Document:

EX-4.37

 Exhibit 4.37 

SPECTRA ENERGY CORP 

DIRECTORS’ SAVINGS PLAN 

(As Amended and Restated Effective as of May 1, 2012) 

TABLE OF CONTENTS 
  

									
	 ARTICLE I ESTABLISHMENT AND PURPOSE OF PLAN
	  	 	4	 
		
	 ARTICLE II DEFINITIONS
	  	 	4	 
		
	 ARTICLE III ELIGIBILITY
	  	 	6	 
		 	 3.1
	  	 Eligibility under Predecessor Plan
	  	 	6	 
		 	 3.2
	  	 General
	  	 	6	 
		 	 3.3
	  	 Revocation
	  	 	6	 
		
	 ARTICLE IV ACCOUNTS
	  	 	6	 
		 	 4.1
	  	 Maintenance of Participant Account
	  	 	6	 
		 	 4.2
	  	 Phantom Investment Options
	  	 	7	 
		 	 4.3
	  	 Assumed Amounts
	  	 	7	 
		 	 4.4
	  	 Investment of Assumed Amounts
	  	 	7	 
		 	 4.5
	  	 Corporate Transactions
	  	 	7	 
		
	 ARTICLE V VESTING
	  	 	8	 
		 	 5.1
	  	 Generally
	  	 	8	 
		 	 5.2
	  	 Assumed Amounts
	  	 	8	 
		
	 ARTICLE VI PAYMENT OF BENEFITS
	  	 	8	 
		 	 6.1
	  	 Amount
	  	 	8	 
		 	 6.2
	  	 Payment Election
	  	 	8	 
		 	 6.3
	  	 Source of Payments
	  	 	9	 
		
	 ARTICLE VII DEATH BENEFITS
	  	 	9	 
		 	 7.1
	  	 Beneficiary Designation
	  	 	9	 
		 	 7.2
	  	 No Beneficiary
	  	 	9	 
		 	 7.3
	  	 Death Before Payment Begins
	  	 	10	 
		 	 7.4
	  	 Death After Payment Begins
	  	 	10	 
		 	 7.5
	  	 Payment Timing
	  	 	10	 
		
	 ARTICLE VIII AMENDMENT AND TERMINATION
	  	 	10	 
		 	 8.1
	  	Amendment and Termination.	  	 	10	 
		
	 ARTICLE IX ADMINISTRATION
	  	 	10	 

									
		 	 9.1
	  	 Plan Sponsor
	  	 	10	 
		 	 9.2
	  	 Named Fiduciary
	  	 	10	 
		 	 9.3
	  	 Plan Administrator
	  	 	10	 
		
	 ARTICLE X CLAIMS PROCEDURE
	  	 	11	 
		 	 10.1
	  	 Claim
	  	 	11	 
		 	 10.2
	  	 Written Claim
	  	 	11	 
		 	 10.3
	  	 Compensation Committee Determination
	  	 	11	 
		 	 10.4
	  	 Notice of Determination
	  	 	11	 
		 	 10.5
	  	 Appeal
	  	 	11	 
		 	 10.6
	  	 Request for Review
	  	 	11	 
		 	 10.7
	  	 Determination of Appeal
	  	 	11	 
		 	 10.8
	  	 Hearing
	  	 	12	 
		 	 10.9
	  	 Decision
	  	 	12	 
		 	 10.10
	  	Exhaustion of Appeals	  	 	12	 
		 	 10.11
	  	Compensation Committee’s Authority	  	 	12	 

  
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	ARTICLE XI GENERAL PROVISIONS	  	 	12	 
		 	11.1	  	No Assignment	  	 	12	 
		 	11.2	  	Domestic Relations Order	  	 	12	 
		 	11.3	  	No Liability	  	 	13	 
		 	11.4	  	Unsecured Promise	  	 	13	 
		 	11.5	  	Governing Law	  	 	13	 
		 	11.6	  	Compliance with Code Section 409A	  	 	13	 

  
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 SPECTRA ENERGY CORP 

DIRECTORS’ SAVINGS PLAN 

ARTICLE I 

ESTABLISHMENT AND PURPOSE OF PLAN 

The Spectra Energy Corp Directors’ Savings Plan (the “Plan”) was established by Spectra Energy Corp,
effective as of the Distribution Date (as defined below), and is hereby amended and restated effective as of May 1, 2012. The purposes of the Plan are (i) to provide deferred compensation for the Nonemployee Directors of the Board and
(ii) to provide for the payment of certain amounts deferred under the Duke Energy Corporation Directors’ Savings Plan. 

