Document:

Form of Change in Control Agreement (Canada)

 EXHIBIT 10.12 
 CHANGE IN CONTROL AGREEMENT 
 THIS AGREEMENT, dated as of
                        , 20    , is made by and between SPECTRA ENERGY CORP, a Delaware
corporation (the “Company”), and                                  (the
“Executive”). 
 WHEREAS, the Company considers it essential to the best interests of its shareholders to foster the
continued employment of key management personnel; 
 WHEREAS, the Board of Directors of the Company recognizes that, as is the
case with many publicly held corporations, the possibility of a Change in Control exists and that such possibility, and the uncertainty and questions which it may raise among management, may result in the departure or distraction of management
personnel to the detriment of the Company and its shareholders; and 
 WHEREAS, the Board has determined that appropriate steps
should be taken to reinforce and encourage the continued attention and dedication of members of the Company’s management, including the Executive, to their assigned duties without distraction in the face of potentially disturbing circumstances
arising from the possibility of a Change in Control. 
 NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the Company and the Executive, intending to be legally bound, do hereby agree as follows: 
 1.
Definitions. For purposes of this Agreement, the following terms shall have the meanings indicated below: 
 (A)
“Accrued Rights” shall have the meaning set forth in Section 3 hereof. 
 (B) “Affiliate” shall have
the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act. 
 (C) “Auditor” shall have
the meaning set forth in Section 4.2 hereof. 
 (D) “Base Amount” shall have the meaning set forth in Code
Section 280G(b)(3). 
 (E) “Beneficial Ownership” shall have the meaning set forth in Rule 13d-3 under the
Exchange Act. 
 (F) “Board” shall mean the Board of Directors of the Company. 

(G) “Cause” for termination by the Company of the Executive’s employment shall mean (i) a material failure by the
Executive to carry out, or malfeasance or gross insubordination in carrying out, reasonably assigned duties or 

  
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instructions consistent with the Executive’s position, (ii) the final conviction of the Executive of an offence involving moral turpitude, (iii) an egregious act of dishonesty by
the Executive (including, without limitation, theft or embezzlement) in connection with employment, or a malicious action by the Executive toward the customers or employees of the Company or any Affiliate, (iv) a material breach by the
Executive of the Company’s Code of Business Ethics, or (v) the failure of the Executive to cooperate fully with governmental investigations involving the Company or its Affiliates; provided, however, that the Company shall
not have reason to terminate the Executive’s employment for Cause pursuant to this Agreement unless the Executive receives written notice from the Company identifying the acts or omissions constituting Cause and gives the Executive a thirty
(30) day opportunity to cure, if such acts or omissions are capable of cure. 
 (H) A “Change in Control” shall
be deemed to have occurred if the event set forth in any one of the following paragraphs shall have occurred: 
 (a) an
acquisition subsequent to the date hereof by any Person of Beneficial Ownership of thirty percent (30%) or more of either (A) the then outstanding shares of common stock of the Company or (B) the combined voting power of the then
outstanding voting securities of the Company entitled to vote generally in the election of directors; excluding, however, the following: (1) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a
conversion privilege unless the security being so converted was itself acquired directly from the Company, (2) any acquisition by the Company and (3) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by
the Company or any Subsidiary; 
 (b) during any period of two (2) consecutive years (not including any period prior to
the date hereof), individuals who at the beginning of such period constitute the Board (and any new directors whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds
(2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was so approved) cease for any reason (except for death, disability or voluntary retirement) to
constitute a majority thereof; 
 (c) the consummation of a merger, consolidation, reorganization or similar corporate
transaction which has been approved by the shareholders of the Company, whether or not the Company is the surviving corporation in such transaction, other than a merger, consolidation, or reorganization that would result in the voting securities of
the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least fifty percent (50%) of the combined
voting power of the voting securities of the Company (or such surviving entity or any parent thereof) outstanding immediately after such merger, consolidation, or reorganization; or 

  
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 (d) the consummation of (A) the sale or other disposition of all or substantially all
of the assets of the Company or (B) a complete liquidation or dissolution of the Company, which has been approved by the shareholders of the Company. 
 (I) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 
 (J) “Company” shall mean Spectra Energy Corp and, except in determining under Section 1.H hereof whether or not any Change in Control of the Company has occurred, shall include any
successor to its business and/or assets which assumes and agrees to perform this Agreement by operation of law, or otherwise. 

(K) “Confidential Information” shall have the meaning set forth in Section 8 hereof. 

(L) “DB Pension Plan” shall mean any registered, tax-qualified, supplemental or excess defined benefit pension plan maintained
by the Company and any other defined benefit plan or agreement entered into between the Executive and the Company which is designed to provide the Executive with supplemental retirement benefits. 

(M) “DC Pension Plan” shall mean any registered, tax-qualified, supplemental or excess defined contribution plan maintained by
the Company other than an Employee Savings Plan or Executive Share Purchase Plan, and any other defined contribution plan or agreement entered into between the Executive and the Company which is designed to provide the executive with supplemental
retirement benefits. 
 (N) “Date of Termination” with respect to any purported termination of the Executive’s
employment after a Change in Control and during the Term, shall mean (i) if the Executive’s employment is terminated for Disability, thirty (30) days after Notice of Termination is given (provided that the Executive shall not have
returned to the full-time performance of the Executive’s duties during such thirty (30) day period), and (ii) if the Executive’s employment is terminated for any other reason, the date specified in the Notice of Termination
(which, in the case of a termination by the Company, shall not be less than thirty (30) days (except in the case of a termination for Cause) and, in the case of a termination by the Executive, shall not be less than fifteen (15) days nor
(without the consent of the Company) more than sixty (60) days, respectively, from the date such Notice of Termination is given). The Executive’s “Date of Termination” shall not be inclusive of any common-law reasonable notice of
termination period. 
 (O) “Disability” shall be deemed the reason for the termination by the Company of the
Executive’s employment, if, as a result of the Executive’s incapacity due to physical or mental illness: (i) the Executive shall have been absent from the full-time performance of the Executive’s duties with the Company for a
period of six (6) consecutive months (which the parties hereby deem to constitute “undue hardship” to the Company at law); (ii) the Executive shall have qualified for benefits under the

