Document:

EXHIBIT 10.9(b)

 

EXECUTION VERSION

 

AGREEMENT AND AMENDMENT NO. 2 TO

SECOND AMENDED AND RESTATED

NUCLEAR MANAGING BOARD AGREEMENT

 

THIS AGREEMENT AND AMENDMENT NO. 2 TO SECOND AMENDED AND RESTATED NUCLEAR MANAGING BOARD AGREEMENT, dated as of February 20, 2014 (this “Agreement”), is an agreement with respect to, and upon satisfaction of certain conditions set forth herein will amend, that certain Second Amended and Restated Nuclear Managing Board Agreement (as amended by Amendment No. 1 defined below, the “Nuclear Managing Board Agreement”), dated as of April 21, 2006, by and among Georgia Power Company, a corporation organized and existing under the laws of the State of Georgia (“GPC”), Oglethorpe Power Corporation (An Electric Membership Corporation), an electric membership corporation formed under the laws of the State of Georgia (“OPC”), Municipal Electric Authority of Georgia, a public body corporate and politic and an instrumentality of the State of Georgia (“MEAG”) and City of Dalton, Georgia, an incorporated municipality of the State of Georgia acting by and through its Board of Water, Light and Sinking Fund Commissioners d/b/a Dalton Utilities (“Dalton”), as amended by Amendment No. 1 to Second Amended and Restated Nuclear Managing Board Agreement by and among GPC, OPC, MEAG and Dalton (“Amendment No. 1”), dated as of April 8, 2008, and is entered into by and among GPC, OPC, MEAG, Dalton, MEAG Power SPVJ LLC, a limited liability company duly organized and validly existing under the laws of the State of Georgia (“SPVJ”), MEAG Power SPVP LLC, a limited liability company duly organized and validly existing under the laws of the State of Georgia (“SPVP”), and MEAG Power SPVM LLC, a limited liability company duly organized and validly existing under the laws of the State of Georgia (“SPVM” and, collectively with SPVJ and SPVP, the “MEAG SPVs”).

 

WITNESSETH

 

WHEREAS, GPC, OPC, MEAG, and Dalton have entered into that certain Plant Vogtle Owners Agreement Authorizing Development, Construction, Licensing and Operation of Additional Generating Units, dated as of May 13, 2005, as amended (the “Development Agreement”), whereby GPC, OPC, MEAG, and Dalton authorized the Agent to undertake certain development activities on their behalf and made certain other agreements with regard to the development, licensing, construction, operation and maintenance of the Additional Units, among other things;

 

WHEREAS, pursuant to the Development Agreement, GPC, OPC, MEAG, and Dalton entered into certain Definitive Agreements, including the Nuclear Managing Board Agreement;

 

WHEREAS, pursuant to the Additional Units Ownership Agreement, as of the date of this Agreement, MEAG’s Ownership Interest in the Additional Unit Properties (as defined in the Additional Units Ownership Agreement) is 22.7%, and MEAG’s Ownership Interest in the Related Facilities (as defined in the Additional Units Ownership Agreement) is 22.7%;

 

 

WHEREAS, to facilitate the financing of its share of the development, licensing and construction costs of the Additional Unit Properties and the Related Facilities through loans guaranteed by the United States Department of Energy (“DOE”), MEAG may convey its fee simple title in and to all or a portion of its Undivided Ownership Interest in the Additional Unit Properties and the Related Facilities and to assign its other right, title and interest in and to all or a portion of its Ownership Interest in the Additional Unit Properties and the Related Facilities to SPVJ, SPVP and/or SPVM, and upon such conveyance and assignment, SPVJ, SPVP and/or SPVM, as applicable, will assume a corresponding percentage of MEAG’s obligations in respect thereof, in each case pursuant to an assignment agreement in the form attached as Exhibit A to the Agreement and Amendment No. 2, dated as of February 20, 2014 (the “Ownership Amendment”) to the Additional Units Ownership Agreement (each, a “MEAG Assignment”);

 

WHEREAS, MEAG has requested amendments to the Nuclear Managing Board Agreement, the Additional Units Ownership Agreement, the Development Agreement and the Amended and Restated Operating Agreement in connection with the execution and delivery of the MEAG Assignments to, among other things, provide for one or more of the MEAG SPVs to become a party to such agreements and set forth their relative rights and obligations thereunder; and

 

WHEREAS, each of the other parties to this Agreement agrees to amend the Nuclear Managing Board Agreement as set forth below, subject to the terms and conditions of this Agreement.

 

NOW, THEREFORE, FOR AND IN CONSIDERATION of the premises, the mutual promises, covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties hereto hereby agree as follows:

 

SECTION 1.0                  Defined Terms and Rules of Interpretation.

