Document:

exh10_2perfgrantplan.htm

    Exhibit 10.2

      

      DOMINION
RESOURCES, INC.

      2008
PERFORMANCE GRANT PLAN

      

      

      1.           Purpose.   The
purpose of this Plan is to set forth the terms of 2008 Performance Grants
awarded pursuant to the Dominion Resources, Inc. 2005 Incentive Compensation
Plan. This Plan contains the Performance Goals for the awards, the Performance
Criteria, the target and maximum amounts payable, and other applicable terms and
conditions.

      

      2.           Definitions.  Capitalized
terms used in this Plan not defined in this Section 2 will have the meaning
assigned to such terms in the Dominion Resources, Inc. 2005 Incentive
Compensation Plan.

      

      a.           Cause.   For
purposes of this Plan, the term “Cause” will have the meaning assigned to that
term under a Participant’s Employment Continuity Agreement with the Company, as
such Agreement may be amended from time to time.

      

      b.           Date of
Grant.  April 1, 2008.

      

      c.           Disability or
Disabled.  The Committee will determine whether or not a
Disability exists and its determination will be conclusive and binding on the
Participant. To the extent a Performance Grant is subject to Code Section 409A,
the Committee’s determination will be made in accordance with the requirements
of Treasury Regulation Section 1.409A-3(i)(4).

      

      d.           Participant.  An
officer of the Company or a Dominion Company who receives a Performance Grant on
the Date of Grant.

      

      e.           Performance
Period.  The 24-month period beginning on January 1, 2008 and
ending on December 31, 2009.

      

      f.           Retire or
Retirement.    For purposes of this Plan, the term
Retire or Retirement means termination of employment on a date when the
Participant is eligible for early or normal retirement benefits under the terms
of the Dominion Pension Plan, or would be eligible if any crediting of deemed
additional years of age or service applicable to the Participant under the
Company’s Benefit Restoration Plan or New Benefit Restoration Plan was applied
under the Dominion Pension Plan, as in effect at the time of the
determination.  Notwithstanding the foregoing, a Participant will not
be treated as eligible for retirement benefits for purposes of this Plan if the
Chief Executive Officer of the Company determines, in his sole discretion, that
the Participant’s retirement is detrimental to the Company.

      

      h.           Target
Amount.  The dollar amount designated on the Participant’s
Performance Grant.

      

      3.           Performance
Grants.  A Participant will receive a written notice of the
amount designated as the Participant’s Target Amount for the Performance Grant
payable under the terms of this Plan.  The actual payout may be from
0% to 200% of the Target Amount, depending on the achievement of the Performance
Goals.

      4.           Performance Achievement and Time of
Payment.  Upon the completion of the Performance Period, the
Committee will determine the Performance Goal achievement of the Performance
Criteria described in Section 6.  The Company will then calculate the
amount of each Participant’s Performance Grant based on such Performance Goal
achievement.  Except as provided in Sections 7(b) or 8, payout of
Performance Grants will be made as soon as administratively feasible after the
end of the Performance Period.  In no event will payment be made later
than March 15, 2010.

      

      5.           Forfeiture.  Except
as provided in Sections 7(b) or 8, a Participant's right to payout of a
Performance Grant will be forfeited if the Participant’s employment with the
Company or a Dominion Company terminates before the end of the Performance
Period.

      

      6.           Performance
Goals.  Payout of Performance Grants will be based on the
Performance Goal achievement described in this Section 6 of the three
Performance Criteria defined in Exhibit A.

