SEC Contract Filing

Filing Date: 2024-07-30

Document Content:
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>ex10aaep20242q.htm
<DESCRIPTION>EX-10
<TEXT>
<html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2024 Workiva -->
<title>Document</title></head><body><div id="ic9a7fae0ac514439b1f092d085b11de7_65"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div><div><font style="color:#000000;font-family:'Univers',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">AMERICAN ELECTRIC POWER</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">EXECUTIVE SEVERANCE PLAN</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(As Amended and Restated Effective July 15, 2024)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">This sets forth the American Electric Power Executive Severance Plan (the &#8220;Plan&#8221;), as amended and restated effective July 15, 2024. The Plan was initially adopted on January 15, 2014. </font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ARTICLE I</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">PURPOSE AND TERM OF PLAN</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;Section 1.1&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Purpose of the Plan</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">. The purpose of the Plan is to provide Eligible Employees with certain severance benefits as described in this Plan in the event the Eligible Employee&#8217;s employment with an AEP System Company is terminated due to an Involuntary Termination or a Good Reason Resignation. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;Section 1.2&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Characterization and Interpretation of the Plan</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">. The Plan is intended to comply with the requirements of Code section 409A and its related regulations and guidance. Notwithstanding anything in the Plan to the contrary, distributions may only be made under the Plan upon an event and in a manner permitted by Code section 409A or an applicable exemption. If a payment is not made by the designated payment date under the Plan, the payment shall be made by December 31 of the calendar year in which the designated payment date occurs. To the extent that any provision of the Plan would cause a conflict with the requirements of Code section 409A, or would cause the administration of the Plan to fail to satisfy the requirements of Code section 409A, such provision shall be deemed null and void to the extent permitted by applicable law. All payments to be made upon a termination of employment under this Plan may only be made upon a &#8220;separation from service&#8221; (as that term is defined under Code section 409A and its related regulations and guidance). For purposes of Code section 409A, any right to receive a particular payment or a series of installment payments under this Plan shall be treated as a right to receive separate (or a series of separate) payments. Any right to receive a reimbursement or in-kind benefit provided under the Plan shall be made or provided in accordance with the requirements of Code section 409A, including, where applicable, the requirement that&#58; (i) any reimbursement shall be for expenses incurred during the Participant&#8217;s lifetime (or during a shorter period of time specified in this Plan)&#59; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year&#59; (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred&#59; and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Univers',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Univers',sans-serif;font-size:12pt;font-weight:400;line-height:12.00pt">&#160;&#160;&#160;&#160;</f