Document:

form10k2008exhibit10z-4.htm

    
      Exhibit
10(z)-4

      

      

      

      AMENDMENT
NO. 3

      

      TO

      

      PPL
OFFICERS DEFERRED COMPENSATION PLAN

      

      WHEREAS,
PPL Services Corporation ("PPL") has adopted the PPL Officers Deferred
Compensation Plan ("Plan") effective July 1, 2000; and

      WHEREAS,
the Plan was amended and restated effective November 1, 2003, and subsequently
amended by Amendment No. 1 and 2; and

      WHEREAS,
PPL desires to further amend the Plan;

      NOW,
THEREFORE, the Plan is hereby amended as follows:

      
        	
                  I.

              	
                Effective
      June 1, 2008, the following sections of Articles 2, 4, 6 and 9 are amended
      to read:

              

      

      

      Article
II

      Definitions

      

      2.1.                 "Account"
means the account of Deferred Cash Compensation and Deferred Cash Awards
established solely as a bookkeeping entry and maintained under Article V of this
Plan.  This account includes the balance of any account from the PPL
Global Officers Deferred Compensation Plan and/or the PPL Montana Officers
Deferred Compensation Plan as of the date those Plans were terminated and merged
into this Plan.  Each Account shall have two
sub-accounts:  a sub-account for "Pre-2005 Amounts" and a sub-account
for "Post-2004 Amounts" (each defined in Section 6.1).

      2.17                 "Section
409A" means Section 409A of the Internal Revenue Code of 1986, as amended, and
the final Treasury Regulations issued thereunder.

      2.18                 "Separation
from Service" means a "separation from service" as defined in Section
409A.

      2.19                 "SERP"
means the PPL Supplemental Executive Retirement Plan.

      2.20                 "Total
Amount Payable" means the amount credited to a Participant's Account plus the
calculated rate of return pursuant to Section 5.1(e).

      The
masculine pronoun shall be deemed to include the feminine and the singular to
include the plural unless a different meaning is plainly required by the
context.

      2.21                 "Unforeseeable
Emergency" means an "unforeseeable emergency" as defined in Section
409A.

      

      Article
IV

      Deferred Cash Compensation
and Deferred Cash Awards

      

      4.4                 Any
election to defer or change the amount of Cash Compensation and/or Cash Awards
to be deferred for any subsequent calendar year after the first calendar year of
eligibility may be made by Participant not later than June 30 of the year
preceding the year Cash Compensation is earned and Cash Awards are granted, with
the exception of the deferral of salary, by filing with the CLC or its designee
an election form; provided, however, that an election once made will be presumed
to continue for future years unless timely changed or revoked by Participant in
accordance with Section 4.5.  Deferral of salary or changes in salary
deferral elections for any subsequent calendar year may be made not later than
December 31 of the year preceding the year salary would otherwise be
paid.

      4.8                 Such
an election, once made, will be irrevocable except as provided in Section
4.5.

      4.10               The
Account of any Participant with Deferred Cash Compensation and Deferred Cash
Awards for the calendar year shall be increased by a matching contribution
amount, equal to 100% of the aggregate Deferred Cash Compensation and Deferred
Cash Awards that do not exceed 3% of Cash Compensation, minus the maximum amount
of Matching Contributions that could have been made to Participant's Accounts in
the PPL Deferred Savings Plan and/or PPL Subsidiary Savings Plan for that
calendar year if the Participant had made the maximum employee contributions
permitted.

       

      Article
VI

      Payment
of Account - General Provisions

       

      6.1                 The
Total Amount Payable shall be payable to Participant:

      (a)           When
the Participant's employment with PPL terminates for any reason, including
retirement, payments will commence immediately for the amount of Participant's
Account as of December 31, 2004, plus applicable earnings under Section 5.4 to
the date of payment, ("Pre-2005 Amount").  When the Participant has a
Separation from Service with PPL, payments will commence for the amount of
Participant's Account attributable to deferrals after December 31, 2004, and
applicable earnings under Section 5.4 ("Post-2004 Amount") six calendar months
after such Separation from Service in the form selected by the Participant
pursuant to Section 6.2; or

      (b)           if
Participant, while employed by PPL or an Affiliated Company, is unable to engage
in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, or is, by
reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period
of not less than 12 months, receiving income replacement benefits for a period
of not less than 3 months under an accident and health plan covering employees
of the participant's employer; payments will commence within thirty (30) days of
such event or in any other form, as elected by Participant.  Such
election must be made and become irrevocable pursuant to the timing rules set
forth for deferral elections under Article IV.

