Document:

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                                                                   EXHIBIT 10.10

                    CASH PLUS INDIVIDUAL PENSION PLAN POLICY

Norwich Union Life & Pensions Limited
P.O. Box 4 Surrey Street Norwich NR1 3NG

The Proposal made by the Grantees and the Declaration made by the Member form
the basis of the contract between Norwich Union Life & Pensions Limited and the
Grantees and this Policy sets out the terms of that contract.

CARE OF POLICY

This Policy should be carefully preserved as Norwich Union does not undertake to
replace it should it at any time be lost or destroyed.

ERRORS

If any error is discovered in this Policy, it should be returned immediately to
Norwich Union for correction.

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JERSEY 131A CASH PLUS INDIVIDUAL PENSION PLAN

FIRST SCHEDULE
POLICY NUMBER: NP962309/010

SCHEME: UTI AFRICA SERVICES LIMITED DISCRETIONARY PENSION SCHEME

GRANTEES: UTi AFRICA SERVICES LIMITED

PAYEES: The Grantees as Trustees or the Assigns of the Grantees

<TABLE>
<CAPTION>
MEMBER:               DATE OF BIRTH:   AGE ADMITTED:
-------               --------------   -------------
<S>                   <C>              <C>
JOHN STEERS HEXTALL     14.05.1956           NO
</TABLE>

<TABLE>
<CAPTION>
                                         DATE OF PROPOSAL AND
BENEFIT DATE   CURRENCY DATE OF POLICY        DECLARATION       DATE OF POLICY
------------   -----------------------   --------------------   --------------
<S>            <C>                       <C>                    <C>
 14.05.2016           01.04.2005              11.08.2005          02.11.2005
</TABLE>

                                                                     Examined TG

<PAGE>

SECOND SCHEDULE
BENEFIT AND EVENT

CAPITAL SUM

On survival of the member until the Benefit Date a Capital Sum of
L147088.00.00 (with compound bonus). The Capital Sum can only be applied
in accordance with the Rules or other governing documents.

If the member dies before the Benefit Date there shall be paid the accumulated
cash value of the Capital Sum. This cash value shall be determined by Norwich
Union having regard to the premiums paid and the bonus declared but will not be
less than the total premiums paid to secure the Capital Sum.

POLICY NUMBER: NP962309/010
PREMIUM

A proportionate premium of L1200.00 due 01.04.2005 and a quarterly premium
of L3600.00 payable from 01.05.2005 to 01.11.2015 Inclusive

                                                                     Examined TG

<PAGE>

POLICY CONDITIONS

I.   This Policy is issued for the purposes of the retirement benefits scheme
     named in the First Schedule (herein called "the scheme"). The object of the
     Policy is solely to provide such benefits as are permitted by the Scheme
     any surplus proceeds which are received by the Grantees shall be paid by
     them to the employer as defined in the rules of the Scheme.

II.  The first premium is due and payable on the Currency Date specified in the
     First Schedule. The policy shall not be in force until such premium has
     been paid to Norwich Union.

III. Thirty days of grace shall be allowed for payment of renewal premiums and
     if any premium is not paid punctually or within the period of grace the
     Benefits shall be deemed to have been made paid-up as provided in Clause
     VI(a) of the General Provisions except where otherwise provided in a
     Benefit Schedule. The payment of the premium shall cease on death of the
     Member during the premium paying period.

IV.  Unless otherwise stated all periods of time mentioned in this Policy
     include both the initial and final date.

V.   Notwithstanding anything herein contained Norwich Union shall not be liable
     to make any payment or convert this Policy under the terms of any Schedule
     unless (a) this Policy is in force at the relevant date; (b) proof of title
     and if necessary age is furnished as required; and (c) this Policy is
     delivered to Norwich Union duly discharged or for endorsement as Norwich
     Union may require.