      

      a.           TSR
Performance.  Total Shareholder Return Performance (“TSR
Performance”) will determine fifty percent (50%) of the Target Amount (“TSR
Percentage”).  TSR Performance is defined in Exhibit A.  The
TSR Percentage of the Target Amount that will be paid out, if any, is based on
the following table:

      

        

        
          	
                  Relative TSR
      Performance

                	
                  Percentage Payout of
      TSR Percentage

                
	
                  Top
      Quartile - 75% to 100%

                	
                  150%
      - 200%

                
	
                  2nd
      Quartile - 50% to 74.9%

                	
                  100%
      - 149.9%

                
	
                  3rd
      Quartile - 25% to 49.9%

                	
                  50%
      -   99.9%

                
	
                  4th
      Quartile - below 25%

                	
                  0%

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      To the
extent that the Company’s TSR Performance ranks in a percentile within the Top,
2nd or 3rd Quartiles of Relative TSR Performance, then the TSR Percentage Payout
will be interpolated between the top and bottom of the Percentage Payout of TSR
Percentage range for that Quartile.  No payment will be made if the
TSR Performance is in the 4th Quartile, except that a payment of 25% of the TSR
Percentage will be made if the Company’s TSR Performance was at least 10% on a
compounded annual basis for the Performance Period.

      

      b.           ROIC
Performance.  Return on Invested Capital Performance (“ROIC
Performance”) will determine forty percent (40%) of the Target Amount (“ROIC
Percentage”).  ROIC Performance is defined in Exhibit
A.  The ROIC Percentage of the Target Amount that will be paid out, if
any, is based on the following table:

      

      

        
          	
                  ROIC
      Performance

                	
                  Percentage Payout of
      ROIC Percentage

                
	
                  8.90%
      and above

                	
                  200%

                
	
                  8.80%
      - 8.89%

                	
                  150%
      - 199.9%

                
	
                  8.70%
      - 8.79%

                	
                  100%
      - 149.9%

                
	
                  8.60%
      - 8.69%

                	
                  50%
      -   99.9%

                
	
                  Below
      8.60%

                	
                  0%

                

        

      To the
extent that the Company’s ROIC Performance is greater than 8.60% and less than
8.90%, then the ROIC Percentage payout will be interpolated between the top and
bottom of the applicable Percentage Payout of ROIC Percentage range set forth
above.

      

      c.           Book Value per Share
Performance.  Book Value per Share Performance (“Book Value
Performance”) will determine ten percent (10%) of the Target Amount (“Book Value
Percentage”).  Book Value Performance is defined in Exhibit A. The
Book Value Percentage of the Target Amount that will be paid out, if any, is
based on the following table:

      

      

        
          	
                   

                  Book Value
      Performance

                	
                  Percentage Payout of Book 

                  Value
      Percentage

                
	
                  $20.80
      and above

                	
                  200%

                
	
                  $20.70
      - $20.79

                	
                  150%
      - 199.9%

                
	
                  $20.60
      - $20.69

                	
                  100%
      - 149.9%

                
	
                  $20.50
      - $20.59

                	
                  50%
      -   99.9%

                
	
                  Below
      $20.50

                	
                  0%

                

        

      To the
extent that the Company’s Book Value Performance is greater than $20.50 and less
than $20.80, then the Book Value Percentage payout will be interpolated between
the top and bottom of the applicable Percentage Payout of Book Value Percentage
range set forth above.

      

      7.           Retirement,
Termination without Cause, Death or Disability.

      

      a.           Retirement or Involuntary
Termination without Cause.  If a Participant Retires during the
Performance Period or if a Participant’s employment is
involuntarily  terminated by the Company or a Dominion Company without
Cause during the Performance Period and the Participant would have been eligible
for a payment if the Participant had remained employed until the end of the
Performance Period, the Participant will receive a pro-rated payout of the
Participant’s Performance Grant multiplied by a fraction, the numerator of which
is the number of complete calendar months from the Date of Grant to the
Participant’s termination of employment, and the denominator of which is the
number of complete calendar months between the Date of Grant and December 31,
2009.  Payment will be made after the end of the Performance Period at
the time provided in Section 4 based on the Performance Goal achievement
approved by the Committee.  If the Participant Retires, however,
payment will be conditioned on a determination by the Company’s Chief Executive
Officer, in his sole discretion, that the Participant’s Retirement is not
detrimental to the Company.

