Document:

Exhibit 10(d) Q3

Exhibit 10(d)

SYSTEM EXECUTIVE RETIREMENT PLAN
OF ENTERGY CORPORATION AND SUBSIDIARIES
(As Amended and Restated Effective January 1, 2009)

Certificate of Amendment
Amendment No. 5

THIS INSTRUMENT, executed this 30th day of June, 2014, and effective July 1, 2014 constitutes the Fifth Amendment of the System Executive Retirement Plan of Entergy Corporation and Subsidiaries (As Amended and Restated effective January 1, 2009) (the “Plan”). 

All capitalized terms used in this document shall have the meanings assigned to them in the Plan unless otherwise defined in this document.  

Pursuant to Section 9.01 of the Plan, in order to clarify certain provisions of the Plan, and further to implement the Resolutions of the Personnel Committee of the Board of Directors adopted at its meeting of January 30, 2014, excluding from participation in the Plan any Employee who is hired, rehired or promoted by a System Company on or after July 1, 2014, the Plan is hereby clarified and amended effective July 1, 2014, as follows: 

		
	1.
	Section 1.21, the definition of “Key Employee,” is clarified to read as follows: 

		
	“1.21
	“Key Employee” shall mean a “Key Employee” (as defined in Code Section 416(i) without regard to paragraph (5) thereof), as determined by the Administrator, in its sole discretion, in a manner consistent with the regulations issued under Code Section 409A.”

		
	2.
	The following clarifying change is made to Section 1.23, the definition of “Normal Retirement Date.”  As clarified, Section 1.23 reads as follows: 

		
	“1.23
	“Normal Retirement Date” shall mean the date on which a Participant, who has attained age sixty-five (65) elects to Retire from Service.”

		
	3.
	Section 1.24, the definition of “Participant,” is amended by adding the following sentence at the end thereof: 

“Notwithstanding the preceding, no Employee may become a Participant in the Plan after June 30, 2014 and no inactive Participant may become an active Participant after June 30, 2014.”

		
	4.
	Section 1.32, the definition of “Retirement,” “Retires,” Retire,” or “Retired from Service,” is clarified to read as follows: 

		
	“1.32
	“Retirement,” “Retires,” “Retire,” “Retire from Service” shall mean the retirement of a Participant from employment with the Employer in accordance with Article II, provided that such Participant has a separation from service which meets the requirements of the Code Section 409A and regulations thereunder.”

		
	5.
	The first sentence of Section 2.05, “Participation in Additional Non-Account Balance Plans,” is amended to read as follows: 

“Notwithstanding any other Plan provision to the contrary, the following provisions of this Section 2.05 shall apply, to the extent applicable, with respect to any Participant who also participates in any or all of the Pension Equalization Plan of Entergy Corporation and Subsidiaries (“PEP”), the Supplemental Retirement Plan of Entergy Corporation and Subsidiaries (“SRP”), and the Cash Balance Equalization Plan of Entergy Corporation and Subsidiaries, which plans, together with this Plan, constitute Non-Account Balance Plans for purposes of Code Section 409A.”

		
	6.
	Section 2.05(c) is amended in its entirety to read as follows: 

		
	“(c)
	Timing of Benefit Payments.  A Participant’s benefit commencement date shall be the same under this Plan, the PEP, the SRP, and the Cash Balance Equalization Plan of Entergy Corporation and Subsidiaries, to the extent applicable.”

		
	7.
	Section 2.07, “Inactive Participant,” is amended by modifying the first sentence thereof to read as follows: 

“If an individual remains employed by his Employer, but is demoted to a position whereby he no longer satisfies the Participant eligibility criteria set forth in Section 1.24 and does not reattain the status of an active Participant prior to July 1, 2014, such individual shall be considered an inactive Participant for as long as he remains employed by a System Company.”

		
	8.
	Section 3.01, Single-Sum Form of Payment, is clarified to read as follows: 

		
	“3.01
	Single-Sum Form of Payment.  Subject to the remaining Sections of this Article III, a Participant’s Plan benefit shall be payable in the form of a single-sum distribution equal in amount to the Present Value of the Participant’s Benefit Base determined under Section 2.01.  Payment of such single-sum benefit shall be made as soon as reasonably practicable following the Participant’s applicable Income Payment Date (i.e., on the Income Payment Date of the earlier to occur of the Participant’s Separation from Service Date, Early Retirement Date or Normal Retirement Date).  In all events, distribution shall be made no later than the end of the calendar year in which such Income Payment Date occurs or, if later, by the 15th day of the third calendar month following such Income Payment Date.”