  
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Company’s long-term disability program; (iii) the Company shall have given the Executive a Notice of Termination for Disability; and (iv) within thirty (30) days after such
Notice of Termination is given, the Executive shall not have returned to the full-time performance of the Executive’s duties. 
 (P) “Employee Savings Plan” means the arrangement maintained by the Company under which eligible employees may contribute defined amounts of pre-tax base salary, a defined portion of which is
matched by the Company to purchase common shares of the Company or other investment options. 
 (Q) “Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended from time to time. 
 (R) “Excise Tax” shall mean any
excise tax imposed under Code section 4999. 
 (S) “Executive” shall mean the individual named in the first paragraph
of this Agreement. 
 (T) “Executive Share Purchase Plan” means the arrangement maintained by the Company under which
eligible executive employees may contribute up to a defined level of pre-tax base compensation which is matched by the Company to purchase common shares of the Company. 
 (U) “Good Reason” for termination by the Executive of the Executive’s employment shall mean the occurrence (without the Executive’s express written consent which specifically
references this Agreement) after any Change in Control (subject to Section 4.3 hereof) of any one of the following acts by the Company, or failures by the Company to act, unless such act or failure to act is corrected prior to the Date of
Termination specified in the Notice of Termination given in respect thereof: (i) the assignment to the Executive of any duties materially inconsistent with the Executive’s status with the Company or a substantial adverse alteration in the
nature or status of the Executive’s responsibilities from those in effect immediately prior to the Change in Control, (ii) a reduction in the Executive’s annual base salary as in effect immediately prior to the Change in Control
(exclusive of any across the board reduction similarly affecting all or substantially all similarly situated employees determined without regard to whether or not an otherwise similarly situated employee’s employment was with the Company prior
to the Change in Control), (iii) a reduction in the Executive’s target annual bonus as in effect immediately prior to the Change in Control (exclusive of any across the board reduction similarly affecting all or substantially all similarly
situated employees determined without regard to whether or not an otherwise similarly situated employee’s employment was with the Company prior to the Change in Control), (iv) the elimination of any material employee benefit plan in which
the Executive is participating immediately prior to the Change in Control, or the material reduction of the Executive’s benefits under any such plan, unless the Company either (A) immediately replaces such employee benefit plan, or unless
the Executive is permitted to immediately participate in 

  
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other employee benefit plan(s), providing the Executive with a substantially equivalent value of benefits in the aggregate to those eliminated or materially reduced (it being understood that any
such replacement plan or benefit need not be an identical “type” of plan or benefit as that being eliminated or reduced in order for “Good Reason” not to be triggered by this subsection (iv), as long as the aggregate value of
such replacement plan(s) or benefit to the Executive is substantially equivalent to that being eliminated or reduced), or (B) immediately provides the Executive with other forms of compensation of comparable value to that being eliminated or
reduced (including but not limited to increases in the Executive’s base salary or other cash compensation), (v) the failure of the Company to obtain the assumption of this Agreement from any successor as contemplated in Section 11.1
hereof, or (vi) a relocation that requires the Executive to report to a work location 60 kilometers or more from the work location to which he was assigned prior to the change-in-control and the Executive does not consent to the relocation.

 The Executive’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any act or
failure to act constituting Good Reason hereunder. 
 (V) “ITA” shall mean the Income Tax Act (Canada) 

(W) “Notice of Termination” shall have the meaning set forth in Section 5 hereof. 

(X) “Person” shall have the meaning given in section 3(a)(9) of the Exchange Act, as modified and used in sections 13(d) and
14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an
underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of
the Company. 
 (Y) “Repayment Amount” shall have the meaning set forth in Section 7.3 hereof. 

(Z) “Restricted Period” shall have the meaning set forth in Section 7.2 hereof. 

(AA) “Separation from Service” shall have the meaning provided under Code Section 409A. 

(BB) “Severance Payments” shall have the meaning set forth in Section 4.1(C) hereof. 

(CC) “Severance Period” shall have the meaning set forth in Section 4.1(C) hereof. 

  
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 (DD) “Specified Employee” shall have the meaning provided under Code
Section 409A. 
 (EE) “Subsidiary” means an entity that is wholly owned, directly or indirectly, by the Company,
or any other affiliate of the Company that is so designated from time to time by the Company. 
 (FF) “Term” shall
mean the period of time described in Section 2 hereof (including any extension, continuation or termination described therein). 
 (GG) “Total Payments” shall mean those payments so described in Section 4.2 hereof. 
 (HH) “US Taxpayer” shall mean an individual who is subject to United States federal excise tax or income tax with respect to any portion of an entitlement under this Agreement. 

2. Term of Agreement. The Term of this Agreement shall commence on the date hereof and shall continue in effect through the second
anniversary of the date hereof; provided, however, that commencing on the date that is twelve (12) months following the date hereof and each subsequent anniversary of the date hereof, the Term shall automatically be extended for
one additional year; further provided, however, the Company or the Executive may terminate this Agreement effective at any time following the second anniversary of the date hereof only with six (6) months advance written notice
(which such notice may be given before such second anniversary); and further provided, however, that, notwithstanding the above, if a Change in Control shall have occurred during the Term, the Term shall in no case expire earlier than
twenty-four (24) months beyond the month in which such Change in Control occurred. 
 This Agreement supersedes any prior
Change in Control Agreement between the Company and the Executive in its entirety. 
 3. Compensation Other Than Severance
Payments. If the Executive’s employment shall be terminated for any reason following a Change in Control (subject to Section 4.3 hereof) and during the Term, then the Company shall (i) pay the Executive the salary amounts payable
in the normal course for service through the Date of Termination, (ii) grant any rights or payments that have become vested or that are otherwise due in accordance with the terms of any employee benefit, incentive, or compensation plan or
arrangement maintained by the Company that the Executive participated in at the time of his or her termination of employment, and (iii) provide any other right or payment the Executive is required to receive under Canadian minimum pension or
employment standards legislation (together, the “Accrued Rights”). 

  
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 4. Severance Payments. 

4.1 Subject to Sections 4.2 and 4.3 hereof, and further subject to the Executive executing and not revoking a release of claims
substantially in the form set forth as Exhibit A to this Agreement, if the Executive’s employment is terminated following a Change in Control and during the Term (but in any event not later than twenty-four (24) months following a Change
in Control), other than (A) by the Company for Cause, (B) by reason of death or Disability, or (C) by the Executive without Good Reason, then, in any such case, in addition to the payments and benefits representing the
Executive’s Accrued Rights, the Company shall pay the Executive the amounts, and provide the Executive the benefits, described in this Section 4.1 (“Severance Payments”). 

(A) A lump-sum payment equal to (i) the Executive’s annual bonus payment earned for any completed bonus year prior to
termination of employment, if not previously paid, plus (ii) a pro-rata amount of the Executive’s target bonus under any performance-based bonus plan, program, or arrangement in which the Executive participates for the year in which the
termination occurs, determined as if all program goals had been met, pro-rated based on the number of days of service during the bonus year occurring prior to termination of employment; 

(B) In lieu of any severance benefit otherwise payable to the Executive, the Company shall pay to the Executive, a lump sum severance
payment, in cash, equal to two (or, if less, the number of years (including partial years) until the Executive attains the normal retirement date for purposes of a DB Pension Plan or DC Pension Plan) multiplied by the sum of (i) the
Executive’s annual base salary as in effect immediately prior to the Date of Termination or, if higher, as in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason, (ii) the Executive’s
target short-term incentive bonus opportunity for the fiscal year in which the Date of Termination occurs or, if higher, the fiscal year in which the first event or circumstance occurs constituting Good Reason, and (iii) the amount of the
Company matching contribution that would be made to the Executive Share Purchase Plan or Employee Savings Plan, if any, determined as if the Executive had continued to make contributions thereunder at the rate of contribution being made by the
Executive in the month coincident with or immediately preceding the month in which the Date of Termination occurs. Notwithstanding the preceding sentence, if the Executive is, or becomes a US Taxpayer and in the event that a lump sum Severance
Payment would constitute a change in the form or timing of any payment that is subject to, and not exempt under, Code Section 409A with respect to any severance benefit otherwise payable to the Executive under any other plan or arrangement,
then the portion of the Severance Payment that is equal to the amount payable under such other severance plan shall be payable in the form and at the time applicable under such other severance plan, and any excess Severance Payment, as determined
under this Section 4.1(B), shall be paid in a lump sum in accordance with this Section 4.1. 