 

Unless otherwise defined herein, capitalized terms used herein have the meanings given to such terms in the Nuclear Managing Board Agreement.  The rules of interpretation set forth in Section 1.2 of the Ownership Agreement apply to this Agreement as if fully set forth herein (and for such purpose, the term “Agreement” as used therein shall be deemed to be a reference to this Agreement).

 

SECTION 2.0                  MEAG Guaranty and Recording of MEAG Assignment.

 

Section 2.01.         MEAG Guaranty.  Simultaneously with the execution and delivery of a MEAG Assignment by and between MEAG and a MEAG SPV, MEAG shall execute and deliver to GPC, OPC and Dalton a guaranty of the obligations of such MEAG SPV under the Nuclear Managing Board Agreement and the other Definitive Agreements in the form attached as Exhibit A to the Agreement and Amendment No. 3, dated as of February 20, 2014, to the Development Agreement (each, a “MEAG Guaranty”).

 

Section 2.02.         Recording of MEAG Assignment.  Within three business days following the execution and delivery of a MEAG Assignment by and between MEAG and a MEAG SPV,

 

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MEAG or such MEAG SPV shall cause such MEAG Assignment to be recorded in the Burke County, Georgia Records.

 

SECTION 3.0                  Amendments to Nuclear Managing Board Agreement.

 

The amendments to the Nuclear Managing Board Agreement contained in Sections 3.02 through 3.04 shall automatically become effective with respect to GPC, OPC, MEAG, Dalton and the initial MEAG SPV to receive a conveyance and assignment pursuant to Section 2.01(a) of the Ownership Amendment, and shall amend the Nuclear Managing Board Agreement with respect to such SPV upon (a) execution and delivery of the MEAG Assignment and the MEAG Guaranty with respect to the applicable MEAG SPV and (b) satisfaction of the Transfer Conditions (as defined in the Ownership Amendment) with respect to such MEAG SPV. The amendments to the Nuclear Managing Board Agreement contained in Sections 3.02 through 3.04 shall automatically become effective with respect to any subsequent MEAG SPV to receive a conveyance and assignment pursuant to Section 2.01(a) of the Ownership Amendment, and shall amend the Nuclear Managing Board Agreement with respect to such subsequent MEAG SPV upon (a) execution and delivery of the MEAG Assignment and the MEAG Guaranty with respect to such MEAG SPV and (b) satisfaction of the Transfer Conditions (as defined in the Ownership Amendment) with respect to such MEAG SPV.

 

Section 3.01.         Addition of New Parties.  In accordance with Section 9.8 of the Nuclear Managing Board Agreement, SPVJ, SPVP and SPVM, as applicable, shall be added as a Participant and a Participating Party to, and shall be bound by the provisions of, the Nuclear Managing Board Agreement, as the same shall be amended hereby, upon (a) execution and delivery of the MEAG Assignment and the MEAG Guaranty with respect to such MEAG SPV and (b) satisfaction of the Transfer Conditions (as defined in the Ownership Amendment) with respect to such MEAG SPV.  Any of SPVJ, SPVP and SPVM that are added as Parties and Participating Parties to the Nuclear Managing Board Agreement shall constitute “MEAG SPVs” for purposes of this Agreement and the Nuclear Managing Board Agreement.

 

Section 3.02.         Amendments to Article I of the Nuclear Managing Board Agreement,  Definitions.

 

(a)           The terms “MEAG Assignment”, “MEAG Guaranty”, “MEAG SPVs”, “SPVJ”, “SPVP” and “SPVM” shall be added to and become part of Article I, Definitions, of the Nuclear Managing Board Agreement (“Article I”), with the meanings stated in this Agreement; provided, that each of SPVJ, SPVP and SPVM shall be added to and become part of Article I, Definitions only to the extent MEAG has executed and delivered a MEAG Assignment with respect to such entity.  The term “Amendment No. 2” shall be added to and become part of Article I, and shall mean this “Agreement” as defined herein.

 

(b)           Each of the terms “Agreement”, “Additional Units Ownership Agreement”, “Amended and Restated Operating Agreement”, “Development Agreement” and “Participation Agreements” shall be a reference to such agreement or instrument as heretofore or hereafter amended.

 

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Section 3.03.         Amendment to Section 7.0 of the Nuclear Management Board Agreement.  Section 7.0 of the Nuclear Managing Board Agreement shall be amended by inserting the term “, each MEAG SPV” after each use of the term “MEAG”, except in cases where “MEAG” is referred to as a party to an agreement relating to the Edwin I. Hatch Nuclear Plant or Alvin W. Vogtle Nuclear Units Numbers One and Two.