VI.  Subject to a written request being received by Norwich Union during the
     lifetime of the Member but before any payment has been made by Norwich
     Union under this Policy and subject to such request corresponding to a
     benefit under the Scheme the Grantees shall be entitled (except where
     otherwise provided in a Benefit Schedule):

     (a)  to convert any benefit into a paid up benefit for such reduced amount
          at a Benefit Date as Norwich Union shall determine provided that if
          the benefit qualifies for bonuses the paid up benefit shall not cease
          to qualify unless less than three full years' premiums have been paid
          and Norwich Union so determines

     (b)  to pay the capital sum at a date earlier or later than the Benefit
          Date as the Grantees shall specify of an amount to be determined by
          Norwich Union and payable as set out in the appropriate Benefit
          Schedule substituting the date so specified for the Benefit Date;
          provided that where a date earlier than the Benefit Date is specified
          no premium shall be payable after such specified date and where a date
          later than the Benefit Date is specified the benefits under the Policy
          shall be increased by reference to the period of deferment;

<PAGE>

                          POLICY CONDITIONS (CONTINUED)

     (c)  subject to the production to Norwich Union of such evidence, if any,
          of the health of the Member as Norwich Union may require to surrender
          a benefit before the Benefit Date for a cash payment.

VII. (a) The death in service pension (if any) shall be paid by equal monthly
     instalments the first payable on the first day of the month following the
     death of the member and thereafter on the first day of every month (subject
     to policy condition VII (c) if applicable) until the date of payment
     immediately preceding the death of the nominee without a proportionate
     payment to the date of death. Unless policy condition VII (c) applies
     payment shall continue as long as there is living a dependent child and the
     last payment shall fall due on the first day of the month during which
     there ceases to be living a dependent child.

     For the purposes of this policy 'dependent child' has the same meaning as
     in the rules.

     (b) The death in service pension (if any) shall on the first and every
     subsequent anniversary of its commencement be increased by the rate per
     centum per annum compound (if any) specified in the second schedule. Such
     increases shall be payable in the same manner as the death in service
     pension and continue until that pension ceases.

     (c) If the nominee remarries whilst in receipt of a death in service
     pension that pension shall cease, the last payment being on the date of
     payment immediately preceding remarriage without a proportionate payment to
     date of remarriage.

     (d) If during the lifetime of the member the nominee dies or is divorced
     the death in service pension shall lapse.

VIII. If this Policy is assigned to the Member or the benefits are otherwise
     passed to the Member upon his ceasing to participate in the Scheme, the
     Policy or any substituted policy shall be endorsed to the effect that it is
     non-assignable and carries no surrender value and that the capital sum
     shall be used to purchase an annuity except to the extent permitted by the
     endorsement. Where Norwich Union is liable to account for tax on any
     benefit payable under the Policy or any substituted policy, Norwich Union
     shall deduct the tax before paying the benefit.

IX.  If the Member becomes entitled to the Policy on ceasing to participate in
     the Scheme Norwich Union may by giving notice in writing to the Grantees
     alter or modify the premiums and/or benefits as Norwich Union in its
     absolute discretion shall determine.

<PAGE>

                          POLICY CONDITIONS (CONTINUED)

X.   If the proceeds of the Policy are compulsorily applied in accordance with
     the rules of the Scheme for the purpose of securing an annuity for the
     Member or other person from another Insurance Company Norwich Unions
     liability shall be discharged by the payment of the proceeds at the
     Grantees' request to that Insurance Company. In the event of the proceeds
     being compulsorily applied under this Clause, the whole of the benefits
     under all Benefit Schedules shall be so applied and no benefit shall be
     paid by Norwich Union under this Policy.

XI.  This Policy shall be deemed to be issued in the Island of Jersey and all
     monies payable thereof whether by or to Norwich Union shall be payable in
     the Island of Jersey in the currency of England. It shall have no force
     unless and until it has been signed in the Island of Jersey by Norwich
     Unions representative there after it has been signed at Norwich by an
     Official of Norwich Union and it shall be construed and take effect
     according to the law of England In the same manner and to the same extent
     as if executed in England by parties resident and domiciled there.

