Document:

<PAGE>

With Supplemental
Retirement Benefit

                                                                   EXHIBIT 10.14

                             PARTICIPATION AGREEMENT
                                    UNDER THE
                       PIEDMONT NATURAL GAS COMPANY, INC.
                       SUPPLEMENTAL EXECUTIVE BENEFIT PLAN
                  (AMENDED AND RESTATED AS OF NOVEMBER 1, 2004)

      Piedmont Natural Gas Company, Inc. (the "Company") and _______________

("Participant") hereby enter into this Participation Agreement under the

Piedmont Natural Gas Company, Inc. Supplemental Executive Benefit Plan (the

"Plan") as of ______________, 20__. Terms with initial capital letters used in

this Participation Agreement and not defined herein shall have the same

definition as such term has under the Plan.

1. Designation as Participant. You have been designated as a Participant under
the Plan as of ______________, 20__. Exhibit A attached hereto includes a
description of the initial face amount of the death benefit and the target
retirement income intended to be provided to you. As a Participant, you shall be
subject to all the terms and conditions of the Plan, which are hereby
incorporated by reference, and this Participation Agreement.

2. Insurance Benefit. You already own or you agree to apply for a life insurance
policy (the "Policy") on your life. The Policy is identified on Exhibit A. You
shall have the right to exercise all rights of ownership of the Policy,
including the right to designate a beneficiary(ies) other than the Company of
any death benefits that may become payable under the Policy. While you remain
employed with the Company, the Company agrees to pay to the issuer of the Policy
each premium amount as it comes due and payable; provided, however, that the
Company, in its sole and exclusive discretion, may modify, suspend or terminate
any such premium payments on a prospective basis with advance written notice to
you. Although the Policy is intended to provide the death benefit and the target
retirement income specified on Exhibit A, there is no guarantee that the Policy
will actually provide the stated level of death benefit or the stated level of
retirement income.

3. Supplemental Retirement Benefit. You shall be eligible for the Supplemental
Retirement Benefit specified on Exhibit A. The Supplemental Retirement Benefit
shall be paid in accordance with the Company's normal payroll practice in effect
from time to time beginning as of the seventh (7th) month following your
termination of employment with the Company and continue for the period described
on Exhibit A; provided, however, that if you die before all Supplemental
Retirement Benefit payments have been made, payment of your Supplemental
Retirement Benefit shall cease upon your death. In addition, if you terminate
employment prior to Retirement, you shall not be entitled to the Supplemental
Retirement Benefit.

4. Notice. Any notice required or permitted to be given under this Participation
Agreement by one party to another shall be in writing, shall be signed by the
party giving or making the same, and may be given either by delivering the same
to such other party personally, or by mailing the same, by United States
certified mail, postage prepaid, to such party, addressed to his

<PAGE>

or her last known address as shown on the records of the Company. The date of
such mailing shall be deemed the date of such mailed notice.

5. Amendment and Termination. You acknowledge and agree that the Company has
reserved the right to amend or terminate the Plan in accordance with Article VI
of the Plan.

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

                                              PIEDMONT NATURAL GAS COMPANY, INC.

                                         By: ___________________________________

                                         PARTICIPANT
                                         _______________________________________

                                       2
<PAGE>

                       PIEDMONT NATURAL GAS COMPANY, INC.
                       SUPPLEMENTAL EXECUTIVE BENEFIT PLAN
                  (AMENDED AND RESTATED AS OF NOVEMBER 1, 2004)

                   PARTICIPATION AGREEMENT FOR ______________

                                    EXHIBIT A

Retirement Age:_______________

Policy No.:______________________________

Insurer:_________________________________

Type of Policy:__________________________

Death Benefit: $_________________________

Target Retirement Income:  An annual amount of $_______________________

Supplemental Retirement Benefit:  A monthly benefit of $________________________

                                       3<PAGE>
WITHOUT SUPPLEMENTAL
RETIREMENT BENEFIT
                                                                   EXHIBIT 10.15

                             PARTICIPATION AGREEMENT
                                    UNDER THE
                       PIEDMONT NATURAL GAS COMPANY, INC.
                       SUPPLEMENTAL EXECUTIVE BENEFIT PLAN
                  (AMENDED AND RESTATED AS OF NOVEMBER 1, 2004)

      Piedmont Natural Gas Company, Inc. (the "Company") and _______________

("Participant") hereby enter into this Participation Agreement under the

Piedmont Natural Gas Company, Inc. Supplemental Executive Benefit Plan (the

"Plan") as of ______________, 20__. Terms with initial capital letters used in

this Participation Agreement and not defined herein shall have the same

definition as such term has under the Plan.

