X0303 4 2009-02-06 0001085392 PUGET ENERGY INC /WA PSD 0001183909 MARKELL ERIC M 10885 NE 4TH STREET, PSE-12 BELLEVUE WA 98004-5591 1 EVP and CFO Common 2009-02-06 4 D 0 29076 30 D 0 D Common 2009-02-06 4 D 0 10407 30 D 0 I By Brokerage Account LTIP 0 2009-02-06 4 D 0 7172 0 D 2008-12-31 2008-12-31 Common 7172 0 D LTIP 0 2009-02-06 4 D 0 6223 0 D 2009-12-31 2009-12-31 Common 6223 0 D LTIP 0 2009-02-06 4 D 0 7092 0 D 2010-12-31 2010-12-31 Common 7092 0 D PSE Deferred Compensation Plan 0 2009-02-06 4 D 0 2560 0 D Common 2560 0 D Disposed of pursuant to merger agreement among the issuer, Padua Holdings LLC (now Puget Holdings LLC), Padua Intermediate Holdings Inc. (now Puget Intermediate Holdings Inc.) and Padua Merger Sub Inc. (which later changed its name to Puget Merger Sub Inc.) in exchange for a cash payment of $30 per share, less any applicable tax withholding. Performance shares grants under the Puget Energy Long Term Incentive Plan (LTIP) for Officers and Key Employees. LTIP performance shares are paid in stock (or cash) when vested from zero to 175% of LTIP performance shares granted. Disposed of pursuant to the merger agreement referenced above in exchange for a cash payment equal to $30.00 per share for the number of shares that were issuable upon the achievement, for each outstanding award cycle, of (i) the target performance level for the applicable cycle and (ii) the performance measures that the issuer had achieved for the applicable cycle during the period commencing upon the starting year of such cycle and ending with the fiscal quarter immediately preceding the merger, plus the dividend equivalents associated with the number of shares. LTIP share grants under the Puget Energy Long-Term Incentive Plan for Officers and Key Employees. LTIP Shares are paid in stock (or up to 50% in cash) when vested in an amount ranging from zero to 155.5% of LTIP Share Grants. One common share will be received for each stock unit. Phantom share units deferred in the Puget Sound Energy Deferred Compensation Plan. Disposed of pursuant to the merger agreement referenced above and the terms of the applicable plans through reallocation to plan measurement funds other than a company stock fund or phantom share units, as applicable. /s/ Samuel S. Osborne, Attorney-in-Fact 2009-02-09