Document:

Directors' Savings Plan

 EXHIBIT 10.2 
 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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 EXHIBIT 10.2 
 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 

  
 - 12 -

 
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 -Executive Cash Balance Plan

 EXHIBIT 10.3 

 
 SPECTRA ENERGY CORP 

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

 TABLE OF CONTENTS 

 

							
	 ARTICLE I PURPOSE OF PLAN
	  	 	4	  
		
	 ARTICLE II DEFINITIONS
	  	 	4	  
		
	 ARTICLE III ELIGIBILITY
	  	 	6	  
	     3.1
	  	General	  	 	6	  
	     3.2
	  	Assumed Amounts	  	 	6	  
		
	 ARTICLE IV BENEFITS
	  	 	7	  
	     4.1
	  	General	  	 	7	  
	     4.2
	  	Make-Whole Benefit	  	 	7	  
	     4.3
	  	Supplemental Credits	  	 	7	  
	     4.4
	  	Interest Credits	  	 	7	  
	     4.5
	  	Assumed Amounts	  	 	7	  
		
	 ARTICLE V VESTING
	  	 	8	  
		
	 ARTICLE VI PAYMENT OF BENEFITS
	  	 	8	  
	     6.1
	  	Benefit Payments	  	 	8	  
	     6.2
	  	Forms of Benefit Payment	  	 	9	  
	     6.3
	  	Cash Payment Only	  	 	10	  
	     6.4
	  	Financial Hardship	  	 	10	  
	     6.5
	  	Six-Month Delay	  	 	10	  
		
	 ARTICLE VII DEATH BENEFITS
	  	 	10	  
	     7.1
	  	Beneficiary Designation	  	 	10	  
	     7.2
	  	No Beneficiary	  	 	10	  
	     7.3
	  	Death Before Payment Begins	  	 	10	  
	     7.4
	  	Death After Payment Begins	  	 	10	  
	     7.5
	  	Supplemental Security Plan	  	 	10	  
		
	 ARTICLE VIII AMENDMENT AND TERMINATION
	  	 	11	  
		
	 ARTICLE IX ADMINISTRATION
	  	 	11	  
	     9.1
	  	Top-Hat Plan	  	 	11	  
	     9.2
	  	Plan Operation and Administration	  	 	11	  
	     9.3
	  	Plan Administrator	  	 	11	  
		
	 ARTICLE X CLAIMS PROCEDURE
	  	 	11	  
	     10.1
	  	Claim	  	 	11	  
	     10.2
	  	Written Claim	  	 	12	  
	     10.3
	  	Committee Determination	  	 	12	  
	     10.4
	  	Notice of Determination	  	 	12	  
	     10.5
	  	Appeal	  	 	12	  
	     10.6
	  	Request for Review	  	 	12	  
	     10.7
	  	Determination of Appeal	  	 	12	  
	     10.8
	  	Hearing	  	 	13	  
	     10.9
	  	Decision	  	 	13	  
	     10.10
	  	Exhaustion of Appeals	  	 	13	  
	     10.11
	  	Committee’s Authority	  	 	13	  
		
	 ARTICLE XI NATURE OF COMPANY’S OBLIGATION
	  	 	13	  
	     11.1
	  	Unsecured Promise	  	 	13	  
	     11.2
	  	No Right to Specific Assets	  	 	13	  
	     11.3
	  	Plan Provisions	  	 	13	  

  
 - 2 -

							
	 ARTICLE XII GENERAL PROVISIONS
	  	 	14	  
	     12.1
	  	No Right to Employment	  	 	14	  
	     12.2
	  	No Assignment	  	 	14	  
	     12.3
	  	Domestic Relations Order	  	 	14	  
	     12.4
	  	Withholding	  	 	14	  
	     12.5
	  	Governing Law	  	 	14	  
	     12.6
	  	Compliance with Code Section 409A	  	 	14	  

  
 - 3 -

 SPECTRA ENERGY CORP 

EXECUTIVE CASH BALANCE PLAN 
 ARTICLE I 
 PURPOSE OF PLAN 

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

DEFINITIONS 
 Wherever used herein, a pronoun or adjective in the masculine gender includes the feminine gender, the singular includes the plural, and the following terms have the following meanings unless a different
meaning is clearly required by the context: 
 2.1. “Account” means the record of contributions and
adjustments thereto maintained with respect to each Participant pursuant to Article IV. 
 2.2.
“Beneficiary” means the person or persons designated by a Participant, or by another person entitled to receive benefits hereunder, to receive benefits following the death of such person. 