1. Designation as Participant. You have been designated as a Participant under
the Plan as of ______________, 20__. Exhibit A attached hereto includes a
description of the initial face amount of the death benefit and the target
retirement income intended to be provided to you. As a Participant, you shall be
subject to all the terms and conditions of the Plan, which are hereby
incorporated by reference, and this Participation Agreement.

2. Insurance Benefit. You already own or you agree to apply for a life insurance
policy (the "Policy") on your life. The Policy is identified on Exhibit A. You
shall have the right to exercise all rights of ownership of the Policy,
including the right to designate a beneficiary(ies) other than the Company of
any death benefits that may become payable under the Policy. While you remain
employed with the Company, the Company agrees to pay to the issuer of the Policy
each premium amount as it comes due and payable; provided, however, that the
Company, in its sole and exclusive discretion, may modify, suspend or terminate
any such premium payments on a prospective basis with advance written notice to
you. Although the Policy is intended to provide the death benefit and the target
retirement income specified on Exhibit A, there is no guarantee that the Policy
will actually provide the stated level of death benefit or the stated level of
retirement income.

3. Notice. Any notice required or permitted to be given under this Participation
Agreement by one party to another shall be in writing, shall be signed by the
party giving or making the same, and may be given either by delivering the same
to such other party personally, or by mailing the same, by United States
certified mail, postage prepaid, to such party, addressed to his or her last
known address as shown on the records of the Company. The date of such mailing
shall be deemed the date of such mailed notice.

4. Amendment and Termination. You acknowledge and agree that the Company has
reserved the right to amend or terminate the Plan in accordance with Article VI
of the Plan.

<PAGE>

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

                                              PIEDMONT NATURAL GAS COMPANY, INC.

                                              By: ______________________________

                                              PARTICIPANT
                                              __________________________________

                                       2
<PAGE>

                       PIEDMONT NATURAL GAS COMPANY, INC.

                       SUPPLEMENTAL EXECUTIVE BENEFIT PLAN

                  (AMENDED AND RESTATED AS OF NOVEMBER 1, 2004)

                   PARTICIPATION AGREEMENT FOR ______________

                                    EXHIBIT A

Retirement Age:________________

Policy No.:_________________________________

Insurer:____________________________________

Type of Policy:_____________________________

Death Benefit: $____________________________

Target Retirement Income:  An annual amount of $________________________________

                                       3<PAGE>

                                                                   EXHIBIT 10.16

                       PIEDMONT NATURAL GAS COMPANY, INC.
                        SHORT-TERM INCENTIVE PLAN (STIP)
                          (EFFECTIVE NOVEMBER 1, 2003)

The Piedmont Natural Gas Company Board of Directors (Board) adopted a fiscal
year 2004 Short-Term Incentive Plan (Plan) on August 22, 2003. Each year the
Board will consider a Plan for the new fiscal year. The design of the Plan
provides for cash payments upon the attainment of performance measures approved
by the Board.

The Plan is designed to promote the interests of the Company by attracting and
retaining in its employment persons of outstanding ability, and to provide
executives and other key employees greater incentive to make material
contributions to the success of the Company. Plan performance periods are one
year in length.

Eligibility

The Board approves Plan participation. Generally, job classification determines
those that are eligible to participate. Employees in a job classification of
District Manager (A, B, C), Director, Vice President, Senior Vice President, or
President/CEO have been approved as participants.

      *PROCEDURE - The President/CEO recommends participants in the Plan with
                    approval from the Board.

Formula

A standard formula has been established to determine the target award for each
participant. This formula considers title, base salary effective for the
majority of the fiscal year, and number of months of participation.

<TABLE>
<CAPTION>
Title                                     Target %
-----                                     --------
<S>                                       <C>
President/CEO                               40%
Senior VP                                   30%
Vice President (Senior Team)                20%
Vice President                              15%
Director                                    10%
District Manager (A, B, C)                  10%
</TABLE>

Example: Vice President with a base salary of $150,000, participant for entire
         performance period.

