Document:

Form of Indemnity Agreement for directors and officers

 Exhibit 10.16 
 ONCOMED PHARMACEUTICALS, INC. 
 INDEMNIFICATION AGREEMENT

 This Indemnification Agreement (this “Agreement”) is effective as of [—] by and between OncoMed Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and «Indemnitee» (“Indemnitee”). 

A. The Company recognizes the difficulty in obtaining liability insurance for its directors, officers, employees,
controlling persons, fiduciaries and other agents and affiliates, the significant cost of such insurance and the general limitations in the coverage of such insurance. 

B. The Company further recognizes the substantial increase in corporate litigation in general, subjecting directors,
officers, employees, controlling persons, fiduciaries and other agents and affiliates to expensive litigation risks at the same time as the availability and coverage of liability insurance has been severely limited. 

C. The current protection available to directors, officers, employees, controlling persons, fiduciaries and other agents
and affiliates of the Company may not be adequate under the present circumstances, and directors, officers, employees, controlling persons, fiduciaries and other agents and affiliates of the Company (or persons who may be alleged or deemed to be the
same), including the Indemnitee, may not be willing to serve or continue to serve or be associated with the Company in such capacities without additional protection. 

D. The Company (a) desires to attract and retain the involvement of highly qualified persons, such as Indemnitee, to
serve and be associated with the Company, and (b) accordingly, wishes to provide for the indemnification and advancement of expenses to the Indemnitee to the maximum extent permitted by law. 

E. In view of the considerations set forth above, the Company desires that Indemnitee shall be indemnified and advanced
expenses by the Company as set forth herein. 
 AGREEMENT: 

In consideration of the mutual promises and covenants contained herein, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
 1. Certain Definitions. 

(a) “Change in Control” shall be deemed to have occurred if, on or after the date of this Agreement,
(i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company
acting in such capacity or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, becomes the “beneficial owner” (as defined in
Rule 13d-3 under said Act), directly or indirectly, of securities of the Company 

 
representing more than fifty percent (50%) of the total voting power represented by the Company’s then outstanding Voting Securities, (ii) during any period of two
(2) consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the Company and any new director whose election by the Board of Directors or nomination for election by the Company’s stockholders
was approved by a vote of at least two- thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to
constitute a majority thereof, (iii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation other than a merger or consolidation which 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 eighty percent (80%) of the total voting power represented by the
Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation or (iv) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of (in one transaction or a series of related transactions) all or substantially all of the Company’s assets. 
 (b) “Claim” shall mean with respect to a Covered Event: any threatened, asserted, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, or any
hearing, inquiry or investigation (formal or informal) that Indemnitee (or in the case of a VC Fund (as defined below) seeking to be indemnified, a VC Fund) in good faith believes might lead to the institution of any such action, suit, proceeding or
alternative dispute resolution mechanism, whether civil, criminal, administrative, investigative or other, including any appeal therefrom. 
 (c) References to the “Company” shall include, in addition to OncoMed Pharmaceuticals, Inc., any constituent corporation (including any constituent of a constituent) absorbed in a
consolidation or merger to which OncoMed Pharmaceuticals, Inc. (or any of its wholly owned subsidiaries) is a party, which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees,
agents or fiduciaries, so that if Indemnitee is or was a director, officer, employee, agent or fiduciary of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee, agent or
fiduciary of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation
as Indemnitee would have with respect to such constituent corporation if its separate existence had continued. 

(d) “Covered Event” shall mean any event or occurrence by reason of the fact that Indemnitee is or was
a director, officer, employee, agent or fiduciary of the Company, or any subsidiary of the Company, direct or indirect, or is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation,
partnership, joint venture, trust or other enterprise, or by reason of any action or inaction on the part of Indemnitee while serving in such capacity. 
 (e) “Expense Advance” shall mean a payment to Indemnitee for Expenses pursuant to Section 3 hereof, in advance of the settlement of or final judgment in any action, suit,

  
 2. 

 
proceeding or alternative dispute resolution mechanism, hearing, inquiry or investigation, which constitutes a Claim. 

(f) “Expenses” shall mean any and all direct and indirect costs, losses, claims, damages, fees, expenses
and liabilities, joint or several (including reasonable attorneys’ fees and all other costs, expenses and obligations reasonably incurred in connection with investigating, defending, being a witness in or participating in (including on appeal),
or preparing to defend, to be a witness in or to participate in, any action, suit, proceeding, alternative dispute resolution mechanism, hearing, inquiry or investigation), judgments, fines, penalties and amounts paid in settlement (if such
settlement is approved in advance by the Company, which approval shall not be unreasonably withheld) actually and reasonably incurred, of any Claim and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or
deemed receipt of any payments under this Agreement. 
 (g) “Independent Legal Counsel” shall
mean an attorney or firm of attorneys, selected in accordance with the provisions of Section 2(d) hereof, who shall not have otherwise performed services for (i) the Company or Indemnitee in any matter material to either such party (other
than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees under similar indemnity agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder, within
the last three (3) years. Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 
 (h) References to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on Indemnitee with respect to an
employee benefit plan; and references to “serving at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such
director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or its beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of the
participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement. 

(i) “Reviewing Party” shall mean, subject to the provisions of Section 2(d), any person or body
appointed by the Board of Directors in accordance with applicable law to review the Company’s obligations hereunder and under applicable law, which may include a member or members of the Company’s Board of Directors, Independent Legal
Counsel or any other person or body not a party to the particular Claim for which Indemnitee is seeking indemnification, exoneration or hold harmless rights. 
 (j) “Section” refers to a section of this Agreement unless otherwise indicated. 
 (k) “Voting Securities” shall mean any securities of the Company that vote generally in the election of directors. 

  
 3. 

 2. Indemnification. 

(a) Indemnification of Expenses. Subject to the provisions of Section 2(b) below, the Company shall
indemnify, exonerate or hold harmless Indemnitee for Expenses to the fullest extent permitted by law if Indemnitee was, is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other
participant in, any Claim (whether by reason of or arising in part out of a Covered Event), including all interest, assessments and other charges incurred in connection with or in respect of such Expenses. 

(b) Review of Indemnification Obligations. 

(i) Notwithstanding the foregoing, in the event any Reviewing Party shall have determined (in a written opinion, in any
case in which Independent Legal Counsel is the Reviewing Party) that Indemnitee is not entitled to be indemnified, exonerated or held harmless hereunder under applicable law, (A) the Company shall have no further obligation under
Section 2(a) to make any payments to Indemnitee not made prior to such determination by such Reviewing Party and (B) the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all Expenses
theretofore paid in indemnifying, exonerating or holding harmless Indemnitee (within thirty (30) days after such determination); provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a
court of competent jurisdiction to secure a determination that Indemnitee is entitled to be indemnified, exonerated or held harmless hereunder under applicable law, any determination made by any Reviewing Party that Indemnitee is not entitled to be
indemnified hereunder under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any Expenses theretofore paid in indemnifying, exonerating or holding harmless Indemnitee until a final judicial
determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). Indemnitee’s obligation to reimburse the Company for any Expenses shall be unsecured and no interest shall be charged
thereon. 
 (ii) Subject to Section 2(b)(iii) below, if the Reviewing Party shall not have made a
determination within forty-five (45) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and
Indemnitee shall be entitled to such indemnification, absent (A) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the
request for indemnification or (B) a prohibition of such indemnification under applicable law; provided, however, that such 45-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if
the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto. 

(iii) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to
indemnification under this Agreement shall be required to be made prior to the final disposition of the Claim. 

  
 4. 

 (c) Indemnitee Rights on Unfavorable Determination; Binding Effect.
If any Reviewing Party determines that Indemnitee substantively is not entitled to be indemnified, exonerated or held harmless hereunder in whole or in part under applicable law, Indemnitee shall have the right to commence litigation seeking an
initial determination by the court or challenging any such determination by such Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and, subject to the provisions of Section 15 hereof, the Company hereby
consents to service of process and to appear in any such proceeding. Absent such litigation, any determination by any Reviewing Party shall be conclusive and binding on the Company and Indemnitee. 