2.3. “Board of Directors” or “Board” means the Board of Directors of Spectra Energy Corp.

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

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

(ii) during any period of two (2) consecutive years (not including any period prior to the Distribution Date),
individuals who at the beginning of such period constitute the Board of Directors (and any new directors whose election by the Board of Directors or nomination for election by the Spectra Energy Corp’s shareholders was approved by a vote of at
least 2/3 of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was so approved) cease for any reason (except for death, disability or voluntary retirement) to
constitute a majority thereof; 

  
 - 4 -

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

(iv) the consummation, after the Distribution Date, of (A) the sale or other disposition of all or substantially all
of the assets of Spectra Energy Corp or (B) a complete liquidation or dissolution of Spectra Energy Corp, which has been approved by the shareholders of Spectra Energy Corp; 
 provided that in no event shall a Change in Control be deemed to have occurred by reason of any of the events resulting from the separation transaction pursuant to which Spectra Energy Corp becomes a
separate publicly-held corporation for the first time. 
 2.5. “Code” means the Internal Revenue Code of
1986, as amended. 
 2.6. “Committee” means the Compensation Committee of the Board of Directors or its
delegate. 
 2.7. “Company” means Spectra Energy Corp and its affiliated companies. 

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

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

 2.11. “Duke Plan” means, collectively, the Duke Energy Corporation Executive Cash Balance Plans I and
II. 
 2.12. “Employee” means a person employed by the Company. 

2.13. “Equalization Plan” means, to the extent maintained, the Spectra Energy Corp Retirement Benefit
Equalization Plan. 
 2.14. “Interest Credit” means the amount determined by multiplying the balance of
a cash balance account by the Interest Factor for a month. 
 2.15. “Interest
Factor” means the interest rate determined by the formula (1 + i)(1/12) - 1, where “i” equals the yield on 30-year Treasury Bonds as published in the Federal Reserve Statistical Release H.15 for the end of the third full business week of the month prior to the
beginning of the calendar quarter for which the monthly accrual is being applied, but not more than an annual percentage rate of 9% and not less than an annual percentage rate of 4%. 

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

  
 - 5 -

 2.17. “Make-Whole Benefit” means the benefit provided pursuant to
Section 4.2 of the Plan. 
 2.18. “Participant” means an Employee who is entitled to receive
benefits from the Plan. 
 2.19. “Pay Credit” means a credit that is added to a Participant’s
Make-Whole Account pursuant to Section 4.2. 
 2.20. “Retirement Cash Balance Plan” means
(i) with respect to benefits governed by Sub-Plan II, the Spectra Energy Retirement Cash Balance Plan as in effect from time to time, and (ii) with respect to benefits governed by Sub-Plan I, the Duke Energy Retirement Cash Balance Plan as
in effect on October 3, 2004, without giving effect to amendments adopted thereafter. 
 2.21. “Separation From
Service” means the Participant’s separation from service with the Company within the meaning of Code Section 409A. 
 2.22. “Specified Employee” means a Participant who is a “specified employee” (as defined in Code Section 409A(2)(B)(i)) of the Company (or an entity which is
considered to be a single employer with the Company under Code Section 414(b) or 414(c)), as determined under Code Section 409A at any time during any twelve (12) month period ending on December 31, but only if the Company has
any stock that is publicly traded on an established securities market or otherwise. Notwithstanding the foregoing, a Participant will be deemed to be a Specified Employee for the period of April 1 through March 31 following such
December 31, except as otherwise may be required under Code Section 409A. 
 2.23. “Sub-Plan
I” and “Sub-Plan II” have the meanings given such terms in Section 12.6. 

