Document:

XCEL EX 10.23 Q4 2013

Exhibit 10.23

XCEL ENERGY INC.
2005 LONG-TERM INCENTIVE PLAN
LONG-TERM INCENTIVE AWARD AGREEMENT - [YEAR] Grant

This Agreement, dated and effective [DATE], by and between Xcel Energy Inc., a Minnesota corporation (individually and collectively with its affiliates and subsidiaries, “Xcel Energy”) and [Participant] (the “Participant”) evidences a grant of Long-Term Incentive Awards pursuant to the Xcel Energy Inc. 2005 Long-term Incentive Plan as amended and restated February 17, 2010 (the “Plan”). 

Performance Shares Granted.  Xcel Energy grants you as the Participant an Award of performance shares (the “Performance Shares”) as set forth below:  
	
			
	Grant Date
	Performance Period
	Total Performance Shares
(at Target)

	[DATE]
	[PERFORMANCE PERIOD]
	[#]

The Performance Shares granted to the Participant are subject to the performance conditions set forth on one or more Performance Goal Annexes included in the attached Terms and Conditions, which were established by the Committee for the Performance Period covered by this Agreement.  To the extent that multiple Performance Goal Annexes may be applicable to this Performance Share Award, the Award may be expressed in such Annexes in terms of separate components.  The Performance Shares shall vest only if, and to the extent, any one or more of the performance conditions set forth in such Performance Goal Annex(es) have been achieved during the applicable Performance Period and such performance is certified in writing by the Committee.  The “Vesting Date” for the Award of Performance Shares shall be the date of such certification by the Committee as specified in Section 4(a) of the Terms and Conditions. 

[Participant is eligible to defer to a later date the settlement of the Performance Shares granted under this Agreement, subject to satisfaction of the performance conditions set forth in the Performance Goal Annexes.]1 

Restricted Stock Units Granted.  Xcel Energy grants you as the Participant an Award of restricted stock units (the “Restricted Stock Units”) as set forth below:  
	
			
	Grant Date
	Restricted Period
	Total Restricted Stock Units

	[DATE]
	[RESTRICTED PERIOD]
	[#]

The Restricted Stock Units granted to the Participant will vest subject to the Participant’s continued service with Xcel Energy during the Restricted Period and 100% of the Restricted Stock Units will vest upon the expiration of the Restricted Period, which is the “Vesting Date” for the Restricted Stock Units.

Acceptance of Award and the Long-Term Incentive Award Terms and Conditions.  The Award hereby granted and the terms and conditions herein set forth are subject in all respects to the Long-Term Incentive Award Terms and Conditions (“Terms and Conditions”) attached as Exhibit A hereto, which are incorporated into, and made a part of, this Agreement, and the terms and conditions of the Plan.  To accept the Award, this Agreement must be delivered and accepted through an electronic medium in accordance with the procedures established by the Company , or Participant must sign and return a copy of this agreement, in either case, within [NUMBER OF DAYS] after the Grant Date.  By doing so, Participant acknowledges receipt of the accompanying Terms and Conditions and the Plan, and represents that Participant has read and understands the same and agrees to be bound by the accompanying Terms and Conditions and by the Plan, which is controlling, and which is deemed incorporated into this Agreement.  Any question of administration or interpretation arising under this Agreement, the accompanying Terms and Conditions or the Plan, shall be determined by the Committee and such determination shall be final, conclusive and binding upon all parties in interest.

    

 1 To be included only if Agreement is for deferral eligible Participants

IN WITNESS WHEREOF, the parties hereto have caused this Long-Term Incentive Award Agreement to be executed as of the date first above written.

	
		
	 
	XCEL ENERGY INC.

	 
	 

	By:
	 

	 
	 

	 
	 

	 
	ACCEPTED:

	 
	 

	 
	Participant Signature

	 
	 

	 
	Date

    

    

EXHIBIT A
XCEL ENERGY INC.
2005 LONG-TERM INCENTIVE PLAN
LONG-TERM INCENTIVE AWARD TERMS AND CONDITIONS

These Long-Term Incentive Award Terms and Conditions (“Terms and Conditions”) apply to Awards granted under to the Xcel Energy Inc. 2005 Long-term Incentive Plan as amended and restated February 17, 2010 (the “Plan”), pursuant to the Agreement to which these Terms and Conditions are attached (the “Agreement”).  Except as otherwise provided in these Terms and Conditions or the Agreement, the defined terms used in these Terms and Conditions shall have the same meaning as in the Plan.  