  
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 (C) The Company shall pay to the Executive a lump-sum in an amount estimated by an actuary
retained by the Company to be equivalent to the premium cost to the Company to maintain for a period of two years immediately following the Date of Termination (or, if less, the period until the Executive attains the normal retirement date for
purposes of a DB Pension Plan or DC Pension Plan) (the “Severance Period”) medical, dental, and basic life insurance benefits substantially similar to those provided to the Executive and his or her eligible dependents immediately prior to
the Date of Termination, or, if more valuable in the aggregate, to those provided immediately prior to the first occurrence of an event or circumstance constituting Good Reason. 

(D) In addition to the benefits to which the Executive is entitled under the DC Pension Plan, the Company shall pay the Executive a lump
sum amount, in cash, equal to the sum of (i) the amount that would have been contributed thereto by the Company on the Executive’s behalf during the Severance Period, less any amount actually contributed thereto by the Company in respect
of the Executive during the Severance Period, determined (a) as if the Executive made the maximum permissible contributions thereto during such period, (b) as if the Executive earned compensation during such period equal to the sum of the
Executive’s base salary and target bonus as in effect immediately prior to the Date of Termination, or, if higher, as in effect immediately prior to the occurrence of the first event or circumstance constituting Good Reason, and
(c) without regard to any amendment to the DC Pension Plan made subsequent to a Change in Control and on or prior to the Date of Termination, which amendment adversely affects in any manner the computation of benefits thereunder, and
(ii) the unvested portion, if any, of the Executive’s account balance under the tax-qualified DC Pension Plan as of the Date of Termination that would have vested had Executive remained employed by the Company for the remainder of the
Term. In addition, the unvested portion, if any, of the Executive’s account balances under registered, non-registered and non-tax-qualified DC Pension Plans as of the Date of Termination that would have vested had Executive remained employed by
the Company for the remainder of the Term shall be fully vested as of the Date of Termination and shall be paid out in accordance with the terms of the applicable DC Pension Plan. 

(E) In addition to the benefits to which the Executive is entitled under the DB Pension Plan, the Company shall pay to or in respect of
the Executive a lump sum amount, in cash, equal to the sum of (i) the commuted value of the benefit that would have accrued during the Severance Period, less the commuted value of the benefit, if any, accrued under a DB Pension Plan in respect
of the Severance Period, as determined by an actuary appointed by the Company and further determined (a) as if the Executive earned compensation during such period equal to the sum of the Executive’s base salary and target bonus as in
effect immediately prior to the Date of Termination, or, if higher, as in effect immediately prior to the occurrence of the first event or circumstance constituting Good Reason, and (b) without regard to any amendment to the DB

  
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Pension Plan made subsequent to a Change in Control and on or prior to the Date of Termination, which amendment adversely affects in any manner the computation of benefits thereunder, and
(ii) the Executive’s unvested accrued benefit, if any, under the tax-qualified DB Pension Plan as of the Date of Termination that would have vested had Executive remained employed by the Company for the remainder of the Term. In addition,
the unvested portion, if any, of the Executive’s account balances under the registered and non-registered DB Pension Plans as of the Date of Termination that would have vested had Executive remained employed by the Company for the remainder of
the Term shall be fully vested as of the Date of Termination and shall be paid out in accordance with the terms of the applicable DB Pension Plan. 
 (F) Subject to the last sentence in this section 4.1(F), notwithstanding the terms of any award agreement or plan document to the contrary, the Executive shall be entitled to receive continued vesting of
any long term incentive awards, including awards of stock options but excluding awards of restricted stock and phantom stock, held by the Executive at the time of his or her termination of employment that are not vested or exercisable on such date,
in accordance with their terms as if the Executive’s employment had not terminated, for the duration of the Severance Period, with any options or similar rights to remain exercisable (to the extent exercisable at the end of the Severance
Period) for a period of 90 days following the close of the Severance Period, but not beyond the maximum original term of such options or rights. However, if, at the time of his severance under the terms of this agreement the Executive has attained
an age of 55 years and has at least 3 years of service, nothing in this section 4.1(F) shall truncate either the vesting period or the exercise period associated with an award. In the event that the terms of any award agreement or plan document, or
the actions of the Board in connection with a Change in Control, would provide the Executive with greater benefits with respect to Executive’s awards than those set forth in this paragraph (for example and without limitation, full accelerated
vesting of awards upon a Change in Control, a longer post-termination exercise period, lapse of restrictions on restricted stock, and/or other benefits in excess of or to a greater extent than those provided for in this paragraph with respect to any
of Executive’s awards), then the terms and conditions of any such award agreement, plan document or Board action (as the case may be), but only to the extent of such greater benefits, shall apply to such award, and nothing in this Agreement
shall be deemed to provide for or require the benefits only to the extent provided in the first two sentences of this Section 4.1(F). 

Except where otherwise expressly specified to the contrary under this Agreement, all lump sum payments under this Section 4.1 shall be paid within
the sixty (60) day period immediately following the Executive’s Separation from Service, but only if the Executive has executed by such date as the Company may prescribe (which date shall in no event be later than the 50th day following
the Executive’s Separation from Service) and not revoked the release of claims in accordance with the first paragraph of this Section 4.1. If the payment period described in the immediately preceding sentence begins in one taxable year and
ends in another taxable year, payments described herein shall be made in the second taxable year. 

  
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 If the Executive is or becomes a US Taxpayer and is a Specified Employee on the date of his
Separation from Service, any such payment (other than payments under Section 4.1(A)) that the Executive would otherwise be entitled to receive during the first six months following the Executive’s Separation from Service shall be
accumulated and paid within fifteen (15) business days after the date that is six months following the Executive’s Separation from Service, or if earlier on the first day of the month following Executive’s death. The preceding
sentence shall not apply if payments are being made to the Executive upon a Change in Control pursuant to Section 4.3. 

