SEC Contract Filing

Filing Date: 2022-02-24

Document Content:
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>2
<FILENAME>duk-20211231x10kxexx1012.htm
<DESCRIPTION>AMENDMENT TO DIRECTORS' SAVINGS PLAN
<TEXT>
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<title>Document</title></head><body><div id="ie9a1c0f6fd98460a86da1246a0925bf5_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%">Exhibit 10.12</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%">AMENDMENT TO<br>DUKE ENERGY CORPORATION<br>DIRECTORS&#8217; SAVINGS PLAN</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"><br>(as Amended and Restated Effective January 1, 2014)</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">The Duke Energy Corporation Directors&#8217; Savings Plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">Plan</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">&#8221;) is hereby amended, effective as of December 16, 2021, as follows&#58;</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:124%">1.&#160;&#160;&#160;&#160;Section 3.2 of the Plan is hereby deleted in its entirety and replaced with the following&#58;</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:124%">&#8220;3.2&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:124%;text-decoration:underline">Deferral Elections &#8212; Compensation</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:124%">. Any individual who on or after January 1, 2014 becomes a Nonemployee Director will become a Participant in the Plan upon beginning to serve as a member of the Board of Directors. Each eligible Participant may irrevocably elect to defer in accordance with the terms of this Plan, a percentage up to 100% (such percentage to be a multiple of 1%) of such Participant&#8217;s Compensation for each Plan Year. Unless an earlier date is specified by the Committee, such election must be made by the Participant, and shall become irrevocable as of, the day immediately preceding the beginning of the Plan Year or the 30th day following the date the individual initially becomes eligible to participate in the Plan (or any other plan required to be aggregated with the Plan under Section 409A of the Code). In the event that an individual first becomes eligible to participate in the Plan other than on the first day of a Plan Year, he or she shall have no right to defer Compensation earned on or prior to the date that the deferral election becomes irrevocable in accordance with its terms and his or her deferral election shall apply only to Compensation earned after the date that the deferral election becomes irrevocable. For purposes of clarity, in the event that an individual first becomes eligible to participate in the Plan other than on the first day of a Plan Year, the Committee may specify that his or her deferral election must be filed and become irrevocable prior to the date he or she becomes a Nonemployee Director, and the deferral election shall apply to all (rather than a portion of) Compensation earned during the portion of the Plan Year that occurs after the date that the deferral election becomes irrevocable. Compensation deferred shall be credited to the Participant&#8217;s Account at the time such Compensation otherwise would be paid to the Participant. Unless otherwise specified by the Committee in accordance with procedures established from time to time, an election to defer Compensation shall apply only with respect to the Compensation earned in the Plan Year following the Plan Year in which the deferral election is made, and such deferral election cannot be revoked.&#8221;</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:124%">2.&#160;&#160;&#160;&#160;Section 3.3(a) of the Plan is hereby deleted in its entirety and replaced with the following&#58;</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:124%">&#8220;3.3&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:124%;text-decoration:underline">Deferral Elections &#8211; Stock Retainers and Other LTIP Awards</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:124%">. Each eligible Participant may irrevocably elect to defer, in accordance with the terms of this Plan, the entire amount of any LTIP Award (including stock retainers), subject to the following conditions&#58;</font></div><div style="height:62.64pt;position:relative;width:100%"><div style="bottom:0;position:absolute;w