Document:

tropicalincentcompplan050107.htm

    Nicor Inc.

      Form 10-K

                                                                Exhibit
10.67

      

      

      

      

      

      

      

      

      

      

      The
Tropical Companies

      U.S./Satellites/Vessels
Incentive Compensation Plan

      

      

      

      

      SUMMARY
PLAN DOCUMENT

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      Revised
May 1, 2007

       

       

      
            This
is a confidential document.  Distribution is restricted to Company
Officers, Directors, and Participants only.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The
Tropical Companies

      U.S./Satellites/Vessels
Incentive Compensation Plan

      SUMMARY
PLAN DOCUMENT

      
        
          

        

      

      
        	
                I.  

              	
                PLAN
      OBJECTIVE

              

      

      

      The
Tropical Companies U.S./Satellites/Vessels Compensation Incentive Plan, also
referred to, as the "plan" is open to all employees of Tropical Shipping
including satellite locations, Canada and all Tropical Shipping vessel
personnel.  This plan excludes any employees eligible to participate
in the Sales Incentive Plan or the Port Incentive Plan.

      

      The
objective of the plan is to encourage and reward employees for efforts that
result in increased Company Operating Income and achievement of specified unit
goals and achievement of corporate key objectives.

      

      

      
        	
                II.  

              	
                HISTORY
      OF PLAN

              

      

      

      The
Tropical Companies have offered incentive plans to management since 1986 and to
a select portion of the employee population since 1988.  This plan
contains multiple levels of participation, and was developed from several
previous plans, namely:  The Tropical Companies Incentive Compensation
Plan, last revised in 1998, and The Tropical Companies Annual Incentive
Compensation Plan, last revised in 1998.

      

      

      
        	
                III.  

              	
                PLAN
      DESCRIPTION

              

      

      

      The plan
design consists of the following categories of performance
criteria:  “Company Operating Income”, “On-Time Vessel Arrival”,
“Documentation Accuracy”, “Port Direct Profit”, “Trade Operating Income” and
“Seven Seas Total Operating Profit”.   These performance criteria
are further defined on page 3 of this document.

      

      The plan
is divided into six different levels of participation, based upon salary grade
level within the organization.  A Bonus Target is assigned to each
level of participation.  The Bonus Target represents an estimated
percentage of salary of which an employee is eligible to earn under the
plan.  Each level’s bonus target is then weighted between the
performance criteria of the company performance, on-time vessel arrival”,
“documentation accuracy”, “port direct profit”, “trade operating income” and
“seven seas operating income”.

      

      

      

      
        
           
1

        

        
           

          
            

          

        

        
           

        

      

      

      

      Un-graded
positions may participate in Levels 1-5 at the discretion of the President, but
will otherwise participate in Level 6.  Any position that qualifies
for participation in Level 1-6 of this plan, but that is participating in
another Incentive Plan is specifically excluded from this plan.

      

      

       
PARTICIPATION

      

      Employees
of Tropical Shipping, Canada, and Vessels are eligible to participate in this
incentive plan, at a defined participation level.

      

      New hires
and transfers are eligible to participate in the plan provided that the hire or
transfer occurs prior to October 1 of the plan year.  Employees hired
or transferred on or after October 1 will be eligible to participate in the
following year.

      

      Employees
participating in any Tropical incentive plan, at any level, who transfers to a
qualifying position in this plan with a different target award, will have their
year end results pro-rated between the plans, in accordance with the length of
time they participated in each respective plan.

      

      PERFORMANCE
CRITERIA

      

      The
plan design consists of these performance criteria:

      

       

      
        	 	
                Company
      Operating Income

              	
                Company
      Operating Income is developed through the budgeting process, and the index
      is defined and approved by the Officer Compensation Committee of the Board
      of Directors.

                 

              
	 	
                On-time
      Vessel Arrival

                 

                 

                 

              	
                This
      measures on-time vessel arrival for all vessels based on the proforma
      schedule with established tolerances by each destination.  The
      tolerance ranges from 1 to 4 hours.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	 	Documentation
      Accuracy	
                This
      measures the accuracy of Tropical's Bills of Lading, invoices and manifest
      for all Northbound, Southbound and Inter-island shipments documented in
      T-Link, plus manual information from Thompson Line.  Percentage
      of accuracy is based on errors in issued BOL, invoices and adds to
      manifest divided by the number of jobs.

                 

              
	 	Port
      Direct Profit 

                 

              	
                This
      measure reflects total revenues less all operating expenses and total
      allocated depreciation expenses for a specific Port.

                 

              
	 	Trade
      Operating Income	This
      measure reflects total revenues less all operating expenses and all
      depreciation expenses for a specific Trade. 