4.2(A) Notwithstanding any other provisions of this Agreement, in the event that any payment or benefit received or to be received by the
Executive (including any payment or benefit received in connection with a Change in Control or the termination of the Executive’s employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (all such
payments and benefits, including the Severance Payments, being hereinafter referred to as the “Total Payments”) would be subject (in whole or part), to the Excise Tax, then, after taking into account any reduction in the Total Payments
provided by reason of Code section 280G in such other plan, arrangement or agreement, the cash Severance Payments shall first be reduced, and the noncash Severance Payments shall thereafter be reduced, to the extent necessary so that no portion of
the Total Payments is subject to the Excise Tax but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking
into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net
amount of United States federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of
itemized deductions and personal exemptions attributable to such unreduced Total Payments). 
 (B) For purposes of determining
whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the Executive shall have waived at such time and in such manner as not to constitute a
“payment” within the meaning of Code Section 280G(b) shall be taken into account, (ii) no portion of the Total Payments shall be taken into account which, in the opinion of tax counsel (“Tax Counsel”) who is reasonably
acceptable to the Executive and selected by the accounting firm (the “Auditor”) which was, immediately prior to the Change in Control, the Company’s independent auditor, does not constitute a “parachute payment” within the
meaning of Code Section 280G(b)(2) (including by reason of Code Section 280G(b)(4)(A)) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of Tax Counsel, constitutes
reasonable compensation for services actually rendered, within the meaning of Code Section 280G(b)(4)(B), in excess of the Base Amount allocable to such reasonable compensation, and (iii) the value of any non-cash benefit or any deferred
payment or benefit included in the Total Payments shall be determined by the Auditor in accordance with the principles of Code Sections 280G(d)(3) and (4). 

  
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 (C) At the time that payments are made under this Agreement, the Company shall provide the
Executive with a written statement setting forth the manner in which such payments were calculated and the basis for such calculations including, without limitation, any opinions or other advice the Company has received from Tax Counsel, the Auditor
or other advisors or consultants (and any such opinions or advice which are in writing shall be attached to the statement). 

(D) For greater certainty, the Executive shall not be entitled to receive any benefit or amount that constitutes a reduction or
elimination of the Total Payment. 
 4.3 Notwithstanding anything in this Agreement to the contrary, if
(i) Executive’s employment is terminated prior to a Change in Control but after the Company and/or a third party have taken affirmative steps reasonably calculated to effectuate a Change in Control, (ii) such termination is a
termination by the Company without Cause, or by the Executive for reasons that would have constituted Good Reason had they occurred following a Change in Control, and the event or actions taken by the Company in connection with such termination have
been taken at the request or suggestion of such third party, and (iii) a Change in Control involving such third party (or a party competing with such third party to effectuate a Change in Control) does in fact occur, then for purposes of this
Agreement, the date immediately prior to the date of such termination shall be treated as a Change in Control. For purposes of determining the timing of payments and benefits to the Executive under this Agreement in such event, the date of
the actual Change in Control shall be treated as the date of the Executive’s Separation from Service and for purposes of determining the amount of payments and benefits to the Executive under this Section 4, the date
Executive’s employment is actually terminated shall be treated as the Executive’s Date of Termination under Section 1(N). 
 5. Notice of Termination. After a Change in Control and during the Term, any purported termination of the Executive’s employment (other than by reason of death) shall be communicated by
written Notice of Termination from one party hereto to the other party hereto in accordance with Section 12 hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific
termination provision in this Agreement relied upon. 
 6. No Mitigation. The Company agrees that, if the
Executive’s employment with the Company terminates during the Term, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to Section 4 hereof.
Further, except as specifically provided in Section 4.1(C) hereof, no payment or benefit provided for in this Agreement shall be reduced by any compensation earned by the Executive as the result of employment by another employer, by retirement
benefits, by offset against any amount claimed to be owed by the Executive to the Company, or otherwise. 

  
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 7. Restrictive Covenants. 

7.1 Noncompetition and Nonsolicitation. During the Restricted Period (as defined below), the Executive agrees that he or she shall
not, without the Company’s prior written consent, for any reason, directly or indirectly, either as principal, agent, manager, employee, partner, shareholder, director, officer, consultant or otherwise (A) become engaged or involved in any
business (other than as a less-than three percent (3%) equity owner of any corporation traded on any national, international or regional stock exchange or in the over-the-counter market) that competes with the Company or any of its Affiliates
in the business of gathering, processing, distribution, storage or transmission of natural gas, resale or arranging for the purchase or for the resale, brokering, marketing, or trading of natural gas, or derivatives thereof; energy management and
the provision of energy solutions; gathering, compression, treating, processing, fractionation, transportation, trading, marketing of natural gas components, including natural gas liquids; and sales and marketing of natural gas, domestically and
abroad; and any other business in which the Company, including Affiliates, is engaged at the termination of the Executive’s continuous employment by the Company, including Affiliates; or (B) induce or attempt to induce any customer,
client, supplier, employee, agent or independent contractor of the Company or any of its Affiliates to reduce, terminate, restrict or otherwise alter its business relationship with the Company or its Affiliates. The provisions of this
Section 7.1 shall be limited in scope and effective only within the following geographical areas: (i) any country in the world where the Company, including Affiliates, has at least US$25 million in capital deployed as of termination of the
Executive’s continuous employment by Company, including Affiliates; (ii) the continent of North America; (iii) the United States of America and Canada; (iv) the United States of America; (v) the states of Florida, Texas,
California, Massachusetts, Illinois, Michigan, New York, Colorado, Oklahoma, Ohio, Kentucky, Indiana, Pennsylvania, Connecticut and Louisiana; (vi) the states of Texas, Colorado, Massachusetts, Louisiana, Pennsylvania, and Connecticut and
(vii) any state or states with respect to which was conducted a business of the Company, including Affiliates, which business constituted a substantial portion of the Executive’s employment. The parties intend the above geographical areas
to be completely severable and independent, and any invalidity or unenforceability of this Agreement with respect to any one area shall not render this Agreement unenforceable as applied to any one or more of the other areas. Nothing in
Section 7.1 shall be construed to prohibit the Executive being retained during the Restricted Period in a capacity as an attorney licensed to practice law, or to restrict the Executive providing advice and counsel in such capacity, in any
jurisdiction where such prohibition or restriction is contrary to law. 
 7.2 Restricted Period. For purposes of this
Agreement, “Restricted Period” shall mean the period of the Executive’s employment during the Term and, in the event of a termination of the Employee’s employment following a Change in Control that entitles Executive to Severance
Payments covered by Section 4 hereof, the twelve (12) month period following such termination of employment, commencing from the Date of Termination. 

