Amendment to Employment Agreement between Cinergy Corp. and Michael J. Cyrus
This amendment updates the employment agreement between Cinergy Corp. (and its subsidiaries/affiliates) and Michael J. Cyrus, effective December 17, 2003. It allows Mr. Cyrus to elect to receive a lump sum payment equal to half the actuarial value of his supplemental retirement benefit, under certain timing conditions, instead of waiting for regular payments. This election must be made either at least one year before his employment ends or, if made in 2003, at least six months before termination. The lump sum payment fulfills Cinergy's obligation for that portion of the benefit.
Exhibit 10.g
AMENDMENT TO EMPLOYMENT AGREEMENT
The Employment Agreement between Cinergy Corp., its subsidiaries and/or its affiliates (“Cinergy”) and Michael J. Cyrus (the “Executive”) dated as of September 12, 2002 (the “Agreement”) is hereby amended effective as of December 17, 2003.
AMENDMENTS
1. Section 3b(ii) of the Agreement is hereby amended by adding the following new subsection (4) at the end thereof:
“(4) Special Payment Election Without a Change in Control. Notwithstanding the foregoing, the Executive may make an election, on a form provided by Cinergy, to receive a single lump sum cash payment in an amount equal to one-half of the Actuarial Equivalent (as defined above in Section 3b(ii)(3)(D)) of his supplemental retirement benefit payable no later than 30 days after the date of his termination of employment. In order to be effective, the special payment election under this Section 3b(ii)(4) must be made either (A) at least one year prior to the termination of the Executive’s employment with Cinergy or (B) during 2003 and at least six months prior to the termination of the Executive’s employment with Cinergy. The lump sum amount payable pursuant to this Section 3b(ii)(4) shall be calculated in accordance with the provisions of Section 3b(ii)(3)(D). In the event an amount is paid to or on behalf of the Executive pursuant to this Section 3b(ii)(4), such payment shall discharge any liability under this Agreement to or on behalf of the Executive with respect to one-half of the Actuarial Equivalent (as defined above in Section 3b(ii)(3)(D)) of his supplemental retirement benefit.”
IN WITNESS WHEREOF, the Executive and Cinergy have caused this Amendment to the Agreement to be executed as of the date first specified above.
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| CINERGY SERVICES, INC. |
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| By: | /s/ James E. Rogers |
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| James E. Rogers | |||
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| EXECUTIVE |
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| /s/ Michael J. Cyrus |
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| Michael J. Cyrus |
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