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 single bookkeeping account established and maintained pursuant to the Plan in the name of each Participant, which Account shall include the following: (i) Fixed Interest Investment Option as
defined in Section 4.4(i), (ii) SECS Investment Option as defined in Section 4.1 and (iii) Spectra Stock Deferral Investment Option as defined in Section 4.2. 

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 the Company. 
 2.4 “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 (the “Exchange
Act”)) (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 Company common
stock or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; excluding, however, the following: (1) any acquisition directly from the Company,
other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company, (2) any acquisition by the Company and (3) any acquisition by an employee
benefit plan (or related trust) sponsored or maintained by the Company or of 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 to the Board or nomination for election by the Company’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; 

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

 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 the Company becomes a separate publicly-held corporation for the first time. 

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

2.6 “Company” means Spectra Energy Corp. 

2.7 “Compensation” means all retainers, committee chair fees and meeting/committee fees earned by Nonemployee
Directors for services actually rendered in conjunction with service on the Board of Directors. 
 2.8 “Compensation
Committee” means the compensation Committee of the Board of Directors, or its delegate. 
 2.9 “Deferred
Compensation” or “Deferrals” mean Compensation deferred under the Plan. 
 2.10
“Director” means a member of the Board of Directors. 
 2.11 “Distribution Date” has
the meaning given such term in the Separation and Distribution Agreement by and between Duke Energy Corporation and Spectra Energy Corp. 

2.12 “Duke” means Duke Energy Corporation. 

2.13 “Duke Plan” means the Duke Energy Corporation Directors’ Savings Plan. 

2.14 “Duke Retirement Plan” means the Duke Power Company Retirement Plan for Outside Directors as it existed on
December 31, 1996. 
 2.15 “Fair Market Value” of a share of common stock means the closing price at which
shares of Company common stock were sold on the New York Stock Exchange as indicated in the composite transactions for the day in question or, if such day is not a trading day for such exchange, for the most recent trading day preceding such day.

 2.16 “Nonemployee Director” means a member of the Board of Directors who is not employed by Spectra Energy
Corp or any of its affiliated companies. 
 2.17 “Participant” means a Nonemployee Director who is eligible to
participate in the Plan. 
 2.18 “Phantom Stock Unit” means a unit of measure which is equal in value to one
share of Company common stock. 

  
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 2.19 “Plan” means this Spectra Energy Corp
Directors’ Savings Plan. 
 2.20 “Separation From Service” means a Participant’s separation from
service on the Board of Directors with the meaning of Code Section 409A. 
 ARTICLE III 

ELIGIBILITY 
 3.1
Eligibility under Predecessor Plan. Any active Nonemployee Director 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.
Moreover, any individual with respect to whom “Assumed Amounts” (as defined in Section 4.3) are credited hereunder shall automatically participate, and be a Participant, in the Plan with respect to such Assumed Amounts as
of the Distribution Date. 
 3.2 General. Any individual who is not described in Section 3.1 and who becomes a
Nonemployee Director will become a Participant in the Plan upon beginning to serve as a member of the Board of Directors. By no later than thirty (30) days after becoming a Nonemployee Director, the Nonemployee Director may file with the
Company an irrevocable election, utilizing such form as the Company shall prescribe, to defer under the Plan a specified portion of such Compensation that would otherwise be currently payable, that the Nonemployee Director may earn subsequent to the
date the election form is filed with the Company. A Nonemployee Director may at any time make a new irrevocable election that shall be applicable only to Compensation earned after the end of the calendar year during which the election form was filed
with the Company. By not later than the date specified by the Company, which shall be within thirty (30) days after the date that a Nonemployee Director is granted a Phantom Stock Unit under a Company-sponsored long-term incentive plan
(including, but not limited to, the Company’s 2007 Long-Term Incentive Plan), the Nonemployee Director may file with the Company an irrevocable election, utilizing such form as the Company shall prescribe, to defer under the Plan payment of
Phantom Stock Units covered by such award in accordance with the provisions of such long-term incentive plan, provided that such election is consistent with the subsequent deferral election provisions of Code Section 409A. 

