Document:

EX-10.2

 Exhibit 10.2 
 NATIONAL FUEL GAS COMPANY 
 2012 ANNUAL AT RISK COMPENSATION INCENTIVE
PLAN 
 1. Definitions 
 As used with respect to At Risk Awards, the following terms shall have the following meanings: 
 (a) “Acceleration Date” means (i) in the event of a Change in Ownership, the date on which such change occurs, or (ii) with respect to an Eligible Employee who is eligible
for treatment under Section 8 hereof on account of the termination of his employment following a Change in Control, the date on which such termination occurs. 
 (b) “Award Notice” means a written notice from the Company to a Participant that sets forth the terms and conditions of an Award in addition to the terms and conditions established
by this Plan and by the Committee’s exercise of its administrative powers. 
 (c) “At Risk Award”
means an award granted by the Committee to a Participant under this Plan, and entitling the Participant to a cash payment based upon the extent to which specified Performance Goals are attained for a specified Performance Period, pursuant to
such terms and conditions as the Committee may establish in an Award Notice. No Eligible Employee may receive more than one At Risk Award under this Plan in any fiscal year. In no event will the maximum value of any At Risk Award to any Eligible
Employee in any fiscal year exceed the lower of (i) twice that employee’s base salary for that fiscal year (as in effect at the date the Award Notice is provided to the Participant), or (ii) two million dollars. An At Risk Award may
be granted singly, in combination with or in the alternative to other Awards granted under any Company benefit plan. 

(d) “Board” means the Board of Directors of the Company. 

(e) “Cause” means (i) the willful and continued failure by a Participant to substantially perform his duties
with his employer after written warnings specifically identifying the lack of substantial performance are delivered to him by his employer, or (ii) the willful engaging by a Participant in illegal conduct which is materially and demonstrably
injurious to the Company or a Subsidiary. 
 (f) “Change in Control” shall be deemed to have occurred at such
time as: 
  

	 	(i)	 any “person” within the meaning of Section 13(d) of the Exchange Act, other than the Company, a Subsidiary, or any employee benefit plan
or plans sponsored by the Company or any Subsidiary, 

	 	
is or has become the “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of twenty percent (20%) or more of the combined voting power
of the outstanding securities of the Company ordinarily having the right to vote at the election of directors or more than twenty percent (20%) of the fair market value of all classes of the Company’s outstanding stock; or

  

	 	(ii)	consummation of any consolidation or merger immediately following which the persons who, immediately prior to the consolidation or merger, held the capital stock of the
Company do not hold, immediately following such transaction, (x) at least a majority of the stock ordinarily entitled to vote in the election of directors of the corporation surviving such consolidation or merger (or of the ultimate parent
corporation in an unbroken chain which owns, directly or indirectly, a majority of the capital stock of such entity) or (y) stock in the entity described in subclause (x) that represents at least 50% of the fair market value of all classes
of stock of such entity, in either case, in substantially the same proportionate ownership as such persons held immediately before such consolidation or merger; or 

 

	 	(iii)	any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all the assets of the Company; or

  

	 	(iv)	individuals who constitute the Board on January 1, 2012 (the “Incumbent Board”) have ceased for any reason to constitute at least a majority thereof,
provided that any person becoming a director subsequent to January 1, 2012 whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least three-quarters (3/4) of the directors then
comprising the Incumbent Board (either by specific vote or by approval of the proxy statement of the Company in which such person is named as nominee for director without objection to such nomination) shall be, for purposes of this Plan, considered
as though such person were a member of the Incumbent Board. 

 (g) “Change in Ownership”
means a change which results directly or indirectly in the Company’s Common Stock ceasing to be actively traded on a national securities exchange or the National Association of Securities Dealers Automated Quotation System. 

(h) “Code” means the Internal Revenue Code of 1986, and the rules, regulations and interpretations promulgated
thereunder, as amended from time to time. 

  
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 (i) “Committee” means the Compensation Committee of the Board, or such
other committee designated by the Board as authorized to administer this Plan with respect to At Risk Awards. The Committee shall consist of not less than two members, each of whom shall be “outside directors” as defined by
Section 162(m) of the Code and the rules, regulations and interpretations promulgated thereunder, as amended from time to time. 
 (j) “Common Stock” means the common stock of the Company. 

(k) “Company” means National Fuel Gas Company. 

(l) “Eligible Employee” means those employees of the Company or its Subsidiaries who are expected to constitute
“covered employees” within the meaning of Section 162(m) of the Code for the applicable fiscal year(s), and any other officer or employee of the Company or its Subsidiaries to whom an At Risk Award has been granted by the Committee.

