Document:

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                                                                   EXHIBIT 10.22

                                  NISOURCE INC.

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                 AS AMENDED AND RESTATED EFFECTIVE JUNE 1, 2002
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                                TABLE OF CONTENTS

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ARTICLE I        PURPOSE.............................................................................     1

ARTICLE II       DEFINITIONS.........................................................................     1

     2.1   Definitions...............................................................................     1

     2.2   Principal Entities........................................................................     1

     2.3   Other Definitions.........................................................................     2

ARTICLE III      PARTICIPATION.......................................................................     3

ARTICLE IV       PLAN BENEFITS.......................................................................     3

     4.1   Supplemental Retirement Pension...........................................................     3

     4.2   Reduction for Early Retirement............................................................     4

     4.3   Termination of Employment Prior to Early Retirement.......................................     4

     4.4   Supplemental Disability Pension...........................................................     4

     4.5   Supplemental Spouse Pension...............................................................     5

     4.6   Optional Forms of Payment.................................................................     6

     4.7   Retiree Death Benefit.....................................................................     6

     4.8   Cost of Living Adjustment.................................................................     6

     4.9   Small Benefit Amounts.....................................................................     6

ARTICLE V        MISCELLANEOUS.......................................................................     6

     5.1   Plan Financing............................................................................     6

     5.2   Non-Compete and Related Provisions........................................................     7

     5.3   Nonguarantee of Employment................................................................     7

     5.4   Nonalienation of Benefits.................................................................     7

     5.5   Plan Amendment or Termination.............................................................     7

     5.6   Indemnification...........................................................................     8

     5.7   Action by Company.........................................................................     9

     5.8   Protective Provisions.....................................................................     9

     5.9   Governing Law.............................................................................     9

     5.10  Notice....................................................................................     9

     5.11  Successors................................................................................     9

     5.12  Actuarial Assumptions.....................................................................     9

     5.13  Tax Savings...............................................................................     9

ARTICLE VI       CHANGE IN CONTROL...................................................................    10
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                                TABLE OF CONTENTS
                                   (continued)
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     6.1   Change in Control.........................................................................    10

     6.2   Potential Change in Control...............................................................    10

     6.3   Additional Service and Compensation Upon Change in Control................................    10

     6.4   Waiver of Service and Age Requirements Upon Change in Control.............................    11

     6.5   Funding of Plan Benefits Upon Change in Control...........................................    11

     6.6   Plan Administration and Amendment Upon a Change in Control................................    11

     6.7   Committee Discretion to Pay Lump Sum After a Change in Control............................    11

     6.8   Lump Sum Election.........................................................................    11

     6.9   Definitions...............................................................................    12

ARTICLE VII      PLAN ADMINISTRATION:THE COMMITTEE...................................................    13

     7.1   General Powers, Rights and Duties.........................................................    13

     7.2   Information Required by Committee.........................................................    13

     7.3   Committee Decision Final..................................................................    13

     7.4   Claims Procedure..........................................................................    14
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                                  NISOURCE INC.
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                 AS AMENDED AND RESTATED EFFECTIVE JUNE 1, 2002

                                    ARTICLE I

                                     PURPOSE

      Effective as of December 23, 1982, and as subsequently amended as of
January 1, 1989, Northern Indiana Public Service Company adopted the Northern
Indiana Public Service Company Supplemental Executive Retirement Plan. Effective
as of January 1, 1991, NIPSCO Industries, Inc. (the "Company") adopted the
NIPSCO Industries, Inc. Supplemental Executive Retirement Plan (the "Plan"), to
benefit the Company by providing key executives and employees with additional
security in order to aid the Company in retaining its present management and,
should circumstances require it, to aid the Company in attracting additions to
management. The Company, by providing such additional benefits, expects key
executives and employees to be available for consulting assignments to the
Company after retirement, at the Company's request. The Plan was amended and
restated, effective January 1, 1993, in order to clarify certain provisions, and
was further amended and restated effective September 1, 1994. The Plan is herein
further amended and restated effective June 1, 2002 to reflect the name change
of the Company to NiSource Inc. and to make other administrative and technical
changes.

      It is intended that the Plan be exempt from the reporting and disclosure
requirements of Title 1 of the Employee Retirement Income Security Act of 1974
because it is an unfunded plan maintained by an employer for the purpose of
providing benefits for a select group of management or highly compensated
employees.

                                   ARTICLE II

                                   DEFINITIONS

      2.1   Definitions. Where the following words or phrases appear in the
Plan, they shall have the respective meanings set forth in the following
Sections of this Article, unless the context clearly indicates to the contrary.

      2.2   Principal Entities.

      (a)   Committee. The Nominating and Compensation Committee of the Board of
            Directors of the Company which has certain specific duties with
            respect to the Plan.

      (b)   Company. NiSource Inc. and its subsidiaries and affiliates that
            adopt the Plan for the benefit of key employees, or its successor or
            successors.
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      (c)   NiSource Pension Plan. NiSource Inc. and Northern Indiana Public
            Service Company Pension Plan Provisions Pertaining to Salaried and
            Non-Exempt Employees, as amended from time to time.

      (d)   Participant. An employee or retiree participating in the Plan in
            accordance with the provisions of Article III.

      (e)   Plan. NiSource Inc. Supplemental Executive Retirement Plan.

      (f)   Qualified Pension Plan. The NiSource Pension Plan and any other tax
            qualified defined benefit pension plan maintained by the Company or
            any Affiliate.

      2.3   Other Definitions.

      (a)   Code. The Internal Revenue of Code of 1986, as amended.

      (b)   Compensation. As defined in the NiSource Pension Plan, but
            disregarding the definition of Taxable Compensation and the
            limitations required by Code Section 401(a)(17), or any successor
            Section. In addition, for purposes of the Plan, bonuses shall be
            considered in full as Compensation and not limited to 50% of base
            pay.

      (c)   Early Retirement. Termination of employment for reasons other than
            death or disability after the Participant has both attained age 55
            and completed at least 10 years of Service, but before the
            Participant's Normal Retirement, except as otherwise provided.

      (d)   Final Average Compensation. The result obtained by dividing the
            total Compensation paid to a Participant during a considered period
            by the number of months for which such Compensation was received.
            The considered period shall be the 60 consecutive calendar months
            within the last 120 months of service which produces the highest
            result.

      (e)   Normal Retirement. Termination of employment for reasons other than
            death or disability after a Participant has: (1) attained age 62; or
            (2) attained age 60 and completed at least 25 years of Service,
            except as otherwise provided.

      (f)   Pension. A series of monthly amounts that are payable to a person
            who is entitled to receive benefits under the Plan.

      (g)   Primary Social Security Benefit. The monthly amount available to a
            Participant at age 65 (or at Retirement, if later) under the
            provisions of Title II of the Social Security Act in effect at the
            time of termination of employment, assuming the following:

            (i)   The Participant attained age 65 in the year of Retirement, and

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            (ii)  The Participant earned maximum taxable wages under Section
                  3121(a)(1) of the Code in all years prior to the year of
                  Retirement. A Participant's Primary Social Security Benefit
                  will be deducted in accordance with Article IV, even though he
                  may not be receiving or may not be eligible to receive Social
                  Security benefits.

      (h)   Retirement. A Participant's Normal or Early Retirement.

