EXHIBIT 10.8
BOSTON EDISON
Executive Offices
800 Boylston Street
Boston, Massachusetts 02199
Stephen J. Sweeney
Chairman, President and
Chief Executive Officer
April 30, 1987
Mr. Ronald A. Ledgett
Rural Route #1
Box 7A
Crockett Neck Road
Kittery Point, Maine 03905
Dear Mr. Ledgett:
Boston Edison is pleased to extend an offer of employment to you as Assistant to
the Senior Vice President - Nuclear commencing May 1, 1987, at a monthly salary
of $8,333.34, which, when annualized, equals $100,000.08. The position grade is
established at grade 89. In addition, the Executive Personnel Committee of the
Board of Directors has voted you to membership in the Senior Management
Incentive Compensation Plan at the non-officer level. Please be advised,
however, that on April 2, 1987, I suspended the Plan for the Plan Years 1987 and
1988.
The Company provides extensive benefits which are described in our benefits
handbook, a copy of which is enclosed. In addition, you will be provided with a
Company car (with a telephone), four weeks of vacation and the option to defer
both salary and any incentive award granted you by the Executive Personnel
Committee in whatever proportion you elect, as part of the deferred compensation
plan.
Boston Edison maintains a qualified pension plan under which benefits are paid
based upon a formula which takes into consideration the average of the best
three of the last ten years of your final base pay and years of Boston Edison
service (less a 50% primary Social Security offset). In addition to benefits
payable under the pension plan, Boston Edison will pay you additional monies
equal to the difference, if any, between your pension plan benefit and the
amount you would receive if the attached vesting schedule were used to calculate
your pension plan benefit. Any additional monies shall be paid on an unfunded
basis from the Company's general funds.
If you purchase a residence in the Boston-Plymouth area on or before January 1,
1988, the Company will provide a lump sum payment of $25,000 toward the purchase
price.
Mr. Ronald A. Ledgett
April 30, 1987
Page 2
If within five years from your date of employment your services are no longer
required at Pilgrim Nuclear Station due to the termination of plant operations
or Boston Edison Management thereof, we will provide, on an unfunded basis from
the Company's general funds, severance pay equal to one year's salary. This
provision will not apply if you are offered a comparable position with any
successor management at the station.
Upon your acceptance of this offer, we will terminate your consulting contract.
Your purchase order will be closed following payment of your April expenses.
I trust this offer is acceptable and ask for your prompt reply. I look forward
to you joining our Nuclear team.
Very truly yours,
/s/ STEPHEN J. SWEENEY
----------------------
Stephen J. Sweeney
SJS/cab
Attachments (2)
Accepted
/s/ RA LEDGETT
- -----------------------
Dated: 5/4/87
-2-
ALTERNATIVE VESTING SCHEDULE
----------------------------
PERCENT OF FINAL 3-YEAR
YEARS OF AVERAGE SALARY VESTED
VESTING SERVICE FOR PENSION CALCULATION
--------------- -----------------------
1 3
2 6
3 9
4 12
5 15
6 18
7 21
8 24
9 27
10 30
11 33
12 36
13 39
14 42
15 45
16 48
17 51
18 54
19 57
20 or more 60
-3-