(d) Selection of Reviewing Party; Change in Control. If there has not been a Change in Control, any Reviewing
Party shall be selected by the Board of Directors, and if there has been such a Change in Control (other than a Change in Control which has been approved by a majority of the Company’s Board of Directors who were directors immediately prior to
such Change in Control), any Reviewing Party with respect to all matters thereafter arising concerning Indemnitee’s indemnification, exoneration or hold harmless rights for Expenses under this Agreement or any other agreement or under the
Company’s Certificate of Incorporation or bylaws as now or hereafter in effect, or under any other applicable law, if desired by Indemnitee, shall be Independent Legal Counsel selected by the Indemnitee and approved by Company (which approval
shall not be unreasonably withheld). Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to what extent Indemnitee would be entitled to be indemnified, exonerated or held harmless
hereunder under applicable law and the Company agrees to abide by such opinion. The Company agrees to pay the reasonable fees of the Independent Legal Counsel referred to above and to fully indemnify, exonerate and hold harmless such counsel against
any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. Notwithstanding any other provision of this Agreement, the Company shall not be
required to pay Expenses of more than one Independent Legal Counsel in connection with all matters concerning a single Indemnitee, and such Independent Legal Counsel shall be the Independent Legal Counsel for any or all other Indemnitees unless
(i) the Company otherwise determines or (ii) any Indemnitee shall provide a written statement setting forth in detail a reasonable objection to such Independent Legal Counsel representing other Indemnitees. 

(e) Mandatory Payment of Expenses. Notwithstanding any other provision of this Agreement other than
Section 10 hereof, to the fullest extent permitted by applicable law and to the extent that Indemnitee was a party to (or participant in) and has been successful on the merits or otherwise, including, without limitation, the dismissal of an
action without prejudice, in defense of any Claim, Indemnitee shall be indemnified, exonerated and held harmless against all Expenses actually and reasonably incurred by Indemnitee in connection therewith. If Indemnitee is not wholly successful in
such Claim but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Claim, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his
behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Claim by
dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

  
 5. 

 (f) Contribution. If the indemnification, exoneration or hold
harmless rights provided for in this Agreement is for any reason held by a court of competent jurisdiction to be unavailable to an Indemnitee, then in lieu of indemnifying, exonerating or holding harmless Indemnitee thereunder, the Company shall
contribute to the amount paid or required to be paid by Indemnitee as a result of such Expenses (i) in such proportion as is deemed fair and reasonable in light of all of the circumstances in order to reflect the relative benefits received by
the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Claim or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with the action or inaction which resulted in
such Expenses, as well as any other relevant equitable considerations. In connection with the registration of the Company’s securities, the relative benefits received by the Company and Indemnitee shall be deemed to be in the same respective
proportions that the net proceeds from the offering (before deducting expenses) received by the Company and Indemnitee, in each case as set forth in the table on the cover page of the applicable prospectus, bear to the aggregate public offering
price of the securities so offered. The relative fault of the Company and Indemnitee shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Company or Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The Company and Indemnitee agree that it would not be just and equitable if contribution pursuant to this
Section 2(f) were determined by pro rata or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. In connection with the registration of the
Company’s securities, in no event shall Indemnitee be required to contribute any amount under this Section 2(f) in excess of the net proceeds received by Indemnitee from its sale of securities under such registration statement. No person
found guilty of fraudulent misrepresentation (within the meaning of Section 11(a) of the Securities Act of 1933) shall be entitled to contribution from any person who was not found guilty of such fraudulent misrepresentation. 

3. Expense Advances. 

(a) Obligation to Make Expense Advances. The Company shall make Expense Advances to Indemnitee upon receipt of a
written undertaking by or on behalf of the Indemnitee to repay such amounts if it shall ultimately be determined that the Indemnitee is not entitled to be indemnified, exonerated or held harmless therefor by the Company. 

(b) Form of Undertaking. Any written undertaking by the Indemnitee to repay any Expense Advances hereunder shall
be unsecured and no interest shall be charged thereon. 
 4. Procedures for Indemnification and Expense
Advances. 

  
 6. 

 (a) Timing of Payments. All payments of Expenses (including without
limitation Expense Advances) by the Company to the Indemnitee pursuant to this Agreement shall be made to the fullest extent permitted by law as soon as practicable after written demand by Indemnitee therefor is presented to the Company, but in no
event later than forty-five (45) days after such written demand by Indemnitee is presented to the Company, except in the case of Expense Advances, which shall be made no later than twenty (20) days after such written demand by Indemnitee
is presented to the Company. If the Company disputes a portion of the amounts for which indemnification is requested, the undisputed portion shall be paid and only the disputed portion withheld pending resolution of any such dispute. 

(b) Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee’s right to be
indemnified, exonerated or held harmless or Indemnitee’s right to receive Expense Advances under this Agreement, give the Company notice in writing as soon as practicable of any Claim made against Indemnitee for which indemnification,
exoneration or hold harmless rights will or could be sought under this Agreement. Notice to the Company shall be directed to the President and the Secretary of the Company at the address shown on the signature page of this Agreement (or such other
address as the Company shall designate in writing to Indemnitee) and shall include a description of the nature of the Claim and the facts underlying the Claim, in each case to the extent known to Indemnitee. To obtain indemnification under this
Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent
Indemnitee is entitled to indemnification following the final disposition of such Claim. In addition, Indemnitee shall give the Company such information and cooperation as the Company may reasonably require and as shall be within Indemnitee’s
power. The failure by Indemnitee to notify the Company hereunder will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not
constitute a waiver by Indemnitee of any rights under this Agreement, except to the extent (solely with respect to the indemnity hereunder) that such failure or delay materially prejudices the Company. 

(c) No Presumptions; Burden of Proof. For purposes of this Agreement, the termination of any Claim by judgment,
order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any
particular belief or that a court has determined that indemnification, exoneration or hold harmless right is not permitted by this Agreement or applicable law. In addition, neither the failure of any Reviewing Party to have made a determination as
to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by any Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the
commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified, exonerated or held harmless under this Agreement or applicable law, shall be a defense to Indemnitee’s claim or create a
presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief. In connection with any determination by any Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified,
exonerated or held harmless hereunder, the burden of proof shall be on the Company to establish that Indemnitee is not so entitled. 

  
 7. 

 (d) Notice to Insurers. If, at the time of the receipt by the
Company of a notice of a Claim pursuant to Section 4(b) hereof, the Company has liability insurance in effect which may cover such Claim, the Company shall give prompt notice of the commencement of such Claim to the insurers in accordance with
the procedures set forth in the respective policies. The Company shall thereafter take all reasonably necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Claim in
accordance with the terms of such policies. 
 (e) Selection of Counsel. In the event the Company shall
be obligated hereunder to provide indemnification, exoneration or hold harmless rights for or make any Expense Advances with respect to the Expenses of any Claim, the Company, if appropriate, shall be entitled to assume the defense of such Claim
with counsel approved by Indemnitee (which approval shall not be unreasonably withheld) upon the delivery to Indemnitee of written notice of the Company’s election to do so. After delivery of such notice, approval of such counsel by Indemnitee
and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees or expenses of separate counsel subsequently employed by or on behalf of Indemnitee with respect to the same Claim;
provided, however, that (i) Indemnitee shall have the right to employ Indemnitee’s separate counsel in any such Claim at Indemnitee’s expense and (ii) if (A) the employment of separate counsel by Indemnitee has
been previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense or (C) the Company shall not continue
to retain such counsel to defend such Claim, then the fees and expenses of Indemnitee’s separate counsel shall be Expenses for which Indemnitee may receive indemnification, exoneration or hold harmless rights or Expense Advances hereunder. The
Company shall have the right to conduct such defense as it sees fit in its sole discretion, including the right to settle any claim, action or proceeding against Indemnitee without the consent of Indemnitee, provided that the terms of such
settlement include either: (i) a full release of Indemnitee by the claimant from all liabilities or potential liabilities under such claim or (ii), in the event such full release is not obtained, the terms of such settlement do not limit any
indemnification, exoneration or hold harmless rights Indemnitee may now, or hereafter, be entitled to under this Agreement, the Company’s Certificate of Incorporation, bylaws, any agreement, any vote of stockholders or disinterested directors,
the General Corporation Law of the State of Delaware (the “DGCL”) or otherwise. 
 5.
Additional Indemnification Rights; Nonexclusivity. 
 (a) Scope. The Company hereby agrees to
indemnify, exonerate and hold harmless the Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification, exoneration or hold harmless right is not specifically authorized by the other provisions of this Agreement, the
Company’s Certificate of Incorporation, the Company’s bylaws or by statute, a vote of stockholders or a resolution of directors, or otherwise. The rights of indemnification and to receive Expense Advances as provided by this Agreement
shall be interpreted independently of, and without reference to, any other such rights to which Indemnitee may at any time be entitled. In the event of any change after the date of this Agreement in any applicable law, statute or rule which expands
the right of a Delaware corporation to indemnify, exonerate or hold harmless a member of its board of directors or an officer, employee, agent or fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the

  
 8. 

 
greater benefits afforded by such change. In the event of any change in any applicable law, statute or rule which narrows the right of a Delaware corporation to indemnify, exonerate or hold
harmless a member of its board of directors or an officer, employee, agent or fiduciary, such change, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the
parties’ rights and obligations hereunder except as set forth in Section 10(a) hereof. 
 (b)
Nonexclusivity. The indemnification, exoneration or hold harmless rights and the payment of Expense Advances provided by this Agreement shall be in addition to any rights to which Indemnitee may be entitled under the Company’s
Certificate of Incorporation, its bylaws, any other agreement, any vote of stockholders or disinterested directors, the DGCL, or otherwise. The indemnification, exoneration or hold harmless rights and the payment of Expense Advances provided under
this Agreement shall continue as to Indemnitee for any action taken or not taken while serving in an indemnified, exonerated or held harmless capacity even though subsequent thereto Indemnitee may have ceased to serve in such capacity. 