            (i)   Service. A Participant's or employee's employment or service
                  with the Company, as defined in the NiSource Pension Plan, or
                  such other employment or service date as determined by the
                  Board of Directors of the Company.

                                   ARTICLE III

                                  PARTICIPATION

      The Board of Directors of the Company or the Committee shall select which
key employees of the Company will participate in the Plan. In accordance with
Article I, it is intended that officers and certain other employees be eligible
for participation.

      After the Board of Directors of the Company or the Committee approves
participation for an individual, the Company or the Committee shall provide the
individual with a notice of participation in the Plan and a description of the
Plan.

                                   ARTICLE IV

                                  PLAN BENEFITS

      4.1 Supplemental Retirement Pension. Upon Normal Retirement, a Participant
shall receive a monthly Supplemental Retirement Pension calculated on a
single-life basis equal to the larger of (a) or (b) below, reduced in each case
by the single-life pension (excluding any supplements related to eligibility for
a Social Security benefit) the Participant is eligible to receive under either
the Final Average Pay Option or the Account Balance Option of the NiSource
Pension Plan, or any other Qualified Pension Plan.

      (a)   The sum of:

            (i)   1.7% of the Participant's Final Average Compensation
                  multiplied by the Participant's Service to a maximum of 30
                  years; plus

            (ii)  0.6% of the Participant's Final Average Compensation
                  multiplied by the Participant's Service in excess of 30 years.

      (b)   The sum of:

            (i)   3% of the Participant's Final Average Compensation multiplied
                  by the Participant's Service to a maximum of 20 years; plus

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            (ii)  0.5% of the Participant's Final Average Compensation
                  multiplied by the Participant's Service in excess of 20 years,
                  to a maximum of 30 years;

            (iii) less 5% of the Participant's Primary Social Security Benefit,
                  multiplied by the Participant's Service to a maximum of 20
                  years.

      Upon Early Retirement, a Participant shall receive a monthly Supplemental
Retirement Pension in a reduced amount (as described in Section 4.2 below).

      4.2   Reduction for Early Retirement. A Participant who terminates
employment prior to Normal Retirement, but after Early Retirement, shall receive
a monthly Supplemental Retirement Pension in an amount determined in accordance
with Section 4.1 above, but reduced as follows: (1) by 6% for each of the first
2 years and 4% for each of the next 5 years that commencement of the
Participant's Supplemental Retirement Pension precedes the date that the
Participant would attain age 62; or (2) if the Participant had completed 25
years of Service at the time of his termination, by 6% for the first year and 4%
for each of the next 4 years that commencement of the Participant's Supplemental
Retirement Pension precedes the date that the Participant would attain age 60,
with a pro rata reduction for any fraction of a year.

      Payment of the Participant's monthly reduced Supplemental Retirement
Pension shall normally commence as soon as practicable following termination of
employment. Notwithstanding the preceding sentence, a Participant may elect to
defer the commencement of his or her reduced Supplemental Retirement Pension to
any date between Early Retirement and attainment of age 62 by a written election
delivered to the Committee on or before the last day of the calendar year
preceding the calendar year of Early Retirement.

      4.3   Termination of Employment Prior to Early Retirement. Upon
termination of employment prior to Early Retirement, a Participant shall receive
a monthly Supplemental Retirement Pension, calculated on a single-life basis
equal to the excess, if any, of the pension the Participant would be eligible to
receive under either the Final Average Pay Option or the Account Balance Option
of the NiSource Pension Plan, or any other Qualified Pension Plan, if the
limitations required by Code Sections 401(a)(17) and 415, or any other
limitation imposed by the Code, the limitation on bonuses to 50% of base pay and
the potential limitations relating to Taxable Compensation were not applied,
reduced by the pension the Participant is eligible to receive under either such
Option of the NiSource Pension Plan, or any other Qualified Pension Plan, and
commencing on the same date as the pension under the NiSource Pension Plan or
any other Qualified Pension Plan.

      4.4   Supplemental Disability Pension. If a Participant becomes disabled
while in the active employment of the Company prior to age 65, the Participant
shall be eligible for a monthly Supplemental Disability Pension commencing on
the date the disability begins and continuing to the first to occur of the
Participant's death or attainment of age 65, calculated on a single-life basis,
and equal to the larger of (a) or (b) below, reduced in each case by the basic
benefit the Participant is eligible to receive under the long-term group
disability insurance coverage provided under any long term disability plan
maintained by the Company or any Affiliate. For purposes of the Plan, a
Participant is deemed disabled if he or she receives

                                       4
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long-term disability benefits from a plan maintained by the Company or an
Affiliate or receives Social Security disability payments.

      (a)   The sum of:

            (i)   1.7% of the Participant's Final Average Compensation
                  multiplied by the Participant's Service to a maximum of 30
                  years, plus

            (ii)  0.6% of the Participant's Final Average Compensation
                  multiplied by the Participant's Service in excess of 30 years.

      (b)   The sum of:

            (i)   3% of the Participant's Final Average Compensation multiplied
                  by the Participant's Service to a maximum of 20 years; plus

            (ii)  0.5% of the Participant's Final Average Compensation
                  multiplied by the Participant's Service in excess of 20 years,
                  to a maximum of 30 years;

            (iii) less 5% of the Participant's Primary Social Security Benefit,
                  multiplied by the Participant's Service to a maximum of 20
                  years.

      After age 65, the Participant shall be eligible for a monthly Supplemental
Retirement Pension in accordance with Section 4.1, based on Service the
Participant would have had if the Participant had continued working for the
Company or an Affiliate to age 65, the Participant's Final Average Compensation
at the time he became disabled, the Primary Social Security Benefit determined
at the time the Participant became disabled, and the single-life pension the
Participant is entitled to receive at age 65 from the NiSource Pension Plan, or
any other Qualified Pension Plan, determined at the time he became disabled.

      4.5   Supplemental Spouse Pension. Upon the death of a Participant in
active employment or while receiving a Supplemental Disability Pension, his or
her surviving spouse, if any, shall be eligible to receive a monthly
Supplemental Spouse Pension equal to the greater of:

      (a)   25% of the Participant's Final Average Compensation; or

      (b)   the monthly amount that would have been payable to such surviving
            spouse if the Participant had elected payment of his monthly
            Supplemental Retirement Pension in the form of a reduced 50% joint
            and survivor Pension, with his spouse as the contingent annuitant,
            terminated employment (on the date of his actual death) and then
            died immediately prior to the commencement of payments.

      The Supplemental Spouse Pension shall commence in the month next following
the month of the Participant's death and continue for the life of such spouse.
In the event that the Supplemental Spouse Pension calculated under option (a) of
this Section will provide a greater benefit to the spouse immediately following
the Participant's death, but option (b) of this Section will provide a greater
monthly benefit as of the date the Participant would have attained

                                       5
<PAGE>
age 55, the amount of monthly Supplemental Spouse Pension payable to the
surviving spouse shall be: (1) calculated and payable under option (a) during
the period immediately following the Participant's death; and (2) recalculated
and payable according to option (b) beginning on the date the Participant would
have attained age 55. Beginning on the earliest date that the surviving spouse
could have begun receiving a benefit under the NiSource Pension Plan, or any
other Qualified Pension Plan, the Supplemental Spouse Pension payable under this
Section shall be reduced by the amount of benefit under the NiSource Pension
Plan, or any other Qualified Pension Plan, that the spouse is (or would have
been) entitled to receive.

