Document:

Third Amendment to Second Amended and Restated Revolving Loan Agreement

 Exhibit 10.1 
 THIRD AMENDMENT 
 TO SECOND AMENDED AND RESTATED REVOLVING LOAN AGREEMENT 
 This Third Amendment to Second Amended and Restated Revolving Loan Agreement (this “Amendment”) is entered into as of February 27, 2009,
by and among ResMed Corp., a Minnesota corporation (“ResMed”), RESMED EAP HOLDINGS INC., a Delaware corporation (“Holdings”), and RESMED MOTOR TECHNOLOGIES INC., a Delaware corporation (“RMT”; ResMed, Holdings and RMT
are sometimes referred to herein individually as a “Borrower,” and collectively, as “Borrowers”), RESMED INC., a Delaware corporation, as guarantor, each lender from time to time party to the Loan Agreement (as defined below)
(collectively, the “Lenders” and individually, a “Lender”), and UNION BANK, N.A. (f/k/a UNION BANK OF CALIFORNIA, N.A.), as Administrative Agent (in such capacity, “Agent”). 
 RECITALS 
 Borrowers, Agent and the
Lenders are parties to that certain Second Amended and Restated Revolving Loan Agreement dated as of March 1, 2006, as amended from time to time prior to the date hereof, including by that certain First Amendment to Second Amended and Restated
Revolving Loan Agreement dated as of May 3, 2007 and that certain Second Amendment to Second Amended and Restated Revolving Loan Agreement dated as of January 28, 2008 (collectively, the “Loan Agreement”). The parties desire to
amend the Loan Agreement in accordance with the terms of this Amendment. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Loan Agreement. 
 NOW, THEREFORE, the parties agree as follows: 
 1. All reference in the Loan Agreement and any of the other Loan Documents to “UNION BANK OF CALIFORNIA, N.A.” shall hereafter mean and refer to “UNION BANK, N.A.”. 
 2. Effective as of the date hereof, the following defined terms in Section 1.1 of the Loan Agreement are amended and restated in their entirety to
read as follows: 
 “Kearny Mesa Property” means that certain property owned by ResMed and commonly know as
“9001 Spectrum Center Blvd, San Diego, California, 92123.” 
 “Revolving Commitment” means, subject
to Section 2.6 and Section 2.7, (a) $75,000,000 from the Closing Date through the day before the first anniversary of the Closing Date; (b) $70,000,000 from the first anniversary of the Closing Date through the day
before the second anniversary of the Closing Date; and (c) $65,000,000 thereafter. The respective Pro Rata Shares of the Lenders with respect to the Revolving Commitment are set forth in Schedule 1.1. 
 3. Effective as of the date hereof, Section 6.13 of the Loan Agreement hereby is amended and restated in its entirety to read as follows:

 “6.13 Fixed Charge Coverage Ratio. Permit the Fixed Charge Coverage Ratio as of the last day of any Fiscal
Quarter to be less than (i) 1.25 to 1.00 for the Fiscal Quarter ending March 31, 2009, and (ii) 1.50 to 1.00 for each Fiscal Quarter thereafter. Notwithstanding the foregoing, for purposes of calculating compliance with the foregoing,
Capital Expenditures made by Parent and its Subsidiaries on a consolidated basis, shall exclude capital expenditures (including all construction costs, property improvement, and furnishing costs) related to Parent’s construction of its new
headquarters building on the Kearny Mesa Property.” 
 4. Effective as of the date hereof, Section 6.14 of the Loan Agreement
hereby is amended and restated in its entirety to read as follows: 
 “6.14 EBITDA. Permit the domestic trailing
twelve (12) month EBITDA of ResMed and RMT for any Fiscal Quarter, to be less than $15,000,000.” 

 5. Effective as of the date hereof, Section 6.16 of the Loan Agreement hereby is amended and
restated in its entirety to read as follows: 
 “6.16 Intentionally Omitted.” 
 6. Schedule 2 to Exhibit B to the Loan Agreement is hereby replaced with Schedule 2 attached hereto. 
 7. No course of dealing on the part of Lenders, Agent or its officers, nor any failure or delay in the exercise of any right under the Loan Documents by
Agent or any Lender, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Agent’s or Lenders’ failure at any time to require strict performance by
Borrowers of any provision of any Loan Document shall not affect any right of Lenders or Agent thereafter to demand strict compliance with and performance of such provision. Any suspension or waiver of a right must be in writing signed by an officer
of Agent, in accordance with Section 12.2 of the Loan Agreement. 
 8. The Loan Agreement, as amended hereby, shall be and remain in
full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or
as an amendment of, any right, power, or remedy of Agent or Lenders under the Loan Agreement, as in effect prior to the date hereof. Upon the effectiveness of this Amendment, all references in the Loan Documents to the “Loan Agreement”
shall be deemed to refer to the Loan Agreement, as amended by this Amendment. 
 9. Each Borrower represents and warrants that the
representations and warranties contained in Article 4 of the Loan Agreement are true and correct in all material respects as of the date of this Amendment (except such representations and warranties which are by their terms expressly limited to an
earlier date, in which case the same were true and correct in all material respects as of such earlier date), and that, after giving effect to this Amendment, no Event of Default has occurred and is continuing. 
 10. As a condition to the effectiveness of this Amendment, Agent shall have received, in form and substance satisfactory to Agent, the following:

 (a) this Amendment, duly executed by Borrowers; 
 (b) an amendment fee in the amount of $50,000; 
 (c) all reasonable costs and expenses of the Agent incurred through the date of this Amendment, which may be debited from any of
Borrower’s accounts; and 
 (d) such other documents, and completion of such other matters, as Agent may reasonably deem
necessary or appropriate. 
 11. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one instrument. 
 [Balance of Page Intentionally Left
Blank] 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

  

									
	BORROWER	 		 	BORROWER
	RESMED CORP.,	 		 	RESMED EAP HOLDINGS INC.,
	a Minnesota corporation	 		 	a Delaware corporation
					
	By:	 	/s/ David Pendarvis	 		 	By:	 	/s/ David Pendarvis
	Name:	 	David Pendarvis	 		 	Name:	 	David Pendarvis
	Title:	 	Secretary	 		 	Title:	 	Secretary
			
