Document:

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Exhibit 10.3
                                                           Date: July 2, 2003

Douglas H. Yaeger (as Chairman of the Board, President and Chief Executive
Officer of Laclede Gas Company), and Barry C. Cooper (as Chief Financial
Officer of Laclede Gas Company), pursuant to resolutions adopted by the
Board of Directors on August 28, 1986, as amended on March 27, 2003, which
resolutions, among other things, granted to any two executive officers who
hold one of the following offices: Chairman of the Board; President;
Executive Vice President; Senior Vice President; Chief Financial Officer;
Treasurer; or Corporate Secretary of The Laclede Group, Inc. or Laclede Gas
Company the authority to amend any or all of the benefit plans and/or
related trust agreements of the Company (collectively the "Plans") to the
extent such amendments deal with changes necessary or appropriate: (1) to
comply with, or obtain the benefit of, applicable laws and/or regulations,
as amended from time to time; (2) to reflect minor or routine administrative
factors; (3) to clarify the meaning of any of the provisions of the Plans;
and/or (4) to evidence changes in then existing Plans to reflect the
interrelationship thereof with newly adopted Plans or amendments to Plans,
which newly adopted Plans or amendments affect the terms of such other then
existing Plans; do hereby amend the Laclede Gas Company Salary Deferral
Savings Plan as set forth in the attached exhibit, such amendment to be
effectuated and evidenced by our signatures on said exhibit.

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                    AMENDMENTS TO THE LACLEDE GAS COMPANY
                        SALARY DEFERRAL SAVINGS PLAN

1.       Effective October 1, 2002, Section 2.33, Year of Service, is hereby
         amended in its entirety to read as follows:

         "A twelve (12) consecutive month Service Period, commencing on the
         Employee's employment commencement date and the anniversary dates
         thereof, consisting of at least one thousand (1,000) Hours of
         Service, with the Company, or a Related Company as hereinafter
         defined. All Years of Service, whenever achieved, shall be counted
         for purposes of determining eligibility to become a Participant.
         For purposes of this section, "Related Company" means any
         corporation or other business entity that from time to time is,
         along with the Company, a member of a controlled group of
         businesses, as defined in Code Sections 414(b) and (c), or a member
         of an affiliated service group, as defined in Code Section 414(m).
         A business entity is a Related Company only while a member of such
         group."

2.       Effective October 1, 2001, Section 2.8 is hereby amended in its
         entirety to read as follows:

         "The amounts paid a Participant for the period in which he is
         eligible to participate during a Company Year (including salary
         reduction amounts pursuant to Article IV hereof and Code Section
         125 or Code Section 132(f)(4)), by the Company for services
         rendered as an Employee, as would (but for the subtraction of
         salary reduction amounts pursuant to Article IV hereof, Code
         Section 125 or Code Section 132(f)(4)) be reported for federal
         income tax purposes on U. S. Treasury Department Form W-2, except
         that pension payments and other deferred compensation, income
         attributable to the award or exercise of stock options, the
         premature disposition of stock option stock, or the award or
         vesting of restricted stock, and any other amount which does not
         constitute "compensation" within the meaning of Code Section 415
         shall not constitute Compensation. Beginning October 1, 1994,
         Compensation is limited to $150,000 per Plan Year, which amount is
         subject to annual adjustment by the U.S. Treasury Department in
         accordance with Code Section 401(a)(17). For purposes of applying
         the annual compensation limit described in the immediately
         preceding sentence, the family unit of an Employee, who is either:
         (a) a five percent (5%) owner or (b) both a highly compensated
         Employee and one of the ten most highly compensated Employees
         during the Plan Year will be treated as a single Employee. For this
         purpose a family unit consists of: the Employee who is a five
         percent (5%) owner or is both a highly compensated Employee and one
         of the ten most highly compensated Employees; such Employee's
         Employee spouse; and such Employee's Employee lineal descendants
         who have not attained age nineteen (19) before the close of the
         year. The provisions set forth in the immediately preceding two
         sentences shall expire on September 30, 1997."

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3.       Effective October 1, 2002, a new Section 2.39 is hereby added to read
         as follows:

         "2.39    "HOUR OF SERVICE"
         --------------------------
                  (a)      Each hour for which an employee is paid, or
                           entitled to payment, for the performance of
                           duties by the Company or Related Company during
                           the applicable computation period.