  
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 7.3 Forfeiture and Repayments. The Executive agrees that, in the event he or she
violates the provisions of Section 7 hereof during the Restricted Period, he or she will forfeit and not be entitled to any Severance Payments or any non-cash benefits or rights under this Agreement (including, without limitation, stock option
rights), other than the payments provided under Section 3 hereof. The Executive further agrees that, in the event he or she violates the provisions of Section 7 hereof following the payment or commencement of any Severance Payments,
(A) he or she will forfeit and not be entitled to any further Severance Payments, and (B) he or she will be obligated to repay to the Company an amount in respect of the Severance Payments previously made to him or her under Section 4
hereof (the “Repayment Amount”). The Repayment Amount shall be determined by aggregating the cash Severance Payments made to the Executive and multiplying the resulting amount by a fraction, the numerator of which is the number of full and
partial calendar months remaining in the Severance Period at the time of the violation (rounded to the nearest quarter of a month), and the denominator of which is twenty-four (24). The Repayment Amount shall be paid to the Company in cash in a
single sum within ten (10) business days after the first date of the violation, whether or not the Company has knowledge of the violation or has made a demand for payment. Any such payment made following such violation shall bear interest daily
from the date of violation to the date of payment at a rate that shall vary in tandem with variances in the “prime lending rate” published from time to time by Citibank, N.A. plus 1%. Furthermore, in the event the Executive violates the
provisions of Section 7 hereof, and notwithstanding the terms of any award agreement or plan document that is not a registered pension plan to the contrary (which, other than a registered pension plan, shall be considered to be amended to the
extent necessary to reflect the terms hereof), the Executive shall immediately forfeit the right to exercise any stock option or similar rights that are outstanding at the time of the violation, and the Repayment Amount, calculated as provided
above, shall be increased by the amount of any gains (measured by the difference between the aggregate fair market value on the date of exercise of shares underlying the stock option or similar right (including without limitation restricted stock,
restricted stock units, performance shares and phantom stock units) and the aggregate exercise price (if any) of such stock option or similar right) realized by the Executive upon the exercise or payment of such stock options or similar rights
within the one-year period prior to the first date of the violation. 
 7.4 Permissive Release. The Executive may request
that the Company release him or her from the restrictive covenants of Section 7.1 hereof upon the condition that the Executive forfeit and repay all termination benefits and rights provided for in Section 4.1 hereof. The Company may, in
its sole discretion, grant such a release in whole or in part or may reject such request and continue to enforce its rights under this Section 7. 
 7.5 Consideration; Survival. The Executive acknowledges and agrees that the compensation and benefits provided in this Agreement constitute adequate and sufficient consideration for the covenants
made by the Executive in this Section 7 and in the remainder of this Agreement. As further consideration for the covenants made by the Executive in this Section 7 and in the remainder of this Agreement, the Company has

  
 13 

 
provided and will provide the Executive certain proprietary and other confidential information about the Company, including, but not limited to, business plans and strategies, budgets and
budgetary projections, income and earnings projections and statements, cost analyses and assessments, and/or business assessments of legal and regulatory issues. The Executive’s obligations under this Section 7 shall survive any
termination of his or her employment as specified herein. 
 8. Confidentiality. The Executive acknowledges that during
the Executive’s employment with the Company or any of its Affiliates, the Executive will acquire, be exposed to and have access to, non-public material, data and information of the Company and its Affiliates and/or their customers or clients
that is confidential, proprietary, and/or a trade secret (“Confidential Information”). At all times, both during and after the Term, the Executive shall keep and retain in confidence and shall not disclose, except as required and
authorized in the course of the Executive’s employment with the Company or any its Affiliates, to any person, firm or corporation, or use for his or her own purposes, any Confidential Information. For purposes of this Agreement, such
Confidential Information shall include, but shall not be limited to: sales methods, information concerning principals or customers, advertising methods, financial affairs or methods of procurement, marketing and business plans, strategies (including
risk strategies), projections, business opportunities, inventions, designs, drawings, research and development plans, client lists, sales and cost information and financial results and performance. Notwithstanding the foregoing, “Confidential
Information” shall not include any information known generally to the public (other than as a result of unauthorized disclosure by the Executive or by the Company or its Affiliates). The Executive acknowledges that the obligations pertaining to
the confidentiality and non-disclosure of Confidential Information shall remain in effect for a period of five (5) years after termination of employment, or until the Company or its Affiliates has released any such information into the public
domain, in which case the Executive’s obligation hereunder shall cease with respect only to such information so released into the public domain; provided, however, with respect to those items of Confidential Information which constitute a trade
secret as defined by the applicable laws governing the protection of trade secrets of the Company, the Executive’s obligation of confidentiality shall continue to survive after the 5-year period to the greatest extent permitted by applicable
trade secret law. The Executive’s obligations under this Section 8 shall survive any termination of his or her employment. If the Executive receives a subpoena or other judicial or governmental process requiring that he or she produce,
provide or testify about Confidential Information, the Executive shall notify the Company and cooperate fully with the Company in resisting disclosure of the Confidential Information. The Executive acknowledges that the Company has the right either
in the name of the Executive or in its own name to oppose or move to quash any subpoena or other legal process directed to the Executive regarding Confidential Information. Notwithstanding any other provision of this Agreement, the Executive remains
free to report or otherwise communicate any nuclear safety concern, any workplace safety concern, or any public safety concern to the United States Department of Labor or to any other appropriate Canadian or United States federal, state or
provincial governmental agency, and the Executive remains free to participate in any Canadian or United States federal, provincial or state administrative, 

  
 14 

 
judicial, or legislative proceeding or investigation with respect to any claims and matters not resolved and terminated pursuant to this Agreement. With respect to any claims and matters resolved
and terminated pursuant to this Agreement, the Executive is free to participate in any Canadian or United States federal, state or provincial administrative, judicial, or legislative proceeding or investigation if subpoenaed. The Executive shall
give the Company, through its legal counsel, notice, including a copy of the subpoena, within twenty-four (24) hours of receipt thereof. 
 9. Return of Company Property. All records, files, lists, including, computer generated lists, drawings, documents, equipment and similar items relating to the business of the Company and its
Affiliates which the Executive shall prepare or receive from the Company or its Affiliates shall remain the sole and exclusive property of Company and its Affiliates. Upon termination of the Executive’s employment for any reason, the Executive
shall promptly return all property of Company or any its Affiliates in his or her possession. The Executive further represents that he or she will not copy or cause to be copied, print out or cause to be printed out any software, documents or other
materials originating with or belonging to the Company or any of its Affiliates. 
 10. Acknowledgement and Enforcement.
The Executive acknowledges that the restrictions contained in this Agreement with regards to the Executive’s use of Confidential Information and his or her future business activities are fair, reasonable and necessary to protect the
Company’s legitimate protectable interests, particularly given the competitive nature and broad scope of the Company’s business and that of its Affiliates, as well as the Executive’s position with the Company. The Executive further
acknowledges that the Company may have no adequate means to protect its rights under this Agreement other than by securing an injunction (a court order prohibiting the Executive from violating this Agreement). The Executive therefore agrees that the
Company, in addition to any other right or remedy it may have, shall be entitled to enforce this Agreement by obtaining a preliminary and permanent injunction and any other appropriate equitable relief in any court of competent jurisdiction. The
Executive acknowledges that the recovery of damages will not be an adequate means to redress a breach of this Agreement, but nothing in this Section 10 shall prohibit the Company from pursuing any remedies in addition to injunctive relief,
including recovery of damages and/or any forfeiture or repayment obligations provided for herein. 
 11. Successors; Binding
Agreement. 
 11.1 In addition to any obligations imposed by law upon any successor to the Company, the Company will
require that any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption and agreement to perform this Agreement prior to the effectiveness of any Change
in Control shall be a breach of this Agreement and shall constitute Good Reason hereunder. For purposes of implementing the foregoing, the date on which any such Change in Control becomes effective shall be deemed the date Good Reason occurs, and
shall be the Date of Termination if requested by the Executive. 