	Address:	 		 	Address:
	14040 Danielson Street	 		 	14040 Danielson Street
	Poway, CA 92064-6857	 		 	Poway, CA 92064-6857
	Attn: General Counsel	 		 	Attn: General Counsel
			
	Telecopier: 858-746-2830	 		 	Telecopier: 858-746-2830
	Telephone: 858-746-2400	 		 	Telephone: 858-746-2400
			
	BORROWER	 		 	GUARANTOR
	RESMED MOTOR TECHNOLOGIES INC., a	 		 	RESMED INC.,
	Delaware corporation	 		 	a Delaware corporation
					
	By:	 	/s/ David Pendarvis	 		 	By:	 	/s/ David Pendarvis
	Name:	 	David Pendarvis	 		 	Name:	 	David Pendarvis
	Title:	 	Secretary	 		 	Title:	 	Secretary
			
	Address:	 		 	Address:
	14040 Danielson Street	 		 	14040 Danielson Street
	Poway, CA 92064-6857	 		 	Poway, CA 92064-6857
	Attn: General Counsel	 		 	Attn: General Counsel
			
	Telecopier: 858-746-2830	 		 	Telecopier: 858-746-2830
	Telephone: 858-746-2400	 		 	Telephone: 858-746-2400

 [Signature Page to Third Amendment 
 to Second Amended and Restated Revolving Loan Agreement] 
 [Signatures Continued on Next Page] 

			
	 UNION BANK, N.A.,
 as Administrative Agent
and Lender

		
	By:	 	/s/ Mark Adelman
	Name:	 	Mark Adelman
	Title:	 	Vice President
	
	 Address:
 UNION BANK, N.A.
 530 B Street, 4th Floor
 San Diego, California 92101
 Mail Code: S420
 Attention: Mark Adelman VP

	
	 Telecopier: (619) 230-3516
 Telephone:
(619) 230-3766

 [Signature Page to Third Amendment 
 to Second Amended and Restated Revolving Loan Agreement] 

 For the Quarter/Year ended
                     (“Statement Date”) 
 SCHEDULE 2 
 to the Compliance Certificate 
  

	I.	Section 6.12 – Leverage Ratio 

  

							
	 A.
	  	Total Indebtedness of Parent and its Subsidiaries on a consolidated basis	  	$__________________
			
	 B.
	  	EBITDA of Parent and its Subsidiaries on a consolidated basis	  	
				
		  	1.	  	Net Income, plus	  	$__________________
				
		  	2.	  	any non-operating, non-recurring loss (not to exceed $2,000,000) reflected in such Net Income, minus	  	$__________________
				
		  	3.	  	any non-operating, non-recurring gain (not to exceed $2,000,000) reflected in such Net Income, plus	  	$__________________
				
		  	4.	  	Interest Expense, plus	  	$__________________
				
		  	5.	  	payment or provision for income taxes, plus	  	$__________________
				
		  	6.	  	depreciation, amortization and other non-cash expenses	  	$__________________
				
		  	7.	  	total EBITDA (III.B.1 + 2 - 3 + 4 + 5 + 6)	  	$__________________
				
		  	8.	  	EBITDA for the second most recent quarter	  	$__________________
				
		  	9.	  	EBITDA for the third most recent quarter	  	$__________________
				
		  	10	  	EBITDA for the fourth most recent quarter	  	$__________________
				
		  	11.	  	Total EBITDA for last four quarters (sum of I.B.7 + 8 + 9 + 10)	  	$__________________
			
	 C.
	  	Leverage Ratio (Line I.A divided by Line I.B.11)	  	                     : 1.00

  

					
	 Maximum Permitted:
	  	2.00 to 1.00	  	

	II.	Section 6.13 – Fixed Charge Coverage Ratio 

  

					
	 A.
	  	EBITDA (enter EBITDA from I.B.11, above)	  	$__________________
			
	 B.
	  	Capital Expenditures	  	$__________________
			
	 C.
	  	Interest Expense	  	$__________________
			
	 D.
	  	Cash Income Taxes	  	$__________________
			
	 E.
	  	Cash Dividends on Parent’s Common Stock	  	$__________________
			
	 F.
	  	Current Portion of Long Term Debt [as described in the definition of “Fixed Charge Coverage Ratio”]	  	$__________________
			
	 G.
	  	Current Portion of Long Term Capital Lease Obligations	  	$__________________
			
	 H.
	  	Ratio (sum of II.A - B ÷ sum of II.C + D + E + F + G)	  	                     :1.00

  

					
	 Minimum Permitted:
	  	(i) 1.25 to 1.00 for the Fiscal Quarter ending March 31, 2009, and (ii) 1.50 to 1.00 for each Fiscal Quarter thereafter	  	

	III.	Section 6.14 – Trailing Twelve Month EBITDA. (of Resmed and RMT) 

  

					
	 A.
	  	Net Income, plus	  	$__________________
			
	 B.
	  	any non-operating, non recurring loss (not to exceed $2,000,000) reflected in such Net Income, minus	  	$__________________
			
	 C.
	  	any non-operating, nonrecurring gain (not to exceed $2,000,000) reflected in such Net Income, plus	  	$__________________
			
	 D.
	  	Interest Expense, plus	  	$__________________
			
	 E.
	  	payment or provision for income taxes, plus	  	$__________________
			
	 F.
	  	depreciation, amortization and other non-cash expenses	  	$__________________
			
	 G.
	  	total Trailing Twelve Month EBITDA (III.A + B - C + D + E +F)	  	$__________________

  

						
	 Minimum Required
	  	$	15,000,000	  	

	IV.	Section 6.15 –Tangible Net Worth (minus Permitted Stock Repurchases). 

  