 

Section 3.04.         Amendment to Add Article XI.  The following Article XI shall be added to and become a part of the Nuclear Managing Board Agreement; provided, that, each of clause (a), (b) and (c) in Section 11.1 shall be included only to the extent MEAG has executed and delivered a MEAG Assignment with respect to SPVJ (in the case of clause (a)), SPVP (in the case of clause (b)), and SPVM (in the case of clause (c)):

 

ARTICLE XI: THE MEAG SPVs

 

Section 11.1   Assignment to MEAG SPVs.  MEAG has conveyed and assigned a portion of its Undivided Ownership Interest in respect of each Additional Unit to each of the MEAG SPVs as follows: (a) 41.174636%, constituting a 9.3466423% Undivided Ownership Interest in the Additional Units, to SPVJ, (b) 24.954628%, constituting a 5.6647006% Undivided Ownership Interest in the Additional Units, to SPVP, and (c) 33.870736%, constituting a 7.6886571% Undivided Ownership Interest in the Additional Units, to SPVM.  Each MEAG SPV is a separate Participant for all purposes of this Agreement and has, except as provided in Sections 11.4, 11.5, 11.6 and 11.7 below, the rights of a Participant conveyed and assigned to such MEAG SPV independent of the other MEAG SPVs.

 

Section 11.2   Several Obligations of MEAG SPVs.  Each MEAG SPV hereby assumes the obligations of MEAG as a Participant under this Agreement pertaining to the Additional Units but only to the extent of that portion of MEAG’s Undivided Ownership Interest in respect of each Additional Unit conveyed and assigned to such MEAG SPV.  Notwithstanding that the MEAG SPVs are successors in interest of MEAG or that MEAG is providing the MEAG Guaranties, the payment and other obligations of each MEAG SPV under this Agreement are several and not joint obligations.  For avoidance of doubt and without limiting the foregoing, each MEAG SPV is and shall be treated as a separate Participant for all purposes of this Agreement, including Sections 2.1 and  9.10 of this Agreement.

 

Section 11.3   Confirmation of Appointment of GPC as Participant’s Agent.  Each of the MEAG SPVs acknowledges, agrees and confirms the appointment of GPC as Participant’s Agent pursuant to Article III of this Agreement with all rights and obligations as Participant’s Agent as provided in this Agreement.

 

Section 11.4   Appointment of Designated Representative.  For purposes of Section 1.10 of this Agreement, MEAG and the MEAG SPVs shall not have the right under Section 1.10 to appoint separate individuals to act as their respective Designated Representative or alternate Designated Representative and may instead appoint one individual to act as the Designated Representative for MEAG and all the MEAG SPVs and one individual to act as the Alternate Designated Representative for MEAG and all

 

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the MEAG SPVs.  Non-payment by MEAG under this Agreement shall not affect the rights of the MEAG SPVs to appoint or replace a Designated Representative or alternate or the rights of such Designated Representative or alternate under this Agreement, and non-payment by a MEAG SPV shall not affect the rights of MEAG and the other MEAG SPVs to appoint or replace a Designated Representative or alternate or the rights of such Designated Representative or alternate under this Agreement. In the event any remedies are exercised by DOE or its designee under any loan guarantee agreement and related financing documents entered into by such MEAG SPV (“DOE Financing Documents”), DOE or its designee shall have the right to direct that such MEAG SPV shall appoint a Designated Representative and/or alternate acceptable to DOE or its designee, which Designated Representative may be different from that of any other MEAG SPV. Subject to the foregoing, each MEAG SPV at the time each MEAG SPV becomes a Participating Party, hereby designates the Designated Representative and alternate then currently designated by MEAG and the other MEAG SPVs that are Participating Parties as its Designated Representative and alternate, respectively.

 

Section 11.5          Appointment of Member of the Nuclear Managing Board.  For purposes of Section 2.0 of this Agreement, MEAG and the MEAG SPVs (the “MEAG Entities”) shall not have the right under Section 2.0 to appoint separate individuals to serve as their respective designated member of the Nuclear Managing Board and an alternate, and instead shall have the right to appoint one individual to act as the designated member of the Nuclear Managing Board for MEAG and all the MEAG SPVs and one individual to act as an alternate for MEAG and all the MEAG SPVs.  Non-payment by MEAG under this Agreement shall not affect the rights of the MEAG SPVs to appoint or replace their designated member or alternate or the rights of such designated member or alternate, and non-payment by a MEAG SPV shall not affect the rights of MEAG and the other MEAG SPVs to appoint or replace their designated member or alternate or the rights of such member or alternate under this Agreement.  In the event one or more of the MEAG Entities shall be precluded in participating or taking action pursuant to Section 9.10 of this Agreement, then the member of the Nuclear Managing Board designated by the MEAG Entities and its alternate shall be deemed to only represent the Undivided Ownership Interests of those MEAG Entities which are not precluded from participating or taking action pursuant to Section 9.10.  In the event any remedies are exercised by DOE or its designee under any DOE Financing Documents, DOE or its designee shall have the right to direct that such MEAG SPV shall appoint a representative to serve as its designated member of the Nuclear Managing Board and/or alternate acceptable to DOE or its designee, which representative may be different from that of any other MEAG SPV. Subject to the foregoing, each MEAG SPV at the time each MEAG SPV becomes a Participating Party, hereby designates the designated member and alternate designated by MEAG and the other MEAG SPVs that are Participating Parties as its designated member of the Nuclear Managing Board and its alternate, respectively.