                  (b)      Each hour for which an Employee is paid, or
                           entitled to payment, by the Company or Related
                           Company on account of a period of time during
                           which no duties are performed (irrespective of
                           whether the employment relationship was
                           terminated) due to vacation, holiday, illness,
                           incapacity (including disability and a period
                           during which an Employee received worker's
                           compensation), layoff, jury duty, military duty
                           (as provided in Section 2.39(d)) or leave of
                           absence approved in writing by the Company or
                           Related Company. Notwithstanding the preceding
                           sentence,

                           (i)      An hour for which an Employee is
                                    directly or indirectly paid, or entitled
                                    to payment, on account of a period
                                    during which no duties are performed is
                                    not required to be credited to the
                                    Employee if such payment is made or due
                                    under a plan maintained solely for the
                                    purpose of complying with applicable
                                    unemployment compensation or disability
                                    insurance laws,

                           (ii)     Hours of Service are not required to be
                                    credited for a payment which solely
                                    reimburses an Employee for medical or
                                    medically related expenses incurred by
                                    the Employee, and

                           (iii)    Hours of Service are not required to be
                                    credited for any payment under this
                                    Plan.

                           For purposes of this Section 2.39(b), a payment
                           shall be deemed to be made by or due from the
                           Company or Related Company regardless of whether
                           such payment is made by or due from the Company
                           or Related Company directly, or indirectly
                           through, among others, a trust fund, or insurer,
                           to which the Company or Related Company
                           contributes or pays premiums and regardless of
                           whether contributions made or due to the trust
                           fund, insurer or other entity are for the benefit
                           of particular employees or are on behalf of a
                           group of employees in the aggregate.

                  (c)      Each hour for which back pay, irrespective of
                           mitigation of damages, is either awarded or
                           agreed to by the Company or Related Company. The
                           same Hours of Service shall not be credited both
                           under Section 2.39(a) or (b), as the case may be,
                           and under this Section 2.39(c). Crediting of
                           Hours of Service for back pay awarded or agreed
                           to with respect to periods described in Section
                           2.39(b) shall be subject to the limitations set
                           forth in that section.

                                     2

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                  (d)      Each hour during a period of military service of
                           an Employee who left the employ of the Company or
                           Related Company to enter the Armed Forces of the
                           United States of America and who returned to the
                           employ of the Company or Related Company after
                           discharge or release from such active military
                           service within three (3) months thereafter, or
                           the time otherwise prescribed by law. For each
                           normal working day of absence under this
                           paragraph an Employee shall be credited with
                           eight (8) hours.

                  (e)      For a non-hourly Employee, Hours of Service shall
                           be determined by any alternative means,
                           consistently applied, authorized by regulations
                           issued under the Employee Retirement Income
                           Security Act.

                  (f)      The rules for crediting hours of service set
                           forth in paragraphs (b) and (c) of Section
                           2530.200b-2 of Department of Labor Regulations
                           are hereby incorporated by reference."

4.       Effective October 1, 2001, the first paragraph of Section 4.4 is
         hereby amended in its entirety to read as follows:

         "Notwithstanding any other provision of this Section, beginning
         October 1, 2001 the Plan is intended to meet the design-based safe
         harbors under Code Sections 401(k)(12) and 401(m)(11). For each Plan
         Year in which the Plan meets the enhanced matching formula, the
         tests specified in this Section 4.4 and in Section 5.1 need not be
         calculated. At least thirty (30) days but not more than ninety (90)
         days prior to each Plan Year, Employees will receive the required
         notification that the Plan will utilize the design-based safe
         harbors. If the Plan will not utilize the above design-based safe
         harbors, then Employees will be notified as such prior to the
         beginning of the applicable Plan Year."