  
 15 

 11.2 This Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive shall die while any amount would still be payable to the Executive hereunder (other than amounts which, by their
terms, terminate upon the death of the Executive) if the Executive had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the executors, personal representatives or
administrators of the Executive’s estate. 
 12. Notices. All notices or other communications hereunder shall be in
writing and shall be deemed to have been duly given (a) when delivered personally, (b) upon confirmation of receipt when such notice or other communication is sent by facsimile, (c) one day after timely delivery to an overnight
delivery courier, or (d) when delivered or mailed by Canadian or United States registered mail, return receipt requested, postage prepaid. Such notices shall be directed, in the case of the Company, to the Company’s chief legal officer at
the principal executive offices of the Company and, in the case of the Executive, to the Executive at the most recent address on file in the payroll records of the Company. Either party hereto may, by notice to the other, change its address for
receipt of notices hereunder. 
 13. Unintended Tax Consequences It is the intention of the Company and the Executive
that this Agreement is written and administered, and will be interpreted and construed, in a manner such that no amount under this Agreement becomes subject to (a) gross income inclusion under Code Section 409A, (b) interest and
additional tax under Code Section 409A (collectively, “Section 409A Penalties”), including, where appropriate, the construction of defined terms to have meanings that would not cause the imposition of the Section 409A Penalties,
(c) taxation as a “salary deferral arrangement” “debt obligation” or similar arrangement requiring amounts accrued in any year hereunder for the period the Executive is employed by the Company to be included in current
income for that period for tax purposes under the ITA. Accordingly, the Executive consents to any amendment of this Agreement as the Company may reasonably make in furtherance of such intention, and the Company shall promptly provide, or make
available to, the Executive a copy of such amendment. Further, to the extent that any terms of the Agreement are ambiguous, such terms shall be interpreted as necessary to comply with Code Section 409A. 

14. Miscellaneous. Except as otherwise provided in Section 13 hereof, no provision of this Agreement may be modified, waived
or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and the Chairman of the Board (or such officer as may be specifically designated by the Chairman of the Board). No waiver by either party
hereto at any time of any breach by the other party hereto of, or of any lack of compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar

  
 16 

 
or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement supersedes any other agreements or representations, oral or otherwise, express or implied,
with respect to the subject matter hereof which have been made by either party or Duke Energy provided, however, that this Agreement shall supersede any agreement setting forth the terms and conditions of the Executive’s
employment with the Company only in the event that the Executive’s employment with the Company is terminated on or within two years following a Change in Control, by the Company other than for Cause or by the Executive for Good Reason or under
the circumstances described in Section 4.3. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the Province of Ontario and the laws of Canada applicable therein. All references to
sections or provisions of the Exchange Act, the Code or the ITA shall be deemed also to refer to any successor provisions to such sections or provisions. Any payments provided for hereunder shall be paid net of any withholding required under
applicable law and any additional withholding to which the Executive has agreed and no such payments shall be treated as creditable compensation under any other employee benefit plan, program, arrangement or agreement of or with the Company or its
affiliates, except as expressly required by minimum standards law. The obligations of the Company and the Executive under this Agreement which by their nature may require either partial or total performance after the expiration of the Term
(including, without limitation, those under Section 4 hereof) shall survive such expiration. 
 15. Certain Legal
Fees. To provide the Executive with reasonable assurance that the purposes of this Agreement will not be frustrated by the cost of enforcement, the Company shall reimburse the Executive promptly after receipt of an invoice for reasonable
lawyers’ fees and expenses incurred by the Executive as a result of a claim that the Company has breached or otherwise failed to perform its obligations under this Agreement or any provision hereof, regardless of which party, if any, prevails
in the contest; provided, however, that Company shall not be responsible for such fees and expenses to the extent incurred in connection with a claim made by the Executive that the trier of fact in any such contest finds to be
frivolous or if the Executive is determined to have breached his or her obligations under Sections 7, 8, 9, 16, or 17 of this Agreement; and provided further, however, the Company shall not be responsible for such fees or expenses in
excess of $50,000 in the aggregate. Notwithstanding the preceding sentence, no reimbursement shall be made for lawyers’ fees and expenses incurred after the last day of the second taxable year of the Executive following the taxable year in
which the Executive incurs a Separation from Service and reimbursement of such amounts will not be made later than the last day of the third taxable year of the Executive following the taxable year in which the Executive incurs the Separation from
Service. The Company will also reimburse the Executive for lawyer’s fees and expenses incurred to provide advice in connection with entering into this Agreement to a maximum of $5,000 in the aggregate, upon receipt of an invoice or other
supporting document. 
 16. Cooperation. The Executive agrees that he or she will fully cooperate in any litigation,
proceeding, investigation or inquiry in which the Company or its Affiliates may be or become involved. The Executive also agrees to cooperate fully with 

  
 17 

 
any internal investigation or inquiry conducted by or on behalf of the Company. Such cooperation shall include the Executive making himself or herself available, upon the request of the Company
or its counsel, for depositions, court appearances and interviews by Company’s counsel. The Company shall reimburse the Executive for all reasonable and documented out-of-pocket expenses incurred by him or her in connection with such
cooperation. To the maximum extent permitted by law, the Executive agrees that he or she will notify the Board if he or she is contacted by any government agency or any other person contemplating or maintaining any claim or legal action against the
Company or its Affiliates or by any agent or attorney of such person. Nothing contained in this Section 16 shall preclude the Executive from providing truthful testimony in response to a valid subpoena, court order, regulatory request or as may
be required by law. Payment for expenses to be reimbursed under this Section 16 may not be made after December 31st of the year following the year in which the expense was incurred. 

17. Non-Disparagement. The Executive agrees that he or she will not make or publish, or cause to be made or published, any
statement which is, or may reasonably be considered to be, disparaging of the Company or its Affiliates, or directors, officers or employees of the businesses of the Company or its Affiliates. Nothing contained in this Section 17 shall preclude
the Executive from providing truthful testimony in response to a valid subpoena, court order, regulatory request or as may be required by law. 
 18. Validity; Severability. The invalidity or unenforceability of any provision of any Section or sub-Section of this Agreement, including, but not limited to, any provision contained in
Section 7 hereof, shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. If any provision of this Agreement is held to be unenforceable because of the scope,
activity or duration of such provision, or the area covered thereby, the parties hereto agree to modify such provision, or that the court making such determination shall have the power to modify such provision, to reduce the scope, activity,
duration and/or area of such provision, or to delete specific words or phrases therefrom, and in its reduced or modified form, such provision shall then be enforceable and shall be enforced to the maximum extent permitted by applicable law.

 19. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an
original but all of which together will constitute one and the same instrument. 
 20. Settlement of Disputes. Prior to
any legal proceeding or civil action by the Executive in respect of this Agreement, all claims by the Executive for payments or benefits under this Agreement shall be directed to and determined by the Chairman of the Board and shall be in writing.
Any denial by the Chairman of the Board of a claim for payments or benefits under this Agreement shall be delivered to the Executive in writing and shall set forth the specific provisions of this Agreement relied upon. 