                 

              
	 	Canada
      DOM	Direct
      Operating Margin for Canada Trade. 

                 

              
	 	
                Seven
      Seas Operating Income

              	This
      measure reflects total revenues less all operating expenses for Seven
      Seas.

      

      

      At the
beginning of each plan year, as a result of the Company’s budgeting process, a
threshold, target, and maximum level of performance is established for each
performance criteria.  Measurement indexes are prepared for each
designated objective, which are determined as part of the management strategic
planning process.

      

      Based on
actual year-end results, these indexes will provide a scaled bonus award as a
percentage of the target award for each performance criteria.  The
"Company Operating Income" will be the same for all participating plan levels
and will be approved by the Officer Compensation Committee of the Board of
Directors.  Monthly results of all incentive objectives will be posted
electronically throughout the company to communicate year to date performance to
the employees.

      

      

      
        	
                IV.  

              	
                RULES
      FOR PAYMENT OF FINAL AWARDS

              

      

      

      
        	
              	
                
                   §  

                

              	
                Performance
      Criteria will be established at the beginning of each calendar
      year.  Each performance criteria will have an index, against
      which the results of the objective are measured.  Each index
      will have a threshold, target and maximum award
  amount.

              

      

      

      
        	
              	
                 §  

              	
                No
      awards are paid for any performance that falls below the threshold
      performance level or above the maximum performance
      level.  Further, no prorating shall occur between each
      incremental step within the index.  A result that lies between
      two increments, shall be considered to have been achieved at the lower
      increment.

              

      

      

      
        	
              	
                §  

              	
                Additionally, no
      awards will be paid when the " Company Operating Income" results fall
      below 70% of the budgeted " Company Operating
    Income".

              

      

      

      
        
          1

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
              	
                §  

              	
                Final
      Incentive calculations must be reviewed on the Human Resources Information
      System by the appropriate manager and participant and changes communicated
      to Human Resources by the deadline specified each
  year.

              

      

      

      

      
        	
                V.  

              	
                ADMINISTRATION

              

      

      

      Administration
of the plan is the responsibility of the Officer Compensation Committee, which
is appointed by the Board of Directors.  The plan is administered
electronically through the Variable Compensation Module in
PeopleSoft.

      

      At the
beginning of each plan year (calendar year) the overall plan design, the
"Company Operating Income" and the “Cost Management Indexes”, for all Level 1
participants will be reviewed and approved by the Officer Compensation
Committee.  After these initial approvals are received, the
Compensation & Benefits Manager will be responsible for preparing and
communicating the various incentive levels and targets to participating
employees and managers.

      

      At the
end of the plan year, final results are approved by the Officer Compensation
Committee.  Human Resources will perform systematic calculation of
final incentive awards and provide results for manager review in accordance with
the dates set forth in the Annual Planning Schedule.  Employees must
remain actively employed up to the date the award payments are issued by the
company to maintain eligibility.  Awards to employees who separate
from employment prior to this time may only be made at the discretion of the
President.

      

      Calculation
of payments is based on MIP Adjusted Gross, which is defined as base wages paid
during the plan year, and excluding incentives, allowances or stock
options.  For all plan levels, outstanding merit or promotional
increases not submitted and applied by December 31, will not be taken into
consideration when calculating award payments.

      

      Record
keeping for the plan involves the recording of accruals, verification of final
awards, and processing of award payment disbursements.  This is the
responsibility of the Human Resources Director and the Compensation &
Benefits Manager.

      

      All
expenses of the plan, including incentive award payments, are paid from the
general assets of Tropical Shipping or its subsidiaries.

      

      Interpretation
of this plan is at the discretion of the President.  Changes to the
plan will be made with the approval of the Officer Compensation
Committee.  Termination of this plan may occur at any time, with the
approval of the Officer Compensation Committee.

      
        
          2exhibit1066.htm

    Exhibit 10.66

      

       

      300 RadioShack
Circle

      Mail Stop
#CF3-325

      Fort Worth,
Texas  76102-1964

      Office
817-415-3020

      Fax
817-415-2490

       

      November 12,
2007

       

       

      Mr. Peter J.
Whitsett

      26
South Wynstone Drive

      North Barrington,
IL 60010

       

      Dear Mr.
Whitsett:

       

      It
is our pleasure to extend a contingent offer of employment to you to join the
RadioShack team as    Executive Vice President – General
Merchandise Manager, reporting to Julian Day, Chairman and Chief Executive
Officer.  This offer is contingent upon the satisfactory completion of
a background investigation which includes criminal and reference check
information.  The specifics of this employment offer are set forth
below.  The Company reserves the right to modify these compensation
and benefit plans at anytime without legal consideration or notice.