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

2.25. “Supplemental Credit” means a credit that is added to a Participant’s Supplemental Account pursuant to
Section 4.3. 
 2.26. “Supplemental Retirement Plan” means the Supplemental Retirement Plan
for Employees of Duke Power Company as it existed on December 31, 1996. 
 2.27. “Supplemental Security
Plan” means the Duke Power Company Supplemental Security Plan as it existed on December 31, 1996. 
 ARTICLE
III 
 ELIGIBILITY 
 3.1 General. Any Employee designated by the Committee shall be eligible to participate in the Plan and shall remain eligible as long as he continues to be an Employee or until designated ineligible
by the Committee. Notwithstanding the foregoing, an Employee who is not a member of a “select group of management or highly compensated employees” within the meaning of ERISA, may not participate in the Plan. Participants shall not receive
any benefits under the terms of the Supplemental Retirement Plan, the Supplemental Security Plan, the Equalization Plan or any comparable plan maintained by the Company. 
 3.2 Assumed Amounts. Any individual with respect to whom “Assumed Amounts” (as defined in Section 4.5) are credited hereunder shall automatically participate,
and be a “Participant,” in the Plan with respect to such Assumed Amounts as of the Distribution Date. 

  
 - 6 -

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

4.2 Make-Whole Benefit. Under the Make-Whole Benefit, for any month that a Participant is eligible to participate in this Plan,
the Participant’s Make-Whole Account shall receive a Pay Credit equal to the excess, if any, of (a) the pay credit that would have been provided under the Retirement Cash Balance Plan for the month if the Retirement Cash Balance Plan used
the definition of Compensation set forth herein and, to the extent determined by the Committee from time to time, other types of excluded pay were treated as eligible compensation under such Plan; over (b) the pay credit for the month that is
actually made to the Participant’s account under the Retirement Cash Balance Plan. A Participant, while “Disabled” as defined in the Retirement Cash Balance Plan and continuing to receive pay credits to the Participant’s account
under the Retirement Cash Balance Plan, shall continue to receive Pay Credits to the Participant’s Make-Whole Account determined on the same basis as his continued pay credits under the Retirement Cash Balance Plan, and based upon his eligible
Compensation immediately prior to disability. 
 In addition, the Make-Whole Benefit provides a Pay Credit to the
Participant’s Make-Whole Account equal to any reduction in a benefit under the Retirement Cash Balance Plan resulting from the limitations imposed by Code Section 415. Where an opening account balance under the Retirement Cash Balance Plan
has been established for a Participant, the Committee, in its sole discretion, may establish an opening balance for the Participant’s Make-Whole Account that is designed to provide a transition benefit comparable to the benefit provided through
the Retirement Cash Balance Plan opening account balance, but without regard to the limitations imposed by Code Sections 401(a)(17) or 415. If the value of the benefit which a vested Participant had accrued under the Supplemental Retirement Plan as
of December 31, 1996, is greater than the value of the Participant’s Make-Whole Account on the date the Participant retires, such higher value shall apply. 
 4.3 Supplemental Credits. A Participant’s Supplemental Account shall receive such Supplemental Credits, in such amounts and at such times, as the Committee, in its sole discretion, may
determine. Notwithstanding Sections 4.3 and 4.4 to the contrary, the Minimum Benefit feature of Section 4.3(e) of the Duke Plan, as in effect prior to January 1, 1999, is preserved herein and incorporated by reference.

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

4.5 Assumed Amounts. The Company has assumed the obligations under the Duke Plan with respect to certain Participants who
previously were employees of Duke or its affiliates (“Assumed Amounts”). As a result, a Participant who was a participant in the Duke Plan shall have (i) an initial balance in his or her Make-Whole Account equal to the
balance in his or her Make-Whole Account under the Duke Plan immediately prior to the 

  
 - 7 -

 
Distribution Date, and (ii) an initial balance in his or her Supplemental Account equal to the balance, if any, in his or her Supplemental Account under the Duke Plan immediately prior to
the Distribution Date. The Assumed Amounts credited to Accounts hereunder shall remain subject to the same vesting provisions as in effect under the Duke Plan, and shall remain subject to the same distribution and beneficiary designation elections
that were controlling under the Duke Plan immediately prior to the Distribution Date until a new election is made in accordance with the terms of this Plan that by its terms supersedes the prior election. 

