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Exhibit 10.14.1
FIRST AMENDMENT TO THE SEVERANCE
AGREEMENT
BETWEEN SEMCO ENERGY, INC. AND
LANCE S. SMOTHERMAN
THIS FIRST AMENDMENT to the Severance Agreement (the
"Agreement") dated June 29, 2005, by and between SEMCO Energy, Inc.
(the "Company"), a corporation organized and existing under the
laws of the State of Michigan, and Lance S. Smotherman
("Executive") is made as of this 22 nd day of February,
2007.
W I
T N E S
S E T H :
WHEREAS, the Company and the Executive entered into the
Agreement as of June 29, 2005;
WHEREAS, Section 3 of the Agreement provides for
Executive’s compensation;
WHEREAS, the Company’s Board of Directors has, from time
to time since the execution of the Agreement approved adjustments
to the Target Annual Bonus opportunity and Long-Term Incentive
Award Target set forth in the Agreement; and
WHEREAS, the Company and Executive desire to amend the Agreement
to include the previously approved changes in the Target Annual
Bonus opportunity and Long-Term Incentive Award Target for the
Executive and to allow for increases in the short-term and
long-term incentive opportunity levels from time to time without
further amendments to the Agreement and to make certain other
changes in the Agreement;
NOW, THEREFORE, the Agreement is hereby amended as follows:
1. By adding the following to the end of Section
3.2:
The percentage set forth in Exhibit C shall be reviewed annually
by the Board of Directors, and may be increased from time to time
to reflect market changes in the compensation paid to
similarly-situated executives but may not be decreased without
Executive�
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