Document:

EX-10.1

Exhibit 10.1

Summary of Board Committee Compensation

	 	 	 	 	 
	General Committee Member Annual Retainer
	 	$	5,000	 
	Committee Chair Annual Retainer (paid in addition to General
Committee Member Annual Retainer)
	 	 	 	 
	Audit Committee
	 	$	20,000	 
	Compensation Committee
	 	$	20,000	 
	Nominating and Corporate Governance Committee
	 	$	10,000	 
	Attendance Fees for Committee Meetings (in-person or
telephonic; per meeting)
	 	 	 	 
	Audit Committee
	 	$	3,500	 
	Compensation Committee
	 	$	2,500	 
	Nominating and Corporate Governance Committee
	 	$	2,500Nicor Inc Stock Option Agreement Form

    Nicor
      Inc.

    Form
      10-Q

    Exhibit
      10.10

     

    NON-QUALIFIED
      STOCK OPTION AGREEMENT

    NICOR
      INC. 1997 LONG-TERM INCENTIVE PLAN

    

    THIS
      AGREEMENT, entered into as of the 16th day of March, 2006 (the "Agreement
      Date"), by and between «First_Name» «MiName» «Last_Name»
      (the
      "Employee"), and Nicor Inc., an Illinois corporation (the
      "Company"),

    

    WITNESSETH
      THAT:

    

    WHEREAS,
      the Company maintains the Nicor Inc. 1997 Long-Term Incentive Plan (the “Plan”),
      which is incorporated into and forms a part of this Agreement, for the benefit
      of key executive and management employees of the Company and any Related
      Company; and

    

    WHEREAS,
      the Employee has been selected to receive a Non-Qualified Stock Option award
      under the Plan;

    

    NOW,
      THEREFORE, IT IS AGREED, by and between the Company and the Employee, as
      follows:

    

    1. Award,
      Purchase Price.
      Subject
      to the terms of this Agreement and the Plan, the Employee is hereby awarded
      an
      option to purchase a total of «SO»
      shares
      of Stock (the "Option"). The option price of each share of Stock subject to
      the
      Option shall be $41.62. The Option is not intended, and will not be treated,
      as
      an incentive stock option (as that term is used in section 422 of the
      Code).

    

    2. Date
      of Exercise.
      Subject
      to the provisions of paragraph 4 and this paragraph 2, the Option shall first
      be
      exercisable (1) commencing on the third anniversary of the Agreement Date
      provided that the Employee remains continuously employed through such date,
      or
      (2) upon the Employee’s Retirement (as defined below), death or termination of
      employment provided such Retirement, or death or termination of employment
      is on
      or after March 16, 2007. If the Employee terminates employment for any reason
      prior to March 16, 2007, the Option shall expire and shall be cancelled.

    

    The
      Option shall expire and shall no longer be exercisable on the earlier of: (a)
      the tenth anniversary of the Agreement Date (which shall be the Expiration
      Date
      described in the Plan), or (b) the date of termination of employment if
      termination occurs for cause, or (c) three months following termination of
      employment for any reason other than death, disability, Retirement or cause,
      or
      (d) at such earlier time as may be required by the Plan upon termination of
      employment.

    

    3. Method
      of Option Exercise.
      The
      Option may be exercised in whole or in part by filing a written notice with
      the
      Secretary of the Company at its corporate headquarters prior to the date the
      Option expires. Such notice shall specify the number of shares of Stock which
      the Employee elects to purchase, and shall be accompanied by payment of the
      option price for such shares of Stock indicated by the Employee's election.
      Subject to the provisions of the following sentence, payment shall be by cash
      or
      by check payable to the Company. Except as otherwise limited by the Compensation
      Committee of the Board of Directors of the Company (the "Committee"), all or
      a
      portion of such required amount may be paid by delivery of shares of Stock
      having an aggregate Fair Market Value (valued as of the date of exercise) that
      is equal to the amount of cash which would otherwise be required.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4. Change
      in Control.
      In the
      event that a change in control occurs prior to the date on which the Employee
      completes three continuous years of employment with the Company or any Related
      Company after the Agreement Date, the Employee shall have the right to
      immediately exercise the Option.

