Document:

a10a79.htm

Exhibit 10(a)79

SYSTEM EXECUTIVE RETIREMENT PLAN

OF ENTERGY CORPORATION AND SUBSIDIARIES

(As Amended and Restated Effective January 1, 2009)

Certificate of Amendment

Amendment No. 1

 

 

THIS INSTRUMENT, executed this 15th day of December, 2010, but made effective  December 30, 2010, constitutes the First Amendment of the System Executive Retirement Plan of Entergy Corporation and Subsidiaries (As Amended and Restated Effective January 1, 2009) (the “Plan”).

All capitalized terms used in this Amendment No. 1 shall have the meanings assigned to them in the Plan unless otherwise herein defined.

Pursuant to Section 9.01 of the Plan and in accordance with the Resolutions of the Personnel Committee of the Board of Directors adopted at its meeting of December 2, 2010, the Plan is hereby amended as follows:

	
  

	
1.

	
The Plan is hereby amended by adding the following new paragraph at the end of the Plan preamble to read as follows:

The Plan is now hereby amended effective December 30, 2010, pursuant to resolutions adopted by the Personnel Committee of the Board of Directors of Entergy at its meeting held on December 2, 2010, authorizing amendments to the Plan in order to address certain market practices, external governance concerns, emerging trends and cost controls by increasing the change in ownership threshold now required in Subsection 1.05(a) to trigger one of the events constituting a Change in Control event.

	
2.  

	
Subsection 1.05(a) of the Plan is hereby amended in its entirety to read as follows:

	
(a)  

	
the purchase or other acquisition by any person, entity or group of persons, acting in concert within the meaning of Subsections 13(d) or 14(d) of the Securities Exchange Act of 1934 ("Act"), or any comparable successor provisions, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Act) of thirty percent (30%) or more of either the shares of common stock outstanding immediately following such acquisition or the combined voting power of Entergy Corporation's voting securities entitled to vote generally and outstanding immediately following such acquisition, other than any such purchase or acquisition in connection with a Non-CIC Merger (defined in Subsection (b) below);

IN WITNESS WHEREOF, the Personnel Committee has caused this First Amendment to the System Executive Retirement Plan of Entergy Corporation and Subsidiaries (As Amended and Restated Effective January 1, 2009) to be executed by its duly authorized representative on the day, month, and year above set forth, but effective December 30, 2010.

ENTERGY CORPORATION

PERSONNEL COMMITTEE

through the undersigned duly authorized representative

/s/ Terry R. Seamons

TERRY R. SEAMONS

Senior Vice-President,

        Human Resources and Administrationa10a83.htm

Exhibit 10(a)83

AMENDMENT TO

RETENTION AGREEMENT

THIS INSTRUMENT, effective January 1, 2009, by and between Entergy Corporation, a Delaware corporation (“Company”) and J. Wayne Leonard (“Executive”), hereby constitutes an amendment to the Retention Agreement entered into by and between the Company and Executive on November 21, 2000 and effective on October 27, 2000 (“Agreement”).  Except as otherwise provided herein, the Agreement shall remain in full force and effect in accordance with its original terms and conditions.

WHEREAS, the Agreement provides certain benefits to Executive that are subject to the deferred compensation requirements of Internal Revenue Code Section 409A (“Code Section 409A”); and

WHEREAS, the Agreement previously has been amended, effective January 1, 2005, to add an Addendum to the Agreement that permitted Executive, in accordance with applicable transition relief under Code Section 409A, to convert the supplemental retirement benefit provided under the Agreement (the “Supplemental Retirement Benefit”) to an amount payable under the Executive Deferred Compensation Plan of Entergy Corporation and Subsidiaries (the “EDCP”) in accordance with the requirements of Code Section 409A; and

WHEREAS, Executive elected on December 28, 2005 to have the Supplemental Retirement Benefit paid in a lump sum pursuant to the EDCP, rather than under the preexisting terms of the Agreement; and

WHEREAS, Company and Executive now desire to further amend the Agreement to ensure compliance with the requirements of Code Section 409A for benefits that become payable under the terms of the Agreement; and

WHEREAS, the Personnel Committee of the Board of Directors of Company has authorized the undersigned Company Officer to execute this Amendment to the Agreement.

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, Company and Executive hereby agree to amend the Agreement by adding the following provisions at the end of the Addendum to the Agreement to read as follows:

Notwithstanding any provision to the contrary, all provisions of this Agreement shall be construed and interpreted to comply with Code Section 409A and, if necessary, any provision shall be held null and void to the extent such provision (or part thereof) fails to

comply with Code Section 409A or regulations thereunder.  Specifically, the terms “termination” and “termination of employment” shall be applied in a manner consistent with the definition of “separation from service,” within the meaning of Code Section 409A.

