Mr. Richard R. Grigg Dear Dick,
Exhibit
10.5
January 16,
2007
Xx.
Xxxxxxx X. Xxxxx
Dear
Xxxx,
Based
on our discussions we have mutually agreed to extend the expiration date of your
July 20, 2004 agreement (“Agreement”) from August 20, 2007, to March 31, 2008.
Each party shall maintain the ability to terminate the Agreement for any reason
upon written notice given sixty days in advance.
In
consideration of the foregoing, the sufficiency of which is hereby acknowledged
by the parties, paragraph two under subsection (e) of your Agreement shall be
amended to read as follows, with all other terms remaining as
written:
Your
eligibility to participate in the health care and group life insurance coverages
under the Flexible Benefits Plan will begin January 1, 2007. Moreover, at the
conclusion of your employment with the Company, you will be granted the maximum
credit (currently 85 points) for purposes of determining the company
contribution toward the cost of retiree health care coverage under the Flexible
Benefits Plan or any successor plan, so long as retiree health care is provided
under the Flexible Benefits Plan and a company contribution is provided to other
senior executive officers of FirstEnergy.
In the
event of your death as an active employee, health care coverage for your
surviving spouse will be obtained and provided at substantially the same
coverage level and participant contribution level as available to active
employees through March 31, 2008. Thereafter, health care coverage would be
provided to your surviving spouse on the same terms and conditions as provided
to other surviving spouses under the terms of the Flexible Benefits
Plan.
In
addition, subsection (i) of your Agreement shall be amended to read as follows,
with all other terms remaining as written:
You
will be entitled to the financial planning benefits available to other senior
executive officers during your employment with the Company, and will be entitled
to continue to receive the financial planning benefits for one (1) year
following the date of your retirement.
If the
above is agreeable to you, please sign where indicated and return a copy to me
for our records. You should retain a copy for yourself. If you have any
questions, please do not hesitate to call.
| Sincerely, | |
| Xxxxxxx X. Xxxxxxxxx | |
|
So Agreed:
________________________________ |
|
|
Date:______________________________________ |