  
 18 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

			
	SPECTRA ENERGY CORP
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	  

		 	EXECUTIVE

  
 19 

 EXHIBIT A 
 RELEASE OF CLAIMS 
 This RELEASE OF CLAIMS (the “Release”) is executed
and delivered by                              (the “Employee”) to SPECTRA ENERGY CORP
(together with its successors, the “Company”). 
 In consideration of the agreement by the Company to provide the
Employee with the rights, payments and benefits under the Change in Control Agreement between the Employee and the Company dated
                         , 20     (the “Severance Agreement”), the Employee
hereby agrees as follows: 
 Section 1. Release and Covenant. The Employee, of his or her own free will, voluntarily and
unconditionally releases and forever discharges the Company, its subsidiaries, parents, affiliates, their directors, officers, employees, agents, stockholders, successors and assigns (both individually and in their official capacities with the
Company) (the “Company Releasees”) from, any and all past or present causes of action, suits, agreements or other claims which the Employee, his or her dependents, relatives, heirs, executors, administrators, successors and assigns has or
may hereafter have from the beginning of time to the date hereof against the Company or the Company Releasees upon or by reason of any matter, cause or thing whatsoever, including, but not limited to, any matters arising out of his or her employment
by the Company, the cessation of said employment and any employment contract/benefits policy with the Company, and including, but not limited to, any alleged violation of applicable Canadian or United States federal, state, provincial or local law
(including but not limited to human rights legislation, pension legislation and employment standards legislation), regulation or ordinance, or public policy, contract or tort law having any bearing whatsoever on the terms and conditions of
employment or termination of employment and, without limiting the generality of the foregoing, any claims, applications, causes of action, complaints, demands or proceedings related to salary, wages, bonus, commissions, benefits, pension, deferred
income, perquisites, incentive compensation, equity compensation, stock options, holiday pay, sick pay, overtime pay, termination pay, vacation pay, severance pay, compensation in lieu of notice, damages, damages for wrongful/constructive dismissal,
reinstatement of employment, This Release shall not, however, constitute a waiver of any of the Employee’s rights under the Change of Control Agreement. 
 Section 2. Due Care. The Employee acknowledges that he or she has received a copy of this Release prior to its execution and has been advised hereby of his or her opportunity to review and consider
this Release for 21 days prior to its execution. The Employee further acknowledges that he or she has been advised hereby to consult with a lawyer prior to executing this Release. The Employee enters into this Release having freely and knowingly
elected, after due consideration, to execute this Release and to fulfill the promises set forth herein. This Release shall be revocable by the Employee during the 7-day period following its execution, and shall not become effective or enforceable
until the expiration of such 7-day period. In the event of such a revocation, the Employee shall not be entitled to the consideration for this Release set forth above. 

  
 20 

 Section 3. Nonassignment of Claims; Proceedings. The Employee represents and warrants
that there has been no assignment or other transfer of any interest in any claim which the Employee may have against the Company or any of the Company Releasees. The Employee represents that he or she has not commenced or joined in any claim,
charge, action or proceeding whatsoever against the Company or any of the Company Releasees arising out of or relating to any of the matters set forth in this Release. The Employee further agrees that he or she will not seek or be entitled to any
personal recovery in any claim, charge, action or proceeding whatsoever against the Company or any of the Company Releasees for any of the matters set forth in this Release. 
 Section 4. Reliance by Employee. The Employee acknowledges that, in his or her decision to enter into this Release, he or she has not relied on any representations, promises or agreements of any
kind, including oral statements by representatives of the Company or any of the Company Releasees, except as set forth in this Release and the Change of Control Agreement. 
 Section 5. Nonadmission. Nothing contained in this Release will be deemed or construed as an admission of wrongdoing or liability on the part of the Company or any of the Company Releasees.

 Section 6. Communication of Safety Concerns. Notwithstanding any other provision of this Agreement, the Employee remains
free to report or otherwise communicate any nuclear safety concern, any workplace safety concern, or any public safety concern to the Nuclear Regulatory Commission, United States Department of Labor, or any other appropriate United States or
Canadian federal, provincial or state governmental agency, and the Employee remains free to participate in any such governmental, administrative, judicial, or legislative proceeding or investigation with respect to any claims and matters not
resolved and terminated pursuant to this Agreement. With respect to any claims and matters resolved and terminated pursuant to this Agreement, the Employee is free to participate in any governmental, administrative, judicial, or legislative
proceeding or investigation if subpoenaed. The Employee shall give the Company, through its legal counsel, notice, including a copy of the subpoena, within twenty-four (24) hours of receipt thereof. 

Section 7. Governing Law. This Release shall be interpreted, construed and governed according to the laws of the Province of Ontario
and the laws of Canada applicable therein. 
 Section 8. Severability. It is understood by you and the Company that if any
part of this Release of Claims is held by a court to be invalid, the remaining portions shall not be affected. 

  
 21 

 This RELEASE OF CLAIMS is executed by the Employee and delivered to the Company on
                        , 20    . 

EMPLOYEE 
  

 
 [not to be signed
upon execution of Change in Control Agreement] 

  
 22Amendment To Employee Agreement

 Aflac Incorporated 2011 Form 10-K  

EXHIBIT 10.37 

AMENDMENT TO EMPLOYMENT AGREEMENT 
 THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”), made and entered into as of the 14th day of December, 2011, by and between Aflac Incorporated, a Georgia corporation, hereinafter referred to as
“Corporation,” and Joey M. Loudermilk, a resident of said State and County, hereinafter referred to as “Employee;” 

WITNESSETH THAT: 
 WHEREAS,
Corporation and Employee have entered into an employment agreement, effective as of September 1, 1994, which has been amended from time-to-time (the “Employment Agreement”); and 

WHEREAS, the Corporation and Employee wish to enter into this Amendment to limit or stop the payment of certain disability or severance payments
under the Employment Agreement if Employee has satisfied the criteria to receive the maximum percentage of retirement benefits available under the Aflac Incorporated Supplemental Executive Retirement Plan (i.e., to prevent the overlap of
those payments with normal retirement benefits under the plan); 
 NOW, THEREFORE, for and in consideration of the mutual promises,
covenants and agreements hereinafter contained and other good and valuable consideration, the sufficiency of which is acknowledged, the parties hereby contract and agree to amend the Employment Agreement as follows, to-wit: 

 

	1.	The second paragraph of Paragraph 12 of the Employment Agreement hereby is amended by deleting said paragraph in its entirety and by substituting in lieu thereof the
following: 

