Document:

Exhibit

EXHIBIT 10.23
SPECTRA ENERGY CORP
EXECUTIVE SAVINGS PLAN
(As Amended  and Restated  Effective as of May 1, 2012)

TABLE OF CONTENTS

	
			
	ARTICLE I TITLE AND EFFECTIVE DATE
	5

	1.1
	Name of Plan
	 

	1.2
	Effective Date
	 

	 
	 
	 

	ARTICLE II DEFINITIONS
	5

	 
	 
	 

	ARTICLE III ELIGIBILITY
	9

	3.1
	General
	 

	3.2
	Eligibility Under Predecessor Plan
	 

	 
	 
	 

	ARTICLE IV PARTICIPANT DEFERRALS/COMPANY CREDITS
	9

	4.1
	Base Pay Deferrals
	 

	4.2
	Incentive Plan Deferrals
	 

	4.3
	Automatic Deferral Election
	 

	4.4
	Deferrals of Stock Awards
	 

	4.5
	Dividend Equivalents Deferrals
	 

	4.6
	Retirement Savings Plan-  Excess Matching Contribution
	 

	4.7
	Elections
	 

	 
	 
	 

	ARTICLE V ASSUMED AMOUNTS AND FORMER PLANS
	13

	5.1
	Assumed Amounts
	 

	5.2
	Former Plans
	 

	 
	 
	 

	ARTICLE VI ACCOUNTS
	9

	6.1
	Maintenance of Participant Accounts
	 

	6.2
	Phantom Investment Options Generally
	 

	6.3
	Company Matching Contributions Subaccount
	 

	6.4
	Subaccount for Deferrals of Stock Awards
	 

	6.5
	Assumed Amounts
	 

	6.6
	Adjustments Duke Energy Common Stock Fund
	 

	6.7
	Transfer Elections
	 

	6.8
	Corporate Transactions
	 

	 
	 
	 

	ARTICLE VII BENEFITS
	13

	7.1
	Termination of Employment
	 

	7.2
	Election of Payment Option
	 

	7.3
	Payment Options
	 

	7.4
	Payments After Death
	 

	7.5
	Small Payments
	 

	
			
	7.6
	Form ofPayment
	 

	7.7
	Acceleration of Payment in the Event of Hardship
	 

	7.8
	In-Service Distribution Coupled with Ten Percent Forfeiture
	 

	 
	 
	 

	ARTICLE VIII BENEFICIARY
	16

	8.1
	Designation of Beneficiary
	 

	8.2
	Designation by Beneficiary
	 

	8.3
	Discharge of Obligations
	 

	8.4
	Payment to Minors and Incapacitated Persons
	 

	 
	 
	 

	ARTICLE IX NATURE OF COMPANY'S OBLIGATION
	17

	9.1
	Unsecured Promise
	 

	9.2
	No Right to Specific Assets
	 

	9.3
	Plan Provisions
	 

	 
	 
	 

	ARTICLE X TERMINATION, AMENDMENT, MODIFICATION OR  SUPPLEMENTATION OF PLAN
	18

	10.1
	Right to Terminate and Amend
	 

	 
	 
	 

	ARTICLE XI RESTRICTIONS ON ALIENATION OF BENEFITS
	19

	11.1
	No Assignment
	 

	11.2
	Domestic Relations Order
	 

	 
	 
	 

	ARTICLE XII ADMINISTRATION
	19

	12.1
	Top-Hat Plan
	 

	12.2
	Named Fiduciary
	 

	12.3
	Plan Administrator
	 

	 
	 
	 

	ARTICLE XIII CLAIMS PROCEDURE
	20

	13.1
	Claim
	 

	13.2
	Written Claim
	 

	13.3
	Committee Determination
	 

	13.4
	Notice of Determination
	 

	13.5
	Appeal
	 

	13.6
	Request for Review
	 

	13.7
	Determination of Appeal
	 

	13.8
	Hearing
	 

	13.9
	Decision
	 

	13.1
	Exhaustion of Appeals
	 

	13.11
	Committee's Authority
	 

	 
	 
	 

	ARTICLE XIV GENERAL PROVISIONS
	22

	14.1
	No Right to Employment
	 

	
			
	14.2
	Withholding
	 

	14.3
	Section 16
	 

	14.4
	Governing Law
	 

	14.5
	Compliance With Section 409A
	 

	 
	 
	 

SPECTRA ENERGY CORP
EXECUTIVE  SAVINGS PLAN

PURPOSE

The purposes of this Plan are (i) to provide deferred compensation for a select group of management or highly compensated employees and (ii) to provide for the payment of certain amounts deferred under the predecessor Duke Energy Corporation Executive Savings Plans I and II.  This Plan is intended to be a nonqualified, unfunded plan of deferred compensation for a select group of management or highly compensated employees that qualifies as a top-hat plan that is exempt from substantially all of the requirements of Title I of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"),  and shall be so interpreted and administered.

ARTICLE  I

TITLE AND EFFECTIVE DATE

1.1    Name of Plan.  This Plan shall be known as the Spectra Energy Corp Executive
Savings Plan (hereinafter referred to as "Plan").

1.2    Effective  Date.    The  Plan was first effective  as  of  the  Distribution Date (as defined below), and is hereby amended and restated effective as ofMay  1, 2012.

ARTICLE  II

DEFINITIONS

2.1    "Account"  shall mean the record of deferrals and contributions and adjustments
thereto maintained with respect to each Participant pursuant to Article VI.

2.2    "Automatic Deferral Compensation" shall mean an amount equal to: (i) the Maximum RSP Deferral Limitation for a Plan Year, divided by (ii) the "Maximum Matching Contribution Percentage" (as such term is defined in the RSP) for such Plan Year.

2.3    "Automatic  Deferral Election" shall  mean  the  deferral  election  made  by  a
Participant pursuant to Section 4.3.

2.4    "Automatic Deferral Election Date" shall mean the last day of the second Plan Year preceding the Plan Year to which a Participant's Automatic Deferral Election applies.  For example, the Automatic Deferral Election Date applicable to an Automatic Deferral Election for the 2011 Plan Year is December 31, 2009.

2.5    "Base  Pay" shall mean, for each Participant, the base salary as defined by the Company's normal payroll practices and procedures, paid during a Plan Year (or which would have been paid during a Plan Year but for salary reductions and elective deferrals under Code Sections 125 and 401(k) and Base Pay deferrals under this Plan).   In no event shall Base Pay include any compensation, whether paid or deferred, pursuant to Incentive Plans.

2.6    "Beneficiary"  means the person or persons designated by a Participant, or by another person entitled to receive benefits hereunder, to receive benefits following the death of such person.

2.7    "Board" shall mean the Board ofDirectors of Spectra Energy Corp.

2.8    "Change in Control" shall be deemed to have occurred upon:

(i)    an  acquisition  subsequent to  the  Distribution  Date  by  any  individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended) (a "Person") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (A) the then outstanding shares of common stock of Spectra Energy Corp (B) the combined voting power of the then outstanding voting securities of Spectra Energy Corp entitled to vote generally in the election of directors; excluding, however, the following: (1) any acquisition directly from Spectra Energy Corp, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from Spectra Energy Corp, (2) any acquisition by Spectra Energy Corp and (3) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by Spectra Energy Corp or its affiliated companies;

(ii)    during any period of two (2) consecutive years (not including any period prior to the Distribution Date), 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 Spectra Energy Corp's shareholders was approved by a vote of at least 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;

(iii)    the consummation, after the Distribution Date, of a merger, consolidation, reorganization or similar corporate transaction which has been approved by the shareholders  of  Spectra  Energy  Corp,  whether  or  not  Spectra  Energy  Corp  is  the surviving corporation in such transaction, other than a merger, consolidation, or reorganization that would result in the voting securities of Spectra Energy Corp outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least
50% of the combined voting power of the voting securities of Spectra Energy Corp (or such surviving entity) outstanding immediately after such merger, consolidation or reorganization; or

(iv)    the consummation, after the Distribution Date, of (A) the sale or other disposition of all or  substantially all of the assets of  Spectra  Energy Corp or (B) a complete liquidation or dissolution of Spectra Energy Corp, which has been approved by the shareholders of Spectra Energy Corp;

provided that in no event shall a Change in Control be deemed to have occurred by reason of any of the events resulting from the separation transaction pursuant to which Spectra Energy Corp becomes a separate publicly-held corporation for the first time.

2.9    "Code" shall mean the Internal Revenue Code of 1986, as amended from time to time.

2.10    "Committee"  shall  mean  the  Compensation  Committee  of  the  Board  or  its delegate.

2.11    "Company" shall mean Spectra Energy Corp and its affiliated companies.

2.12    "Company  Matching Subaccount"  shall mean the subaccount established and maintained pursuant to Section 6.3.

2.13    "Distribution  Date" has the  meaning given such  term in  the Separation and Distribution Agreement by and between Duke Energy Corporation and Spectra Energy Corp.

2.14    "Duke" means Duke Energy Corporation.

2.15    "Duke Energy Common Stock Fund'' shall mean the Duke Energy Corporation Retirement Savings Plan investment option that invests primarily in Duke Energy Corporation common stock.

Effective as of January 1, 2010, the Duke Energy Common Stock Fund was no longer available as an investment option under the Plan, and all amounts allocated thereto as of December 31, 2009 were reallocated to the Vanguard Prime Money Market Fund phantom investment option made available by the Committee pursuant to Section 6.2.

2.16    "Election  Date" with respect to a  Plan  Year shall  mean the  last day of the preceding Plan Year.   The Election Date for the Plan Year in which a Participant initially becomes eligible under the Plan under Section 3.1 shall be a date no later than 30 days after such individual is designated as eligible to participate in the Plan.

2.17    "Employee" shall mean an individual employed by the Company.

2.18    "ESP  Eligible Earnings" shall  mean "Eligible  Earnings"  (as  such  term  is defined in the RSP), but determined without regard to the compensation limitation under Section
40l(a)(17)  of the Code, plus any Base Pay deferrals and Incentive Plan deferrals pursuant to
Sections 4.1, 4.2 and 4.3.

2.19    "General Account" shall mean that portion of a Participant's Account that is not in a Subaccount.
2.20    "Incentive  Plans" shall mean the executive incentive compensation or  bonus plans sponsored by the Company which are designated as Incentive Plans by the Committee from time to time, and shall include, without limitation, the Spectra Energy Corp Short Term Incentive Plan, and any special bonuses that are both earned and paid during a Plan Year.

2.21    "KEDCP" shall mean the Panhandle Eastern Corporation Key Executive Deferred
Compensation Plan, as amended and restated effective January 1, 1996.

2.22    "Maximum   RSP  Deferral Limitation" shall  mean  the  maximum  amount of before tax contributions that may be contributed to the RSP under Section 402(g) of the Code for a Plan Year, plus, to the extent applicable to the Participant, the maximum amount of "catch-up" contributions that may be contributed to the RSP under Section 414(v) of the Code for the Plan Year.

2.23    "Participant"  shall mean any Employee for whom an Account is maintained under the Plan.  However for the purposes of Article IV, the term Participant shall mean only those Participants who remain eligible to participate in the Plan.

2.24    "Plan" shall mean the Spectra Energy Corp Executive Savings Plan.

2.25    "Plan Year" shall mean the calendar year.

2.26    "RSP" shall mean the Spectra Energy Corp Retirement Savings Plan.

2.27    "RSP  Investment Options" shall mean the various investment funds in which participants in the RSP can elect to have their RSP account balances invested.

2.28    "Spectra Energy Common Stock - Stock Deferrals Subaccount"  shall mean the subaccount established and maintained pursuant to Section 6.4.

2.29    "Spectra Energy Common Stock Fund"  shall mean the RSP Investment Option that invests primarily in Spectra Energy Corp common stock.

2.30    "Subaccounts"    shall    mean    the    CDP    Subaccounts    established    under Section 6.5(a), the Company-matching Subaccount, the KEDCP Subaccounts established under Section 6.5(b) and the Spectra Energy Common Stock- Stock Deferrals Subaccount established under Section 6.4.

2.31    "Termination of Employment" shall mean the date of a Participant's severance from employment with the Company by reason of death, retirement, resignation or discharge, as determined by the Committee in its sole discretion; provided, however, that such Termination of Employment constitutes a "separation from service" within the meaning of Code Section 409A.