      4.6   Optional Forms of Payment. In lieu of the single-life Pension
described in Section 4.1, 4.2 or 4.3, a Participant may elect to receive a
reduced 50% joint and survivor Pension with his or her spouse or other
designated beneficiary as the contingent annuitant, or distribution in any
optional form available under the Final Average Pay Option of the NiSource
Pension Plan, computed in the same manner as in the NiSource Pension Plan.

      4.7   Retiree Death Benefit. Upon the death of a retired Participant, a
lump-sum death benefit equal to 50% of his or her retiree group life insurance
coverage shall be paid to the retiree's spouse or other beneficiaries designated
with respect to such coverage.

      4.8   Cost of Living Adjustment. For Participants in the Final Average Pay
Option of the NiSource Pension Plan, the benefits payable under Sections 4.1
through 4.6 shall be increased in the same percentage and at the same time as
cost of living adjustments are made to the pensions of salaried employees of the
Company or an Affiliate under the NiSource Pension Plan, or any other Qualified
Pension Plan.

      4.9   Small Benefit Amounts. At the discretion of the Committee, the
present value of any benefit payable under the Plan that does not exceed $5,000
may be paid to the Participant or his or her surviving spouse or other
designated beneficiary in quarterly, semi-annual or annual installments, or in a
single lump sum.

                                   ARTICLE V

                                  MISCELLANEOUS

      5.1   Plan Financing. Except as set forth below in this Section and in
Section 6.5, benefits under the Plan shall be paid from the general assets of
the Company. To the extent any Participant or surviving spouse or other
designated beneficiary acquires a right to receive payments hereunder, such
right shall be no greater than the right of any other unsecured creditor of the
Company. Notwithstanding the foregoing, the Company has entered into a trust
agreement ("Trust Agreement") whereby the Company agrees to contribute to a
trust ("Trust") for the purpose of accumulating assets to assist the Company in
fulfilling its obligations to Participants and surviving spouses or other
designated beneficiaries hereunder. Such Trust includes the provision that all
assets of the Trust shall be subject to the creditors of the Company in the
event of its insolvency.

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<PAGE>
      5.2   Non-Compete and Related Provisions. Benefits under the Plan may be
forfeited if:

      (a)   A Participant, while employed by the Company or within a period of 3
            years after the Participant's termination of employment for any
            reason, including Retirement (the "Restrictive Period"), engages in
            activity or employment that directly or indirectly competes with the
            business of the Company or its Affiliates, including, but not by way
            of limitation, by directly or indirectly owning, managing,
            operating, controlling, financing, or by directly or indirectly
            serving as an employee, officer or director of or consultant to, or
            by soliciting or inducing, or attempting to solicit or induce, any
            employee or agent of the Company or its Affiliates to terminate
            employment with the Company or its Affiliates, and become employed
            by, any person, firm, partnership, corporation, trust or other
            entity that provides commodities, products or services to customers
            of the Company or its Affiliates of the same type as commodities,
            products or services provided by the Company or its Affiliates (the
            "Restrictive Covenant"). The foregoing Restrictive Covenant shall
            not prohibit a Participant from owning directly or indirectly
            capital stock or similar securities which are listed on a securities
            exchange or quoted on the National Association of Securities Dealers
            Automated Quotation System which do not represent more than 1% of
            the outstanding capital stock of any such entity; or

      (b)   A Participant performs any action or makes any statement that is
            detrimental to the Company or its Affiliates, unless such action or
            statement is retracted to the Company's satisfaction after the
            Participant is notified regarding such action or statement.

      5.3   Nonguarantee of Employment. Participation in the Plan does not limit
the right of the Company or an Affiliate to discharge any individual with or
without cause.

      5.4   Nonalienation of Benefits. Neither a Participant, nor a surviving
spouse or other designated beneficiary may assign or transfer any benefits under
the Plan.

      5.5   Plan Amendment or Termination. The Chairman of the Board of
Directors may amend any provision of the Plan except for Article III and Article
IV, which may only be amended by the Company. The Company may terminate the Plan
at any time, except that any benefits that are payable due to a Retirement,
death, disability, or other termination of employment occurring prior to the
amendment or termination shall not be reduced or discontinued. No amendment or
termination of the Plan shall directly or indirectly deprive any current or
former Participant (or surviving spouse) of all or any portion of any
Supplemental Retirement Benefit, Supplemental Disability Pension or Supplemental
Spouse Pension, the payment of which has commenced prior to the effective date
of such amendment or termination, or which would be payable if the Participant
terminated employment for any reason on such effective date. Upon termination of
the Plan, distribution of Supplemental Retirement Benefits, Supplemental
Disability Pension or Supplemental Spouse Pension shall be made to Participants
and surviving spouses in the manner and at the time described in Article IV of
the Plan. No

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additional Supplemental Retirement Benefits, Supplemental Disability Pension or
Supplemental Spouse Pension shall be earned after termination of the Plan,
except as provided in Section 6.3.

      5.6   Indemnification.

      (a)   Limitation of Liability. Notwithstanding any other provision of the
            Plan or the Trust, none of the Company, or any member of the
            Committee, or an individual acting as an employee or agent of any of
            them, shall be liable to any Participant or former Participant, or
            any surviving spouse or other designated beneficiary of any
            Participant or former Participant, for any claim, loss, liability or
            expense incurred in connection with the Plan or the Trust, except
            when the same shall have been judicially determined to be due to the
            willful misconduct of such person.

      (b)   Indemnity. The Company shall indemnify and hold harmless each member
            of the Committee, or any employee of the Company or any individual
            acting as an employee or agent of either of them (to the extent not
            indemnified or saved harmless under any liability insurance or any
            other indemnification arrangement with respect to the Plan or the
            Trust) from any and all claims, losses, liabilities, costs and
            expenses (including attorneys' fees) arising out of any actual or
            alleged act or failure to act made in good faith pursuant to the
            provisions of the Plan, including expenses reasonably incurred in
            the defense of any claim relating thereto with respect to the
            administration of the Plan or the Trust, except that no
            indemnification or defense shall be provided to any person with
            respect to any conduct that has been judicially determined, or
            agreed by the parties, to have constituted willful misconduct on the
            part of such person, or to have resulted in his receipt of personal
            profit or advantage to which he or she is not entitled. In
            connection with the indemnification provided by the preceding
            sentence, expenses incurred in defending a civil or criminal action,
            suit or proceeding, or incurred in connection with a civil or
            criminal investigation, may be paid by the Company in advance of the
            final disposition of such action, suit, proceeding, or
            investigation, as authorized by the Committee in the specific case,
            upon receipt of an undertaking by or on behalf of the party to be
            indemnified to repay such amount unless it shall ultimately be
            determined that the person is entitled to be indemnified by the
            Company pursuant to this paragraph.

      (c)   Severability. Each of the Sections contained in the Plan, and each
            provision in each Section, shall be enforceable independently of
            every other Section or provision in the Plan, and the invalidity or
            unenforceability of any Section or provision shall not invalidate or
            render unenforceable any other Section or provision contained
            herein. If any Section or provision in a Section is found invalid or
            unenforceable, it is the intent of the parties that a court of
            competent jurisdiction shall reform the Section or provision to
            produce its nearest enforceable economic equivalent.