      6.2                 (a)           (1)          The
Total Amount Payable with respect to Pre-2005 Amounts shall be paid to
Participant in a single sum or in annual installments up to a maximum of fifteen
(15) years, or other forms approved by the CLC as elected by the
Participant.  Such election must be made before the applicable Cash
Compensation and/or Cash Award is deferred and may not be changed with respect
to Cash Compensation and/or Cash Award once it has been deferred.  Any
election made less than 12 months prior to the date that the Total Amount
Payable is to be paid under said election shall be void, and the prior election
closest in time to the void election shall govern in its stead.  If
there is no prior election, a single-sum shall be paid.

      (2)          The
Total Amount Payable with respect to Post-2004 Amounts shall be paid to
Participant as elected by Participant, in a single sum or in annual installments
up to a maximum of fifteen (15) years, or other Section 409A compliant forms
approved by the CLC.  Such election must be made and become
irrevocable pursuant to the timing rules set forth for deferral elections under
Article IV.

      (b)           Solely
with respect to Pre-2005 Amounts, all annual installments shall, except for the
final payment, be not less than $5,000.  To the extent necessary, the
number of annual installments may be reduced to insure that annual installments
are at least $5,000.

      6.3                 (a)           If
Participant dies while employed by PPL or an Affiliated Company or before all
installments have been paid under this Article, pay­ments shall be made in
accordance with Section 6.3 (b)  to the beneficiary designated in
writing by Participant.  Participant shall have a continuing power to
designate a new beneficiary in the event of his death at any time prior to his
death by written instrument delivered by Participant to the CLC without the
consent or approval of any person theretofore named as his
beneficiary.  In the event the designated beneficiary does not survive
Participant, payment will be made to an alternate beneficiary designated in
writing by Participant.  If no such designation is in effect at the
time of death of Participant, or if no person so designated shall survive
Participant, payment shall be made to Participant's estate.

      (b)           Payments
made to Participant's designated beneficiary shall be made in a single sum on or
before the first day of the second month following the date of Participant’s
death.

      6.5                 The
CLC may determine, in its sole discretion, that the Total Amount Payable shall
be paid to a Participant or his beneficiary upon an Unforeseeable
Emergency.  In such case, a single sum payment shall be made upon the
occurrence of such Unforeseeable Emergency equal to the amount necessary to
satisfy the emergency need including amounts to pay any Federal, state, local or
foreign taxes or penalties reasonably anticipated to result from the
distribution.  A distribution pursuant to this paragraph shall not be
made to the extent that an Unforeseeable Emergency is or may be relieved through
reimbursement or compensation from insurance or otherwise, or by liquidation of
Participant’s assets to the extent the liquidation does not itself cause severe
financial hardship, or by cessation of deferrals under the Plan.

      

      Article
IX

      Termination
or Amendment

      

      9.1                 Each
Participating Company shall have the power to amend the Plan by or pursuant to
action of its board of directors, but any such amendment to the Plan must be
approved by PPL, and shall only apply to those Participants who are employees of
the Participating Company authorizing the amendment.  Any amendment
that significantly affects the cost of the Plan or significantly alters the
benefit design or eligibility requirements of the Plan shall be adopted by both
PPL and any Participating Company whose employees are affected.  In
addition, the CLC may adopt any amendment that does not significantly affect the
cost of the Plan or significantly alter the benefit design or eligibility
requirements of the Plan.  Each amendment to the Plan will be binding
on the Participating Company to which it applies.  No termination or
amendment shall (without Participant's consent) alter:  a)
Participant's right to payments of amounts previously credited to Participant's
Account, which amounts shall continue to be adjusted for earnings and losses as
provided for herein as though termination or amendment had not been effected, b)
the amount or times of payment of such amounts which have commenced prior to the
effective date of such termination or amendment, or c) the rights set forth in
Article VI to designate beneficiaries in the event of Participant's
death.

