0001085392-05-000078 Sample Contracts

PUGET ENERGY, INC. PERFORMANCE-BASED RESTRICTED STOCK AWARD AGREEMENT
Restricted Stock Award Agreement • May 13th, 2005 • Puget Energy Inc /Wa • Electric services • Washington

We are pleased to inform you that you have been awarded by Puget Energy, Inc., a Washington corporation (the "Company"), a performance-based restricted stock award (the "Restricted Stock Award").

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PUGET SOUND ENERGY, INC. PUGET ENERGY, INC. FIRST AMENDMENT TO AGREEMENT
Agreement • May 13th, 2005 • Puget Energy Inc /Wa • Electric services

FIRST AMENDMENT TO AGREEMENT (this "Amendment"), effective as of May 12, 2005, amends the agreement (the "Agreement"), dated as of January 1, 2002, between Puget Sound Energy, Inc. ("PSE") and Puget Energy, Inc. ("Puget Energy"), both Washington corporations (PSE and Puget Energy, collectively, the "Company"), and Stephen P. Reynolds ("Executive").

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