A right of Company, if any, to offset or otherwise reduce any sums that may be due or become payable by Company to Executive by any overpayment to, or indebtedness of, Executive shall be subject to limitations imposed by Code Section 409A.

For purposes of the limitations on nonqualified deferred compensation under Code Section 409A, each payment of compensation under this Agreement shall be treated as a separate payment of compensation for purposes of applying the Code Section 409A deferral election rules and the exclusion from Code Section 409A for certain short-term deferral amounts.  Amounts payable under this Agreement shall be excludible from the requirements of Code Section 409A, to the maximum possible extent, either as (i) short-term deferral amounts (e.g., amounts payable under the schedule prior to March 15 of the calendar year following the calendar year of substantial vesting), or (ii) under the exclusion for involuntary separation pay provided in Treasury Regulations Section 1.409A-1(b)(9)(iii).

To the extent that deferred compensation subject to the requirements of Code Section 409A becomes payable under this Agreement to Executive at a time when Executive is a “specified employee” (within the meaning of Code Section 409A), any such payments shall be delayed by six months to the extent necessary to comply with the requirements of Code Section 409A(a)(2)(B).

Further, any reimbursements or in-kind benefits provided under this Agreement that are subject to Code Section 409A shall be made or provided in accordance with the requirements of Code Section 409A, including, where applicable, the requirement that (I) any reimbursement is for expenses incurred during the period of time specified in the Agreement, (II) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (III) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred, and (IV) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

For the avoidance of doubt, any Gross-Up Payments payable in accordance with Section 4 of the Agreement that are not payable pursuant to Executive’s separation from service (within the meaning of Code Section 409A), or in connection with a payment of compensation related to a separation from service by Executive, shall be made as a reimbursement payment to Executive in accordance with the terms of Treasury Regulations Section 1.409A-3(i)(2)(ii), due immediately to Executive upon a reasonable showing by Executive to Company that such taxes have been paid by Executive.  Any Gross-Up Payments due in connection with payment of compensation related to a separation from service by Executive shall be payable at the same time as the compensation to which such Gross-Up Payments relate.

IN WITNESS WHEREOF, the parties have executed this Amendment on this 18th day of December, 2008, but effective as of January 1, 2009.

ENTERGY CORPORATION                                                                           EXECUTIVE

Through its Duly Authorized Officer

  By: /s/ Terry R. Seamons                                                                           By: /s/ J. Wayne Leonard

Terry R. Seamons                                                                           J. Wayne Leonard

Senior Vice-President, Human                                                       Chief Executive Officer &

        Resources and Administration                  Chairman of the Board

                            Entergy Corporationa10a85.htm

Exhibit 10(a)85

AMENDMENT TO

RETENTION AGREEMENT

THIS INSTRUMENT, effective December 30, 2010, by and between Entergy Corporation, a Delaware corporation (“Company”) and J. Wayne Leonard (“Executive”), hereby constitutes an amendment to the Retention Agreement entered into by and between the Company and Executive on November 21, 2000 and effective on October 27, 2000 (“Agreement”).  Except as otherwise provided herein, the Agreement and any prior amendments thereto shall remain in full force and effect in accordance with their original terms and conditions.

WHEREAS, the Personnel Committee of the Board of Directors of Company adopted resolutions at its meeting held on December 2, 2010, authorizing amendments to the Company’s equity plan (including all current and future programs there under), the Company’s change-in-control plan, and all current (with the consent of the contracting party) and future employee agreements  in order to address certain market practices, external governance concerns, emerging trends and Company cost controls by eliminating excise tax gross-ups, increasing the change in ownership threshold now required to trigger one of the events constituting a change in control event and making certain other changes to such plans and agreements where applicable; and

WHEREAS, the Personnel Committee recommended to the Board of Directors of Company, that it authorize amendments to Executive’s Agreement to implement such changes, to the extent applicable, and Executive, on his own accord, has volunteered to amend the Agreement; and

WHEREAS, Company and Executive now desire to amend the Agreement and the Board of Directors of Company, upon recommendation of the Personnel Committee, has authorized the undersigned Company Officer to execute this Amendment to the Agreement.

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, Company and Executive hereby agree to amend the Agreement, effective December 30, 2010, as follows:

	
1.  

	
Subsection 2.1 of the Agreement is hereby amended by deleting the reference to Section 4 therein, which is no longer applicable on and after December 30, 2010.

	
2.  

	
Section 4 of the Agreement, which includes Subsections 4.1, 4.2 and 4.3, is hereby amended and restated in its entirety to read as follows:

	
  

	
4.