1.    Granting of Award.  Xcel Energy Inc., a Minnesota corporation (individually and collectively with its affiliates and subsidiaries, “Xcel Energy” or the “Company”), grants you as participant (“Participant”) the Initial Award set forth in the Agreement.  The grant is effective as of the Grant Date.  As used in these Terms and Conditions, the term “Award” means an Initial Award plus additional dividend equivalent units credited with respect to that Initial Award pursuant to Section 2 below.

2.    Dividend Equivalent Units and Participant’s Rights.  An additional amount representing dividends payable (at the normal common stock declared dividend rate) on shares of Common Stock equal in number to the share equivalents subject to the Awards (at Target) held by the Participant on a dividend record date occurring after the Grant Date and prior to Vesting Date shall be deemed reinvested in Common Stock as of the dividend payment date and credited to the Participant as dividend equivalent units as of the dividend payment date.  Any dividend equivalent units so credited will be subject to the same terms and restrictions applicable to other Awards as provided in these Terms and Conditions.  Notwithstanding the forgoing, an Award does not entitle the Participant to any rights as a stockholder.

3.    Termination of Service.  

		
	(a)
	If your employment with Xcel Energy terminates due to voluntary termination or involuntary termination, with or without cause, prior to the Vesting Date (as defined in Section 4(a) hereof, or as set forth in the Agreement, as applicable), your unvested Award shall be forfeited on the date of such termination.  

		
	(b)
	If your employment with Xcel Energy terminates due to death during any Performance Period or Restricted Period, as applicable, your unvested Award (at Target), together with any credited dividend equivalent units, shall immediately vest one hundred percent (100%) and shall be paid as soon as administratively feasible in accordance with Section 5(b) hereof.

		
	(c)
	If your employment with Xcel Energy terminates due to permanent and total disability during any Performance Period or Restricted Period, as applicable, your unvested Award (at Target), together with any credited dividend equivalent units, shall immediately vest one hundred percent (100%) and shall be paid to you (or your personal representative) as soon as administratively feasible in cash, shares or a combination thereof as provided in Section 5(a) hereof.

		
	(d)
	If your employment with Xcel Energy terminates due to retirement (as defined under any retirement plan of Xcel Energy in which you participate):

		
	(i)
	after the expiration of a Performance Period, but prior to the applicable Vesting Date, you will continue to be eligible to have your Award vest in accordance with the terms of the applicable Performance Goal Annex(es); or 

		
	(ii)
	during any Performance Period, you will continue to be eligible to have a pro rata portion of your Award vest, such pro rata portion to be equal to the amount of the Award that would otherwise vest in accordance with the terms of the applicable Performance Goal Annex(es) had you not retired multiplied by a fraction whose numerator is the number of whole months during which you were actively employed with Xcel Energy during such Performance Period and whose denominator is [the length of the Performance Period, expressed as a number of months].

		
	(iii)
	any unvested Award whose vesting is not subject to the satisfaction of Performance Goals set forth in a Performance Goals Annex shall be forfeited on the date of your retirement.

4.    Vesting of Awards. 

(a)    For Awards subject to Performance Goals, such Awards are subject to the performance conditions set forth on the Performance Goal Annexes attached hereto, which were established by the Committee for each Performance Period covered by such Performance Goal Annexes.  Subject to Section 3 above, such Awards shall vest only if, and to the extent, any one or more of the performance conditions set forth on the Performance Goal Annexes have been achieved during the applicable Performance Period and such performance is certified in writing by the Committee.  If, and to the extent that, any one or more of the performance conditions have not been achieved during the applicable Performance Period, the Participant’s rights to the portion of the Award tied to such unachieved performance condition shall be immediately and irrevocably forfeited as of the last day of such Performance Period (unless previously forfeited pursuant to Section 3 above).  The Committee shall determine, in its sole discretion, and certify in accordance with the requirements of Section 162(m) of the Code whether and to what extent the performance conditions have been satisfied as soon practicable after the completion of the applicable Performance Period (the date on which the Committee certifies the satisfaction of the performance conditions set forth on the attached Performance Goal Annexes shall be the “Vesting Date” for the applicable Award).

(b)    For Awards not subject to Performance Goals, such Awards shall vest only if, and to the extent, any one or more of the vesting conditions set forth in the Agreement or, if applicable, on a Vesting Conditions Annex have been satisfied during the applicable Restricted Period, or other period as may be identified.  If, and to the extent, that any one or more of the vesting conditions have not been satisfied during the applicable Restricted Period, the Participant’s rights to any portion of the Award tied to such unachieved vesting condition shall be immediately and irrevocably forfeited as of the applicable Vesting Date (unless previously forfeited pursuant to Section 3 above).  