2.32    "Transition Back Election Date" shall mean the last day of the second Plan Year preceding the Transition Back Year.  For instance, if a Participant changes his election from the Automatic Deferral Election to separate elections for Base Pay and Incentive Plan Awards under Sections 4.1 and 4.2 for the 2012 Plan Year, such election must be made by December 31,2010.

2.33    "Transition Back Year" shall mean the Plan Year for which the Participant first changes his election from the Automatic Deferral Election under Section 4.3 to separate elections for Base Pay and Incentive Plan Awards under Sections 4.1 and 4.2.

2.34    "Transition Year" shall mean the Plan Year preceding the Plan Year for which a
Participant first elects to make the Automatic Deferral Election under Section 4.3.

2.35    "Valuation Date" shall mean, with respect to a Participant, the last business day of the month during which such Participant's Termination of Employment occurs; provided, however, if the payment of a Participant's Account is delayed in accordance with Section 7.3(d), then Valuation Date shall mean the last business day of the month that precedes the Participant's payment under Section 7.3(a) or the first payment under Section 7.3(b), as the case may be.

Capitalized terms that are not defined in Article II shall have the meaning set forth in the
Company's 2007 Long-Term Incentive Plan, as amended from time to time

ARTICLE  III

ELIGIBILITY

3.1    General.    Any  Employee  designated  by  the  Committee  shall  be  eligible to
participate in the Plan on the date designated by the Committee and shall remain so eligible,
while continuing to be an Employee, until designated ineligible to participate by the Committee. Only Employees who are members of a "select group of management or highly compensated employees" under ERISA may participate in the Plan.

3.2    Eligibility  Under  Predecessor  Plan.    Notwithstanding  anything  contained  in Section 3.1 to the contrary, any active Employee who made a timely deferral election under the Duke Plan prior to the Distribution Date will be eligible to participate in the Plan on and after the Distribution Date unless the Committee determines that such Employee is no longer eligible to participate hereunder.  Moreover, any individual with respect to whom "Assumed Amounts" (as defined  in  Section 5.1)  are  credited  hereunder  shall  automatically  participate,  and  be  a "Participant," in the Plan with respect to such Assumed Amounts as of the Distribution Date.

ARTICLE  IV

PARTICIPANT DEFERRALS/COMPANY CREDITS

4.1    Base Pay Deferrals.   Each eligible Participant may irrevocably elect to defer in accordance with the terms of this Plan, a percentage up to 25% (such percentage to be a multiple of 1%) of such Participant's Base Pay for the Plan Year.  If the Participant has been specifically authorized by the Committee, the 25% in the prior sentence shall be replaced with 50%.  Such election must be made by the Participant before the beginning of such Plan Year or within 30 days of a Participant initially becoming eligible to participate in the Plan under Section 3.1. Base Pay deferred pursuant to this Section shall be credited to the Participant's Account on a monthly basis.

4.2    Incentive Plan Deferrals.  Each eligible Participant may irrevocably elect to defer in accordance with the terms of this Plan, a percentage up to 50% (such percentage to be a multiple of 

1%) of the amount payable with respect to a Plan Year to such Participant as an award under any Incentive Plans.   If the Participant has been specifically authorized by the Committee, the 50% in the prior sentence shall be replaced with 90%.  The Committee may, in its discretion, provide the Participant with separate deferral elections with respect to one or more such Incentive Plans.  Such election must be made by the Participant not later than the applicable Election Date and shall apply to any Incentive Plan payments with respect to an Incentive Plan performance period ending with or within the Plan Year.  Such amounts will be credited to the Participant's Account as of the dates that award amounts under the Incentive Plans become payable.  Notwithstanding the above provisions of this Section 4.2, no deferral election may be made by a Participant with respect to any stock option, restricted stock award, or stock appreciation right if such election would cause taxation to the Participant under Code Section 409A.  In addition, with respect to the first Plan Year for which a Participant is designated as eligible to participate in the Plan, such Participant's election with respect to compensation under the Spectra Energy Corp Short Term Incentive Plan (the "STIP'') shall apply only to such STIP compensation to be earned during the Participant's first Plan Year of participation and paid in the following Plan Year.   If the Participant earned STIP compensation during the Plan Year preceding the Plan Year for which he is first designated as eligible to participate in the Plan, such STIP compensation cannot be deferred under the Plan.

4.3    Automatic Deferral Election.

(a)    Amount of Election. In lieu of making separate elections for Base Pay and Incentive Plan Awards under Sections 4.1 and 4.2, a Participant may elect to contribute to the Plan an amount equal to: (i) the "Maximum Matching Contribution Percentage" (as such term is defined under the RSP), multiplied by (ii) the excess of ESP Eligible Earnings over Automatic Deferral Compensation.

(b)    Date of Election.  Such Automatic Deferral Election must be made by the Participant by the applicable Automatic Deferral Election Date; provided, however, that with  respect  the  first  Plan  Year in  which a  Participant  is  designated  as  eligible to participate in the Plan under Section 3.1, (i) the Automatic Deferral Election must be made within 30 days after the Participant is designated as eligible to participate in the Plan, (ii) the Automatic Deferral Election may not become effective earlier than the Plan Year following the first Plan Year in which the Participant is designated as eligible to participate in the Plan, and (iii) the first Plan Year for which a Participant is designated as eligible to participate in the Plan shall be treated as a Transition Year.   An Automatic Deferral Election shall be irrevocable for two Plan Years.  For example, if a Participant first makes an Automatic Deferral Election by December 31, 2009 for the 2011 Plan Year, the Participant may not make separate elections for Base Pay and Incentive Plan Awards under Sections 4.1 and 4.2 until December 31,2010, to be applied to the 2012 Plan Year.

(c)    Transition Year.  With respect to the Transition Year, the Participant must also make an election with respect to Base Pay and Incentive Plan Awards in accordance with Sections 4.1 and 4.2.  For example, if a Participant first makes an Automatic Deferral
Election for the 2011 Plan Year, the Participant must also make an election with respect to Base Pay and Incentive Plan Awards with respect to the 2010 Plan Year in accordance with Sections 4.1 and 4.2.

With respect to the first Plan Year for which a Participant is designated as eligible to participate in the Plan, which is treated as a Transition Year under Section 4.3(b), such Participant's election with respect to STIP compensation shall apply only to such STIP compensation to be earned during the Transition Year and paid in the following Plan Year.  If the Participant earned STIP compensation during the Plan Year preceding the Plan Year for which he is first designated as eligible to participate in the Plan, such STIP compensation cannot be deferred under the Plan.

(d)    Transition Back Year.   With respect to the Transition Back Year, the Participant must make a deferral election with respect to Base Pay and Incentive Plan compensation that is both earned and paid during the Transition Back Year in accordance with Sections 4.1 and 4.2 by the end of the Plan Year the precedes the Transition Back Year; provided however, that the Participant must first elect to discontinue his Automatic Deferral Election by the Transition Back Election Date. The Participant's election for the Transition Back Year with respect to Incentive Plan compensation that is earned during a Plan Year that precedes the Transition Back Year but paid during the Transition Back Year, must be made prior to the end of the Plan Year that precedes the Plan Year during which such Incentive Plan compensation is earned.

For example, if a Participant initially made an Automatic Deferral Election for the 2011  Plan  Year  and  wants  to  change  his  Automatic  Deferral  Election  to  separate elections for Base Pay and Incentive Plan compensation for  the 2012 Plan Year, the Participant must first elect to discontinue his Automatic Deferral Election by not later than by December 31, 2010.   Such Participant must also make a deferral election with respect to STIP compensation earned during the 2011 Plan Year but paid during the 2012 Plan Year not later than by December 31,2010.   In addition, the Participant must make a deferral election with respect to his Base Pay and Incentive Plan compensation that is both earned and paid during 2012 not later than by December 31, 2011.

4.4    Deferrals of Stock Awards.   Each eligible Participant may irrevocably elect to defer, in accordance with the terms of this Plan, the entire amount of any nonvested Award granted under a long-term incentive plan maintained by the Company (including the Company's
2007 Long-Term Incentive Plan), subject to the following conditions:

(a)    Except as otherwise provided in this Section, the deferral election shall be made by, and  shall  become  irrevocable as of,  December 31  (or  such  earlier date as specified by the Committee) of the calendar year next preceding the calendar year for which such Award is granted, or at such later time as is permitted by the Company, consistent with Section 409A of the Code, during the calendar year in which a Participant initially becomes eligible for the Plan.
(b)    Except as otherwise provided in Section 4.4(c), with respect to an Award that is subject to a forfeiture condition requiring the Participant's continued services for a period of at least thirteen (13) months from the date that the service provider obtains a "legally binding right" to such Award (within the meaning of Section 409A ofthe  Code), the deferral election shall be made by, and shall become irrevocable as of, the thirtieth (30th) day following the date that the Participant obtains the legally binding right to such Award.

(c)    With  respect  to  an  Award  that  constitutes  "performance-based compensation" (within the meaning of Section 409A of the Code), the deferral election shall 

be made by, and shall become irrevocable as of, the date that is 6 months before the end of the applicable performance period (or such earlier date as specified by the Committee), provided that in no event may such deferral election be made after such Award has become both substantially certain to be paid and readily ascertainable (within the meaning of Section 409A ofthe Code).

(d)    Upon the date that an Award that the Participant has elected to defer would otherwise have been payable, the number of shares of stock or the cash payment that would have become so payable but for the deferral election shall be converted into an equal number of units in the Spectra Energy Common Stock - Stock Deferrals Subaccount.

(e)    Dividend Equivalents on any Award that a Participant defers under this Section shall also be deferred and credited to the Participant's Spectra Energy Common Stock - Stock Deferrals Subaccount commencing on the payment date of the first cash dividend of Spectra Energy Common Stock that is declared after the date on which the deferred Award vests.

(f)    No deferral of a stock option or restricted stock award shall be permissible if such election would cause taxation to the Participant under Code Section 409A.

4.5    Dividend Equivalents Deferrals.  Each eligible Participant may irrevocably elect to defer, in accordance with the terms of this Plan, 100% of the amounts that would otherwise become payable as Dividend Equivalents, with respect to (i) an Award that is designated in the Award Agreement as a "Chairman's  Award," or (ii) an Award with respect to which the Award Agreement specifically provides for the deferral of Dividend Equivalents.  Such election must be made by the Participant at the time the Participant elects to defer receipt of the related Award pursuant to the terms of Section 4.4.  Dividend Equivalents that have been deferred pursuant to the first sentence of this Section and credited to the Participant's Account shall be credited to the Participant's Spectra Energy Common Stock- Stock Deferrals Subaccount as of the dates such amounts would otherwise become payable pursuant to such award.

4.6    Retirement  Savings  Plan  -  Excess  Matching  Contribution.     The  Company maintains the RSP, pursuant to which Employees are permitted to make before tax contributions with respect to which the Company makes certain matching contributions, based on the Employee's deferral election.   It is the Company's  intention to provide matching contribution credits under this Plan to the Account of any Participant for whom matching contributions have been limited under the RSP due to (i) the application of Section 401(a)(17) of the Code, (ii) the application of Section 402(g) of the Code or (iii) the application of Section 415 of the Code; provided, however, that such Participant makes before tax contributions to the RSP in an amount not less than the Maximum RSP Deferral Limitation for the Plan Year.  Accordingly, as of the last day of each Plan Year, such Participant's Account shall receive a Company Matching contribution credit that is equal to the amount computed using the following formula (but not less than zero):

C - (the lesser of A or B), Where:

A = the "Maximum Matching Contribution Percentage" (as such term is defined in the
RSP) multiplied by the Participant's ESP Eligible Earnings for the Plan Year;

B = the sum of the Participant's actual Before Tax Elective Deferrals under the RSP for the  Plan  Year,  plus  the  Participant's  actual  Base  Pay  deferrals  and  Incentive Plan deferrals credited to the Participant's Account under this Plan during the Plan Year pursuant to Sections 4.1, 4.2 and 4.3; and

C =the Matching Contribution credited to the Participant's account under the RSP for the
Plan Year.

The Company may, from time to time, in its sole discretion, direct that a special credit in such amount as the Company shall determine be made to a specified Participant's Account in order to (i)  mitigate  an  unintended  shortfall  in  matching  contribution  credit,  or  (ii)  to  implement provisions of an employment agreement.   A special credit may be awarded subject to such vesting requirement as the Company shall determine (provided that upon a Change in Control, any special credit shall become vested if the affected Participant has not previously incurred a Termination of Employment) and, notwithstanding any provision of this Plan to the contrary, to the extent any such special credit has not become vested, it shall not be paid under the Plan.

