Duke Energy

On February 25, 2021, directors William E. Kennard and Marya M. Rose each notified Duke Energy Corporation (the “Corporation”) that, due to increased external business and personal commitments, they did not intend to stand for re-election to the Corporation’s Board of Directors once their respective current terms ended at the Corporation’s 2021 Annual Meeting of Shareholders. Neither director’s decision not to stand for re-election was the result of any disagreement with the Corporation on any matter relating to the operation, policies, or practices of the Corporation.

On September 23, 2020, the Compensation Committee of the Board of Directors of Duke Energy Corporation (the “Corporation”) approved amendments to the Corporation’s nonqualified retirement plans to streamline the administration of the plans. The amendments do not change the contribution formula used to calculate benefits or increase the number of employees eligible to earn a benefit. The Corporation maintains the Duke Energy Corporation Executive Cash Balance Plan (the “ECBP”) and the Duke Energy Corporation Executive Savings Plan (the “ESP”) for eligible participants, including the “named executive officers” identified in the Corporation’s annual proxy statement.

(b) On August 9, 2019, Duke Energy Corporation (”Duke Energy”) announced Mr. Lloyd M. Yates, Executive Vice President, Customer and Delivery Operations and President, Carolinas Region, will be leaving his position at Duke Energy effective September 30, 2019. Mr. Yates will be eligible to receive severance benefits under the terms of the previously-disclosed Duke Energy Executive Severance Plan, along with earned compensation and benefits under applicable Duke Energy retirement and benefit plans. Effective October 1, 2019, Ms. Julie S. Janson, currently Executive Vice President, External Affairs and Chief Legal Officer, will become Executive Vice President, External Affairs and President, Carolinas Region. In addition to the external affairs organization, Ms.

On June 26, 2019, Nicholas C. Fanandakis was appointed to the Board of Directors (the “Board”) of Duke Energy Corporation (”Duke Energy”), effective immediately. Mr. Fanandakis has been appointed to the Board’s Audit Committee and Finance and Risk Management Committee. Mr. Fanandakis has been Executive Vice President at DowDuPont, Inc. since 2017. From 2009 until 2017, Mr. Fanandakis served as Executive Vice President and Chief Financial Officer at E.I. du Pont de Nemours and Company, Inc. (“DuPont”). Prior to 2009, Mr. Fanandakis had served in various plant, marketing, product management, and business director roles in the DuPont organization since 1979. Mr. Fanandakis has also been a member of the Board of Directors of ITT Corporation since 2016 and of FTI Consulting, Inc. since 2014. The Board has determined that Mr.

On February 28, 2019, Marya M. Rose was appointed to the Board of Directors (the “Board”) of Duke Energy Corporation (”Duke Energy”), effective March 1, 2019. Ms. Rose has been appointed to the Board’s Compensation Committee and Regulatory Policy and Operations Committee, effective March 1, 2019. Ms. Rose has been the Vice President - Chief Administrative Officer of Cummins Inc. (“Cummins”) since August 2011 and is responsible for the communications, marketing, government relations, ethics and compliance, enterprise risk management, facilities, security, corporate responsibility, and shared services, and she also oversaw the legal function until January 2018. From 2001 until August 2011, Ms. Rose served as Vice President - General Counsel and Corporate Secretary of Cummins. Prior to her employment at Cummins, Ms.

(d) On December 13, 2018, Annette K. Clayton was appointed to the Board of Directors (the “Board”) of Duke Energy Corporation (the “Corporation”), effective January 7, 2019. Ms. Clayton has been appointed to the Board’s Audit Committee and Nuclear Oversight Committee, effective January 7, 2019. Ms. Clayton has been President and Chief Executive Officer of Schneider Electric’s (“Schneider”) North America Operations, Chief Supply Chain Officer and Member of the Executive Committee, since June 2016. From May 2011 to June 2016 she served as Executive Vice President of Schneider and Member of the Executive Committee, Hong Kong. Prior to her employment at Schneider, Ms. Clayton served at Dell, Inc.

On May 22, 2018, Duke Energy Corporation (the “Corporation”) announced that Mr. Dwight Jacobs has been appointed as Senior Vice President, Chief Accounting Officer and Controller, effective June 1, 2018. Mr. William E. Currens Jr., currently Senior Vice President, Chief Accounting Officer and Controller, has been appointed as Senior Vice President, Financial Planning & Analysis, also effective June 1, 2018. Mr. Jacobs, 53, has served as Senior Vice President, Financial Planning & Analysis, since February 2016 and served as Chief Risk Officer from July 2014 until February 2016. Prior to his role as Chief Risk Officer, Mr. Jacobs served as Vice President, Rates & Regulatory Strategy from May 2010 until July 2014 and held various leadership roles in corporate planning, accounting and reporting prior to that and since joining the Corporation in 2002. Prior to joining the Corporation, Mr.

On December 14, 2017, Robert M. Davis was appointed to the Board of Directors (the “Board”) of Duke Energy Corporation (the “Corporation”), effective January 8, 2018. Mr. Davis has been appointed to the Board’s Audit Committee and Finance and Risk Management Committee. Mr. Davis has been Chief Financial Officer and Executive Vice President, Global Services for Merck & Co., Inc. since April 2014. Prior to Merck, Mr. Davis worked for Baxter International, Inc. as Corporate Vice President and President of Medical Products from 2010 to 2014, Corporate Vice President and President of Baxter’s renal business in 2014, Corporate Vice President and Chief Financial Officer from 2006 to 2010, and Treasurer from 2004 to 2006. Mr. Davis has served on the Board of Directors for C.R. Bard, Inc. since October 2015. The Board has determined that Mr.