	
No Gross-Up Payment.  Effective on and after December 30, 2010, no gross-up payment shall be paid to Executive under this Agreement, regardless of whether any of the payments or benefits received or to be received by Executive (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with any System Company) will be subject to the Excise Tax.

	
3.  

	
Section 5 of the Agreement is hereby amended and restated in its entirety to read as follows:

	
  

	
5.

	
Rabbi Trust; Timing of Payments.  Within thirty (30) days following the date of a Change in Control, Company shall deposit in the Trust for Deferred Payments of Entergy Corporation and Subsidiaries (“Trust”) an amount as determined by the Auditor to be necessary to pay all amounts that would be due under this Agreement if Executive experienced a Qualifying Termination event on the date of such Change in Control, but only to the extent consistent with the requirements of Code Section 409A.    Company shall deposit such additional amounts as determined by the Auditor from time to time to be necessary to pay amounts due under the Agreement.  Except as otherwise provided under the terms of this Agreement with respect to Executive’s Supplemental Retirement Benefit, the payments provided in Section 3 here­of shall be made no later than the fifth business day follow­ing the Date of Termination; provid­ed, howev­er, that if the amounts of such payments cannot be finally de­ter­mined on or before such day, Company shall pay to Executive on such day an esti­mate, as determined in good faith by Executive, of the mini­mum amount of such pay­ments to which Executive is clearly enti­tled and shall pay the remainder of such payments (to­gether with interest on the unpaid remainder (or on all such payments to the extent Company fails to make such payments when due) at 120% of the rate pro­vid­ed in sec­tion 1274(b)(2)(B) of the Code) as soon as the amount thereof can be deter­mined, but in no event later than the thirti­eth day after the Date of Termina­tion.  In the event that the amount of the esti­mated payments exceeds the amount subsequently deter­mined to have been due, such excess shall constitute a loan by Company to Executive, payable on the fifth business day after demand by Company (together with interest at 120% of the rate provided in sec­tion 1274(b)(2)(B) of the Code).  At the time that payments are made under this Agreement, Company shall provide Executive with a written state­ment setting forth the manner in which such payments were calculated and the basis for such calcula­tions including, without limita­tion, any opinions or other advice Company has re­ceived from Company’s tax coun­sel, the Auditor or other advisors or consultants (and any such opinions or advice which are in writing shall be attached to the state­ment).

	
  

	
  4.

	
Section 9 of the Agreement is hereby amended by deleting the reference to Section 4 therein.

	
5.  

	
Section 16 of the Agreement is hereby amended by deleting therefrom the definitions set forth in Subsection 16.4 (Base Amount), Subsection 16.21 (Gross-Up Payment), Subsection 16.33 (Tax Counsel) and Subsection 16.35 (Total Payments), which definitions related to the computation of the Gross-Up Payment, which is no longer payable to Executive on and after December 30, 2010 in accordance with Section 4 of this Agreement, as amended herein.  The Subsection numbers of all other Subsections of Section 16 shall remain unchanged.

	
6.  

	
Subsection 16.3 of the Agreement is hereby amended in its entirety by redefining the term “Auditor” as follows:

	
16.3  

	
Auditor shall mean the accounting firm that was, immediately prior to the Closing, Company's independent auditor.

	
7.  

	
Subsection 16.24 of the Agreement is hereby amended in its entirety by redefining the term “Merger Agreement” as follows:

	
  

	
16.24  Merger Agreement shall mean the Ring-Ranger Merger Agreement or any other agreement, the consummation of the transactions contemplated by which would constitute a “Change in Control” under the Company’s Executive Continuity Plan, as in effect on December 30, 2010.

	
  

	
8.

	
The last paragraph of the Addendum, which became part of the Agreement by an Amendment executed on December 18, 2008 and made effective January 1, 2009, is hereby deleted in its entirety, as such last paragraph related to the tax treatment of gross-up payments, which are no longer payable to Executive on and after December 30, 2010 in accordance with Section 4 of this Agreement, as amended herein.

IN WITNESS WHEREOF, the parties have executed this Amendment effective as of the date above written.

ENTERGY CORPORATION                                                                           EXECUTIVE

Through its Duly Authorized Officer

 By: /s/ Terry R. Seamons                                                                By: /s/ J. Wayne Leonard

Terry R. Seamons                                                                            J. Wayne Leonard

Senior Vice-President, Human                                                        Chairman and

Resources and Administration                                                       Chief Executive Officer,

             Entergy Corporation

Date Executed: December 13, 2010                                               Date Executed: December 16, 2010

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