Unless otherwise indicated in the Agreement, to the extent an Award granted is subject to satisfaction of performance conditions set forth on more than one Performance Goal Annex, each Performance Goal Annex shall be independent from any other Performance Goal Annex with respect to the portion of the Award subject to that Performance Goal Annex.

5.    Payment of Vested Awards.

(a)    Timing of payment.  As soon as administratively feasible following the Vesting Date, but in no event later than March 15th of the year following the calendar year in which the Performance Period or Restricted Period, as applicable, expires, Xcel Energy shall cause to be paid to the Participant in settlement of each share equivalent (including any credited dividend equivalent units) comprising a vested Award, one share of Xcel Energy Common Stock or cash in an amount equal to the Fair Market Value of one such share (or a combination of cash and shares with respect to the entire Award) as determined by the Committee, unless the Participant has made an effective election to defer the settlement of an Award as provided in Section 5(c) below.  Payments may be made in a lump sum.  

(b)    Payment upon Death.  In the event of the Participant’s death, amounts that otherwise would have become payable to the Participant in accordance with Section 3(b) of these Terms and Conditions and Conditions will be paid in cash, shares or a combination thereof, to the Participant’s designated beneficiary (if such beneficiary has been designated, in writing under the Plan, and has been delivered to the Xcel Energy Executive Compensation department), or if no beneficiary is designated, to the Participant’s estate.

(c)    Deferral Election.  Participants who are eligible, as determined by the Committee in its sole discretion, may elect to defer to a later date the settlement of Awards that would otherwise occur as provided in Section 5(a), provided that any such deferral shall comply with the requirements of Section 409A of the Code. 

6.    Changes in Capitalization of Xcel Energy.  If there is any change in the character of outstanding Xcel Energy Inc. Common Stock by reason of a stock dividend or distribution, stock split, capital reorganization, reclassification, combination or exchange of shares, or by reason of merger, consolidation, or other corporate reorganization, the Committee shall determine the appropriate adjustment to each Award, if any, needed to prevent dilution or enlargement of the Participant’s rights. 

7.    Change in Control.  Notwithstanding anything herein to the contrary, in the event of a Change in Control, as defined in the Plan, any performance conditions or vesting requirements, including continued service requirements, will be deemed to have been met (at target levels), and all Awards shall be paid to Participants, in cash, as soon as administratively feasible following consummation of the Change in Control, but in no event later than March 15th of the year following the calendar year in which the Change in Control occurs, according to the terms of the Plan.  

8.    Recoupment.  Xcel Energy may recover any cash or shares awarded under these Terms and Conditions or the Agreement, or proceeds from the sale of such shares, to the extent required by any rule of the SEC or any listing standard of the New York Stock Exchange, including any rule or listing standard requiring recovery of incentive compensation in connection with an accounting restatement due to material noncompliance of Xcel Energy with any financial reporting requirement under the securities laws, which recovery shall be subject to the terms of any policy of Xcel Energy implementing such rule or listing standard; provided that, in any event, Xcel Energy may recover cash or shares awarded under these Terms and Conditions or the Agreement, or proceeds from the sale of such shares, from the Participant who is terminated from Xcel Energy for fraud or misconduct. 

9.    Withholding.  Xcel Energy may require the Participant to remit to it, or may withhold from the award or from the Participant’s other compensation, an amount sufficient to satisfy any applicable federal, state, local tax, employment, FICA or other mandated withholding requirements in regard to the Award(s) in the year or years the Award(s)  become taxable to the Participant.  The Participant may elect in accordance with the Plan to satisfy the withholding requirement, in whole or in part, by having Xcel Energy withhold shares of Common Stock payable in settlement of an Award from the Award at the rate the Committee determines satisfies applicable withholding requirements of the Internal Revenue Code.  For this purpose, Awards will be valued using the Fair Market Value of a share as defined in the Plan.  If no election is made, the Participant will be deemed to have elected shares of Common Stock to be withheld. 

