Exhibit 10.3
FIRST AMENDMENT TO AGREEMENT FOR SUPPLEMENTAL PENSION BENEFIT
This First Amendment to the Agreement for Supplemental Pension Benefit
("Amendment") made as of the 20th day of December, 2002, by and between Black
Hills Corporation and its Subsidiary Companies ("Employer"), and Xxxxxxx X. Xxxx
("Employee").
Whereas, Employer and Employee entered into an Agreement for Supplemental
Pension Benefit ("Agreement") dated January 20, 1992; and
Whereas the parties desire to make certain amendments to the Agreement on the
terms and conditions set forth herein;
Now, therefore, in consideration of the employment of Employee, and for other
good and valuable consideration, the parties agree as follows:
1. The Agreement shall be and hereby is amended to include a defined term
on page (1) one as follows:
"Pension Plan" shall mean, for purposes of this Agreement, the Employee's
Defined Benefit Plan, Pension Plan and Pension Equalization Plan.
2. Paragraph 8 of the Agreement shall be and hereby is amended to include
the following provision:
" This Agreement may be modified or amended only by a written agreement
signed by the parties."
3. The Agreement shall be and hereby is amended to include a new paragraph
as follows:
"9. INVALID PROVISIONS.
If any provision of this Agreement, as amended by the written agreement of
the parties, is held to be illegal, invalid or unenforceable under present or
future laws, such provision shall be fully severable and the remaining
provisions of this Agreement shall remain in full force and effect and shall not
be affected by the illegal, invalid or unenforceable provision or by its
severance."
4. The Agreement, as hereby amended, contains the entire agreement of the
parties regarding the subject matter hereof. Amendment shall be effective
immediately upon execution by both parties.
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BLACK HILLS CORPORATION XXXXXXX X. XXXX
By: /s/ Xxxxxx X. Xxxxxxx /s/ Xxxxxxx X. Xxxx
Its: General Counsel and Corporate Secretary
Date: December 20, 2002 Date: December 20, 2002
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