4.7    Elections.   An election to make Base Pay deferrals or Incentive Plan deferrals pursuant  to  Sections 4.1,  4.2  and  4.3  will  remain  in  effect  until  revoked,  except  that  no revocation will be effective unless it is made, in the case of Base Pay deferrals, prior to the beginning of the Plan Year to which it relates, or in the case of Incentive Plan deferrals, prior to the  applicable Election  Date.    An  election  to  make  deferrals  of  stock  awards  pursuant to Section 4.4 or Dividend Equivalent deferrals pursuant to Section 4.5 cannot  be revoked.   In addition, an Automatic Deferral Election made under Section 4.3 shall be irrevocable for two Plan Years.

ARTICLE  V

ASSUMED AMOUNTS AND FORMER  PLANS

5.1     Assumed Amounts.   The Company has assumed the deferred compensation obligations under the Duke Plan with respect to certain Participants who previously were employees of Duke and its affiliates ("Assumed Amounts").   The Assumed Amounts credited to Accounts hereunder shall remain subject to the same vesting schedule and elections (including deferral and distribution elections) and beneficiary designations that were controlling under the Duke Plan immediately prior to the Distribution Date until a new election is made in accordance with the terms of this Plan that by its terms supersedes the prior election.  For purposes of this Plan, the term Assumed Amounts shall include any amounts of "Base Pay" or "Incentive Plan" awards (in each case, as defined under the Duke Plan and earned but not yet paid as of the Distribution Date) and equity awards granted under the Duke Energy Corporation 1998 Long­ Term Incentive Plan, that were properly deferred by a Participant under the Duke Plan but that had not yet been credited to his or her account under the Duke Plan as of the Distribution Date.

5.2      Former Plans.   Notwithstanding anything contained herein to the contrary, any Assumed Amounts attributable an individual's participation in the KEDCP that were maintained under the Duke Plan in accordance with the terms and conditions of the KEDCP shall continue to be maintained under this Plan in accordance with the terms and conditions of the KEDCP as in effect December 31, 1998.

ARTICLE  VI

ACCOUNTS

6.1    Maintenance  of  Participant Accounts.     An  Account  shall  be  established and
maintained with respect to each Participant.   Each Account shall reflect the amounts credited thereto pursuant to Articles IV and V, plus or minus adjustments, made in accordance with the provisions of this Article VI.

6.2    Phantom Investment Options Generally.   Pursuant to the terms of the RSP, participants in the RSP direct the investment of their account balances thereunder into one or more of the RSP Investment Options available to them pursuant to the RSP.  In accordance with such rules as the Committee shall approve, a phantom investment option shall be available hereunder that corresponds with each RSP Investment Option.  Each Participant hereunder shall specify,  in  accordance  with  this  Section 6.2  and  rules  established  by  the  Committee, the "investment" of his or her Account (excluding amounts currently credited as Company-matching contributions and excluding amounts remaining in the Subaccounts maintained pursuant to Sections 6.5(a) and (b)) in one or more phantom investment options hereunder. The Participant's Account shall thereafter be automatically adjusted monthly (or on such more frequent basis as the Committee shall approve), upward or downward, in proportion to the total percentage return experienced for the respective period on amounts invested in the corresponding RSP Investment Option(s).  Accounts under the Plan will be bookkeeping accounts reflecting units of phantom investment options hereunder which mirror the performance that would have resulted from an actual investment in the corresponding RSP Investment Option(s).  No actual monies will be invested hereunder in any phantom investment option or in any RSP Investment Option.

6.3    Company Matching Contributions Subaccount.    Amounts contributed to a Participant's Account as a Company Matching contribution, pursuant to Section 4.5, shall be held in the Company Matching Subaccount, which is a subaccount within such Participant's Account.  Each Participant shall specify the "investment" of his or her Company Matching Subaccount in accordance  with Section 6.2.   Such investment election  is separate from the Participant's investment election applicable to the remainder of his Account under the Plan.

If the  Participant  does  not  make a separate investment  election  with respect to his
Company Matching Subaccount, such Subaccount will be invested as follows:

(a)    If the Participant has made an investment election under Section 6.2 on or before December 31, 2011, then his investment election under Section 6.2 shall apply to future allocations to his Company Matching Subaccount.

(b)    If the Participant has not made an investment election under Section 6.2 on or  before  December  31,  2011,  then  future  allocations  to  his  Company  Matching Subaccount shall be invested in a default RSP Investment Option as designated by the Committee.

Notwithstanding the above, if the Participant makes a separate investment election with respect to this Company Matching Subaccount at any time after December 31, 2011, then such separate election shall apply in lieu of the default investment provisions of Sections 6.3(a) and
.(hl above.

6.4    Subaccount for Deferrals of Stock Awards.  Amounts credited to a Participant's Account pursuant to Section 4.3 shall be held in the Spectra Energy Common Stock - Stock Deferrals Subaccount, which is a subaccount within such Participant's Account. The amounts in the  Spectra  Energy  Common  Stock - Stock  Deferrals  Subaccount  shall  be  credited  and maintained as units of a phantom investment that mirrors the performance of Spectra Energy Corp common stock (with cash dividends reinvested).

6.5    Assumed Amounts.   Except as provided below, upon the Distribution Date, the Assumed Amounts shall be subject to the same investment elections, and deemed invested in the same investment options, that were controlling under the Duke Plan immediately prior to the Distribution Date until a new election is made in accordance with the terms of this Plan that by its terms supersedes the prior election; provided, however, that unless otherwise provided below, an investment election relating to the Duke Energy Common Stock Fund shall be deemed to apply to the Spectra Energy Common Stock Fund.  Notwithstanding the preceding sentence, the following additional provisions shall apply to the deemed investment of the Assumed Amounts:

(a)    CDP   Subaccounts.     Any  Assumed  Amounts   of  a  Participant  that, immediately prior to the Distribution Date, were maintained in the Participant's CDP Subaccount under the Duke Plan, will continue to be maintained in the Participant's CDP
Subaccount under this Plan and will be credited with interest at the fixed rate(s) applicable to such subaccount under the Duke Plan immediately prior to the Distribution Date.  At any time a Participant may elect to transfer any amount from such CDP Subaccount and into the Participant's General Account, but no amount so removed from the CDP Subaccount may be transferred back to such CDP Subaccount.

(b)    KEDCP Subaccounts.   Any Assumed Amounts of a Participant that, immediately prior to the Distribution Date, were maintained in the Participant's KEDCP Subaccounts under the Duke Plan, will continue to be maintained in the KEDCP Subaccounts  under  this  Plan  and  will  be  credited  with  interest  at  the  fixed  rate(s) applicable to such subaccount under the Duke Plan immediately prior to the Distribution Date.  At any time a Participant may elect to transfer any amount from such KEDCP Subaccount and into the Participant's General Account, but no amount so removed from the KEDCP Subaccount may be transferred back to such KEDCP Subaccount.

(c)    Former  Duke-matching   Subaccount.     Any   Assumed  Amounts  of  a Participant that, immediately prior to the Distribution Date, were maintained in the Participant's  company-matching subaccount under the predecessor Duke Plan, initially will be credited to 

the Duke Energy Common Stock Fund under this Plan as of the Distribution Date, and thereafter the Plan will not maintain a former Duke-matching subaccount.

(d)    Previously-Deferred  and  Settled  Duke  Stock  Awards.    Any  Assumed Amounts of a Participant that, immediately prior to the Distribution Date, were maintained in the Participant's Duke Energy Common Stock- Stock Deferrals Subaccount under the Duke Plan, initially were credited to the Duke Energy Common Stock Fund under this Plan as of the Distribution Date.

(e)    Duke  Energy  Common  Stock  Fund.     Any  Assumed  Amounts  of  a Participant that, immediately prior to the Distribution Date, were deemed invested in the Duke Energy Common Stock Fund under the Duke Plan, initially were credited to the Duke Energy Common Stock Fund under this Plan as of the Distribution Date.  Effective as of January 1, 2010, all amounts allocated to the Duke Energy Common Stock Fund were reallocated to the Vanguard Prime Money Market Fund phantom investment option.

(f)    Previously-Deferred, But Not Settled, Duke Stock Awards.  Any phantom stock award or performance share award (and related dividend equivalents) granted under the Duke Energy Corporation 1998 Long-Term Incentive Plan that were previously deferred, but had not been credited to a deferral account as of the Distribution Date, were allocated between the following deemed investment options: (x) each unit attributable to Spectra Energy Corp common stock was automatically credited as a unit of a phantom investment under the Spectra Energy Common Stock - Stock Deferrals Subaccount, and (y) each unit attributable to Duke common stock was automatically credited as a unit of a phantom investment under the Duke Energy Common Stock Fund.
Notwithstanding the above paragraph, any phantom stock award or performance share award granted under the Duke Energy Corporation 1998 Long-Term Incentive Plan that is credited to a Participant's  Account on or after December 31, 2009 shall be allocated between the following deemed investment options:

		
	(1)
	each share attributable to Spectra Energy Corp common stock  shall automatically be credited, on the basis of the Fair Market Value of a share of Spectra Energy Corp common stock as of the date that such share is paid  under  the applicable phantom stock  award  or  performance share award, as a share of a phantom investment under the Spectra Energy Common Stock - Stock Deferrals Subaccount; and

		
	(2)
	each share attributable to Duke common stock shall automatically be allocated,  on  the  basis of  the  Fair  Market  Value of  a  share of Duke common stock on the date that such unit is paid under the applicable phantom stock unit, to the Participant's Account among the phantom investment options applicable to future contribution credits as designated in accordance with the Participant's investment direction made under Section 6.2,  provided, however, if  no  such  investment  direction is  in effect, then such amounts shall be automatically allocated to the Vanguard Prime Money Market Fund phantom investment option made available by the Committee pursuant to Section 6.2.

6.6    Adjustments Duke Energy Common Stock Fund.  Immediately after all amounts were credited to the Duke Energy Common Stock Fund as provided in Section 6.5(c), (d) and each phantom unit of Duke common stock credited to the Duke Energy Common Stock Fund
on behalf of a Participant on the Distribution Date was converted, as of the Distribution Date, into phantom units of Spectra Energy Corp common stock and phantom units of Duke common stock and reallocated as follows:

(a)    The number of phantom units of Spectra Energy Corp common stock was equal to the number of shares of Spectra Energy Corp common stock to which the Participant would have been entitled on the Distribution had the phantom units of Duke common stock represented actual shares of Duke as of the Record Date, the resulting number of phantom units of Spectra Energy Corp common stock being rounded down to the nearest whole unit.

(b)    The resulting number of phantom units of Spectra Energy Corp common stock was automatically transferred from the Duke Energy Common Stock Fund and credited to the Spectra Energy Common Stock Fund, effective as of the Distribution Date.

(c)    Capitalized terms used in this Section 6.6 that are not defined in this Plan shall have the meaning set forth in the Employee Matters Agreement by and between Duke Energy Corporation and Spectra Energy Corp.

6.7     Transfer Elections.

(a)    A Participant may elect to transfer amounts out of Subaccounts (pursuant to Sections 6.3(a), 6.5(a), and 6.5(b)) of the Participant's Account or of any other portion of the  Participant's Account  to  other  phantom  investment  options  hereunder  or  to  make changes  to his or her designation  of phantom  investment  options  hereunder  pursuant to Section 6.2, on a monthly  basis (or on such more frequent  basis as the Committee  shall approve).   Each such election  to transfer or change shall be effective  in accordance with procedures established  by the Committee from time to time.  Participants  or Beneficiaries who are receiving installment payments may elect to transfer monies between phantom investment options hereunder on a monthly basis (or on such more frequent basis as the Committee shall approve).   All transfers must be in increments of 1%.   No transfers may be made into or out of the Spectra Energy Common Stock- Stock Deferrals Subaccount.

(b)    A Participant may elect, pursuant to rules and procedures  prescribed by the Company, to reallocate  Assumed Amounts deemed invested in the Duke Energy Common Stock Fund into any other open investment option.