      

      b.           Death or
Disability.  If a Participant dies or becomes Disabled during
the Performance Period, the Participant or the Participant’s successor will
receive a lump sum cash payment equal to the product of (i) and (ii)
where

      

      
        	
                 
      

              	
                (i)

              	
                is
      the predicted performance used for determining the compensation cost
      recognized by the Company for the Participant’s Performance Grant for the
      latest financial statement filed with the Company’s Annual Report on Form
      10-K or Quarterly Report on Form 10-Q immediately prior to the event,
      and

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                is
      the fraction, the numerator of which is the number of complete calendar
      months from the Date of Grant to the first day of the calendar month
      coinciding with or immediately following the Participant’s date of death
      or termination of employment due to Disability, and the denominator of
      which is the number of complete calendar months between the Date of Grant
      and December 31, 2009.

              

      

      

      Payment
under this paragraph 7(b) will be made as soon as administratively feasible after the date of the
Participant’s death or termination of employment due to Disability; provided,
however, that payment will be made no earlier than six months after the
Participant’s termination other than for death if the Performance Grant is
subject to Code Section 409A and the Participant is a Specified Employee (within
the meaning of Code Section 409A(a)(2)(B)(i)).

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      8.           Change of
Control.  Upon a Change of Control, the Participant will
receive a lump sum cash payment equal to the greater of (i) the Target Amount or
(ii) the total payout that would be made at the end of the Performance Period if
the predicted performance used for determining the compensation cost recognized
by the Company for the Participant’s Performance Grant for the latest financial
statement filed with the Company’s Annual Report on Form 10-K or Quarterly
Report on Form 10-Q immediately prior to the Change of Control was the actual
performance for the Performance Period.  Payment will be made as soon
as administratively feasible following the Change of Control date.

      

      9.           Termination for
Cause.  Notwithstanding any provision of this Plan to the
contrary, if the Participant’s employment with the Company is terminated for
Cause, the Participant will forfeit all rights to his or her Performance
Grant.

      

      10.           Miscellaneous.

      

        a.           Nontransferability.  Except
as provided in Sections 7(b) or 8, a Performance Grant is not transferable and
is subject to a substantial risk of forfeiture until the end of the Performance
Period.

        

        b.           No Right to Continued
Employment.  A Performance Grant does not confer upon a
Participant any right with respect to continuance of employment by the Company,
nor will it interfere in any way with the right of the Company to terminate a
Participant's employment at any time.

        

        c.           Tax
Withholding.  The Company will withhold Applicable Withholding
Taxes from the payout of Performance Grants.

        

        d.           Application of Code Section
162(m).  Performance Grants are intended to constitute
“qualified performance-based compensation” within the meaning of section
1.162-27(e) of the Income Tax Regulations.  The Committee will certify
the Performance Criteria.  To the maximum extent possible, this Plan
will be interpreted and construed in accordance with this subsection
10(d).

        

        e.           Governing
Law.  This Plan shall be governed by the laws of the
Commonwealth of Virginia, without regard to its choice of law
provisions.

        

        f.           Conflicts.  In
the event of any material conflict between the provisions of the 2005 Incentive
Compensation Plan and the provisions of this Plan, the provisions of the 2005
Incentive Compensation

        Plan will
govern.  All references to the 2005 Incentive Compensation Plan in
this Plan will mean the 2005 Incentive Compensation Plan as in effect on the
Effective Date.

      

      

      

      

      
        
          
            

            -  -

          

           

        

        
           

          
            

          

        

        
           

          
            EXHIBIT
A

            

          

        

      

      

      

      DOMINION
RESOURCES, INC.

      2008
PERFORMANCE GRANT PLAN

      PERFORMANCE
CRITERIA

      

      Total Shareholder
Return

      

      The TSR
Performance will be measured based on where the Company’s total shareholder
return during the Performance Period ranks in relation to the total shareholder
returns of the Comparison Companies during such period.  In general,
Total Shareholder Return consists of the difference between the value of a share
of common stock at the beginning and end of the Performance Period, plus the
value of dividends paid as if reinvested in stock and other appropriate
adjustments for such events as stock splits.  For purposes of TSR
Performance, the total shareholder return of the Company and the Comparison
Companies will be the total shareholder return as calculated by Bloomberg
L.P.  As soon as practicable after the completion of the Performance
Period, the total shareholder returns of the Comparison Companies will be
obtained from Bloomberg L.P. and ranked from highest to lowest.  The
Company’s total shareholder return will then be ranked in terms of which
percentile it would have placed in among the Comparison Companies.