					
	 A.
	  	Stockholders Equity of Parent and its Subsidiaries:	  	$__________________
			
	 B.
	  	Subordinated Obligations outstanding:	  	$__________________
			
	 C.
	  	total material Intangible Assets:	  	$__________________
			
	 D.
	  	organizational expenses	  	$__________________
			
	 E.
	  	monies due from Affiliates of Parent and its Subsidiaries:	  	$__________________
			
	 F.
	  	Tangible Net Worth (Sum of IV.A + B less sum of IV.C + D + E):	  	$__________________
			
	 G.
	  	Permitted Stock Repurchases	  	$__________________
			
	 F.
	  	Tangible Net Worth minus Permitted Stock Repurchases (IV.F - G)	  	$__________________

  

					
	 Minimum Required
	  	not less than sum of the following	  	

  

					
	 1.
	  	$170,000,000, plus	  	$170,000,000
			
	 2.
	  	50% of the cumulative Net Income for each Fiscal Quarter ending after June 30, 2005 (with no deduction for a net loss in any such Fiscal Quarter), plus	  	$__________________
			
	 3.
	  	100% of the net proceeds of any issuance by Parent or any of its Subsidiaries of equity securities (except with respect to the exercise of stock options) subsequent to June 30, 2005	  	$__________________Amended and Restated Support Agreement

 Exhibit 4.3 
 DUKE ENERGY SUPPORT AGREEMENT 
 AMENDED AND RESTATED SUPPORT
AGREEMENT (“Agreement”) amended as of the 1st of January, 2007. 
 BETWEEN: 
 DUKE ENERGY CORPORATION, a corporation existing under the laws of the State of Delaware
(hereinafter referred to as “Duke Energy”), 
 OF THE FIRST PART, 
 - and - 
 SPECTRA ENERGY CORP, a corporation existing under the laws of the
State of Delaware (hereinafter referred to as “Spectra Energy”) 
 OF THE SECOND PART, 
 - and - 
 DUKE ENERGY CANADA CALL CO.,
an unlimited liability company existing under the laws of the Province of Nova Scotia (hereinafter referred to as “Callco”), 
 OF THE THIRD PART, 
 - and - 
 DUKE ENERGY CANADA EXCHANGECO INC., a company existing under the laws of Canada (hereinafter referred to as “Exchangeco”), 
 OF THE FOURTH PART. 
 WHEREAS, in connection with an amended and restated combination agreement made as of
September 20, 2001 among Duke Energy, Exchangeco, Callco and Westcoast Energy Inc., Exchangeco issued exchangeable shares to certain holders of common shares in the capital of Westcoast Energy Inc. pursuant to the plan of arrangement
contemplated in such combination agreement; and 
 WHEREAS, pursuant to the aforementioned combination agreement, Duke Energy and Exchangeco executed
a support agreement substantially in the form of this Agreement; 
 AND WHEREAS, the parties hereto wish to amend this Agreement to reflect the
proposed distribution by Duke Energy of all of the outstanding shares of common stock of Spectra Energy to holders of Duke Energy Common Shares and the proposed reorganization of the share capital of Exchangeco to exchange each existing issued and
outstanding exchangeable share for one new issued and outstanding Duke Energy Exchangeable Share and a fraction of one new issued and outstanding Spectra Energy Exchangeable Share; 
 NOW, THEREFORE, in consideration of the respective covenants and agreements provided in this Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby
acknowledged), the parties hereto covenant and agree as follows: 

 ARTICLE 1 
 INTERPRETATION 
  

	1.1	Defined Terms 

 Each term denoted herein by initial capital letters
and not otherwise defined herein shall have the meaning ascribed thereto in the rights, privileges, restrictions and conditions (collectively, the “Duke Energy Exchangeable Share Provisions”) attaching to the Duke Energy
Exchangeable Shares attached as Appendix 1 to the Arrangement and as set out in the Articles of Arrangement of Exchangeco, unless the context requires otherwise. 
  

	1.2	Interpretation Not Affected by Headings 

 The division of this
agreement into articles, sections and other portions and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation hereof Unless otherwise indicated, all references to an
“Article” or “Section” followed by a number refer to the specified Article or Section of this Agreement. The terms “this Agreement,” “hereof,” “herein” and “hereunder” and similar
expressions refer to this agreement and not to any particular Article, Section or other portion hereof. 
  

	1.3	Rules of Construction 

 Unless otherwise specifically indicated or
the context otherwise requires, (a) all references to “dollars” or “$” mean United States dollars, (b) words importing the singular shall include the plural and vice versa and words importing any gender shall include
all genders, and (c) “include,” “includes” and “including” shall be deemed to be followed by the words “without limitation.” 
  

	1.4	Date for any Action 

 If the event that any date on which any action
is required to be taken hereunder by any of the parties hereto is not a Business Day, such action shall be required to be taken on the next succeeding day that is a Business Day. 
 ARTICLE 2 
 COVENANTS OF DUKE ENERGY AND EXCHANGECO 
  

	2.1	Covenants Regarding Duke Energy Exchangeable Shares 

 So long as any
Duke Energy Exchangeable Shares are outstanding: 
  

	 	(a)	Duke Energy will not declare or pay any dividend on the Duke Energy Common Shares unless, in the case of a cash dividend on the Duke Energy Common Shares, Duke Energy has provided
to Spectra Energy an amount not less than the amount of an equivalent dividend to be paid by Exchangeco on the Duke Energy Exchangeable Shares (an “Equivalent Dividend”); 

  

	 	(b)	Duke Energy will advise Exchangeco sufficiently in advance of the declaration by Duke Energy of any dividend on Duke Energy Common Shares and take all such other actions as are
reasonably necessary, in cooperation with Exchangeco, to ensure that (i) the respective declaration date, record date and payment date for an Equivalent Dividend on the Duke Energy Exchangeable Shares shall be the same as the declaration date,
record date and payment date for the corresponding dividend on the Duke Energy Common Shares, or (ii) the record date and effective date for a stock dividend on Duke Energy Common Shares (as provided for in the Duke Energy Exchangeable Share
Provisions) (an “Equivalent Stock Subdivision”) shall be the same as the record date and payment date for the stock dividend on the Duke Energy Common Shares; 

  