6.8    Corporate   Transactions.       If   there   shall   occur   any   merger,   consolidation, liquidation, issuance of rights or warrants to purchase securities, recapitalization, reclassification, stock dividend, spin-off, split-off, stock split, reverse stock split or other distribution  with respect to the shares of Spectra Energy Corp, or any similar corporate transaction  or event in respect of such shares, then the Committee  shall, in the manner and to the extent that it deems appropriate and equitable to the Participants and consistent with the terms of this Plan, cause a proportionate adjustment to be made in number and kind of shares deemed held under the Plan.  Moreover, in the event  of  any such  transaction  or event,  the  Committee,  in  its discretion,  may  provide  in substitution for any or all outstanding  shares under 

the Plan such alternative  consideration as it, in good faith, may determine to be equitable under the circumstances.

ARTICLE VII 

BENEFITS

7.1    Termination     of     Employment.     Upon the Participant'sTermination of Employment,  for  any  reason,  the  amount  in  the  Participant's  Account  will  be  paid  to  the Participant  (or to the  Beneficiary  designated  pursuant  to Section  8.1)  in accordance  with the terms of the payment option elected by the Participant under Section 5.1 or Section 7.2, except as otherwise   provided   in  Section 7.5.     However,   if  a  Participant   (i)  has  a  Termination   of Employment  for any  reason,  except  death,  layoff  or disability,  prior  to becoming  eligible for early or normal retirement  under the Duke Energy Retirement Cash Balance Plan as in effect on October 3, 2004, without  giving  effect  to amendments  adopted  thereafter,  and (ii) has elected term payments  of 10  years or  15 years,  then  the portion  of that Participant's Account that is governed by Sub-Plan I (as defined in Section 14.5 hereof) shall be paid instead for a 3-year term in accordance with Section 7.3(b).

7.2    Election  of  Payment  Option.     Each  Participant  shall,  before  becoming  a Participant, elect from among the payment options specified in Section 7.3, the manner in which such Participant's Account will be paid following Termination of Employment.  A Participant may change  his  or  her  benefit  payment election at  any  time,  and  from  time  to  time, by completing a new election form as the Committee provides and filing the completed form with, and acceptance by,  the  Committee; provided, however, that the  Participant has not filed a payment election form within the prior 12 months. With respect to amounts deferred under Sub­ Plan II, except where the payment of the Participant's benefit is due to death or disability (within the meaning of Code Section 409A), (i) a Participant's election to change the form of benefit payment shall become effective one year from the date on which the election form was file with the Committee, but only if the Participant continued in employment throughout such one-year period, and (ii) any lump sum or installment form of payment that is changed by the Participant's election pursuant to this paragraph will be paid not earlier than five years from the date that such payment would otherwise have been paid.

Each Participant with Assumed Amounts attributable to his or her participation in the KEDCP who either (i) failed to make an election under the Duke Plan upon commencement of participation in such plan, or (ii) who had a Termination of Employment with Duke prior to January I, 2000, shall be subject to the following rules:

(a)    No distribution shall be made prior to the Termination of Employment of the Participant.

(b)    If the Participant elected to receive all distributions under the KEDCP in a single lump sum, distribution shall be made to the Participant in a single lump sum.

(c)    If the Participant elected to receive a distribution under the KEDCP in installments (including an annuity) or in a combination of installments and a lump sum payment,  the  Participants'   Account  that  is  governed  by  Sub-Plan  I  (as  defined  in Section 14.5  hereof) shall  be paid in term payment of 10 years unless Termination of Employment occurs 

prior to becoming eligible for early or normal retirement under the Duke Energy Retirement Cash Balance Plan as in effect on October 3, 2004, without giving effect to amendments adopted thereafter, in which case distribution shall be made in term payments of3 years in accordance with Section 7.3(b).

7.3     Payment Options.  Subject to the foregoing, the payment options are:

(a)    Lump Sum.  Payment of the  full amount of the Participant's Account on the last business day of  the  month following the month in  which Termination of  Employment occurs.

(b)    Term Payments.  Payments on a monthly basis over a term of years, which shall be either 3 years or 10 years, as follows: The Company will determine the amount of the Participant's  Account on the Valuation Date, and as of the last day of each Plan Year thereafter.  The Participant will receive on the last business day of each month during the term, beginning with the last day of the month following  the Valuation  Date, an amount determined pursuant to the following formula:

	
	
	

where

		
	N
	represents the number of months remaining in the payment term as of the immediately  preceding December 31, except for payments made for the first calendar year, in which case the  number  of  months  shall  be  equal  to  the  number  of months in the elected installment form; and

		
	v 
	represents   the   balance    of   the   Participant's   Account determined as of the immediately  preceding December 31, except  for  payments  made  for  the  first  calendar  year,  in which case the balance will be determined as of the last day of the    month    immediately    prior    to    the    payment commencement date.

Any remaining balance in the Participant's Account shall be paid to the Participant on the last  day  of  the  last  month  of  the  term.    Distributions  from  the  Participant's   Spectra Energy Common Stock - Stock Deferrals Subaccount shall be on an annual, rather than a monthly basis, and the formula set forth above in this Section 7.3(b) shall be reformed accordingly.   Term payments from the Spectra Energy Common Stock- Stock Deferrals Subaccount  shall be made on the last business day of the month immediately  following each anniversary of the Valuation Date.

Notwithstanding  the foregoing, if a Participant has previously elected to receive payment of his Account on a monthly basis over a period of 15 years and has commenced payment of his Account 

pursuant  to such election as of December  31, 2009, the Participant shall continue to receive payment of his Account on a monthly basis for the remainder of such 15-year  period.    If  the  Participant  has  previously  elected  to  receive  payment  of  his Account  on  a  monthly  basis  over  a  period  of  15  years  and  has  not  yet commenced payment  of  his  Account  pursuant  to  such  election  as  of  December   31,  2009,  the Participant shall be permitted to retain such election, but in the event that the Participant makes  a subsequent  election,  only  the forms  of  benefit  payment  set forth  in the first paragraph of this Section 7.3(b) are available.

(c)    Separate  Payment  Election  for  Spectra  Energy  Common  Stock  - Stock Deferrals  Subaccount.     With  respect  to  Sub-Plan  II  only,  the  Participant  may  make separate payment elections  in accordance  with Section 7.2 with respect to (i) the amount credited to his Spectra Energy Common  Stock - Stock Deferrals Subaccount  and (ii) the remainder of his Account.

(d)    Six  Month  Delay.   Notwithstanding any  prov1s10n  in  this  Plan  to  the contrary, if the payment of any benefit hereunder would be subject to additional taxes and interest under Code Section 409A because the timing of such payment is not delayed as provided in Section 409A for a Specified Employee, then if the Participant is a Specified Employee under Section 409A, any such payment that the Participant would otherwise be entitled to receive during the first six months following the date of the Participant's Termination of Employment shall be delayed and paid, if in the form of a lump sum payment or, commence, if in the form of installment payments, as applicable, within fifteen (15) business days after the date that is six months following the date of the Participant's Termination of Employment, or such earlier date upon which such amount can be paid or provided under Code Section 409A without being subject to such taxation.

(e)    Default Form of Payment.  If a Participant fails to timely elect a payment option in accordance with this Section 7.3, the Participant's Account will be paid to the Participant in a single lump sum on the last business day of the month following the month in which Termination of Employment occurs, subject to Section 7.3(d).

7.4    Payments After Death.  If a Participant (or a Beneficiary previously designated by a deceased Participant) dies before receiving all amounts payable hereunder, then the remaining amounts payable will be paid to the specified Beneficiary of such deceased person in accordance with the payment option in effect, subject to Section 7.5; provided, however, that (i) if such deceased person has failed to specify a surviving Beneficiary, then the person's estate will be considered to be the Beneficiary, and (ii) if a person receiving payments over a term of years dies and an estate is such person's Beneficiary, then such term payments will cease and the remaining amount credited to the Account will be paid to such estate in a lump sum not later than by the last day of the month following the month in which the Participant's death occurs.

7.5    Small  Payments.     If  a  Participant's   Account  balance  at   Termination  of Employment is less than $25,000, and the Committee does not anticipate that any amounts will be credited thereto pursuant to Articles IV and V after his Termination of Employment, the Participant's Account shall automatically be paid in a lump sum as soon as practicable following, and not later than sixty (60) days after, the date of Termination of Employment, subject to Section 7.3(d).

7.6    Form of Payment.  All amounts due under the Plan shall be paid in cash, except that units in the Spectra Energy Common Stock - Stock Deferrals Subaccount shall be converted to whole shares of Spectra Energy Corp common stock and cash for any fractional share. To the extent that the delivery of any shares of Spectra Energy Corp common stock to a Participant under this Plan otherwise would cause all or any portion of the Plan to be considered an "equity compensation plan"  as  such  term  is  defined  in  Section  303A(8)  of  the  New  York Stock Exchange Listed Company Manual or any successor rule ("Listed Company Manual"),  then such shares shall  be  paid  from, and  shall  count against the share  reserve of, a Company­ sponsored "equity compensation plan" designated by the Committee that complies with the shareholder approval requirements contained in the Listed Company Manual.

7.7    Acceleration of Payment in the Event of Hardship.   Upon written request by a Participant, the Committee may distribute to a Participant who is receiving installment payments, prior to the payment of all installments due to the Participant, such amount of the Participant's Account which the Committee determines is necessary to alleviate a financial hardship suffered by the Participant.  For this purpose, "financial hardship" shall mean a severe financial hardship that constitutes an "unforeseeable emergency" within the meaning of Code Section 409A.

7.8    In-Service Distribution Coupled with Ten Percent Forfeiture.  Notwithstanding any other provision of this Article VII, a distribution shall be made to any Participant who, prior to Termination of Employment, files a written request for an immediate lump sum distribution in an amount not less than $25,000 (the entire account balance in the case of Accounts that are valued at less than $25,000), and who simultaneously agrees in writing to a permanent forfeiture equal to  10%  of  the  amount  requested as a  distribution.    Such  distribution,  less the 10% forfeiture, shall be made within 30 days following receipt by the Company of the signed request for distribution and forfeiture agreement.  Distributions under this Section shall be removed from a Participant's Accounts on a prorated basis.  The ability to receive an in-service distribution as described in this Section 7.8 shall not apply to (i) any amounts deferred under Sub-Plan II as described in Section 14.5, and (ii) any amounts deferred under Sub-Plan I to the extent that the in-service distribution provided under this Section 7.8 was not available under the terms of the plan or agreement controlling such amounts as in effect on October 3, 2004.

ARTICLE VIII

BENEFICIARY

8.1    Designation of Beneficiary.  A Participant shall designate a Beneficiary to receive benefits under the Plan by submitting to the Committee a Designation of Beneficiary in the form required by the Committee.  If more than one Beneficiary is named, the share and precedence of each Beneficiary shall be indicated.  A Participant shall have the right to change the Beneficiary by submitting to the Committee a Change of Beneficiary in the form provided, but no change of Beneficiary shall be effective until acknowledged in writing by the Company.

8.2    Designation by Beneficiary.  A Beneficiary who has become entitled to receive benefits shall designate a Beneficiary.

8.3    Discharge of Obligations.  Any payment made by the Company, in good faith and in accordance with this Plan, shall fully discharge the Company from all further obligations with respect 

to that payment.  If the Company has any doubt as to the proper Beneficiary to receive payments hereunder, the Company shall have the right to withhold such payments until the matter is finally adjudicated.

8.4    Payment to Minors and Incapacitated Persons.  In the event that any amount is payable to a minor or to any person who, in the judgment of the Committee, is incapable of making proper disposition thereof, such payment shall be made to the legal guardian of the property of such minor or such person.  The Company shall make such payments as directed by the Committee without the necessary intervention of any guardian or like fiduciary, and without any obligation to require bond or to see to the further application of such payment. Any payment so made shall be in complete discharge of the Plan's obligation to the Participant and his Beneficiaries.

ARTICLE  IX

NATURE OF COMPANY'S  OBLIGATION

9.1    Unsecured Promise.  The Company's obligation to the Participant under this Plan shall be an unfunded and unsecured promise to pay.  The rights of a Participant or Beneficiary under this Plan shall be solely those of an unsecured general creditor of the Company.  The Company shall not be obligated under any circumstances to set aside or hold assets to fund its financial obligations under this Plan.

