Amendment

Amendment to Cinergy Corp. 401(k) Excess Plan

by Duke Energy
March 1st, 2007

Exhibit 10.67

 

AMENDMENT TO

CINERGY CORP. 401(K) EXCESS PLAN

 

The Cinergy Corp. 401(k) Excess Plan (the “Plan”) is amended, effective as of December 19, 2006, as follows:

  1. Section 4.2 of the Plan is hereby amended by adding the following new paragraph (c) at the end thereof:
  “(c) Notwithstanding anything contained herein to the contrary, each phantom unit of Company Stock credited to a Participant’s Account on the Distribution Date shall be converted, as of the Distribution Date, into phantom units of Spectra Energy Corp common stock and phantom units of Company Stock and reallocated as follows:
  (1) The number of phantom units of Spectra Energy Corp common stock shall be equal to the number of shares of Spectra Energy Corp common stock to which the Participant would have been entitled on the Distribution had the phantom units of Company Stock represented actual shares of the Company as of the Record Date, the resulting number of phantom units of Spectra Energy Corp common stock being rounded down to the nearest whole unit.
  (2) The resulting number of phantom units of Spectra Energy Corp common stock shall automatically be transferred from the Company Stock Investment Option and credited to a separate Investment Option that corresponds to the performance of Spectra Energy Corp common stock (the “Spectra Investment Option”), effective as of the Distribution Date.
  (3) A Participant may elect, pursuant to rules and procedures prescribed by the Company, to reallocate amounts deemed invested in the Spectra Investment Option into any other open Investment Option. The Spectra Investment Option shall be closed to additional deferrals and to transfers from any other Investment Option.
  (4) Capitalized terms used in this Section 4.2(c) that are not defined in this Plan shall have the meaning set forth in the Employee Matters Agreement by and between Duke Energy Corporation and Spectra Energy Corp.”
  2. Section 5.1(d) of the Plan is hereby amended by adding the following new sub-paragraph (3) at the end thereof:
  “(3) Spectra Energy Corp Common Stock. The portion of a Participant’s Account that is deemed invested in Spectra Energy Corp common stock at the time of distribution will be distributed in the form of cash in accordance with rules and procedures prescribed by the Company.”
  3. Except as explicitly set forth herein, the Plan will remain in full force and effect.

IN WITNESS WHEREOF, Cinergy Corp. has caused this Amendment to be executed and approved effective as of the date set forth herein.

 

By:

 

/S/    CHRISTOPHER C. ROLFE        

  Christopher C. Rolfe
  Group Executive and Chief
  Administrative Officer

 

Date: 12/19/06