10.    Plan Incorporated by Reference; Electronic Delivery.  The Awards hereby granted and these Terms and Conditions are subject in all respects to the terms and conditions of the Plan, which is controlling, and which shall be deemed incorporated into these Terms and Conditions and the Agreement.  All determinations and interpretations of the Committee shall be binding and conclusive upon the Participant or his or her legal representatives with regard to any question arising hereunder or under the Plan.  Xcel Energy, or a third party designated by Xcel Energy, may deliver to the Participant by electronic means any documents related to his or her participation in the Plan.  The Participant acknowledges receipt of a copy of the Plan. 

11.    No Right to Employment.  Nothing in these Terms and Conditions, the Agreement or the Plan shall limit the right of Xcel Energy to terminate the Participant’s service as an officer or employee, or otherwise impose upon Xcel Energy any obligation to employ or accept the services of the Participant.

12.    Restrictions on Transfer.  The Award may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant prior to the Vesting Date.

13.    Participant Acceptance.  The Participant shall signify acceptance of these Terms and Conditions and the Agreement, including, if applicable to the Participant, that he or she will abide by the Xcel Energy Stock Ownership Policy, by signing in the space provided in the Agreement and returning a signed copy to Xcel Energy, or if available, by providing an electronic signature, within the time frames specified by Xcel Energy’s Executive Compensation department.

14.Mandatory Binding Arbitration.  The Participant agrees that any and all disputes related to a grant of Awards including but not limited to, eligibility, vesting, distribution and payment, withholding, targets, effect of termination of employment or rights related to an amendment or termination of the Plan, will be subject to mandatory binding arbitration in Minneapolis, Minnesota before the American Arbitration Association.  Participant agrees that the Participant will be responsible for bearing his or her share of the costs to arbitrate.

15.Severability.  Any provision of these Terms and Conditions and the Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

16.Securities Law Matters.  The Company shall not be required to deliver any shares of Common Stock until the requirements of any federal or state securities or other laws, rules or regulations (including the rules of any securities exchange), as may be determined by the Company to be applicable, are satisfied. 

17.Headings.  Headings are given to sections and subsections of these Terms and Conditions and the Agreement solely as a convenience to facilitate reference.  Such headings shall not be deemed in any way material or relevant to the construction or interpretation of these Terms and Conditions and the Agreement or any provision thereof.

18.Definitions.

(a)The term “Committee” shall also include those persons to whom authority has been delegated under the Plan.

19.    Code Section 409A.  Notwithstanding anything to the contrary in the Agreement or these Terms and Conditions, with respect to any Award that constitutes a deferral of compensation subject to Code Section 409A:

(a)    If any amount is payable under such Award upon a termination of employment, a termination of employment will be deemed to have occurred only at such time as Participant has experienced a “separation from service” as such term is defined for purposes of Code Section 409A;

(b)If any amount shall be payable with respect to any such Award as a result of “separation from service” at such time as Participant is a “specified employee” within the meaning of Code Section 409A, then no payment shall be made, except as permitted under Code Section 409A, prior to the first business day after the earlier of (i) the date that is six months after separation from service or (ii) death.  Unless a specified employee identification policy as contemplated by Code Section 409A has been adopted by the Company, specified employees will be identified in accordance with the default provisions specified under Code Section 409A.2013K_Ex_10.3

Exhibit No. 10.3

AMENDED AND RESTATED NON-EMPLOYEE DIRECTOR
DEFERRED COMPENSATION PLAN 

PDC Energy, Inc., a Nevada corporation (the “Company”), maintains this PDC Energy, Inc. Non-Employee Director Deferred Compensation Plan (the “Plan”) for the benefit of Non-Employee Directors (defined below) of the Company.  The Plan was originally adopted on April 27, 2004 (effective June 1, 2004).  The Plan is hereby amended and restated in its entirety, effective December 31, 2013.

ARTICLE I
DEFERRED COMPENSATION ACCOUNTS

Section 1.1    Establishment of Accounts.  The Company shall establish a “Deferred Account” (also referred to as an “Account”) for each Participant which shall be equal in value at any point in time to the Benefit payable to the Participant under the PDC Energy, Inc. Non-Employee Director Deferred Compensation Trust (the “Trust”).

ARTICLE  II 
DEFINITIONS, GENDER AND NUMBER

Section 2.1    Definitions. Whenever used in the Plan, the following words and phrases shall have the meaning set forth below unless the context plainly requires a different meaning, and when a defined meaning is intended, the term is capitalized.

(a)    “Administrator” means the Board, or if and to the extent the Board does not administer the Plan, the Committee.