 (m) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

(n) “Good Reason” means a good faith determination made by a Participant that there has been any (i) material
change by the Company of the Participant’s functions, duties or responsibilities which change could cause the Participant’s position with the Company to become of less dignity, responsibility, importance, prestige or scope, including,
without limitation, the assignment to the Participant of duties and responsibilities inconsistent with his positions, (ii) assignment or reassignment by the Company of the Participant without the Participant’s consent, to another place of
employment more than 30 miles from the Participant’s current place of employment, or (iii) reduction in the Participant’s total compensation or benefits or any component thereof, provided in each case that the Participant shall
specify the event relied upon for such determination by written notice to the Board at any time within six months after the occurrence of such event. 
 (o) “Participant” means any individual who is holding an At Risk Award granted by the Committee under this Plan. 

(p) “Performance Period” means the period established by the Committee in the Award Notice, for measurement of the
extent to which a Performance Goal has been satisfied. 

  
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 (q) “Performance Goal” means the performance objectives established by
the Committee for each Eligible Employee who receives an At Risk Award based on one or more of the following objectively defined and non-discretionary business criteria: 

 

	 	(i)	financial performance measures, including earnings per share, revenues operating income, net profit, EBITDA, budget achievement and improvement in, or attainment of,
expense levels; 

  

	 	(ii)	overall operational performance measures, including production measures, total reserve replacement, segment growth, and compliance with or satisfaction of objective
environmental or customer service measures; and 

  

	 	(iii)	targeted operational performance measures, including compliance with or satisfaction of objective health and safety requirements or standards, and improvement in, or
attainment of objectives with respect to, (A) meter reading, (B) employee relations, (C) investor relations, (D) transportation and storage revenue, (E) fuel consumption and lost and
unaccounted for gas, (F) achievement of objective governmental low income energy assistance program participation measures, and (G) compliance with applicable laws, regulations and professional standards, including the
Sarbanes-Oxley Act. 

 Each of the foregoing performance objectives may be expressed on an absolute and/or relative basis, may be
based on or otherwise employ comparisons based on internal targets, the past performance of the Company or its subsidiaries and/or the past or current performance of other companies, and shall be calculated with respect to the Company and/or each
subsidiary of the Company and/or such division or other business unit as may be selected by the Committee. The Committee may add, as an additional condition to payment of any At Risk Award, the achievement of other, additional goals as it sees fit.

 (r) “Plan” means this National Fuel Gas Company 2012 Annual At Risk Compensation Incentive Plan, as
amended from time to time. Any reference in this Plan to a Section number refers to that portion of this Plan. 

(s) “Subsidiary” means a corporation or other business entity in which the Company directly or indirectly has an
ownership interest of eighty percent (80%) or more. 
 2. Administration 

With respect to At Risk Awards the Committee is given full authority to (a) make reasonable, good faith interpretations of this Plan
and of Section 162(m) of the Code, to 

  
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the extent not addressed by regulation, proposed regulation or publicly available interpretation of the Internal Revenue Service; (b) determine who shall be Eligible Employees and select
Eligible Employees to receive At Risk Awards; (c) determine all the other terms and conditions of an At Risk Award, including the time or times of making At Risk Awards to Eligible Employees, the Performance Period, Performance Goals, and
levels of At Risk Awards to be earned in relation to levels of achievement of the Performance Goals, and such other measures as may be necessary or desirable to achieve the purposes of this Plan; (d) determine whether At Risk Awards are to be
granted singly, in combination with or in the alternative to other Awards under any other Company benefit plans; (e) grant waivers of Plan terms and conditions, provided that any such waiver shall not be inconsistent with Section 162(m) of
the Code; and (f) accelerate the vesting, exercise or payment of any At Risk Award or modify the Performance Period of an At Risk Award when any such action would not cause compensation paid or payable under such At Risk Award to cease to be
deductible by the Company for federal income tax purposes. The Committee shall also have the authority to grant At Risk Awards in replacement of Awards previously granted under this Plan or awards under any other executive compensation or stock
option plan of the Company or a Subsidiary. 
 All determinations of the Committee shall be made by a majority of its members,
and its determinations shall be final, binding and conclusive. The Committee, in its discretion, may delegate its authority and duties under this Plan with respect to At Risk Awards to the Company’s Chief Executive Officer or to other senior
officers of the Company, but only to the extent, if any, permitted by Section 162(m) of the Code and notwithstanding any other provision of this Plan or an Award Notice, under such conditions as the Committee may establish. For the avoidance of
doubt, neither the Committee nor any delegate thereof shall take any action under this Plan, including without limitation pursuant to this Section 2 or Sections 6 or 7, which would result in the imposition of an additional tax under
Section 409A of the Code on the Eligible Employee holding an At Risk Award granted hereunder. 
 3. Grant of At Risk Awards