 

Section 11.6          Chief Executive Officer.  Each reference in this Agreement to a chief executive officer (“CEO”) as it relates to a MEAG SPV shall be deemed to refer to the CEO of MEAG. In the event any remedies are exercised by DOE or its designee under any DOE Financing Documents,  DOE or its designee shall have the right to direct

 

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that such reference to a chief executive officer shall refer to an officer of such MEAG SPV acceptable to DOE or its designee, which chief executive officer may be different from those of any other MEAG SPV.

 

Section 11.7          Notice to the MEAG SPVs.  Each notice, request, consent or other communication to a MEAG SPV permitted or required by this Agreement shall be delivered to such MEAG SPV by delivering such communication to MEAG in accordance with Section 9.4 of this Agreement or to MEAG at such other address as the MEAG SPVs shall jointly advise pursuant to such Section 9.4.  Delivery of one original of any communication to MEAG in accordance with this Section 11.7 shall constitute delivery of such communication to all the MEAG SPVs. In the event any remedies are exercised by DOE or its designee under any DOE Financing Documents, DOE or its designee shall have the right to direct that each notice, request, consent or other communication shall be directed to such MEAG SPV to an address acceptable to DOE or its designee, which address may be different from that of any other MEAG SPV.  If an “Event of Default” has occurred and is continuing under the DOE Financing Documents but DOE or its designee have not elected to exercise other remedies under the DOE Financing Documents, DOE shall have the right to designate (by written notice to the parties) an additional person who shall be entitled to receive copies of all notices delivered to the applicable MEAG SPV under this Agreement until such time as all such Events of Default have been cured or waived.

 

Section 11.8   Confidentiality.  Notwithstanding any provision of Section 9.12 of this Agreement to the contrary, the Participants acknowledge and agree that MEAG and the MEAG SPVs may disclose Confidential Information to one another and to any officer, director, employee or attorney of any thereof in connection with the exercise of the rights and obligations of the MEAG SPVs under this Agreement, so long as such disclosures are otherwise in accordance with the restrictions of Section 9.12(c). In the event any remedies are exercised by DOE or its designee under any DOE Financing Documents, DOE or its designee shall have the right to direct that Confidential Information with respect to such MEAG SPV shall not be disclosed to another MEAG SPV or and officer, director, employee, advisor or attorney of any other MEAG SPV unless (i) in conformity with Section 9.12 or (ii) with the advance written consent of DOE or its designee.

 

SECTION 4.0                  Representations.

 

Section 4.01.         Representations of OPC.  OPC hereby represents and warrants to each other party to this Agreement as of the date of this Agreement that OPC has satisfied all conditions required to be satisfied by it under the loan contract currently in effect between OPC and the Rural Utilities Service in connection with the execution and delivery of, and performance of its obligations under, this Agreement; such execution, delivery and performance do not and will not violate the terms and conditions of such loan contract; and there are no approvals or consents required to be obtained from, or filings, notices or other reports to be made with or given to, the Rural Utilities Service, under such loan contract or otherwise, in connection with such execution, delivery and performance that have not already been obtained, made or given.

 

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SECTION 5.0                  Miscellaneous.

 

Section 5.01.         Effect of Agreement.  By executing this Agreement, the Participants agree to be bound by the terms of this Agreement effective as of the date first set forth above.

 

Section 5.02.         Reference to Nuclear Managing Board Agreement.  Upon satisfaction of the conditions set forth in Section 3.0 herein, each reference in the Nuclear Managing Board Agreement to “the Nuclear Managing Board Agreement”, “this Agreement”, “the Agreement”, “hereunder”, “thereunder”, “hereto” or “thereto” or words of like import referring to the Nuclear Managing Board Agreement, shall mean and be a reference to the Nuclear Managing Board Agreement, as the same shall be amended by this Agreement.

 

Section 5.03.         Continuing Effect.  The Nuclear Managing Board Agreement, as the same may be amended by this Agreement, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.

 

Section 5.04.         Governing Law.  This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of Georgia.

 

Section 5.05.         Counterparts.  This Agreement may be executed by the parties hereto in any number of separate counterparts, each of which when so executed shall be an original and all of which taken together shall be deemed to constitute but one and the same instrument.  Transmission by facsimile or email of the signature page hereof signed by an authorized representative of a party will be conclusive evidence of the due execution by such party of this Agreement.  The parties agree, however, to provide originally executed documents promptly following any facsimile or email transmission pursuant to this provision.