3.3 Revocation. An election to defer Compensation pursuant to Section 3.1 will remain in effect until revoked, except that
no revocation will be effective unless is it made prior to the beginning of the calendar year to which it relates. 
 ARTICLE IV 

ACCOUNTS 
 4.1
Maintenance of Participant Account. An Account shall be established and maintained in the name of each Participant. The Account shall reflect amounts credited thereto pursuant to the Participant’s deferrals of Compensation earned on or
after the Distribution Date, and to Elective Phantom Stock Unit Deferrals, with adjustments for investment performance as specified in this Section 4.1 and charges for Plan benefits paid (or amounts forfeited). Except to the extent
otherwise provided in the Plan, each Participant shall direct, in accordance with rules and procedures established by the Compensation Committee or its designee, the “investment” of the Participant’s Account among phantom
investment options, which are bookkeeping devices without actual asset portfolios, that correspond to the investment options available under the Spectra Energy Corp Executive Savings Plan, which, in turn, correspond to the investment funds available
for investment under the Spectra Energy Retirement Savings Plan (“RSP”). In this regard, the Plan’s investment option that corresponds to the RSP’s Spectra Energy Corp Common Stock Fund shall be referred to as the
“SECS Investment Option.” The portion of the Participant’s Account that is “invested” in a particular investment option 

  
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shall be adjusted monthly (or on such more frequent basis approved by the Company), upward or downward, to reflect the investment performance experienced for the respective period on like amounts
invested in the corresponding RSP investment fund, although no actual investment will be made in the RSP investment fund on behalf of the Participant’s Account. 

In connection with the deferral of Compensation that is not otherwise payable only as Company common stock, such Deferred Compensation shall
be invested in such open investment option(s) as the Participant shall direct. 
 4.2 Phantom Investment Options. In connection with
Elective Phantom Stock Unit Deferrals, deferred payment on a Phantom Stock Unit, upon such unit becoming vested, will automatically be credited, on the basis of the Fair Market Value of a share of Company common stock, as of the respective crediting
date, and maintained as a unit of a phantom investment option, in the “Spectra Stock Deferral Investment Option,” which shall correspond to the RSP’s Spectra Energy Corp Common Stock Fund. The Participant (or, if
deceased, the Participant’s Beneficiary) may not elect to transfer amounts from the Spectra Stock Deferral Investment Option to any other investment option(s). The Spectra Stock Deferral Investment Option shall not be open to any deferral other
than an Elective Phantom Stock Unit Deferral, or to any elective transfer from any other investment option. 
 Except for amounts invested
in the Spectra Stock Deferral Investment Option, the Participant (or, if the Participant is deceased, the Participant’s beneficiary) may elect subsequent transfer of amounts from any investment option to any open investment option(s) on a
monthly basis (or on such more frequent basis approved by the Company). 
 4.3 Assumed Amounts. The Company has assumed the deferred
compensation obligations under the Duke Plan with respect to certain Participants who previously served as non-employee directors of Duke (“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, which by its terms, supersedes the prior election. 