      

      

      
        	
                II.

              	
                Except
      as provided for in this Amendment No. 3, all other provisions of the Plan
      shall remain in full force and
effect.

              

      

      

      IN WITNESS WHEREOF, this Amendment
No. 3 is executed this _____ day of _____________________,
2008.

      

      
        	 
      	
                PPL
      SERVICES CORPORATION

                 

                By:_____________________________

                        Stephen
      R. Russo

                        Vice
      President – Human Resources

                        and
      Servicesform10k2008exhibit10aa-5.htm

    Exhibit
10(aa)-5

    

    AMENDMENT
NO. 4

    

    TO

    

    PPL
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

    

    WHEREAS,
PPL Services Corporation ("PPL") adopted the PPL Supplemental Executive
Retirement Plan (the "Plan"), effective July 1, 2000, for certain of its
employees; and

    WHEREAS,
the Plan was amended and restated effective July 1, 2003, and subsequently
amended by Amendment No. 1, 2 and 3; and

    WHEREAS,
PPL desires to further amend the Plan;

    NOW,
THEREFORE, the Plan is hereby amended as follows:

    

    
      	
              I.

            	
              Effective
      June 1, 2008, the following sections of Articles 2, 4, 5, 6, 7 and 10 are
      amended to read:

            

    

    

    
      	
              ARTICLE
      II  DEFINITIONS

               

            
	 
      	
              (m)

            	
              “Retiree” means a
      Participant who has a Termination of Employment after:

            
	 
      	 
      	
              (1)

            	
              attaining
      age 55 and completing at least 10 Years of Service,

                  or

            
	 
      	 
      	
              (2)

            	
              attaining
      age 60.

            
	 
      	
              (n)

            	
              "Retirement Plan" means
      the PPL Retirement Plan, as amended from time to time.

            
	 
      	
              (o)

            	
              “Section 409A” means
      Section 409A of the Internal Revenue Code of 1986, as amended, and the
      final Treasury Regulations issued thereunder.

            
	 
      	
              (q)

            	
              “Terminated
      Vested Participant” means a Participant:

            
	 
      	 
      	
              (1)

            	
              who
      has a Termination of Employment after attaining age 50 but not age
      55,  and completing at least 10 Years of
  Service.

            
	 
      	
              (r)

            	
              “Termination of
      Employment” means the Participant’s separation from service (as
      such term is defined in Section 409A) from PPL and all Affiliated
      Companies.

            
	
               

              ARTICLE
      IV  AMOUNT
      OF BENEFIT

               

            
	 
      	
              (d)

            	
              (3)

            	
              With
      respect to those Participants who have service with an Affiliated Company,
      the Participant's vested accrued benefit not attributable to the
      Participant's Contribution or associated employer matching contributions,
      if any, under any tax-qualified employee benefit plan as defined by
      Section 401 of the Internal Revenue Code of 1986, as
      Amended.  Such benefit shall be expressed as a single-life
      annuity payable at the same time as Participant's Benefit, based upon the
      definition of Actuarial Equivalent, if an account balance in a defined
      contribution plan, or based upon the plan's actuarial assumptions, if a
      defined benefit plan.

            
	 
      	
              The
      best data available will be used to determine the amounts to be offset
      under this Section (4(d)(3)).  The CLC has the absolute,
      discretionary power to make reasonable approximations and estimates to
      determine the value and amount of such offset amounts, applied uniformly
      to all similarly situated Participants.

            
	
               

              ARTICLE
      V  TIME
      OF PAYMENT

               

            
	
              5.

            	
              Time of
      Payment

            
	 
      	
              A
      Participant who is eligible for benefits under Article 3 shall start
      receiving Benefit payments on the date set forth below.