 

Section 5.06.         Termination.  In the event that MEAG has not executed, delivered and recorded in the Burke County, Georgia Records, a MEAG Assignment to at least one MEAG SPV by January 1, 2017, this Agreement shall automatically terminate and be of no further force and effect.

 

[signature pages follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their duly authorized representatives as of the date first written above.

 

	
Signed,   sealed and delivered in the presence of: 
    	
 
    	
GEORGIA   POWER COMPANY
    
	
 
    	
 
    	
 
    
	
/s/   Jessica N. Achel 
    	
 
    	
By:
    	
/s/   W. Ron Hinson
    
	
Witness   
    	
 
    	
 
    	
Name:
    	
W.   Ron Hinson
    
	
 
    	
 
    	
 
    	
Its:
    	
Executive   Vice President, Chief 
    
	
/s/   Angel R. Robinson
    	
 
    	
 
    	
 
    	
Financial   Officer and Treasurer
    
	
Notary   Public 
    	
 
    	
 
    	
 
    	
 
    
	
My   Commission expires: September 30, 2014 
    	
 
    	
Attest:
    	
/s/   Laura I. Patterson
    
	
Notarial   Seal
    	
 
    	
Its:
    	
Comptroller   and Assistant Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
          (CORPORATE   SEAL)
    
	
 
    	
 
    	
 
    
	
Signed,   sealed and delivered in the presence of: 
    	
 
    	
OGLETHORPE   POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION)
    
	
/s/   Shalewa Smith
    	
 
    	
 
    
	
Witness
    	
 
    	
By:
    	
/s/   Michael L. Smith
    
	
 
    	
 
    	
 
    	
Name:
    	
Michael   L. Smith
    
	
/s/   Sharon H. Wright
    	
 
    	
 
    	
Its:   
    	
President   and Chief Executive Officer 
    
	
Notary   Public
    	
 
    	
 
    
	
My   Commission expires: October 14, 2015
    	
 
    	
Attest:
    	
/s/   Jo Ann Smith
    
	
Notarial   Seal
    	
 
    	
Its:
    	
Assistant   Secretary
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
         (CORPORATE   SEAL)
    
	
 
    	
 
    	
 
    
	
Signed,   sealed and delivered in the presence of: 
    	
 
    	
CITY   OF DALTON, GEORGIA
    
	
 
    	
 
    	
BY:   BOARD OF WATER, LIGHT AND
    
	
/s/   Witness 
    	
 
    	
SINKING   FUND COMMISSIONERS d/b/a
    
	
Witness   
    	
 
    	
DALTON   UTILITIES
    
	
 
    	
 
    	
 
    
	
/s/   Pam Witherow 
    	
 
    	
By:
    	
/s/   Don Cope
    
	
Notary   Public 
    	
 
    	
 
    	
Name:   
    	
Don   Cope
    
	
My   Commission expires: June 13, 2015 
    	
 
    	
 
    	
Title:
    	
President   and Chief Executive Officer
    
	
Notarial   Seal
    	
 
    	
 
    
	
 
    	
 
    	
Attest:
    	
/s/   Tom Bundros 
    
	
 
    	
 
    	
Its:
    	
Chief   Operating Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
                     (SEAL)
    
									

 

 

	
Signed,   sealed and delivered in the presence of: 
    	
 
    	
MUNICIPAL   ELECTRIC AUTHORITY OF GEORGIA 
    
	
 
    	
 
    	
 
    
	
/s/   Peter M. Degnan 
    	
 
    	
 
    
	
Witness   
    	
 
    	
By:
    	
/s/   Robert P. Johnston
    
	
 
    	
 
    	
 
    	
Name:
    	
Robert   P. Johnston
    
	
/s/   Dale Dyer 
    	
 
    	
 
    	
Its:
    	
President   and Chief Executive Officer
    
	
Notary   Public
    	
 
    	
 
    
	
My   Commission expires: August 22, 2014
    	
 
    	
Attest:
    	
/s/   Dale Dyer
    
	
Notarial   Seal
    	
 
    	
Its:
    	
Asst.   to President and Chief Executive Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
                      (SEAL)
    
	
 
    	
 
    	
 
    
	
Signed,   sealed and delivered in the presence of: 
    	
 
    	
MEAG   POWER SPVJ LLC  
    
	
 
    	
 
    	
 
    
	
/s/   Peter M. Degnan
    	
 
    	
By:   MUNICIPAL ELECTRIC AUTHORITY 
    
	
Witness
    	
 
    	
OF   GEORGIA, its sole member 
    
	
 
    	
 
    	
 
    
	
/s/   Dale Dyer
    	
 
    	
By:
    	
/s/   Robert P. Johnston
    
	
Notary   Public 
    	
 
    	
