Amended and Restated Duke Energy Corporation Executive Cash Balance Plan, dated as of September 30, 2020

EX-10.1 2 tm2031555d1_10-1.htm EXHIBIT 10.1

Exhibit 10.1


(as Amended and Restated Effective January 1, 2014)


The Duke Energy Corporation Executive Cash Balance Plan (the “Plan”) is hereby amended, effective September 30, 2020, as follows:


1.A new Section 4.5 is added to the Plan as set forth below:


“4.5     Freeze of Make Whole-Whole Benefit Participation and Pay Credits to Make-Whole Account. Notwithstanding anything contained in Section 4.1 of the Plan to the contrary, no Make-Whole Account shall be established and no Make-Whole Benefit shall be provided to any Employee who becomes a Participant after September 30, 2020. Notwithstanding anything contained in Section 4.2 to the contrary, no Participant shall be eligible to receive any Pay Credits to a Make-Whole Account under the Plan for any calendar month that commences after September 30, 2020. The amounts credited to a Participant’s Make-Whole Account for months prior to October 1, 2020 shall continue to be paid to the Participant or his Beneficiary on the dates on which the Participant or his Beneficiary would otherwise receive payments hereunder without regard to the elimination of Pay Credits for any calendar month that commences after September 30, 2020 (subject in all cases to the right of a Participant or the Company to modify the payment terms in accordance with the provisions of the Plan) and shall continue to be adjusted for Interest Credits as provided in Section 4.4 hereof.”


2.            Except as explicitly set forth herein, the Plan will remain in full force and effect.


  By: /s/ Ronald R. Reising
    Ronald R. Reising
    Senior Vice President and Chief Human Resources Officer


  Date: September 23, 2020



  By: /s/ Kodwo Ghartey-Tagoe
    Kodwo Ghartey-Tagoe
    Executive Vice President, Chief Legal Officer and Corporate Secretary


  Date: September 24, 2020