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Exhibit 10(e)
THE
EMPIRE DISTRICT ELECTRIC COMPANY
DEFERRED COMPENSATION PLAN FOR
DIRECTORS
As
Amended and Restated Effective January 1, 2008
THE
EMPIRE DISTRICT ELECTRIC COMPANY
Deferred Compensation
Plan for Directors
The purpose of the Deferred Compensation Plan for Directors (the
“Plan”) is to provide a procedure whereby a member of
the Board of Directors of The Empire District Electric Company (the
“Company”) may defer the payment of all or a specified
part of the future compensation payable to the Director for
services as a Director (including compensation payable to a
Director for services as a member of a committee of the
Board).
1.
Each Director who is not an employee of the Company shall have the
option, exercisable on or before December 31 of any year by
written notice to the Company, to defer payment of all or a
designated portion of the compensation payable to the Director for
service as a Director commencing at the beginning of the next
calendar year (inclusive of fees paid for attendance at meetings of
the Board and committees thereof). Any person elected to fill
a vacancy on the Board and who is not a Director on the preceding
December 31, may elect, on or before the date of the
Director’s election as a Director, to defer all or a
designated portion of the compensation payable to the Director for
services as a Director performed during the balance of the calendar
year in which the Director was elected to the Board and
thereafter. Each Director shall have the option exercisable
on or before October 1, 1986 by notice to the Company to defer
payment of all or a designated portion of the compensation payable
to the Director for services as a Director performed during the
balance of calendar year 1986 and thereafter (inclusive of fees
paid for attendance at meetings of the Board and committees
thereof). Deferrals hereunder will continue until the
Director notifies the Company, prior to the commencement of any
calendar year, that the Director wishes the Director’s
compensation for such calendar year and all succeeding periods to
be paid on a current basis, unless and until a new
election to defer
future compensation is filed by the Director pursuant to the first
sentence of this Paragraph 1. The election to defer payment
with respect to calendar years commencing prior to a
Director’s delivery to the Company of the Director’s
notice of discontinuance of deferment shall be
irrevocable.
2.
For the purposes of this Plan:
a.
The calendar year in which a Director ceases to serve as such will
be referred to as the “Retirement Year.”
b.
The compensation deferred for any Director plus the equivalent of
accumulated interest thereon less any portion thereof theretofore
distributed to the Director will be referred to as the
Director’s “Accumulated Account.” If
subaccounts are established in respect of the deferrals of a
Director because of the Director’s election of differing
payout periods with respect to different deferrals, there shall be
an “Accumulated Account” for each
subaccount.
3.
All deferred compensation shall be held in the general funds of the
Company and shall be credited to a bookkeeping account maintained
by the Company in the name of the Director on, and shall bear the
equivalent of interest from, the first day f
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