       

      
        	
                Base
      Salary

              	
                $19,230.77
      bi-weekly ($500,000 annualized)

              

      

       

      
        	
                Sign-On
      Bonus

              	
                $30,000.00
      gross

              

      

       

      
        	
                Target
      Bonus

              	
                Your target
      bonus opportunity will be 75% of base salary and will be based on company
      performance metrics.   For 2007 this amount will be
      prorated.  We agree to guarantee your 2007 bonus, payable in
      2008, at a minimum of $100,000.

              

      

       

      
        	
                Equity
      Grants

              	
                After joining
      RadioShack you will receive 20,000 shares of RadioShack Restricted Stock
      and 40,000 RadioShack Stock Options.  These equity grants are
      subject to the approval of the Board of Directors at their next scheduled
      meeting.

              

      

       

      
        	
                Long
      Term Incentive Plan

              	
                    
      $200,000 Target

                 

                     The 2007 Long Term Incentive Plan ("LTIP")
      is a two year plan for the fiscal (calendar) years 2007 and 2008,
      

                     payable in
2009

              

      

       

      
        	
                 
      

              	
                In addition,
      you will be eligible for the 2008 Long Term Incentive Plan which will be
      submitted to the Board of Directors for approval at their February 2008
      meeting.

              

      

       

      
        	
                Relocation

              	
                The Company
      will provide you with relocation assistance.  This will include
      packing/unpacking and shipping of your household goods and a furnished
      temporary apartment through May 31, 2008 and will pay for a suitable
      number of trips back and forth to your Illinois residence.  We
      will also assist in the sale of your current home through our Home
      Marketing Assistance and Appraised Value / Amended Value Program with our
      relocation provider.

              

      

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Mr. Peter J.
Whitsett

      November 12,
2007

      Page 2

       

       

       

       

      
        	
                Vacation

              	
                     You
      will be eligible for vacation benefits as follows:

                 

                     3 weeks upon hire, prorated to the end of
      the calendar year

                     3 weeks on each successive January 1
      through 10 years of

                        continuous
      employment

                     4 weeks on each successive January 1
      following 10 years of

                        continuous
      employement

                     5 weeks on each successive January 1
      following 20 years of

                        continuous
      employment

              

      

       

      
        	
                Health
      & Welfare Plans

              	
                You will be
      eligible for the basic group medical, dental, vision, life, AD&D,
      disability, and flexible reimbursement plans 3 months following your first
      day of employment.  In addition, you may cover your lawful
      spouse, same or opposite sex domestic partner, and eligible
      children.  You will receive enrollment information shortly after
      you have reported for work.

              

      

       

      
        	
                401
      (k) Plan

              	
                This plan is
      a qualified retirement plan with various investment options, which allows
      participants to make a pre-tax contribution and receive a matching
      contribution from the company of $1 for $1 up to a 4% contribution level
      that vests immediately. If you are 18 years of age or older and a
      non-temporary employee, you are eligible to enroll and participate in the
      Plan as soon as your first anniversary.  A complete set of
      enrollment materials will be provided closer to your eligibility
      date.

              

      

       

      
        	
                Stock
      Ownership

              	
                Our
      shareholders and the investment community often analyze and measure the
      commitment of management to the company through share
      ownership.  With this in mind, our Board of Directors adopted an
      ownership policy for all officers.  At your level you will be
      required to own RadioShack Corporation common stock having a value equal
      to two times your base salary.  A review to determine compliance
      with this policy will occur as of each December 31.  You are not
      expected to reach this level
immediately.

              

      

       

      Other benefits for
which you will be eligible include:

      
        	
                . 
       

              	
                Officers’
      Supplemental Executive Retirement
Plan

              

      

      
        	
                .  

              	
                Officers’
      Severance Program

              

      

      
        	
                .
       

              	
                Executive
      Life

              

      

       

      More detailed
information about each of these benefits will be covered during your new
employee executive orientation.

       

      This is a very
exciting time to join RadioShack Corporation.  It is my hope that
after accepting this contingent employment offer, you will be available to
report for work as soon as possible but no later than December 3,
2007.

       

      

        
          
             

          

          
            
            

            
              

            

          

          
             

          

        

        Mr. Peter J.
Whitsett

        November 9,
2007

        Page 3

        

        

        

        

        Please sign, date
and return this letter to me at your earliest convenience via facsimile to
817-415-2490.  Meanwhile, if you have any questions, do not hesitate
to call me at 817-415-3020.

        

        Welcome to
RadioShack Corporation!

        

        Sincerely,

        

        

        

        Jana
Freundlich

        Vice President –
Human Resources

        

        

        Accepted:

        

        

           

          
            	 _________________________________________	 ______________________________________

          

           Peter J.
Whitsett                                                                       Date

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