ARTICLE V 

VESTING 
 Unless the Committee provides otherwise for a particular Participant at the time the Participant initially becomes eligible to participate in the Plan or at the time of an award of a particular
Supplemental Credit (and any Interest Credits thereto), a Participant will become fully vested in the Participant’s Make-Whole Account and the Participant’s Supplemental Account, if any, (i) when the Participant becomes vested under
the Retirement Cash Balance Plan, or (ii) the Participant’s employment with the Company terminates on account of the Participant’s death or the Participant having become “Disabled”, as defined in the Retirement Cash Balance
Plan. If a Participant’s employment with the Company terminates and the Participant is not fully vested, the unvested portion of the Participant’s Make-Whole Account and of the Participant’s Supplemental Account, if any, shall be
immediately forfeited and no benefit under the Plan shall be paid with respect thereto. 
 In the event of a Change in Control,
all Accounts shall become 100% fully and immediately vested and non-forfeitable, and shall thereafter be maintained and paid in accordance with the terms of this Plan. 
 ARTICLE VI 
 PAYMENT OF BENEFITS 

6.1 Benefit Payments. A Participant who incurs a Separation From Service prior to the Participant’s earliest retirement age
under the Retirement Cash Balance Plan will receive, or will begin to receive, payment of his vested Make-Whole Account and his vested Supplemental Account, if any, as soon as administratively feasible following the month in which the Participant
attains age 55. A Participant who incurs a Separation From Service after the Participant’s earliest retirement age under the Retirement Cash Balance Plan will receive, or will begin to receive, payment of his vested Make-Whole Account and his
vested Supplemental Account, if any, as soon as administratively feasible following the month in which the Participant’s employment terminates. Notwithstanding the foregoing, a Participant who incurs a Separation From Service on or after
December 31, 2006 will receive, or will begin to receive, payment of his vested Make Whole Account under Sub-Plan II and his vested Supplemental Account, if any, under Sub-Plan II as soon as administratively feasible following the month in
which the Participant’s employment terminates. A Participant, while “Disabled” (as defined in the Retirement Cash Balance Plan), and continuing to receive pay credits to the Participant’s account under the Retirement Cash Balance
Plan, shall not receive payment of benefits during the period the Participant receives such pay credits, any other Participant who incurs a Separation From Service and whose Make-Whole Account and Supplemental Account, if any, have a combined
balance, as of the last day of the month during which employment terminated, of less than $25,000 will receive payment of his vested Make-Whole Account and his vested Supplemental Account, if any, in a single sum, as soon as administratively
feasible following the month in which the Participant’s employment terminates under this Plan. Except as provided in Section 6.5, payment of a Participant’s vested Make-Whole Account and his vested Supplemental Account shall be
paid or begin to be paid not later than sixty (60) days following the month in which such amounts become payable. 

  
 - 8 -

 6.2 Forms of Benefit Payment. 

 

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

  

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

  

	 	(1)	single sum payment; 

  

	 	(2)	monthly payments for three years; and 

  

	 	(3)	monthly payments for ten years. 

At such time as benefits under the Plan become payable with respect to a Participant, such benefits shall be paid in accordance with the
benefit payment form then in effect and unless otherwise expressly provided by the Plan. 
 Notwithstanding the foregoing, if a
Participant has previously elected to receive payment of his Account on a monthly basis over a period of 15 years and has commenced payment of his Account pursuant to such election as of December 31, 2009, the Participant shall continue to
receive payment of his Account on a monthly basis for the remainder of such 15-year period. If the Participant has previously elected to receive payment of his Account on a monthly basis over a period of 15 years and has not yet commenced payment of
his Account pursuant to such election as of December 31, 2009, the Participant shall be permitted to retain such election, but in the event that the Participant makes a subsequent election, only the forms of benefit payment set forth in the
first paragraph of this Section 6.2(b) are available. 
  

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

 

					
	 amount =
	 	 V
	 	
	 	N	 	

  

			
	 where
	  	
		
	 N
	  	represents the number of months remaining in the payment term as of the immediately preceding December 31, except for payments made for the first calendar year, in which
case the number of months shall be equal to the number of months in the elected installment form; and
		
	 V
	  	represents the balance of the Participant’s Make-Whole Account and the balance of the Participant’s Supplemental Account, if any, determined as of the immediately
preceding December 31, except for payments made for the first calendar year, in which case the balances will be determined as of the last day of the month immediately prior to the payment commencement date.