	 	(c)	 provided that Duke Energy has advised Exchangeco sufficiently in advance of the declaration of any dividend on the Duke Energy Common Shares, Spectra Energy will
take all such actions as are reasonably necessary, in cooperation with Exchangeco, to ensure that (i) the respective 

	 	 
declaration date, record date and payment date for an Equivalent Dividend on the Duke Energy Exchangeable Shares shall be the same as the declaration date,
record date and payment date for the corresponding dividend on the Duke Energy Common Shares, or (ii) the record date and effective date for an Equivalent Stock Subdivision shall be the same as the record date and payment date for the stock
dividend on the Duke Energy Common Shares; 

  

	 	(d)	Duke Energy will ensure that the record date for any dividend declared on Duke Energy Common Shares is not less than 10 Business Days after the declaration date of such dividend;

  

	 	(e)	Duke Energy will take all such actions and do all such things as are reasonably necessary or desirable to enable and permit Exchangeco, in accordance with applicable law, to pay and
otherwise perform its obligations with respect to the satisfaction of the Duke Energy Liquidation Amount, the Duke Energy Retraction Price or the Duke Energy Redemption Price in respect of each issued and outstanding Duke Energy Exchangeable Share
upon the liquidation, dissolution or winding-up of Exchangeco or any other distribution of the assets of Exchangeco among its shareholders for the purpose of winding- up its affairs, the delivery of a Duke Energy Retraction Request by a holder of
Duke Energy Exchangeable Shares or a redemption of Duke Energy Exchangeable Shares by Exchangeco, as the case may be, including all such actions and all such things as are necessary or desirable to enable and permit Exchangeco to cause to be
delivered Duke Energy Common Shares to the holders of Duke Energy Exchangeable Shares in accordance with the provisions of Article 5, 6 or 7, as the case may be, of the Duke Energy Exchangeable Share Provisions; 

  

	 	(f)	provided that Duke Energy has delivered or caused to be delivered to Spectra Energy the Duke Energy Liquidation Amount, the Duke Energy Redemption Price or the Duke Energy
Retraction Price, as the case may be, Spectra Energy will take all such actions and do all such things as are reasonably necessary or desirable to cause Exchangeco to, in accordance with applicable law, (i) in the case of a stock dividend on
Duke Energy Common Shares, to subdivide the Duke Energy Exchangeable Shares in lieu of a stock dividend thereon (as provided for in the Duke Energy Exchangeable Share Provisions) and to have sufficient authorized but unissued securities available to
enable the subdivision and (ii) to pay and otherwise perform its obligations with respect to the satisfaction of the Duke Energy Liquidation Amount, the Duke Energy Retraction Price or the Duke Energy Redemption Price in respect of each issued
and outstanding Duke Energy Exchangeable Share upon the liquidation, dissolution or winding-up of Exchangeco or any other distribution of the assets of Exchangeco among its shareholders for the purpose of winding- up its affairs, the delivery of a
Duke Energy Retraction Request by a holder of Duke Energy Exchangeable Shares or a redemption of Duke Energy Exchangeable Shares by Exchangeco, as the case may be, including all such actions and all such things as are necessary or desirable to
enable and permit Exchangeco to cause to be delivered Duke Energy Common Shares to the holders of Duke Energy Exchangeable Shares in accordance with the provisions of Article 5, 6 or 7, as the case may be, of the Duke Energy Exchangeable Share
Provisions; and 

  

	 	(g)	Duke Energy will take all such actions and do all such things as are reasonably necessary or desirable to enable and permit Callco, in accordance with applicable law, to perform its
obligations arising upon the exercise by it of the Liquidation Call Right, the Duke Energy Retraction Call Right or the Duke Energy Redemption Call Right, including all such actions and all such things as are necessary or desirable to enable and
permit Callco to cause to be delivered Duke Energy Common Shares to the holders of Duke Energy Exchangeable Shares in accordance with the provisions of the Liquidation Call Right, the Duke Energy Retraction Call Right or the Duke Energy Redemption
Call Right, as the case may be. 

  

	2.2	Segregation of Funds 

 Provided that Duke Energy has performed or
caused to be performed its applicable obligations hereunder, Spectra Energy will cause Exchangeco to deposit a sufficient amount of funds in a separate account of Exchangeco and segregate a sufficient amount of such other assets and property as is
necessary to enable Exchangeco to pay 

 
dividends when due and to pay or otherwise satisfy its respective obligations under Article 5, 6 or 7 of the Duke Energy Exchangeable Share Provisions, as
applicable. 
  

	2.3	Reservation of Duke Energy Common Shares 

 Duke Energy hereby
represents, warrants and covenants in favour of Exchangeco and Callco that Duke Energy has issued to the Trustee and will, at all times while any Duke Energy Exchangeable Shares are outstanding, keep available, free from pre-emptive and other
rights, out of its authorized and unissued capital stock such number of Duke Energy Common Shares (or other shares or securities into which Duke Energy Common Shares may be reclassified or changed as contemplated by Section 2.7 hereof)
(a) as is equal to the sum of (i) the number of Duke Energy Exchangeable Shares issued and outstanding from time to time and (ii) the number of Duke Energy Exchangeable Shares issuable upon the exercise of all rights to acquire Duke
Energy Exchangeable Shares outstanding from time to time and (b) as are now and may hereafter be required to enable and permit Duke Energy to meet its obligations under the Duke Energy Voting and Exchange Trust Agreement and under any other
security or commitment pursuant to the Arrangement with respect to which Duke Energy may now or hereafter be required to issue Duke Energy Common Shares, to enable and permit Callco to meet its obligations arising upon exercise by it of each of the
Liquidation Call Right, the Duke Energy Retraction Call Right and the Duke Energy Redemption Call Right and to enable and permit Exchangeco to meet its obligations hereunder and under the Duke Energy Exchangeable Share Provisions. 
  