      

      The
Comparison Companies are:

      

      
        	
                Ameren
      Corporation

              	
                FirstEnergy
      Corporation

              
	
                American
      Electric Power Company, Inc.

              	
                FPL
      Group, Inc.

              
	
                Constellation
      Energy Group, Inc.

              	
                Nisource
      Inc.

              
	
                DTE
      Energy

              	
                PPL
      Corporation

              
	
                Duke
      Energy Corporation

              	
                Progress
      Energy, Inc.

              
	
                Entergy
      Corporation

              	
                Public
      Service Enterprise Group Incorporated

              
	
                Exelon
      Corporation

              	
                Southern
      Company

              

      

      

      If a
Comparison Company ceases to be a publicly traded entity, is acquired by another
entity, or is merged out of existence during the Performance Period, the
Comparison Company will removed from the list of Comparison
Companies.

      

      Return on Invested
Capital

      

      Return on Invested
Capital

      

      The
following terms are used to calculate ROIC for purposes of the 2008 Performance
Grants:

      

      ROIC means Total Return
divided by Average Invested Capital.  Performance will be calculated
for the two successive fiscal years within the Performance Period, added
together and then divided by two to arrive at an annual average ROIC for the
Performance Period.

      

      Total Return means Operating
Earnings plus After-tax Interest & Related Charges, all determined for the
two successive calendar years within the Performance Period.

      

      Operating Earnings means
operating earnings (as disclosed on the Company’s earnings report furnished on
Form 8-K for the applicable fiscal year) without taking into account the impact
of potential outcomes that could be prescribed by regulation under Virginia law
that are different than the assumptions included in the Company’s actual 2008
budget and the projected 2009 budget calculations in effect immediately prior to
the Date of Grant (as described in A and B below).

      

      Average Invested Capital
means the Average Balances for Long & Short-term Debt plus Preferred Equity
plus Common Shareholders’ Equity (as calculated based on the exclusion of the
items described below).  The Average Balances for a year are
calculated by performing the calculation at the end of each month during the
fiscal year plus the last month of the prior fiscal year and then averaging
those amounts over 13 months.

      

      Common Shareholders’ Equity
will be calculated by excluding (i) accumulated other comprehensive income (as
shown on the Company’s financial statements during the Performance Period): (ii)
impacts from changes in accounting principles that were not prescribed as of the
Date of Grant; and (iii) the impact of potential outcomes that could be
prescribed by regulation under Virginia law that are different than the
assumptions included in the Company’s actual 2008 budget and the projected 2009
budget calculations in effect immediately prior to the Date of Grant (as
described in A and B below).

      

      Actual 2008 budget and Projected
2009 budget assumptions:

      

      
        	
                 
      

              	
                A.        Virginia
      law provides for the Virginia State Corporation Commission (the SCC) to
      initiate a base rate case during the first six months of
      2009.  As a result, the SCC may reduce rates or, alternatively,
      order a credit to customers if Virginia Electric and Power Company is
      found to have earnings more than 50 basis points above the established
      return on equity.  Because the Company cannot predict the
      outcome of future rate action taken by the SCC, the actual 2008 budget and
      projected 2009 budget calculations in effect immediately prior to the date
      of grant exclude the
      impact of (1) any changes in base rates other than from qualified
      construction riders and (2) potential credits to
  customers.