9.2    No Right to Specific Assets.  Notwithstanding the foregoing, the Company may, in its sole discretion establish such accounts, trusts, insurance policies or arrangements, or any other mechanisms it deems necessary or appropriate to account for or fund its obligations under the Plan.   Any assets which the Company may set aside, acquire or hold to help cover its financial liabilities under this Plan are and remain general assets of the Company subject to the claims of its creditors.  The Company does not give, and the Plan does not give, any beneficial ownership interest in any assets of the Company to a Participant or Beneficiary.  All rights of ownership in any assets are and remain in the Company.  Any general asset used or acquired by the Company in connection  with the liabilities it has assumed under this Plan shall not be deemed to be held under any trust for the benefit of the Participant or any Beneficiary, and no general asset shall be considered security for the performance of the obligations of the Company. Any asset shall remain a general, unpledged, and unrestricted asset of the Company.

9.3    Plan  Provisions.    The  Company's  liability  for  payment of  benefits shall  be determined only under the provisions of this Plan, as it may be amended from time to time.

ARTICLE  X

TERMINATION, AMENDMENT, MODIFICATION OR
SUPPLEMENTATION OF PLAN

10.1    Right to Terminate and Amend.  The Committee retains the sole and unilateral right to terminate, amend, modify or supplement this Plan, in whole or in part, at any time.  The Committee may delegate the right to amend the Plan, subject to any limitations it may impose, to an officer of the Company.  No such action shall adversely affect a Participant's right to receive amounts then 

credited to a Participant's  Account with respect to events occurring prior to the date of such amendment.

In the event of a Change in Control, the Plan shall become irrevocable and may not be amended or terminated without the written consent of each Plan Participant who may be affected in any way by such amendment or termination, either at the time of such action or at any time thereafter. This restriction in the event of a Change in Control shall be determined by reference to the date any amendment or resolution terminating the Plan is actually signed by an authorized party rather than the date such action purports to be effective.

ARTICLE XI

RESTRICTIONS ON ALIENATION  OF BENEFITS

11.1    No Assignment.   Except as provided under Section 11.2 with respect to a DRO, no right or benefit under the Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance  or  charge.    Any  attempt  to  anticipate,  alienate,  sell,  assign,  pledge, encumber or charge these benefits shall be void.  No right or benefit under this Plan shall in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the person entitled to the benefit.  If any Participant or Beneficiary under the Plan should become bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber or charge any right to a benefit hereunder, then the right or benefit, in the discretion of the Committee, shall cease.  In these circumstances, the Committee may hold or apply the benefit payment or payments, or any part of it, for the benefit  of  the  Participant  or  his  Beneficiary,  the  Participant's  spouse,  children,  or  other dependents, or any of them, in any manner and in any portion that the Committee may deem proper.

11.2    Domestic Relations Order.  The anti-alienation restrictions of Section 11.1 shall not apply to a domestic relations order (as defined in Code Section 414(p)(1)(B)) (a "DRO"). The Committee may direct the acceleration of payment of all or a portion of a Participant's Account and pay such amount to an individual other than the Participant to the extent necessary to fulfill the requirements of a DRO.   The rules set forth in Section 7.2 governing subsequent changes in the Participant's  benefit payment election shall not apply to any change in the form and timing of payment to the extent that such election is reflected in, or made in accordance with, the terms of a DRO.

ARTICLE XII

ADMINISTRATION

12.1    "Top-Hat" Plan.   The Company intends for the Plan to be "top-hat" plan for a
select  group  of  management   or  highly  compensated  employees  which  is  exempt  from substantially all of the requirements of Title I of ERISA pursuant to Sections 201(2), 301(a)(3), and 401(a)(l) of ERISA.  The Company is the Plan sponsor under Section 3(16)(B) of ERISA.

12.2    Named Fiduciary.  The Committee is the named fiduciary of the Plan and as such shall have the authority to control and manage the operation and administration of the Plan except as otherwise expressly provided in this Plan document.   The named fiduciary may designate persons 

other than the named fiduciary to carry out fiduciary responsibilities under the Plan.  Any such allocation or designation must be in writing and must be accepted in writing by any such other person.

12.3    Plan Administrator.   The Committee is the administrator of the Plan within the meaning of Section 3(16)(A) of ERISA.   As administrator, the Committee has the authority (without limitation as to other authority) to delegate its duties to agents and to make rules and regulations that it believes are necessary or appropriate to carry out the Plan. The Committee has the discretion as a Plan fiduciary (i) to interpret and construe the terms and provisions of the Plan (including any rules or regulations adopted under the Plan), (ii) to determine questions of eligibility to participate in the Plan and (iii) to make factual determinations in connection with any of the foregoing.  A decision of the Committee with respect to any matter pertaining to the Plan including without limitation the Employees determined to be Participants, the benefits payable, and the construction or interpretation of any provision thereof, shall be conclusive and binding upon all interested persons.

ARTICLE XIII

CLAIMS PROCEDURE

13.1    Claim.   If a Participant has any grievance, complaint, or claim concerning any
aspect of the operation or administration of the Plan, including but not limited to claims for benefits  and  complaints  concerning  the  performance  or  administration  of  the  phantom investment funds (collectively referred to herein as "claim" or "claims"),  the Participant shall submit the claim to the Committee, which shall have the initial responsibility for deciding the claim.

13.2    Written Claim.   A claim for benefits will be considered as having been made when submitted in writing by the claimant to the Committee.  No particular form is required for the claim, but the claim must identify the name of the claimant and describe generally the benefit to which the claimant believes he is entitled.   The claim may be delivered personally during normal business hours or mailed to the Committee.  All such claims shall be submitted in writing and shall set forth the relief requested and the reasons the relief should be granted.  All such claims must be submitted with the "applicable limitations period."  The "applicable limitations period" shall be two years beginning on: (i) in the case of any lump-sum payment, the date on which the payment was made, (ii) in the case of an installment payment, the date of the first in the series of payments, or (iii) for all other claims, the date on which the action complained or grieved of occurred.

13.3    Committee Determination.   The Committee will determine whether, or to what extent, the claim may be allowed or denied under the terms of the Plan.  If the claim is wholly or partially denied, the claimant shall be so informed by written notice within 90 days after the day the claim is submitted unless special circumstances require an extension of time for processing the claim.  If such an extension of time for processing is required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial 90-day period.  Such extension may not exceed an additional 90 days from the end of the initial 90-day period.  The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the final decision.  If notice of denial of a claim (in whole or in part) is not furnished within the initial 90-day period after the claim is submitted (or, if applicable, the extended 90-day period), the claimant shall consider that his claim has been denied just as if he had received actual notice of denial.

13.4    Notice of Determination.  The notice informing the claimant that his claim has been wholly or partially denied shall be written in a manner calculated to be understood by the claimant and shall include:

		
	(1)
	The specific reason(s) for the denial.

		
	(2)
	Specific  reference to  pertinent Plan provisions on  which the denial 1s based.

		
	(3)
	A description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary.

		
	(4)
	Appropriate information as to the steps to be taken if the Participant or Beneficiary wishes to submit his claim for review.

13.5    Appeal.   If the claim is wholly or partially denied, the claimant (or his authorized representative) may file an appeal of the denied claim with the Committee requesting that the claim be reviewed.  The Committee shall conduct a full and fair review of each appealed claim and its denial.  Unless the Committee notifies the claimant that due to the nature of the benefit and other attendant circumstances he is entitled to a greater period of time within which to submit his request for review of a denied claim, the claimant shall have 60 days after he (or his authorized representative)  receives written notice of denial  of  his claim within which such request must be submitted to the Committee.

13.6    Request for Review.  The request for review of a denied claim must be made in writing in connection with making such request, the claimant or his authorized representative may:

(1)    Review pertinent documents.

(2)     Submit issues and comments in writing.

13.7    Determination of Appeal.  The decision of the Committee regarding the appeal shall be promptly given to the claimant in writing and shall normally be given no later than 60 days following the receipt of the request for review.   However, if special circumstances (for example, if the Committee decides to hold a hearing on the appeal) require a further extension of time for processing, the decision shall be rendered as soon as possible, but no later than 120 days after receipt of the request for review.  However, if the Committee holds regularly scheduled meetings at least quarterly, a decision on review shall be made by no later than the date of the meeting which immediately follows the Plan's receipt of a request for review, unless the request is filed within 30 days preceding the date of such meeting.  In such case, a decision may be made by no later than the date of the second meeting following the Plan's  receipt of the request for review. If special circumstances (for example, ifthe  Committee decides to hold a hearing on the appeal) require a further extension of time for processing, the decision shall be rendered as soon as possible, but no later than the third meeting following the Plan's  receipt of the request for review.  If special circumstances require that the decision will be made beyond the initial time for furnishing the decision, written notice of the extension shall be furnished to the claimant (or his authorized representative) prior to the commencement of the extension.   The decision on review shall be in 

writing and shall be furnished to the claimant or to his authorized representative within the appropriate time for the decision.   If a decision on review is not furnished within the appropriate time, the claim shall be deemed to have been denied on appeal.

13.8    Hearing.  The Committee may, in its sole discretion, decide to hold a hearing if it determines that a hearing is necessary or appropriate in order to make a full and fair review of the appealed claim.

13.9    Decision.  The decision on review shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, as well as specific references to the pertinent Plan provisions on which the decision is based.

13.10    Exhaustion of Appeals.  A Participant must exhaust his rights to file a claim and to request a review of the denial of his claim before bringing any civil action to recover benefits due to him under the terms of the Plan, to enforce his rights under the terms of the Plan, or to clarify his rights to future benefits under the terms of the Plan.  No action at law or in equity to recover under this Plan shall be commenced later than one year from the date of the decision on review (or deemed denial if no decision is issued).

13.11    Committee's  Authority.   The Committee shall exercise its responsibility and authority under this claims procedure as a fiduciary and, in such capacity, shall have the discretionary authority and responsibility (1) to interpret and construe the Plan and any rules or regulations under the Plan, (2) to determine the eligibility of Employees to participate in the Plan, and the rights of Participants to receive benefits under the Plan, and (3) to make factual determinations in connection with any of the foregoing.

ARTICLE XIV

GENERAL PROVISIONS

14.1    No Right to Employment.     Nothing in this Plan shall be deemed to give any person the right to remain in the employ of the Company, its subsidiaries or affiliates or affect the right of the Company to terminate any Participant's employment with or without cause.

14.2    Withholding. Any amount required to be withheld under applicable Federal, state and local tax laws (including any amounts required to be withheld under Section 3121(v) ofthe Code) will be withheld in such manner as the Committee will determine and any payment under the Plan will be reduced by the amount so withheld, as well as by any other lawful withholding.

14.3    Section 16.  Notwithstanding  anything in this Plan to the contrary, any Participant who is subject to the reporting requirements of Section 16(a) of the Securities  Exchange Act of 1934 (the "Exchange Act") shall  not liquidate, transfer or dispose  of any  investment of such Participant's  Account under Article VI in units of the phantom investment fund that corresponds to (i) the RSP's  Spectra Energy Corp Common Stock Fund, or (ii) the Spectra Energy Common Stock - Stock  Deferrals  Subaccount  during  the six-month  period  following  the investment  of such  Participant's  Account  in  such  units,  nor  shall  any  such  Participant   elect  to  make  a Discretionary Transaction  (as such term is defined in Rule 16b-3(b)(l) under the Exchange Act) 

within six  months  of  the election  of a nonexempt  "opposite  way"  (as such  term  is used for purposes of Section 16(b) of the Exchange Act) Discretionary Transaction under any plan ofthe Company in which the Participant participates.  Any provision hereof related to a credit, grant or award of such units under this Plan to a Participant who is subject to the reporting requirements of Section 16(a) under the Exchange Act shall be interpreted, in the event of any ambiguity, such that the transaction  or  transactions  relating  thereto  shall  qualify  for  exemption  from liability under Section 16(b) of such Act.

14.4    Governing  Law.   This  Plan shall  be construed  and administered  in accordance with the laws of the State of Texas to the extent that such laws are not preempted by Federal law.