                                       8
<PAGE>
      5.7 Action by Company. Any action required or permitted of the Company
under the Plan shall be by resolution of its Board of Directors or of the
Committee, or by a person or persons authorized by resolution of its Board of
Directors or the Committee.

      5.8 Protective Provisions. A Participant will cooperate with the Company
by furnishing any and all information requested by the Company and its
Affiliates in order to facilitate the payment of benefits hereunder, and by
taking such physical examinations as the Company and its Affiliates may deem
necessary and taking such other action as may be requested by the Company and
its Affiliates.

      5.9 Governing Law. The provisions of the Plan shall be construed and
interpreted according to the laws of the State of Indiana, except as preempted
by federal law.

      5.10 Notice. Any notice required or permitted under the Plan shall be
sufficient if in writing and hand delivered or sent by registered or certified
mail. Such notice shall be deemed as given as of the date of delivery or, if
delivery is made by mail, as of the date shown on the postmark on the receipt
for registration or certification. Mailed notice to the Committee shall be
directed to the Company's address. Mailed notice to a Participant, a surviving
spouse or other designated beneficiary shall be directed to the individual's
last known address in the Company's records.

      5.11 Successors. The provisions of the Plan shall bind and inure to the
benefit of the Company, its Affiliates and their successors and assigns. The
term successors as used herein shall include any corporate or other business
entity which shall, whether by merger, consolidation, purchase, or otherwise,
acquire all or substantially all of the business and assets of the Company, and
successors of any such corporation or other business entity.

      5.12 Actuarial Assumptions. Unless otherwise provided in the Plan, all
actuarial adjustments necessary to determine the amount, form or timing of any
distribution shall be based on the same actuarial assumptions used for the
pension the Participant is eligible to receive under the NiSource Pension Plan.

      5.13 Tax Savings. Notwithstanding anything to the contrary contained in
the Plan, (1) in the event that the Internal Revenue Service prevails in its
claim that benefits under the Plan constitute taxable income to a Participant,
his or her spouse or other designated beneficiary, for any taxable year, prior
to the taxable year in which such benefits are distributed to him or her, or (2)
in the event that legal counsel satisfactory to the Company and the applicable
Participant, his or her spouse or other designated beneficiary, renders an
opinion that the Internal Revenue Service would likely prevail in such a claim,
the assets in the Plan, to the extent constituting taxable income, shall be
immediately distributed to the Participant, his or her spouse or other
designated beneficiary. For purposes of this Section, the Internal Revenue
Service shall be deemed to have prevailed in a claim if such claim is upheld by
a court of final jurisdiction, or, if based upon an opinion of legal counsel
satisfactory to the Company and the Participant, his or her spouse or other
designated beneficiary, the Plan fails to appeal a decision of the Internal
Revenue Service, or a court of applicable jurisdiction, with respect to such
claim to an

                                       9
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appropriate Internal Revenue Service appeals authority or to a court of higher
jurisdiction within the appropriate time period.

                                   ARTICLE VI

                                CHANGE IN CONTROL

      6.1 Change in Control. A Change in Control of the Company shall be deemed
to have occurred if any one of the occurrences of a "Change in Control" set
forth in the Change in Control and Termination Agreements between the Company
and certain executive officers thereof shall have been satisfied.

      6.2 Potential Change in Control. A "Potential Change in Control" shall
include any of the following:

      (a)   The delivery to the Company by any "person," as defined in Section
            13(d)(3) of the Act, of a statement containing the information
            required by Schedule 13-D under the Act, or any amendment to any
            such statement, that shows that such person has acquired, directly
            or indirectly, the beneficial ownership of (1) more than twenty
            percent (20%) of any class of equity security of the Company
            entitled to vote as a class in the election or removal from office
            of directors, or (2) more than twenty percent (20%) of the voting
            power of any group of classes of equity securities of the Company
            entitled to vote as a single class in the election or removal from
            office of directors.

      (b)   The Company becomes aware that preliminary or definitive copies of a
            proxy statement and information statement or other information have
            been filed with the Securities and Exchange Commission pursuant to
            Rule 14a-6, Rule 14c-5 or Rule 14f-1 under the Act relating to a
            proposed change in control of the Company.

      (c)   The delivery to the Company pursuant to Rule 14d-3 under the Act of
            a Tender Offer Statement relating to equity securities of the
            Company.

      (d)   The Board of Directors of the Company adopts a resolution to the
            effect that for purposes of the Plan a Potential Change in Control
            has occurred.

      6.3 Additional Service and Compensation Upon Change in Control. With
respect to a Participant who, pursuant to contract with the Company, is entitled
to compensation from the Company for an additional 36 months in the event that
after a Change in Control the Participant's employment is terminated by the
Company or an Affiliate under circumstances described in the contract, such
Participant's years of Service under Section 2.3 and Supplemental Retirement
Pension under Section 4.1 of the Plan shall be calculated as if the Participant
had continued in employment with the Company for an additional 36 months at the
rate of Compensation in effect immediately prior to his employment termination;
provided that, in no event shall the counting of a Participant's Compensation
during this 36-month period reduce his

                                       10
<PAGE>
Final Average Compensation figure below its highest level prior to the
Participant's termination of employment.

      6.4 Waiver of Service and Age Requirements Upon Change in Control. A
Participant whose employment is terminated within 24 months following a Change
in Control for any reason other than a termination by the Company for Good
Cause, but prior to Early Retirement, shall be eligible for the Supplemental
Retirement Pension specified in Section 4.1, rather than the Supplemental
Retirement Pension specified in Section 4.3, commencing at Normal Retirement,
except that the Participant may elect to begin receiving such Supplemental
Retirement Pension at any time after attaining age 55 years, subject to the
reduction specified in Section 4.2.

      6.5 Funding of Plan Benefits Upon Change in Control. Upon a Potential
Change in Control, the Committee shall identify the amount by which the present
value of all benefits earned to date under the Plan (after offsets) exceeds the
then fair market value of the applicable Trust assets, calculated using the
Pension Benefit Guaranty Corporation immediate annuity interest rate as of the
date of the Potential Change in Control, the 1983 GAM mortality tables, and the
most valuable optional payment form (the "Full Funding Amount"), and the Company
shall contribute such Full Funding Amount to the Trust. Each Participant's
benefits for purposes of calculating present value shall be the highest benefit
the Participant would have under the Plan within the six (6) months following a
Potential Change in Control, assuming that the Participant's employment
continues for six (6) months at the same rate of Compensation, and that the
Participant receives any benefit enhancement provided by the Plan, or any other
agreement, upon a Change in Control.

      6.6 Plan Administration and Amendment Upon a Change in Control. Upon and
after a Change in Control, the Company no longer shall have the power to appoint
or remove members of the Committee, nor the power to approve legal counsel or
actuaries employed by the Committee. Upon and after a Change in Control, only
the Committee members shall have the power to appoint or remove members. If, at
any time after a Change in Control, all members of the Committee have been
removed or resigned, then all of the powers, rights and duties vested in the
Committee by Article VII below shall be vested in the trustee of the Trust.