 At Risk Awards may be made to any Eligible Employee for each fiscal year, or any portion thereof, of the Company
commencing with the fiscal year beginning October 1, 2012; provided, however, that At Risk Awards for a fiscal year may only be made within the time allowed under Section 162(m) of the Code, applicable to such fiscal year. At Risk Awards
are made by means of an Award Notice, which shall specify a Participant’s Performance Goals for a particular Performance Period. 
 4.
Payment of at Risk Awards 
 Each At Risk Award granted to a Participant shall entitle such Participant to receive a cash
payment based upon the extent to which the Committee has certified 

  
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attainment of the Participant’s Performance Goals for the Performance Period. Payment of earned At Risk Awards shall be made in cash promptly after such certification, but in no event later
than 2 1/2 months after the end of the calendar year
in which the relevant Performance Period ends. The Company shall be entitled to deduct from any payment under this Plan the amount of all applicable income and employment taxes required by law to be withheld with respect to such payment or may
require the participant to pay to it such tax prior to and as a condition of the making of such payment. 
 5. Termination of
Employment, Retirement, or Death of Participant 
 (a) General Rule. If a Participant’s employment with the
Company or a Subsidiary terminates for a reason other than death, disability, retirement, or an approved reason, all unearned or unpaid At Risk Awards shall be canceled or forfeited as the case may be, unless otherwise provided in this Section or in
the Eligible Employee’s Award Notice. The Committee shall have the authority to promulgate rules and regulations to (i) determine what events constitute disability, retirement, or termination for an approved reason for purposes of the
Plan, and (ii) determine the treatment of a Participant under this Plan in the event of his death, disability, retirement, or termination for an approved reason. 
 (b) In the event of the disability, retirement or termination for an approved reason of a Participant during a Performance Period, his participation shall be deemed to continue to the end of the
Performance Period, with the right of such Participant to receive payment of an At Risk Award remaining subject to and based upon the extent to which such Participant’s Performance Goals for such Performance Period are attained. The amount
payable to a Participant in such circumstances shall be equal to the product of the amount earned, if any, according to the terms of the At Risk Award, multiplied by a fraction (the “Pro-Rata Fraction”), the numerator of which is the
Participant’s actual period of service during that Performance Period and the denominator is the total Performance Period. 

(c) In the event of the death of a Participant during a Performance Period, the Participant’s designated beneficiary (or if
none, then the Participant’s estate) shall be paid an amount equal to the maximum amount which could have been earned under the At Risk Award (regardless of the actual achievement of the Participant’s Performance Goals) multiplied by the
Pro-Rata Fraction. 
 6. Amendments to at Risk Awards 
 The Committee may, at any time, unilaterally amend any unearned or unpaid At Risk Award, including At Risk Awards earned but not yet paid, to the extent it deems appropriate; provided, however, that any
such amendment which is adverse to the Participant shall require the Participant’s consent; and provided further, however, that the 

  
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Committee shall have no authority to make any amendment which would cause compensation paid or payable under the At Risk Award to cease to be deductible by the Company for federal income tax
purposes. 
 7. Amendment to Plan 
 Subject to the shareholder approval requirements of Section 162(m) of the Code, the Committee may, from time to time, amend this Plan in any manner. 

8. Change in Control and Change in Ownership 
 (a) Background. All Participants shall be eligible for the treatment afforded by this Section 8 if there is a Change in Ownership or if their employment terminates within three years following
a Change in Control, unless the termination is due to (i) death; (ii) disability entitling the Participant to benefits under his employer’s long-term disability plan; (iii) Cause; or (iv) resignation by the Participant other
than for Good Reason. 
 (b) Vesting. If a Participant is eligible for treatment under this Section 8, the
provisions of this Section shall determine the manner in which such At Risk Award shall be paid to him. For purposes of making such payment, each “current performance period” (defined to mean a Performance Period which period has commenced
but not yet ended), shall be treated as terminating upon the Acceleration Date, and for each such “current performance period” and each “completed performance period” (defined to mean a Performance Period which has ended but for
which the Committee has not, on the Acceleration Date, made a determination as to whether and to what degree the Performance Goals for such period have been attained), it shall be assumed that the Performance Goals have been attained at a level of
100% or the equivalent thereof. If the Participant is participating in one or more “current performance periods,” he shall be considered to have earned and, therefore, to be entitled to receive, a prorated portion of the At Risk Awards
previously granted to him for each such Performance Period. Such prorated portion shall be determined by multiplying 100% of the At Risk Award granted to the Participant by a fraction, the numerator of which is the total number of whole and partial
years (with each partial year being treated as a whole year) that have elapsed since the beginning of the Performance Period to the Acceleration Date, and the denominator of which is the total number of years in such Performance Period. A
Participant in one or more “completed performance periods” shall be considered to have earned and, therefore, be entitled to receive 100% of the At Risk Awards previously granted to him during each Performance Period. 