<TABLE>
<C>                  <C>                      <C>
$150,000      x      .15                 =    $22,500
Base Salary          Target                   Cash Target
</TABLE>

      *PROCEDURE - Near the beginning of a fiscal year or after there is a new
                     hire/promotion, the Director - Compensation/HRIS creates
                     spreadsheets listing all participants and award targets.
                     This information is provided to the Board for approval
                     after review by the Vice President - Human Resources and

                                       1
<PAGE>

                     the President/CEO. Generally, the Board approves new awards
                     at the August meeting and specific participants and award
                     targets at the December meeting. Upon approval, the Vice
                     President and Controller and the Vice President, Corporate
                     Counsel and Secretary receive a copy of all appropriate
                     documents. The Vice President, Corporate Counsel and
                     Secretary documents the actions of the Board in the Minutes
                     from the Board Meeting. The Director - Compensation/HRIS
                     budgets for the Plan in area code 9140. The Vice President
                     and Controller makes necessary accruals concerning the
                     expensing of the Plan.

Performance Periods and Performance Criteria

The performance periods are one year in length. The fiscal year 2004 Plan is the
first. The fiscal year 2005 Plan was approved by the Board on August 27, 2004.
Any subsequent Plans will be determined by the Board. The Board determines
performance measures.

      *PROCEDURE - The Board determines the performance periods and performance
                     measures. The performance measure for fiscal year 2004 and
                     fiscal year 2005 Plans is earnings per share.

Distribution

Assuming that performance objectives are met for the fiscal year, cash payments
will occur at the end of the performance period.

The company's tax withholding requirements must be met. Federal and state income
taxes and FICA taxes are withheld at statutory rates.

For the fiscal year 2004 Plan, if EPS performance is less than 90% of target
there is no cash distribution. If EPS performance is at 90% of target, there is
a 50% distribution. If EPS is at 100% of target, there is a 100% distribution.
If EPS is at 110% or greater than target, there is a 150% distribution. EPS
performance levels between threshold and stretch will be subject to mathematical
interpolation.

For the fiscal year 2005 Plan, if EPS performance is less than 95% of target
there is no cash distribution. If EPS performance is at 95% of target, there is
a 50% distribution. If EPS is at 100% of target, there is a 100% distribution.
If EPS is at 105% or greater than target, there is a 150% distribution. EPS
performance levels between threshold and stretch will be subject to mathematical
interpolation.

      *PROCEDURE - The performance measures for each award are determined at the
                     beginning of each award period. At the end of each fiscal
                     year, the Director - Compensation/HRIS will confirm EPS
                     with the Chief Financial Officer or his designee. At the
                     conclusion of the fiscal year, performance information is
                     presented to the Board who will declare the appropriate
                     distribution. These distributions will occur in December or
                     January following the end of the performance period.

STIP Agreement

                                       2
<PAGE>

For the fiscal year 2004 Plan, each participant was provided a detailed document
and invited to attend a presentation on this new incentive opportunity. For the
fiscal year 2005 Plan and any subsequent Plans, participants will be asked to
sign an agreement that provides details for the Plan.

      * PROCEDURE- Near the beginning of an Award Period or after the Board has
                     approved a new participant, two original agreements are
                     prepared by the Director - Compensation/HRIS. These are
                     enclosed with a letter from the President/CEO and forwarded
                     to the participants for their review and signature. One of
                     the agreements is returned to Human Resources and
                     maintained on file.

Change of Events

      Resignation/Termination/Retirement/Death
      Unless otherwise determined by the Board, in the event of the resignation,
      termination, retirement, or death of a participant prior to the end of any
      fiscal year, participation shall be immediately forfeited and canceled.

      Promotion as Participant

      Upon promotion to a higher-level position, an adjustment may be made to
      the target award that is associated with the new position.

      New Participant

            Promotion
            An employee promoted into an eligible position will be considered
            for an incentive opportunity in accordance with the formula outlined
            on page 1.

            New Hire
            An employee hired into an eligible position will be considered for
            an incentive opportunity in accordance with the formula outlined on
            page 1.

      *PROCEDURE - The Director - Compensation/HRIS is notified of any Change of
                     Events and provides calculations concerning incentive
                     opportunities under the Plan.

                                       3

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