4.4 Investment of 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, which by its
terms, supersedes the prior election; provided, however, that unless otherwise provided below, an investment election relating to the “DECS Investment Option” under the Duke Plan is deemed to apply to the SECS Investment Option.
Notwithstanding the preceding sentence, the following additional provisions shall apply to the deemed investment of the Assumed Amounts: 
  

	 	(i)	Any Assumed Amounts that, immediately prior to the Distribution Date, were invested in the investment option that credited interest at the fixed rates applicable under the Duke Power Company Compensation Deferral Plan
for Outside Directors as it existed on December 31, 1996 (the “Fixed Interest Investment Option”) and the Duke Energy Corporation Retirement Savings Plan’s Money Market Fund under the Duke Plan (the
“Money Market Fund”) shall continue to be invested in such options. A Participant (or, if the Participant is deceased, the Participant’s Beneficiary) may elect to transfer amounts from such investment options to any open
investment option, but the Fixed Interest Investment Option and the Money Market Fund shall be closed to additional deferrals and to transfers from any other investment option. 

4.5 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
Duke or the Company, or any similar corporate transaction or event in respect of such shares, then the Compensation Committee shall, in the manner 

  
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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 Compensation 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 V 

VESTING 
 5.1
Generally. A Participant is 100% vested in his Account except to the extent otherwise provided in Section 5.2. 
 5.2
Assumed Amounts. The portion of the Assumed Amounts that is attributable to the Participant’s participation in the Duke Retirement Plan, as adjusted for investment performance after December 31, 1996, shall vest upon Separation From
Service (i) on account of death or disability, (ii) after attaining age 62, or (iii) on account of, or after, a Change in Control. Otherwise, such portion, as so adjusted, shall be forfeited upon Separation From Service. 

ARTICLE VI 
 PAYMENT OF
BENEFITS 
 6.1 Amount. Except as otherwise provided in Section 4.3 or Section 5.2, following Separation
from Service, a Participant will receive, or will begin to receive, payment of his benefits under this Plan, which consist of the portion of his Account that is vested, as determined under Article V. 

6.2 Payment Election. 
  

	 	(a)	A Nonemployee Director who is eligible to participate in the Plan under Section 3.2 must elect his form of benefit payment before earning any Compensation that is deferred under the Plan and before any
Phantom Stock Units are credited to the Participant’s Account. Such election is made by completing the form prescribed by the Company and filing the completed form with, and acceptance by, the Company. Failure to timely elect a benefit payment
form shall result in a deemed election of five annual installment payments. The election of a benefit payment form is irrevocable, except that a Participant may change his benefit payment form election by completing a new election form and filing
the completed form with, and acceptance by, the Company; provided, however, that the Nonemployee Director has not filed a payment election form within the prior 12 months. With respect to amounts deferred under
Sub-Plan II (as defined in Section 11.6), 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 filed with the Company, but only if the Participant continued to serve on the Board of Directors
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 or commence being paid not
earlier than five years from the date such payment would otherwise have been paid. 

  

	 	(b)	The alternative forms of benefit payment under the Plan are: 

  

	 	(1)	Single lump sum payment; 

  

	 	(2)	Five annual installments; 

  

	 	(3)	Ten annual installments. 

  
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	 	(c)	If the Participant is to be paid in a single lump sum payment, the Participant will receive a single cash payment equal to the balance of the vested portion of the Participant’s Account that is then invested in any
investment option other than the SECS Investment Option or the Spectra Stock Deferral Investment Option. The balance of the vested portion of the Participant’s Account that is then invested in the SECS Investment Option and the Spectra Stock
Deferral Investment Option will be paid in whole shares of Company common stock, valued at Fair Market Value on the last day of the month that immediately precedes the month of payment, with any fractional share paid in cash. Cash payment amounts
will be calculated as of the last day of the month, and after any interest credited at fixed rate (s) has been allocated for the month, that immediately precedes the month of payment. A single lump sum payment shall be paid as soon as
administratively feasible after the cash amount and number of whole shares of Company common stock that are to be included in the payment have been determined, including the cash amount for any fractional share, but not later than sixty
(60) days after Separation From Service, as provided under Sections 4.3 and 5.2. To the extent that the delivery of any shares of Company 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 (the “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 Compensation Committee that complies with the shareholder approval requirements contained in the
Listed Company Manual. 