(c) Payment of Awards. If a Participant is eligible for treatment under this Section 8, whether or not he is still
employed by the Company or a Subsidiary, he shall be paid, in a single lump sum cash payment, as soon as practicable but in no event later than 60 days after the Acceleration Date, for all outstanding At Risk Awards. 

  
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 (d) Miscellaneous. Upon a Change in Control or a Change in Ownership,
(i) the provisions of Sections 5 and 9 hereof shall become null and void and of no force and effect insofar as they apply to a Participant who has been terminated under the conditions described in (a) above; and (ii) no action shall
be taken which would affect the rights of any Participant or the operation of this Plan with respect to any At Risk Award granted prior to the Change in Control or Change in Ownership. 

(e) Legal Fees. The Company shall pay all legal fees and related expenses incurred by a Participant in seeking to obtain or
enforce any payment, benefit or right he may be entitled to under the Plan after a Change in Control or Change in Ownership; provided, however, the Participant shall be required to repay any such amounts to the Company to the extent a court of
competent jurisdiction issues a final and non-appealable order setting forth the determination that the position taken by the Participant was frivolous or advanced in bad faith. 
 9. Noncompetition Provision 
 Notwithstanding anything contained in this
Plan to the contrary, unless the Award Notice specifies otherwise, a Participant shall forfeit all unearned and/or unpaid At Risk Awards, including At Risk Awards earned but not yet paid, and all interest, if any, accrued on the foregoing if,
(i) in the opinion of the Committee, the Participant, without the written consent of the Company, engages directly or indirectly in any manner or capacity as principal, agent, partner, officer, director, employee, or otherwise, in any business
or activity competitive with the business conducted by the Company or any Subsidiary; or (ii) the Participant performs any act or engages in any activity which in the opinion of the Committee is inimical to the best interests of the Company.

 10. Nonassignability 
 No Award under this Plan shall be subject in any manner to alienation, anticipation, sale, transfer (except by will or the laws of descent and distribution or pursuant to a domestic relations court
order), assignment, pledge, or encumbrance. Following an approved transfer, any such Award shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, and except as provided in the next sentence,
the term “Participant” shall be deemed to refer to the transferee. The events of termination of employment of Section 5 shall continue to be applied with reference to the original Participant and following the termination of
employment of the original Participant, the transferred Award shall be payable to the transferee only to the extent, and for the periods specified in Section 5, that the original Participant could have received payment of such Award. Except as
expressly permitted by this Section, an Award shall be payable during the Participant’s lifetime only to him. 

  
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 11. No Right to Continued Employment or Grants 

Participation in this Plan shall not give any Participant any right to remain in the employ of the Company or any Subsidiary. The Company
or, in the case of employment with a Subsidiary, the Subsidiary, reserves the right to terminate any Participant at any time. Further, the adoption of this Plan shall not be deemed to give any person any right to be selected as a Participant or to
be granted an Award. 
 12. No Right, Title or Interest in Company Assets 

To the extent any person acquires a right to receive payments from the Company under this Plan, such rights shall be no greater than the
rights of an unsecured creditor of the Company. 
 13. Savings Provision 

This Plan is intended to comply with all the applicable conditions of Section 162(m) of the Code, so that compensation paid or
payable hereunder shall constitute qualified “performance-based compensation” thereunder. To the extent any provision of this Plan or any action by the Committee fails to so comply, it shall be deemed null and void with respect to the
compensation of any Participant who is a “covered person” within the meaning of Section 162(m), to the extent permitted by law. 

14. Effective Date 
 Upon
approval by the shareholders of the Company as required by Section 162(m) of the Code, this Plan shall become effective as of December 8, 2011. 