(b)     “Beneficiary” or “Beneficiaries” means the individuals, trusts or other entities designated by a Participant in writing pursuant to Section 7.2(b) of the Plan as being entitled to receive any benefit payable under the Plan by reason of the death of a Participant, or, in the absence of such designation, the persons specified in Section 7.2(c) of the Plan.

(c)    “Benefit” means the amounts credited to a Participant’s Deferred Account pursuant to the Participant’s Deferred Compensation Election, as adjusted pursuant to Section 4.2.

(d)    “Board” means the Board of Directors of the Company as constituted at the relevant time.

(e)    “Change in Control” means the earliest to occur of the following events:
    
(i)    Change in Ownership: A change in ownership of the Company occurs on the date that any one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, excluding the acquisition of additional stock by a person or more than one person acting as a group who is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company.

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(ii)    Change in Effective Control: A change in effective control of the Company occurs on the date that either:
    
(A)    Any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing thirty percent (30%) or more of the total voting power of the stock of the Company; or
    
(B)    A majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election; provided, that this paragraph (B) will apply only to the Company if no other corporation is a majority shareholder.

(iii)    Change in Ownership of Substantial Assets: A change in the ownership of a substantial portion of the Company's assets occurs on the date that any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than ninety percent (90%) of the total gross fair market value of the assets of the Company immediately prior to such acquisition or acquisitions. For this purpose, “gross fair market value” means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

The foregoing definition of Change of Control shall be interpreted, administered and construed in manner necessary to ensure that the occurrence of any such event shall result in a Change of Control only if such event qualifies as a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation, as applicable, within the meaning of Treasury Regulation §1.409A-3(i)(5) or any successor provision.

(f)    “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute. References to a Code Section shall be deemed to be that section or to any successor to that section.

(g)    “Committee” means the Compensation Committee of the Board.

(h)    “Common Stock” means the common stock of the Company, par value $.01 per share, or any successor security.

(i)    “Company” means PDC Energy, Inc., a Nevada corporation.

(j)    “Deferred Compensation Election” means the election to participate and defer compensation made by a Participant and delivered to the Company.

(k)    “Director” means an individual serving as a member of the Board of Directors of the Company.

(l)    “Director’s Cash Compensation” for any Plan Year means the Director’s total annual cash retainer, and any cash fees received for performance of the Director’s functions, including cash fees for attendance or participation at meetings and for serving on a Board Committee or as a Committee or Board Chair. “Director’s Compensation” shall not include expense reimbursements, options to purchase Common Stock, or shares of Restricted Stock.

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(m)    “Effective Date” means December 31, 2013, the date on which this amended and restated Plan document becomes effective.

(n)    “Enrollment Period” means the period of December 1 to December 31 prior to the Plan Year to which a deferral election applies; provided, however, that the Enrollment Period for any newly elected Non-Employee Director shall be any time within thirty (30) days before or after the Director takes office and the deferral election shall apply to all Director’s Cash Compensation and Restricted Stock (as applicable) to be paid or issued for periods subsequent to the election for the remainder of the Plan Year.

(o)    “Existing Restricted Stock” means a Participant’s unvested Restricted Stock that (i) is outstanding on the date on which the Participant enters into a Deferral Compensation Agreement, and (ii) doesn’t qualify as Newly Granted Restricted Stock.

(p)    “Future Restricted Stock” means Restricted Stock that is granted to the Participant in a Plan Year following the Plan Year in which the deferral election for such Restricted Stock is submitted to the Administrator.

(q)    “Newly Granted Restricted Stock” means a Participant’s unvested Restricted Stock that (A) either (i) has not yet been granted but will be granted in the same Plan Year in which the deferral election for such Restricted Stock is made, or (ii) has been granted no more than thirty (30) days prior to the date on which the deferral election is submitted with respect to such Restricted Stock, and (B) is subject to a forfeiture condition requiring the Participant’s continued services for a period of at least twelve (12) months from the date the Participant receives such Newly Granted Restricted Stock.

(r)    “Non-Employee Director” means any Director who is not an employee of the Company or any of its affiliates or subsidiaries.

(s)    “Participant” means a Non-Employee Director of the Company who has made a Deferred Compensation Election and who maintains an Account under the Plan.

(t)    “Plan” means this PDC Energy, Inc. Non-Employee Director Deferred Compensation Plan as set forth herein and as amended or restated from time to time.

(u)    “Plan Year” means January 1 through December 31.

(v)    “Restricted Stock” means shares of Common Stock issued to the Participant as compensation for services rendered under the Company’s Amended and Restated 2010 Long-Term Equity Compensation Plan.