    

    5. Heirs
      and Successors.
      This
      Agreement shall be binding upon, and inure to the benefit of, the Company and
      its successors and assigns, and upon any person acquiring, whether by merger,
      consolidation, purchase of assets or otherwise, all or substantially all of
      the
      Company's assets and business. Subject to the terms of the Plan, any benefits
      payable to the Employee under this Agreement that are not paid at the time
      of
      the Employee's death shall be paid at the time and in the form determined in
      accordance with the foregoing provisions of this Agreement, to the beneficiary
      designated by the Employee in writing filed with the Committee in such form
      and
      at such time as the Committee shall require. If a deceased Employee fails to
      designate a beneficiary, or if the designated beneficiary of the deceased
      Employee dies before the Employee or before complete payment of the amounts
      distributable under this Agreement, the Committee shall, in its discretion,
      direct that amounts to be paid under this Agreement be paid to:

    

    
      	 	
              (a)

            	
              one
                or more of the Employee's relatives by blood, adoption or marriage
                and in
                such proportion as the Committee decides;
                or

            

    

    

    
      	 	
              (b)

            	
              the
                legal representative or representatives of the estate of the last
                to die
                of the Employee and his
                beneficiary.

            

    

    

    6. Retirement.
      For
      purposes of this Agreement, the term "Retirement" means: (a) termination of
      employment because the Employee has reached normal retirement age of 65 years;
      (b)
      termination of employment because the Employee becomes Disabled; or (c)
      termination of employment before age 65 because of early retirement pursuant
      to
      any plan of the Company or a Related Company that covers the Employee and that
      is qualified under section 401(a) of the Code. For purposes of this Agreement,
      the term "Disabled" means the inability of the Employee, by reason of a
      medically determinable physical or mental impairment, to engage in any
      substantial gainful activity, which condition, in the opinion of a physician
      selected by the Committee, is expected to be total and permanent during the
      remainder of the Employee's lifetime.

    

    7. Transferability.
      Stock
      Options awarded under this Agreement are not transferable except as designated
      by the Employee by will or by the laws of descent and distribution.
      Notwithstanding the foregoing, the Committee may permit Stock Options awarded
      under this Agreement to be transferred by a participant for no consideration
      to
      or for the benefit of the participant's immediate family (including a trust
      for
      the benefit of a participant's immediate family or to a partnership for members
      of a participant's immediate family), subject to such limits as the Committee
      may establish, and the transferee shall remain subject to all terms and
      conditions applicable to such award prior to such transfer. Immediate family
      is
      defined as the participant's spouse, children, stepchildren and adoptive
      relationships.

    

    8. Adjustment
      to Number of Shares Subject to Agreement.
      In the
      event of any change in the outstanding shares of Company Stock by reason of
      any
      stock dividend, split, spin-off, recapitalization, merger, consolidation,
      combination, exchange of shares or other similar change, the terms of this
      Agreement and the number of Stock Options subject to this Agreement may be
      equitably adjusted by the Committee in its sole discretion to preserve the
      intent of this Agreement.

    

    9. Employment.
      This
      Agreement does not constitute a contract of employment, and does not confer
      on
      the Employee the right to be retained in the employ of the Company or any
      Related Company.

     

    2

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    10. Definitions.
      Except
      where the context clearly implies or indicates the contrary, a word, term,
      or
      phrase used in the Plan is similarly used in this Agreement.

    

    11. Administration.
      The
      authority to manage and control the operation and administration of this
      Agreement shall be vested in the Committee, and the Committee shall have all
      powers with respect to this Agreement as it has with respect to the Plan. Any
      interpretation of the Agreement by the Committee and any decision made by it
      with respect to the Agreement is final and binding on all persons.

    

    12. Plan
      Governs.
      Notwithstanding anything in this Agreement to the contrary, the terms of this
      Agreement shall be subject to the terms of the Plan, copies of which may be
      obtained by the Employee from the office of the Secretary of the
      Company.

    

    13. Amendment.
      This
      Agreement may be amended by written Agreement of the Employee and the Company,
      without the consent of any other person.

    

    IN
      WITNESS WHEREOF, the Employee has hereunto set his hand, and the Company has
      caused these presents to be executed in its name and on its behalf, and its
      corporate seal to be affixed hereto, all as of the Agreement Date.

    

    ________________________________

    «First_Name» «MiName» «Last_Name»

    

    

    Nicor
      Inc.

     

    

    By:
      ______________________

    Russ
      M.
      Strobel

    Chairman,
      President and 

    Chief
      Executive Officer

    

    ATTEST:

    

    

    ____________________________

    Assistant
      Secretary

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