      6.7 Committee Discretion to Pay Lump Sum After a Change in Control. Upon
and after a Change in Control, the Committee may, in its sole discretion,
distribute, or cause the trustee under the Trust to distribute, to a Participant
or a surviving spouse, the present value (determined in accordance with the
assumptions in Section 6.5) of the Participant's Supplemental Retirement Pension
or Supplemental Disability Pension, or the surviving spouse's Supplemental
Spouse Pension, payable under the Plan in a lump sum payment.

      6.8 Lump Sum Election. Each calendar year, a Participant shall have the
right to elect to receive the present value (determined in accordance with the
assumptions in Section 6.5) of the Participant's Supplemental Retirement Pension
or Supplemental Disability Pension in a lump sum if:

      (a)   a Change in Control occurs in the calendar year subsequent to the
            calendar year in which the election is made; and

                                       11
<PAGE>
       (b)   (i)  within 24 months following the Change in Control any one of
                  the payment triggering conditions set forth in the Change in
                  Control and Termination Agreement between the Company and the
                  Participant shall have occurred; or

            (ii)  if no Change in Control and Termination Agreement is in effect
                  between the Company and the Participant on the date of the
                  Change in Control and within 24 months following the Change in
                  Control the employment of the Participant with the Company is
                  terminated by the Company for any reason other than Good Cause
                  or the Participant terminates his or her employment with the
                  Company for Good Reason.

Such election shall be irrevocable for the calendar year to which it applies. A
distribution pursuant to this Section 6.8 shall be made as soon as practicable
following the Participant's termination of employment.

      6.9   Definitions.

      (a)   "Good Cause" shall be deemed to exist if, and only if:

            (i)   the Participant engages in acts or omissions constituting
                  dishonesty, intentional breach of fiduciary obligation or
                  intentional wrongdoing or malfeasance, in each case that
                  results in substantial harm to the Company; or

            (ii)  the Participant is convicted of a criminal violation involving
                  fraud or dishonesty.

      (b)   "Good Reason" shall be deemed to exist if, and only if:

            (i)   there is a significant change in the nature or the scope of
                  the Participant's authorities or duties;

            (ii)  there is a significant reduction in the Participant's monthly
                  rate of base salary, his or her opportunity to earn a bonus
                  under an incentive bonus compensation plan maintained by the
                  Company or his or her benefits; or

            (iii) the Company changes by 100 miles or more the principal
                  location in which the Participant is required to perform
                  services.

                                  ARTICLE VII

                       PLAN ADMINISTRATION: THE COMMITTEE

      7.1 General Powers, Rights and Duties. The Committee has the following
powers, rights and duties in addition to those given it elsewhere in the Plan:

                                       12
<PAGE>
      (a)   To interpret the Plan and determine all questions arising in the
            administration, interpretation and application of the Plan,
            including, but not limited to, the power to determine the rights or
            eligibility of employees or Participants, and their surviving
            spouses and any other beneficiaries, and the amount of their
            respective benefits under the Plan, and to remedy ambiguities,
            inconsistencies or omissions.

      (b)   To adopt such rules of procedure and regulations as in its opinion
            may be necessary for the proper and efficient administration of the
            Plan and as are consistent with the Plan.

      (c)   To enforce the Plan and the rules and regulations, if any, adopted
            by the Committee as above.

      (d)   To direct the trustee as respects benefit payments or other
            distributions from the Trust fund pursuant to the provisions of the
            Plan.

      (e)   To furnish the Company with such information as may be required by
            it for tax or other purposes as respects the Plan.

      (f)   To employ agents, attorneys, accountants, actuaries or other persons
            (who also may be employed by the Company or an Affiliate) and to
            allocate or delegate to them such powers, rights and duties as the
            Committee may consider necessary or advisable to properly carry out
            the administration of the Plan, including maintaining the accounts
            of Participants, provided that such allocation or delegation, and
            the acceptance thereof by such agents, attorneys, accountants,
            actuaries or other persons, shall be in writing.

      7.2 Information Required by Committee. The Company shall furnish the
Committee with such data and information as the Committee may deem necessary or
desirable in order to administer the Plan. The records of the Company as to an
employee's or Participant's period or periods of employment, termination of
employment and the reason therefor, reemployment and Compensation will be
conclusive on all persons unless determined to the Committee's satisfaction to
be incorrect. Participants and other persons entitled to benefits under the Plan
also shall furnish the Committee with such evidence, data or information as the
Committee considers necessary or desirable to administer the Plan.

      7.3 Committee Decision Final. Subject to applicable law, and the
provisions of Section 7.4, any interpretation of the provisions of the Plan and
any decision on any matter within the discretion of the Committee made by the
Committee in good faith shall be binding on all persons. To the extent not
inconsistent with the Plan, all definitions, terms and provisions set forth in
the NiSource Pension Plan, including with respect to the administrative powers
and duties of the Committee, the expenses of administration, and the procedures
for filing claims, also shall be applicable with respect to this Plan.

      7.4 Claims Procedure. Claims for benefits under the Plan shall be made in
writing to the Committee. If the Committee wholly or partially denies a claim
for benefits, the Committee shall, within a reasonable period of time, but no
later than 90 days after receiving the claim,

                                       13
<PAGE>
notify the claimant in writing of the denial of the claim. If the Committee
fails to notify the claimant in writing of the denial of the claim within 90
days after the Committee receives it, the claim shall be deemed denied. A notice
of denial shall be written in a manner calculated to be understood by the
claimant, and shall contain:

      (a)   the specific reason or reasons for denial of the claim;

      (b)   a specific reference to the pertinent Plan provisions upon which the
            denial is based;

      (c)   a description of any additional material or information necessary
            for the claimant to perfect the claim, together with an explanation
            of why such material or information is necessary; and

      (d)   an explanation of the Plan's review procedure.

      Within 60 days of the receipt by the claimant of the written notice of
denial of the claim, or within 60 days after the claim is deemed denied as set
forth above, if applicable, the claimant may file a written request with the
Committee that it conduct a full and fair review of the denial of the claimant's
claim for benefits, including the conducting of a hearing, if the Committee
deems one necessary. In connection with the claimant's appeal of the denial of
his benefit, the claimant may review pertinent documents and may submit issues
and comments in writing. The Committee shall render a decision on the claim
appeal promptly, but not later than 60 days after receiving the claimant's
request for review, unless, in the discretion of the Committee, special
circumstances (such as the need to hold a hearing) require an extension of time
for processing, in which case the sixty-day period may be extended to 120 days.
The Committee shall notify the claimant in writing of any such extension. The
decision upon review shall (1) include specific reasons for the decision, (2) be
written in a manner calculated to be understood by the claimant, and (3) contain
specific references to the pertinent Plan provisions upon which the decision is
based.

      IN WITNESS WHEREOF, the Company has caused this amendment and restatement
of the Plan to be executed in its name by its duly authorized officer this 27th
day of August, 2002, effective as of the 1st day of June, 2002.

                                  NISOURCE INC.

