FIRSTamendment to the DUKeenergy Corporation Executivecash Balance Plan (As Amended andRestated Effective July 2, 2012)
EXHIBIT 10.65.1
FIRST amendment to the
DUKe energy Corporation
Executive cash Balance Plan
(As Amended and Restated Effective July 2, 2012)
The Duke Energy Corporation Executive Cash Balance Plan, as amended and restated effective July 2, 2012, (the “Plan”), is hereby amended effective as of January 1, 2013.
(1) Explanation of Amendment
The Plan is amended to use a 4% interest crediting rate for benefits accrued on or after January 1, 2013.
(2) Amendment
Section 2.12 of the Plan is amended in its entirety to read as follows:
“2.12 “Interest Factor” means the rate determined by the formula (1+i), raised to the one-twelfth (1/12th) power, minus one (1), where “i” equals the following:
(a) For benefits accrued on or after January 1, 2013, four percent (4%).
(b) For benefits accrued prior to January 1, 2013, the yield on 30-year Treasury Bonds as published in the Federal Reserve Statistical Release H.15 for the end of the third full business week of the month prior to the beginning of the calendar quarter for which the monthly accrual is being applied, but not more than an annual percentage rate of nine percent (9%) and not less than an annual percentage rate of four percent (4%).”
IN WITNESS WHEREOF, Duke Energy Corporation has caused this Amendment to be executed effective as of the date specified below.
DUKE ENERGY CORPORATION
By: /s/ JENNIFER L. WEBER_______________
Title: Executive Vice President and Chief
Human Resources Officer
Date: December 26, 2012