14.5    Compliance  With Section 409A.   The Plan is divided into two separate deferred compensation  sub-plans,  one of which is named "Sub-Plan  r and the other  is named "Sub­ Plan II."  Sub-Plan I shall include only "amounts  deferred" before January 1, 2005 (within the meaning of Code Section 409A) under the Duke Plan, and earnings thereon, and such deferred compensation  shall  be subject  to  the applicable  provisions  of  the  Duke  Plan as in effect on October 3, 2004, as modified  herein, and as Sub-Plan Iis subsequently  amended or otherwise changed, except as would  result in such deferred  compensation  being subject  to Code Section 409A.   The adoption  of the  Plan  is not  intended  to  be a "material  modification"  (within the meaning  of  Code  Section  409A)  with  respect  to  amounts  under  Sub-Plan   I,  and  shall  be construed accordingly.    Sub-Plan  II shall include only "amounts  deferred"  after December 31, 2004, and earnings thereon, and such deferred compensation shall be subject to the provisions of the Plan as in effect on the Distribution  Date, as subsequently  amended  or otherwise  changed. The Company intends Sub-Plan II to comply with the provisions of Code Section 409A, so as to prevent the inclusion in gross income of any amounts deferred hereunder in a taxable year that is prior to the taxable year or years in which such amounts would otherwise actually be distributed or made available to Participants and Beneficiaries.   Sub-Plan II shall be construed, administered and  governed  in  a  manner  that  effectuates  such  intent,  and  no  action  shall  be taken that  is inconsistent with such intent.   In furtherance  of this intent, to the extent  that any terms of the Plan are ambiguous, such terms shall be interpreted  as necessary to comply  with Code Section 409A.

IN WITNESS  WHEREOF,  this amendment and restatement  of the Plan is executed on behalf of the Company this 1st  day of May, 2012.

	
		
	 
	SPECTRA  ENERGY CORP

	 
	By:  ___________________________

	 
	Name: Dorothy M. Ables

	 
	Title:  Chief Administrative OfficerExhibit

EXHIBIT 10.24

SPECTRA ENERGY  CORP
EXECUTIVE CASH BALANCE  PLAN
(As Amended and Restated  Effective as of May 1, 2012)

TABLE OF CONTENTS

	
			
	ARTICLE I PURPOSE OF PLAN
	4

	 
	 
	 

	ARTICLE II DEFINITIONS
	4

	 
	 
	 

	ARTICLE III ELIGIBILITY
	7

	3.1
	General
	 

	3.2
	Assumed Amounts
	 

	 
	 
	 

	ARTICLE IV BENEFITS
	7

	4.1
	General
	 

	4.2
	Make-Whole Benefit
	 

	4.3
	Supplemental Credits
	 

	4.4
	Interest Credits
	 

	4.5
	Assumed Amounts
	 

	 
	 
	 

	ARTICLE V VESTING
	9

	 
	 
	 

	ARTICLE VI PAYMENT OF BENEFITS
	9

	6.1
	Benefit Payments
	 

	6.2
	Forms of Benefit Payment
	 

	6.3
	Cash Payment Only
	 

	6.4
	Financial Hardship
	 

	6.5
	Six-Month Delay
	 

	 
	 
	 

	ARTICLE VII DEATH BENEFITS
	12

	7.1
	Beneficiary Designation
	 

	7.2
	No Beneficiary
	 

	7.3
	Death Before Payment Begins
	 

	7.4
	Death After Payment Begins
	 

	7.5
	Supplemental Security Plan
	 

	 
	 
	 

	ARTICLE VIII AMENDMENT AND TERMINATION
	12

	 
	 
	 

	ARTICLE IX ADMINISTRATION
	13

	9.1
	Top-Hat Plan
	 

	9.2
	Plan Operation and Administration
	 

	9.3
	Plan Administrator
	 

	 
	 
	 

	ARTICLE X CLAIMS PROCEDURE
	12

	
			
	10.1
	Claim
	 

	10.2
	Written Claim
	 

	10.3
	Committee Determination
	 

	10.4
	Notice of Determination
	 

	10.5
	Appeal
	 

	10.6
	Request for Review
	 

	10.7
	Determination of Appeal
	 

	10.8
	Hearing
	 

	10.9
	Decision
	 

	10.1
	Exhaustion of Appeals
	 

	10.11
	Committee's Authority
	 

	 
	 
	 

	ARTICLE XI NATURE OF COMPANY'S OBLIGATION
	14

	11.1
	Unsecured Promise
	 

	11.2
	No Right to Specific Assets
	 

	11.3
	Plan Provisions
	 

	 
	 
	 

	ARTICLE XII GENERAL PROVISIONS
	15

	12.1
	No Right to Employment
	 

	12.2
	No Assignment
	 

	12.3
	Domestic Relations Order
	 

	12.4
	Withholding
	 

	12.5
	Governing Law
	 

	12.6
	Compliance with Code Section 409A
	 

SPECTRA  ENERGY CORP
EXECUTIVE CASH BALANCE PLAN

ARTICLE  I

PURPOSE OF PLAN

The purposes of the Spectra Energy Corp Executive Cash Balance Plan (the "Plan") are
(i) to  provide  additional  retirement  benefits  for  a  select  group  of  management  or  highly
compensated employees and (ii) to provide for the payment of certain amounts deferred under the predecessor Duke Energy Corporation Executive Cash Balance Plan I and II.   The Plan is effective as of the Distribution Date (as defined below), and is hereby amended and restated effective as of May 1, 2012.   The Plan is intended to be a nonqualified, unfunded plan of deferred compensation for a select group of management or highly compensated employees that qualifies as a top-hat plan that is exempt from substantially all of the requirements of Title I of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and shall be so interpreted and administered.

ARTICLE  II

DEFINITIONS

Wherever used herein,  a pronoun  or  adjective in the masculine gender includes the
feminine gender, the singular includes the plural, and the following terms have the following meanings unless a different meaning is clearly required by the context:

2.1.    "Account" means the record of contributions and adjustments thereto maintained with respect to each Participant pursuant to Article IV.

2.2.    "Beneficiary"  means the person or persons designated  by a Participant, or by another person entitled to receive benefits hereunder, to receive benefits following the death of such person.

2.3.     "Board of Directors" or "Board'' means the Board of Directors of Spectra Energy Corp. 

2.4.    "Change in Control" shall be deemed to have occurred upon:

(i)    an  acquisition   subsequent  to  the  Distribution  Date  hereof  by  any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange  Acf'))  of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of
30% or more of either (A) the then outstanding shares of common stock of Spectra
Energy Corp or (B) the combined voting power of the then outstanding voting securities of Spectra Energy Corp entitled to vote generally in the election of directors; excluding, however, the following: (1) any acquisition directly from Spectra Energy Corp, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from Spectra Energy Corp, (2) any acquisition

by Spectra Energy Corp and (3) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by Spectra Energy Corp or its affiliated companies;

(ii)    during any period of two (2) consecutive years (not including any period prior to the Distribution Date), individuals who at the beginning of such period constitute the Board of Directors (and any new directors whose election by the Board of Directors or nomination for election by the Spectra Energy Corp's shareholders was approved by a vote of at least 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;

(iii)    the consummation, after the Distribution Date, of a merger, consolidation, reorganization or similar corporate transaction, which has been approved by the shareholders  of  Spectra  Energy  Corp,  whether or  not  Spectra  Energy  Corp  is  the surviving corporation in  such transaction, other than a  merger, consolidation, or reorganization that would result in the voting securities of Spectra Energy Corp outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the combined voting power of the voting securities of Spectra Energy Corp (or such surviving entity) outstanding immediately after such merger, consolidation or reorganization; or

(iv)    the consummation, after the Distribution Date, of (A) the sale or other disposition of all or substantially all of the assets of Spectra Energy Corp or (B) a complete liquidation or dissolution of Spectra Energy Corp, which has been approved by the shareholders of Spectra Energy Corp;

provided that in no event shall a Change in Control be deemed to have occurred by reason of any of the events resulting from the separation transaction pursuant to which Spectra Energy Corp becomes a separate publicly-held corporation for the first time.

2.5.    "Code" means the Internal Revenue Code of 1986, as amended.

2.6.    "Committee" means the Compensation Committee of the Board of Directors or its delegate.

2.7.    "Company" means Spectra Energy Corp and its affiliated companies.

2.8.    "Compensation"   means  "Compensation"  as  defined  in  the  Retirement  Cash Balance Plan but without regard to the limitations of Code Section 401(a)(17) and including employee deferrals (except for deferrals of long-term incentive awards) under the Spectra Energy Corp Executive Savings Plan.

2.9.    "Distribution   Date" has the  meaning given such  term  in  the Separation and
Distribution Agreement by and between Duke Energy Corporation and Spectra Energy Corp.

2.10.    "Duke" means Duke Energy Corporation.

2.11.    "Duke Plan" means, collectively, the Duke Energy Corporation Executive Cash

Balance Plans I and II.

2.12.    "Employee" means a person employed by the Company.

2.13.    "Equalization Plan" means, to the extent maintained, the Spectra Energy Corp
Retirement Benefit Equalization Plan.

2.14.    "Interest Credit" means the amount determined by multiplying the balance of a cash balance account by the Interest Factor for a month.

2.15.    "Interest Factor" means the interest rate determined by the formula (1 + i)(1/12) - 1, where "i" equals the yield on 30-year Treasury Bonds as published in the Federal Reserve Statistical Release H.15 for the end of the third full business week of the month prior to the beginning of the calendar quarter for which the monthly accrual is being applied, but not more than an annual percentage rate of9% and not less than an annual percentage rate of 4%.

2.16.    "Make-Whole Account" means the account described in Section 4.2.

2.17.    "Make-Whole Benefit"  means the benefit provided pursuant to Section 4.2 of the Plan. 

2.18.    "Participant" means an Employee who is entitled to receive benefits from the Plan. 

2.19.    "Pay Credit" means a credit that is added to a Participant's Make-Whole Account pursuant to Section 4.2.

2.20.    "Retirement Cash Balance Plan" means (i) with respect to benefits governed by Sub-Plan II, the Spectra Energy Retirement Cash Balance Plan as in effect from time to time, and (ii) with respect to benefits governed by Sub-Plan I, the Duke Energy Retirement Cash Balance Plan as in effect on October 3, 2004, without giving effect to amendments adopted thereafter.

2.21.    "Separation From Service" means the Participant's separation from service with the Company within the meaning of Code Section 409A.

2.22.    "Specified Employee" means a Participant who is a "specified employee" (as defined in Code Section 409A(2)(B)(i)) of the Company (or an entity which is considered to be a single employer with the Company under Code Section 414(b) or 414(c)), as determined under Code Section 409A at any time during any twelve (12) month period ending on December 31, but only if the Company has any stock that is  publicly traded on an established securities market or otherwise.  Notwithstanding the foregoing, a Participant will be deemed to be a Specified Employee for the period of April 1 through March 31 following such December 31, except as otherwise may be required under Code Section 409A.

2.23.    "Sub-Plan  I" and  "Sub-Plan  II"  have  the  meanings  given  such  terms  m
Section 12.6.

2.24.    "Supplemental  Benefit"  means  the  benefit  provided  under  Section 4.3  of  the Plan.

2.25.    "Supplemental   Credit"  means   a   credit   that   1s  added   to   a   Participant's
Supplemental Account pursuant to Section 4.3.

2.26.    "Supplemental Retirement Plan" means  the Supplemental  Retirement  Plan for
Employees of Duke Power Company as it existed on December 31, 1996.

2.27.    "Supplemental Security Plan" means the Duke  Power Company  Supplemental
Security Plan as it existed on December 31, 1996.

ARTICLE III

ELIGIBILITY

3.1    General.    Any  Employee  designated  by  the  Committee  shall  be  eligible  to
participate in the Plan and shall remain eligible as long as he continues to be an Employee or until designated ineligible by the Committee.   Notwithstanding the foregoing, an Employee who is not a member of a "select group of management or highly compensated employees" within the meaning of ERISA, may not participate in the Plan.   Participants shall not receive any benefits under the terms of the Supplemental Retirement Plan, the Supplemental Security Plan, the Equalization Plan or any comparable plan maintained by the Company.

3.2    Assumed Amounts.    Any individual with respect to whom "Assumed Amounts" (as  defined  in  Section 4.5)  are  credited  hereunder  shall  automatically  participate,  and  be  a "Participant," in the Plan with respect to such Assumed Amounts as of the Distribution Date.

ARTICLE IV

BENEFITS

4.1    General.     The   Plan   provides   a  Make-Whole   Benefit   and   may   provide  a
Supplemental  Benefit.    Each Participant  shall have a "Make-Whole Account", which is a bookkeeping account established under this Plan and shall be eligible for a Make-Whole Benefit.
The Committee will determine whether a Participant is to be eligible for a Supplemental Benefit, and  in  such  case  a  "Supplemental  Account,"  which  is  a  bookkeeping  account,  shall  be established.