Subject to the provisions of the First Schedule and Benefit Schedule and every
endorsement by Norwich Union hereon (if any) this policy is free from all
restrictions regarding foreign travel residence or occupation.

For and on behalf of NORWICH UNION

Examined TGEx-10.1

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT dated as of May 1, 2006, by and between PIEDMONT NATURAL GAS
COMPANY, INC., a North Carolina corporation (the “Corporation”), and, MICHAEL H. YOUNT, (the
“Officer”).

WITNESSETH:

     WHEREAS, the Board of Directors of the Corporation has determined that the continued retention
of the services of the Officer on a long-term basis as described herein is in the best interest of
the Corporation in that (a) it promotes the stability of senior management of the Corporation; (b)
it enables the Corporation to obtain and retain the services of a well-qualified executive officer
with extensive contacts in the natural gas industry; and (c) it secures the continued services of
the Officer notwithstanding any change in control of the Corporation; and

     WHEREAS, the services of the Officer, his experience and knowledge of the Corporation’s
industry, and his reputation and contacts in the Corporation’s industry are valuable to the
Corporation; and

     WHEREAS, the Corporation considers the establishment and maintenance of a sound and vital
management to be part of its overall corporate strategy and to be essential to protecting and
enhancing the best interests of the Corporation and its stockholders; and

     WHEREAS, the parties desire to enter into this Agreement in order to clearly set forth the
terms and conditions of the Officer’s employment relationship with the Corporation; and

     WHEREAS, contemporaneous with this Agreement, the parties have entered into a Severance
Agreement (the “Severance Agreement”), which sets forth certain rights and obligations of the
Officer and certain rights and obligations of the Corporation in the event of a “Potential Change
of Control” (as defined in the Severance Agreement) or following a “Change in Control” (as defined
in the Severance Agreement). Use of the phrases “Potential Change of Control” and “Change in
Control” herein shall have the meanings ascribed to those phrases in the Severance Agreement.

     NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the
parties hereby agree as follows:

     1. Employment. The Corporation hereby employs the Officer and the Officer hereby
accepts such employment, upon the terms and conditions stated herein, as Senior Vice President –
Utility Operations of the Corporation. The Officer shall render such administrative and management
services to the Corporation as are customarily performed by persons situated in a similar executive
capacity. The Officer shall promote the business of the Corporation and perform such other duties
as shall from time to time be reasonably prescribed by the Directors or the Chief Executive Officer
of the Corporation. It is understood that the Officer’s continued election as an officer of the
Corporation is dependent upon action by the Board of Directors of the Corporation from time to time

 

 

and that, subject to the provisions of Section 7 of this Agreement, the Officer’s title and/or
duties may change
from time to time; provided that following a Change in Control and during the term of the
Severance Agreement any action affecting a change in title and/or duties shall be subject to the
Severance Agreement.

     2. Base Salary. The Corporation shall pay the Officer during the term of this
Agreement as compensation for all services rendered by him to the Corporation a base salary in such
amounts and at such intervals as shall be commensurate with his duties and responsibilities
hereunder. Initially such base salary shall be at the rate of $275,000 per year. The Officer’s
base salary may be increased from time to time to reflect the duties required of the Officer. In
reviewing the Officer’s base salary, the Board of Directors of the Corporation shall consider the
overall performance of the Corporation, the overall performance of the Officer and the service of
the Officer rendered to the Corporation and its subsidiaries and changes in the cost of living.
The Board of Directors may also provide for performance or merit increases. Participation by
Officer in any incentive, deferred compensation, stock option, stock purchase, bonus, pension, life
insurance or other employee benefit plans which may be offered by the Corporation from time to time
and participation in any fringe benefits provided by the Corporation shall not cause a reduction of
the base salary payable to the Officer. The Officer will be entitled to such customary fringe
benefits, vacation and sick leave as are consistent with the normal practices and established
policies of the Corporation.