  
 - 9 -

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

 6.4 Financial Hardship. Upon written request by a Participant, the Committee may distribute to a Participant who is
receiving a monthly payment form of distribution, such amount of the remaining balance of the Participant’s vested cash balance account and vested Supplemental Account, if any, which the Committee determines is necessary to provide for a
financial hardship suffered by the Participant. For this purpose, “financial hardship” shall mean a severe financial hardship that constitutes an “unforeseeable emergency” within the meaning of Code Section 409A.
Notwithstanding the foregoing, if any member of the Committee requests a hardship distribution, then such Committee member shall take no part in the discussion or decision concerning whether such member has suffered a financial hardship, or the
amount to be distributed in relief thereof. 
 6.5 Six-Month Delay. Notwithstanding any provision in this Plan to the
contrary, if the payment of any benefit hereunder would be subject to additional taxes and interest under Code Section 409A because the timing of such payment is not delayed as provided in Code Section 409A for a Specified Employee, then
if the Participant is a Specified Employee under Code Section 409A, any such payment that the Participant would otherwise be entitled to receive during the first six months following the date of the Participant’s Separation From Service
shall be delayed and paid, if in the form of a lump sum payment, or commence, if in the form of installment payments, as applicable, within fifteen (15) business days after the date that is six months following such Separation From Service
date, or such earlier date upon which such amount can be paid or provided under Code Section 409A without being subject to such taxation. 
 ARTICLE VII 
 DEATH BENEFITS 

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

7.2 No Beneficiary. If the Participant does not designate a Beneficiary, or if the Beneficiary who is designated should predecease
the Participant, the death benefit for a deceased Participant shall be paid to the estate of the Participant, as the Participant’s Beneficiary, in a single cash payment not later than sixty (60) days following date of the
Participant’s death. 
 7.3 Death Before Payment Begins. If a Participant should die while still employed by the
Company or otherwise before payment of any Plan benefits has commenced, payments of any death benefit shall be made to the Participant’s Beneficiary in the same benefit payment form elected by the Participant under Section 6.2,
unless the Beneficiary is the estate and in that case, a single cash payment shall be made not later than sixty (60) days following date of the Participant’s death. Notwithstanding the foregoing, if the death benefit is less than $25,000,
the death benefit shall automatically be paid to the Participant’s Beneficiary in a single cash payment not later than sixty (60) days following the date of Participant’s death. 

7.4 Death After Payment Begins. If a Participant should die after payment of Plan benefits has commenced, payment of any death
benefit will be made to the Participant’s Beneficiary as a continuation of the benefit payment form that had been in effect for the Participant, unless the Beneficiary is the estate and in that case, a single cash payment shall be made not
later than sixty (60) days following date of the Participant’s death. 
 7.5 Supplemental Security Plan. If an
Employee who was an active participant in the Supplemental Security Plan on December 31, 1996, should die while still employed by the Company, the portion of the death benefit attributable to the Employee’s Supplemental Account shall not
be less than the amount determined by multiplying 2.5 times the annualized base rate of pay of the Employee on the date of death. 

  
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 ARTICLE VIII 
 AMENDMENT AND TERMINATION 
 The Committee retains the sole and
unilateral right to terminate, amend, modify or supplement this Plan, in whole or in part, at any time. The Committee may delegate the right to amend the Plan, subject to any limitations it may impose, to an officer of the Company. No such action
shall adversely affect a Participant’s right to receive amounts then credited to a Participant’s account with respect to events occurring prior to the date of such amendment. 

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

9.1 Top-Hat Plan. The Company intends for the Plan to be an unfunded “top-hat” plan for a select group of management or
highly compensated employees which is exempt from substantially all of the requirements of Title I of ERISA pursuant to Sections 201(2), 301(a)(3), and 401(a)(1) of ERISA. The Company is the Plan sponsor under Section 3(16)(B) of ERISA.

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

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

ARTICLE X 

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

  
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 10.2 Written Claim. A claim for benefits will be considered as having been made when
submitted in writing by the claimant (or by such claimant’s authorized representative) to the Committee. No particular form is required for the claim, but the written claim must identify the name of the claimant and describe generally the
benefit to which the claimant believes he is entitled. The claim may be delivered personally during normal business hours or mailed to the Committee. 
 10.3 Committee Determination. The Committee will determine whether, or to what extent, the claim may be allowed or denied under the terms of the Plan. If the claim is wholly or partially denied,
the claimant shall be so informed by written notice within 90 days after the day the claim is submitted unless special circumstances require an extension of time for processing the claim. If such an extension of time for processing is required,
written notice of the extension shall be furnished to the claimant prior to the termination of the initial 90-day period. Such extension may not exceed an additional 90 days from the end of the initial 90-day period. The extension notice shall
indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the final decision. If notice of denial of a claim (in whole or in part) is not furnished within the initial 90-day period after the
claim is submitted (or, if applicable, the extended 90-day period), the claimant shall consider that his claim has been denied just as if he had received actual notice of denial. 

