Termination of ESP. The Company, through an action of the Compensation Committee, may terminate or suspend the ESP in whole or in part at any time subject to the rules regarding the amendment of the ESP in Section 6.2 (i.e., that one (1) year’s advance notice is required and no such notice will be effective to enable the termination of the ESP if a Potential Change of Control occurs during the one (1) year notice period or within twenty four (24) months following a Change of Control). Notwithstanding any provision of the ESP to the contrary, upon the complete termination of the ESP pursuant to the provisions of this Section 6.3, the Compensation Committee, in its sole and absolute discretion, may direct that the Plan Administrator treat each Eligible Executive as having incurred a Qualifying Termination and to commence the distribution of the benefits described in Article III to each such Eligible Executive or his estate, as applicable, to the extent that the commencement of such distribution comports with the requirements of section 409A of the Code.
Termination of ESP. In the event Duke Energy Ohio terminates its ESP as of May 31, 2017, Duke Energy Ohio may terminate this Agreement with respect to the portion of the Delivery Period, if any, between June 1, 2017 and May 31, 2018. Duke Energy Ohio shall exercise such right of termination by providing written notice to an SSO Supplier by December 31, 2016. Subject to Section 2.5, upon such a termination, neither Duke Energy Ohio nor such SSO Supplier shall have any obligations under this Agreement with respect to the portion of the Delivery Period, if any, between June 1, 2017 and May 31, 2018.
