NIAGARA MOHAWK HOLDINGS INC/NY
OUTSIDE DIRECTORS DEFERRED STOCK UNIT PLAN
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<FILENAME>exh10-3outsidedirdefersup2.htm
<DESCRIPTION>OUTSIDE DIRECTORS DEFERRED STOCK UNIT PLAN
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<TITLE> Outside Director Deferred Stock Unit Plan
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EXHIBIT NO. 10-3</B>
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AMENDMENT 2<BR>
TO THE<BR>
NIAGARA MOHAWK<BR>
OUTSIDE DIRECTOR DEFERRED STOCK UNIT PLAN
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This sets forth Amendment 2 to the Niagara Mohawk Outside Director Deferred Stock Unit Plan, as amended and restated
effective as of August 25, 1998 (&#147;Plan&#148;). This Amendment shall be effective as of September 27, 2000.
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1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The amounts of $15,000 and $17,000 in Section 4.2, paragraph (a) (i) shall be changed to $25,000 and
$27,000 respectively.

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2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The amount of $5,000 in the second sentence of Section 4.2, paragraph (a) shall be changed to $15,000.
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3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The second sentence of the first paragraph in Article 5 shall be restated as follows:
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Notwithstanding the foregoing, all DSUs will become payable in a lump sum in cash immediately upon a
Change in Control as defined in Article 6.1, based on the change in control price (as defined in Article 6.3),
unless the Participant makes a timely election in accordance with Article 6.2.
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4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Paragraphs (1), (2), (3) and (4) of Article 6.1 shall be changed to (a), (b), (c) and (d) respectively.
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5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Paragraph (c) of Article 6.1 shall be amended in its entirety to read as follows:
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<TD WIDTH=10%><FONT FACE=TIMES SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT></TD>
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The consummation of a reorganization, merger or consolidation involving the
Company that requires the approval of the Company&#146;s shareholders (whether
for such transaction or the issuance of securities in the transaction), in each
case, unless, immediately following such reorganization, merger or
consolidation, (i) more than 75% of, the then outstanding shares of common stock
of (A) the corporation resulting from such reorganization, merger or
consolidation (the &#147;Surviving Corporation&#148;) or (B) if applicable, the
ultimate parent corporation that directly or indirectly has beneficial ownership
of at least 95% of the outstanding shares of common stock of the surviving
corporation (the &#147;Parent Corporation&#148;) and more than 75% of the
combined voting power of the then outstanding voting securities of the Surviving
Corporation (or, if applicable, the Parent Corporation) entitled to vote
generally in the election of directors are then beneficially owned, directly or
indirectly, by all or substantially all of the individuals and entities who were
the beneficial owners, respectively, of the Outstanding Shares and Outstanding
Company Voting Securities immediately prior to such reorganization, merger or
consolidation, in substantially the same proportions as their ownership
immediately prior to such reorganization, merger or consolidation, of the
Outstanding Shares and Outstanding Company Voting Securities, as the case may
be, (ii) no Person (excluding the Company, any employee benefit plan (or related
trust) of the Company or the Surviving Corporation (or, if applicable, the
Parent Corporation) and any Person beneficially owning, immediately prior to
such reorganization, merger or consolidation, directly or indirectly, 20% or
more of the Outstanding Shares or Outstanding Voting Securities, as the case may
be) beneficially owns, directly or indirectly, 20% or more of, respectively, the
then outstanding shares of common stock of the Surviving Corporation (or, if
applicable, the Parent Corporation) or the combined voting power of the then
outstanding voting securities of the Surviving Corporation (or, if applicable,
the Parent Corporation) entitled to vote generally in the election of directors
and (iii) at least a majority of the members of the board of directors of the
Surviving Corporation (or, if applicable, the Parent Corporation) were members
of the Incumbent Board at the time of the execution of the initial agreement
providing for such reorganization, merger or consolidation; or
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6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Plan is further amended with the addition of Articles 6.2 and 6.3, stated as follows:
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<TD WIDTH=10%><FONT FACE=TIMES SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2</FONT></TD>
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Notwithstanding anything contained in the Plan to the contrary, if a Participant