6. No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in
connection with any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, provision of the Company’s Certificate of Incorporation, bylaws or otherwise) of the amounts
otherwise payable hereunder, except as provided in Section 18 below. 
 7. Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification, exoneration or hold harmless rights by the Company for some or a portion of Expenses incurred in connection with any Claim, but not,
however, for the total amount thereof, the Company shall nevertheless indemnify, exonerate or hold harmless Indemnitee for the portion of such Expenses to which Indemnitee is entitled. 

8. Mutual Acknowledgment. Both the Company and Indemnitee acknowledge that in certain instances, federal
law or applicable public policy may prohibit the Company from indemnifying, exonerating or holding harmless its directors, officers, employees, agents or fiduciaries under this Agreement or otherwise. Indemnitee understands and acknowledges that the
Company may be required in the future to undertake with the Securities and Exchange Commission to submit the question of indemnification, exoneration or hold harmless rights to a court in certain circumstances for a determination of the
Company’s right under public policy to indemnify, exonerate or hold harmless Indemnitee. 
 9.
Liability Insurance. To the extent the Company maintains liability insurance applicable to directors, officers, employees, agents or fiduciaries, Indemnitee shall be covered by such policies in such a manner as to provide Indemnitee the
same rights and benefits as are provided to the most favorably insured of the Company’s directors who are not employees of the Company, if Indemnitee is a director who is not employed by the Company; or of the Company’s officers, if
Indemnitee is a director of the Company and is also employed by the Company, or is not a director of the Company but is an officer; or in the Company’s sole discretion, if Indemnitee is not an officer or director but is an employee, agent or
fiduciary. 

  
 9. 

 10. Exceptions. Notwithstanding any other provision of this
Agreement, the Company shall not be obligated pursuant to the terms of this Agreement: 
 (a) Excluded
Action or Omissions. To indemnify, exonerate or hold harmless Indemnitee for Expenses resulting from acts, omissions or transactions for which Indemnitee is prohibited from receiving indemnification, exoneration or hold harmless rights under
this Agreement or applicable law; provided, however, that notwithstanding any limitation set forth in this Section 10(a) regarding the Company’s obligation to provide indemnification, exoneration or hold harmless rights to
Indemnitee, Indemnitee shall be entitled under Section 3 to receive Expense Advances hereunder with respect to any such Claim unless and until a court having jurisdiction over the Claim shall have made a final judicial determination (as to
which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee has engaged in acts, omissions or transactions for which Indemnitee is prohibited from receiving indemnification under this Agreement or applicable law. 

(b) Claims Initiated by Indemnitee. To indemnify, exonerate or hold harmless or make Expense Advances to
Indemnitee with respect to Claims initiated or brought voluntarily by Indemnitee and not by way of defense, counterclaim or cross claim, except (i) with respect to actions or proceedings brought to establish or enforce an indemnification,
exoneration or hold harmless right under this Agreement or any other agreement or insurance policy or under the Company’s Certificate of Incorporation or bylaws now or hereafter in effect relating to Claims for Covered Events, (ii) in
specific cases if the Board of Directors has approved the initiation or bringing of such Claim or (iii) as otherwise required under Section 145 of the DGCL, regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification, exoneration, hold harmless right, Expense Advances or insurance recovery, as the case may be. 

(c) Lack of Good Faith. To indemnify, exonerate or hold harmless Indemnitee for any Expenses incurred by
Indemnitee with respect to any action instituted (i) by Indemnitee to enforce or interpret this Agreement, if a court having jurisdiction over such action determines as provided in Section 13 hereof that each of the material assertions
made by Indemnitee as a basis for such action was not made in good faith or was frivolous or (ii) by or in the name of the Company to enforce or interpret this Agreement, if a court having jurisdiction over such action determines as provided in
Section 13 hereof that each of the material defenses asserted by Indemnitee in such action was made in bad faith or was frivolous. 
 (d) Claims Under Section 16(b) or Sarbanes-Oxley Act. To indemnify, exonerate or hold harmless Indemnitee for expenses and the payment of profits arising from the purchase and sale by
Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute or (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or
equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the
Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of
Section 306 of the Sarbanes-Oxley Act); provided, however, that notwithstanding any limitation set forth in this Section 10(d) regarding the Company’s obligation to provide indemnification or exoneration

  
 10.

 
or hold harmless, Indemnitee shall be entitled under Section 3 hereof to receive Expense Advances hereunder with respect to any such Claim unless and until a court having jurisdiction over
the Claim shall have made a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee has violated said statute. 

11. Counterparts. This Agreement may be executed in counterparts and by facsimile or electronic
transmission, each of which shall constitute an original and all of which, together, shall constitute one instrument. 
 12. Binding Effect; Successors and Assigns. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns
(including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), spouses, heirs, and personal and legal representatives. The Company shall require
and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. This Agreement shall continue in
effect regardless of whether Indemnitee continues to serve as a director, officer, employee, agent or fiduciary (as applicable) of the Company or of any other enterprise at the Company’s request. The Company and Indemnitee agree that the VC
Funds (as defined below) are express third party beneficiaries of this Agreement. 
 13. Expenses Incurred
in Action Relating to Enforcement or Interpretation. In the event that any action is instituted by Indemnitee under this Agreement or under any liability insurance policies maintained by the Company to enforce or interpret any of the terms
hereof or thereof, Indemnitee shall be entitled to be indemnified for all Expenses incurred by Indemnitee with respect to such action (including without limitation attorneys’ fees), regardless of whether Indemnitee is ultimately successful in
such action, unless as a part of such action a court having jurisdiction over such action makes a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that each of the material assertions made by
Indemnitee as a basis for such action was not made in good faith or was frivolous; provided, however, that until such final judicial determination is made, Indemnitee shall be entitled under Section 3 to receive payment of Expense
Advances hereunder with respect to such action. In the event of an action instituted by or in the name of the Company under this Agreement to enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be indemnified,
exonerated or held harmless for all Expenses incurred by Indemnitee in defense of such action (including without limitation costs and expenses incurred with respect to Indemnitee’s counterclaims and cross-claims made in such action), unless as
a part of such action a court having jurisdiction over such action makes a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that each of the material defenses asserted by Indemnitee in such
action was made in bad faith or was frivolous; provided, however, that until such final judicial determination is made, Indemnitee shall be entitled under Section 3 to receive payment of Expense Advances hereunder with respect to
such action. 

  
 11.

 14. Notices. All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed duly given (i) if delivered by hand and signed for by the party addressed, on the date of such delivery or (ii) if mailed by domestic certified or registered mail
with postage prepaid, on the third business day after the date postmarked. Addresses for notice to either party are as shown on the signature page of this Agreement or as subsequently modified by written notice. 

15. Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction
of the courts of the State of Delaware for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be commenced, prosecuted and
continued only in the Court of Chancery of the State of Delaware in and for New Castle County, which shall be the exclusive and only proper forum for adjudicating such a claim. 

16. Severability. The provisions of this Agreement shall be severable in the event that any of the
provisions hereof (including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the
fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including without limitation each portion of this Agreement containing any provision held to be invalid, void or otherwise unenforceable,
that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. 

17. Choice of Law. This Agreement, and all rights, remedies, liabilities, powers and duties of the parties
to this Agreement, shall be governed by and construed in accordance with the laws of the State of Delaware without regard to principles of conflicts of laws. 
 18. [Primacy of Indemnification; Subrogation. 
 (a)
The Company hereby acknowledges that Indemnitee has or may in the future have certain indemnification, exoneration, hold harmless or Expense advancement rights and/or insurance provided by one or more VC Funds (as defined below). The Company hereby
agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of any VC Funds to advance Expenses or to provide indemnification, exoneration or hold harmless rights for the same
Expenses incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, to the extent legally permitted and as
required by the Certificate of Incorporation or bylaws of the Company (or any agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the VC Funds and (iii) that it irrevocably waives,
relinquishes and releases the VC Funds from any and all claims against the VC Funds for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the VC Funds on
behalf of Indemnitee with respect to any Claim for which Indemnitee has sought indemnification, exoneration or hold harmless rights from the Company shall affect the foregoing and the VC Funds shall have a right to receive from the Company,
contribution and/or 

  
 12.

 
be subrogated, to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. 

