Document:

VGR-2.27.2012 EX10.3 RL Emp Agr

February 22, 2012

Mr. Richard J. Lampen
Vector Group Ltd.
100 SE 2nd Street; 32nd Floor
Miami, FL 33131

Dear Dick:

This letter agreement constitutes an amendment to the Employment Agreement dated as of January 27, 2006 (the “Agreement”), by and between Vector Group Ltd., a Delaware corporation (together with its successors and assigns, the "Company"), and Richard J. Lampen (the "Executive").  The Company and Executive wish to amend the Agreement as set forth below.  Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed thereto in the Agreement.  

A.    The Agreement is amended in the following respects:

Section 3(b) of the Agreement is deleted and replaced by the following:  

(b) Annual Incentive Compensation.  During the Employment Period, the Executive shall be entitled to participate in the Company's Senior Executive Incentive Compensation Plan (together with any amendments thereto, the "Plan"), including any predecessor or successor plan thereto, commencing with the calendar year ending December 31, 2006, and be eligible to receive an annual bonus ("Bonus Amount") based on a target bonus opportunity of 33.3% of Base Salary for periods ending before January 1, 2012 and a bonus opportunity of 50% of Base Salary for periods beginning after December 31, 2011.  Bonus payments shall be subject to compliance with performance goals determined by the Compensation Committee of the Board in accordance with the Plan.
 
B.    This letter agreement constitutes an amendment to and a modification of the Agreement and shall for all purposes be considered a part of the Agreement.  Except as amended hereby, the Agreement is confirmed and ratified in all respects and shall remain in full force and effect.

    

Mr. Richard J. Lampen
February 22, 2012
Page 2

Please indicate your agreement with the foregoing by countersigning two copies of this letter agreement in the space provided below and returning one of such copies to us.

Very truly yours,

VECTOR GROUP LTD.

By: /s/ J. Bryant Kirkland III                  
J. Bryant Kirkland III
Vice President and Treasurer

The foregoing letter agreement
is consented and agreed to as
of the date first above written.

By:     /s/  Richard J. Lampen                   
       Richard J. LampenPacifiCorp 12.31.11 EX 10.1

EXHIBIT 10.1
SUMMARY OF KEY TERMS OF COMPENSATION ARRANGEMENTS WITH PACIFICORP'S NAMED EXECUTIVE OFFICERS AND DIRECTORS 

PacifiCorp's named executive officers (other than its Chairman and Chief Executive Officer, Greg Abel) and its other employee directors each receive an annual salary and participate in health insurance and other benefit plans on the same basis as other employees, as well as certain other compensation and benefit plans described in PacifiCorp's Annual Report on Form 10-K. Mr. Abel is employed by PacifiCorp's parent company, MidAmerican Energy Holdings Company ("MEHC") and is not directly compensated by PacifiCorp. PacifiCorp reimburses MEHC for the cost of Mr. Abel's time spent on PacifiCorp matters, including compensation paid to him by MEHC, pursuant to an intercompany administrative services agreement among MEHC and its subsidiaries. 

The named executive officers and directors are also eligible to receive a cash incentive award under PacifiCorp's Annual Incentive Plan ("AIP"). The AIP provides for a discretionary annual cash award that is determined on a subjective basis and paid in December. In addition to the AIP, the named executive officers are eligible to receive discretionary cash performance awards periodically during the year to reward the accomplishment of significant non-recurring tasks or projects. The named executive officers and directors are participants in MEHC's Long-Term Incentive Partnership Plan ("LTIP"). A copy of the LTIP is attached as Exhibit 10.9 to the MEHC Annual Report on Form 10-K for the year ended December 31, 2011 and incorporated by reference herein. 

Base salary for named executive officers and employee directors for PacifiCorp's fiscal year ending December 31, 2012 (excluding Mr. Abel) is shown in the following table:

	
					
	Name and Title
	 
	Base Salary

	 
	 
	 

	Douglas K. Stuver
	 
	$
	244,055
	

	Senior Vice President and Chief Financial Officer
	 
	 

	 
	 
	 

	A. Richard Walje
	 
	368,000
	

	President and Chief Executive Officer, Rocky Mountain Power
	 
	 

	 
	 
	 

	R. Patrick Reiten
	 
	300,000
	

	President and Chief Executive Officer, Pacific Power
	 
	 

	 
	 
	 

	Micheal G. Dunn
	 
	300,000
	

	President and Chief Executive Officer, PacifiCorp Energy
	 
	 