makes an election at least six months in advance of, and prior to the beginning
of, the year in which a Change in Control occurs (i) installment payments of
DSUs elected by Participants who terminated service from the Board prior to the
Change in Control will continue and (ii) payment with respect to DSUs for
Participants who did not terminate service prior to the Change in Control will
be made or commenced in one of the following forms:
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(a)&nbsp;&nbsp;&nbsp;a lump sum in the month of January of the year following the year in which the Change in Control occurs;
<BR>
(b)&nbsp;&nbsp;&nbsp;up to five annual installments, beginning in the month of January of the year following the year in which the Change in Control
    occurs;
<BR>
(c)&nbsp;&nbsp;&nbsp;a lump sum in the month of January of the year following the first, second, third, fourth or fifth anniversary of the Change
    in Control; or
<BR>
(d)&nbsp;&nbsp;&nbsp;up to five annual installments, beginning in the month of January following the first, second third, fourth or fifth anniversary
    of the Change in Control.
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In such event, there shall be credited to a deferral account for the Participant an
amount equal to the result of multiplying the outstanding DSUs credited to the
Participant&#146;s account by the change in control price (as defined below).
The Participant&#146;s deferral account shall be adjusted as of the last
business day of each month to reflect the earnings (or losses) on the investment
fund or funds selected by the Participant. A Participant may select from the
investment funds and shall elect, in 1% increments, the portion of his or her
deferral account considered invested in such fund or funds. A Participant may
change his or her investment fund selection monthly; any such investment fund
change shall be effective as of the first day of the month following such
deferral election. Notwithstanding the foregoing provisions, neither the Company
nor any agent thereof shall be under any obligation whatsoever to have any
assets or other funds actually invested on behalf of the Participant in the
investment fund or funds selected by the Participant for the purpose of credited
earnings. The assets of the investment funds shall be held as general assets of
the Company subject to the Company&#146;s general creditors. No Participant or
beneficiary shall have any security interest whatsoever in any assets of the
Company.
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In such event, upon death of a Participant, the value of the deferral account shall
be paid within thirty (30) days after receipt of satisfactory proof of death, in
the following order of priority:
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(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the beneficiary designated by the Participant in writing to the Company, or if none<BR>
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the Participant&#146;s surviving spouse; or if none<BR>
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the Participant&#146;s descendants, per stirpes; or if none<BR>
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the Participant&#146;s estate.
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All beneficiary designations shall be in writing and signed by the Participant, and
shall be effective only if and when delivered to the Company during the lifetime
of the Participant. A Participant may, during his or her lifetime, change the
beneficiary or beneficiaries by a signed, written instrument delivered to the
Company. The payment of the amounts shall be in accordance with the last
unrevoked written designation of the beneficiary that has been signed and so
delivered.
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If the Participant had selected an installment payout, distribution of the Deferral
Account balance will be by installments to the beneficiary in accordance with
the election. In all other cases, distribution will be by a single sum payment
to the Participant&#146;s estate.
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<TD WIDTH=10%><FONT FACE=TIMES SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3</FONT></TD>
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For purposes of this Article, &#147;change in control price&#148; means the
greater of (A) the Fair Market Value of one share of the Company&#146;s common
stock on the date of the Change in Control and (B) the cash consideration per
Share in such transaction, determined without regard to any limits on the number
of Shares for which a cash payment will be made.
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Executed this 17th day of August, 2001.
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NIAGARA MOHAWK HOLDINGS, INC.</B></FONT>
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<P><FONT FACE=TIMES SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<U>/s/&nbsp;David J. Arrington&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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David J. Arrington
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Senior Vice President and
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Chief Administrative Officer
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