FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement date effective January 1,
1997, amends that certain Employment Agreement ("Employment Agreement") by and
among Cinergy Corp., a Delaware corporation ('"Cinergy"), Cinergy Services,
Inc., a Delaware corporation ("Cinergy Service"), Cinergy Investments, Inc., a
Delaware corporation ("Cinergy Investments"), The Cincinnati Gas & Electric
Company, an Ohio corporation ("CG&E"), PSI Energy, Inc., an Indiana corporation
("PSI"), and Xxxxxxx X. Xxxxxxx (the "Executive") dated effective January 1,
1995. Cinergy, Cinergy Services, Cinergy Investments, CG&E, and PSI will
sometimes be referred to in this First Amendment to Employment Agreement
collectively as the "Corporation." This First Amendment to Employment Agreement
amends the Employment Agreement as follows:
1. The substantive provisions of Section 1(b) are deleted in their entirety and
replaced with the following:
"The Employment Period of the Executive as provided in Section 1(a) will
commence on January 16, 1995 (the "Effective Date") and shall continue until
June 30, 2000; provided, however; commencing on January 1, 1998, and each
January 1 thereafter (the "Renewal Date"), the Employment Period of this
Employment Agreement shall automatically be extended for one (1) additional year
if neither the Corporation nor the Executive shall have given between December 1
and December 15 prior to each applicable Renewal Date written notice to the
other of its intent to terminate this Employment Agreement."
2. Section (5)(a)(iii)(1)(B) is hereby amended by deleting the words "two (2)
times the sum" and substituting the words "three (3) times the sum."
3. Section (5)(a)(iii)(2) is hereby amended by deleting the words "twenty-four
month period" wherever it appears in Section (5)(a)(iii)(2) and substituting the
words "thirty-six (36) month period."
4. All other provisions of the Employment Agreement remain unchanged by this
First Amendment to Employment Agreement.
IN WITNESS WHEREOF, the Executive and the Corporation have caused this First
Amendment to Employment Agreement to be executed effective as of the day and
year first written above.
CINERGY CORP., CINERGY SERVICES, INC.,
CINERGY INVESTMENTS, INC., THE
CINCINNATI GAS & ELECTRIC COMPANY,
and PSI ENERGY, INC.
By: _____________________________
Xxxxx X. Xxxxxx
Vice Chairman and
Chief Executive Officer
Dated: ___________________________
EXECUTIVE
---------------------------------
Xxxxxxx X. Xxxxxxx
Dated: ___________________________