(b) Except as provided in Section 18(a) above, in the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee from any insurance policy purchased by the Company, who shall execute all documents required and shall do all acts that may be necessary to
secure such rights and to enable the Company effectively to bring suit to enforce such rights. In no event, however, shall the Company or any other person have any right of recovery, through subrogation or otherwise, against (i) Indemnitee,
(ii) any VC Fund or (iii) any insurance policy purchased or maintained by Indemnitee or any VC
Fund.]1 

19. [Indemnification of Venture Capital Funds. If (i) Indemnitee is or was a
representative of or affiliated with one or more venture capital funds that has invested in the Company (each a “VC Fund”), (ii) a VC Fund is, or is threatened to be made, a party to or a participant in any Claim and
(iii) such VC Fund’s involvement in the Claim arises directly as a result of Indemnitee’s service to the Company as a director of the Company, then the VC Fund shall be entitled to all of the indemnification rights and remedies under
this Agreement pursuant to this Agreement as if the VC Fund were the Indemnitee.]2 
 20. Amendment and Termination. No amendment,
modification, termination or cancellation of this Agreement shall be effective unless it is in writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any
other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. 

21. Integration and Entire Agreement. This Agreement sets forth the entire understanding between the
parties hereto and supersedes and merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between the parties hereto, including any existing director or officer
idemnification agreement; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the bylaws, any directors and officers insurance maintained by the Company and applicable law,
and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 

22. No Construction as Employment Agreement. Nothing contained in this Agreement shall be construed as
giving Indemnitee any right to employment by the Company or any of its subsidiaries or affiliated entities. 

23. Additional Acts. If for the validation of any of the provisions in this Agreement any act, resolution,
approval or other procedure is required, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.

 (The remainder of this page is intentionally left blank.) 

 

	1 	 Note to Form: To be included when applicable. 

	2 	 Note to Form: To be included when applicable. 

  
 13.

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

			
	ONCOMED PHARMACEUTICALS, INC.
		
	 By:
	 	  

		 	AUTHORIZED OFFICER
	
	 Address:

	 800 Chesapeake Drive

	 Redwood City, CA 94063

  

			
	AGREED TO AND ACCEPTED BY:
	
	INDEMNITEE:
		
	 By:
	 	  

		 	«INDEMNITEE»
	
	 Date: [—]

	
	 Address:

	 «Address»

  
 14.Employment Agreement, dated as of June 27, 2012

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (the
“Agreement”) is entered into as of the 27th day of June, 2012, by and between William D. Johnson (the “Employee”) and Duke Energy Corporation, a Delaware corporation (“Duke Energy”). 

Recitals 
 WHEREAS, the Employee previously served as Chairman, President and Chief Executive Officer of Progress Energy, Inc. (“Progress”); 

WHEREAS, Progress entered into an Agreement and Plan of Merger by and among Duke Energy, Diamond Acquisition Corporation (“Diamond
Corp”) and Progress, dated as of January 8, 2011 (the “Merger Agreement”); 
 WHEREAS, concurrently with the
execution of the Merger Agreement, the Employee entered into an Employment Agreement Term Sheet with Duke Energy and Diamond Corp, setting forth the material terms of the Employee’s employment with Duke Energy and attached to the Merger
Agreement as Exhibit C (the “Employment Term Sheet”); 
 WHEREAS, pursuant to the Merger Agreement, effective as of
the “Effective Time” (as such term is defined in the Merger Agreement), Diamond Corp will merge with and into Progress and Progress, as the surviving corporation, will become a wholly-owned subsidiary of Duke Energy; and 

WHEREAS, Duke Energy desires to employ the Employee to serve as its President and Chief Executive Officer effective as of the Effective
Time (the “Effective Date”), and the Employee desires to accept such positions with Duke Energy. 
 Agreement

 NOW, THEREFORE, in consideration of the premises and of the mutual covenants contained herein, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Employment. Duke Energy hereby
employs the Employee, and the Employee hereby accepts such employment, effective as of the Effective Date, upon the terms and conditions set forth herein. Except as otherwise expressly provided herein, this Agreement sets forth the terms and
conditions of the Employee’s employment by Duke Energy, represents the entire agreement of the parties with respect to that subject, and supersedes all prior understandings and agreements with respect to that subject. Without limiting the
foregoing sentence, effective as of the Effective Date, this Agreement supersedes in its entirety the Employment Agreement by and between Progress and the Employee dated as of May 8, 2007 (the “Progress Employment Agreement”), the
Employment Term Sheet and the Progress Management Change-in-Control Plan (the “Progress CIC Plan”), in each case except as otherwise expressly provided herein. 

 2. Position and Duties. 

(a) Duties. The Employee shall be employed by Duke Energy as President and Chief Executive Officer in accordance with
Sections 4.04 and 4.05 of the by-laws of Duke Energy as in effect at the Effective Date, as amended, and shall be nominated to serve as a member of the Duke Energy Board of Directors (the “Board”). Except with respect to duties expressly
assigned to the Executive Chairman of the Board in Exhibit B to the Merger Agreement, the Employee shall be responsible for the general management of the affairs of Duke Energy and shall perform all duties incidental to such positions which may be
required by law and all such other duties as are properly required by the Board. The Employee shall report directly to the Board. For administrative purposes, Duke Energy may designate the Employee as being employed by one or more of its affiliates.

 (b) Engaging in Other Employment. While employed by Duke Energy, the Employee shall devote his full time and
attention to Duke Energy and its affiliates and shall not be employed by any other person or entity. Subject to Section 11, the Employee may reasonably participate as a member in community, civic, or similar organizations and may pursue
personal investments, so long as such activities do not interfere with the performance of the Employee’s responsibilities as an employee in accordance with this Agreement, provided that the Employee may serve on corporate boards (other than the
Board) with the approval of the Board, which approval shall not be unreasonably withheld. 
 (c) Loyal and Conscientious
Performance. The Employee shall act at all times in compliance with the policies, rules and decisions adopted from time to time by Duke Energy, its Board and any employing affiliates and perform all the duties and obligations required of him by
this Agreement in a loyal and conscientious manner. 
 (d) Location. The Employee’s principal office shall be
at the principal executive offices of Duke Energy in Charlotte, North Carolina. Except for required business travel to an extent substantially consistent with the business travel obligations of other senior Duke Energy executives, the Employee will
not be required to relocate to a new principal place of business that is more than 50 miles from such location. 

3. Term of Employment. The term of the Employee’s employment pursuant to this Agreement shall commence on the Effective
Date and end on the third anniversary of the Effective Date (the “Term”), unless terminated earlier pursuant to the provisions of this Agreement. 
 4. Annual Cash Compensation. 
 (a) Annual Base Salary. The
Employee’s annual base salary, payable in pro rata installments not less often than monthly, will be at the annual rate of not less than $1,100,000 (less applicable withholdings) (“Annual Base Salary”). If Annual Base Salary is
increased during the Term, then such adjusted salary will thereafter be the Annual Base Salary for all purposes under this Agreement. 
 (b) Short-Term Incentive Plan. Commencing with the 2012 calendar year, the Employee shall be eligible to participate in the Duke Energy Corporation Executive Short-Term Incentive

  
 2 

 
Plan (as it may be amended, or any successor thereto) or any other annual cash bonus program, with an annual target opportunity thereunder of 125% of Annual Base Salary (the “Target Bonus
Opportunity”). The terms and conditions of the Employee’s short-term incentive compensation opportunities shall be substantially similar to the terms and conditions of the short-term incentive compensation opportunities provided to other
executive officers of Duke Energy, as determined by the Compensation Committee of the Board from time to time. 

