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EXECUTIVE STOCK PURCHASE TOOL KIT

Stock Purchase Agreement

EXECUTIVE STOCK PURCHASE TOOL KIT | Document Parties: DOMINION RESOURCES INC /VA/ You are currently viewing:
This Stock Purchase Agreement involves

DOMINION RESOURCES INC /VA/

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Title: EXECUTIVE STOCK PURCHASE TOOL KIT
Governing Law: Virginia     Date: 12/16/2005
Industry: Electric Utilities     Sector: Utilities

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 Exhibit 10.2 

DOMINION RESOURCES, INC.

EXECUTIVE STOCK PURCHASE TOOL KIT

 

 

 

 

 

Effective September 1, 2001

Amended and Restated December 16, 2005


TABLE OF CONTENTS

 

 

Page

1.

Purpose

1

2

Eligibility

1

3.

Participation

1

4.

Bonuses under the Programs

1

5.

Bonus Exchange Program

1

6.

Dominion Direct Program

2

7.

Effective Date of the Tool Kit

2

8.

Termination, Modification, Change

2

9.

Administration of the Tool Kit

2

10.

Notice

2

11.

Definitions

3

           


DOMINION RESOURCES, INC.

EXECUTIVE STOCK PURCHASE TOOL KIT

 

    1. Purpose .   The purpose of this Dominion Resources, Inc. Executive Stock Purchase Tool Kit (the "Tool Kit") is to encourage and facilitate ownership of Dominion Resources, Inc. (the "Company") common stock by the executives of the Company and certain of its subsidiaries. The Tool Kit is established in conjunction with the Dominion Resources, Inc. 2005 Incentive Compensation Plan. The Tool Kit contains programs that the employee can use to build his or her ownership in Company Stock.
    2. Eligibility .   An employee of the Company or a Subsidiary is eligible to participate who:
      1. is subject to the Company's Stock Ownership Guidelines, and
      2. is not in compliance with their Guideline Level for any reason approved by the Administrator, including (i) being newly hired or promoted into an officer position; (ii) having a higher Guideline Level due to a promotion, to an increase in salary, or (iii) a change in Guideline Level due to stock price fluctuations.

Once a Participant has reached the Guideline Level, generally the Participant must cease participation in any of the Programs. An employee's participation in the Tool Kit shall not obligate the Company or a Subsidiary to pay any particular salary or to continue the employment of a Participant. Additional qualifications may apply for each Program.

    1. Participation .   To become a Participant, an eligible employee must satisfy the requirements to participate in the Program (or Programs) of his or her choice. The agreements and other documents required under the Tool Kit shall be in such form and shall be submitted at such times and to such individuals as specified by the Administrator. No eligible employee is required to participate in the Tool Kit. The Participant shall complete, sign and submit all agreements and other documents as may be required by the Administrator relating to the desired Program.
    2. Bonuses under the Programs .   Each of the Programs provides for a bonus to be awarded to the Participant, subject to certain limitations. All of the bonuses under the Programs cease when the Participant has reached the Guideline Level.
    3. Bonus Exchange Program .   Participants may acquire Company Stock through the Bonus Exchange Program as described in this Section 5.
      1. Under the provisions of the Incentive Compensation Plan, a Participant may elect to receive a percentage (up to 100%) of an annual cash incentive plan award as Goal-Based Stock. The elected percentage will be paid in a combination of Goal-Based Stock and cash. The cash portion will equal the Applicable Taxes on the

 

1


elected percentage and any partial share with the remainder in Goal-Based Stock.

      1. When a Participant makes an election under Section 5(a), an additional payment will be made to the Parti

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