Common use of Separation Payments and Benefits Clause in Contracts

Separation Payments and Benefits. a. Subject to the Executive’s compliance with the terms of this Agreement and the non-revocation of the release set forth in Paragraph 5 of this Agreement, following the Revocation Date (as defined in Paragraph 15 of this Agreement), Duke Energy shall pay or provide to the Executive the payments and benefits contemplated by Section 12(b)(i) of the Employment Agreement to which the Executive would have been entitled upon a resignation by the Executive for “good reason” (as set forth on Exhibit A hereto). b. Consistent with Section 5.08 of the Agreement and Plan of Merger, by and among Duke Energy, Diamond Acquisition Corporation and Progress Energy, Inc., dated as of January 8, 2011, following the Resignation Date, Duke Energy shall provide or cause to be provided to the Executive coverage under Duke Energy’s directors’ and officers’ insurance policies for events that occurred while the Executive was a director or officer of any of the Affiliated Entities on the same terms and conditions applicable to other former senior executives and directors of Duke Energy generally. x. Xxxx Energy shall reimburse the Executive for any reasonable and necessary business expenses incurred by the Executive and unreimbursed on or prior to the Resignation Date pursuant to Duke Energy’s reimbursement policies, within 30 days following the Executive’s presentation of an invoice to Duke Energy. x. Xxxx Energy shall reimburse the Executive for all reasonable expenses incurred by him prior to the Effective Date in connection with his relocation to Charlotte, which are currently expected to be $30,000. e. Except as provided in Paragraphs 2, 3 and 4 of this Agreement, as well as any benefits that are accrued and vested as of the Resignation Date under employee benefit plans of an Affiliated Entity in which the Executive participates, the Executive shall be entitled to no other compensation and/or benefits of any kind from any of the Affiliated Entities.

Separation Payments and Benefits. a. Subject to the Executive’s compliance with the terms of this Agreement and the non-revocation of the release set forth in Paragraph 5 of this Agreement, following the Revocation Date (as defined in Paragraph 15 16 of this Agreement), Duke Energy shall pay or provide to the Executive the payments and benefits contemplated by Section 12(b)(i) 6.1, Section 6.2 and Section 7 of the Employment Agreement CIC Plan to which the Executive would have been entitled upon a resignation by the Executive for “good reason” (as set forth on Exhibit A B hereto). b. Consistent with Section 5.08 of the Agreement and Plan of Merger, by and among Duke Energy, Diamond Acquisition Corporation and Progress Energy, Inc., dated as of January 8, 20112011 (the “Merger Agreement”), following the Resignation Date, (i) Duke Energy shall provide or cause to be provided to the Executive coverage under Duke Energy’s directors’ and officers’ insurance policies for events that occurred while the Executive was a director or officer of any of the Affiliated Entities on the same terms and conditions applicable to other former senior executives and directors of Duke Energy generallygenerally and (ii) Duke Energy shall cause Progress Energy, Inc. to indemnify and hold harmless the Executive as provided in Section 5.08(c) of the Merger Agreement. x. c. Xxxx Energy shall reimburse the Executive for any reasonable and necessary business expenses incurred by the Executive and unreimbursed on or prior to the Resignation Date pursuant to Duke Energy’s reimbursement policies, within 30 days following the Executive’s presentation of an invoice to Duke Energy. x. Xxxx Energy shall reimburse the Executive for all reasonable expenses incurred by him prior to the Effective Date in connection with his relocation to Charlotte, which are currently expected to be $30,000. e. d. Except as provided in Paragraphs 1, 2, 3 and 4 of this Agreement, as well as any benefits that are accrued and vested as of the Resignation Date under employee benefit plans of an Affiliated Entity in which the Executive participates, the Executive shall be entitled to no other compensation and/or benefits of any kind from any of the Affiliated Entities.

