Document:

Exhibit 10.nnn

 

Adopted pursuant to resolutions of the
Cinergy Corp.

Benefits Committee on December 17, 2004

 

AMENDMENT TO THE

CINERGY CORP. UNION EMPLOYEES’ SAVINGS
INCENTIVE PLAN

 

The Cinergy Corp. Union Employees’ Savings
Incentive Plan, as amended and restated effective January 1, 2003, is hereby
amended, effective as of January 1, 2005 or such other date specified below.

 

Explanation of Amendment

 

The amendment (i) provides
that those employees whose terms of employment are governed by the collective bargaining
agreement with the International Brotherhood of Electrical Workers Local Union
1347 will be permitted to make pre-tax and after-tax contributions from
overtime pay, (ii) clarifies that nonresident aliens with no United States
source income are not eligible to participate in the Plan, (iii) clarifies that
the portion of the Plan that benefits employees whose terms of employment are governed
by the collective bargaining agreement with the International Brotherhood of
Electrical Workers Local Union 1347 will no longer be a “401(k) safe harbor”
plan after December 31, 2004, (iv) clarifies the Plan’s disability provisions,
(v) reduces the amount to which an involuntary cash-out applies from $5,000 to
$1,000 and provides that such determination shall be made after taking into
account rollover contributions and (vi) clarifies the Plan’s ERISA Section 404(c)
provisions.

 

Amendment

 

(a)                                  Section 2.1(k) of the
Plan is hereby amended and restated in its entirety to provide as follows:

 

““Compensation” means—

 

(1)                                    for purposes of Sections 4.1, 4.2 and 4.3, the Employee’s
“base compensation”;

 

(2)                                    for purposes of Section 4.4, “compensation” as defined
in Section 414(s) of the Code; and

 

(3)                                    for purposes of Sections 2.1(w) and 4.6, “compensation”
as defined in Section 415(c)(3) of the Code.

 

The
following provisions shall apply for purposes of determining an Employee’s “base compensation”.

 

(A)                                For Employees whose terms of employment are not governed by
the collective bargaining agreement with the International Brotherhood of
Electrical Workers Local Union 1347, “base
compensation” means the Employee’s base rate of

 

1

 

pay,
exclusive of any allowances, premiums, bonuses, overtime pay, or other forms or
types of compensation, for the applicable period.

 

(B)                                  For Employees whose terms of employment are governed by the
collective bargaining agreement with the International Brotherhood of
Electrical Workers Local Union 1347, “base
compensation” means (i) for purposes of Sections 4.1 and 4.2, the
sum of the Employee’s base rate of pay and overtime pay, exclusive of any
allowances, premiums, bonuses, or other forms or types of compensation, for the
applicable period and (ii) for purposes of Section 4.3, the Employee’s base rate
of pay, exclusive of any allowances, premiums, bonuses, overtime pay, or other
forms or types of compensation, for the applicable period.

 

(C)                                  For Employees paid on an hourly basis, the “base rate of pay”
means the Employee’s hourly base rate of pay multiplied by the Employee’s hours
worked during the applicable period.

 

(D)                                 For all Employees, “base compensation” shall be determined
prior to any reductions for Deferred Compensation Contributions and other
elective contributions made by the Employer on the Employee’s behalf during or
for the Plan Year that are not includable in gross income under
Section 125 of the Code, Section 402(e)(3) of the Code,
Section 402(h) of the Code, Section 403(b) of the Code or, for Plan
Years beginning on or after January 1, 2001, Section 132(f) of the Code.

 

The
Compensation of each Employee that may be taken into account under the Plan for
a Plan Year will not exceed $210,000 (as adjusted by the Secretary of the
Treasury pursuant to Section 401(a)(17) of the Code).  For purposes of this Subsection 2.1(k),
Compensation shall include any elective amounts that are not includible in the
gross income of the employee by reason of Section 132(f)(4) of the Code.”