     3. Participation in Incentive, Retirement and Employee Benefit Plans; Fringe Benefits.
The Officer shall be entitled to participate in any plan relating to incentive compensation, stock
options, stock purchase, pension, thrift, profit sharing, group life insurance, medical coverage,
disability coverage, education, or other retirement or employee benefits that the Corporation has
adopted, or may from time to time adopt, for the benefit of its executive employees and for
employees generally, subject to the eligibility rules of such plans.

     The Officer shall also be entitled to participate in any other fringe benefits which are now
or may be or become applicable to the Corporation’s executive employees, including the payment of
reasonable expenses for attending annual and periodic meetings of trade associations, and any other
benefits which are commensurate with the duties and responsibilities to be performed by the Officer
under this Agreement. Additionally, the Officer shall be entitled to such vacation and sick leave
as shall be established under uniform employee policies promulgated by the Board of Directors. The
Corporation shall reimburse the Officer for all out-of-pocket reasonable and necessary business
expenses which the Officer may incur in connection with his service on behalf of the Corporation.

     4. Term. The initial term of employment under this Agreement shall be for a one-year
period commencing May 1, 2006; provided that this Agreement shall automatically be extended
to a full one-year period on each successive day during the term of this Agreement. The effect
hereof shall be that the Agreement shall at all times remain subject to a term of one year, unless
(i) written notice has been given that the Agreement shall not be extended as provided in this
Section 4, or (ii) the Agreement is terminated pursuant to Section 7. If written notice from the
Corporation or the Officer is delivered to the other party advising the other party that this
Agreement is not to be further extended, then upon such notice, the Agreement shall terminate on
the anniversary of the date of notice. Provided, further, no extension shall cause this
Agreement to extend beyond the date on

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which the Officer reaches 65 years of age. Upon any
extension, the base salary of the extended agreement shall be the base salary in effect on the effective date of such extension.

     5. Loyalty; Noncompetition

          (a) The Officer shall devote his best efforts to the performance of his duties and
responsibilities under this Agreement.

          (b) During the term of this Agreement, or any renewals hereof, the Officer agrees he will not,
own, manage, operate, join, control or participate in the management, operation or control of, or
be employed by or connected in any manner with any business which competes with the Corporation or
any of its subsidiary corporations without the prior written consent of the Corporation.
Notwithstanding the foregoing, the Officer shall be free, without such consent, to purchase or hold
as an investment or otherwise, up to five percent of the outstanding stock or other securities of
any corporation which has its securities publicly traded on any recognized securities exchange or
in any established over-the-counter market.

          The Officer shall hold in confidence all knowledge or information of a confidential nature
with respect to the business of the Corporation or any subsidiary of the Corporation received by
him during the term of this Agreement and will not disclose or make use of such information without
the prior written consent of the Corporation.

          The Officer acknowledges that it would not be possible to ascertain the amount of monetary
damages in the event of a breach by the Officer under the provisions of this Section 5 and agrees
that, in the event of a breach of this Section, injunctive relief enforcing the terms of this
Section is an appropriate remedy.

     6. Standards. The Officer shall perform his duties and responsibilities under this
Agreement in accordance with such reasonable standards expected of employees with comparable
positions in comparable organizations and as may be established from time to time by the Board of
Directors. The Corporation will provide the Officer with the working facilities and staff
customary for similar executives and necessary for him to perform his duties.

     7. Termination and Termination Pay.

          (a) Change of Control. Following a Change in Control and during the term of the
Severance Agreement, this Agreement shall become null and void except with respect to any rights or
obligations accruing prior to the Change in Control and the rights and obligations of the Officer
and the Company, including any termination of the Officer, shall be subject to the provisions of
the Severance Agreement.

          (b) By Death. The Officer’s employment under this Agreement shall be terminated upon
the death of the Officer during the term of this Agreement, in which event the Officer’s estate
shall be entitled to receive all compensation due the Officer through the last day of the calendar
month in which his death shall have occurred.

