Allegheny Energy Service Corporation Greensburg, PA 15601Employment Agreement • March 11th, 2004 • West Penn Power Co • Electric services
You and Allegheny Energy Service Corporation (“AESC”) for itself and as agent for its parent, Allegheny Energy, Inc. (“AEI”), the affiliates and subsidiaries of AESC and AEI, and any successors or assigns of any of the foregoing, entered into an Employment Agreement (the “Agreement”) dated as of June 9, 2003. Pursuant to Section 5(a)(i) of the Agreement, you were entitled to receive a grant of stock options for 1,500,000 shares of AEI Common Stock under the AEI Long-Term Incentive Plan on January 2, 2004. However, as you are aware, such grant could not be made without obtaining authorization under the Public Utilities Holding Company Act of 1935, and such authorization was not obtained until February 10, 2004.
Allegheny Energy Service Corporation Greensburg, PA 15601Employment Agreement • March 11th, 2004 • West Penn Power Co • Electric services
You and Allegheny Energy Service Corporation (“AESC”) for itself and as agent for its parent, Allegheny Energy, Inc. (“AEI”), the affiliates and subsidiaries of AESC and AEI, and any successors or assigns of any of the foregoing, entered into an Employment Agreement (the “Agreement”) dated as of August 6, 2003. Pursuant to Section 5(a)(i) of the Agreement, you were entitled to receive a grant of stock options for 200,000 shares of AEI Common Stock under the AEI Long-Term Incentive Plan on January 2, 2004, or stock appreciation rights or an alternative adjustment to your compensation of equivalent value and opportunity reasonably acceptable to you if authorization of such stock options was not obtained under the Public Utilities Holding Company Act of 1935 (“PUHCA”) by such date. As you are aware, authorization of your stock option award under PUHCA was not obtained until February 10, 2004. In addition, Section 5(c)(i) of the Agreement, relating to grants of additional Units, contained
