Document:

Exhibit 10.d.77 2006 Managment Compensation Description

    Exhibit
      10.d.77

    

    2006
      Management Compensation Plan Description

    

    CEO
      and
      officer compensation includes three components: Base salary is intended to
      be
      set at approximately the 50th
      percentile for base salary compensation at comparable companies. Short-term
      incentive compensation is intended to compensate officers for Company
      performance and is linked to defined Company performance metrics, such that
      if
      performance targets are achieved, officers’ direct compensation (base salary
      plus short-term incentive) would approximate the 40-50th
      percentile of total direct compensation at comparable companies. Performance
      metrics for short-term incentive compensation include customer service (60%),
      based on meeting or exceeding seventeen specified customer service quality
      performance standards in the Company's service quality plan approved by the
      Vermont Public Service Board, and creating value for shareholders (40%), based
      on the Company’s annual consolidated return on equity. The Compensation
      Committee (with respect to the CEO) and the Board of Directors (with respect
      to
      other executive officers) retain discretion to reduce short-term incentive
      compensation in light of events or circumstances that would make it
      inappropriate to award short-term incentive compensation strictly in accordance
      with these performance metrics. Long-term incentive compensation is designed
      to
      provide long-term incentives for future Company performance and is intended
      to
      bring total officer compensation to approximately the 40th
      percentile of total compensation paid to equivalent executives at comparable
      companies, if target performance criteria are met.Exhibit 10.d.85 Rogan Supplemental Retirement Plan

    Exhibit
      10.d.85

     

    SUPPLEMENTAL
      RETIREMENT PLAN

     

    This
      is
      an Agreement, entered into as of the date set forth on the Summary Schedule
      (the
“Effective Date”), which is attached hereto and made a part hereof, and as
      amended from time to time thereafter, by and between GREEN MOUNTAIN POWER
      CORPORATION (hereinafter the “Company”) and the Executive named on the Summary
      Schedule (hereinafter the “Executive”).

     

    WHEREAS,
      the Executive has provided valuable services to the Company and the Company
      desires to retain the Executive’s valuable services and to aid in providing
      retirement and death benefits to the Executive and his beneficiaries;

     

    WHEREAS,
      the Executive is a highly compensated managerial employee;

     

    WHEREAS,
      the retirement and death benefits provided herein constitute an important and
      integral portion of the Executive’s financial and retirement planning;
      and

     

    NOW
      THEREFORE, the Company and the Executive in consideration of the terms and
      conditions set forth herein hereby mutually covenant and agree as
      follows:

     

        1. Age
      65
      Benefit. The Company will pay the Executive a benefit under this Paragraph
      if the Executive remains in the continuous employ of the Company from the
      Effective Date until the date the Executive attains age 65 and a Change in
      Control (as defined in Paragraph 3) has not occurred. The benefit payable under
      this Paragraph shall equal the Executive’s Accrued Benefit (determined in
      accordance with the Summary Schedule as of the Executive’s sixty-fifth birthday
      and payable as provided in this Paragraph). If the value of such Accrued Benefit
      is $1,000,000 or less, the benefit payable under this Paragraph shall be paid
      to
      the Executive in a single cash payment within thirty days after the Executive’s
      sixty-fifth birthday. If the value of such Accrued Benefit exceeds $1,000,000,
      the benefit payable under this Paragraph shall be paid as follows: (x)
      a single cash payment of $1,000,000 will be paid to the Executive within thirty
      days after the Executive’s sixty-fifth birthday and (y)
      the balance of the amount payable under this Paragraph, with interest determined
      in accordance with the Summary Schedule, shall be paid in equal or nearly equal
      monthly installments for five years beginning on the first day of the month
      coincident with or next following the Executive’s sixty-sixth birthday. If the
      Executive dies after attaining age 65 while in the continuous employ of the
      Company after the Effective Date, but before receiving all of the benefits
      payable under this Paragraph, the balance of such benefits shall be paid by
      the
      Company, on the schedule and in the form described above, to the beneficiaries
      named in the Summary Schedule. 