5. Equity Awards. Commencing with the 2012 calendar year, the Employee shall be eligible to participate in the applicable
Duke Energy long-term incentive plan, with an annual target opportunity thereunder of 500% of Annual Base Salary. The terms and conditions (e.g., performance measures, vesting schedules, allocation between different forms of equity) of
the Employee’s long-term incentive awards shall be substantially similar to the terms and conditions of the long-term incentive awards granted to other executive officers of Duke Energy, as determined by the Compensation Committee of the Board
from time to time (together with any Progress equity awards held by the Employee immediately prior to the Effective Date that were converted as of the Effective Date into Duke Energy equity awards, the “LTIP Awards”). The terms and
conditions of the grant of LTIP Awards to the Employee under the applicable Duke Energy long-term incentive plan shall be set forth in the award agreement relating to the grant of such LTIP Award, which in the case of the Progress equity awards held
by the Employee immediately prior to the Effective Date shall be the agreement evidencing each such Progress equity award as adjusted for the conversion to a Duke Energy equity award. 

6. Supplemental Senior Executive Retirement Plan. The Employee’s benefit under the Progress Amended and Restated Supplemental
Senior Executive Retirement Plan (the “SERP”) shall be treated consistent with the Merger Agreement, and in the same manner as the benefit of other former Progress executives who participate in the SERP and who are employed by Duke Energy
following the Effective Time. 
 7. Fringe Benefits. During the Term, the Employee shall be provided with employee
benefits (e.g., participation in retirement plans and health and insurance plans), fringe benefits and perquisites on a basis no less favorable than such benefits and perquisites as are provided by Duke Energy from time to time to other executive
officers of Duke Energy. The Employee shall also be entitled to participation in Duke Energy’s Executive Physicals Program. The Employee shall be reimbursed for ordinary and reasonable expenses specifically including but not limited to those
associated with entertainment and travel in accordance with Duke Energy policies and procedures. To the extent the Employee incurs ordinary and reasonable expenses associated with his spouse accompanying him on business travel, Duke Energy will
reimburse the Employee for those expenses. 
 8. Use of Duke Energy Aircraft. Duke Energy desires to provide for the
security of the Employee during his travels, and accordingly, whenever feasible, Duke Energy will require the Employee to use Duke Energy aircraft for his business travel. The Employee will also be permitted to use Duke Energy aircraft for his
personal travel within North America pursuant to Duke Energy’s standard policies as in effect from time to time and subject to availability in light of the use of Duke Energy aircraft for other Duke Energy business. The Employee shall reimburse
Duke Energy for the cost of any such personal travel in accordance with Duke Energy’s standard rates and reimbursement policies as in effect from time to time; provided that 

  
 3 

 
no reimbursement shall be required in respect of (i) travel within the contiguous 48 United States to an annual physical as provided in Section 7 hereof or (ii) travel to meetings
of the board of directors of other companies on whose board the Employee serves (further provided that, to the extent any such other company does reimburse the Employee for the cost of such travel, the Employee shall pay to Duke Energy within 30
days of the date the reimbursement is made the amount that is reimbursed). To the extent that the provision of aircraft usage is treated by the taxing authorities as a taxable personal benefit to the Employee, the Employee will be responsible
for the payment of any taxes on such income, including making payments to Duke Energy to fund withholding obligations as described in Section 10 hereof. 
 9. Relocation Payments. The Employee’s employment hereunder requires that he relocate his principal residence to the Charlotte, North Carolina metropolitan area. To compensate the Employee for
the costs associated with such relocation, Duke Energy will reimburse the Employee for direct and indirect costs incurred on account of such relocation in accordance with Duke Energy’s relocation policies and procedures; provided that
the Employee shall not be eligible to receive a tax gross-up payment or indemnification if any such reimbursement for relocation costs constitutes taxable income to the Employee; provided, further, that relocation services shall be
available to the Employee for up to two years immediately following the Effective Date. 
 10. Withholding. Duke
Energy may effect withholdings, from the payments due to the Employee, for the payment of taxes and other lawful withholdings or required employee contributions, in accordance with applicable law. If circumstances arise in which such withholding or
contributions are required on account of any compensation or benefits (including, without limitation, upon the payment or provision of any compensation or benefits pursuant to Sections 7, 8 and, if applicable, 9), at a time when there are not cash
payments being made to the Employee from which such withholding obligations can be satisfied, the Employee will deliver to Duke Energy amounts sufficient to fund such withholding or contribution obligations. 

11. Confidentiality and Privileged Information; Noncompetition/Nonsolicitation. 

(a) Confidentiality. 
 (i) The Employee shall not, at any time, use (other than in the ordinary course of and for the purpose of fulfilling his duties as an employee of Duke Energy), divulge or otherwise disclose, directly
or indirectly, any confidential and proprietary information (including without limitation any customer or prospect list, supplier list, acquisition or merger target, business plan or strategy, data, records, financial information or other trade
secrets) concerning the business, policies or operations of Duke Energy or its affiliates (or any predecessors thereof) that the Employee may have learned or become aware of at any time on or prior to the date hereof or during the term of the
Employee’s employment by Duke Energy. 
 (ii) The Employee further acknowledges and agrees that all “Company
Materials”, which include, but are not limited to, computers, computer software, computer disks, tapes, printouts, source, HTML and other code, flowcharts, schematics, designs, graphics, drawings, photographs, charts, graphs, notebooks,
customer lists, sound recordings, other tangible or intangible manifestation of content, and all other documents whether printed, 

  
 4 

 
typewritten, handwritten, electronic, or stored on computer disks, tapes, hard drives, or any other tangible medium, as well as samples, prototypes, models, products and the like, shall be the
exclusive property of Duke Energy and, upon termination of the Employee’s employment with Duke Energy (or, in the event that the Employee continues as a director of Duke Energy, upon his ceasing to be a director of Duke Energy), or upon the
request of Duke Energy, all Company Materials, including all copies thereof, as well as all other property of Duke Energy then in the Employee’s possession or control, shall be returned to Duke Energy. For purposes of this Section 11(a),
“Company Materials” shall include all such materials of Duke Energy and its affiliates (and any predecessors thereof). 
 (iii) The Employee acknowledges that the Company Materials may contain information that is confidential and subject to the attorney-client privilege of Duke Energy or its affiliates or otherwise
protected by attorney work product immunity. Except as required by law, the Employee agrees not to disclose to any person (other than in-house or outside counsel for Duke Energy and its affiliates) the content or substance of any such Company
Materials or confidential or privileged conversations or discussions that the Employee may have or may have had at any time, whether during his employment hereunder or otherwise, regarding such Company Materials. In addition, the Employee agrees
that he will, if and to the extent directed by the general counsel of Duke Energy, cooperate fully with in-house or outside counsel for Duke Energy and its affiliates in connection with any investigation, litigation or other matter in which such
counsel represents Duke Energy or its affiliates and acknowledges that his communications with such counsel will be subject to Duke Energy’s or its affiliates’ attorney-client privilege. 

(b) Noncompetition/Nonsolicitation. 
 (i) During the Restricted Period (as defined below), the Employee agrees that he shall not, without Duke Energy’s prior written consent, which shall not be unreasonably withheld, for any reason,
directly or indirectly, either as principal, agent, manager, employee, partner, shareholder, director, officer, consultant or otherwise (A) become engaged or involved, in a manner that relates to or is similar in nature to those duties
performed by the Employee at any time during his employment with Duke Energy and its affiliates, in any business (other than as a less-than three percent (3%) equity owner of any corporation traded on any national, international or regional
stock exchange or in the over-the-counter market) that competes with Duke Energy or any of its affiliates in the business of production, transmission, distribution, or retail or wholesale marketing or selling of electricity; resale or arranging for
the purchase or for the resale, brokering, marketing, or trading of electricity or derivatives thereof; energy management and the provision of energy solutions; development and operation of power generation facilities, domestically and abroad; and
any other business in which Duke Energy, including affiliates, is engaged at the termination of the Employee’s continuous employment with Duke Energy, including affiliates; or (B) induce or attempt to induce any customer, client, supplier,
employee, agent or independent contractor of Duke Energy or any of its affiliates to reduce, terminate, restrict or otherwise alter its business relationship with Duke Energy or its affiliates. The provisions of this Section 11(b)(i) shall be
effective only within any state or country with respect to which was conducted a business of Duke Energy and its affiliates during any part of the Employee’s employment. The parties intend the above geographical areas to be completely
severable and independent, and any invalidity or unenforceability of this Agreement with respect to any one area shall not render this Agreement unenforceable as applied to any one or more of the other areas. 