 Should Employee become totally disabled as a result of sickness or accident and unable
to adequately perform his regular duties prescribed under this Agreement, his base salary (which shall continue to be adjusted as provided for in Paragraph 5), together with incentive bonuses under the Corporation’s Management Incentive Plan
and his participation in Corporation’s employee benefit programs and retirement plan shall continue without reduction except as hereinafter provided, during the continuance of such disability of a period not exceeding the earlier of
(1) the end of the term of this Agreement or any extension hereof or (2) a period of one and one-half (1-1/2) years (547 calendar days) for each continuous disability. Payments pursuant to this paragraph 12 shall be reduced by any amounts
paid to Employee during any such period of disability from time to time under any disability programs, plans or policies maintained by Corporation, its subsidiaries or affiliates. In addition, if during, or on the first day of, the period Employee
is receiving such disability pay and benefits, (i) Employee reaches or has reached the date upon which he satisfies the criteria to receive the maximum percentage of retirement benefits available under the Aflac Incorporated Supplemental
Executive Retirement Plan (the “Maximum Retirement Benefit Date”); and (ii) upon or after the Maximum Retirement Benefit Date, there ceases to be a reasonable expectation that he will return to perform services for Corporation, such
that Employee has a separation from service (as defined below) and his Benefit Commencement Date under the Aflac Incorporated Supplemental Executive Retirement Plan (the “SERP”) has occurred (whether or not the SERP benefit payments are to
actually commence on his Benefit Commencement Date or are to be delayed by six (6) months as may be required under the SERP to satisfy the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section
409A”)); the amount of disability pay consisting of base salary and cash incentive bonuses being paid or payable under this Paragraph 12 shall be reduced effective as of the date of such separation from service to an amount that is forty
percent (40%) of the amount being paid or payable immediately before such date. 
  

	2.	The fourth paragraph of Paragraph 12 of the Employment Agreement hereby is amended by deleting said paragraph in its entirety and by substituting in lieu thereof the following:

 If, following Employee’s becoming totally disabled, this Agreement shall be terminated (as provided
in the preceding paragraph) and Employee’s employment with Corporation terminated, Employee shall be 100% vested in, and entitled to, benefits under the SERP determined as if Employee’s “Years of Participation” and “Years of
Employment” (as such terms (or similar terms) are defined in the SERP) include the period of time before such termination date during which Employee was totally disabled. Furthermore, if on such termination date Employee is not yet eligible for
an early retirement benefit under the SERP, Employee will be entitled to benefits under the SERP the amount of which shall be determined as if his termination date was Employee’s 

 
Early Retirement Date (as such term is defined in the SERP); provided, these provisions shall not affect the timing or form of his SERP distributions, which shall be determined solely under the
terms of the SERP. 
  

	3.	Paragraphs 13.A(2)(a) and (b) of the Employment Agreement hereby are amended by deleting said paragraphs in their entirety and by substituting in lieu thereof the
following: 

 (a) upon Employee’s separation from service, pay Employee his base salary as
provided for in Paragraph 5 of this Agreement up to the end of the scheduled term of this Agreement; provided, if at the time Employee has a separation from service (such that his Benefit Commencement Date under the SERP has occurred) Employee has
attained his Maximum Retirement Benefit Date, all payments being paid or payable under this subparagraph (a) shall cease or not commence, as applicable. Such amount, if any, payable under this subparagraph (a) for the period after his
Actual Termination Date will be paid in accordance with the regular payroll schedule applicable to all other similarly-situated active executive employees of Corporation commencing with the next regularly scheduled payday, with any portion of such
amount that is not exempt from Section 409A and that is otherwise payable within the six (6)-month period beginning on the date of his separation from service being paid in a lump sum upon the day after the six (6)-month anniversary of his
separation from service; 
 (b) pay Employee an amount equal to a portion of his performance bonus compensation as provided
for in Paragraph 7 of this Agreement prorated based on the number of days through the end of the scheduled term of this Agreement; provided, if at the time Employee has a separation from service (such that his Benefit Commencement Date under the
SERP has occurred) Employee has attained his Maximum Retirement Benefit Date, all payments being paid or payable under this subparagraph (b) shall cease or not commence, as applicable. The amount of such bonus payable under this subparagraph
(b), if any, will be paid to Employee pursuant to the terms and customary operations of the Management Incentive Program (or other applicable bonus program) except that Employee’s performance will be deemed to be at target while actual
performance of Corporation will be applied; provided, if the scheduled term of this Agreement ends after the calendar year in which the notice of termination is given, (i) the bonus payment for the calendar year in which such notice is given
will be paid without any proration; and (ii) the amount of the bonus payment for the calendar year in which the scheduled term of this Agreement ends will be calculated on a pro rata basis, using the number of days elapsed during such calendar
year through the end of the scheduled term of this Agreement, and will be paid upon Employee’s separation from service in a lump sum between January 1 and March 15, inclusive, of the calendar year following the calendar year in which
the scheduled term of this Agreement ends or, if later and the payment is not exempt from Section 409A, upon the day after the six (6)-month anniversary of his separation from service; 

 

	4.	Paragraph 18.B(3) of the Employment Agreement hereby is amended by deleting said paragraph in its entirety and by substituting in lieu thereof the following:

 (3) In lieu of any further salary payments to Employee for periods subsequent to the Termination Date,
the Corporation shall pay to Employee, immediately after the Termination Date, a lump sum severance payment, in cash, equal to three times the sum of (i) Employee’s annual base salary in effect immediately prior to the Change in Control
and (ii) the higher of the amount paid to Employee pursuant to the Corporation’s Management Incentive Plan (or any successor plan thereto) for the year preceding the year in which the Termination Date occurs or paid in the year preceding
the year in which the Change in Control occurs; provided, if Employee’s separation from service occurs more than twenty-four (24) months after the Change in Control, only the portion of such lump-sum severance payment in excess of the
total amount that would have been payable under Paragraphs 13.A(2)(a) and (b) shall be paid pursuant to the terms hereinabove, and the remainder shall be paid pursuant to the terms of Paragraphs 13.A(2)(a) and (b) as if no Change in
Control had occurred; and, provided further, to the extent any amount of such lump-sum amount payable after the Termination Date is not exempt from Section 409A, such amount will be paid upon the day after the six (6)-month anniversary of
Employee’s separation from service; provided further, if upon his Termination Date Employee has attained his Maximum Retirement Benefit Date, no amount shall be payable under this subparagraph 3. 

 

	5.	This amendment shall be effective as of December 14, 2011. 

  
 2 

	6.	Except as specifically amended hereby, the Employment Agreement shall remain in full force and effect. 

IN WITNESS WHEREOF, Corporation has hereunto caused its name to be signed and its seal to be affixed by its duly authorized officers, and Employee
has hereunto set his hand and seal, all being done in duplicate originals, with one original being delivered to each party as of the 14th day of December, 2011. 
  

	
	AFLAC Incorporated
	
	/s/ Daniel P. Amos
	 DANIEL P. AMOS, President and
 Chief Executive
Officer

  

	
	ATTEST:
	
	/s/ J. Matthew Loudermilk
	Assistant Secretary

 CORPORATE SEAL 
  

			
		
	/s/ Joey Loudermilk	 	(L.S.)
	(JOEY M. LOUDERMILK)	 	
		
	/s/ Paul S. Amos	 	 
	WITNESS	 	

  
 3

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