 
    	
Name:
    	
Robert   P. Johnston
    
	
My   Commission expires: August 22, 2014 
    	
 
    	
 
    	
Its:   
    	
President   and Chief Executive Officer 
    
	
Notarial   Seal
    	
 
    	
 
    
	
 
    	
 
    	
Attest:
    	
/s/   Dale Dyer
    
	
 
    	
 
    	
Its:   
    	
Asst.   to President and Chief Executive Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
                      (SEAL)
    
	
 
    	
 
    	
 
    
	
Signed,   sealed and delivered in the presence of: 
    	
 
    	
MEAG   POWER SPVP LLC  
    
	
 
    	
 
    	
 
    
	
/s/   Peter M. Degnan 
    	
 
    	
By:   MUNICIPAL ELECTRIC AUTHORITY 
    
	
Witness   
    	
 
    	
OF   GEORGIA, its sole member
    
	
 
    	
 
    	
 
    
	
/s/   Dale Dyer 
    	
 
    	
By:   
    	
/s/   Robert P. Johnston
    
	
Notary   Public
    	
 
    	
 
    	
Name:
    	
Robert   P. Johnston
    
	
My   Commission expires: August 22, 2014 
    	
 
    	
 
    	
Its:   
    	
President   and Chief Executive Officer 
    
	
Notarial   Seal
    	
 
    	
 
    
	
 
    	
 
    	
Attest:
    	
/s/   Dale Dyer
    
	
 
    	
 
    	
Its:
    	
Asst.   to President and Chief Executive Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
                       (SEAL)
    
	
 
    	
 
    	
 
    
	
Signed,   sealed and delivered in the presence of:
    	
 
    	
MEAG   POWER SPVM LLC  
    
	
 
    	
 
    	
 
    
	
/s/   Peter M. Degnan 
    	
 
    	
By:   MUNICIPAL ELECTRIC AUTHORITY 
    
	
Witness   
    	
 
    	
OF   GEORGIA, its sole member
    
	
 
    	
 
    	
 
    
	
/s/   Dale Dyer 
    	
 
    	
By:
    	
/s/   Robert P. Johnston 
    
	
Notary   Public
    	
 
    	
 
    	
Name:   
    	
Robert   P. Johnston
    
	
My   Commission expires: August 22, 2014 
    	
 
    	
 
    	
Its:   
    	
President   and Chief Executive Officer 
    
	
Notarial   Seal
    	
 
    	
 
    
	
 
    	
 
    	
Attest:
    	
/s/   Dale Dyer 
    
	
 
    	
 
    	
Its:   
    	
Asst.   to President and Chief Executive Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
                      (SEAL)Revett Mining Company Inc.: Exhibit 10.8 - Filed by newsfilecorp.com

Exhibit 10.8 

EMPLOYMENT AGREEMENT 

THIS AGREEMENT, is made effective the 1st day of December, 2010
between REVETT SILVER COMPANY, a Montana Corporation with its principal office
in Spokane Valley, Washington, herein referred to as the "Corporation", and
Monique Hayes of Coeur D'Alene, Idaho, herein referred to as the "Employee."

In consideration of the mutual covenants and benefits as herein
set forth, the parties hereto agree as follows: 

SECTION ONE 
EMPLOYMENT 

The Corporation hereby employs the Employee as Corporate
Secretary and the Employee hereby accepts such employment and agrees to devote
all of her efforts for the benefit of the Corporation and to faithfully,
industriously, and to the best of her ability, experience and talents, perform
all of her required and assigned duties. Employee shall perform her duties
subject to the general supervision and pursuant to the orders, advice and
direction of the President and Chief Executive Officer. 

SECTION TWO 
TERM OF EMPLOYMENT 

The term of employment under the Agreement shall be for a
period of three years commencing December 1, 2010, and ending midnight November
30, 2013, but shall continue from year-to-year thereafter unless terminated as
hereinafter provided or the employee reaches the age of sixty-five years old.

SECTION THREE 
COMPENSATION 

The Corporation shall pay Employee, and the Employee shall
accept from the Corporation, compensation at the minimum combined rate of U.S.
$82,500 per year prorated and payable monthly or on such other basis as the
parties may hereafter agree. Such minimum compensation may be adjusted for merit
or other raises as from time to time may be determined by the Committee of the
Board thereof having such authority. Employee shall be entitled to vacation
periods in line with the policies of the Corporation applicable to exempt
employees, provided, however, that the Employee shall be entitled to a minimum
paid vacation of four (4) weeks in any calendar year. If the Employee fails to
use all vacation days in any calendar year, Employee shall be permitted to carry
over those vacation days into the next two calendar years. 