                                  By: /s/ Gary L. Neale
                                      -------------------

                                       14<PAGE>
                                                                   Exhibit 10.23

                             BAY STATE GAS COMPANY
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                        (Restated as of January 1, 1992)

                                SECOND AMENDMENT

     WHEREAS Bay State Gas Company (the "Company") adopted the Bay State Gas
Company Supplemental Executive Retirement Plan (the "Plan"), originally
effective July 1, 1986, for the purpose of attracting, retaining and motivating
selected executives; and

     WHEREAS, the Company amended and restated the Plan effective January 1,
1992; and

     WHEREAS, the Company reserves the right to amend the Plan in Section 6.1
thereof; and

     WHEREAS, the Company has most recently amended the Plan effective August 1,
1994 by a First Amendment thereto; and

     WHEREAS, the Company desires further to amend the Plan;

     NOW THEREFORE, the Plan is hereby further amended as follows, effective
January 1, 1997:

     Section 1.7, as heretofore amended by the First Amendment to the Plan, is
     hereby deleted in its entirety and a new Section 1.7 substituted therefor
     to read as follows:

     "1.7 'Participant' means an employee of the Company or an Affiliate who is
          an officer at the vice-president or equivalent level or above who has
          been approved for participation in the Plan by the Compensation
          Committee. An Employee shall become a 'participant' as of the date he
          or she meets the aforementioned eligibility requirements."

     IN WITNESS WHEREOF, Bay State Gas Company has caused this instrument to be
executed by its duly authorized officer.

                                             BAY STATE GAS COMPANY

ATTEST:                                      By:  /s/ Joel Singer
                                                  ------------------------------
/s/ Charles H. Tenney, III                        Its President
-----------------------------
Clerk

<PAGE>
                             BAY STATE GAS COMPANY
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                        (Restated as of January 1, 1992)

                                FIRST AMENDMENT

     WHEREAS Bay State Gas Company (the "Company") adopted the Bay State Gas
Company Supplemental Executive Retirement Plan (the "Plan"), originally
effective July 1, 1986, for the purpose of attracting, retaining and motivating
selected executives;

     WHEREAS the Company has most recently amended and restated the Plan
effective January 1, 1992;

     WHEREAS, the Company reserved the right to amend the Plan in Section 6.1
thereof; and

     WHEREAS, the Company desires further to amend the Plan;

     NOW, THEREFORE, the Plan is hereby amended as follows, effective August 1,
1994:

1.   Section 1.6 is hereby amended by adding at the end thereof the following
     sentence:

     "Earnings shall not include any amounts paid by the Company to reimburse a
     Participant for the cost of premiums on any policy of insurance."

2.   Section 1.7 is hereby deleted in its entirety and a new Section 1.7
     substituted therefor to read as follows:

     "1.7    "Participant" means an employee of the Company or an Affiliate who
              is an officer at the vice president or equivalent level or above,
              duly elected by the Board of Directors. An employee shall become a
              "Participant" as of the date he or she meets such eligibility
              requirements."

3.   Section 2.3 is hereby amended by adding at the end thereof the following
     sentence:

     "For purposes of this Section 2.3, "cause" means:

     (a)  Conviction by a court of competent jurisdiction of any criminal
          offense involving dishonesty or breach of trust or any felony or crime
          of moral turpitude which directly and adversely affects the business
          of the Company;

<PAGE>
          (b)  Commission of an act of fraud against the Company; or

          (c)  Willful refusal to perform the duties reasonably assigned by the
               Board of Directors, which refusal continues for more than ten
               days after written notice to the Participant pursuant to a vote
               of two-thirds of the Board of Directors."

4.   Section 3.2(a) is hereby amended by deleting the last sentence thereof and
     substituting therefor the following:

     "For purposes of this Article, the term Early Retirement Equivalent means
     the benefit payable at age 65 reduced by .4% per month for each month or
     part thereof that the Early Retirement Date precedes age 65."

5.   Section 3.2(b) is hereby amended by deleting the first sentence thereof and
     substituting therefor the following:

     "If the Participant's Early Retirement Date is prior to his having attained
     age 60, said gross benefit amount will be reduced by .4% per month for each
     month or part thereof that the Early Retirement Date precedes the last day
     of the month in which the Participant would attain age 60 and that amount
     will be payable from the Early Retirement Date through the month in which
     the Participant attains age 60."

6.   Article IV is hereby amended by adding at the end thereof a new Section 4.4
     to read in its entirety as follows:

     "4.4      Change of Control. Notwithstanding Section 4.3, if a
               Participant who was a Participant prior to a Change of Control
               terminates employment subsequent to such Change of Control, the
               Participant will be entitled to a benefit, payable as provided in
               Section 3.5, in an amount equal to the benefit determined under
               Section 3.1 or 3.2, whichever is applicable, based on the
               Participant's Earnings and Service as of his termination of
               employment. A Participant to whom this Section 4.4 applies shall
               be deemed to have completed five years of Service (or, if
               greater, the Participant's actual service) for purposes of
               Sections 2.1 and 5.1 and, in the event of the Participant's death
               after his termination of employment but prior to the time
               benefits commence, the Participant shall be deemed to have been
               actively employed at the time of his death for purposes of
               Section 5.1.

               For purposes of this Section 4.4, a "Change of Control" shall be
               considered to have occurred if:

<PAGE>
            (a) Any person, entity or group of persons (other than the Company
                or any wholly-owned subsidiary of the Company), within the
                meaning of sections 13(d) or 14(d) of the Securities Exchange
                Act of 1934 (the "Act"), becomes the beneficial owner, within
                the meaning of Rule 13d-3 promulgated under the Act, directly or
                indirectly, of 25% or more of the Company's then outstanding
                shares of common stock, par value $3.33 1/3 per share ("Common
                Stock");

            (b) Any person, entity or group of persons (other than the Company
                or any wholly-owned subsidiary of the Company), after purchasing
                Common Stock of the Company in a tender or exchange offer,
                becomes the beneficial owner, directly or indirectly, of 25% or
                more of the Common Stock;

            (c) The shareholders of the Company approve (i) a merger or
                consolidation of the Company in which the Company is not the
                continuing or surviving corporation or pursuant to which the
                shares of Common Stock would be converted into cash, securities
                or other property, or (ii) any sale, lease, exchange or other
                transfer of all or substantially all of the Company's assets; or

            (d) There is a change in a majority of the members of the Company's
                Board of Directors within a 25-month period, unless such change
                has been approved by two-thirds of the Directors then still in
                office who were in office at the beginning of the 25-month
                period."

7.  Section 6.1 is hereby amended by adding at the end of the second sentence
    thereof (ending "the needs of the situation") the following clause:

        "provided, that the Participant or, in the case of the Participant's
        death, the Surviving Spouse of the Participant agrees to such
        modification or waiver."

8.  Article VI is hereby amended by adding a new Section 6.1A thereto read in
    its entirety as follows:

    "6.1A  Attorney's Fees.  The Company will pay the costs and expenses
           incurred by a Participant, including without limitation reasonable
           attorney's fees, in an action to obtain or enforce any rights or
           benefits under the Plan in which the Participant

<PAGE>
               is successful."

     IN WITNESS WHEREOF, Bay State Gas Company has caused this instrument to be
executed by its duly authorized officer.