     

        2. Termination
      Before Age 65. The Company will pay the Executive a benefit under this
      Paragraph if the Executive’s employment with the Company and its affiliates
      terminates (i) before the Executive attains age 65, (ii) before a Change in
      Control (as defined in Paragraph 3), (iii) for a reason other than cause (gross
      misconduct) and (iv) after the Executive has completed at least five Years
      of
      Service (as defined in the Summary Schedule). The benefit payable under this
      Paragraph shall equal the Executive’s Accrued Benefit (determined in accordance
      with the Summary Schedule as of the Executive’s termination and payable as
      provided in this Paragraph), but subject to an actuarial equivalence reduction
      using a five percent (5%) interest rate (with no mortality assumption) for
      each
      full year that the Executive’s termination date precedes the Executive’s
      sixty-fifth birthday unless the Executive has attained age 59 and completed
      10
      Years of Service as of the Executive’s termination date. If the value of such
      Accrued Benefit (after any reduction required by the preceding sentence) is
      $1,000,000 or less, the benefit payable under this Paragraph shall be paid
      to
      the Executive in a single cash payment on the first day of the month coincident
      with or next following the date that is six months after the Executive’s
      termination of employment. If the value of such Accrued Benefit (after any
      reduction required by the second preceding sentence) exceeds $1,000,000, the
      benefit payable under this Paragraph shall be paid as follows: (x) a
      single cash payment of $1,000,000 will be paid to the Executive on the first
      day
      of the month coincident with or next following the date that is six months
      after
      the Executive’s termination of employment and (y) the balance of the
      amount payable under this Paragraph, with interest determined in accordance
      with
      the Summary Schedule, shall be paid in equal or nearly equal monthly
      installments for five years beginning on the first day of the month coincident
      with or next following the anniversary of the Executive’s termination of
      employment. If the Executive dies after the commencement of benefit payments
      under this Paragraph but before receiving all of the benefits payable under
      this
      Paragraph, the balance of such benefits shall be paid by the Company, on the
      schedule and in the form described above, to the beneficiaries named in the
      Summary Schedule. If the Executive dies before the commencement of benefits
      under this Paragraph, before a termination of employment for cause (gross
      misconduct), before the Executive has attained age 65 and before a Change in
      Control but after completing at least five Years of
      Service (as defined in the Summary Schedule), then the
      benefits described in this Paragraph, computed as of the Executive’s death,
      shall be paid by the Company, on the schedule and in the form described above,
      to the beneficiaries named in the Summary Schedule.

    3.  Change
      in Control Benefit.
      The
      Company will pay the Executive a benefit under this Paragraph if the Executive
      remains in the continuous employ of the Company from the Effective Date until
      a
      Change in Control. The benefit payable under this Paragraph shall be paid in
      a
      single cash payment, as soon as practicable following the earlier of the first
      day of the month coincident with or next following the date that is six months
      after the Executive’s termination of employment or the Executive’s attainment of
      age 65. The benefit payable under this Paragraph shall be the value of
      the
      Executive’s Accrued Benefit (determined in accordance with the Summary Schedule
      as of the Executive’s termination date or sixty-fifth birthday, as applicable,
      but assuming that Executive had completed an additional two Years of
      Service).
      For
      purposes of this Agreement, the term “Change in Control” has the same definition
      as set forth in the Change of Control Agreement, dated December 19, 2005,
      between the Company and the Executive. If the Executive dies after becoming
      entitled to a benefit under this Paragraph but before such benefit is paid,
      the
      Company will pay the benefit under this Paragraph to the Executive’s
      beneficiaries named in the Summary Schedule. The timely payment of such lump
      sum
      benefit to the Executive (or the Executive’s beneficiaries named in the Summary
      Schedule, as applicable) shall be treated as compliance with the provisions
      of
      Paragraph 10 hereof.

    4.  Death
      Benefit.
      If the
      Executive dies before the commencement of benefits to the Executive pursuant
      to
      Paragraphs 1, 2 or 3 above, then the Company shall pay to the Executive’s
      beneficiaries an additional benefit of One Hundred Thousand Dollars
      ($100,000.00) which will be paid in a single cash payment within thirty days
      after the Executive’s death.

    5.  Disability;
      Leave of Absence.
      If the
      Executive shall become disabled within the meaning of the long-term disability
      plan of the Company and prior to retirement, the Executive shall be considered
      to be continuing in employment as an executive for as long as such disability
      exists, but not after age sixty-five. The Company may grant the Executive one
      or
      more leaves of absence during which time the Executive shall be considered
      to be
      in the employ of the Company for purposes of this Agreement.

