CINERGY CORP
EX-10.K
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<TYPE>EX-10.K
<SEQUENCE>7
<FILENAME>a04-1370_1ex10dk.htm
<DESCRIPTION>EX-10.K
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.k</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDMENT
TO EMPLOYMENT AGREEMENT</font></u></b></p>

<p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The Employment Agreement between Cinergy Corp., its
subsidiaries and/or its affiliates (&#147;Cinergy&#148;) and R. Foster Duncan (the
&#147;Executive&#148;) dated as of January 1, 2002 (the &#147;Agreement&#148;) is hereby amended
effective as of December 17, 2003.</font></p>

<p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">AMENDMENTS</font></b></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="color:black;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">1.</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Section 3b(ii) of the Agreement is hereby amended by adding
the following new subsection (4) at the end thereof:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&#147;(4)&#160; <u>Special Payment Election Without a Change in Control</u>.&#160; Notwithstanding the foregoing, the Executive
may make an election, on a form provided by Cinergy, to receive a single lump
sum cash payment in an amount equal to one-half of the Actuarial Equivalent (as
defined above in Section 3b(ii)(3)(D)) of his supplemental retirement benefit
payable no later than 30 days after the date of his termination of
employment.&#160; In order to be effective,
the special payment election under this Section 3b(ii)(4) must be made either
(A) at least one year prior to the termination of the Executive&#146;s employment
with Cinergy or (B) during 2003 and at least six months prior to the
termination of the Executive&#146;s employment with Cinergy.&#160; The lump sum amount payable pursuant to this
Section 3b(ii)(4) shall be calculated in accordance with the provisions of
Section 3b(ii)(3)(D).&#160; In the event an
amount is paid to or on behalf of the Executive pursuant to this Section
3b(ii)(4), such payment shall discharge any liability under this Agreement to
or on behalf of the Executive with respect to one-half of the Actuarial
Equivalent (as defined above in Section 3b(ii)(3)(D)) of his supplemental
retirement benefit.&#148;</font></b></h6>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">IN WITNESS WHEREOF, the Executive and Cinergy have caused
this Amendment to the Agreement to be executed as of the date first specified
above.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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  <p align="left" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
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  <p align="left" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="31%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:31.4%;">
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">CINERGY
  SERVICES, INC.</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:19.44%;">
  <p align="left" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
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  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:50.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="32%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:32.4%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&#160; James E.
  Rogers</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.1%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:46.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James E. Rogers<br>
  Chairman and<br>
  Chief Executive Officer</font></p>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="50%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:50.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
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  <p align="left" style="color:black;font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.84%;">
  <p align="left" style="color:black;font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
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  <p align="left" style="color:black;font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
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  <p align="left" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
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  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.84%;">
  <p align="left" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:36.58%;">
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">EXECUTIVE</font></p>
  </td>
  <td width="14%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:14.26%;">
  <p align="left" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
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  <p align="left" style="color:black;font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.84%;">
  <p align="left" style="color:black;font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:36.58%;">
  <p align="left" style="color:black;font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:14.26%;">
  <p align="left" style="color:black;font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
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  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p align="left" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.84%;">
  <p align="left" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="36%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:36.58%;">
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">/s/&#160; R. Foster Duncan</font></p>
  </td>
  <td width="14%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:14.26%;">
  <p align="left" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p align="left" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.84%;">
  <p align="left" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="36%" colspan="3" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:36.58%;">
  <p align="left" style="color:black;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">R. Foster
  Duncan</font></p>
  </td>
  <td width="14%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:14.26%;">
  <p align="left" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>


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