EXHIBIT 10 (iii) 24
ASSIGNMENT AND ASSUMPTION
EMPLOYMENT AGREEMENT WITH XXXX X. XXXXX
Reference is made to the employment agreement ("Agreement") between Xxxx
X. Xxxxx and Central Xxxxxx Gas & Electric Corporation ("Central Xxxxxx").
Central Xxxxxx ("hereinafter 'Assignor') hereby assigns its Agreement with Xxxx
X. Xxxxx, pursuant to authorization of its Board of Directors by action taken on
January 28, 2000, in the form attached hereto, to CH Energy Group, Inc.
("Assignee").
Assignor and Assignee hereby agree as follows:
Assignor hereby assigns all of its interest and obligations under said
Agreement to Assignee and Assignee, pursuant to authorization of its Board of
Directors by action taken on February 4, 2000, and pursuant to Section 11(c) of
said Agreement, as successor corporation to substantially all of the business
and/or assets of Assignor, hereby expressly assumes and agrees to perform,
effective December 15, 1999, the Agreement in the same manner and to the same
extent Assignor would be required to perform the Agreement if no such succession
had taken place.
Assignee also expressly and unconditionally assumes and agrees to perform,
effective December 15, 1999, Assignor's obligations under Assignor's Change of
Control Severance Policy and Plan ("Policy"), in the same manner and to the same
extent Assignor would be required to perform under the Policy as if no such
succession had taken place. References in said Agreement and the Policy to
Assignor shall hereinafter be deemed references to Assignee.
CENTRAL XXXXXX GAS & ELECTRIC CORPORATION
Dated: As of December 15, 1999 By: /s/ Xxxx X. Xxxxx
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Name: Xxxx X. Xxxxx
Title: President and Chief Operating Officer
CH ENERGY GROUP, INC.
Dated: As of December 15, 1999 By: /s/ Xxxx X. Xxxxx
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Name: Xxxx X. Xxxxx
Title: Chairman of the Board, President and
Chief Executive Officer