                                   BAY STATE GAS COMPANY

Date:   October 7, 1994            By: /s/ Paul A. Ford
     ----------------------           -----------------------------------
                                      Title -- Senior Vice President, Operations

51634
<PAGE>

                             BAY STATE GAS COMPANY

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                                    Restated

                                January 1, 1992
<PAGE>
                                    PREAMBLE

The name of this plan is the "Bay State Gas Company Supplemental Executive
Retirement Plan" (the "Plan"). The Plan has been established by Bay State Gas
Company (the "Company") for the purpose of providing a supplemental amount of
retirement income in order to attract, retain, and motivate selected
executives. The Plan, as originally adopted effective July 1, 1986, and amended
and restated July 1, 1990, shall become effective as further amended and
restated January 1, 1992.

<PAGE>
                                   ARTICLE I

                                  DEFINITIONS

1.1  "Affiliate" means any corporation, partnership, or other organization
     which is designated as an "Affiliate" by the Committee and adopts the Plan.

1.2  "Basic Plan" means the Bay State Gas Company Pension Plan, as amended
     from time to time.

1.3  "Basic Plan Benefit" means the amount of benefit payable from the Basic
     Plan to a Participant (after adjustment for benefits payable for service
     with an Affiliate) in the form of a straight life annuity.

1.4  "Committee" means a committee made up of the Company's Chief Executive
     Officer, Chief Financial Officer, and Senior Vice President of Human
     Resources and Division Management, or such other persons as may be
     designated from time to time by the Board of Directors of the Company.

1.5  "Compensation Committee" means the committee of the Board of Directors
     charged with the responsibility for compensation and employee benefit
     matters.

1.6  "Earnings" means a Participant's average annual total cash compensation
     for his highest 36 months during his final ten years of employment with
     the Company and its Affiliates, which compensation shall include any
     contributions through a salary reduction agreement to a cash or deferred
     plan under IRC Section 401(k) and shall include any incentive compensation
     awards under the Company's Key Employee Incentive Compensation Plan.
     Incentive Compensation awards shall be included in earnings for the period
     in which the award was earned, regardless of when the award was paid. The
     incentive compensation awards included shall not exceed three annual
     awards, whether or not such incentive compensation was deferred under the
     Company's Key Officer Deferred Compensation Plan, and shall exclude any
     other incentive compensation

                                                                             I-1

<PAGE>
     In the case of a Participant having less than 36 months of employment with
     the Company and its Affiliates, "Earnings" means his average annual total
     compensation for his or her total final continuous period of employment
     with the Company and its Affiliates.

1.7  "Participant" means an employee of the Company or an Affiliate who is an
     officer at the vice president or equivalent level or above who has been
     approved for participation in the Plan by the Compensation Committee. An
     Employee shall become a "Participant" as of the date he or she meets the
     aforementioned eligibility requirements.

1.8  "Retirement" means the termination of a Participant's employment with the
     Company and its Affiliates on one of the retirement dates specified in
     Section 2.1.

1.9  "Service" means a Participant's years of service for vesting purposes
     under the terms of the Basic Plan and, if approved by the Compensation
     Committee, years of service with another organization(s) prior to Service
     with the Company.

1.10 "Surviving Spouse" means the spouse of a deceased Participant.

                                                                             I-2
<PAGE>
                                   ARTICLE II

                            ELIGIBILITY FOR BENEFITS

2.1  Retirement Dates.   Each Participant is eligible to retire and receive a
     benefit under the Plan beginning on one of the following dates:

          (a)  "Normal Retirement Date," which is the first day of the month in
               which the Participant reaches age 65 and has 5 years of Service.

          (b)  "Early Retirement Date," which is the first day of any month
               after the Participant reaches age 55 and has 5 years of Service.

          (c)  "Postponed Retirement Date," which is the first day of any month
               following the Participant's Normal Retirement Date in which the
               Participant terminates employment with the Company.

2.2  Disability.    If, prior to his Retirement Date, a Participant sustains a
     total disability as determined by the Committee, he shall be entitled to
     receive a benefit hereunder beginning on any Early Retirement Date or on
     his Normal Retirement Date at the Participant's election.

2.3  Non-Competition or Discharge For Cause. If any Participant entitled to a
     benefit under the Plan is discharged for cause, or enters into competition
     with the Company, or interferes with the relations between the Company and
     any customer, or engages in any activity that would result in any decrease
     in or loss of revenues by the Company, the rights of such Participant to a
     benefit under the Plan, including the rights of a Surviving Spouse to a
     benefit, will be forfeited, unless the Committee determines that such
     activity is not detrimental to the best interests of the Company. However,
     if the individual ceases such activity and notifies the Committee in
     writing of this action, then the Participant's right to receive a benefit,
     and any right of a Surviving Spouse to a benefit, may be restored within 60
     days of said notification, unless the Committee in its sole discretion
     determines that the prior activity has caused serious injury to the
     Company, which determination will be final and conclusive.

                                                                            II-1

<PAGE>
                                  ARTICLE III

                     AMOUNT AND FORM OF RETIREMENT BENEFIT

3.1   Benefit at Normal Retirement.  The annual retirement benefit payable at a
      Participant's Normal Retirement Date as a single life annuity under the
      Plan will equal 4% of Earnings times completed years and full months of
      his Service, up to 15 years of Service, less the sum of the Benefit
      Offsets defined below calculated as benefits payable at age 65. The
      maximum annual benefit hereunder, payable as a single life annuity, shall
      be an amount equal to 60% of the Participant's Earnings, less the sum of
      the Benefit Offsets.

      For purposes of this Article, the term Benefit Offsets means the sum of
      the following annual amounts to which the Participant may be entitled,
      payable in the form of a single life annuity: (i) the amount of any Basic
      Plan retirement benefit excluding any Early Retirement Supplement payments
      made prior to age 62, (ii) the amount of any retirement benefit payable
      from a defined benefit plan of any prior employer of the Participant, and
      (iii) the amount of any retirement benefit payable from a defined benefit
      plan of any company affiliated with the Company.

3.2   Benefit at Early Retirement.  The annual benefit payable at a
      Participant's Early Retirement Date will equal the gross benefit
      determined in Paragraph 3.1 before reduction for the Benefit Offsets,
      based upon his Earnings and Service at his Early Retirement Date, subject
      to the following adjustments:

            (a)  If the Participant's Early Retirement Date is on or after his
            having attained age 60, said gross benefit amount will be reduced by
            the sum of the Benefit Offsets calculated as immediate benefits
            payable at the Early Retirement Date under the terms of the
            respective plans, or if such Benefit Offset amounts are either not
            immediately payable at the Early Retirement Date under the terms

                                                                           III-1
<PAGE>
          of such plans or are not readily determinable based on the information
          available to the Company, then such Benefit Offset amounts shall be
          equal to the Early Retirement Equivalent of the Benefit Offset amounts
          payable at age 65. For purposes of this Article, the term Early
          Retirement Equivalent means the benefit payable at age 65 reduced by
          4.8% per year for each year or part thereof that the early retirement
          data precedes age 65.

     (b)  If the Participant's Early Retirement Date is prior to his having
          attained age 60, said gross benefit amount will be reduced by 4.8% per
          year for each year or part thereof that the Early Retirement Date
          precedes the last day of the month in which the Participant would
          attain age 60 and that amount will be payable from the Early
          Retirement Date through the month in which the Participant attains age
          60. Commencing the first day of the next month, that amount will be
          further reduced by the sum of the Benefit Offsets calculated as
          immediate benefits payable at the Early Retirement Date under the
          terms of the respective plans, or if such amounts are either not
          immediately payable at age 60 or are not readily determinable based
          upon information available to the Company, then such amounts shall be
          equal to the Early Retirement Equivalent of the Benefit Offset amounts
          payable at age 65.

