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General Counsel Employment Agreement

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Sectors: Services
Governing Law: North Carolina, View North Carolina State Laws
Effective Date: June 02, 1997
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EXHIBIT NO. 10b(20)
Employment Agreement Between
Robert B. McGehee and Carolina Power & Light Company


This Employment Agreement ("Agreement") is made and entered into by Robert B. McGehee ("McGehee") and Carolina Power & Light Company ("CP&L"). Throughout the remainder of the Agreement, McGehee and CP&L may be collectively referred to as "the parties."
CP&L and McGehee wish to enter into an employment relationship whereby McGehee will be employed as Senior Vice President - General Counsel beginning on May 20, 1997. The parties desire to enter into this Agreement in connection with that employment relationship.


In consideration of the above and the mutual promises set forth below,
McGehee and CP&L agree as follows:


1. POSITION. McGehee will be employed as Senior Vice President - General
Counsel beginning on May 20, 1997.


2. SALARY. CP&L will pay McGehee an annual salary at the rate of $245,000
(Two Hundred Forty-Five Thousand Dollars) (less applicable
withholdings) per year, subject to periodic review on or around January
1 of each year or at the time other executive officers' salaries are
reviewed.


3. RELOCATION EXPENSES. In order to assist McGehee in his relocation to
Raleigh, North Carolina, CP&L will provide the following benefits:


a) Cash Payment. CP&L will pay McGehee $100,000 (One Hundred Thousand
Dollars) (less applicable withholdings) to compensate McGehee for
relocation expenses and to assist in the purchase of housing in
Raleigh, North Carolina. Such payment shall be made by CP&L by
July 1, 1997.


b) Relocation Program. McGehee will be eligible to participate in
CP&L's relocation program in accordance with its terms. However,
CP&L will pay to McGehee an additional amount to compensate him
for the income taxes McGehee will incur on these benefits.


c) Temporary Living Expenses. In addition to the 30 days provided by
the CP&L Relocation Program, McGehee will be reimbursed for any
reasonable temporary living expenses until his family relocates to
Raleigh. McGehee acknowledges that these reimbursements will be
subject to taxation to him; however, CP&L will pay to McGehee an
additional amount to compensate him for the income taxes McGehee
will incur on these benefits.


4. PURCHASE OF CP&L STOCK. CP&L will purchase in McGehee's name, 1000
shares of CP&L common stock. Such purchase shall be made by July 1,
1997. CP&L will pay to McGehee an additional amount to compensate him
for the income taxes McGehee will incur as a result of this purchase.


5. MANAGEMENT INCENTIVE COMPENSATION PROGRAM. McGehee will be eligible to
participate in the Management Incentive Compensation Program (MICP)
beginning in 1997, for which a payment will be made on or before March
31, 1998. Pursuant to the terms of the MICP, McGehee's target payout
will be 25 percent of annual base earnings. McGehee will be paid a
minimum of $61,250 (Sixty-One Thousand Two Hundred Fifty Dollars) in
March of 1998 for the 1997 performance year.


6. LONG-TERM INCENTIVES. McGehee will be eligible to participate in the
1997 Performance Share Sub-Plan under the Equity Incentive Plan, as a
group executive in accordance with its terms.


7. SUPPLEMENTAL RETIREMENT PLAN. McGehee will be eligible to participate
in CP&L's Supplemental Retirement Plan subject to the terms of the
plan.


8. SUPPLEMENTAL SENIOR EXECUTIVE RETIREMENT PLAN. McGehee will be eligible
to participate in CP&L's Supplemental Senior Executive Retirement Plan
("SERP"). In connection with McGehee's participation in SERP, McGehee
will be awarded ten (10) years of additional service credit, three (3)
years of which will be deemed to have been in service on the Senior
Executive Committee; such credit will allow McGehee to be eligible to
immediately participate in the SERP and to receive full benefits no
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