	2.4	Notification of Certain Events 

 In order to assist Duke Energy in
compliance with its obligations hereunder and to permit Callco to exercise the Liquidation Call Right, the Duke Energy Retraction Call Right and the Duke Energy Redemption Call Right, Exchangeco will notify Duke Energy and Callco of each of the
following events at the times set forth below: 
  

	 	(a)	in the event of any determination by the Board of Directors of Exchangeco to institute voluntary liquidation, dissolution or winding- up proceedings with respect to Exchangeco or to
effect any other distribution of the assets of Exchangeco among its shareholders for the purpose of winding up its affairs, at least 60 days prior to the proposed effective date of such liquidation, dissolution, winding-up or other distribution;

  

	 	(b)	promptly, upon the earlier of receipt by Exchangeco of notice of and Exchangeco otherwise becoming aware of any threatened or instituted claim, suit, petition or other proceeding
with respect to the involuntary liquidation, dissolution or winding- up of Exchangeco or to effect any other distribution of the assets of Exchangeco among its shareholders for the purpose of winding up its affairs; 

  

	 	(c)	promptly, upon receipt by Exchangeco of a Duke Energy Retraction Request; 

  

	 	(d)	promptly following the date on which notice of redemption is given to holders of Duke Energy Exchangeable Shares, upon the determination of a Duke Energy Redemption Date in
accordance with the Duke Energy Exchangeable Share Provisions; and 

  

	 	(e)	promptly upon the issuance by Exchangeco of any Duke Energy Exchangeable Shares or rights to acquire Duke Energy Exchangeable Shares (other than the issuance of Duke Energy
Exchangeable Shares and rights to acquire Duke Energy Exchangeable Shares in exchange for outstanding Existing Exchangeable Shares pursuant to the plan of arrangement contemplated in the Circular). 

  

	2.5	Delivery of Duke Energy Common Shares to Exchangeco and Callco 

 In
furtherance of its obligations under Sections 2.1(e) and 2.1(g) hereof, upon notice from Exchangeco or Callco of any event that requires Exchangeco or Callco to cause to be delivered Duke Energy Common Shares to any holder of Duke Energy
Exchangeable Shares, Duke Energy shall forthwith issue and deliver the requisite number of Duke Energy Common Shares to be received by, and issued to or to the order of, the former holder of the surrendered 

 
Duke Energy Exchangeable Shares, to Spectra Energy or as Spectra Energy may direct. Spectra Energy covenants and agrees that any Duke Energy Common Shares so
received by Spectra Energy shall be distributed solely in accordance with the Duke Energy Exchangeable Share Provisions, the Duke Energy Voting and Exchange Trust Agreement and this Agreement. All such Duke Energy Common Shares shall be duly
authorized, validly issued and fully paid and non-assessable and shall be free and clear of any lien, claim or encumbrance. In consideration of the issuance and delivery of such Duke Energy Common Share, Callco or Exchangeco, as the case may be,
shall pay a purchase price equal to the fair market value of such Duke Energy Common Share. 
  

	2.6	Qualification of Duke Energy Common Shares 

 Duke Energy covenants
that if any Duke Energy Common Shares (or other shares or securities into which Duke Energy Common Shares may be reclassified or changed as contemplated by Section 2.7 hereof) (other than Duke Energy Common Shares held by the Trustee) to be
issued and delivered hereunder (including for greater certainty, pursuant to the Duke Energy Exchangeable Share Provisions, or pursuant to the Duke Energy Exchange Right or the Duke Energy Automatic Exchange Rights (all as defined in the Duke Energy
Voting and Exchange Trust Agreement)) require registration or qualification with, or approval of, or the filing of any document, including any prospectus or similar document, the taking of any proceeding with, or the obtaining of any order, ruling
or consent from, any governmental or regulatory authority under any Canadian or United States federal, provincial, territorial or state securities or other law or regulation or pursuant to the rules and regulations of any securities or other
regulatory authority, or the fulfillment of any other United States or Canadian legal requirement (collectively, the “Applicable Laws”) before such shares (or other shares or securities into which Duke Energy Common Shares may be
reclassified or changed as contemplated by Section 2.7 hereof) may be issued and delivered by Duke Energy at the direction of Exchangeco or Callco, if applicable, to the holder of surrendered Duke Energy Exchangeable Shares or in order that
such shares (or other shares or securities into which Duke Energy Common Shares may be reclassified or changed as contemplated by Section 2.7 hereof) may be freely traded thereafter (other than any restrictions of general application on
transfer by reason of a holder being a “control person” of Duke Energy for purposes of Canadian provincial securities law or an “affiliate” of Duke Energy for purposes of United States federal or state securities law), Duke
Energy will use its reasonable best efforts and in good faith expeditiously take all such actions and do all such things as are necessary or desirable and within its power to cause such Duke Energy Common Shares (or other shares or securities into
which Duke Energy Common Shares may be reclassified or changed as contemplated by Section 2.7 hereof) to be and remain duly registered, qualified or approved under United States and/or Canadian law, as the case may be. Duke Energy will use its
reasonable best efforts and in good faith expeditiously take all such actions and do all such things as are reasonably necessary or desirable to cause all Duke Energy Common Shares (or other shares or securities into which Duke Energy Common Shares
may be reclassified or changed as contemplated by Section 2.7 hereof) (other than Duke Energy Common Shares held by the Trustee) to be delivered hereunder to be listed, quoted or posted for trading on all stock exchanges and quotation systems
on which outstanding Duke Energy Common Shares (or other shares or securities into which Duke Energy Common Shares may be reclassified or changed as contemplated by Section 2.7 hereof) are listed and are quoted or posted for trading at such
time. 
  

	2.7	Economic Equivalence 

 So long as any Duke Energy Exchangeable
Shares not owned by Duke Energy, Spectra Energy or an Affiliate of either or not acquired by Callco and converted to common shares of Exchangeco are outstanding: 
  

	 	(a)	Duke Energy will not, without prior approval of Exchangeco and the prior approval of the holders of the Duke Energy Exchangeable Shares given in accordance with Section 10.2 of
the Duke Energy Exchangeable Share Provisions: 

  

	 	(i)	 issue or distribute Duke Energy Common Shares (or securities exchangeable for or convertible into or carrying rights to acquire Duke Energy Common Shares) to the
holders of all or substantially all of the then outstanding Duke Energy Common Shares by way of stock dividend or other distribution, other than an issue of Duke Energy Common Shares (or securities exchangeable for or convertible into or carrying
rights to acquire Duke Energy Common Shares) to holders of Duke Energy Common Shares who (A) exercise an option to receive dividends in Duke Energy Common Shares (or 

	 	 
securities exchangeable for or convertible into or carrying rights to acquire Duke Energy Common Shares) in lieu of receiving cash dividends, or
(B) pursuant to any dividend reinvestment plan or scrip dividend; or 