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

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

  

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

 

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

  

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

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

	 	(a)	Review pertinent documents. 

  

	 	(b)	Submit issues and comments in writing. 

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

  
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Committee decides to hold a hearing on the appeal) require a further extension of time for processing, the decision shall be rendered as soon as possible, but no later than the third meeting
following the Plan’s receipt of the request for review. If special circumstances require that the decision will be made beyond the initial time for furnishing the decision, written notice of the extension shall be furnished to the claimant (or
his authorized representative) prior to the commencement of the extension. The decision on review shall be in writing and shall be furnished to the claimant or to his authorized representative within the appropriate time for the decision. If a
decision on review is not furnished within the appropriate time, the claim shall be deemed to have been denied on appeal. 

10.8 Hearing. The Committee may, in its sole discretion, decide to hold a hearing if it determines that a hearing is necessary or
appropriate in order to make a full and fair review of the appealed claim. 
 10.9 Decision. The decision on review shall
include specific reasons for the decision, written in a manner calculated to be understood by the claimant, as well as specific references to the pertinent Plan provisions on which the decision is based. 

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

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

11.1 Unsecured Promise. The Company’s obligation to the Participant under this Plan shall be an unfunded and unsecured
promise to pay. The rights of a Participant or Beneficiary under this Plan shall be solely those of an unsecured general creditor of the Company. The Company shall not be obligated under any circumstances to set aside or hold assets to fund its
financial obligations under this Plan. 
 11.2 No Right to Specific Assets. Notwithstanding the foregoing, the Company
may, in its sole discretion establish such accounts, trusts, insurance policies or arrangements, or any other mechanisms it deems necessary or appropriate to account for or fund its obligations under the Plan. Any assets which the Company may set
aside, acquire or hold to help cover its financial liabilities under this Plan are and remain general assets of the Company subject to the claims of its creditors. The Company does not give, and the Plan does not give, any beneficial ownership
interest in any assets of the Company to a Participant or Beneficiary. All rights of ownership in any assets are and remain in the Company. Any general asset used or acquired by the Company in connection with the liabilities it has assumed under
this Plan shall not be deemed to be held under any trust for the benefit of the Participant or any Beneficiary, and no general asset shall be considered security for the performance of the obligations of the Company. Any asset shall remain a
general, unpledged, and unrestricted asset of the Company. 
 11.3 Plan Provisions. The Company’s liability for
payment of benefits shall be determined only under the provisions of this Plan, as it may be amended from time to time. 

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

 12.2 No Assignment. Except as provided under Section 12.3 with respect to a DRO, no right or benefit under
the Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge. Any attempt to anticipate, alienate, sell, assign, pledge, encumber or charge these benefits shall be void. No right or benefit under this Plan
shall in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the person entitled to the benefit. If any Participant or Beneficiary under the Plan should become bankrupt or attempt to anticipate, alienate, sell,
assign, pledge, encumber or charge any right to a benefit hereunder, then the right or benefit, in the discretion of the Committee, shall cease. In these circumstances, the Committee may hold or apply the benefit payment or payments, or any part of
it, for the benefit of the Participant or his Beneficiary, the Participant’s spouse, children, or other dependents, or any of them, in any manner and in any portion that the Committee may deem proper. 

12.3 Domestic Relations Order. The anti-alienation restrictions of Section 12.2 shall not apply to a domestic
relations order (as defined in Code Section 414(p)(1)(B)) (a “DRO”). The Committee may direct the acceleration of payment of all or a portion of a Participant’s Account and pay such amount to an individual other
than the Participant to the extent necessary to fulfill the requirements of a DRO. The rules set forth in Section 6.2(a) governing subsequent changes in the Participant’s benefit payment election shall not apply to any change in the
form and timing of payment to the extent that such election is reflected in, or made in accordance with, the terms of a DRO. 

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

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

  
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 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

  
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