SECTION FOUR 
OTHER BENEFITS 

In addition to the compensation as provided in the previous
Section Three hereof, the Corporation shall at its expense provide for Employee
the following additional benefits: 

1.          
Participation in all of the Corporation's benefits, now or hereafter in effect,
including medical, dental, vision, 401K plan, retirement plan, disability plan,
bonuses, Equity Incentive Plan and any and all other plans that may be made
available to employees. 

2.          
Payment of dues in professional associations as may be required to maintain her
membership in those associations and the privilege of attending appropriate
seminars, conferences and education programs as may be necessary. 

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3.          
Reimbursement for all expenses incurred in connection with the performance of
services to the Corporation, including entertainment and travel and other
expenses incident to the duties undertaken hereunder; provided, however, that
such expenses shall be reasonable and necessary and that Employee shall submit
bills and vouchers supporting all requests for reimbursements in accordance with
the Corporation's policies. 

SECTION FIVE 
TERMINATION 

The Agreement will terminate or may be terminated by any one of
the following reasons: 

1.          
Voluntarily and without cause, subject to Sections Two and Six, upon at least
one (1) months prior written notice of termination by Corporation to the
Employee or by the Employee to the Corporation; or 

2.          
By the Corporation for cause as hereinafter defined in Section Ten; or 

3.          
Upon the Death or Disability of Employee. 

4.          
Upon a Change of Control. 

5.          
Upon Retirement. 

SECTION SIX 
SEVERANCE COMPENSATION 

1.          
Termination by Employee or by Corporation With Cause 

If Employee voluntarily terminates her employment under the
Agreement pursuant to Section Five (1) or if the employment of the Employee is
terminated by the Corporation for cause, then all compensation and benefits as
heretofore provided in Sections Three and Four shall terminate immediately upon
the effective date of termination and no special severance compensation will be
paid. 

2.          
Termination by Corporation Without Cause 

If the Corporation terminates the Agreement for any reason
except for cause as defined in Section Ten then upon the termination of the
Employee's employment under the Agreement, the Corporation shall pay an amount
equal to eighteen (18) months salary. The amount shall be paid in one lump sum
on the date the Employee's services terminate. All employee benefits provided to
the Employee shall be continued as if the Employee was still an employee of the
Corporation, for a period of one (1) year from the date of termination or
replacement of equal or better benefits from a new employer. In the event
Employee has existing stock options, they will be honored in accordance with the
terms of said options. 

3.          
Termination bv Death or Disability 

If Employee dies before her employment hereunder or is
otherwise terminated, the Corporation shall immediately pay to her beneficiary
(to be named in writing by the Employee on signing of the Agreement and
confirmed if changed by him at any subsequent time, in writing, addressed to the
secretary of the Corporation) an amount of compensation equal to twelve (12)
months' salary. If no named beneficiary survives her, the entire amount due her
shall be paid to her estate. Said compensation shall be in addition to that
payable from any insurance coverage providing for compensation upon Death or
Disability. If Employee becomes disabled, she shall be entitled to receive an
amount of compensation equal to twelve (12) month's salary. "Disability" in the
Agreement means a condition of physical or mental illness causing one to be
totally incapable of performing full-time duties for a period longer than six
months. 

4.          
Termination Following Change of Control 

2

(a)          
For purposes of the Agreement a Change in Control shall be deemed to have
occurred if (A) any individual partnership, firm, entity, corporation,
association, trust, unincorporated organization or other entity, or any
syndicate or group deemed to be a person under Section 14(d) (2) of the Exchange
Act, is or becomes the "beneficial owner" (as defined in Rule 13d-3 of the
General Rules and Regulations under the Exchange Act), directly or indirectly,
of securities of the Corporation representing 25% or more of the combined voting
power of the Corporation's then outstanding securities entitled to vote in the
election of directors of the Corporation; or (B) as a result of or in connection
with a contested election of directors, the persons who were directors of the
Corporation before such election shall cease to constitute a majority of the
Board. 

(b)          
Irrespective of any other provisions in the Agreement regarding termination, if
any of the events described above constituting a Change in Control shall have
occurred and upon the subsequent termination of Employee's employment during the
term of the Agreement, unless such termination is because of Employee's Death,
Disability or by the Corporation for cause or by Employee for other than "Good
Reason," Employee shall be entitled to and will receive no later than the fifth
(5th) day following the date of termination a lump sum severance payment in an
amount equal to three (3) year's salary. In addition, all benefits then
applicable to Employee shall be continued for a period of twelve (12) months.

(c)          
Employee shall be entitled to terminate her employment for Good Reason. 