		
	9.
	Section 3.03, Code Section 409A Delayed Payments, is clarified to read as follows: 

		
	“3.03
	Code Section 409A Delayed Payments.  Notwithstanding any Plan provision to the contrary, no Plan benefits shall be paid to a Participant who is a Specified Employee at the time of his Retirement or Separation from Service until the earlier of the Participant’s death or six months following the Participant’s Retirement or Separation from Service.  If distribution is delayed pursuant to this Section 3.03, the delayed distribution amount shall be credited with investment returns to the payment date as if such amount were invested in the Entergy Stable Income Fund or such other investment fund as from time-to-time may be designated in advance and in writing by the Administrator.  The full amount of the Participant’s delayed distribution amount, including investment returns deemed credited pursuant to this Section 3.03, shall be distributed to the Participant as soon as reasonably practicable after the first day of the first month next following the 

earlier of the Participant’s date of death or the last day of the six-month delay period (the “Delayed Payment Date”).  In all events, such payment shall be made no later than the end of the calendar year that includes the Delayed Payment Date, or, if later, by the 15th day of the third calendar month following the Participant’s Delayed Payment Date.”

		
	10.
	Section 4.02, Form and Timing of Death Benefit Payment, is clarified to read as follows: 

		
	“4.02
	Form and Timing of Death Benefit Payment.  The death benefit payable under this Article IV shall be paid in a single-sum distribution as soon as reasonably practicable following the first day of the first month next following the death of the Participant (i.e., the “Beneficiary’s Income Payment Date”).  In all events, the single-sum payment shall be made no later than the end of the calendar year that includes the Beneficiary’s Income Payment Date, or, if later, by the 15th day of the third calendar month following the Beneficiary’s Income Payment Date.”

		
	11.
	Section 7.03, Benefit Amount and Income Payment Date, is clarified to read as follows: 

		
	“7.03
	Benefit Amount and Income Payment Date.  Notwithstanding any Plan provision to the contrary except Section 3.03, if during a Change in Control Period there should occur a Qualifying Event with respect to a Participant and if there does not occur a forfeiture event described in Section 7.02, the Participant’s Plan benefit amount, if payable under Subsection 2.05(b), shall be determined according to Section 2.03 (subject to Section 2.07 in the case of an inactive Participant) without regard to that Section’s eligibility requirements.  Notwithstanding the provisions of Article II or Article III to the contrary, such Participant’s Income Payment Date shall be as soon as reasonably practicable following the first day of the first month next following the Participant’s Qualifying Event, subject to the delay requirement set forth in Section 3.03 to the extent applicable.  In determining the death benefit provided under Article IV, the Participant will be deemed to have met the five (5) actual Years of Service requirement regardless of his actual Years of Service.  In all events, distributions shall be made no later than the end of the calendar year that includes the first day of the first month next following the Qualifying Event or, if later, by the 15th day of the third calendar month following the first day of the first month next following the Participant’s Qualifying Event.”

		
	12.
	Section 8.10 of the Plan, “Judicial Proceedings for Benefits,” is clarified to read as follows: 

		
	“8.10
	Judicial Proceeding for Benefits.  In order to institute any action or proceeding in any state or federal court of law or equity, or before any administrative tribunal or arbitrator, a claimant/appellant must initiate such action or proceeding within 90 days from the later of:  (i) the earlier of (a) the date of the adverse appeal notification from the Claims Appeal Administrator or (b) 120 days from the date the appeal is received by the Claims Appeal Administrator, and (ii) the end of the 60 days in which a claimant has to appeal an adverse benefit determination, as described in Section 8.09.  Notwithstanding the foregoing, a claimant must exhaust all procedures set forth herein prior to instituting any action or proceeding in any state or federal court of law or equity, or before any administrative tribunal or arbitrator, for a claim for benefits under the Plan.”

		
	13.
	Section 9.02(d), regarding restrictions on amendment or termination, is clarified to read as follows: 

		
	“(d)
	Unless agreed to in writing and signed by the affected Participant and by the Plan Administrator, no provision of this Plan may be modified, waived or discharged during the period after the Potential Change in Control and before the earlier of:  (i) the expiration of the two-year period commencing on the date of a Potential Change in Control, or (ii) the date on which the Change in Control event contemplated by the Potential Change in Control is terminated.”

IN WITNESS WHEREOF, the Personnel Committee has caused this Fifth Amendment to the System Executive Retirement Plan of Entergy Corporation and Subsidiaries (As Amended and Restated Effective January 1, 2009) to be executed by its duly authorized representative on the day, month, and year above set forth and effective July 1, 2014.

ENTERGY CORPORATION
PERSONNEL COMMITTEE
through the undersigned authorized representative

/s/ Donald W. Vinci_________________________
DONALD W. VINCI
Senior Vice-President
Human Resources & Chief Diversity OfficerEXHIBIT 10.4

 

LETTER AGREEMENT

This Letter Agreement (this “Agreement”) is entered into as of this 3rd day of November, 2014, by and between Far East Energy Corporation, a Nevada corporation (the “Company”), and Michael R. McElwrath (“Executive”).