    6.  Executives
      of Subsidiaries.
      For
      purposes of this Agreement, employment by the Company shall include employment
      by a wholly-owned subsidiary of the Company. The transfer of an Executive from
      the Company to any wholly-owned subsidiary of the Company, or from any
      wholly-owned subsidiary to the Company, or from one wholly-owned subsidiary
      to
      another shall not constitute a termination of such Executive’s employment by the
      Company under this Agreement.

    7.  Employment
      and Other Rights.
      This
      Agreement creates no rights whatsoever in the Executive to continue in the
      employ of the Company for any length of time, nor does it create any rights
      in
      the Executive or obligations on the part of the Company except as set forth
      herein.

    8.  Anti-Alienability
      Clause.
      Neither
      the Executive nor any beneficiary shall transfer, assign, pledge, mortgage
      or
      encumber any of the benefits and payments hereunder. The benefits shall not
      be
      subject to seizure, lien, judgment, alimony, levy, garnishment, or attachment.
      In the event that the Executive or any beneficiary shall attempt any of the
      acts
      described in this Paragraph, then the payment of installment payments or
      benefits by the Company shall immediately terminate.

    9.  No
      Effect on Other Plans.
      Nothing
      contained herein shall affect any right or privilege of the Executive with
      regard to other employee plans the Company has, or may have in the
      future.

    10.  Reorganization
      of the Company.
      In
      addition to those rights granted Executive under the Change of Control Agreement
      referenced in Paragraph 3, the Company agrees that it will not merge or
      consolidate with any other company, business, corporation, partnership, or
      organization, and that it will not permit any of its activities to be taken
      over
      unless and until the succeeding or continuing corporation expressly assumes
      all
      rights, duties, privileges and obligations herein set forth. In the event the
      Company fails to comply with this, provision, the Executive or Executive’s
      beneficiary, as the case may be, shall be entitled to benefits equal to the
      Executive’s Accrued Benefit (determined in accordance with the Summary Schedule
      as if the Executive had earned twenty Years of Service). If benefits are payable
      under the above-identified Change of Control Agreement, then the Executive
      shall
      be deemed to have satisfied all requirements for the full vesting of benefits
      under this Agreement on the day prior to termination of employment with the
      Company.

    11.  Unsecured
      Provisions.
      The
      rights of the Executive under this Agreement, and of any beneficiary shall
      be
      solely those of an unsecured creditor of the Company. Any asset acquired by
      the
      Company in connection with any obligation herein shall not be deemed to be
      held
      in trust for the Executive or beneficiary. All such assets remain general,
      un-pledged assets of the Company.

    12.  Communications.
      Any
      notice or communication shall be made in writing and addressed as the case
      may
      be to the principal offices of the Company and the principal residence of the
      Executive. Each party shall notify the other of a change of address of the
      principal office and principal residence.

    13.  Facility
      of Payment.
      If any
      installment or payment is required to be made by the Company under this
      Agreement to any person under a legal disability at the time, then the Company
      may, in its sole discretion, make the payment in any of the following
      ways:

    A.Directly
      to the person.

     

    B.To
      the
      legal representative of the person.

     

    C.To
      some
      near relative of the person, said payment to be used for the latter’s
      benefit.

     

    D.Directly
      for the payment of expenses relating to the health, maintenance, support and
      education of the person.

     

    Any
      such
      payment by the Company shall be a discharge of the obligation to make said
      payment. The Company shall not be liable for making the payment to any of the
      parties enumerated above.

     

    Arbitration.
      In the
      event of any dispute arising between the parties to this Agreement, the parties
      agree that such controversy shall be settled exclusively by arbitration in
      Burlington, Vermont, in accordance with the rules of the American Arbitration
      Association. Judgment may be entered on the arbitrator’s award in any court
      having jurisdiction. In the event that the Executive prevails and is awarded
      benefits or money damages by the arbitrator, such benefits or damages shall
      be
      equal to one hundred twenty-five (125%) of the benefits or damages otherwise
      due
      under this Agreement; however, if the arbitrator finds that the Company acted
      in
      good faith, such benefits or damages shall only be equal to one hundred percent
      (100%) of the amount due under this Plan.