              

      

      

      
        	
                 
      

              	
                B.        The
      actual 2008 budget and projected 2009 budget calculations in effect
      immediately prior to the date of grant assume that
      Virginia jurisdictional fuel rates will be reset effective July 1, 2008
      based on (1) a forecast of commodity prices, electric sales and electric
      generation fuel consumption for the following 12 months, (2) an initial
      recovery, subject to a 4% increase in residential rates, of the statutory
      “deferral portion” arising from a similar 4% limitation in the July 1,
      2007 fuel case, and (3) the inclusion of any over- or under-recovery of
      fuel expenses during the July 1, 2007 through June 30, 2008 fuel year
      unrelated to the statutory “deferral portion.”    If
      the Virginia jurisdictional fuel rates are reset on a different basis than
      the assumptions in (1)-(3), the effect of the difference in the Virginia
      jurisdictional fuel rates from the rates in the actual 2008 budget and
      projected 2009 budget calculations will be
  excluded.

              

      

      

      Book Value per
Share

      

      Book
Value per Share Performance will be calculated as Common Shareholders’ Equity
(as calculated based on the exclusion of the items described below), divided by
the number of outstanding, unrestricted shares at December 31,
2009.

      

      Common Shareholders’ Equity
will be calculated by excluding (i) accumulated other comprehensive income (as
shown on the Company’s financial statements during the Performance Period): (ii)
impacts from changes in accounting principles that were not prescribed as of the
Date of Grant; and (iii) the impact of potential outcomes that could be
prescribed by regulation under Virginia law that are different than the
assumptions included in the Company’s actual 2008 budget and the projected 2009
budget calculations in effect immediately prior to the Date of Grant (as
described in A and B below).

      

      Actual 2008 budget and Projected
2009 budget assumptions:

      

      
        	
                 
      

              	
                A.        Virginia
      law provides for the Virginia State Corporation Commission (the SCC) to
      initiate a base rate case during the first six months of
      2009.  As a result, the SCC may reduce rates or, alternatively,
      order a credit to customers if Virginia Electric and Power Company is
      found to have earnings more than 50 basis points above the established
      return on equity.  Because the Company cannot predict the
      outcome of future rate action taken by the SCC, the actual 2008 budget and
      projected 2009 budget calculations in effect immediately prior to the date
      of grant exclude the
      impact of (1) any changes in base rates other than from qualified
      construction riders and (2) potential credits to
  customers.

              

      

      

      
        	
                 
      

              	
                B.        The
      actual 2008 budget and projected 2009 budget calculations in effect
      immediately prior to the date of grant assume that
      Virginia jurisdictional fuel rates will be reset effective July 1, 2008
      based on (1) a forecast of commodity prices, electric sales and electric
      generation fuel consumption for the following 12 months, (2) an initial
      recovery, subject to a 4% increase in residential rates, of the statutory
      “deferral portion” arising from a similar 4% limitation in the July 1,
      2007 fuel case, and (3) the inclusion of any over- or under-recovery of
      fuel expenses during the July 1, 2007 through June 30, 2008 fuel year
      unrelated to the statutory “deferral portion.”  If the Virginia
      jurisdictional fuel rates are reset on a different basis than the
      assumptions in (1)-(3), the effect of the difference in the Virginia
      jurisdictional fuel rates from the rates in the actual 2008 budget and
      projected 2009 budget calculations will be
  excluded.exh10_3chewningaward.htm

    Exhibit 10.3

       

       

      DOMINION
RESOURCES, INC.

      RESTRICTED
STOCK AWARD AGREEMENT

      

      THIS AGREEMENT, dated April 1, 2008,
between DOMINION RESOURCES, INC., a Virginia Corporation (the "Company") and
Thomas N. Chewning ("Participant"), is made pursuant and subject to the
provisions of the Dominion Resources, Inc. 2005 Incentive Compensation Plan (the
"Plan").  All terms used in this Agreement that are defined in the
Plan have the same meaning given to such terms in the Plan.

      

      
        	
                 
      

              	
                1.

              	
                Award of
      Stock.  Pursuant to the Plan, 24,486 shares of Company
      Stock (the “Restricted Stock”) are awarded to the Participant as of April
      1, 2008 (“Date of Grant”), subject to the terms and conditions of the
      Plan, and subject further to the terms and conditions set forth in this
      Agreement.