  
 9EX-10.3

 Exhibit 10.3 
 NATIONAL FUEL GAS COMPANY 
 2012 PERFORMANCE INCENTIVE PROGRAM

 NATIONAL FUEL GAS COMPANY (the “Company”) hereby adopts this NATIONAL FUEL GAS COMPANY 2012 PERFORMANCE
INCENTIVE PROGRAM (the “Program”) as of this 8th day of December 2011, in accordance with the terms provided herein. 
 Section 1. Incentive Program Purpose. The purpose of the Program is to enable the Company and its majority-owned subsidiaries (the “Subsidiaries”) to attract, retain, motivate and
reward officers and key employees by providing them with long-term incentive opportunities directly linked to the Company’s performance with respect to certain strategic objectives of the Company, which are also intended to further align their
interests with those of the Company’s shareholders. 
 Section 2. Eligibility. The Compensation Committee of the
Board of Directors or such other committee that the Board of Directors may designate from time to time (the “Committee”) shall designate the persons eligible to participate in the Program (each, a “Participant”)
from among the officers and employees of the Company and its Subsidiaries. 
 Section 3. Performance Periods and Target
Incentives. With respect to each Participant, the Committee shall establish a dollar denominated target incentive opportunity (the “Target Incentive”) applicable to such Participant with respect to each performance period
(“Performance Period)” established by the Committee. In the event that an employee is selected as a Participant after the commencement of any Performance Period (including by reason of having first been hired after the commencement
of the Performance Period), the Committee shall determine the basis on which such person shall be permitted to participate in the Program for such Performance Period (including, but not limited to, whether the Participant’s Target Incentive
will be pro-rated to reflect his or her eligibility for only a portion of the Performance Period); provided, however, that the Committee shall only approve such person’s participation to the extent that the terms of such participation comply
with the requirements of Section 162(m) of the Internal Revenue Code of 1986 and the rules, regulations and interpretations promulgated thereunder, as amended from time to time (the “Code”). 

Section 4. Performance Objective, Percentage of Target Incentive Paid and Percentile Ranking. 

(a) Establishment of Performance Objective. The performance objective (“Performance Objective”) upon
which any payment under the Program shall be conditioned shall be the Company’s Total Return on Capital (as defined below) over the Performance Period relative to the Total Return on Capital of other companies in the Peer

 
Group (as defined below) for the Performance Period. “Total Return on Capital” for the Company or any member of the Peer Group shall mean the average of the returns on capital
for each twelve month period corresponding to each of the Company’s fiscal years during any Performance Period, based on the data reported for that company in the AUS Monthly Utility Reports or, if the AUS Monthly Utility Reports ceases to be
available, such alternative, similar publication or service as the Committee shall designate (the “Monthly Utility Reports”) for the Natural Gas Distribution and Integrated Natural Gas Companies peer group for which data is available for
the entire Performance Period (the “Peer Group”). Notwithstanding the foregoing, in comparing the Company’s performance to that of the Peer Group, the Committee shall adjust the Company’s Total Return on Capital to include
the effect of discontinued operations. To the extent reasonably correctible, the Committee shall correct the reported data for a known error in the reporting of the results of the Company. 

(b) Determination of Amount Payable in Respect of Performance Period. Subject to the Committee’s discretion to
reduce the amount payable to any Participant based on such factors as the Committee shall determine with respect to each Performance Period, including but not limited to the Participant’s individual performance, the amount that shall be payable
to each Participant shall be equal to the product of the Participant’s Target Incentive and the Percentage of Target Incentive Paid. The “Percentage of Target Incentive Paid” shall be determined based on achievement of the
following performance thresholds: 
  

	 	(i)	if the Company’s Percentile Ranking (as defined in Section 4(c) below) relative to the Peer Group does not exceed 45%, then the Percentage of Target Incentive
Paid shall equal zero; 

  

	 	(ii)	if the Percentile Ranking is 45.01%, then the Percentage of Target Incentive Paid shall equal 50%; 

 

	 	(iii)	if the Percentile Ranking is 60%, then the Percentage of Target Incentive Paid shall equal 100%; 

 

	 	(iv)	if the Percentile Ranking is 75%, then the Percentage of Target Incentive Paid shall equal 150%; and 

 

	 	(v)	if the Percentile Ranking is 100%, then the Percentage of Target Incentive Paid shall equal 200%. 

For a Percentile Ranking between two established performance levels, the Percentage of Target Incentive Paid will be determined by mathematical
interpolation. The Committee shall certify the determination of the Percentile Ranking and the corresponding achievement of the Performance Objectives prior to any payment under the Program. 