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          (c) By Total Disability. Except for that period of time following a Change in Control
and during the term of the Severance Agreement, the Officer’s employment under this Agreement shall
be terminated upon the total permanent disability of the Officer during the term of this Agreement,
in which event the Officer shall receive all compensation, including bonuses, through the date of
determination of such disability and for a period of 90 days thereafter. For purposes of this
Section, the Officer shall be deemed to have suffered permanent disability upon the determination
of such status by the United States Social Security Administration or a certification to such
effect by the Officer’s regular physician.

          (d) By Officer. Except as provided in Section 4 of the Severance Agreement, the
Officer’s employment under this Agreement may be terminated at any time by the Officer upon 60
days’ written notice to the Board of Directors. Upon such termination, the Officer shall be
entitled to receive all compensation, including bonuses, through the effective date of such
termination.

          (e) By Corporation. Except for that period of time following a Change of Control and
during the term of the Severance Agreement, the Board of Directors may terminate the Officer’s
employment at any time, but any such termination by the Board of Directors, other than termination
for cause, shall not prejudice the Officer’s right to continue to receive payment of all
compensation and the continuance of benefits for a period of 12 months from the effective date of
termination or until such time as the Officer reaches 65 years of age (whichever is less) as
provided below. The Officer shall have no right to receive compensation or other benefits (other
than vested benefits) for any period after “termination for cause.” Termination for cause shall
mean termination because of the Officer’s personal dishonesty, incompetence, willful material
misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform
stated duties, willful material violation of a law, rule or regulation (other than traffic or
traffic-related violations or similar offenses) or final cease-and-desist order, or material breach
of any provisions of this Agreement.

          (f) Costs and Expenses. In the event any dispute shall arise between the Officer and
the Corporation as to the terms or interpretation of this Agreement, including this Section 7,
whether instituted by formal legal proceedings or otherwise, including any action taken by Officer
to enforce the terms of this Section 7 or in defending against any action taken by the Corporation,
the Corporation shall reimburse the Officer for all costs and expenses, proceedings or actions in
the event the Officer prevails in any such action.

     8. Successors and Assigns.

          (a) This Employment Agreement shall inure to the benefit of and be binding upon any corporate
or other successor of the Corporation that shall acquire, directly or indirectly, by conversion,
merger, consolidation, purchase or otherwise, all or substantially all of the assets of the
Corporation.

          (b) Since the Corporation is contracting for the unique and personal skills of the Officer,
the Officer shall be precluded from assigning or delegating his rights or duties hereunder without
first obtaining the written consent of the Corporation.

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     9. Modification; Waiver; Amendments. No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to in writing, signed
by the Officer and on behalf of the Corporation by such officer as may be specifically designated
by the Board of Directors. No waiver by either party hereto at any time of any breach by the other
party hereto of, or compliance with, any condition or provision of this Agreement to be performed
by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. No amendments or additions to this Agreement shall be
binding unless in writing and signed by both parties, except as herein otherwise provided. Any
modification, waiver or amendment shall be made consistent with the terms and conditions of the
Severance Agreement.

     10. Applicable Law. This Agreement shall be governed in all respects whether as to
validity, construction, capacity, performance or otherwise, by the laws of North Carolina.

     11. Severability. The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the validity or enforceability of
the other provisions hereof.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
hereinabove written.

	 	 	 	 	 	 	 
	 	 	CORPORATION:	 	 
	 
	 	 	 	 	 	 
	ATTEST:	 	Piedmont Natural Gas Company, Inc.	 	 
	 
	 	 	 	 	 	 
	/s/ Martin C. Ruegsegger
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Secretary

	 	By:
	 	/s/ Thomas E. Skains
 

     Thomas E. Skains
	 	 
	 

	 	 	 	     President & CEO	 	 
	 
	 	 	 	 	 	 
	 

	 	OFFICER:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael H. Yount
 

	 	 
	 	 	Name of Officer	 	 
	 	 	Address: 118 Herron Drive	 	 
	 

	 	 	 	     Knoxville, TN 37919	 	 

     Employment Agreement reviewed and approved by the Board of Directors this  7th Day of
June, 2006.

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John W. Harris
 

     John W. Harris
	 	 
	 

	 	 	 	     Chairman of Compensation Committee	 	 

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