  
 5 

 (ii) For purposes of this Section 11(b), “Restricted Period” shall mean
the period of the Employee’s employment during the term of this Agreement and, in the case of Section 11(b)(i)(A), the 12-month period following termination of employment and, in the case of Section 11(b)(i)(B), the 24-month period
following termination of employment. 
 (c) Forfeiture and Repayments. The Employee agrees that, in the event he
violates the provisions of this Section 11, (i) he will forfeit and not be entitled to any further payments in accordance with Section 12(b)(i) or Section 12(b)(ii) hereof, as applicable, (ii) any stock options
(“Options”) then outstanding shall expire immediately and (iii) if such violation is after the termination of his employment, he will be obligated to repay to Duke Energy the sum of (x) any amounts, other than pursuant to
Options, paid (determined as of the date of payment) after the termination of employment pursuant to the applicable provisions of Section 12 hereof (other than the Accrued Obligations and amounts paid pursuant to Section 12(b)(i)(F)) and
(y) the amount of any gains realized by the Employee upon the exercise of Options (measured by the difference between the aggregate fair market value on the date of exercise of shares underlying the Option and the aggregate exercise price of
the Option) within the one-year period prior to the first date of the violation, with such sum reduced by any amount previously repaid pursuant to this Section 11(c). Such amount shall be paid to Duke Energy in cash in a single sum within
ten business days after the first date of the violation, whether or not Duke Energy has knowledge of the violation or has made a demand for payment. Any such payment made following such date shall bear interest at a rate equal to the prime lending
rate of Citibank, N.A. (as periodically set) plus 1%. 
 (d) Scope of Restrictions. The Employee acknowledges
that the restrictions set forth in this Section 11 are reasonable and necessary to protect Duke Energy’s business and goodwill, and that the obligations under this Section 11 shall survive any termination of his employment. The
Employee acknowledges that if any of these restrictions or obligations are found by a court having jurisdiction to be unreasonable or overly broad or otherwise unenforceable, he and Duke Energy agree that the restrictions or obligations shall be
modified by the court so as to be reasonable and enforceable and if so modified shall be fully enforced. 

(e) Consideration; Survival. The Employee acknowledges and agrees that the compensation and benefits provided in this
Agreement constitute adequate and sufficient consideration for the covenants made by the Employee in this Section 11. As further consideration for the covenants made by the Employee in this Section 11, Duke Energy has provided and will
provide the Employee certain proprietary and other confidential information about Duke Energy, including, but not limited to, business plans and strategies, budgets and budgetary projections, income and earnings projections and statements, cost
analyses and assessments, and/or business assessments of legal and regulatory issues. 

  
 6 

 12. Termination of Employment. 

(a) In General. Notwithstanding anything to the contrary contained herein, the Employee’s employment may be terminated
prior to the end of the Term: 
 (i) by the Employee, by resigning with Good Reason (as defined in Exhibit A hereto);

 (ii) by Duke Energy for Cause (as defined in Exhibit A hereto); 

(iii) by the Employee, by resigning without Good Reason; 
 (iv) by Duke Energy without Cause; or 
 (v) upon the death, or due to the
Disability (as defined in Exhibit A hereto), of the Employee; 
 Any termination of the Employee’s employment by Duke Energy or by the
Employee during the Term (other than a termination due to the Employee’s death) will be communicated by a written Notice of Termination to the other party to this Agreement in accordance with Section 14 and Exhibit A. 

(b) Certain Terminations. Subject to Section 12(d) hereof: 

(i) If the Employee’s employment is terminated by Duke Energy without “Cause” or by the Employee with “Good
Reason” on or prior to the second anniversary of the Effective Date, the Employee shall, consistent with the terms of Section 6 of the Progress CIC Plan, be entitled to the following severance payments and benefits: 

(A) a cash lump sum payment equal to the sum of (w) any earned but unpaid Annual Base Salary through the Date of Termination,
(x) any of the Employee’s business expenses that are reimbursable, but have not been reimbursed as of the Date of Termination, (y) the Employee’s annual cash bonus for the fiscal year immediately preceding the fiscal year in
which the Date of Termination occurs, if such annual cash bonus has not been paid as of the Date of Termination and (z) any accrued vacation pay to the extent not theretofore paid (the sum of the amounts described in subclauses (w), (x),
(y) and (z), the “Accrued Obligations”); 
 (B) a cash lump sum payment equal to 300% of the sum of
(x) Annual Base Salary and (y) the greater of (1) the average annual cash bonus paid to the Employee with respect to the three completed calendar years immediately preceding the year during which the Date of Termination occurs
(including years during which the Employee was an employee of Progress); provided, however, that if the Employee was not eligible to receive an annual cash bonus with respect to each of the three calendar years immediately preceding
the year in which the Date of Termination occurs, the average shall be determined for that period of calendar years, if any, for which the Employee was eligible to receive an annual cash bonus, or (2) the Target Bonus Opportunity for the year
during which the Date of Termination occurs; 
 (C) Duke Energy shall pay the total cost for continued participation under
the applicable medical, dental, vision and life insurance plans in which the Employee participated immediately prior to the termination of his employment until the earlier of the third anniversary of the Date of Termination and the date or dates
that the Employee receives comparable coverage and benefits under the plans, programs and/or arrangements of a subsequent employer; 

  
 7 

 (D) a cash lump sum payment equal to 100% of his Target Bonus Opportunity for the year
during which the Date of Termination occurs; 
 (E) all outstanding unvested stock options and restricted stock units shall
vest immediately and each performance share award outstanding at the time of termination shall vest at target level; 
 (F)
vesting of any awards which have been granted to the Employee by the Company or any of its Affiliates under any incentive compensation plan, program or agreement (other than those plans or agreements specified above) prior to the Date of
Termination; and 
 (G) payment of accrued benefits in all accrued nonqualified deferred compensation plans. 

(ii) If the Employee’s employment is terminated by Duke Energy without “Cause” or by the Employee with “Good
Reason” following the second anniversary of the Effective Date and on or prior to the third anniversary of the Effective Date, the Employee shall, consistent with the terms of Section 8(a)(ii) of the Progress Employment Agreement, be
entitled to the following severance payments and benefits: 
 (A) the Accrued Obligations; 

(B) 2.99 times Annual Base Salary payable in equal cash installments, paid in accordance with Duke Energy’s regular payroll
practices, over a period of 2.99 years from the Date of Termination; 
 (C) reimbursement for continued coverage under certain
health and welfare benefit plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) until the earlier of (i) 18 months after the Date of Termination or (ii) the Employee’s right to
receive COBRA ends; and 
 (D) the treatment of all outstanding LTIP Awards held by the Employee as of the Date of Termination
shall be determined in accordance with the terms of the applicable award agreement for each such LTIP Award. 
 (iii) If the
Employee’s employment is terminated for death or Disability, he shall be entitled to receive a lump sum payment of the Accrued Obligations and a prorata portion of his annual cash bonus for the year during which the Date of Termination occurs,
determined based on actual performance and paid at the time that payment under the applicable annual incentive plan are made to other executive officers of Duke Energy and paid in accordance with the terms of such annual incentive plan. 

(iv) If the Employee’s employment is terminated by the Employee other than with Good Reason, the Employee shall be entitled to
receive a lump sum payment of the Accrued Obligations and the treatment of all LTIP Awards shall be determined in accordance with the terms of the award agreements for such LTIP Awards. 

  
 8 

 (v) If the Employee’s employment is terminated by Duke Energy for Cause, the
Employee shall be entitled to receive a lump sum payment of the Accrued Obligations and the treatment of all LTIP Awards shall be determined in accordance with the terms of the award agreements for such LTIP Awards. 

(c) Date of Termination. “Date of Termination” means (i) if the Employee’s employment is terminated by Duke
Energy for Cause, or by the Employee for Good Reason, the date of receipt of the Notice of Termination or such later date specified in the Notice of Termination, as the case may be, (ii) if the Employee’s employment is terminated by Duke
Energy other than for Cause or Disability, the date on which Duke Energy notifies the Employee of such termination, (iii) if the Employee resigns without Good Reason, the date on which the Employee notifies Duke Energy of such termination, and
(iv) if the Employee’s employment is terminated by reason of death or Disability, the date of death of the Employee or on the thirtieth day following receipt of the Notice of Termination due to Disability; provided that, within the
30 days after such receipt the Employee has not returned to full-time performance of his duties. 

