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Exhibit 10.11
Allegheny Energy Service Corporation
800 Cabin Hill Drive
Greensburg, PA 15601
February 18, 2004
Jeffrey Serkes
c/o Allegheny Energy, Inc.
800 Cabin Hill Drive
Greensburg, PA 15601
Dear Jeff:
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 July 3, 2003. Pursuant to Section 5(a)(i) of the Agreement, you were entitled to receive a grant of stock options for 550,000 shares of AEI Common Stock under the AEI Long-Term Incentive Plan on January 2, 2004, or an alternative adjustment to your compensation of equivalent value and opportunity 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.
Accordingly, you, AESC and AEI hereby agree that the Agreement is hereby amended as follows:
1. Amendment to Section 5(a)(i) of the Agreement. Section 5(a)(i) of the Agreement is hereby amended to read as follows:
“(i) Option Grant. On the fifth busi