(w)    “Termination Event” means:

(i)    with respect to Director Cash Compensation, Future Restricted Stock, or Newly Granted Restricted Stock, the earliest to occur of (A) a Participant’s “separation from service” as defined for purposes of Code Section 409A, or (B)  a Change in Control.

(ii)     with respect to Existing Restricted Stock, the first to occur of (A) a Change of Control, or (B) the later of (I) five (5) years following the date on which the Existing Restricted Stock was scheduled to vest, without regard to any subsequent termination of employment or other event which would result in accelerated vesting of such Existing Restricted Stock, and (II) the date of the Participant’s “separation from service.”

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(x)    “Trust” means the PDC Energy, Inc. Non-Employee Director Deferred Compensation Trust.

Section 2.2    Gender and Number. Except as otherwise indicated by context, masculine terminology used herein also includes the feminine and neuter, and terms used in the singular may also include the plural.

ARTICLE  III 
PARTICIPATION

Section 3.1    Eligibility to Participate. Each Non-Employee Director of the Company may participate in this Plan.

Section 3.2    Election to Participate. Each Non-Employee Director may become a Participant in the Plan by electing to defer compensation in accordance with the terms of this Plan.  All elections to defer shall be in writing and shall be made by executing and returning a Deferred Compensation Election to the Administrator.

(a)    Director Cash Compensation or Future Restricted Stock. All elections to defer Director Cash Compensation or Future Restricted Stock under this Plan shall be made pursuant to a Deferred Compensation Election executed and filed with the Company during the Enrollment Period for the Plan Year in which the Director Cash Compensation is earned or the Future Restricted Stock is granted. A deferral election made pursuant to a Deferred Compensation Election with respect to Director Cash Compensation or Future Restricted Stock shall remain in effect for future Plan Years until modified by the Participant.  No modification shall be given effect with respect to a Plan Year to which the modification is intended to apply unless that modification is made during the Enrollment Period for such Plan Year.

(b)    Newly Granted Restricted Stock.  An election to defer Newly Granted Restricted Stock may be made at any time but no later than the 30th day after the Newly Granted Restricted Stock is issued, provided that the election is made at least twelve (12) months in advance of the earliest date at which the forfeiture condition attendant to such Newly Granted Restricted Stock is scheduled to lapse.  Notwithstanding the foregoing, a deferral election under this Section will not be given effect if the vesting of the Newly Granted Restricted Stock is accelerated or otherwise occurs prior to 12 months after the date the Deferred Compensation Election for such Restricted Stock is received by the Administrator.  In such case, the Participant’s deferral election shall be ineffective and the Newly Granted Restricted Stock shall not be deferred and shall be unaffected by such election.

 (c)    Existing Restricted Stock.  An election to defer Existing Restricted Stock may be made at any time but not less than 12 months before the date the Existing Restricted Stock (or relevant portion thereof) is scheduled to vest; provided, however that such election will not be given effect until at least 12 months after the Deferred Compensation Election making such election has been received by the Administrator.  Thus, in the event vesting of such Existing Restricted Stock is accelerated or otherwise occurs prior to 12 months after the date the Deferred Compensation Election is received by the Administrator, the Participant’s deferral election shall be ineffective and the Existing Restricted Stock shall not be deferred and shall be unaffected by such election.

Section 3.3    Cessation of Participation.  Participation in the Plan shall continue until all of the Benefits to which the Participant is entitled have been paid in full.

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ARTICLE  IV
ENTRIES TO PARTICIPANTS’ ACCOUNTS

Section 4.1    Deferrals.  Pursuant to a Deferred Compensation Election in effect for the applicable Plan Year, a Participant may elect to defer all or a portion of his or her Director’s Cash Compensation or Future Restricted Stock into his or her Deferred Account. In addition, a Participant may, from time to time, elect to defer Newly Granted Restricted Stock or Existing Restricted Stock into his or her Deferred Account, subject to the rules and requirements set forth in Section 3.2(b) or 3.2(c), above.  A Participant’s Deferred Account shall be credited with the dollar amount of Director’s Cash Compensation or the number of shares of Restricted Stock deferred by such Participant into his or her Deferred Compensation Election on the date such Director’s Cash Compensation would otherwise have been payable, or on the date on which the shares of Restricted Stock would otherwise have vested.  For avoidance of doubt, shares of Restricted Stock that are deferred into a Participant’s Deferred Account shall cease to be outstanding shares of Common Stock immediately prior to vesting, and thereafter the Participant shall cease to have any ownership interest or stockholder rights with respect to such shares of Restricted Stock.