  

	 	(ii)	issue or distribute rights, options or warrants to the holders of all or substantially all of the then outstanding Duke Energy Common Shares entitling them to subscribe for or to
purchase Duke Energy Common Shares (or securities exchangeable for or convertible into or carrying rights to acquire Duke Energy Common Shares); or 

  

	 	(iii)	issue or distribute to the holders of all or substantially all of the then outstanding Duke Energy Common Shares (A) shares or securities of Duke Energy of any class other than
Duke Energy Common Shares (other than shares convertible into or exchangeable for or carrying rights to acquire Duke Energy Common Shares), (B)rights, options or warrants other than those referred to in Section 2.7(a)(ii) above,
(C) evidences of indebtedness of Duke Energy or (D) assets of Duke Energy, 

 unless the economic equivalent on a per
share basis of such rights, options, warrants, securities, shares, evidences of indebtedness or other assets is issued or distributed simultaneously to holders of the Duke Energy Exchangeable Shares. 
  

	 	(b)	Duke Energy will not without the prior approval of Exchangeco and the prior approval of the holders of the Duke Energy Exchangeable Shares given in accordance with Section 10.2
of the Duke Energy Exchangeable Share Provisions: 

  

	 	(i)	subdivide, redivide or change the then outstanding Duke Energy Common Shares into a greater number of Duke Energy Common Shares; or 

  

	 	(ii)	reduce, combine, consolidate or change the then outstanding Duke Energy Common Shares into a lesser number of Duke Energy Common Shares; or 

  

	 	(iii)	reclassify or otherwise change Duke Energy Common Shares or effect an amalgamation, merger, reorganization or other transaction affecting the Duke Energy Common Shares,

 unless the same or an economically equivalent change shall simultaneously be made to, or in the rights of the holders of, the
Duke Energy Exchangeable Shares. 
  

	 	(c)	Duke Energy will ensure that the record date for any event referred to in Section 2.7(a) or 2.7(b) above, or (if no record date is applicable for such event) the effective date
for any such event, is not less than five Business Days after the date on which such event is declared or announced by Duke Energy (with contemporaneous notification thereof by Duke Energy to Exchangeco). 

  

	 	(d)	Duke Energy shall determine, in good faith and in its sole discretion, economic equivalence for the purposes of any event referred to in Section 2.7(a) or 2.7(b) above and each
such determination shall be conclusive and binding on Duke Energy. In making each such determination, the following factors shall, without excluding other factors determined by Duke Energy to be relevant, be considered by Duke Energy:

  

	 	(i)	in the case of any stock dividend or other distribution payable in Duke Energy Common Shares, the number of such shares issued in proportion to the number of Duke Energy Common
Shares previously outstanding; 

  

	 	(ii)	 in the case of the issuance or distribution of any rights, options or warrants to subscribe for or purchase Duke Energy Common Shares (or securities exchangeable
for or convertible into or carrying rights to acquire Duke Energy Common Shares), the 

	 	 
relationship between the exercise price of each such right, option or warrant and the Current Market Price; 

  

	 	(iii)	in the case of the issuance or distribution of any other form of property (including any shares or securities of Duke Energy of any class other than Duke Energy Common Shares, any
rights, options or warrants other than those referred to in Section 2.7(d)(ii) above, any evidences of indebtedness of Duke Energy or any assets of Duke Energy), the relationship between the fair market value (as determined by Duke Energy in
the manner above contemplated) of such property to be issued or distributed with respect to each outstanding Duke Energy Common Share and the Current Market Price; 

  

	 	(iv)	in the case of any subdivision, redivision or change of the then outstanding Duke Energy Common Shares into a greater number of Duke Energy Common Shares or the reduction,
combination, consolidation or change of the then outstanding Duke Energy Common Shares into a lesser number of Duke Energy Common Shares or any amalgamation, merger, reorganization or other transaction affecting Duke Energy Common Shares, the effect
thereof upon the then outstanding Duke Energy Common Shares; and 

  

	 	(v)	in all such cases, the general taxation consequences of the relevant event to holders of Duke Energy Exchangeable Shares to the extent that such consequences may differ from the
taxation consequences to holders of Duke Energy Common Shares as a result of differences between taxation laws of Canada and the United States (except for any differing consequences arising as a result of differing marginal taxation rates and
without regard to the individual circumstances of holders of Duke Energy Exchangeable Shares). 

  

	 	(e)	Exchangeco agrees that, to the extent required, upon due notice from Duke Energy, Exchangeco will use its best efforts to take or cause to be taken such steps as may be necessary
for the purposes of ensuring that appropriate dividends are paid or other distributions are made by Exchangeco, or subdivisions, redivisions or changes are made to the Duke Energy Exchangeable Shares, in order to implement the required economic
equivalence with respect to the Duke Energy Common Shares and Duke Energy Exchangeable Shares as provided for in this Section 2.7. 

 Nothing in this Agreement shall affect the rights of Exchangeco to redeem (or Callco to purchase pursuant to the Duke Energy Redemption Call Right) Duke Energy Exchangeable Shares, as applicable, in the event of a Duke Energy Extraordinary
Distribution. 
  

	2.8	Tender Offers 

 In the event that a tender offer, share exchange
offer, issuer bid, take-over bid or similar transaction with respect to Duke Energy Common Shares (an “Offer”) is proposed by Duke Energy or is proposed to Duke Energy or its shareholders and is recommended by the board of directors
of Duke Energy, or is otherwise effected or to be effected with the consent or approval of the board of directors of Duke Energy, and the Duke Energy Exchangeable Shares are not redeemed by Exchangeco or purchased by Callco pursuant to the Duke
Energy Redemption Call Right, Duke Energy will use its reasonable best efforts expeditiously and in good faith to take all such actions and do all such things as are necessary or desirable to enable and permit holders of Duke Energy Exchangeable
Shares to participate in such Offer to the same extent and on an economically equivalent basis as the holders of Duke Energy Common Shares, without discrimination. Without limiting the generality of the foregoing, Duke Energy will use its reasonable
best efforts expeditiously and in good faith to ensure that holders of Duke Energy Exchangeable Shares may participate in each such Offer without being required to retract Duke Energy Exchangeable Shares as against Exchangeco (or, if so required, to
ensure that any such retraction, shall be effective only upon, and shall be conditional upon, the closing of such Offer and only to the extent necessary to tender or deposit to the Offer). Nothing in this Agreement shall affect the rights of
Exchangeco to redeem (or Callco to purchase pursuant to the Duke Energy Redemption Call Right) Duke Energy Exchangeable Shares, as applicable, in the event of a Duke Energy Control Transaction. 