	 
	 
	 

	Brent E. Gale
	 
	292,750
	

	Director
	 
	 

	 
	 
	 

	Natalie L. Hocken
	 
	198,533
	

	Director
	 
	 

	 
	 
	 

	Mark C. Moench
	 
	228,225
	

	Director
	 
	 

Messrs. Walje, Reiten, Dunn, Gale and Moench and Ms. Hocken are directors of PacifiCorp, but do not receive additional compensation for their service as directors other than what they receive as employees of PacifiCorp. Messrs. Abel, Anderson and Goodman are employees of MEHC, but do not receive additional compensation for their service as directors other than what they receive as employees of MEHC.PacifiCorp 12.31.11 EX 10.11

EXHIBIT 10.11

SECOND AMENDMENT

This SECOND AMENDMENT, dated as of January 6, 2012 (this “Amendment”), amends that certain AMENDED AND RESTATED CREDIT AGREEMENT, dated as of July 6, 2006, as amended by the FIRST AMENDMENT to the same, dated as of April 15, 2009, (the “Credit Agreement”), among PACIFICORP, an Oregon corporation (“Borrower”), the banks listed on the signature pages thereto (the “Banks”), JPMORGAN CHASE BANK, N.A., as administrative agent for the Banks (in such capacity, the “Administrative Agent”) and as issuing bank, and THE ROYAL BANK OF SCOTLAND PLC, as Syndication Agent.  Capitalized terms used but not otherwise defined herein have the respective meanings given to them in the Credit Agreement.

WHEREAS, the parties hereto have agreed to amend the Credit Agreement in certain respects as more fully set forth below;

NOW, THEREFORE, the parties hereto hereby agree as follows:

Section 1    AMENDMENTS.  Subject to satisfaction of the conditions in Section 2, the Credit Agreement is amended as follows:

Section 1.1    Addition of Definitions. Section 1.01 is amended by adding the following definition in its proper place by alphabetical order:

“Issuer Sublimit” means, for each Issuing Bank, either (i) $200,000,000 or (ii) such other amount as is agreed upon in writing, with notice given to the Administrative Agent, between such Issuing Bank and the Borrower.

Section 1.2    Amendment to the Definition of Issuing Bank.  The definition of Issuing Bank is hereby amended by inserting the phrase “, Wells Fargo Bank, N.A.” after the words “means JPMCB.”

Section 1.3    Amendment to Section 2.17(a).  Section 2.17(a) is hereby amended by deleting the phrase “provided further that, immediately after each Letter of Credit is issued (i) the Total Outstanding Amount shall not exceed the Total Commitment and (ii) the aggregate amount of the Letter of Credit Liabilities shall not exceed $200,000,000” in its entirety and substituting therefor the new phrase “provided further that, immediately after each Letter of Credit is issued (i) the Total Outstanding Amount shall not exceed the Total Commitment and (ii) the aggregate amount of the Letter of Credit Liabilities in respect of Letters of Credit issued by each Issuing Bank shall not exceed such Issuing Bank's Issuer Sublimit.”

Section 1.4    Amendment to Section 3.02(b).  Section 3.02(b) is hereby amended by deleting the phrase “the aggregate amount of the Letter of Credit Liabilities shall not exceed $200,000,000” and inserting the phrase “the aggregate amount of the Letter of Credit Liabilities in respect of Letters of Credit issued by each Issuing Bank shall not exceed such Issuing Bank's Issuer Sublimit.”

Section 2    CONDITION PRECEDENT.     This Amendment shall become effective as of the date hereof provided that: (a) the Administrative Agent shall have received counterparts hereof signed by itself, the Borrower, the Issuing Banks and the Required Banks and (b) the Administrative Agent shall have received, with respect to each Lender that shall have delivered a signed counterpart hereof to the Administrative Agent as set forth in clause (a) above at or prior to 5:00 p.m., New York City time, on January 6, 2012, an amendment fee payable by the Borrower for the account of each such Lender in an amount equal to 0.025% of such Lender's Commitment outstanding on such date.