            
	 
      	
              (a)

            	
              A
      Retiree shall receive benefits accrued or vested after December 31, 2004
      on the first day of the calendar month that follows the sixth calendar
      month after his Termination of Employment.  The first payment
      shall include a back payment of six monthly annuity payments, if an
      annuity form of payment was elected, plus interest from the Termination of
      Employment, calculated using the current interest rate paid by the Blended
      Interest Rate Fund of the PPL Deferred Savings Plan.  For
      benefits accrued and vested as of December 31, 2004, a Retiree shall
      receive benefits as soon as administratively practicable following his
      Termination of Employment.

            
	 
      	
              (b)

            	
              A
      Terminated Vested Participant shall receive benefits as
      follows:

            
	 
      	 
      	
              (1)

            	
              If
      he has elected, and the CLC has approved, a single sum form of benefit
      under Article 6, such single sum calculated as of December 31, 2004 shall
      be paid as soon as administratively practicable following his Termination
      of Employment, but the single sum representing the benefit accrued or
      vested after December 31, 2004 shall be paid the first day of the calendar
      month that follows the sixth calendar month after his Termination of
      Employment, plus interest calculated from the Termination of Employment
      using the current interest rate paid by the Blended Interest Rate Fund of
      the PPL Deferred Savings Plan.

            
	 
      	 
      	
              (2)

            	
              If
      he has elected an annuity form of benefit under Article 6, such annuity
      form shall start to be paid as soon as administratively practicable
      following his attainment of age 55, for the benefit accrued and vested to
      December 31, 2004 but, for the benefit accrued or vested after December
      31, 2004, the later of the first day of the calendar month that follows
      attainment of age 55 or the first day of the calendar month that follows
      the sixth calendar month after his Termination of Employment, plus
      interest calculated from the Termination of Employment to the date
      payments commence, calculated using the current interest rate paid by the
      Blended Interest Rate Fund of the PPL Deferred Savings
    Plan.

            
	
               

              ARTICLE
      VI  METHOD
      OF PAYMENT

               

            
	
              6.

            	
              Method
      of Payment.

            
	 
      	
              (a)

            	
              A
      Participant may elect one of the following forms of benefit, which shall
      be the Actuarial Equivalent of his Benefit:

            
	 
      	 
      	
              (1)

            	
              a
      single life annuity with equal monthly installments payable to the
      Participant for his lifetime; or

            
	 
      	 
      	
              (2)

            	
              a
      joint and survivor annuity with the Participant's designated beneficiary,
      payable in monthly installments to the Participant for his lifetime and
      with a specified percentage of the amount of such monthly installment
      payable after the death of the Participant to the designated beneficiary
      of such Participant, if then living, for the life of such designated
      beneficiary; or

            
	 
      	 
      	
              (3)

            	
              a
      single life annuity payable in equal monthly installments to the
      Participant for his lifetime, with 60, 120 or 180 monthly payments
      guaranteed, or

            
	 
      	 
      	
              (4)

            	
              a
      single sum, if approved by CLC in its sole discretion.

            
	 
      	
              (b)

            	
              For
      benefits accrued and vested as of December 31, 2004, a Participant may
      elect a form of benefit hereunder by filing written notice with the CLC at
      anytime at least 12 months prior to the first day of the calendar month
      for which a Benefit is first payable to Participant.  For
      benefits accrued and vested as of December 31, 2004, the CLC may waive
      this requirement in its sole discretion.  If a Participant fails
      to elect a form of benefit within the prescribed time period, for benefits
      accrued and vested as of December 31, 2004, the benefit shall be paid in
      the form in which such Participant’s Retirement Plan benefits are
      paid.  For benefits accrued or vested after December 31, 2004, a
      Participant must elect a form of benefit by filing written notice with the
      CLC on or before the first day he becomes eligible under this
      Plan.  If a Participant fails to elect a form of benefit for
      benefits accrued or vested after December 31, 2004, the benefit shall be
      paid in the form of a single-life annuity if the Participant does not have
      a spouse on the date of benefit commencement and in the form of an
      Actuarially Equivalent 50% joint and survivor annuity with Participant's
      spouse as the beneficiary if the Participant has a spouse on the date of
      benefit commencement.