	2.9	Ownership of Outstanding Shares 

 Without the prior approval of
Exchangeco and the prior approval of the holders of the Duke Energy Exchangeable Shares given in accordance with Section 10.2 of the Duke Energy Exchangeable Share Provisions, Spectra Energy covenants and agrees in favour of Exchangeco that, as
long as any outstanding Duke Energy Exchangeable Shares are owned by any Person other than Duke Energy and any of its Affiliates or Spectra Energy and any of its Affiliates, Spectra Energy will be and remain the direct or indirect beneficial owner
of all issued and outstanding voting shares in the capital of Exchangeco and Callco. Notwithstanding the foregoing, Spectra Energy shall not be in violation of this section if any person or group of persons acting jointly or in concert acquires all
or substantially all of the assets of Spectra Energy or the Spectra Energy Common Shares pursuant to any merger of Spectra Energy pursuant to which Spectra Energy was not the surviving corporation. 
  

	2.10	Duke Energy and Affiliates Not to Vote Duke Energy Exchangeable Shares 

 Duke Energy covenants and agrees that it will appoint and cause to be appointed proxyholders with respect to any Duke Energy Exchangeable Shares held by it and its Affiliates for the sole purpose of attending each meeting of holders of Duke
Energy Exchangeable Shares in order to be counted as part of the quorum for each such meeting. Duke Energy further covenants and agrees that it will not, and will cause its Affiliates not to, exercise any voting rights which may be exercisable by
holders of Duke Energy Exchangeable Shares from time to time pursuant to the Duke Energy Exchangeable Share Provisions or pursuant to the provisions of the CBCA (or any successor or other corporate statute by which Exchangeco may in the future be
governed) with respect to any Duke Energy Exchangeable Shares held by it or by its Affiliates in respect of any matter considered at any meeting of holders of Duke Energy Exchangeable Shares. 
  

	2.11	Spectra Energy and Affiliates Not to Vote Duke Energy Exchangeable Shares 

 Spectra Energy covenants and agrees that it will not, and will cause its Affiliates, including Callco, not to, exercise any voting rights which may be exercisable by holders of Duke Energy Exchangeable Shares from time to time pursuant to
the Duke Energy Exchangeable Share Provisions or pursuant to the provisions of the CBCA (or any successor or other corporate statute by which Exchangeco may in the future be governed) with respect to any Duke Energy Exchangeable Shares that become
owned by it as a result of Callco’s exercise of the Liquidation Call Right as it applies to Duke Energy Exchangeable Shares, the Duke Energy Redemption Call Right or the Duke Energy Retraction Call Right. 
  

	2.12	Rule 10b-18 Purchases 

 For greater certainty, nothing contained in
this Agreement, including the obligations of Duke Energy contained in Section 2.8 hereof, shall limit the ability of Duke Energy or Exchangeco to make a “Rule 10b-18 purchase” of Duke Energy Common Shares pursuant to Rule 10b-18 of
the United States Securities Exchange Act of 1934, as amended, or any successor rule. 
  

	2.13	Stock Exchange Listing 

 Duke Energy covenants and agrees in favour
of Exchangeco that, as long as any outstanding Duke Energy Exchangeable Shares are owned by any Person other than Duke Energy and any of its Affiliates, Duke Energy will use its reasonable best efforts to maintain a listing for such Duke Energy
Exchangeable Shares on a Canadian stock exchange. 
 ARTICLE 3 
 DUKE ENERGY SUCCESSORS 
  

	3.1	Certain Requirements in Respect of Combinations, etc. 

 Duke Energy
shall not consummate any transaction (whether by way of reconstruction, reorganization, consolidation, merger, transfer, sale, lease or otherwise) whereby all or substantially all of its undertaking, property 

 
and assets would become the property of any other Person or, in the case of a merger, of the continuing corporation resulting therefrom unless, but may do so
if: 
  

	 	(a)	such other Person or continuing corporation (the “Duke Energy Successor”) by operation of law, becomes, without more, bound by the terms and provisions of this
Agreement or, if not so bound, executes, prior to or contemporaneously with the consummation of such transaction, an agreement supplemental hereto and such other instruments (if any) as are reasonably necessary or advisable to evidence the
assumption by the Duke Energy Successor of liability for all moneys payable and property deliverable hereunder and the covenant of such Duke Energy Successor to pay and deliver or cause to be delivered the same and its agreement to observe and
perform all the covenants and obligations of Duke Energy under this Agreement; and 

  

	 	(b)	such transaction shall be upon such terms and conditions as substantially to preserve and not to impair in any material respect any of the rights, duties, powers and authorities of
the other parties hereunder or the holders of Duke Energy Exchangeable Shares. 

  

	3.2	Vesting of Powers in Successor 

 Whenever the conditions of
Section 3.1 have been duly observed and performed, the parties, if required by Section 3.1, shall execute and deliver the supplemental agreement provided for in Section 3.1(a) and thereupon the Duke Energy Successor shall possess and
from time to time may exercise each and every right and power of Duke Energy under this Agreement in the name of Duke Energy or otherwise and any act or proceeding by any provision of this Agreement required to be done or performed by the board of
directors of Duke Energy or any officers of Duke Energy may be done and performed with like force and effect by the directors or officers of such Duke Energy Successor. 
  