WHEREAS, the Company and Executive entered into that certain Amended and Restated Employment Agreement, effective as of October 10, 2011, as amended from time to time (the “Employment Agreement”); and

WHEREAS, the Company and Executive desire to agree upon certain matters related to the Employment Agreement, as more fully described in this Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements of the parties herein contained, the parties hereto agree as follows:

ARTICLE I

Definitions 

Section 1.01.  Capitalized terms used in this Agreement that are not defined herein shall have the meanings ascribed to such terms by the Employment Agreement.

ARTICLE II

Agreements

Section 2.01.  Section 5(c).  The Company and Executive hereby agree that notwithstanding the terms of the Employment Agreement, the payment of any lump sum amount under Section 5(c)(i) of the Employment Agreement shall be made to Executive on Executive’s employment termination date, rather than “on the 10th day following Executive’s employment termination date”.  The Company and Executive further agree that for purposes of Section 5(c)(i) the reference to “Bonus paid to Executive and/or which Executive was determined by the Compensation Committee to have earned or been entitled to (regardless of whether paid) during the immediately preceding twelve month period ending on the date of termination of employment” shall mean and refer to $284,375, regardless of when actually paid, and regardless of whether more than 12 months have elapsed between the time the Compensation Committee determined that Executive had earned or been entitled to said Bonus and the time of Executive’s termination in connection with a Change of Control.

ARTICLE III

Miscellaneous

Section 3.01.  Ratifications. The terms and provisions set forth in this Agreement shall modify and supersede all inconsistent terms and provisions set forth in the Employment Agreement. 

 

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EXHIBIT 10.4

 

Except as expressly modified and superseded by this Agreement, the Company and Executive each hereby (a) ratifies and confirms the Employment Agreement, (b) agrees that the same shall continue in full force and effect, and (c) agrees that the same is the legal, valid and binding obligation of the Company and Executive, enforceable against the Company and Executive in accordance with its terms.

Section 3.02.  Severability. If, for any reason, any provision of this Agreement is held invalid, illegal or unenforceable, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement not held so invalid, illegal or unenforceable, and each such other provision shall, to the fullest extent consistent with law, continue in full force and effect. In addition, if any provision of this Agreement shall be held invalid, illegal or unenforceable in part, such invalidity, illegality or unenforceability shall in no way affect the rest of such provision not held so invalid, illegal or unenforceable and the rest of such provision, together with all other provisions of this Agreement, shall, to the fullest extent consistent with law, continue in full force and effect. If any provision or part thereof shall be held invalid, illegal or unenforceable, to the fullest extent permitted by law, a provision or part thereof shall be substituted therefor that is valid, legal and enforceable.

Section 3.03.  Headings. The headings of Sections are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

Section 3.04.  Governing Law. This Agreement has been executed and delivered in the State of Texas, and its validity, interpretation, performance and enforcement, and all disputes and controversies in connection therewith, shall be governed by the laws of the State of Texas, without giving effect to any principles of conflicts of law that would apply any other law.

Section 3.05. Withholding. All amounts paid pursuant to the Employment Agreement and this Agreement shall be subject to withholding for taxes (federal, state, local or otherwise) to the extent required by applicable law.

Section 3.06.  Counterparts. This Agreement may be executed in counterparts, each of which, when taken together, shall constitute one original agreement.

Section 3.07.  Waiver. No term or condition of the Employment Agreement or this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement or the Employment Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

Section 3.08.  Entire Agreement. The Employment Agreement and this Agreement, together, contain the entire understanding between the parties hereto regarding this subject, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive

 

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EXHIBIT 10.4

of a kind elsewhere provided and not expressly provided for in the Employment Agreement or this Agreement.

 

[remainder of page intentionally left blank; signatures appear on following page(s)]

 

3

EXHIBIT 10.4

IN WITNESS WHEREOF, the Company has caused its duly authorized officer or director to execute and attest to this Agreement, and Executive has placed his signature hereon, effective as of the date set forth above.

	 	
COMPANY:

	 	  
	 	
FAR EAST ENERGY CORPORATION

	 	
	 	
By:

	
/s/ Jennifer D. Whitley

	 
	 	
Name:

	
Jennifer D. Whitley

	 
	 	
Title:

	
Chief Financial Officer

	 
	 	 	 	 
	 	By:	/s/ Donald A. Juckett	 
	 	
Name:

	
Donald A. Juckett

	 
	 	
Title:

	
Chairman of the Board

	 
	 	 	 	 
	 	
By:

	
/s/ William A. Anderson

	 
	 	
Name:

	
William A. Anderson

	 
	 	
Title:

	
Compensation Committee

	 
	 	 	 	 
	 	
EXECUTIVE:

	 
	 	 	 	 
	 	
/s/ Michael R. McElwrath

	 
	 	
Michael R. McElwrath

	 

  

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