4.2    Make-Whole  Benefit.    Under  the  Make-Whole  Benefit,  for  any  month  that  a Participant  is eligible  to participate  in this  Plan, the Participant's Make-Whole  Account  shall receive  a Pay Credit  equal  to the excess,  if any, of (a) the  pay credit that  would  have been provided under the Retirement Cash Balance Plan for the month if the Retirement Cash Balance Plan used the definition of Compensation  set forth herein and, to the extent determined  by the Committee from time to time, other types of excluded pay were treated as eligible compensation under such Plan; over (b) the pay credit for the month that is actually made to the Participant's account under the Retirement Cash Balance Plan.  A Participant, while "Disabled" as defined in the  Retirement  Cash  Balance  Plan  and  continuing  to  receive  pay credits  to  the  Participant's account under the Retirement Cash Balance Plan, shall continue to receive Pay Credits to the Participant's Make-Whole Account determined on the same 

basis as his continued pay credits under the Retirement Cash Balance Plan, and based upon his eligible Compensation immediately prior to disability.

In addition, the Make-Whole Benefit provides a Pay Credit to the Participant's Make­ Whole Account equal to any reduction in a benefit under the Retirement Cash Balance Plan resulting from the limitations imposed by Code Section 415.  Where an opening account balance under the Retirement Cash Balance Plan has been established for a Participant, the Committee, in its sole discretion, may establish an opening balance for the Participant's Make-Whole Account that is designed to provide a transition benefit comparable to the benefit provided through the Retirement Cash Balance Plan opening account balance, but without regard to the limitations imposed by Code Sections 401(a)(17) or 415.   If the value of the benefit which a vested Participant had accrued under the Supplemental Retirement Plan as of December 31, 1996, is greater than the value of the Participant's  Make-Whole Account on the date the Participant retires, such higher value shall apply.

4.3    Supplemental Credits.  A Participant's Supplemental Account shall receive such Supplemental  Credits,  in  such  amounts  and  at  such  times, as  the  Committee,  in  its  sole discretion, may determine.  Notwithstanding Sections 4.3 and 4.4 to the contrary, the Minimum Benefit feature of Section 4.3(e) of the Duke Plan, as in effect prior to January 1, 1999, is preserved herein and incorporated by reference.

4.4    Interest Credits.  An Interest Credit will be added to a Participant's Make-Whole Account and to a Participant's  Supplemental Account as of the end of each calendar month ending prior to the month in which the respective account is fully distributed or forfeited.  The amount of the Interest Credit for a month will equal the balance of the respective account as of the end of the prior month (after adding any Pay Credit, Supplemental Credit and Interest Credit for the prior month and subtracting any payment or forfeiture for the prior month) multiplied by the Interest Factor for the month.   Notwithstanding the foregoing, Interest Credits to the Supplemental Account under Sub-Plan I of a Participant whose employment with the Company terminates before attaining the earliest retirement age under the Retirement Cash Balance Plan will be suspended beginning with the month during which employment terminates and will not resume until the month following the month during which payment of the Supplemental Benefit commences.

4.5    Assumed Amounts.  The Company has assumed the obligations under the Duke Plan with respect to certain Participants who previously were employees of Duke or its affiliates ("Assumed Amounts").  As a result, a Participant who was a participant in the Duke Plan shall have (i) an initial balance in his or her Make-Whole Account equal to the balance in his or her Make-Whole Account under the Duke Plan immediately prior to the Distribution Date, and (ii) an initial balance in his or her Supplemental Account equal to the balance, if any, in his or her Supplemental Account under the Duke Plan immediately prior to the Distribution Date.  The Assumed Amounts credited to Accounts hereunder shall remain subject to the same vesting provisions as in effect under the Duke Plan, and shall remain subject to the same distribution and beneficiary designation elections that were controlling under the Duke Plan immediately prior to the Distribution Date until a new election is made in accordance with the terms of this Plan that by its terms supersedes the prior election.

ARTICLE V

VESTING

Unless the Committee provides otherwise for a particular Participant at the time the
Participant initially becomes eligible to participate in the Plan or at the time of an award of a particular Supplemental Credit (and any Interest Credits thereto), a Participant will become fully
vested in the Participant's Make-Whole Account and the Participant's Supplemental Account, if any, (i) when the Participant becomes vested under the Retirement Cash Balance Plan, or (ii) the
Participant's employment with the Company terminates on account of the Participant's death or
the Participant having become "Disabled", as defined in the Retirement Cash Balance Plan.  If a Participant's employment with the Company terminates and the Participant is not fully vested, the unvested portion of the Participant's Make-Whole Account and of the Participant's Supplemental Account, if any, shall be immediately forfeited and no benefit under the Plan shall be paid with respect thereto.

In the event of a Change in Control, all Accounts shall become 100% fully and immediately  vested  and  non-forfeitable,  and  shall  thereafter  be  maintained  and  paid  in accordance with the terms of this Plan.

ARTICLE  VI

PAYMENT OF BENEFITS

6.1    Benefit Payments.  A Participant who incurs a Separation From Service prior to
the Participant's earliest retirement age under the Retirement Cash Balance Plan will receive, or
will begin to receive, payment of his vested Make-Whole Account and his vested Supplemental Account,  if  any,  as  soon  as  administratively  feasible  following  the  month  in  which  the Participant attains age 55.   A Participant who incurs a Separation From Service after the Participant's earliest retirement age under the Retirement Cash Balance Plan will receive, or will begin to receive, payment of his vested Make-Whole Account and his vested Supplemental Account, if any, as soon as administratively feasible following the month in which the Participant's employment terminates.  Notwithstanding the foregoing, a Participant who incurs a Separation From Service on or after December 31, 2006 will receive, or will begin to receive, payment of his vested Make Whole Account under Sub-Plan II and his vested Supplemental Account, if any, under Sub-Plan II as soon as administratively feasible following the month in which the Participant's employment terminates.  A Participant, while "Disabled" (as defined in the Retirement Cash Balance Plan), and continuing to receive pay credits to the Participant's account under the Retirement Cash Balance Plan, shall not receive payment of benefits during the  period  the  Participant  receives  such  pay  credits,  any  other  Participant  who  incurs  a Separation From Service and whose Make-Whole Account and Supplemental Account, if any, have a combined balance, as of the last day of the month during which employment terminated, of less than $25,000 will receive payment of his vested Make-Whole Account and his vested Supplemental Account, if any, in a single sum, as soon as administratively feasible following the month in which the Participant's employment terminates under this Plan.  Except as provided in Section 6.5,   payment   of   a   Participant's   vested   Make-Whole  Account   

and   his   vested Supplemental Account shall be paid or begin to be paid not later than sixty (60) days following the month in which such amounts become payable.

6.2    Forms of Benefit Payment.

(a)       Participants who are designated as eligible after the Distribution Date must elect a form of benefit payment within 30 days after being designated eligible to participate in the Plan by completing such form as the Committee shall require and filing the completed form with, and acceptance by, the Committee.  Failure to timely elect a form of benefit payment shall result in a deemed election of a single lump sum payment. A Participant may change his or her benefit payment election at any time, and from time to time, by completing a new election form as the Committee provides and filing the completed form with, and acceptance by, the Committee; provided, however, that the Participant has not filed a payment election form within the prior 12 months.   With respect to amounts deferred under Sub-Plan II, except where the payment of the Participant's benefit is due to death or disability (within the meaning of Code Section 409A), (i) a Participant's election to change the form of benefit payment shall become effective one year from the date on which the election form was file with the Committee, but only if the Participant continued in employment throughout such one-year period, and (ii) any lump sum or installment form of payment that is changed by the Participant's election pursuant to this paragraph will be paid not earlier than five years from the date that such payment would otherwise have been paid.

		
	(b) 
	The forms of benefit payment available under the Plan are: (1)     single sum payment;

(2)     monthly payments for three years; and

(3)     monthly payments for ten years.

At such time as benefits under the Plan become payable with respect to a Participant, such benefits shall be paid in accordance with the benefit payment form then in effect and unless otherwise expressly provided by the Plan.

Notwithstanding the foregoing, if a Participant has previously elected to receive payment of his Account on a monthly basis over a period of 15 years and has commenced payment of his Account pursuant to such election as of December 31, 2009, the Participant shall continue to receive payment of his Account on a monthly basis for the remainder of such
15-year period.  If the Participant has previously elected to receive payment of his Account on a monthly basis over a period of 15 years and has not yet commenced payment of  his  Account  pursuant  to  such  election  as  of  December  31,  2009,  the
Participant shall be permitted to retain such election, but in the event that the Participant makes a subsequent election, only the forms of benefit payment set forth in the first paragraph of this Section 6.2(b) are available.

		
	(c) 
	Under the monthly form of benefit payment, the amount of payment for a particular month shall be calculated as follows:

amount =    V
N

where

		
	N 
	represents the number of months remaining in the payment term as of the immediately preceding December 31, except for payments made for the first calendar year, in which case the number of months shall be equal to the number of months in the elected installment form; and

		
	v 
	represents the  balance of  the  Participant's  Make-Whole Account and the balance of the Participant's Supplemental Account,   if   any,   determined   as   of   the   immediately preceding December 31, except for payments made for the first calendar year, in which case the balances will be determined as of the last day of the month immediately prior to the payment commencement date.

6.3    Cash Payment Only.  Any benefit payment due under the Plan shall be paid in cash.

6.4    Financial Hardship.  Upon written request by a Participant, the Committee may distribute to a Participant who is receiving a monthly payment form of distribution, such amount of  the  remaining  balance  of  the  Participant's   vested  cash  balance  account  and  vested Supplemental Account, if any, which the Committee determines is necessary to provide for a financial hardship suffered by the Participant.  For this purpose, "financial hardship" shall mean a severe financial hardship that constitutes an "unforeseeable emergency" within the meaning of Code Section 409A.  Notwithstanding the foregoing, if any member of the Committee requests a hardship distribution, then such Committee member shall take no part in the discussion or decision concerning whether such member has suffered a financial hardship, or the amount to be distributed in relief thereof.

6.5    Six-Month Delay.  Notwithstanding any provision in this Plan to the contrary, if the payment of any benefit hereunder would be subject to additional taxes and interest under Code Section 409A because the timing of such payment is not delayed as provided in Code Section 409A for a Specified Employee, then if the Participant is a Specified Employee under Code Section 409A, any such payment that the Participant would otherwise be entitled to receive during the first six months following the date of the Participant's Separation From Service shall be delayed and paid, if in the form of a lump sum payment, or commence, if in the form of installment payments, as applicable, within fifteen (15) business days after the date that is six months following such Separation From Service date, or such earlier date upon which such amount can be paid or provided under Code Section 409A without being subject to such taxation.

ARTICLE VII

DEATH BENEFITS

7.1    Beneficiary  Designation.     In  accordance  with  procedures established  by  the
Company, each Participant shall designate a Beneficiary or Beneficiaries to receive payment of his vested Make-Whole Account and vested Supplemental Account upon his death, as provided in Section 7.3 or 7.4, and if applicable, Section 7.5, below.

7.2    No Beneficiary.   If the Participant does not designate a Beneficiary, or if the Beneficiary who is designated should predecease the Participant, the death benefit for a deceased Participant shall be paid to the estate of the Participant, as the Participant's Beneficiary, in a single cash payment not later than sixty (60) days following date of the Participant's death.

7.3    Death Before Payment Begins. If a Participant should die while still employed by the Company or otherwise before payment of any Plan benefits has commenced, payments of any death benefit shall be made to the Participant's Beneficiary in the same benefit payment form elected by the Participant under Section 6.2, unless the Beneficiary is the estate and in that case, a single cash payment shall be made not later than sixty (60) days following date of the Participant's death.  Notwithstanding the foregoing, if the death benefit is less than $25,000, the death benefit shall automatically be paid to the Participant's Beneficiary in a single cash payment not later than sixty (60) days following the date of Participant's death.

7.4    Death After Payment Begins.  If a Participant should die after payment of Plan benefits has commenced, payment of any death benefit will be made to the Participant's Beneficiary as a continuation of the benefit payment form that had been in effect for the Participant, unless the Beneficiary is the estate and in that case, a single cash payment shall be made not later than sixty (60) days following date of the Participant's death.

7.5    Supplemental Security Plan.  If an Employee who was an active participant in the Supplemental Security Plan on December 31, 1996, should die while still employed by the Company, the portion of the death benefit attributable to the Employee's Supplemental Account shall not be less than the amount determined by multiplying 2.5 times the annualized base rate of pay of the Employee on the date of death.