3.3  Benefit at Postponed Retirement.  The annual benefit payable at a
     Participant's Postponed Retirement Date will be equal to the benefit
     determined in accordance with Section 3.1 but based upon his or her
     Service and Earnings up to his or her Postponed Retirement Date.

3.4  Disability Benefit. A Participant who sustains a total and permanent
     disability pursuant to Section 2.2 may elect to begin to receive benefits
     on the date elected pursuant to Section 2.2. The amount of his benefit
     shall be determined as provided above for a benefit at his Normal
     Retirement Date or Early Retirement Date, but based upon the

                                                                           III-2
<PAGE>
          Service he would have accrued had he continued as an employee of the
          Company until the date benefits began hereunder, and based upon his
          Earnings had his rate of base pay (as in effect immediately prior to
          such disability) continued until the date on which benefit payments
          begin hereunder, plus his highest three consecutive incentive
          compensation awards.

     3.5  Form of Benefit. The benefit determined under the Plan will be
          payable in an annuity or lump sum form, as elected by the Participant.
          If payment in the form of an annuity is elected, the annuity type
          shall be the same as that elected by the Participant with respect to
          his benefit, if any, payable under the Basic Plan. If benefits
          hereunder are paid in an annuity form other than a straight life
          annuity, the amount of the benefit from this Plan shall be reduced by
          the Basic Plan's factors for payment in a form other than a straight
          life annuity. If payment in the form of a lump sum is elected, the
          lump sum amount payable will be calculated in the same manner and
          according to the same interest rates and mortality tables as under the
          Basic Plan.

                                                                           III-3
<PAGE>
                                   ARTICLE IV

                         PAYMENT OF RETIREMENT BENEFITS

4.1  Time of Payment.    Annuity benefits payable in accordance with Article III
     will commence on the Participant's date of Retirement as the Participant
     may elect. Benefits will continue to be paid on the first day of each
     succeeding month. The last payment will be made on the first day of the
     month in which the retired Participant dies unless otherwise elected in
     accordance with Section 3.5. Lump sum benefits payable in accordance with
     Article III will be payable as soon as practicable after the Participant's
     date of Retirement.

4.2  Coordination With Basic Plan. In the case of a Participant who is eligible
     to receive a normal or early retirement benefit under the Basic Plan, his
     benefit under the Plan shall be paid beginning at the same time as such
     Basic Plan benefit except in the case of a Participant whose Early
     Retirement Date occurs prior to age 60.

4.3  Pre-Retirement Termination.   No benefits are payable under the Plan if a
     Participant terminates employment for any reason, other than death, prior
     to his or her Retirement date, except as explicitly provided in this Plan.

                                                                            IV-1
<PAGE>
                                   ARTICLE V

                             DEATH BENEFITS PAYABLE

5.1  Surviving Spouse Benefit.  If a Participant dies while still actively
     employed and either after 5 years of Service or after age 65, but prior to
     Retirement, the Surviving Spouse will receive a benefit from the Plan. The
     benefit payable under this Article V shall be determined as follows:

     (a)  If the Participant dies after attaining eligibility for Early or
          Normal Retirement, but prior to Retirement, the Surviving Spouse will
          receive a benefit equal to 50% of the amount of the Participant's
          benefit determined and paid in the same manner as provided in Article
          III, calculated as if the Participant had retired and commenced
          receiving a benefit on the first day of the month following the date
          of his death in the form of a 50% Joint and Survivor Annuity with his
          Surviving Spouse as beneficiary. The benefit will be payable monthly
          for the life of the Surviving Spouse and will commence on the first
          day of the month following the month in which the Participant dies.

     (b)  Effective June 1, 1990, if the Participant dies after 5 years of
          Service, but prior to his Early Retirement Date, the Surviving Spouse
          will receive a benefit equal to 50% of the gross amount of the
          Participant's benefit determined and paid in the same manner as
          provided in Article III, Paragraph 3.2, calculated based on Earnings
          and Service at date of death and as if the Participant had retired at
          age 55 and commenced receiving a benefit in the form of a 50% Joint
          and Survivor Annuity with his Surviving Spouse as beneficiary. The
          benefit is payable monthly for the life of the Surviving Spouse and
          will commence on the first day of the month following the month in
          which the Participant attains age 55.

                                                                             V-1
<PAGE>
                                   ARTICLE VI
                                 MISCELLANEOUS

     6.1  Termination, Amendment, Suspension.     The Board of Directors of the
          Company may, in its sole discretion, terminate, suspend, or amend the
          Plan at any time or from time to time, in whole or in part. The
          Compensation Committee may in its sole discretion in special cases
          such as Participant illness, extraordinary service, etc., modify or
          waive ancillary Plan provisions to meet the needs of the situation.
          However, no termination, amendment, suspension or modification of the
          Plan will affect a retired Participant's right or the right of a
          Surviving Spouse to continue to receive a benefit in accordance with
          the Plan as in effect on the date such Participant or Surviving Spouse
          commenced to receive a benefit hereunder, nor will any such
          termination, amendment, suspension or modification result in a
          reduction of Participant's accrued benefit based on the Participant's
          Earnings and Service to the date of such change in the Plan.

     6.2  No Guarantee of Employment. Nothing contained herein will confer upon
          any Participant the right to be retained in the employ of the Company
          or any Affiliate, nor will it interfere with the right of the Company
          or an Affiliate to discharge or otherwise deal with a Participant
          without regard to the existence of the Plan.

     6.3  Funding. The Plan is unfunded and the Company will make Plan benefit
          payments solely on a current disbursement basis out of the general
          assets of the Company.

     6.4  No Alienation or Assignment of Benefit. To the maximum extent
          permitted by law, no benefit under the Plan shall be assignable or
          subject in any manner to alienation, sale, transfer, claims of
          creditors, pledge, attachment, or encumbrance of any kind.

                                                                            VI-1

<PAGE>
6.5  Administration.  The Committee may adopt rules and regulations to assist it
     in the administration of the Plan. The Committee shall have the sole
     authority to interpret the Plan based on its intent, and any decision by
     the Committee with regard to any Participant's or Surviving Spouse's
     benefit hereunder shall be conclusive and binding.

6.6  Participant's Access to Documents.  Each Participant will receive a copy of
     the Plan.

6.7  Governing Law.  The Plan is established under and will be construed in
     accordance with the laws of the Commonwealth of Massachusetts.

6.8  Gender and Number.  The masculine gender, where appearing in the Plan, will
     be deemed to include the feminine gender, and the singular may include the
     plural, unless the context clearly indicates otherwise.

6.9  Headings.  Headings are included for convenience of reference only and are
     not to be used in interpreting the Plan.

EXECUTED this 28th day of April, 1992.

BAY STATE GAS COMPANY

By:  /s/ Paul A. Ford
   ------------------------------------

Title:  Senior Vice President
      ---------------------------------

ASSET:

By:  /s/ Charles H. Tenney, III
   ------------------------------------

Title:  Clerk
      ---------------------------------

                                                                            VI-2

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