  
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 (c) Determination of Percentile Ranking in Respect of Performance Period.
The “Percentile Ranking” shall mean the percentage determined by dividing (A) the remainder of (i) the Company’s rank within the Peer Group for the Performance Period (measured lowest to highest) based
on its Total Return on Capital for such Performance Period minus (ii) one (1), by (B) the number of companies (excluding the Company) in the Peer Group for that Performance Period. For purposes of determining the Percentile
Ranking, if the Company’s Total Return on Capital for a Performance Period equals that of another company in the Peer Group, the Company shall be ranked ahead of such other company. 

(d) Maximum Amount Payable in Respect of Performance Period. Notwithstanding the preceding provisions of this
Section 4, in no event may the maximum amount payable to any Participant with respect to his or her Target Incentive for any single Performance Period exceed (i) one million dollars, with respect to a Performance Period with a length of
one year or less, or (ii) three million dollars with respect to a Performance Period with a length of more than one year. 
 Section 5. Payment of Cash. Except as provided in Section 6, any amount determined to be payable to a Participant in respect of any Performance Period pursuant to Section 4 shall be paid
to the Participant (or, where applicable, the Participant’s beneficiary or legal representative) in a single lump sum cash amount not later than
2 1/2 months after the end of the calendar year in
which the relevant Performance Period ends. 
 Section 6. Employment Conditions to Payment. 

(a) Full Award Requires Service for Entire Performance Period. To be entitled to payment in full of any amount payable
in respect of any Target Incentive, a Participant must be in the continuous employ of the Company or a Subsidiary from the date he or she is selected as a Participant through the last day of the applicable Performance Period. Except as provided
in Section 6(b), if a Participant’s employment terminates for any reason during a Performance Period (including, but not limited to, the Participant’s voluntary resignation), such Participant shall be entitled to receive
payment of the amount, if any, determined pursuant to Section 6(c). 
 (b) Cause. If a
Participant’s employment is terminated for “Cause” at any time prior to payment of any amount in respect of any Target Incentive under Sections 4 and 5, such Participant shall forfeit any right to receive any payment in respect of his
or her Target Incentive for that Performance Period (regardless of whether the Performance Period shall have been completed and an amount would otherwise have been payable to the Participant in respect of his or her Target Incentive). For purposes
of this Program, the term “Cause” means (i) the Participant’s failure to follow or comply with a reasonable and lawful written directive of the Board of Directors or Chief Executive Officer of the Company
(the “CEO”), (ii) the Participant’s failure to perform the 

  
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substantial responsibilities of his or her position, (iii) any act of dishonesty, gross negligence, or misconduct by the Participant, including any violation of a material Company
policy or breach of fiduciary duty owed by the Participant to the Company (even if no harm results from such act), (iv) the Participant’s conviction of or entering a plea of guilty or nolo contendere to a crime constituting a
felony or the Participant’s willful violation of any law, rule or regulation, or (v) the Participant engages in, or is interested in, (as owner, partner, shareholder, employee, director, agent, consultant or otherwise), any business
which is a “Competitor” of the Company. “Competitor” of the Company is any corporation, sole proprietorship, partnership, joint venture, syndicate, trust or any other form of organization or parent, subsidiary or division of any
of the foregoing, which is engaged in the transportation, purchase, brokering, marketing or trading of natural gas or other energy products or services which are competitive to the Company’s products or services, any of which is engaged in
within 50 miles of the geographic area in which the Company is engaged in such competitive business, provided that a present or future investment in the securities of companies listed on a national securities exchange or traded on the
over-the-counter market to the extent such investments do not exceed 2% of the total outstanding shares of such company will not constitute engagement or interest in a “Competitor.” 

(c) Termination for Any Other Reason. Subject to the last sentence of this Section 6(c), if a
Participant’s employment terminates during a Performance Period for any reason other than Cause, the amount payable to the Participant in respect of the Participant’s Target Incentive for any Performance Period shall be equal to the
product of (x) the amount that would have been payable in respect of the Participant’s Target Incentive had such Participant been employed for the entire Performance Period (as determined in accordance with Section 4 based on
the Committee’s certification of the achievement of the Performance Objective for the Performance Period) multiplied by (y) the Participant’s Pro-Rata Fraction. With respect to any Participant, the “Pro-Rata
Fraction” is a fraction, the numerator of which is the number of days in the Performance Period completed prior to and including the date of Participant’s termination of employment, and the denominator of which is the total number
of days in the Performance Period. To the extent a Participant becomes entitled to receive any payment as provided in this Section 6(c), such payment shall be made not later than 2 1/2 months after the end of the calendar year in which the relevant
Performance Period ends. Any payment to a Participant pursuant to this Section 6(c) shall be subject to such terms and conditions (including, but not limited to, the execution of a release and/or certain restrictive covenants in favor of the
Company) as the CEO shall determine not later than the date of such Participant’s termination of employment. 