Section 4.2    Adjustment to Accounts.

(a)    Funding of Trust.  An amount equal to the dollar amount or number of shares of Common Stock credited to the Deferred Account of a Participant shall be deposited into the Trust on the date credited to the Deferred Account.

(b)    Adjustment of Deferral Account.  Amounts credited to the Deferral Account shall be adjusted to reflect the value of the assets credited to such Participant under the Trust.

Section 4.3    Distributions.  A Participant’s Deferred Account shall be debited for the same amount of any distribution made to such Participant from the Trust.

ARTICLE  V 
BENEFITS

Section 5.1    Timing of Distribution.  The amounts credited to a Participant’s Account shall be paid within thirty (30) days after a Termination Event.

ARTICLE  VI 
VESTING

Section 6.1    Immediate Vesting.  Participants shall be fully vested in their Account at all times.

ARTICLE  VII 
DISTRIBUTION OF BENEFITS

Section 7.1    Form of Benefit.  A Participant shall receive his or her Benefits in a lump sum distribution.  Payment of such lump sum distribution shall be in cash or in kind, as so determined by the Participant.

Section 7.2    Death Benefits.

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(a)    If a Participant dies prior to the time of payment of the Benefits, the Participant’s Benefit shall be paid to the Beneficiary in a lump sum within (30) days following the Participant’s death.

(b)    Each Participant has the right to designate primary and contingent Beneficiaries for Benefits payable under the Plan. A beneficiary designation by a Participant shall be in writing on a form acceptable to the Company and shall be effective only upon delivery to the Company. A beneficiary designation may be revoked by a Participant at any time by delivering  to  the  Company  either  written  notice  of  revocation  or  a  new  beneficiary designation form.  The beneficiary designation form last delivered to the Company prior to the death of a Participant shall control.

(c)    In the event there is no beneficiary designation on file with the Company, or all Beneficiaries designated by a Participant have predeceased the Participant, the Benefits payable by reason of the death of the Participant shall be paid to the Participant’s spouse, if living; if the Participant does not leave a surviving spouse, to the Participant’s issue by right of representation; or, if there are no such issue then living, to the Participant’s estate.

ARTICLE  VIII 
FUNDING

Section 8.1    Sources of Benefits. All Benefits under the Plan shall be paid when due by the Company out of the Trust.

Section 8.2    No Claim on Specific Assets.  No Participant shall be deemed to have, by virtue of being a Participant in the Plan, any claim on any specific assets of the Company such that the Participant would be subject to income taxation on his Benefits under the Plan prior to distribution and the rights of Participants and Beneficiaries to Benefits to which they are otherwise entitled under the Plan shall be those of an unsecured general creditors of the Company.

ARTICLE  IX 
ADMINISTRATION OF THE PLAN

Section 9.1    Administrator. The Administrator shall be responsible for the general operation and administration of this Plan and for carrying out the provisions thereof.

Section 9.2    General Powers of Administration.  The Plan shall be administered by the Administrator. The Administrator shall be entitled to rely conclusively upon all tables, valuations, certificates, opinions and reports furnished by any actuary, accountant, controller, counsel or other person employed or engaged by the Company with respect to this Plan.

Section 9.3    Claims Procedure. The Administrator shall notify a Participant in writing within ninety (90) days of the Participant’s written application for Benefits of his or her eligibility or non-eligibility for Benefits under the Plan.  If the Administrator determines that a Participant is not eligible for Benefits or full Benefits, the notice shall set forth (i) the specific reasons for such denial, (ii) a specific reference to the provision of the Plan on which the denial is based, (iii) a description of any additional information or material necessary for the claimant to perfect his or her claim, a description of why it is needed, and an explanation of the Plan’s claims review procedure and other appropriate information as the steps to be taken if the Participant wishes to have his or her claim reviewed.  If the Administrator determines that there are special circumstances requiring additional time to make a decision, the Administrator shall notify the Participant of 