Separation Payments and Benefits. a. Subject to the Executive’s compliance with the terms of this Agreement and the non-revocation of the release set forth in Paragraph 5 of this Agreement, following the Revocation Date (as defined in Paragraph 15 16 of this Agreement), Duke Energy shall pay or provide to the Executive the payments and benefits contemplated by Section 12(b)(i) 6.1, Section 6.2 and Section 7 of the Employment Agreement CIC Plan to which the Executive would have been entitled upon a resignation by the Executive for “good reason” (as set forth on Exhibit A B hereto). b. Consistent with Section 5.08 of the Agreement and Plan of Merger, by and among Duke Energy, Diamond Acquisition Corporation and Progress Energy, Inc., dated as of January 8, 20112011 (the “Merger Agreement”), following the Resignation Date, (i) Duke Energy shall provide or cause to be provided to the Executive coverage under Duke Energy’s directors’ and officers’ insurance policies for events that occurred while the Executive was a director or officer of any of the Affiliated Entities on the same terms and conditions applicable to other former senior executives and directors of Duke Energy generallygenerally and (ii) Duke Energy shall cause Progress Energy, Inc. to indemnify and hold harmless the Executive as provided in Section 5.08(c) of the Merger Agreement. x. c. Xxxx Energy shall reimburse the Executive for any reasonable and necessary business expenses incurred by the Executive and unreimbursed on or prior to the Resignation Date pursuant to Duke Energy’s reimbursement policies, within 30 days following the Executive’s presentation of an invoice to Duke Energy. x. d. Xxxx Energy shall reimburse pay the Executive for all reasonable expenses incurred by him prior to her previously communicated integration bonus of $50,000 in a lump sum on the Effective Date in connection with his relocation to Charlotte, which are currently expected to be $30,00030th day following the Resignation Date. e. Except as provided in Paragraphs 1, 2, 3 and 4 of this Agreement, as well as any benefits that are accrued and vested as of the Resignation Date under employee benefit plans of an Affiliated Entity in which the Executive participates, the Executive shall be entitled to no other compensation and/or benefits of any kind from any of the Affiliated Entities.

Separation Payments and Benefits. a. Subject to the Executive’s compliance with the terms of this Agreement and the non-revocation of the release set forth in Paragraph 5 of this Agreement, following the Revocation Date (as defined in Paragraph 15 of this Agreement), Duke Energy shall pay or provide to the Executive the payments and benefits contemplated by Section 12(b)(i) 6.1, Section 6.2 and Section 7 of the Employment Agreement CIC Plan to which the Executive would have been entitled upon a resignation by the Executive for “good reason” (as set forth on Exhibit A hereto). b. Consistent with Section 5.08 of the Agreement and Plan of Merger, by and among Duke Energy, Diamond Acquisition Corporation and Progress Energy, Inc., dated as of January 8, 20112011 (the “Merger Agreement”), following the Resignation Date, (i) Duke Energy shall provide or cause to be provided to the Executive coverage under Duke Energy’s directors’ and officers’ insurance policies for events that occurred while the Executive was a director or officer of any of the Affiliated Entities on the same terms and conditions applicable to other former senior executives and directors of Duke Energy generallygenerally and (ii) Duke Energy shall cause Progress Energy, Inc. to indemnify and hold harmless the Executive as provided in Section 5.08(c) of the Merger Agreement. x. c. Xxxx Energy shall reimburse the Executive for any reasonable and necessary business expenses incurred by the Executive and unreimbursed on or prior to the Resignation Date pursuant to Duke Energy’s reimbursement policies, within 30 days following the Executive’s presentation of an invoice to Duke Energy. x. d. Xxxx Energy shall reimburse acknowledges and agrees that the Executive shall not be required to reimburse Duke Energy for all reasonable expenses incurred by him prior any relocation benefits provided to the Effective Date Executive in connection with his relocation to Charlotte, which are currently expected to be $30,000Charlotte in 2012. e. Xxxx Energy agrees to reimburse the Executive for reasonable attorney’s fees incurred in connection with reviewing this Agreement, subject to the Executive providing the applicable documentation (consistent with the terms of Duke Energy’s reimbursement policies) relating to such attorney’s fees to Duke Energy no later than 30 days following the Resignation Date. f. Except as provided in Paragraphs 1, 2, 3 and 4 of this Agreement, as well as any benefits that are accrued and vested as of the Resignation Date under employee benefit plans of an Affiliated Entity in which the Executive participates, the Executive shall be entitled to no other compensation and/or benefits of any kind from any of the Affiliated Entities. For purposes of clarity, the Parties acknowledge and agree that upon the Resignation Date the Executive shall forfeit, and have no further rights under, the Retention Award Agreement dated July 9, 2012. g. Xxxx Energy acknowledges that this Agreement shall not impact the Executive’s rights under the tax qualified retirement plans sponsored by Duke Energy and its Affiliated Entities.