Section 7. Change in Control. Notwithstanding anything else in the Program to the contrary, in the event of a Change in Control,
the rights of each Participant to receive payment in respect of any outstanding Target Incentive shall be determined in accordance with this Section 7. If a Change in Control occurs, the Total Return on Capital for each

  
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company in the Peer Group (including the Company) shall mean the average of the returns on capital or deemed returns on capital, as applicable, related to each fiscal year of the Company during
the Performance Period, determined as follows: 
  

	 	(i)	with respect to any fiscal year of the Company during the Performance Period that, as of the date of the Change in Control, the return on capital for the period
corresponding to the entire fiscal year has been reported in the Monthly Utility Reports, the actual returns reported for such period; 

  

	 	(ii)	with respect to any fiscal year of the Company during the Performance Period that, as of the date of the Change in Control, the return on capital for the period
corresponding to the entire fiscal year has not been reported in the Monthly Utility Reports, a deemed return on capital equal to the average actual returns on capital reported for the 36 month period corresponding to the last three fiscal years of
the Company for which returns have been reported in the Monthly Utility Reports. 

 The amount payable to each
Participant for each open Performance Period shall be the product of (A) the amount that would have been payable to the Participant in respect of the Target Incentive applying the provisions of Section 4, but using the Total Return
on Capital as determined for the Company and the Peer Group pursuant to this Section 7, and (B) a fraction, the numerator of which is the number of days in the Performance Period completed prior to, and including, the Change in Control and
the denominator of which is the total number of days in the Performance Period. Any amount payable pursuant to this Section 8 shall be paid to the participant in a single lump sum cash payment as soon as practicable but in no event later than 2 1/2 months after the date of the Change in Control.

 For purposes of this Program, a “Change in Control” shall be deemed to have occurred at such time:

  

	(i)	any “person” within the meaning of Section 13(d) of the Exchange Act, other than the Company, a Subsidiary, or any employee benefit plan or plans
sponsored by the Company or any Subsidiary, is or has become the “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of twenty percent (20%) or more of the combined voting power of the
outstanding securities of the Company ordinarily having the right to vote at the election of directors or more than twenty percent (20%) of the fair market value of all classes of the Company’s outstanding stock; or

  

	(ii)	 consummation of any consolidation or merger immediately following which the persons who, immediately prior to the consolidation or merger, held the
capital stock of the Company do not hold, immediately following such transaction, (x) at least a 

  
 5 

	 	
majority of the stock ordinarily entitled to vote in the election of directors of the corporation surviving such consolidation or merger (or of the ultimate parent corporation in an unbroken
chain which owns, directly or indirectly, a majority of the capital stock of such entity) or (y) stock in the entity described in subclause (x) that represents at least 50% of the fair market value of all classes of stock of such entity,
in either case, in substantially the same proportionate ownership as such persons held immediately before such consolidation or merger; or 

  

	(iii)	any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all the assets of the Company; or

  

	(iv)	individuals who constitute the Board on January 1, 2012 (the “Incumbent Board”) have ceased for any reason to constitute at least a majority thereof,
provided that any person becoming a director subsequent to January 1, 2012 whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least three-quarters (3/4) of the directors then
comprising the Incumbent Board (either by specific vote or by approval of the proxy statement of the Company in which such person is named as nominee for director without objection to such nomination) shall be, for purposes of this Plan, considered
as though such person were a member of the Incumbent Board. 

 Section 8. Responsibilities of the
Committee. The Committee shall administer and interpret the Program, including making the certification required under Section 4(b). The Committee shall consist of not less that two members, each of whom shall be “outside
directors” as defined by Section 162(m) of the Code. Any determination made by the Committee under the Program shall be final and conclusive. The Committee may employ such legal counsel, consultants and agents (including counsel or agents
who are employees of the Company or a Subsidiary) as it may deem desirable for the administration of the Program and may rely upon any opinion received from any such counsel or consultant or agent and any computation received from such consultant or
agent. All expenses incurred in the administration of the Program, including, without limitation, for the engagement of any counsel, consultant or agent, shall be paid by the Company. No member or former member of the Committee shall be liable for
any action or determination made in good faith under the Program or with respect to any Target Incentive awarded or amount payable in respect thereof. The Committee may delegate any or all of its administrative authority hereunder (except with
respect to the participation by the CEO) to the CEO, any other officer or employee of the Company or an outside party, but only to the extent, if any, permitted by Section 162(m) of the Code. 

