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PIEDMONT NATURAL GAS COMPANY,
INC.
DIRECTOR RETIREMENT BENEFITS AGREEMENTS
THIS AMENDMENT NO.
1 (this “ Amendment ”) to the Piedmont Natural
Gas Company, Inc. Director Retirement Benefits Agreements is
adopted effective as of the 31st day of December, 2008, by PIEDMONT
NATURAL GAS COMPANY, INC., a North Carolina corporation (the
“ Company ”).
WHEREAS, the
Company maintains a retirement benefit plan for non-employee
directors first elected to the Board of Directors of the Company on
or before August 20, 2003;
WHEREAS, the
benefits provided under the plan are set forth in a Director
Retirement Benefits Agreements between the Company and each
eligible director (collectively, the “ Agreements
”); and
WHEREAS, the
Agreements must be amended prior to January 1, 2009 to comply
with the requirements of Internal Revenue Code Section 409A;
and
NOW, THEREFORE,
the Company does hereby declare that the Agreements are hereby
amended effective December 31, 2008 as follows:
1. Paragraph 4
of each of the Agreements is deleted in its entirety and the
following new Paragraph 4 is substituted in lieu
thereof:
4. In the event of
a “Change in Control” (as herei
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