              

      

      

      
        	
                 
      

              	
                2.

              	
                Vesting.  Except
      as provided in paragraphs 4 or 5, one hundred percent (100%) of the shares
      of Restricted Stock awarded under this Agreement will vest on April 1,
      2010 (“Vesting Date”).

              

      

      

      
        	
                 
      

              	
                3.

              	
                Forfeiture.  Except
      as provided in paragraphs 4, 5 or 6, the Participant's rights in the
      Restricted Stock will be forfeited if the Participant’s Retires or
      otherwise terminates employment with the Company terminates prior to the
      Vesting Date.

              

      

      

      
        	
                 
      

              	
                4.

              	
                Death, Disability,
      Involuntary Termination without Cause.  If the
      Participant dies or becomes Disabled before the Vesting Date or if the
      Participant’s employment is involuntarily terminated by the Company
      without Cause, including a Constructive Termination (as such terms are
      defined by the Employment Continuity Agreement between the Participant and
      the Company) before the Vesting Date, the Participant will become vested
      in the number of shares of Restricted Stock awarded under this Agreement
      multiplied by a  fraction, the numerator of which is the number
      of complete calendar months from the Date of Grant to the first day of the
      calendar month coinciding with or immediately following the date of the
      Participant’s termination of employment, and the denominator of which is
      the number of complete calendar months from the Date of Grant to the
      Vesting Date.  The vesting will occur on the first day of the
      calendar month coinciding with or immediately following the date of the
      Participant’s termination of employment due to death, Disability, or
      involuntary termination by the Company without Cause.  Any
      shares of Restricted Stock that do not vest in accordance with this
      Paragraph 4 will be forfeited.

              

      

      

      
        	
                 
      

              	
                5.

              	
                Change of
      Control.  Upon a Change of Control prior to the Vesting
      Date, the Participant’s rights in the Restricted Stock will become one
      hundred percent (100%) vested if both of the
      following conditions apply:

              

      

      

      
        	
                 
      

              	
                (i)

              	
                The
      person serving as the Company’s Chief Executive Officer immediately prior
      to the Change of Control date ceases to serve as the Chief Executive
      Officer of the successor entity at any time prior to the Vesting Date;
      and

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                The
      Participant’s employment is terminated by the successor entity without
      Cause, including Constructive Termination (as such terms are defined by
      the Employment Continuity Agreement between the Participant and the
      Company).

              

      

      

      
        	
                 
      

              	
                6.

              	
                Acceleration of
      Vesting upon Retirement.   The Committee, in its
      sole discretion, may accelerate the vesting of all or a portion of the
      shares of Restricted Stock awarded under this Agreement upon the
      Participant’s Retirement prior to the Vesting Date if the Committee
      determines, following consultation with the Chief Executive Officer, that
      the Participant’s Retirement will not be detrimental to the
      Company.  For purposes of this Agreement, the term Retire or
      Retirement means , early or normal Retirement as defined in the Dominion
      Pension Plan, as in effect at the time of the
    determination.

              

      

      

      7.           Terms and
Conditions.

      

      
        	
                 
      

              	
                a.

              	
                Nontransferability.
      The Restricted Stock shares are not transferable and are subject to a
      substantial risk of forfeiture until such shares become vested in
      accordance with the terms of this
Agreement.

              

      

      

      
        	
                 
      

              	
                b.

              	
                Stock
      Power.  As a condition of accepting this award, the
      Participant hereby assigns and transfers the shares of Restricted Stock
      granted pursuant to this Agreement to Dominion Resources, Inc. and hereby
      appoints Dominion Resources Services, Inc. as attorney to transfer the
      shares on its books.

              

      

      

      
        	
                 
      

              	
                c.

              	
                Custody of
      Shares.  The Company will retain custody of the shares of
      Restricted Stock.

              

      

      

      
        	
                 
      

              	
                d.