ARTICLE VIII

AMENDMENT  AND TERMINATION

The Committee retains the sole and unilateral right to  terminate, amend, modify or
supplement this Plan, in whole or in part, at any time.  The Committee may delegate the right to amend the Plan, subject to any limitations it may impose, to an officer of the Company. No such action  shall  adversely  affect  a  Participant's  right  to  receive  amounts  then  credited  to  a Participant's account with respect to events occurring prior to the date of such amendment.
In the event of a Change in Control, the Plan shall become irrevocable and may not be amended or terminated without the written consent of each Plan Participant who may be affected in 

any way by such amendment or termination either at the time of such action or at any time thereafter.  This restriction in the event of a Change in Control shall be determined by reference to the date any amendment or resolution terminating the Plan is actually signed by an authorized party rather than the date such action purports to be effective.

ARTICLE  IX

ADMINISTRATION

9.1    Top-Hat Plan.  The Company intends for the Plan to be an unfunded "top-hat"
plan for a select group of management or highly compensated employees which is exempt from substantially all of the requirements of Title I of ERISA pursuant to Sections 201(2), 301(a)(3), and 401(a)(l) ofERISA.  The Company is the Plan sponsor under Section 3(16)(B) ofERISA.

9.2    Plan Operation and Administration.  The Committee shall have the authority to control and manage the operation and administration of the Plan except as otherwise expressly provided in this Plan document.   The Committee may designate other persons to carry out fiduciary responsibilities under the Plan.

9.3    Plan Administrator.  The Committee is the administrator of the Plan within the meaning Section  3(16)(A)  of  ERISA.    As administrator, the  Committee has the  authority (without limitation as to other authority) to delegate its duties to agents and to make rules and regulations that it believes are necessary or appropriate to carry out the Plan. The Committee has the discretion (i) to interpret and construe the terms and provisions of the Plan (including any rules  or  regulations  adopted  under  the  Plan),  (ii)  to  determine questions  of  eligibility  to participate in the Plan and (iii) to make factual determinations in connection with any of the foregoing.  A decision of the Committee with respect to any matter pertaining to the Plan including without limitation the Employees determined to be Participants, the benefits payable, and the construction or interpretation of any provision thereof, shall be conclusive and binding upon all interested persons.  No Committee member shall participate in any decision of the Committee that would directly and specifically affect the timing or amount of his benefits under the Plan, except to the extent that such decision applies to all Participants under the Plan.

ARTICLE  X

CLAIMS PROCEDURE

10.1    Claim. A person with an interest in the Plan shall have the right to file a claim for
benefits under the Plan and to appeal any denial of a claim for benefits.   Any request or application for a Plan benefit or to clarify the claimant's rights to future benefits under the terms of the Plan shall be considered to be a claim.

10.2    Written Claim.   A claim for benefits will be considered as having been made when submitted in writing by the claimant (or by such claimant's authorized representative) to the Committee.  No particular form is required for the claim, but the written claim must identify

the name of the claimant and describe generally the benefit to which the claimant believes he is entitled.  The claim may be delivered personally during normal business hours or mailed to the Committee.

10.3    Committee Determination.  The Committee will determine whether, or to what extent, the claim may be allowed or denied under the terms of the Plan. If the claim is wholly or partially denied, the claimant shall be so informed by written notice within 90 days after the day the claim is submitted unless special circumstances require an extension of time for processing the claim.  If such an extension of time for processing is required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial 90-day period.   Such extension may not exceed an additional 90 days from the end of the initial 90-day period.  The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the final decision.  If notice of denial of a claim (in whole or in part) is not furnished within the initial 90-day period after the claim is submitted (or, if applicable, the extended 90-day period), the claimant shall consider that his claim has been denied just as if he had received actual notice of denial.

10.4    Notice of Determination.   The notice informing the claimant that his claim has been wholly or partially denied shall be written in a manner calculated to be understood by the claimant and shall include:

		
	(a)
	The specific reason(s) for the denial.

		
	(b)
	Specific reference to pertinent Plan  provisions on which the denial is based.

		
	(c)
	A description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary.

		
	(d)
	Appropriate information as to the steps to be taken if the claimant wishes to submit his claim for review.

10.5    Appeal. If the claim is wholly or partially denied, the claimant (or his authorized representative) may file an appeal of the denied claim with the Committee requesting that the claim be reviewed.  The Committee shall conduct a full and fair review of each appealed claim and its denial.  Unless the Committee notifies the claimant that due to the nature of the benefit and other attendant circumstances he is entitled to a greater period of time within which to submit his request for review of a denied claim, the claimant shall have 60 days after he (or his authorized representative) receives written notice of denial of  his claim  within which such request must be submitted to the Committee.

10.6    Request for Review.  The request for review of a denied claim must be made in writing.  In connection with making such request, the claimant or his authorized representative may:

(a)     Review pertinent documents.
(b)     Submit issues and comments in writing.

10.7    Determination of Appeal.  The decision of the Committee regarding the appeal shall be promptly given to the claimant in writing and shall normally be given no later than 60 days following the receipt of the request for review.   However, if special circumstances (for example, if the Committee decides to hold a hearing on the appeal) require a further extension of time for processing, the decision shall be rendered as soon as possible, but no later than 120 days after receipt of the request for review.  However, if the Committee holds regularly scheduled meetings at least quarterly, a decision on review shall be made by no later than the date of the meeting which immediately follows the Plan's receipt of a request for review, unless the request is filed within 30 days preceding the date of such meeting. In such case, a decision may be made by no later than the date of the second meeting following the Plan's receipt of the request for review. If special circumstances (for example, if the Committee decides to hold a hearing on the appeal) require a further extension of time for processing, the decision shall be rendered as soon as possible, but no later than the third meeting following the Plan's  receipt of the request for review.  If special circumstances require that the decision will be made beyond the initial time for furnishing the decision, written notice of the extension shall be furnished to the claimant (or his authorized representative) prior to the commencement of the extension.   The decision on review  shall  be  in  writing  and  shall  be  furnished  to  the  claimant  or  to  his  authorized representative within the appropriate time for the decision.   If a decision on review is not furnished within the appropriate time, the claim shall be deemed to have been denied on appeal.

10.8    Hearing.  The Committee may, in its sole discretion, decide to hold a hearing if it determines that a hearing is necessary or appropriate in order to make a full and fair review of the appealed claim.

10.9    Decision.  The decision on review shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, as well as specific references to the pertinent Plan provisions on which the decision is based.

10.10    Exhaustion of Appeals.  A person must exhaust his rights to file a claim and to request a review of the denial of his claim before bringing any civil action to recover benefits due to him under the terms of the Plan, to enforce his rights under the terms of the Plan, or to clarify his rights to future benefits under the terms of the Plan.

10.11    Committee's  Authority.   The Committee shall exercise its responsibility and authority under this claims procedure as a fiduciary and, in such capacity, shall have the discretionary authority and responsibility (a) to interpret and construe the Plan and any rules or regulations under the Plan, (b) to determine the eligibility of Employees to participate in the Plan, and the rights of Participants to receive benefits under the Plan, and (c) to make factual determinations in connection with any of the foregoing.

ARTICLE XI

NATURE OF COMPANY'S OBLIGATION

11.1    Unsecured Promise.  The Company's obligation to the Participant under this Plan shall be an unfunded and unsecured promise to pay.  The rights of a Participant or Beneficiary under this 

Plan shall be solely those of an unsecured general creditor of the Company.   The Company shall not be obligated under any circumstances to set aside or hold assets to fund its financial obligations under this Plan.

11.2    No Right to Specific Assets.  Notwithstanding the foregoing, the Company may, in its sole discretion establish such accounts, trusts, insurance policies or arrangements, or any other mechanisms it deems necessary or appropriate to account for or fund its obligations under the Plan.   Any assets which the Company may set aside, acquire or hold to help cover its financial liabilities under this Plan are and remain general assets of the Company subject to the claims of its creditors.  The Company does not give, and the Plan does not give, any beneficial ownership interest in any assets of the Company to a Participant or Beneficiary.  All rights of ownership in any assets are and remain in the Company.  Any general asset used or acquired by the Company in connection with the liabilities it has assumed under this Plan shall not be deemed to be held under any trust for the benefit of the Participant or any Beneficiary, and no general asset shall be considered security for the performance of the obligations of the Company. Any asset shall remain a general, unpledged, and unrestricted asset of the Company.

11.3    Plan Provisions.   The Company's liability for payment of benefits shall be determined only under the provisions of this Plan, as it may be amended from time to time.

ARTICLE  XII

GENERAL PROVISIONS

12.1    No Right to Employment.    Nothing in this Plan shall be deemed to give any
person the right to remain in the employ of the Company or affect the right of the Company to terminate any Participant's employment with or without cause.

12.2    No Assignment.  Except as provided under Section 12.3 with respect to a DRO, no right or benefit under the Plan shall be subject to anticipation, alienation, sale, assignment, pledge,  encumbrance  or  charge.    Any  attempt  to  anticipate, alienate,  sell,  assign,  pledge, encumber or charge these benefits shall be void.  No right or benefit under this Plan shall in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the person entitled to the benefit.  If any Participant or Beneficiary under the Plan should become bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber or charge any right to a benefit hereunder, then the right or benefit, in the discretion of the Committee, shall cease.  In these circumstances, the Committee may hold or apply the benefit payment or payments, or any part of it, for the benefit of the Participant or his Beneficiary, the Participant's spouse, children, or other dependents, or any of them, in any manner and in any portion that the Committee may deem proper.
12.3    Domestic Relations Order.  The anti-alienation restrictions of Section 12.2 shall not apply to a domestic relations order (as defined in Code Section 414(p)(1)(B)) (a "DRO"). The Committee may direct the acceleration of payment of all or a portion of a Participant's Account and pay such amount to an individual other than the Participant to the extent necessary to fulfill the requirements of a DRO.  The rules set forth in Section 6.2(a) governing subsequent changes in the Participant's benefit payment election shall not apply to any change in the form and timing of payment to the extent that such election is reflected in, or made in accordance with, the terms of a DRO.

12.4    Withholding. Any amount required to be withheld under applicable Federal, state and local tax laws (including any amounts required to be withheld under Code Section 3121(v)) will be withheld in such manner as the Committee will determine and any payment under the Plan will be reduced by the amount so withheld, as well as by any other lawful withholding.

12.5    Governing Law.   This Plan shall be construed and administered in accordance with the laws of the State of Texas to the extent that such laws are not preempted by Federal law.

12.6    Compliance with Code Section 409A.   The Plan is divided into two separate deferred compensation sub-plans, one of which shall be named "Sub-Plan I" and the other shall
be named "Sub-Plan II."   Sub-Plan I shall include only "amounts deferred" before January 1,
2005 (within the meaning of Code Section 409A) under the Duke Plan, and earnings thereon, and such deferred compensation shall be subject to the applicable provisions of the Duke Plan as in effect on October 3, 2004, as modified herein, and as Sub-Plan I is subsequently amended or
otherwise changed, except as would result in such deferred compensation being subject to Code Section 409A.  The adoption of the Plan is not intended to be a "material modification" (within the meaning of Code Section 409A) with respect to amounts under Sub-Plan I, and shall be construed accordingly.   Sub-Plan II shall include only "amounts deferred" after December 31,
2004, and earnings thereon, and such deferred compensation shall be subject to the provisions of
the Plan as in effect on the Distribution Date, as subsequently amended or otherwise changed. The Company intends Sub-Plan II to comply with the provisions of Code Section 409A, so as to prevent the inclusion in gross income of any amounts deferred hereunder in a taxable year that is prior to the taxable year or years in which such amounts would otherwise actually be distributed or made available to Participants or Beneficiaries.  Sub-Plan II shall be construed, administered, and governed in a manner that effects such intent, and no action shall be taken that would be inconsistent with such intent.  To the extent any terms of the Plan are ambiguous, such terms shall be interpreted as necessary to comply with Code Section 409A.

[Signature page follows]

IN WITNESS  WHEREOF, this amendment and restatement of the Plan is executed on behalf of the Company this 1st day of May, 2012.

	
		
	 
	SPECTRA  ENERGY CORP

	 
	By:  ___________________________

	 
	Name: Dorothy M. Ables

	 
	Title:  Chief Administrative Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00279-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00279-of-00352.parquet"}]]