For purposes of the Agreement, "Good Reason" means, without
Employee's express written consent, any of the following: 

(i)           
 the assignment to Employee of any duties inconsistent with Employee's
position, or Employee's removal from such position, or a substantial alteration
in the nature or status of Employee's responsibilities from those in effect
immediately prior to the Change in Control; 

(ii)          
 a reduction by the Corporation in Employee's annual base salary as in
effect on the date hereof or as the same may be increased from time to time or a
failure by the Corporation to increase Employee's salary at a rate commensurate
with that of other key executives of the Corporation; 

(iii)          
the failure by the Corporation to continue to provide Employee with benefits at
least as favorable to those enjoyed by Employee under any of the Corporation's
life insurance, medical, health and accident, disability, deferred compensation,
pension, if any, or savings plans in which Employee was participating at the
time of the Change in Control, the taking of any action by the Corporation which
would directly or indirectly materially reduce any of such benefits or deprive
Employee of any material fringe benefit enjoyed by Employee at the time of the
Change in Control, or the failure by the Corporation to provide Employee with
the number of paid vacation clays to which Employee is entitled on the basis of
years of service with the Corporation in accordance with the Corporation's
normal vacation policy in effect at the time of the Change in Control; 

(iv) The failure of the Corporation to
obtain a satisfactory agreement from any successor to assume and agree to
perform the Agreement or if the business of the Corporation for which Employee's
services are principally performed is sold at any time after a Change in
Control, the purchaser of such business fails to agree to provide Employee with
the same or a comparable position, duties, salary and benefits as provided to
Employee by the Corporation immediately prior to the Change in Control;

SECTION SEVEN
NON-TRANSFERABILITY 

This is a personal agreement. No Employee's rights, benefits or
interests hereunder may be subject to sale, anticipation, alienation,
assignment, encumbrance, charge, pledge, hypothecation, transfer, or set-off in
respect of any claim, debt or obligation or to execution, attachment, levy or
similar process, or assignment by operation of law. Any attempt, voluntary or
involuntary, to effect any such action shall be null and void and of no effect.

3

SECTION EIGHT 
CHOICE OF LAW 

lt is the intention of the parties hereto that the Agreement
and the performance hereunder and all suits and special proceedings hereunder he
construed in accordance with and under and pursuant to the laws of the State of
Washington, and that in any action, special proceeding or other proceeding that
may be brought arising out of, in connection with, or by reason of the
Agreement, the laws of the State of Washington, shall be applicable and shall
govern to the exclusion of the law of any other forum, without regard to the
jurisdiction in which any action or special proceeding may be instituted. 

SECTION NINE 
BINDING EFFECT 

The Agreement shall be binding upon and shall inure to the
benefit of the Corporation and to its successors or assigns and to Employee and
her personal representative, heirs, executors and administrators. 

SECTION TEN 
DEFINITION OF CAUSE 

Cause to terminate the Employee's employment shall mean (a) the
willful and continued failure by the Employee to substantially perform her
duties, after demand for substantial performance as delivered by the Corporation
that specifically identifies the manner in which the Corporation believes the
Employee has not substantially performed her duties, or (b) the willful engaging
by the Employee of misconduct which is materially injurious to the Corporation,
monetarily or otherwise, or (c) the willful violation by the Employee of the
provisions of the Employment Agreement. 

Notwithstanding the foregoing, the Employee shall not be deemed
to have been terminated for cause unless there shall have been delivered to the
Employee a copy of a notice of termination from the Corporation after
reaso11able written notice to the Employee and an opportunity for the Employee,
together with counsel for the Employee, to be heard before the Board of
Directors of the Corporation, accompanied by a resoh1tion duly adopted by the
Directors of the Corporation then in office, who find that in the good faith
opinion of such directors, the Employee was guilty of conduct set forth above
and shall set forth in particular detail the facts and circumstances claimed to
provide a basis for termination of employment under the provisions so indicated.

SECTION ELEVEN 
DIRECTORSHIPS 

The Employee shall be entitled to accept a position as a
director of other corporations, whether such corporations are engaged in the
mining industry or not provided any such directorship is first approved by the
Corporation, such approval not to be unreasonably withheld. 

SECTION TWELVE 
CONFIDENTIALITY 

Employee agrees that except as required \ for the performance
of her duties, obligations and responsibilities hereunder, he will not at any
time during the term of the Agreement or thereafter divulge to any person, firm
or corporation any Confidential Information received by him during the course of
her employment and all such Confidential Information shall be kept confidential
and deemed the property of the Corporation. For the purpose of the provision,
Confidential Information means information known to the Employee as a
consequence of her employment by the Corporation and not generally known in the
industry in which the Corporation is engaged or otherwise available to third
parties from sources unrelated to or controlled by the Corporation. 

4

IN WITNESS WHEREOF, the parties have executed the Agreement at
Spokane Valley, Washington, effective on the day and year first above written.

REVETT SILVER COMPANY 

John Shanahan 
President and Chief Executive Officer

 

EMPLOYEE

	Name: 	Monique Hayes

	Address: 	5779 Harcourt 
	  	Coeur d’Alene, ID 83815
  

5

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