE PLAN

 

 

	
            1.
 	
            EFFECTIVE DATE.
 

 

This First Amendment to the Short-Term Annual Incentive Plan is made effective the 1st day of January, 1999. 

 

	
            2.
 	
            DEFERRAL ELECTION.
 

 

A Participant may elect to defer receipt of all or a specified part of the Incentive Award payable to the Participant.  An amount equal to the portion of the Incentive Award deferred will be credited to the Participant’s Account in the Black Hills Nonqualified Deferred Compensation Plan.  An election to defer an Incentive Award shall be made pursuant to rules and regulations provided by the Committee for that purpose and shall be effective when filed with such Committee with respect to the Incentive Award or any part of it so elected.  The deferral election must be filed prior to the end of the year as to which an Incentive Award is to be determined in January of the subsequent Plan Year; provided, that in the Plan Year in which this amendment becomes effective, a Participant may make an election to defer receipt of the Incentive Award within 30 days after the date this amendment is
effective, but not later than the day prior to the day on which the Committee determines the Incentive Award.

 

In the event the Participant defers his or her stock award under this Plan, the Company shall establish a common stock equivalent memorandum account (“Stock Account”) and shall credit the Stock Account with Company common stock equivalents.

 

	
             
 	
            Dated the date and year first above written.
 

 

	
             
 	
            Black Hills Corporation
 

 

 

	
             
 	
            By:  
 	
            /s/ Daniel P. Landguth
 

	
             
 	
            Daniel P. Landguth
 

	
             
 	
            Chairman, President and CEO
 

 

 

SECOND AMENDMENT TO THE 

SHORT-TERM ANNUAL INCENTIVE PLAN

 

 

	
            1.
 	
            EFFECTIVE DATE:
 

 

This Second Amendment to the Short-Term Annual Incentive Plan is effective January 1, 2009 and supersedes the “First Amendment to Short-Term Annual

Incentive Plan”, dated January 1, 1999, in its entirety. 

 

Except as otherwise provided herein, the Company intends that this Plan will be exempt from Code Section 409A under the “short-term deferral” exemption and that the Plan will comply with the exemption under Code Section 409A and the regulations issued thereunder effective January 1, 2009.  During the period from January 1, 2005 though December 31, 2008, the Company intends to operate this Plan in reasonable good faith compliance with the “short-term deferral” exemption under Code Section 409A and the interim guidance issued thereunder.

 

	
            2.
 	
            AMENDMENT:
 

 

Section 6 is amended to add subsections (c) and (d) to read as follows

 

 (c)       Except to the extent that a Participant elects to defer payment of an Incentive Award in accordance with the provisions of subsection (d), payment of each Incentive Award shall be made to the Participant within 2-1/2 months after the end of the Plan Year in which the Participant obtains a legally binding right to the Incentive Award or, if later, in which the Incentive Award is no longer subject to a substantial risk of forfeiture.  To the extent that a Participant does not elect to defer payment of an Incentive Award, it is the intent of the Company that this Plan shall be exempt from the application of Section 409A of the Internal Revenue Code under the “short-term deferral” exemption. 

 

For purposes of this subsection (c), the terms “legally binding right” and “substantial risk of forfeiture” shall have the meanings assigned to them under Code Section 409A.

 

 (d)       A Participant may elect, in accordance with the terms of the Nonqualified Deferred Compensation Plan, to defer receipt of all or a specified portion of an Incentive Award payable to the Participant, in which case an amount equal to the portion of the Incentive Award that the Participant has elected to defer shall be credited to the Participant’s Account in the Black Hills Nonqualified Deferred Compensation Plan on the date payment of the Incentive Award would have been made in the absence of an election to defer.  An election to defer an Incentive Award shall be made in writing pursuant to rules and regulations provided by the Committee for that purpose and shall be effective when filed with such Committee with respect to the Incentive Award or any part so elected.  The deferral election must be filed by June 30 of the Plan Year prior to
the Plan Year in which the Award will be determined or, if earlier, by the day before the date 

 

on which the Incentive Award has become readily ascertainable (as defined for purposes of Section 409A of the Internal Revenue Code).  In no event shall an election to defer be effective unless the Participant is an employee at all times from the first day of the Plan Year (or, if later, the date the performance measures for the Plan Year have been established) until the date the election is made.

 

In the event the Participant elects to defer his or her stock award under this Plan, the Company shall establish a common stock equivalent memorandum account (“Stock Account”) and shall credit the Stock Account with Company common stock equivalents.

 

With respect to any amounts that the Participant elects to defer hereunder, it is the intent of the Company that (1) the Plan will comply with the provisions of Section 409A of the Internal Revenue Code and the regulations thereunder, effective January 1, 2009 and (2) during the period beginning January 1, 2005 and ending December 31, 2008, the Plan will be operated in reasonable good faith compliance with the  provisions of Section 409A of the Internal Revenue Code and the interim guidance thereunder with respect to any amounts that the Participant elects to defer hereunder. 

 

 

Except for the Amendment above, the Plan shall remain in full force and effect.

 

	
             
 	
            Black Hills Corporation
 

 

 

	
             
 	
            By:  
 	
            /s/ David R. Emery
 

	
             
 	
            David R. Emery
 

	
             
 	
            Chairman, President and CEOex4-3.htm

    

    SUPPLEMENTAL
INDENTURE

    

    THIS SUPPLEMENTAL INDENTURE, dated
as of March 31, 2008, between POTOMAC ELECTRIC POWER
COMPANY, a corporation duly organized and existing under the laws of the
District of Columbia and the Commonwealth of Virginia, having its principal
office at 701 Ninth Street, N.W., Washington D.C. 20068 (herein called the
“Company”), and THE BANK OF NEW YORK, a New
York banking corporation, having its principal corporate trust office at 101
Barclay Street, New York, New York 10286, as trustee (herein called the “Trustee”).  Except
as otherwise defined or unless the context otherwise requires, capitalized terms
used in this Supplemental Indenture and defined in the Indenture (as hereinafter
defined) shall have the meanings specified in the Indenture.