 

(b)                                   Section 2.1(o) of
the Plan is hereby amended and restated in its entirety to provide as follows:

 

“Eligible Employee”
means an Employee on the payroll of an Employer who has attained age 18 and
whose terms and conditions of employment are governed by a collective
bargaining agreement that provides for participation in the Plan, provided,
however, that an “Eligible
Employee” shall not include (1) a “leased employee” (as defined in
Section 3.3), (2) an individual who is classified by the Employer as a
summer laborer or a summer employee and (3) an individual who is a nonresident
alien and who receives no earned income (within the meaning of Section
911(d)(2) of the Code) from an Employer which constitutes income from sources
within the United States (within the meaning of Section 861(a)(3) of the Code).”

 

(c)                                    Section 4.9(a) of
the Plan is hereby amended and restated in its entirety to provide as follows:

 

2

 

“Except for the portion of the
Plan that benefits those Employees whose terms of employment are governed by
the collective bargaining agreement with the International Brotherhood of
Electrical Workers Local Union 1347, the Plan is intended to satisfy the actual
deferral percentage test contained in Section 4.4(b) of the Plan and, with
respect to Employer Matching Contributions, the actual contribution percentage
test contained in Section 4.4(c) of the Plan, respectively, by meeting the
requirements of the design-based safe harbors contained in
Section 401(k)(12) and 401(m)(11) of the Code.  Sections 4.9(b) and 4.9(c) shall not apply to
those Employees who are covered by the collective bargaining agreement with the
International Brotherhood of Electrical Workers Local Union 1347.”

 

(d)                                   The first sentence
of Section 5.3 of the Plan is hereby amended and restated in its entirety to
provide as follows:

 

“Upon a Member’s termination of employment for any reason, including
retirement or death, or upon a Member’s Disability, the Member’s Profit Sharing
Account shall be distributable as provided in Article 6.”

 

(e)                                    The first sentence
of Section 6.1 of the Plan is hereby amended and restated in its entirety to
provide as follows:

 

“Upon a Member’s termination of employment for any reason, including
retirement or death, or upon a Member’s Disability, the vested amount of the
Member’s Account will be distributable to the Member, or to the Member’s
Beneficiary in case of the Member’s death.”

 

(f)                                      Effective with
respect to distributions on or after March 28, 2005, Section 6.2(b) of the Plan
is hereby amended and restated in its entirety to provide as follows:

 

“If the vested portion of the Member’s
Account to be distributed pursuant to Section 6.1 does not exceed $1,000,
then the distribution will be made as soon as practicable following termination
of employment.  If the value of the
vested portion of the Member’s Account exceeds $1,000, then the distribution
will be made as of any Valuation Date elected by the Member, subject to (a)
through (g).”

 

(g)                                   Effective with
respect to distributions on or after March 28, 2005, the first sentence of the
second paragraph of Section 6.3(c) of the Plan is hereby amended and restated
in its entirety to provide as follows:

 

“If a Member dies prior to commencement of
distribution of his Account, and the value of the vested portion of his Account
balance exceeds $1,000, the Member’s Beneficiary may elect to receive
distribution of the vested portion of the Member’s Account in a lump sum or in
annual installments over a period not exceeding the greater of ten years or the
Beneficiary’s life expectancy as of the date payments commence.”

 

(h)                                   Section 7.3 of the
Plan is hereby amended by adding the following at the end thereof:

 

3

 

“(d)                             ERISA
Section 404(c).  The Plan is
intended to be an “ERISA Section 404(c) plan” as defined in Department of Labor
Regulations Section 2550.404c-1(b). 
Pursuant to Department of Labor Regulations Section
2550.404c-1(d)(2)(ii)(E)(4)(viii), the Benefits Committee shall be the
fiduciary that shall ensure that (i) sufficient procedures are in place so that
information relating to the purchase, holding and sale of Cinergy Stock, and
the exercise of voting, tender and similar rights with respect to such
securities by Members and Beneficiaries, is maintained in accordance with
procedures which are designed to safeguard the confidentiality of such
information, except to the extent necessary to comply with federal laws or
state laws not preempted by ERISA, (ii) such procedures are being followed and
(iii) an independent fiduciary has been appointed to carry out activities
relating to any situations which the Benefits Committee determines involve a
potential for undue employer influence upon Members and Beneficiaries with
regard to the direct or indirect exercise of shareholder rights.”