(d) Release Requirement. Except for Accrued Obligations and the amounts in Section 12(b)(i)(F),
which shall be paid pursuant to the applicable plans and policies, the compensation and benefits to be provided under Sections 12(b)(i) and 12(b)(ii) hereof shall be provided only if the Employee timely executes and does not timely revoke a release
of claims substantially in the form attached hereto as Exhibit B. Such release must be signed by the Employee, and become effective and irrevocable in accordance with its terms, within 52 days after the date of the Employee’s termination of
employment (such 52nd day, the “Release
Deadline”). Except as explicitly provided above, the compensation and benefits to be provided under Sections 12(b)(i) and 12(b)(ii) hereof shall be paid or provided (as applicable) or begin to be paid or provided (as applicable) within 15
days immediately following the Release Deadline. For the avoidance of doubt, any installment payments under Section 11(b) that are scheduled to be paid prior to the Release Deadline shall be aggregated and paid on the first payment date
following the Release Deadline. 
 (e) No Excise Tax Gross-Up. In no event shall the Employee be entitled to a
gross-up for, or any other payment relating to, excise taxes imposed by Section 4999 of the Code as a result of the Employee being entitled to payments or benefits that constitute an “excess parachute payment” within the meaning of
Section 280G of the Code; provided, however, that the Employee and Duke Energy agree to use their best efforts to structure the payments and benefits to eliminate or reduce any potential exposure to Sections 280G and 4999 of the
Code. 
 (f) Effect of Termination on Other Positions. If, on the Date of Termination, the Employee is a member of
the Board or the board of directors of any of Duke Energy’s affiliates, or holds any other position with Duke Energy or its affiliates, the Employee shall be deemed to have resigned from all such positions as of the date of his termination of
employment with Duke Energy. The Employee agrees to execute such documents and take such other actions as Duke Energy may request to reflect such resignation. 
 (g) Full Settlement. The payments and benefits provided under this Section 12 shall be in full satisfaction of Duke Energy’s obligations to the Employee upon his termination of employment
and in no event shall the Employee be entitled to severance benefits (or other damages in respect of a termination of employment or claim for breach of this Agreement) beyond those specified in this Section 12. 

  
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 (h) Certain Payment Disputes. Duke Energy will reimburse the Employee for all
reasonable legal fees and expenses incurred by the Employee during his lifetime (i) in successfully disputing pursuant to Section 18 a termination which is ultimately determined to constitute a termination of employment entitling him to
benefits pursuant to this Section 12 or (ii) in reasonably disputing pursuant to Section 18 whether or not Duke Energy has terminated his employment for Cause. Payment will be made within 20 business days after delivery of the
Employee’s written request for payment accompanied by such evidence of fees and expenses incurred as Duke Energy reasonably may require, provided that the Employee shall request reimbursement not later than 11 months after which the underlying
expense is incurred and any such payment shall be made not later than the last day of the year following the year in which the underlying expense was incurred. 
 13. Administration. 
 (a) Designation of Beneficiary. The
Employee shall designate a person or persons (“Beneficiary”) to receive benefits hereunder following the death of the Employee by submitting to the Compensation Committee a designation of Beneficiary in the form required by the
Compensation Committee. In the absence of a valid designation form, all such benefits shall be paid to the legal representative of the Employee’s estate. If Duke Energy has any doubt as to the proper Beneficiary to receive payments hereunder,
Duke Energy shall have the right to withhold such payments until the matter is finally determined. 
 (b) No
Assignment. No right or benefit under this Agreement shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber or charge such rights or
benefits shall be void. 
 14. Notice. Any notice to be given hereunder by either party to the other must be in
writing and be effectuated either by personal delivery in writing or by mail, registered or certified, postage prepaid, with return receipt requested. Mailed notices shall be addressed to the parties at the following addresses: 

If to Duke Energy or any Duke Energy affiliate: 
 Chairman, Compensation Committee 
 Duke Energy Corporation 

550 South Tryon Street 
 Charlotte, North Carolina 28202 
  

	 	cc:	Chief Legal Officer/General Counsel 

 Duke Energy Corporation 
 550 South Tryon Street 

Charlotte, North Carolina 28202 

  
 10 

 If to the Employee: 
 At the most recent contact information on file in the payroll records of Duke Energy 
 15. Waiver of Breach. The waiver by any party to a breach of any provision in this Agreement cannot operate or be construed as a waiver of any subsequent breach by a party. 

16. Severability. The invalidity or unenforceability of any particular provision in this Agreement shall not affect the other
provisions hereof, and this Agreement shall be construed in all respects as if the invalid or unenforceable provision were omitted. 
 17. Amendment. No modifications or amendments of the terms and conditions herein shall be effective unless in writing and signed by the parties or their respective duly authorized agents.

 18. Governing Law and Forum Selection. The parties agree that any dispute, claim, or controversy based on common
law, equity, or any federal, state, or local statute, ordinance, or regulation (other than workers’ compensation claims) arising out of or relating in any way to the Employee’s employment, the terms, benefits, and conditions of employment,
or concerning this Agreement or its termination and any resulting termination of employment, including whether such a dispute is arbitrable, shall be settled by arbitration. This agreement to arbitrate includes but is not limited to all claims for
any form of illegal discrimination, improper or unfair treatment or dismissal, and all tort claims. The Employee will still have a right to file a discrimination charge with a federal or state agency, but the final resolution of any discrimination
claim will be submitted to arbitration instead of a court or jury. The arbitration proceeding will be conducted under the employment dispute resolution arbitration rules of the American Arbitration Association in effect at the time a demand for
arbitration under the rules is made, and such proceeding will be adjudicated in Charlotte, North Carolina in accordance with the laws of the state of North Carolina, without regard to any applicable state’s choice of law provisions. The
decision of the arbitrator(s), including determination of the amount of any damages suffered, will be exclusive, final, and binding on all parties, their heirs, executors, administrators, successors and assigns. Each party will bear its own expenses
in the arbitration for arbitrators’ fees and attorneys’ fees, for its witnesses, and for other expenses of presenting its case. Other arbitration costs, including administrative fees and fees for records or transcripts, will be borne
equally by the parties. Notwithstanding anything in this Section 18 to the contrary, if the Employee prevails with respect to any dispute submitted to arbitration under this Section 18, Duke Energy will reimburse or pay all legal fees and
expenses that the Employee may reasonably incur as a result of the dispute. 
 19. Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their permitted successors, assigns, legal representatives and heirs, but neither this Agreement nor any rights hereunder shall be assignable by the Employee. Duke
Energy will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of Duke Energy to assume expressly and agree in writing to perform this
Agreement in the same manner and to the same extent that Duke Energy would be required to perform it if no succession had taken place. Upon the Employee’s termination of employment within 90 days following Duke Energy’s failure to obtain
such an assumption and agreement prior to the effective date of a 

  
 11 

 
succession, the Employee shall be entitled to compensation from Duke Energy in the same amount and on the same terms as if the Employee’s employment were to terminate pursuant to
Section 12(b)(i) (if such failure to obtain an assumption occurs on or prior to the second anniversary of the Effective Date) or Section 12(b)(ii) (if such failure to obtain an assumption occurs after the second anniversary and on or prior
to the third anniversary of the Effective Date) hereof. 
 20. Full Settlement; Mitigation. Except as otherwise
provided in this Agreement, Duke Energy’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations under this Agreement will not be affected by any set-off, counterclaim, recoupment, defense, or
other claim, right, or action that Duke Energy may have against the Employee or others. In no event will the Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts (including amounts for damages
for breach) payable to the Employee under any of the provisions of this Agreement and, except as explicitly set forth in Section 12(b) of this Agreement, those amounts will not be reduced simply because the Employee obtains other employment.

 21. Document Preparation Fees. Duke Energy shall promptly reimburse the Employee for reasonable
attorney’s fees incurred by the Employee in the negotiation and documentation of this Agreement upon receipt of supporting documentation reasonably satisfactory to Duke Energy. Payment will be made within five business days after delivery of
the Employee’s written request for payment accompanied by such evidence of fees and expenses incurred as Duke Energy reasonably may require, provided that any reimbursements under this Section 21 are made in a manner consistent with the
last sentence of Section 22 of this Agreement. 
 22. Code § 409A. It is the intention of Duke Energy and
the Employee that this Agreement not result in unfavorable tax consequences to the Employee under Section 409A. To the extent applicable, it is intended that the Agreement comply with the provisions of Section 409A. The Agreement will
be administered and interpreted in a manner consistent with this intent, and any provision that would cause the Agreement to fail to satisfy Section 409A will have no force and effect until amended to comply therewith (which amendment may be
retroactive to the extent permitted by Section 409A). Duke Energy and the Employee agree to work together in good faith in an effort to comply with Section 409A including, if necessary, amending this Agreement based on further
guidance issued by the Internal Revenue Service from time to time, provided that Duke Energy shall not be required to assume any increased economic burden. Notwithstanding anything contained herein to the contrary, to the extent required in
order to avoid accelerated taxation and/or tax penalties under Section 409A, the Employee shall not be considered to have terminated employment with Employer for purposes of the Agreement and no payments shall be due to him under the Agreement
which are payable upon his termination of employment until he would be considered to have incurred a “separation from service” from Duke Energy within the meaning of Section 409A. To the extent required in order to avoid
accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Agreement during the six-month period immediately following the Employee’s
termination of employment shall instead be paid in a lump sum on the first day of the seventh month following his termination of employment (or upon his death, if earlier). In addition, for purposes of the Agreement, each amount to be paid or
benefit to be provided to the Employee pursuant to the 