              	
                Shareholder
      Rights.  The Participant will have the right to receive
      dividends and will have the right to vote the Restricted Stock
      shares.

              

      

      

      
        	
                 
      

              	
                e.

              	
                Delivery of
      Shares.

              

      

      

      
        	
                 
      

              	
                (i)

              	
                Share
      Delivery.  As soon as practicable after the Vesting Date
      or after the occurrence of an event described in Paragraph 4, 5 or
      6,  the Company will deliver to the Participant the appropriate
      number of shares of Company Stock.  The Company will also cancel
      the stock power covering such
shares.

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                Withholding of
      Taxes.  No Company Stock will be delivered until the
      Participant (or the Participant’s successor) has paid to the Company the
      amount that must be withheld under federal, state and local income and
      employment tax laws (the "Applicable Withholding Taxes") or the
      Participant and the Company have made satisfactory provision for the
      payment of such taxes.  Unless the Participant makes an
      alternative election, the Company will retain the number of shares of
      Restricted Stock (valued at their Fair Market Value) required to satisfy
      the Applicable Withholding Taxes.  As an alternative to the
      Company retaining shares, the Participant or the Participant’s successor
      may elect to (i) deliver Mature Shares (valued at their Fair Market Value)
      or (ii) make a cash payment to satisfy the Applicable Withholding
      Taxes.  Fair Market Value will be determined based on the
      closing price of Company Stock on the business day immediately preceding
      the date the Restricted Stock shares become
  vested.

              

      

      

      
        	
                 
      

              	
                f.

              	
                Fractional
      Shares.  A fractional share of Company Stock will not be
      issued and any fraction will be
disregarded.

              

      

      

      
        	
                 
      

              	
                g.

              	
                No Right to Continued
      Employment.  This Restricted Stock Award does not confer
      upon the Participant any right with respect to continuance of employment
      by the Company or a Dominion Company, nor will it interfere in any way
      with the right of the Company or a Dominion Company to terminate the
      Participant's employment at any
time.

              

      

      

      
        	
                 
      

              	
                h.

              	
                Change in Capital
      Structure.  The terms of the Restricted Stock Award will
      be adjusted as provided in Section 15 of the Plan if the Company has a
      change in capital structure.

              

      

      

      
        	
                 
      

              	
                i.

              	
                Governing
      Law.  This Agreement will be governed by the laws of the
      Commonwealth of Virginia, other than its choice of law
      provisions.

              

      

      

      
        	
                 
      

              	
                j.

              	
                Conflicts.  In
      the event of any conflict between the provisions of the Plan as in effect
      on the date of the award and the provisions of this Agreement, the
      provisions of the Plan will govern.  All references in this
      Agreement to the Plan will mean the plan as in effect on the Date of
      Grant.

              

      

      

      
        	
                 
      

              	
                k.

              	
                Participant Bound by
      Plan.  By accepting this Agreement, Participant hereby
      acknowledges receipt of a copy of the Prospectus and Plan Document
      accessible on the Company Intranet and agrees to be bound by all the terms
      and provisions thereof.

              

      

      

      
        	
                 
      

              	
                l.

              	
                Binding
      Effect.  Subject to the limitations stated above and in
      the Plan, this Agreement will be binding upon and inure to the benefit of
      the legatees, distributees, and personal representatives of the
      Participant and the successors of the
Company.

              

      

      

        IN
WITNESS WHEREOF the Company has caused this Agreement to be signed by a duly
authorized officer as of the date first written above.

        

        
          	
                   

                	
                  DOMINION RESOURCES,
    INC.

                
	
                   

                	
                   

                
	
                  By:

                   

                	
                    /s/
      Thomas F. Farrell,
      II 
      Thomas F. Farrell,
      II
Chairman, President and Chief Executive
    Officer

                
	
                   

                	
                   

                
	
                   

                	
                  PARTICIPANT:

                
	
                   

                	
                   

                
	
                  By:

                   

                	
                   /s/ Thomas N.
      Chewning
      Thomas N.
      Chewning
Executive Vice President and Chief Financial
      Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]