5.       Effective October 1, 2001, the first paragraph of Section 5.1(b)
         is hereby amended in its entirety to read as follows:

         "Notwithstanding any other provision of this Section, beginning
         October 1, 2001 the Plan is intended to meet the design-based safe
         harbors under Code Sections 401(k)(12) and 401(m)(11). For each Plan
         Year in which the Plan meets the enhanced matching formula, the
         tests specified in this Section 4.4 and in Section 5.1 need not be
         calculated. At least thirty (30) days but not more than ninety (90)
         days prior to each Plan Year, Employees will receive the required
         notification that the Plan will utilize the design-based safe
         harbors. If the Plan will not utilize the above design-based safe
         harbors, then Employees will be notified as such prior to the
         beginning of the applicable Plan Year. Design-based safe harbor
         matching contributions may not be used to satisfy the safe harbor
         contribution requirement of more than one plan."

                                     3

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6.       Effective October 1, 2002, the second paragraph of Section 4.4 is
         hereby amended in its entirety to read as follows:

         "Inasmuch as applicable federal law and regulations establish
         certain limitations on salary deferral amounts for certain
         Employees and require aggregation of plans in accordance with Code
         Sections401(a)(4) and 410(b), each salary deferral election shall
         be subject to automatic adjustment in accordance with the following
         rules, which are intended to assure compliance with applicable
         law:"

7.       Effective October 1, 2002, the second paragraph of Section 5.1(b)
         is hereby amended in its entirety to read as follows:

         "Inasmuch as applicable federal law and regulations establish
         certain limitations on Company Matching Contributions for certain
         Employees and require aggregation of plans in accordance with Code
         Sections401(a)(4) and 410(b), each Matching Contribution shall be
         subject to automatic adjustment in accordance with the following
         rules, which are intended to assure compliance with applicable
         law:"

8.       Effective October 1, 2002, the paragraph immediately following
         Section 5.1(b)(ii)(B) is hereby amended in its entirety to read as
         follows:

         "The higher amount of Sections 5.1(b)(ii)(A) and (b)(ii)(B) above
         is hereinafter in this Section 5.1 called the "Base Percentage." If
         the actual matching percentage for the Highly Compensated Employee
         group exceeds the Base Percentage, the deferrals of Highly
         Compensated Employees in excess of the amount permitted are hereby
         referred to as "Excess Matching Contributions." The aggregate
         dollar amount of such Excess Matching Contributions shall be
         determined by reducing the Company Matching Contributions of Highly
         Compensated Participants beginning with the Highly Compensated
         Participant with the highest ACR in accordance with Treas. Reg.
         Section 1.401(m)-1(e)(2). The Company Matching Contribution of each
         of those Participants in the Highly Compensated Employee group
         whose actual matching percentage shall be greater than the Base
         Percentage shall be reduced as necessary to eliminate the Excess.
         The aggregate amount so determined shall be forfeited beginning
         with the highest dollar amount of Matching Contributions and
         reducing as necessary to forfeit the aggregate amount. Any such
         Excess Matching Contributions shall be treated as a forfeiture and
         offset the Company Matching Contributions, including any applicable
         income earned on such matching contributions during the Plan Year,
         determined in accordance with a method that satisfies Treas. Reg.
         Section 1.401(m)-1(e)(3). Any such Excess Matching Contributions
         shall be corrected within twelve (12) months after the close of the
         Plan Year as required by Treasury Regulation Section
         1.401(m)-1(e)(5)."

9.       Effective March 1, 2003, Section 18.6 is hereby amended in its
         entirety to read as follows:

         "18.6    VALUATION
         ------------------
                  The fair market value of Shares and all other Plan assets
                  shall be determined as of each valuation date. In the case
                  of a transaction between the Plan and a disqualified
                  person, as defined in Code Section 4975 and the
                  regulations promulgated thereunder, valuation shall be
                  made as of the date of the transaction. If the Shares are
                  not readily tradable on an

                                     4

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                  established securities market, the fair market value shall
                  be determined by an independent appraiser within the meaning
                  of Code Section 401(a)(28)(C)."

10.      Effective March 1, 2003, the last paragraph of Section 7.3(b) is
         hereby amended in its entirety to read as follows:

         "Code Section 415 is hereby incorporated by reference. Said
         reference in the preceding sentence shall additionally incorporate
         the employee stock ownership plan rules of Code Section 415(c)(6).
         The Limitation Year shall be the Plan Year."