  
 12 

 
Agreement shall be construed as a separate identified payment for purposes of Section 409A. With respect to expenses eligible for reimbursement or in-kind benefits provided under the
terms of the Agreement, (i) the amount of such expenses eligible for reimbursement or in-kind benefits provided in any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits provided in another taxable year,
(ii) any reimbursements of such expenses and the provision of any in-kind benefits shall be made no later than the end of the calendar year following the calendar year in which the related expenses were incurred, except, in each case, to the
extent that the right to reimbursement does not provide for a “deferral of compensation” within the meaning of Section 409A, provided that with respect to any reimbursements for any taxes to which the Employee becomes entitled under
the terms of the Agreement, the payment of such reimbursements shall be made by Duke Energy no later than the end of the calendar year following the calendar year in which the Employee remits the related taxes, and (iii) the right to
reimbursement or in-kind benefit shall not be subject to liquidation or exchange for another benefit. 
 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. 
  

	
	
	DUKE ENERGY CORPORATION
	
	/s/ James H. Hance, Jr.
	By: James H. Hance, Jr.
	Title: Chairman, Compensation Committee
	
	EMPLOYEE
	
	/s/ William D. Johnson
	William D. Johnson

  
 13 

 EXHIBIT A 
 For purposes of Section 12, “Cause”, “Good Reason” and “Disability” shall have the respective meanings set forth below: 

“Cause” means: 
 (a) The willful and continued failure by the Employee to substantially perform the Employee’s duties with Duke Energy or any of its affiliates or to comply with the policies, rules and decisions
adopted from time to time by Duke Energy, its Board and any employing affiliates of which the Employee is made aware or reasonably should be aware (other than any such failure resulting from the Employee’s incapacity due to physical or mental
illness) that, if curable, has not been cured within 30 days after the Board has delivered to the Employee a written demand for substantial performance, which demand specifically identifies the manner in which the Employee has not substantially
performed his duties. This event will constitute Cause even if the Employee issues a Notice of Termination (as described below) for Good Reason after the Board delivers a written demand for substantial performance. 

(b) The breach by the Employee of the provisions set forth in Section 11. 

(c) The conviction of the Employee for the commission of a felony, including the entry of a guilty or nolo
contendere plea, or any willful or grossly negligent action or inaction by the Employee that has a materially adverse effect on Duke Energy. For purposes of this definition of Cause, no act, or failure to act, on the Employee’s part will be
deemed “willful” unless it is done, or omitted to be done, by the Employee in bad faith and without reasonable belief that the Employee’s act, or failure to act, was in the best interest of Duke Energy. 

“Good Reason” means: 
 (a) The material reduction without his consent of the Employee’s title, authority, duties, or responsibilities from those in effect immediately prior to the reduction, the failure by Duke Energy
without the consent of the Employee to nominate the Employee for election or re-election to the Board, or a material adverse change in the Employee’s reporting responsibilities. 

(b) Any breach by Duke Energy of any other material provision of this Agreement (including but not limited to the
place of performance as specified in Section 2(d)). 
 Any termination of the Employee’s employment by Duke Energy for Cause or by the
Employee for Good Reason will be communicated by a written Notice of Termination to the other party to this Agreement in accordance with the following requirements: 

(a) The notice indicates the specific termination provision in this Agreement relied upon as the basis for
termination. 

  
 14 

 (b) To the extent applicable, the notice sets forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of the Employee’s employment for Good Reason or Cause (as the case may be). 
 (c) If the Date of Termination of employment is other than the date of receipt of the notice, the notice specifies the Date of Termination, which will be no more than 30 days after the date the
notice was given. The failure by the Employee or Duke Energy to set forth in the Notice of Termination any fact or circumstances that contributes to a showing of Good Reason or Cause will not waive any right of the Employee or Duke Energy under this
Agreement or preclude the Employee or Duke Energy from asserting that fact or circumstance in enforcing rights under this Agreement. 
 (d) If for Cause, the notice must include a copy of a resolution duly adopted by the affirmative vote of not less three quarters (3/4) of the entire membership of the Board (excluding the
Employee, if he is a member of the Board) at a meeting of the Board called and held for the purpose of considering the termination. The resolution must include a finding that, in the good faith opinion of the Board (excluding the Employee, if he is
a member of the Board), the Employee was guilty of conduct set forth in the definition of Cause, and it must specify the particulars of the conduct in detail. 
 “Disability” means the Employee is entitled to disability benefits under a long-term disability plan sponsored by Duke Energy or an affiliate thereof. 

  
 15 

 EXHIBIT B 

RELEASE OF CLAIMS 
 This RELEASE OF CLAIMS (the “Release”) is executed and delivered by William D. Johnson (the “Employee”) to DUKE ENERGY CORPORATION (together with its successors, “Duke”).

 In consideration of the agreement by Duke to provide the Employee with the rights, payments and benefits under the Employment
Agreement between the Employee and Duke dated                          (the “Employment Agreement”), the
Employee hereby agrees as follows: 
 Section 1. Release and Covenant. The Employee, of his own free will,
voluntarily and unconditionally releases and forever discharges Duke, its subsidiaries, parents, affiliates, their directors, officers, employees, agents, stockholders, successors and assigns (both individually and in their official capacities with
Duke) (the “Duke Releasees”) from, any and all past or present causes of action, suits, agreements or other claims which the Employee, his dependents, relatives, heirs, executors, administrators, successors and assigns has or may hereafter
have from the beginning of time to the date hereof against Duke or the Duke Releasees upon or by reason of any matter, cause or thing whatsoever, including, but not limited to, any matters arising out of his employment by Duke and the cessation of
said employment or any claim for compensation, and including, but not limited to, any alleged violation of the Civil Rights Acts of 1964 and 1991, the Equal Pay Act of 1963, the Age Discrimination in Employment Act of 1967, the Rehabilitation Act of
1973, the Employee Retirement Income Security Act of 1974, the Older Workers Benefit Protection Act of 1990, the Americans with Disabilities Act of 1990, the North Carolina Equal Employment Protection Act and any other federal, state or local law,
regulation or ordinance, or public policy, contract or tort law having any bearing whatsoever on the terms and conditions of employment or termination of employment. This Release shall not, however, constitute a waiver of any of the Employee’s
rights under the Employment Agreement. 
 Section 2. Due Care. The Employee acknowledges that he has received a copy
of this Release prior to its execution and has been advised hereby of his opportunity to review and consider this Release for 21 days prior to its execution. The Employee further acknowledges that he has been advised hereby to consult with an
attorney prior to executing this Release. The Employee enters into this Release having freely and knowingly elected, after due consideration, to execute this Release and to fulfill the promises set forth herein. This Release shall be revocable by
the Employee during the 7-day period following its execution, and shall not become effective or enforceable until the expiration of such 7-day period. In the event of such a revocation, the Employee shall not be entitled to the consideration for
this Release set forth above. 
 Section 3. Nonassignment of Claims; Proceedings. The Employee represents and
warrants that there has been no assignment or other transfer of any interest in any claim which the Employee may have against Duke or any of the Duke Releasees. The Employee represents that he has not commenced or joined in any claim, charge, action
or proceeding whatsoever against Duke or any of the Duke Releasees arising out of or relating to any of the matters set 

  
 16 

 
forth in this Release. The Employee further agrees that he will not seek or be entitled to any personal recovery in any claim, charge, action or proceeding whatsoever against Duke or any of the
Duke Releasees for any of the matters set forth in this Release. 
 Section 4. Reliance by Employee. The Employee
acknowledges that, in his decision to enter into this Release, he has not relied on any representations, promises or agreements of any kind, including oral statements by representatives of Duke or any of the Duke Releasees, except as set forth in
this Release and the Employment Agreement. 
 Section 5. Nonadmission. Nothing contained in this Release will be
deemed or construed as an admission of wrongdoing or liability on the part of Duke or any of the Duke Releasees. 

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

Section 7. Governing Law. This Release shall be interpreted, construed and governed according to the laws of the State of
North Carolina, without reference to conflicts of law principles thereof. 
 This RELEASE OF CLAIMS is executed by the Employee
and delivered to Duke
on                                        
    . 
  

					
	 	 	  	 	 
		 	EMPLOYEE	 	

  
 17

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