Section 9. Nonassignment. A Participant shall not be permitted to assign, alienate or otherwise transfer any interest in any
amount payable in respect of his or her Target Incentive, and any attempt to do so shall be void. A Participant’s interests under this Program shall not be subject to garnishment or execution or levy of any kind, and any

  
 6 

 
attempt to cause any benefits to be so subjected shall not be recognized. This Program shall be an unfunded plan and a Participant shall have only the rights of a general creditor of the Company
with respect to such Participant’s interest under this Program. 
 Section 10. Impact on Benefit Plans. Payments
under the Program shall not be considered as earnings for purposes of any of the Company’s employee benefit plans, programs or arrangements, including, but not limited to, its qualified retirement plans or non-qualified retirement plans or for
any other retirement or benefit plan, unless specifically provided for and defined under such plans subsequent to the date this Program was adopted. Any employee’s participation in the Program and receipt of any payment in respect of any Target
Incentive is expressly made contingent upon the employee’s acceptance of the limitation set forth in the preceding sentence. Nothing herein shall prevent the Company from maintaining additional compensation plans and arrangements, provided
however that no payments shall be made under such plans and arrangements if the effect thereof would be the payment of compensation otherwise payable under this Program regardless of whether the Performance Objective was attained. 

Section 11. Successors. The obligation of the Company under the Program shall be binding upon the successors and assigns of the
Company. 
 Section 12. Applicable Law. This Program shall be governed by and construed under the laws of the State of
New York without regard to its conflict of law provisions. 
 Section 13. Severability. In the event that any one or more
of the provisions of this Program shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 14. Tax Withholding. The Company shall have the power to withhold from any amount payable hereunder an amount sufficient
to satisfy federal, state and local or non-U.S. withholding tax requirements on any amount payable under this Program. 

Section 15. No Voluntary Election to Defer. Unless and to the extent expressly permitted by the Committee on such terms and
conditions as it shall deem necessary or appropriate, no amount payable under the Program may be electively deferred by a Participant past the date as of which such amount would otherwise be paid hereunder. Notwithstanding the foregoing, the Company
may defer payment of any amount payable in respect of any Target Incentive if and to the extent such payment would, if made at the time otherwise required under the Program, not be deductible by the Company or any Subsidiary by reason of
Section 162(m) of the Code. Notwithstanding anything in this Program to the contrary, any deferral of payment permitted or required in accordance with this Section 15 shall at all times comply with the applicable provisions of Section

  
 7 

 
409A of the Code and all determinations with respect thereto shall be made in a manner intended to avoid the imposition on any Participant of the additional taxes set forth in such
Section 409A. 
 Section 16. No Guarantee of Employment. Nothing in this Program shall interfere with or limit in
any way the right of the Company or a Subsidiary to terminate any Participant’s employment at any time, nor confer upon any Participant any right to continue in the employ of the Company or a Subsidiary. 

Section 17. Headings. The descriptive headings of the Sections of this Program are inserted for convenience of reference only and
shall not constitute a part of this Program. Except when otherwise indicated by the context, the singular shall be read and interpreted as the plural (when appropriate), and the plural shall include the singular. 

Section 18. Amendment or Termination of this Program. Subject to the shareholder approval requirements of Section 162(m) of
the Code, this Program may be amended, suspended or terminated by the Company at any time upon approval by the Committee. Notwithstanding the foregoing, no amendment, suspension or termination shall adversely affect a Participant’s rights with
respect to any Target Incentive previously established, except as provided herein, and the Committee shall have no authority to make any amendment which would cause compensation paid or payable under the Program to cease to be deductible by the
Company for federal income tax purposes. 
 Section 19. Savings Provision. This Program is intended to comply with all
the applicable conditions of Section 162(m) of the Code, so that compensation paid or payable hereunder shall constitute qualified “performance-based compensation” thereunder. To the extent any provision of this Program or any action
by the Committee fails to so comply, it shall be deemed null and void with respect to the compensation of any Participant who is a “covered person” within the meaning of Section 162(m), to the extent permitted by law. 

Section 20. Effective Date. Upon approval by the shareholders of the Company as required by Section 162(m) of the Code, this
Program shall become effective as to awards granted on or after the commencement of the Company’s fiscal year that began October 1, 2011. 

  
 8

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