11.      Effective March 1, 2003, a new paragraph (c) is added to Section 6.12
         to read as follows:

         "(c)     If, at some future time, Shares of the Laclede Group, Inc.
                  held in the Company Stock Fund shall not constitute a
                  registration-type class of securities, as defined in Code
                  Section 409(e), Participants shall be entitled to vote all
                  Shares attributable to their Accounts in accordance with
                  the provisions of such subsection and the regulations
                  promulgated thereunder."

12.      Effective March 1, 2003, Section 18.2 is hereby amended in its
         entirety to read as follows:

         "18.2    PAYMENT OF DIVIDENDS
         -----------------------------
                  Effective March 1, 2003, a Participant shall have the
                  right to elect to receive dividends with respect to Shares
                  credited to such Participant's ESOP account paid in cash
                  directly to the Participant. A Participant must make an
                  election to receive dividends in cash in accordance with
                  the Administrator's established procedures. The
                  Administrator shall designate the times and effective
                  dates for such elections; provided that, a Participant
                  must be given a reasonable opportunity before a dividend
                  is paid or distributed in which to make the election, and
                  a Participant must have a reasonable opportunity to change
                  a dividend election at least annually. An election to
                  receive dividends in cash shall remain in effect until
                  changed by the Participant. Dividends not paid in cash to
                  the Participant shall be reinvested in accordance with
                  Article VI. Dividend payments to be made in cash will be
                  paid directly by the Trustee to the Participant. Such
                  dividend payments shall be made as soon as
                  administratively feasible after the Trustee's receipt of
                  the dividend payments."

                                     5

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                                            DOUGLAS H. YAEGER
                                            ------------------------------
                                            Title: Chairman, President and
                                                   Chief Executive Officer

                                            BARRY C. COOPER
                                            ------------------------------
                                            Title: Chief Financial Officer

                                     6<PAGE>

Exhibit 10.4

               FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT
               ---------------------------------------------

     THIS FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT (this "Amendment")
is made and entered into as of April 16, 2003, by and between THE LACLEDE
GROUP, INC., a Missouri corporation ("Borrower"), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association ("Lender"), and has reference to
the following facts and circumstances (the "Recitals"):

     A.   Borrower and Lender previously entered into the Revolving Credit
Agreement dated as of June 13, 2002 (as amended, the "Agreement"; all
capitalized terms used and not otherwise defined in this Amendment shall have
the respective meanings ascribed to them in the Agreement as amended by this
Amendment).

     B.   Borrower and Lender desire to amend the Agreement in the manner
hereinafter set forth.

     NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Borrower and Lender hereby agree as follows:

     1.   RECITALS. The Recitals are true and correct, and, together with
          --------
the defined terms set forth therein, are incorporated herein by this
reference.

     2.   AMENDMENTS TO AGREEMENT. The Agreement is amended as follows:
          -----------------------

     (a)  The first "WHEREAS" paragraph on page 1 of the Agreement is
     deleted and substituted with the following:

               "WHEREAS, Borrower has applied for a revolving credit
          facility from Lender consisting of revolving credit loans and
          letters of credit in an aggregate principal amount of up to
          $20,000,000, including a $5,000,000 letter of credit subfacility;
          and"

     (b)  The following definitions are added to Section 1.01 of the
     Agreement:

               "Consolidated Capitalization shall mean, as of the date of
                ---------------------------
          any determination thereof, the sum of Consolidated Debt as of such
          date, plus Consolidated Net Worth as of such date, all determined
                ----
          on a consolidated basis and in accordance with GAAP."

               "Consolidated Capitalization Ratio shall mean, as of the date
                ---------------------------------
          of any determination thereof, the ratio (expressed as a
          percentage) of Consolidated Debt as of such date to Consolidated
          Capitalization as of such date, all determined on a consolidated
          basis and in accordance with GAAP."

               "Consolidated Debt shall mean, as of the date of any
                -----------------
          determination thereof, all Debt of LGC and its Subsidiaries as of
          such date, determined on a consolidated basis and in accordance
          with GAAP."

               "Consolidated Net Worth shall mean, as of the date of any
                ----------------------
          determination thereof, the amount of the capital stock accounts
          (net of treasury stock, at cost) of LGC and its Subsidiaries as of
          such date plus (or minus in the case of a deficit) the surplus and
          retained earnings of LGC and its Subsidiaries as of such date, all
          determined on a consolidated basis and in accordance with GAAP."