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the special circumstances and the date by which a decision is expected to be made, and may extend the time for an additional 90-day period.  If a Participant is determined by the Administrator to be not eligible for Benefits, or if the Participant believes that he or she is entitled to greater or different Benefits, he or she shall have the opportunity to have his or her claim reviewed by the Administrator or filing a petition for review with the Administrator within sixty (60) days after receipt by him or her of the notice issued by the Administrator. Said petition shall state that specific reasons the Participant believes he or she is entitled to Benefits or greater or different Benefits.  Within sixty (60) days after receipt by the Administrator of said petition, the Administrator shall afford the Participant (and his or her counsel, if any) an opportunity to present his or her position to the Administrator orally or in writing, and such Participant (or his counsel) shall have the right to review the pertinent documents, and the Administrator shall notify the Participant of its decision in writing within said sixty (60) day period, stating specifically the basis of said decision written in a manner calculated to be understood by the Participant and the specific provisions of the Plan on which the decision is based. If, because of the need for a hearing, the sixty (60) day period is not sufficient, the decision may be deferred for up to another sixty (60) day period at the election of the Administrator, but notice of this deferral shall be given to the Participant.

ARTICLE X 
MISCELLANEOUS

Section 10.1    Benefits Inalienable.  Except as provided in Section 7.2, the right of any Participant, any Beneficiary, or any other person to the payment of any Benefits under this Plan shall not be assigned, transferred, pledged or encumbered.

Section 10.2    Successors and Assigns. This Plan shall be binding upon and inure to the benefit of the Company, its successors and assigns and the Participant and his or her heirs, executors, administrators and legal representatives.

Section 10.3    Costs of Enforcement.  If  the Company, the Participant, any Beneficiary, or a successor in interest to any of the foregoing, brings legal action to enforce any of the provisions of this Plan, the prevailing party in such legal action shall be reimbursed by the other party for the prevailing party’s costs of such legal action including, without limitation, reasonable fees of attorneys, accountants and similar advisors and expert witnesses.

Section 10.4    Disputes.  Any dispute or claim relating to or arising out of this Plan that cannot be resolved pursuant to the internal dispute resolution processes implemented by the Administrator with respect to the Plan shall be resolved in the following manner.  The Participant or Beneficiary, as the case may be, on the one hand, and the Administrator or its representative, on the other hand (collective, the “Parties”), shall meet to attempt to resolve such disputes.  If the disputes cannot be resolved by the Parties, either Party may make a written demand for formal dispute resolution and specify therein the scope of the dispute.  Within thirty (30) days after such written notification, the parties agree to meet for one day with an impartial mediator and consider dispute resolution alternatives other than litigation.  If an alternative method of dispute resolution is not agreed upon within thirty (30) days after the one day mediation, either party may begin litigation proceedings.

Section 10.5    Governing Law.  This Plan shall be construed in accordance with and governed by the laws of the State of Colorado, without reference to the principles of conflicts of law thereof, to the extent such construction is not pre-empted by any applicable federal law.

Section 10.6    Entire Agreement. This Plan constitutes the entire understanding and agreement with 

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respect to the subject matter contained herein, and there are no agreements, understandings, restrictions, representations or warranties among any Participant and the Company other than those set forth or provided for herein.

Section 10.7    Amendment and Termination.

(a)    This Plan may be amended by the Board at any time in its sole discretion; provided, however, any amendment that would alter the irrevocable nature of an election or which would reduce the amount credited to a Participant’s Account on the date of such amendment shall not be effective unless consented to in writing by the Participant or, if the Participant has died or is incompetent, the Participant’s Beneficiary or conservator.

(b)    Notwithstanding the foregoing paragraph or any other provision in this Plan to the contrary, the Board may terminate the Plan at any time.  Distribution of Benefits upon Plan termination may occur if permissible under Code Section 409A, and if so permissible, such distributions of Benefits shall occur at the time or times and in the manner set forth in Treasury Regulation Section 1.409A-3(j)4)(ix).

Section 10.8    409A.   The payments and benefits provided hereunder are intended to be compliant with the requirements of Section 409A of the Code.  Notwithstanding any provision of this Plan to the contrary, in the event that the Company reasonably determines that any payments or benefits hereunder are not compliant with the requirements of Section 409A of the Code, the Company shall have the right to adopt such amendments to this Plan or adopt such other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that are necessary or appropriate (i) to preserve the intended tax treatment of the payments and benefits provided hereunder, to preserve the economic benefits with respect to such payments and benefits, and/or (ii) to comply with the requirements of Section 409A of the Code and thereby avoid the application of penalty taxes thereunder; provided, however, that this Section 10.8 does not, and shall not be construed so as to, create any obligation on the part of the Company to adopt any such amendments, policies or procedures or to take any other such actions or to indemnify any Participant for any failure to do so.

ARTICLE XI 
TERM OF PLAN

The Plan shall remain in effect until terminated by the Board.

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