Section 3    REPRESENTATIONS AND WARRANTIES OF THE BORROWER.  The Borrower represents and warrants as follows:
Section 3.1    Corporate Authority; No Conflict.    The execution and delivery by the Borrower of this Amendment, and the performance by the Borrower of this Amendment and the Credit Agreement as amended by this Amendment (the “Amended Credit Agreement”), are within the Borrower's corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action, and do not and will not (i) violate (A) the articles of incorporation or by-laws (or comparable documents) of the Borrower or any of its Consolidated Subsidiaries, (B) any applicable Law or (C) any provision of any material contract, agreement, indenture or instrument to which the Borrower or any of its Consolidated Subsidiaries is a party or by which any of its or their respective properties is bound, (ii) be in conflict with, or result in a breach of or constitute a default under, any contract, agreement, indenture or instrument referred to in the preceding subclause (i)(C), (iii) result in the creation or imposition of any Lien on the property of the Borrower or any of its Consolidated Subsidiaries not permitted under Section 5.06, or (iv) give to any Person rights to cancel, terminate or suspend performance of its obligations to the Borrower or any of its Consolidated Subsidiaries under, or accelerate payment of amounts owed by the Borrower or any of its Consolidated Subsidiaries to others under, any of the foregoing, in the case of any of the foregoing subclauses other than subclause (i)(A), that would reasonably be expected to have a material adverse effect on the ability of the Borrower to meet its commitments hereunder.  This Amendment has been duly executed and delivered by the Borrower.  
Section 3.2    Regulatory Approval.    The execution and delivery by the Borrower of this Amendment, and the performance by the Borrower of this Amendment and the Amended Credit Agreement, do not and will not require any registration with, consent or approval of, notice to, or other action to, with or by, any governmental authority, regulatory body or any other Person, except for (i) such filings as may be required by federal or state securities laws (which filings (to the extent so required) have been made and true and complete copies of which have been delivered to the Administrative Agent) and (ii) other filings, authorizations, consents and approvals, all of which have been made or obtained or the absence of which would not reasonably be expected to have a material adverse effect on the ability of the Borrower to meet its commitments hereunder.
Section 3.3    Enforceable Agreement.    Each of this Amendment and the Amended Credit Agreement constitutes a legal, valid and binding agreement of the Borrower, enforceable against the Borrower in accordance with its terms, except for bankruptcy and similar laws affecting the enforcement of creditors' rights generally and for the application of general equitable principles.

Section 3.4    Material Adverse Effect; Event of Default.    (i) There has since December 31, 2010, been no change in the business, financial position or results of operations of the Borrower which would materially adversely affect the ability of the Borrower to meet its commitments under the Credit Agreement, as amended, and (ii) no Default or Event of Default has occurred and is continuing.

Section 4    MISCELLANEOUS.

Section 4.1    Continuing Effectiveness.    Except as expressly set forth herein, the Credit Agreement shall remain in full force and effect and is ratified, approved and confirmed in all respects.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Banks, the Administrative Agent or the Issuing Banks under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement.

Section 4.2    Reference to and Effect on the Credit Agreement.  Upon the effectiveness of this Amendment: (a) each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this Amendment.

Section 4.3    Execution in Counterparts.    This Amendment may be executed in as many counterparts as may be deemed necessary or convenient, and by the different parties hereto on separate counterparts, each of which, when so executed, shall be deemed an original but all such counterparts shall constitute but one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by telecopier or other electronic transmission (including by “PDF”) shall be effective as delivery of a manually executed counterpart of this Amendment.

Section 4.4    Governing Law.    THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK.

Section 4.5    Successors and Assigns.    This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

[Signature pages follow.]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.
PACIFICORP,
as Borrower
	
		
	By:
	/s/ Bruce N. Williams

	 
	Name:   Bruce N. Williams

	 
	Title:     Vice President and Treasurer

JPMORGAN CHASE BANK, N.A.,
as Administrative Agent, as Issuing Bank and as a Bank
                        
                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

THE ROYAL BANK OF SCOTLAND PLC,
as a Bank 

                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

THE ROYAL BANK OF SCOTLAND N.V.,
as a Bank 

                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

UNION BANK, N.A., (formerly known as Union Bank of California, N.A.),
as a Bank 
                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

BARCLAYS BANK PLC, 
as a Bank 

                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

THE BANK OF NOVA SCOTIA, 
as a Bank 

                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

BNP PARIBAS,
as a Bank

                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
as a Bank
                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

DEUTSCHE BANK AG NEW YORK BRANCH,
as a Bank 
                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

US BANK,
as a Bank 
                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

WELLS FARGO BANK, N.A.,
as a Bank and as an Issuing Bank
                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

WILLIAM STREET COMMITMENT CORPORATION,
as a Bank

                        	
		
	By:
	/s/

	 
	Name:

	 
	Title:

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