               "Debt shall mean, as of the date of determination thereof,
                ----
          the sum of (a) all indebtedness, liabilities and/or obligations of
          LGC or any of its Subsidiaries for borrowed money or that have

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          been incurred in connection with the purchase or other acquisition
          of property (other than unsecured trade accounts payable incurred
          in the ordinary course of business), plus (b) all leases of
                                               ----
          property, whether real and/or personal, by LGC or any of its
          Subsidiaries as lessee(s), that in accordance with GAAP are
          required to be capitalized on the balance sheet of such entity,
          plus (c) the aggregate undrawn face amount of all Letters of
          ----
          Credit and/or surety bonds issued for the account and/or upon the
          application of LGC or any of its Subsidiaries together with all
          unreimbursed drawings with respect thereto, plus (d) all
                                                      ----
          guarantees by LGC or any of its Subsidiaries of Debt of others."

               "Letter of Credit and Letters of Credit shall have the
                ----------------     -----------------
          meanings ascribed to these terms in Section 2.18(a)."

               "Letter of Credit Application shall mean Lender's standard
                ----------------------------
          form of application and agreement for irrevocable standby letter
          of credit, or Lender's standard form of application and agreement
          for irrevocable commercial letter of credit, as the case may be,
          in either case executed by Borrower, or a Subsidiary of Borrower,
          as applicant and account party, and delivered to Lender pursuant
          to Section 2.18(a), as the same may from time to time be amended,
          modified, extended, renewed or restated."

               "LGC shall mean Laclede Gas Company, a Missouri corporation,
                ---
          and a Subsidiary of Borrower."

     (c) The definition of "Total Revolving Credit Outstandings" in Section
     1.01 of the Agreement is deleted and substituted with the following:

               "Total Revolving Credit Outstandings shall mean, as of any
                -----------------------------------
          date, the sum of (a) the aggregate principal amount of all Loans
          outstanding as of such date, plus (b) the aggregate undrawn face
                                       ----
          amount of all Letters of Credit outstanding as of such date plus
                                                                      ----
          (c) all unreimbursed drawings with respect to all Letters of
          Credit."

     (d) The following provision is added to the Agreement as Section 2.18:

               "2.18 Letters of Credit. (a) Subject to the terms and
                     -----------------
          conditions of this Agreement and so long as no Default or Event of
          Default has occurred and is continuing, during the Revolving
          Credit Period, Lender agrees to issue irrevocable commercial
          and/or standby letters of credit for the account of Borrower
          and/or any Subsidiary (individually, a "Letter of Credit", and
          collectively, "Letters of Credit") in an amount and for the term
          specifically requested by Borrower by notice in writing to Lender
          at least three (3) Business Days prior to the requested issuance
          thereof; provided, however, that: (i) Borrower shall have executed
          and delivered to Lender a Letter of Credit Application with
          respect to such Letter of Credit; (ii) the term of any such Letter
          of Credit shall not extend beyond the earlier of (A) the date one
          (1) year after the date of issuance thereof, or (B) the last day
          of the Revolving Credit Period; (iii) any Letter of Credit may
          only be utilized to guaranty the payment of obligations of
          Borrower or a Subsidiary to third parties; (iv) Total Revolving
          Credit Outstandings shall not as of any date exceed Lender's
          Revolving Credit Commitment; (v) the sum of the aggregate undrawn
          face amount of all outstanding Letters of Credit plus all
                                                           ----
          unreimbursed drawings with respect thereto shall not as of any
          date exceed Five Million Dollars ($5,000,000.00); and (vi) the
          text of any such Letter of Credit is provided to Lender no less
          than three (3) Business Days prior to the

                                   - 2 -

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          requested issuance date, which text must be acceptable to Lender
          in its sole and absolute discretion.

               (b) The payment of drafts under each Letter of Credit shall
          be made in accordance with the terms thereof and, in that
          connection, Lender shall be entitled to honor any drafts and
          accept any documents presented to it by the beneficiary of such
          Letter of Credit in accordance with the terms of such Letter of
          Credit and the related Letter of Credit Application and believed
          in good faith by Lender to be genuine. Lender shall not have any
          duty to inquire as to the accuracy or authenticity of any draft or
          other drawing document that may be presented to it other than the
          duties contemplated by the applicable Letter of Credit
          Application.

