AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT 10-40
AMENDMENT TO EMPLOYMENT AGREEMENT
Agreement made as of the 27th day of September, 2000, between NIAGARA MOHAWK POWER CORPORATION
(the “Company”) and [INSERT NAME] (the “Executive”).
WHEREAS, the Company and the Executive have entered into an Agreement made as of [DATE]
(the “Employment Agreement”) with respect to the terms and conditions of the
Executive’s employment; and
WHEREAS, the Company and the Executive desire to amend the Employment Agreement in certain respects:
NOW, THEREFORE, the Company and the Executive hereby agree that the Employment Agreement is amended
in the following respects:
1. Paragraph 1 is amended by amending the last sentence thereof to read as
follows:
Notwithstanding any such notice by the Company and Holdings, this Agreement shall remain in effect for a
period of thirty-six months from the date of a Change in Control or, if longer, for a period of thirty-six
months after the consummation of the transaction approved by the Company’s shareholders which is a
Change in Control pursuant to Subparagraph (3) of Schedule B, unless such notice was given at least
eighteen months prior to the date of the Change in Control.
2. Paragraph 4d is amended by amending the first sentence thereof to read as
follows:
If any of the following events, any of which shall constitute “Good Reason,” occurs within
thirty-six months after a Change in Control, or, if later, within thirty-six months after the consummation
of the transaction approved by the Company’s shareholders which is a Change in Control pursuant to
Subparagraph (3) of Schedule B, the Executive, by notice of the Company, may voluntarily terminate the
Executive’s employment for Good Reason within ninety (90) days after the Executive both (i) has or
should have had knowledge of conduct or an event allegedly constituting Good Reason, and (ii) has reason
to believe that such conduct or event could be grounds for Good Reason.
3. Paragraph 4g is amended by amending the first sentence of Paragraph 4g to
read as follows:
In the event that the Executive’s employment is terminated following a Change in Control, either by the
Company without Cause or by the Executive for Good Reason, the Company or Holdings shall pay the Executive
a lump sum severance benefit, equal to four years’ base salary at the rate in effect as of the date of
termination; provided, however, that if the Change in Control occurs by reason of the event
specified in Subparagraph (3) of Schedule B, (i) if such termination is by the Company without Cause, the
Executive shall only receive the amount provided for in paragraph 4f unless and until the consummation of
the transaction approved by the Company’s shareholders, at which time the Executive shall be paid the
difference between four years’ base salary and the amount provided for in paragraph 4f and (ii) if such
termination is by the Executive for Good Reason, only two years' base salary shall be paid unless and
until the consummation of the transaction approved by the shareholders of the Company, at which time
the additional two years’ base salary shall be paid.
IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of the date first written above.
NIAGARA MOHAWK POWER CORPORATION
By: /s/Xxxxx X. Xxxxxxxxx
[INSERT EXECUTIVE’S NAME]
Xxxxx X. Xxxxxxxxx
Senior Vice President - Human Resources
and Chief Administrative Officer