  

	 	(d)	If a Participant is to be paid in either five or ten annual installments, the cash amount and number of whole shares of Company common stock to be included in a particular annual installment will be determined by the
Company utilizing the same valuation methodology provided in Section 6.2(c), applied as of the December 31 that immediately precedes the month of payment of that installment, and divided by the installments then remaining, to obtain the
cash amount and the number of whole shares of Company common stock, including the cash amount for any fractional share, to be paid in the current installment. Notwithstanding the previous sentence, the first annual installment payment will be
determined using the same methodology, but applied as of the last day of the month that immediately precedes the payment of such first annual installment. An annual installment shall be paid as promptly as administratively feasible after the cash
amount and number of whole shares of Company common stock, including the cash amount for any fractional share, that are to be included in the installment have been determined, but payments must commence not later than sixty (60) days after
Separation From Service, as provided under Sections 4.3 and 5.2, and each successive installment payment shall be paid not later than sixty (60) days after each December 31st following such Separation From Service. 

6.3 Source of Payments. All payments under the Plan will be made from the general funds of the Company. The Company may, at its
discretion, establish a grantor trust, commonly known as a “rabbi” trust, to hold Company assets, which may include, shares of Company common stock from which the Company may make benefit payments. 

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 unpaid Account upon his death, as provided in Section 7.3 or Section 7.4 below. 

7.2 No Beneficiary. If a deceased Participant did not designate a Beneficiary, or if the designated Beneficiary should predecease the
Participant or be the Participant’s estate, the death benefit of the Participant shall be paid to the estate of the Participant in a single cash payment within sixty (60) days following the date of the participant’s death. 

  
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 7.3 Death Before Payment Begins. If a Participant should die before Plan benefits have
commenced, payments will be made to his or her Beneficiary, as a death benefit, in the same alternate form selected by the Participant under Section 6.2(b), except where Section 7.2 would be applicable. 

7.4 Death After Payment Begins. If a Participant should die after Plan benefits have commenced, payments will continue to be made, as a
death benefit, to his or her Beneficiary or Beneficiaries in the alternate form selected by the Participant, except where Section 7.2 would be applicable. 

7.5 Payment Timing. All payments made to a Participant’s beneficiary or estate shall be made in accordance with the timing of
payment requirements of Article VI. 
 ARTICLE VIII 

AMENDMENT AND TERMINATION 

8.1 Amendment and Termination. 

The Board of Directors may, in its discretion: 
  

	 	(i)	TERMINATE THE PLAN WITH RESPECT TO FUTURE PARTICIPANTS OR FUTURE BENEFIT accruals for current Participants; and  

  

	 	(ii)	Amend the Plan in any respect, at any time. 

 No such termination or amendment may reduce the amount of any
then accrued benefit of any Participant and any attempt to do so shall be void. 
 ARTICLE IX 

ADMINISTRATION 
 9.1
Plan Sponsor. The Company is the Plan sponsor. 
 9.2 Named Fiduciary. The Compensation 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. 

9.3 Plan Administrator. The Compensation Committee is the administrator of the Plan. As administrator, the Compensation 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 Compensation 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 Compensation Committee with respect to any matter pertaining to the Plan including, without limitation, the individuals determined to be Participants, the benefits payable,
and the construction or interpretation of any provision thereof, shall be conclusive and binding upon all persons and entities. No Compensation Committee member shall participate in any decision of the Compensation Committee that would directly and
specifically affect the timing or amount of his or her benefits under the Plan, except to the extent that such decision applies to all Participants under the Plan. 

  
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 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 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 Compensation 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 business hours or mailed to the Compensation Committee. 

10.3 Compensation Committee Determination. The Compensation 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 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. 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: 
  

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

  

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

  

	 	(iii)	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. 

 

	 	(iv)	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 Compensation Committee requesting that the claim be reviewed. The Compensation Committee shall conduct a full and fair review of each appealed claim and its denial. Unless the Compensation 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 Compensation 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: 
  

	 	(i)	Review pertinent documents. 