 

(i)                                       Effective with
respect to distributions on or after March 28, 2005, Paragraph 2 of Section 5
of the Addendum to the Plan is hereby amended and restated in its entirety to
provide as follows:

 

“2.  Rollovers Included in Determining Value of
Account Balance for Involuntary Distributions. For purposes of Subsection
6.2 of the Plan, the value of a participant’s nonforfeitable account balance
shall be determined after taking into account that portion of the account
balance that is attributable to rollover contributions (and earnings allocable
thereto) within the meaning of Sections 402(c), 403(a)(4), 403(b)(8),
408(d)(3)(A)(ii), and 457(e)(16) of the Code. 
If the value of the participant’s nonforfeitable account balance as so
determined is $1,000 or less, the Plan shall immediately distribute the
participant’s entire nonforfeitable account balance.”

 

IN WITNESS WHEREOF, Cinergy Corp. has caused this Amendment to be
executed and approved by its duly authorized officer.

 

 

	
   

  	
  By:

  	
  /s/ Timothy J. Verhagen

  	
   

  
	
   

  	
   

  	
  Timothy J. Verhagen

  
	
   

  	
   

  	
  Vice President of Human Resources

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  December 17, 2004

  	
   

  
					

 

4Exhibit
10.uuu

 

AMENDMENT
TO THE

CINERGY
CORP. EXCESS PENSION PLAN

 

The Cinergy Corp. Excess
Pension Plan, as amended and restated effective as of January 1, 1998 and as
further amended from time to time (the “Plan”), is hereby amended effective as
of January 1, 2005.

 

(1)           Explanation of Amendment

 

The Plan is amended to
provide that a Participant’s benefit under the Plan, if any, shall be
determined without taking into account the provision of the Cinergy Corp.
Non-Union Employees’ Pension Plan which provides that, in the event the Participant’s highest
average annual earnings occurs other than during his last 36 months of
participation, the Participant’s highest average earnings shall be calculated
as if the accrued vacation pay, if any, that was received by the Participant
was received during the last month that occurs during the period that is used
for purposes of determining the Participant’s highest average earnings.

 

(2)           Amendment

 

Section 1.22 of the Plan
is hereby by adding the following to the end thereof:

 

“Notwithstanding
the foregoing, a Participant’s benefit under the Plan shall be calculated
without taking into account the provision in Cinergy’s Pension Plan which
provides that, in the event the Participant’s highest average annual Earnings (as
defined in Cinergy’s Pension Plan) occurs other than during his last 36 months
of Participation (as defined in Cinergy’s Pension Plan), the Participant’s
Highest Average Earnings (as defined in Cinergy’s Pension Plan) shall be
calculated as if the Accrued Vacation Pay (as defined in Cinergy’s Pension
Plan), if any, that was received by the Participant was received during the
last month that occurs during the period that is used for purposes of
determining the Participant’s Highest Average Earnings (as defined in Cinergy’s
Pension Plan).”

 

IN WITNESS WHEREOF,
Cinergy Corp. has caused this Amendment to be executed and approved by its duly
authorized officer as of the date set forth above.

 

 

	
   

  	
  By:

  	
  /s/ Timothy J. Verhagen
  12/17/04

  	
   

  
	
   

  	
   

  	
  Timothy J. Verhagen

  
	
   

  	
   

  	
  Vice President of Human
  Resources

  

 

1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]