               (c) In the event of any payment by Lender of a draft
          presented under a Letter of Credit, Borrower agrees to pay to
          Lender in immediately available funds at the time of such drawing
          an amount equal to the sum of such drawing plus the negotiation,
                                                     ----
          processing and other fees related thereto, as may be agreed
          between Lender and Borrower from time to time (the initial fee
          schedule is attached to the First Amendment to Revolving Credit
          Agreement dated as of April __, 2003, as Exhibit A thereto).
          Borrower hereby authorizes Lender to charge or cause to be charged
          one or more of Borrower's deposit accounts at Lender to the extent
          there are balances of immediately available funds therein, in an
          aggregate amount equal to the sum of such drawing plus the
                                                            ----
          negotiation, processing and other fees related thereto as
          described in Exhibit A to the First Amendment to Revolving Credit
          Agreement dated as of April __, 2003, as amended, and Borrower
          agrees to pay the amount of any such drawing (and/or Lender's
          customary negotiation, processing and other fees related thereto)
          not so charged prior to the close of business of Lender on the day
          of such drawing. In the event any payment under a Letter of Credit
          is made by Lender prior to receipt of payment from Borrower, such
          payment by Lender shall constitute a request by Borrower for a
          Prime Loan under Sections 2.01 and 2.02 above (and Lender will
          make such Prime Loan to Borrower regardless of whether any Default
          or Event of Default under this Agreement has occurred and is
          continuing and regardless of whether such Prime Loan would
          otherwise be permitted under the requirements of this Agreement)
          and the proceeds of such Prime Loan shall be paid directly to
          Lender and applied by Lender to the payment of any amounts owed by
          Borrower to Lender under this Section 2.18.

               (d) Borrower hereby further agrees to pay to the order of
          Lender with respect to each Letter of Credit: (i) a nonrefundable
          commitment fee at an annual rate of 725/1000 Percent (.725%)
          (calculated on an actual day, 360-day year basis) on the face
          amount (taking into account any scheduled increases or decreases
          therein during the period in question) of each Letter of Credit,
          due and payable quarterly, in arrears, on the first day of each
          fiscal quarter; and (ii) a nonrefundable issuance fee, a
          nonrefundable negotiation fee and such other fees as may be
          charged by Lender from time to time in accordance with Lender's
          published schedule of fees in effect from time to time, which fees
          shall be due and payable on demand by Lender.

               (e) Notwithstanding any provision contained in this Agreement
          to the contrary, if any Letters of Credit remain outstanding on
          the last day of the Revolving Credit Period, Borrower shall, on or
          before 12:00 noon (St. Louis time) on the last day of the Revolving
          Credit Period, (i) surrender the originals of the applicable
          Letter(s) of Credit to Lender for cancellation, or (ii) provide
          Lender with cash collateral (or other collateral acceptable to
          Lender in its sole and absolute discretion) in an amount at least
          equal to the aggregate undrawn face amount of all outstanding
          Letter(s) of Credit plus all unreimbursed drawings with respect
                              ----
          thereto, and execute and deliver to

                                   - 3 -

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<PAGE>

          Lender such agreements as Lender may require to grant Lender a
          first priority perfected security interest in such cash or other
          collateral. Any such cash collateral received by Lender pursuant
          to this Section 2.18(e) shall be held by Lender in a separate
          account at Lender appropriately designated as a cash collateral
          account in relation to this Agreement and the Letters of Credit
          and retained by Lender as collateral security for the payment of
          Borrower's Obligations. Cash amounts delivered to Lender pursuant
          to the foregoing requirements of this Section 2.18(e) shall be
          invested, at the request and for the account of Borrower in
          investments of a type and nature and with a term acceptable to
          Lender. Such amounts, including in the case of cash amounts
          invested in the manner set forth above, shall not be used by
          Lender to pay any amounts drawn or paid under or pursuant to any
          Letter of Credit, but may be applied to reimburse Lender for
          drawings or payments under or pursuant to such Letters of Credit
          which Lender has paid, or if no such reimbursement is required to
          the payment of such of the other Borrower's Obligations as Lender
          shall determine. Any amounts remaining in any cash collateral
          account established pursuant to this Section 2.18(e) after the
          payment in full of all of the Borrower's Obligations and the
          expiration or cancellation of all of the Letters of Credit shall
          be returned to Borrower (after deduction of Lender's reasonable
          expenses, if any)."

