Amendment to 2007-2009 Performance Share Award Agreement and 2007-2010 Performance-Adjusted Restricted Stock Unit Award Agreement
Exhibit
10.1
June 1,
2009
Amendment
to 2007-2009 Performance Share Award Agreement and 2007-2010
Performance-Adjusted Restricted Stock Unit Award Agreement
Based on our
discussion on May 28, 2009 during the Executive Council meeting, I agree to
modify the terms of my 2007-2009 Performance Share Award Agreement and my
2007-2010 Performance-Adjusted Restricted Stock Unit Award Agreement provided
under the terms of the FirstEnergy Corp. 2007 Incentive Plan (the Plan). Section
18.3 of the Plan states no
termination, amendment, suspension, or modification of this Plan or an Award
Agreement shall materially and adversely affect an Award previously granted
under the this Plan without the written consent of the Participant who received
such an Award.
|
§
|
Whereas, in
order for the Company to align Executive Council members’ payments from
the Long-Term Incentive Program (LTIP) with payments from the FirstEnergy
Corp. Savings Plan (the Savings Plan) and Short-Term Incentive Program
(STIP) for all employees, the parties agree that they desire the ability
to adjust the payments from the LTIP for members of Executive Council
based on actual performance results and the ability to pay the Savings
Plan bonus match and the STIP payout to all
employees,
|
|
§
|
Therefore,
effective June 1, 2009, it is agreed that if the actual amount paid for
the Savings Plan bonus match and/or the STIP are paid at a percentage less
than the established target, the LTIP payments for my 2007-2009
Performance Share Award Agreement and 2007-2010 Performance-Adjusted
Restricted Stock Unit Award Agreement will be amended to pay at a
corresponding reduced ratio of the Savings Plan bonus match and the STIP
payout to all employees.
|
|
Xxxxxxx X.
Xxxxxxxxx
|
Date
|
|
|
President
& Chief Executive Officer
|
||
|
Xxxxxxxxx
Xxxx
|
Date
|
|
|
Compensation
Committee, Chair
|