  

	 	(ii)	Submit issues and comments in writing. 

 10.7 Determination of Appeal. The decision of
the Compensation 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 Compensation Committee decides to hold a hearing on the appeal) require a further extension of time for processing, the decision shall be 

  
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rendered as soon as possible, but no later than 120 days after receipt of the request for review. However, if the Compensation 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 Compensation 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 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 Compensation 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 Compensation Committee’s Authority. The Compensation 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 (i) to interpret and construe the Plan and any rules or regulations under the Plan, (ii) to determine the eligibility of
Nonemployee Directors to participate in the Plan, and the rights of Participants to receive benefits under the Plan, and (iii) to make factual determinations in connection with any of the foregoing. 

ARTICLE XI 
 GENERAL
PROVISIONS 
 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

  
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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. 

11.3 No Liability. No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities, or
torts of the person entitled to benefits under this Plan. 
 11.4 Unsecured Promise. The Company’s obligations under this Plan
shall be as unfunded and unsecured promise to pay. The Company shall not be obligated under any circumstances to fund its financial obligations under this Plan. The Company may establish a grantor trust to assist it in meeting its obligations under
this Plan. The Company shall not be obligated to establish such a trust, and if established, the Company shall not be obligated to make contributions to the trust. 

11.5 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. 
 11.6 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 becoming subject to Code Section 409A. The adoption and amendment of the Plan is not intended to be
a “material modification” (within the meaning of Code Section 409A) with respect to amounts governed by Sub-Plan I. 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. Sub-Plan II shall be construed, administered and governed in a manner that
effectuates such intent, and no action shall be taken that would be inconsistent with such 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 has been executed on behalf of the Company this 1st day of May 2012.

  

			
	SPECTRA ENERGY CORP
		
	By: 	 	 /s/ Dorothy M. Ables

	Name:	 	Dorothy M. Ables
	Title:	 	Chief Administrative Officer

  
 -13-EX-4.38

 Exhibit 4.38 

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	  	 	1	 
	  1.1        	 	Name of Plan	  	 	1	 
	  1.2	 	Effective Date	  	 	1	 
		
	ARTICLE II DEFINITIONS	  	 	1	 
		
	ARTICLE III ELIGIBILITY	  	 	4	 
	  3.1	 	General	  	 	4	 
	  3.2	 	Eligibility Under Predecessor Plan	  	 	4	 
		
	ARTICLE IV PARTICIPANT DEFERRALS/COMPANY CREDITS	  	 	4	 
	  4.1	 	Base Pay Deferrals	  	 	4	 
	  4.2	 	Incentive Plan Deferrals	  	 	5	 
	  4.3	 	Automatic Deferral Election	  	 	5	 
	  4.4	 	Deferrals of Stock Awards	  	 	6	 
	  4.5	 	Dividend Equivalents Deferrals	  	 	6	 
	  4.6	 	Retirement Savings Plan - Excess Matching Contribution	  	 	7	 
	  4.7	 	Elections	  	 	7	 
		
	ARTICLE V ASSUMED AMOUNTS AND FORMER PLANS	  	 	7	 
	  5.1	 	Assumed Amounts	  	 	7	 
	  5.2	 	Former Plans	  	 	8	 
		
	ARTICLE VI ACCOUNTS	  	 	8	 
	  6.1	 	Maintenance of Participant Accounts	  	 	8	 
	  6.2	 	Phantom Investment Options Generally	  	 	8	 
	  6.3	 	Company Matching Contributions Subaccount	  	 	8	 
	  6.4	 	Subaccount for Deferrals of Stock Awards	  	 	9	 
	  6.5	 	Assumed Amounts	  	 	9	 
	  6.6	 	Adjustments Duke Energy Common Stock Fund	  	 	10	 
	  6.7	 	Transfer Elections	  	 	10	 
	  6.8	 	Corporate Transactions	  	 	11	 
		