            
	 
      	 
      	
              In
      accordance with transitional rules issued by the IRS under Internal
      Revenue Code Section 409A, all Participants shall be permitted to make a
      change in previous payment elections between January 1, 2008 and December
      31, 2008.  Participants shall be solicited with new benefit
      election forms with respect to non-grandfathered SERP benefits (defined
      below) which shall take effect as of the date of such elections, and as of
      that date shall supersede all prior elections.  Elections shall
      be separate for benefits accrued and vested as of December 31, 2004
      ("grandfathered SERP benefits") and benefits accrued after December 31,
      2004 ("non-grandfathered SERP benefits").  The failure to make a
      new benefit election by December 31, 2008 shall cause any prior election
      to remain in place and to control the payment of the grandfathered SERP
      benefit.  The non-grandfathered SERP benefit shall be governed
      by the above provisions for failure to elect a form of benefit for
      benefits accrued after December 31, 2004, if no new benefit election is
      made by December 31, 2008.

            
	
               

              ARTICLE
      VII  PRERETIREMENT
      SURVIVING SPOUSE BENEFIT

               

            
	
              7.

            	
              Preretirement Surviving Spouse
      Benefit.  In the event of the death of a Participant
      prior to the commencement of payment of the Participant's Benefit, the
      Participant's surviving spouse will be paid the Participant’s Benefit in a
      single lump sum if the Participant had otherwise validly elected to
      receive a lump sum distribution of his or her Benefit according to the
      rules of Article VI.  Otherwise, the Participant’s surviving
      spouse shall receive a survivor annuity that would have been payable if
      the Participant had elected to receive his or her Benefit as an
      Actuarially Equivalent 50% joint and survivor annuity at age 55 (or the
      Participant’s age at death if he or she is older than 55 at death) and
      died the day after.  Any such annuity shall commence at the
      later of when the Participant would have attained age 55 or within 90 days
      (the date of actual payment to be determined in the sole discretion of
      PPL) of the Participant’s death.  The surviving spouse benefits
      described in this Section shall not be payable if the Participant had less
      than 10 Years of Service at date of death or with respect to a Participant
      described in Section 3(b).

            
	
               

              ARTICLE
      X  TERMINATION
      OR AMENDMENT

               

            
	
              10.

            	
              Termination
      or Amendment.  The Board may, in its sole discretion, terminate
      and amend this Plan from time to time provided, however, that the Plan may
      not be terminated or amended to the prejudice or detriment of any
      Participant during the three (3) year period immediately following a
      Change in Control (as defined in the PPL Retirement Plan) (or, if later,
      thirty six (36) months from the consummation of the transaction giving
      rise to the Change in Control).  Without limiting the generality
      of the foregoing, the proviso of the preceding sentence shall not, at any
      time or in any event, be amended or deleted.  Subject to the
      foregoing, the CLC may adopt any amendment that does not significantly
      affect the cost of the Plan or significantly alter the benefit design or
      eligibility requirements of the Plan.  Each amendment to the
      Plan will be binding on the Participating Company to which it
      applies.  No termination or amendment shall (without
      Participant's consent) alter Participant's right to monthly payments which
      have commenced prior to the effective date of such termination or
      amendment.  No termination or amendment of this Plan shall
      reduce the vested accrued benefit of a Participant in any manner, as of
      the time such amendment or termination is
      effective.  Notwithstanding the foregoing, if PPL is liquidated,
      the CLC may cause the payment of amounts due hereunder to be accelerated
      to the extent permitted under Section 409A, but in no event shall amounts
      be paid later than the time such amounts would otherwise have been
      paid.

            
	 
      	 
      
	
              II.

            	
              Except
      as provided for in this Amendment No. 4, all other provisions of the Plan
      shall remain in full force and
effect.

            

    

    

    IN
WITNESS WHEREOF, this Amendment No. 4 is executed this ____ day of
__________________, 2008.

    

    
      	 
      	
              PPL
      SERVICES CORPORATION

               

              By:_____________________________

              Stephen R. Russo

              Vice President – Human
      Resources

              and
  Services

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