BENEFITS AGREEMENT
BENEFITS AGREEMENT (“Agreement”), dated as of May 12,
2006 between Carolina
Power and Light, a North Carolina corporation headquartered in Raleigh, North
Carolina (the “Company”) its successors or assigns and Xxx X. Xxxxx
(“Xxxxx”).
WHEREFORE,
Xxxxx has provided to the Company his voluntary termination of employment
in
accordance with his current Employment Agreement (dated August 1, 2000) and
shall no longer be an employee effective May 12, 2006. The Company and
Xxxxx wish to enter a new agreement providing for Xxxxx’x continued
participation in Company benefit plans.
NOW, THEREFORE, in consideration
of the mutual covenants and promises contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged and accepted, the parties hereto
hereby agree as follows:
The
Agreement becomes effective on May 12, 2006 and shall remain in effect
indefinitely.
Following
Xxxxx’ separation on May 12, 2006, Xxxxx shall be entitled to participate as a
retiree, at subsidized rates, in the following Company sponsored benefits
programs: medical , dental , vision, and life insurance. In addition, Xx.
Xxxxx will be allowed to participate in the Company sponsored Matching Gifts
Program. Provided, however, that nothing contained in this Agreement shall
require the Company to continue to offer such benefits or programs or to
limit
the Company’s absolute right to modify or eliminate these benefits.
IN
WITNESS WHEREOF, the parties hereto have executed, or have caused this Agreement
to be executed by their duly authorized officer, as the case may be, all
as of
the day and year written below.
By:
/s/ Xxx X. Xxxxx
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Date:April
12, 2006
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Xxx
X. Xxxxx
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By:
/s/ Xxxxxx X. XxXxxxx
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Date:
April 12, 2006
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Xxxxxx
X. XxXxxxx
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