     (e) Section 5.01(f) of the Agreement is deleted and substituted with
     the following:

               "(f) Maximum Consolidated Capitalization Ratio. LGC will at
                    -----------------------------------------
          all times maintain a Consolidated Capitalization Ratio of not more
          than Seventy Percent (70%)."

     3.   COSTS AND EXPENSES. Borrower hereby agrees to reimburse Lender
          ------------------
upon demand for all out-of-pocket costs and expenses (including, without
limitation, reasonable attorneys' fees and expenses) incurred by Lender in
the preparation, negotiation and execution of this Amendment and any and all
other agreements, documents, instruments and/or certificates relating to the
amendment of Borrower's existing credit facilities with Lender. All of the
obligations of Borrower under this paragraph shall survive the payment of
Borrower's Obligations and the termination of the Agreement.

     4.   REFERENCES TO THIS AGREEMENT. All references in the Agreement to
          ----------------------------
"this Agreement" and any other references of similar import shall henceforth
mean the Agreement as amended by this Amendment.

     5.   FULL FORCE AND EFFECT. Except to the extent specifically amended
          ---------------------
by this Amendment, all of the terms, provisions, conditions, covenants,
representations and warranties contained in the Agreement shall be and
remain in full force and effect and the same are hereby ratified and
confirmed.

     6.   BENEFIT. This Amendment shall be binding upon and inure to the
          -------
benefit of Borrower and Lender and their respective successors and assigns,
except that Borrower may not assign, transfer or delegate any of its rights
or obligations under the Agreement as amended by this Amendment.

     7.   REPRESENTATIONS AND WARRANTIES. Borrower hereby represents and
          ------------------------------
warrants to Lender that:

          (a) the execution, delivery and performance by Borrower of this
     Amendment are within the corporate powers of Borrower, have been duly
     authorized by all necessary corporate action and require no action by
     or in respect of, consent of or filing or recording with, any
     governmental or regulatory body, instrumentality, authority, agency or
     official or any other Person;

          (b) the execution, delivery and performance by Borrower of this
     Amendment do not conflict

                                   - 4 -

<PAGE>
<PAGE>

     with, or result in a breach of the terms, conditions or provisions of,
     or constitute a default under or result in any violation of, the terms
     of the Articles of Incorporation or Bylaws of Borrower, any applicable
     law, rule, regulation, order, writ, judgment or decree of any court or
     governmental or regulatory body, instrumentality authority, agency or
     official or any agreement, document or instrument to which Borrower is
     a party or by which Borrower or any of its property is bound or to
     which Borrower or any of its property is subject;

          (c) this Amendment has been duly executed and delivered by
     Borrower and constitutes the legal, valid and binding obligation of
     Borrower enforceable against Borrower in accordance with its terms,
     except as such enforceability may be limited by (i) applicable
     bankruptcy, insolvency or similar laws affecting the enforcement of
     creditors' rights generally and (ii) general principles of equity
     (regardless of whether such enforceability is considered in a
     proceeding in equity or at law);

          (d) all of the representations and warranties made by Borrower in
     the Agreement and/or in any of the other Transaction Documents are true
     and correct in all material respects on and as of the date of this
     Amendment as if made on and as of the date of this Amendment; and

          (e) as of the date of this Amendment, no Default or Event of
     Default under or within the meaning of the Agreement has occurred and
     is continuing.

     8.   RELEASE. Borrower hereby unconditionally releases, acquits,
          -------
waives, and forever discharges Lender and its successors, assigns,
directors, officers, agents, employees, representatives and attorneys from
any and all liabilities, claims, causes of action or defenses, if any, and
for any action taken or for any failure to take any action, existing at any
time prior to the execution of this Amendment.