    Attorney’s
      Fees.
      The
      Company shall pay the Executive or his beneficiaries all costs and expenses,
      including reasonable attorney’s fees and arbitration costs, incurred by them in
      reasonably exercising any of their rights hereunder, or in enforcing any terms,
      conditions, or provisions hereof.

    State
      Law.
      This
      Agreement shall be construed under the laws applicable to agreements made
      entirely within the State of Vermont.

    Revocability.
      This
      Agreement may be revoked or amended in whole or part only by writing signed
      by
      both parties hereto (except as set forth in Paragraph 18 below).

    Amendment.
      Notwithstanding any other provision of this Agreement, in the event of a
      substantial change in the federal income tax laws affecting the economic
      viability of this Plan, the Board of Directors may amend the Plan by freezing
      the Executive’s salary level for purposes of this Plan at the level as of date
      of the amendment, provided, however, that this right to amend shall terminate
      upon a Change in Control.

    Whole
      Agreement.
      This
      writing contains the whole Agreement, with no other understandings or provisions
      other than what is contained herein.

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SUPPLEMENTAL
      RETIREMENT PLAN

     

    SUMMARY
      SCHEDULE

     

    1. Name
      of
      Executive:  Robert
      E. Rogan       

     

    2. Address:      
40
      College Street, Apt. 515, Burlington VT 05401   

     

    3. Date
      of
      Agreement: December
      19, 2005       

     

    
      	
              4.

            	
              Accrued
                Benefit: As of any date the Executive’s Accrued Benefit is equal to the
                amount determined by multiplying (i) 10 times (ii) 33%
                of
                the Executive’s Salary from the Company for the twelve months immediately
                before the termination date times (iii) a fraction. The numerator
                of the
                fraction is the Executive’s Years of Service (not to exceed twenty) and
                the denominator of the fraction is
                twenty.

            

    

     

    
      	
              5.

            	
              Year
                of Service: A year of service recognized for vesting purposes under
                the
                Company’s tax-qualified pension
                plan.

            

    

     

    6. Beneficiaries:
       James
      Rogan         

     

    
      	
              7.

            	
              Interest:
                Unpaid balance subject to installment payments will be credited with
                interest each month equal to one-twelfth of the average annual yield
                on
                Public Utility Bonds as reported by Moody’s Investors Service and
                published in the issue of “Moody’s Public Utility” that is published
                closest to the 15th
                day of the applicable month. The average annual yield shall reflect
                the
                Company’s debt rating on the date the Executive’s employment with the
                Company and its affiliates
                terminates.

            

    

     

    Executed
      this 19th
      day of
      December, 2005.

     

    WITNESS:

     

    /s/Donald
      J. Rendall, Jr.   /s/Robert
      E. Rogan    

    (as
      to
      both)     Executive

     

    /s/Penny
      J. Collins    GREEN
      MOUNTAIN POWER CORPORATION

    (as
      to
      both)

    

                            By:
/s/Christopher
      L. Dutton   

                        
                  Duly
      Authorized Agent

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ACKNOWLEDGMENT
      OF ARBITRATION

     

    The
      parties hereto understand that this Agreement contains an Agreement to
      arbitrate. After signing this document, the parties understand that they will
      not be able to bring a lawsuit concerning any dispute that may arise which
      is
      covered by the arbitration agreement, unless it involves a question of
      constitutional or civil rights. Instead, the parties agree to submit any such
      dispute to an impartial arbitrator.

     

    EXECUTED
      this 19th
      day of
      December, 2005. 

     

    IN
      THE
      PRESENCE OF:

    

    

    /s/Donald
      J. Rendall, Jr.   /s/Robert
      E. Rogan    

    (as
      to
      both)     Executive

     

    /s/Penny
      J. Collins              GREEN
      MOUNTAIN POWER CORPORATION

    (as
      to
      both)

    

                       
 By:
/s/Christopher
      L. Dutton   

                                                         
      Duly
      Authorized Agent

     

    
 

    Form
      Approved: /s/Donald
      J. Rendall, Jr. 

    General
      Counsel

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