exhibit 10.6.3


 


amendment
to the


CINeRGY
Corp. excess pension plan


 


The
Cinergy Corp. Excess Pension Plan, as amended and restated effective as of
December 31, 2008, as subsequently amended (the “Plan”), is hereby amended
effective as of the close of December 31, 2012, or such other date specified
below.


(1)            Explanation of Amendment


The Plan is amended to (i) reflect the merger
of the Cinergy Corp. Non-Union Employees’ Pension Plan into the Duke Energy
Retirement Cash Balance Plan, (ii) reflect a change in the interest crediting
rate, and (iii) update actuarial factors for certain optional forms to reflect
more recent mortality and interest rate experience.


(2)            Amendment 


(a)            Section 2.9 of the Plan is
amended in its entirety to read as follows:


“2.9          “Cinergy
Pension Plan” means, the following:


(a)            For purposes of Part II, (i)
for periods prior to the close of December 31, 2012 (i.e., the effective
date of the merger of the Cinergy Corp. Non-Union Employees’ Pension Plan into
the Duke Energy Retirement Cash Balance Plan), the Cinergy Corp. Non-Union
Employees’ Pension Plan as in effect from time to time, and (ii) for periods
after the close of December 31, 2012, the provisions (as such provisions are in
effect from time to time) of the Duke Energy Retirement Cash Balance Plan that
apply to participants in the Cinergy Corp. Non-Union Employees’ Pension Plan
who had their benefit transferred to the Duke Energy Retirement Cash Balance
Plan.


(b)            For purposes of Part I, the
Cinergy Corp. Non-Union Employees’ Pension Plan as in effect on October 3,
2004, without giving effect to amendments adopted thereafter except that (i)
the update to actuarial factors to reflect more recent mortality and interest
rate experience as provided in paragraphs (a) and (b) of Section 2 of the Sixth
Amendment to the Cinergy Corp. Non-Union Employees’ Pension Plan shall apply
and (ii) the 3.8% interest crediting floor under the investor and cash balance
programs as required by the IRS for issuing a favorable determination letter
and as provided in the Amendment to the Cinergy Corp. Non-Union Employees
Pension Plan dated April 11, 2012.”


(b)            Section 2.19 of the Plan is
amended in its entirety to read as follows:


“2.19        “Interest
Factor” means the interest 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%).”


(c)            Section 4.3 of the Plan is
amended in its entirety to read as follows:


“4.3          Part
A Benefit.  Each eligible Participant’s Part A Benefit shall be determined
in the same manner as a Traditional Program Benefit, but only with respect to
the eligible Participant’s Part A – Prior Benefit as provided under the Cinergy
Pension Plan (and which is described in Article 28 of the Cinergy Pension Plan
as in effect as of December 31, 2012).”


 


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