	3.3	Wholly-Owned Subsidiaries 

 Nothing herein shall be construed as
preventing the amalgamation or merger of any wholly-owned direct or indirect subsidiary of Duke Energy with or into Duke Energy or the winding-up, liquidation or dissolution of any wholly-owned subsidiary of Duke Energy provided that all of the
assets of such subsidiary are transferred to Duke Energy or another wholly-owned direct or indirect subsidiary of Duke Energy and any such transactions are expressly permitted by this Article 3. 
 ARTICLE 4 
 GENERAL

  

	4.1	Term 

 This Agreement shall come into force and be effective as of
the date hereof and shall terminate and be of no further force and effect at such time as no Duke Energy Exchangeable Shares (or securities or rights convertible into or exchangeable for or carrying rights to acquire Duke Energy Exchangeable Shares)
are held by any Person other than Duke Energy and any of its Affiliates. 
  

	4.2	Changes in Capital of Duke Energy and Exchangeco 

 At all times
after the occurrence of any event contemplated pursuant to Sections 2.7 and 2.8 hereof or otherwise, as a result of which either Duke Energy Common Shares or the Duke Energy Exchangeable Shares or both are in any way changed, this Agreement shill
forthwith be deemed amended and modified as necessary in order that it shall apply with full force and effect, mutatis mutandis, to all new securities into which Duke Energy Common Shares or the Duke Energy Exchangeable Shares or both are so changed
and the parties hereto shall execute and deliver an agreement in writing giving effect to and evidencing such necessary amendments and modifications. 

	4.3	Notices to Parties 

 All notices and other communications hereunder
shall be in writing and shall be deemed given when delivered personally, telecopied (which is confirmed) or dispatched (postage prepaid) to a nationally recognized overnight courier service with overnight delivery instructions, in each case
addressed to the particular party at: 
  

	 	(a)	If to Duke Energy, at: 

 Duke Energy Corporation

 422 South Church Street 
 Charlotte, North Carolina 28201-1244 
 Attention: Corporate Secretary 
 Telecopier Number: (704) 382-8137 
  

	 	(b)	If to Spectra Energy or Exchangeco, at: 

 Spectra Energy
Corp 
 5400 Westheimer Court 
 Houston, Texas 77056 
 Attention: General Counsel 
 Telecopier Number: (713) 989-3190 
 or at such other address of which any party may, from time to time, advise the
other parties by notice in writing given in accordance with the foregoing. 
  

	4.4	Assignment 

 No party hereto may assign this Agreement or any of its
rights, interests or obligations under this Agreement or the Arrangement (whether by operation of law or otherwise) except that Exchangeco may assign in its sole discretion, any or all of its rights, interests and obligations hereunder to any
wholly-owned subsidiary of Duke Energy. 
  

	4.5	Binding Effect 

 Subject to Section 4.4, this Agreement and the
Arrangement shall be binding upon, enure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns. 
  

	4.6	Amendments, Modifications 

 This Agreement may not be amended or
modified except by an agreement in writing executed by Exchangeco, Callco and Duke Energy and approved by the holders of the Duke Energy Exchangeable Shares in accordance with Section 10.2 of the Duke Energy Exchangeable Share Provisions.

  

	4.7	Ministerial Amendments 

 Notwithstanding the provisions of
Section 4.6, the parties to this Agreement may in writing at any time and from time to time, without the approval of the holders of the Duke Energy Exchangeable Shares, amend or modify this Agreement for the purposes of: 
  

	 	(a)	adding to the covenants of any or all parties provided that the board of directors of each of Exchangeco, Callco and Duke Energy shall be of the good faith opinion that such
additions will not be prejudicial to the rights or interests of the holders of the Duke Energy Exchangeable Shares; 

  

	 	(b)	 making such amendments or modifications not inconsistent with this Agreement as may be necessary or desirable with respect to matters or questions which, in the
good faith opinion of the board of directors of each of Exchangeco, Callco and Duke Energy, it may be expedient to make, 

	 	 
provided that each such board of directors shall be of the good faith opinion that such amendments or modifications will not be prejudicial to the rights or
interests of the holders of the Duke Energy Exchangeable Shares; or 

  

	 	(c)	making such changes or corrections which, on the advice of counsel to Exchangeco, Callco and Duke Energy, are required for the purpose of curing or correcting any ambiguity or
defect or inconsistent provision or clerical omission or mistake or manifest error, provided that the board of directors of each of Exchangeco, Callco and Duke Energy shall be of the good faith opinion that such changes or corrections will not be
prejudicial to the rights or interests of the holders of the Duke Energy Exchangeable Shares. 

  

	4.8	Meeting to Consider Amendments 

 Exchangeco, at the request of Duke
Energy, shall call a meeting or meetings of the holders of the Duke Energy Exchangeable Shares for the purpose of considering any proposed amendment or modification requiring approval pursuant to Section 4.6 hereof. Any such meeting or meetings
shall be called and held in accordance with the bylaws of Exchangeco, the Duke Energy Exchangeable Share Provisions and all applicable laws. Spectra Energy shall cooperate with Duke Energy and Exchangeco to ensure that any meeting so requested is
called by Exchangeco. 
  

	4.9	Amendments Only in Writing 

 No amendment to or modification or
waiver of any of the provisions of this Agreement otherwise permitted hereunder shall be effective unless made in writing arid signed by all of the parties hereto. 
  

	4.10	Governing Laws; Consent to Jurisdiction 

 This Agreement shall be
governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein and shall be treated in all respects as a British Columbia contract. Each party hereby irrevocably attorns to the
jurisdiction of the courts of the Province of British Columbia in respect of all matters arising under or in relation to this Agreement. 
  

	4.11	Severability 

 If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible. 
  

	4.12	Counterparts 

 This Agreement may be executed in counterparts, each
of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above
written. 
  

			
	DUKE ENERGY CORPORATION
		
	By:	 	 “Lynn J. Good”

	
	SPECTRA ENERGY CORP
		
	By:	 	 “William S. Garner”

	
	DUKE ENERGY CANADA EXCHANGECO INC.
		
	By:	 	 “Bruce E. Pydee”

	
	DUKE ENERGY CANADA CALL CO.
		
	By:	 	 “Greg L. Ebel”

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