     9.   INCONSISTENCY. In the event of any inconsistency or conflict
          -------------
between this Amendment and the Agreement, the terms, provisions and
conditions contained in this Amendment shall govern and control.

     10.  MISSOURI LAW. This Amendment shall be governed by and construed in
          ------------
accordance with the substantive laws of the State of Missouri (without
reference to conflict of law principles).

     11.  NOTICE REQUIRED BY SECTION 432.045 R.S. MO. ORAL AGREEMENTS OR
          -------------------------------------------
COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING
REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT
ENFORCEABLE. TO PROTECT YOU (BORROWER(S)) AND US (CREDITOR) FROM
MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH
MATTERS ARE CONTAINED IN THIS WRITING WHICH IS THE COMPLETE AND EXCLUSIVE
STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN
WRITING TO MODIFY IT.

     12.  CONDITIONS PRECEDENT. Notwithstanding any provision contained in
          --------------------
this Amendment to the contrary, this Amendment shall not be effective unless
and until Lender shall have received the following, all in form and
substance acceptable to Lender:

     (a)  this Amendment, duly executed by Borrower;

     (b)  a Consent of Guarantor duly executed by SM&P;

                                   - 5 -

<PAGE>
<PAGE>

     (c) a copy of resolutions of the Board of Directors of Borrower, duly
     adopted, which authorize the execution, delivery and performance of
     this Amendment;

     (d) an incumbency certificate, executed by the Secretary of Borrower,
     which shall identify by name and title and bear the signatures of all
     of the officers of Borrower executing this Amendment;

     (e) a certificate of corporate good standing of Borrower issued by the
     Secretary of State of the State of Missouri, or other evidence of good
     standing satisfactory to Lender;

     (f) a copy of resolutions of the Board of Directors of SM&P, duly
     adopted, which authorize the execution, delivery and performance of the
     Consent of Guarantor;

     (g) an incumbency certificate, executed by the Secretary of SM&P, which
     shall identify by name and title and bear the signatures of all of the
     officers of Borrower executing the Consent of Guarantor;

     (h) a certificate of corporate good standing of SM&P issued by the
     Secretary of State of the State of Indiana, or other evidence of good
     standing satisfactory to Lender; and

     (i) such other documents and information as reasonably requested by
     Lender.

     IN WITNESS WHEREOF, Borrower and Lender have executed this Amendment as
of the day and year first above written.

                       (SIGNATURES ON FOLLOWING PAGE)

                                   - 6 -

<PAGE>
<PAGE>

                              SIGNATURE PAGE-
               FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT

                                        Borrower:

                                        THE LACLEDE GROUP, INC.

                                        By:
                                           -----------------------------------
                                           Ronald L. Krutzman,
                                           Treasurer and Assistant Secretary

                                        Lender:

                                        U.S. BANK NATIONAL ASSOCIATION

                                        By:
                                           -----------------------------------
                                           Eric J. Hartman, Vice President

                                   - 7 -

<PAGE>
<PAGE>

                                 EXHIBIT A
                                 ---------

Fees Applicable to Standby Letters of Credit Issued Pursuant to the First
Amendment to Revolving Credit Agreement dated as of April 16, 2003, between
The Laclede Group, Inc. and U.S. Bank National Association

<TABLE>
<S>                                                                           <C>
Issuance (calculated on daily rate/360 day year,
this fee is in addition to any processing or renewal fees)                     0.725%

Electronic Processing
     Issuance/Renewal (charged per Letter of Credit annually)                 $50.00
     Amendment (monetary terms)                                               $50.00
     Amendment (non-monetary terms)                                           $50.00

Manual Processing
     Issuance/Renewal (charged per Letter of Credit annually)                 $50.00
     Amendment (monetary terms)                                               $50.00
     Amendment (non-monetary terms)                                           $50.00

Rush Surcharge (for issuance in fewer than 3 Business Days;
in addition to issuance fees)                                                 $100.00

Auto-reduction                                                                $50.00

Exam of Documents (per set of documents/draft for beneficiary account)        $200.00

Discrepancy Fee (per set of documents/draft for beneficiary account)          $50.00

Other (as may be mutually agreed between Borrower and Lender)
</TABLE>

                                   - 8 -

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