	ARTICLE VII BENEFITS	  	 	11	 
	  7.1	 	Termination of Employment	  	 	11	 
	  7.2	 	Election of Payment Option	  	 	11	 
	  7.3	 	Payment Options	  	 	12	 
	  7.4	 	Payments After Death	  	 	13	 
	  7.5	 	Small Payments	  	 	13	 
	  7.6	 	Form of Payment	  	 	13	 
	  7.7	 	Acceleration of Payment in the Event of Hardship	  	 	13	 
	  7.8	 	In-Service Distribution Coupled with Ten Percent Forfeiture	  	 	13	 
		
	ARTICLE VIII BENEFICIARY	  	 	14	 
	  8.1	 	Designation of Beneficiary	  	 	14	 
	  8.2	 	Designation by Beneficiary	  	 	14	 
	  8.3	 	Discharge of Obligations	  	 	14	 
	  8.4	 	Payment to Minors and Incapacitated Persons	  	 	14	 
		
	ARTICLE IX NATURE OF COMPANY’S OBLIGATION	  	 	14	 
	  9.1	 	Unsecured Promise	  	 	14	 
	  9.2	 	No Right to Specific Assets	  	 	14	 
	  9.3	 	Plan Provisions	  	 	14	 
		
	ARTICLE X TERMINATION, AMENDMENT, MODIFICATION OR SUPPLEMENTATION OF PLAN	  	 	15	 
	10.1	 	Right to Terminate and Amend	  	 	15	 

							
		
	ARTICLE XI RESTRICTIONS ON ALIENATION OF BENEFITS	  	 	15	 
	11.1        	 	No Assignment	  	 	15	 
	11.2	 	Domestic Relations Order	  	 	15	 
		
	ARTICLE XII ADMINISTRATION	  	 	15	 
	12.1	 	“Top-Hat” Plan	  	 	15	 
	12.2	 	Named Fiduciary	  	 	16	 
	12.3	 	Plan Administrator	  	 	16	 
		
	ARTICLE XIII CLAIMS PROCEDURE	  	 	16	 
	13.1	 	Claim	  	 	16	 
	13.2	 	Written Claim	  	 	16	 
	13.3	 	Committee Determination	  	 	16	 
	13.4	 	Notice of Determination	  	 	16	 
	13.5	 	Appeal	  	 	17	 
	13.6	 	Request for Review	  	 	17	 
	13.7	 	Determination of Appeal	  	 	17	 
	13.8	 	Hearing	  	 	17	 
	13.9	 	Decision	  	 	17	 
	13.10	 	Exhaustion of Appeals	  	 	17	 
	13.11	 	Committee’s Authority	  	 	18	 
		
	ARTICLE XIV GENERAL PROVISIONS	  	 	18	 
	14.1	 	No Right to Employment	  	 	18	 
	14.2	 	Withholding	  	 	18	 
	14.3	 	Section 16	  	 	18	 
	14.4	 	Governing Law	  	 	18	 
	14.5	 	Compliance With Section 409A	  	 	18	 

 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 of May 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 of Directors 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. 

  
 -2- 

 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 401(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. 

  
 -3- 

 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- 

 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 

  
 -5- 

 
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 of the 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
of the 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 

  
 -6- 

 
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

  
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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. 

  
 -8- 

 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 (b) 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. 

  
 -9- 

 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 (e), 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. 

  
 -10- 

 (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’s Termination 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 1, 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 

  
 -11- 

 
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 of 3 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: 
  

					
		 	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 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 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 Section
409A for a Specified Employee, then if the 

  
 -12- 

 
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

  
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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. 

  
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 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)(1) of ERISA. The Company is the Plan sponsor under Section 3(16)(B) of ERISA. 

  
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 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. 

  
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	 	(2)	Specific reference to pertinent Plan provisions on which the denial is 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, 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. 
 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). 

  
 -17- 

 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) of the 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)(1) 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 of the 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 I” 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 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 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. 

  
 -18- 

 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: 	 	 /s/ Dorothy M. Ables

	Name:	 	Dorothy M. Ables
	Title:	 	Chief Administrative Officer

  
 -19-

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