On August 24, 2017, director Michael J. Angelakis notified Duke Energy Corporation (the “Corporation”) that effective August 25, 2017, he would resign from the Corporation’s Board of Directors due to increased external business commitments. Mr. Angelakis’ resignation was not the result of any disagreement with the Corporation on any matter relating to the operation, policies or practices of the Corporation. 2

On February 23, 2017, Theodore F. Craver, Jr. was appointed to the Board of Directors (the “Board”) of Duke Energy Corporation (the “Corporation”), effective March 1, 2017. Mr. Craver was Chairman, President and Chief Executive Officer of Edison International, the parent company of a large California utility and various competitive electric businesses, from 2008 until his retirement in 2016. The Board has determined that Mr. Craver has no material relationship with Duke Energy or its subsidiaries and is therefore independent under the listing standards of the New York Stock Exchange and the rules and regulations of the Securities and Exchange Commission (“SEC”). Mr. Craver’s directorship will expire, along with the Corporation’s other directors’ terms, at the next annual meeting of shareholders. Mr.

Pursuant to the Merger Agreement, Mr. Skains was appointed to the Board of Directors of Duke Energy (the “ Board ”), effective as of the Effective Time. Mr. Skains’ directorship will expire, along with Duke Energy’s other directors’ terms, at the next annual meeting of shareholders. The Board has appointed Mr. Skains to the Nuclear Oversight and Regulatory Policy and Operations Committees. As a non-employee director of Duke Energy, Mr. Skains will receive a pro-rated payment of the cash and stock annual retainer, will receive meeting fees in accordance with Duke Energy’s Director Compensation Program, as set forth on Exhibit 10.55 of Duke Energy’s Form 10-K, filed with the SEC on February 25, 2016, and will be eligible to participate in Duke Energy’s Directors’ Savings Plan, which is described in the Annual Proxy Statement filed with the SEC on March 24, 2016. Mr.

On August 25, 2016, William E. Webster, Jr. was appointed to the Board of Directors (the “Board”) of Duke Energy Corporation (the “Corporation”), effective September 1, 2016. Mr. Webster was Executive Vice President of Industry Strategy for the Institute of Nuclear Power Operations (“INPO”), a non-profit organization that promotes the highest levels of safety and reliability in the operation of commercial nuclear power plants, prior to his retirement in June of 2016. Mr. Webster was employed by INPO since 1982. Mr. Webster has been determined by the Board to be independent pursuant to the Corporation’s Standards for Assessing Director Independence, the listing standards of the New York Stock Exchange and the rules and regulations of the Securities and Exchange Commission. In making the determination regarding Mr.

(e) On April 12, 2016, Duke Energy Corporation (“Duke Energy”) announced that Mr. William E. Currens Jr. has been appointed to the position of Senior Vice President, Chief Accounting Officer and Controller, effective May 16, 2016. In connection with this promotion, the Compensation Committee of the Board of Directors of Duke Energy, effective as of May 16, 2016, approved an increase in Mr. Currens’ annual base salary from $229,446 to $270,000, an increase in his short-term incentive opportunity from 40% to 50% of his annual base salary, and an increase in his long-term incentive opportunity from 60% to 80% of his annual base salary. Except as otherwise described in the Form 8-K dated April 12, 2016, Mr. Currens has not entered into, nor were any amendments made to, any material plans, contracts or arrangements in connection with his change in responsibilities.

On April 12, 2016, Duke Energy Corporation (the “Corporation”) announced that Mr. Dhiaa M. Jamil has been appointed as Executive Vice President and Chief Operating Officer, effective May 1, 2016, and that Mr. William E. Currens Jr. has been appointed as Senior Vice President, Chief Accounting Officer and Controller, effective May 16, 2016. Mr. Brian D. Savoy, currently Senior Vice President, Chief Accounting Officer and Controller, has been appointed as Senior Vice President, Business Transformation and Technology, also effective May 16, 2016. Mr. Jamil, 59, has served as Executive Vice President and President, Generation and Transmission, since May 2015 and currently oversees nuclear, fossil, hydro, fuels and systems optimization, coal combustion products and transmission operations, as well as construction and project management and environmental health and safety.

On February 25, 2016, Charles W. Moorman was appointed to the Board of Directors (the “Board”) of Duke Energy Corporation (the “Corporation”), effective March 1, 2016. On December 31, 2015, Mr. Moorman retired as Chairman and Chief Executive Officer of Norfolk Southern Corporation where he was named President and Chief Executive Officer in 2005, Chairman, President and Chief Executive Officer in 2006, and Chairman and Chief Executive Officer in June 2013. Mr. Moorman’s directorship will expire, along with the Corporation’s other directors’ terms, at the next annual meeting of shareholders. Mr. Moorman has been appointed to the Nuclear Oversight Committee effective March 1, 2016, and to the Compensation Committee of the Board effective May 5, 2016. As a non-employee director of the Corporation, Mr.

In connection with certain awards that may be granted from time to time by the Company under the Duke Energy Corporation 2015 Long-Term Incentive Plan, the Company is filing the Performance Award Agreement and Restricted Stock Unit Award Agreement attached as Exhibits 10.1 and 10.2, respectively, and incorporated by reference into this