    

    RECITALS
OF THE COMPANY

    

    WHEREAS, the Company and the Trustee
are parties to that certain Indenture, dated as of November 17, 2003 (the “Indenture”), providing for
the issuance from time to time of its Securities in an unlimited aggregate
principal amount to be issued in one or more series as contemplated
therein.

    

    WHEREAS, the Company and the Trustee
desire to amend Section 1302(c) of the Indenture to permit any series of
Securities to be secured by more than one series of First Mortgage Bonds,
pursuant to the terms and subject to the conditions set forth
herein.

    

    WHEREAS, pursuant to Section 1201(d)
and (k) of the Indenture, the Company and the Trustee are permitted, without the
consent of any Holders, to enter into an indenture supplemental to the Indenture
to change any provision of the Indenture, provided such change does not
adversely affect the interest of the Holders of Securities of any series or
Tranche in any material respect.

    

    WHEREAS, the Company has determined
that the amendment to Section 1302(c) of the Indenture, as provided for in this
Supplemental Indenture, does not adversely affect the interest of the Holders of
Securities of any series or Tranche in any material respect.

    

    WHEREAS, the execution and delivery of
this Supplemental Indenture has been duly authorized and all acts conditions
necessary to make this Supplemental Indenture a valid agreement of the Company
have been performed.

    

    NOW, THEREFORE, THIS INDENTURE
WITNESSETH:

    

    For and in consideration of the
premises and other good and valuable consideration, the receipt whereof is
hereby acknowledged, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Holders of the Securities or any series thereof, as
follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    ARTICLE
ONE

    

    AMENDMENT

    

    Section 1.1.   Section
1302(c) of the Indenture is hereby amended and restated in its entirety as
follows:

    

    (c)           Any
series of First Mortgage Bonds may secure the payment of the principal, premium,
if any, and interest on only one corresponding series of
Securities.  Any series of Securities may be secured by one or more
series of First Mortgage Bonds, provided that, in the circumstance where more
than one series of First Mortgage Bonds secures the payment of the principal,
premium, if any, and interest on a series of Securities, (i) the aggregate
principal amount of First Mortgage Bonds of such series of First Mortgage Bonds
securing such series of Securities collectively shall equal or exceed the
outstanding aggregate principal amount of such series of Securities and (ii) the
terms of each series of First Mortgage Bonds securing such series of Securities
shall satisfy the conditions of Section 1302(a)(ii) through
(vi).  Each Security of a series shall specify each of the one or more
series of First Mortgage Bonds that secures the Securities of such
series.

    

    

    ARTICLE
TWO

    

    MISCELLANEOUS
PROVISIONS

    

    Section 2.1.  Except as
specifically amended and supplemented by this Supplemental Indenture, the
Indenture shall remain in full force and effect and is hereby ratified and
confirmed, and the Indenture and this Supplemental Indenture shall together
constitute one and the same instrument.

    

    Section 2.2.  This
Supplemental Indenture shall be governed by and construed in accordance with the
laws of the State of New York, excluding any conflicts or choice of law rule or
principle that might otherwise refer construction or interpretation of this
Supplemental Indenture to the substantive law of another
jurisdiction.

    

    Section 2.3.  All covenants
and agreements in this Supplemental Indenture by the Company and Trustee shall
bind their respective successors and assigns, whether so expressed or
not.

    

    Section 2.4.  The Trustee
accepts the amendment of the Indenture as hereby effected but only upon the
terms and conditions set forth in the Indenture, as amended and supplemented by
this Supplemental Indenture.

    

    
      
         
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    Section 2.5.  This
Supplemental Indenture may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

    

    Section 2.6.  The Trustee
accepts the amendment of the Indenture effected by this Supplemental Indenture
and agrees to execute the trust created by the Indenture as hereby amended, but
only upon the terms and conditions set forth in the Indenture, including the
terms and provisions defining and limiting the liabilities and responsibilities
of the Trustee, which terms and provisions shall in like manner define and limit
its liabilities and responsibilities in the performance of the trust created by
the Indenture as hereby amended.  Without limiting the generality of
the foregoing, the Trustee shall not be responsible in any manner whatsoever for
or with respect to any of the recitals contained herein, all of which recitals
are made solely by the Company, or for or with respect to (i) the validity or
sufficiency of this Supplemental Indenture or any of the terms or provisions
hereof, (ii) the due authorization hereof by the Company by corporate action or
otherwise, or (iii) the due execution hereof by the Company, and the Trustee
makes no representation with respect to any such matters.

    

    [Signature page
follows]

     

    
      

      
        
           3

        

        
           

          
            

          

        

        
           

        

      

    IN WITNESS WHEREOF, the parties hereto
have caused this Supplemental Indenture to be duly executed, all as of the day
and year first above written.

    

    
      	 
      	
              POTOMAC
      ELECTRIC POWER COMPANY

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      A. J. KAMERICK

            
	 
      	
              Name:

            	
              Anthony
      J. Kamerick

            
	 
      	
              Title:

            	
              Vice
      President and Treasurer

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              THE
      BANK OF NEW YORK, as Trustee

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      CHERYL L. CLARKE

            
	 
      	
              Name:

            	
              Cheryl
      L. Clarke

            
	 
      	
              Title:

            	
              Vice
      President

            

    

    

    
      
         
4

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