Document:

firstamend2006lt032609pcu.htm

    Nicor Inc.

    Exhibit 10.09

    Form 8-K

    
 

    NICOR INC. 2006 LONG TERM
INCENTIVE PLAN

    

    FIRST
AMENDMENT TO

    

    PERFORMANCE
CASH UNIT AGREEMENT

    

    This Amendment (the “Amendment”) to
that certain Performance Cash Unit Agreement (the “Agreement”) between Nicor
Inc., an Illinois corporation (the “Company”) and Rick Murrell (the “Employee”)
dated as of March 26, 2009 (the “Agreement Date”) is effective as of this July
23, 2009 (the “Amendment Date”), by and among the Company and the
Employee.  Except as set forth in the Amendment, capitalized terms
used herein but not defined herein shall have the meanings ascribed to them in
the Agreement.

    

    WITNESSETH

    

    WHEREAS, the Company maintains the
Nicor Inc. 2006 Long Term Incentive Plan, as amended (the “Plan”), which is
incorporated into and forms a part of this Amendment, for the benefit of key
executive and management employees of the Company and any Related
Company;

    

    WHEREAS, the Employee had been selected
by the Committee to receive an award of Performance Cash Units pursuant to the
Plan, such award evidenced by the Agreement;

    

    WHEREAS, the Employee and the Company
desire to amend the terms of the Agreement as set forth in this
Amendment.

    

    NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Employee and the Company (collectively the “Parties”) hereby agree as of the
Amendment Date to the following:

    

    1.
 
Amendment to Paragraph 1 of
the Agreement.  Effective as of the Amendment Date, Paragraph 1
of the Agreement is hereby amended and restated in its entirety as
follows:

    

    “1.           Award.  Subject
to the terms of the Agreement and the Plan, the Employee was originally awarded
49,900 Performance Cash Units and the Employee is hereby awarded an additional
4,990 Performance Cash Units, for a total award of 54,890 Performance Cash
Units.”

    

    2.
 
Amendment to Paragraph 3 of
the Agreement.  Effective as of the Amendment Date, Paragraph 3
of the Agreement is hereby amended by adding the following sentence at the end
thereof:

    

    “Notwithstanding
the foregoing, (i) with respect to Performance Cash Units that vest pursuant to
paragraph 7(b) below, amounts due under paragraph 2 with respect to such vested
Performance Cash Units will be paid in a lump sum as soon as practicable
following the Employee’s death or Disability, as applicable, but in no event
later than March 15 of the calendar year following the calendar year in which
the Employee dies or becomes Disabled and (ii) any amounts with respect to
Performance Cash Units that the Committee determines in its discretion to vest
will be paid in a lump sum no later than March 15 of the calendar year following
the calendar year in which the Committee makes such determination.”

    

    3.
 
Amendment to Paragraph 6 of
the Agreement.  Effective as of the Amendment Date, Paragraph 6
of the Agreement is hereby amended and restated in its entirety as
follows:

    

    
      
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    “6.           Performance
Multipliers.  For purposes of this Agreement, the term “Total
Shareholder Return Performance Multiplier” for the Performance Period shall be
determined in accordance with Exhibit A to this Agreement, provided, however,
that, (i) with respect to Performance Cash Units that vest pursuant to paragraph
7(b) below, the Total Shareholder Return Performance Multiplier shall be deemed
to be 100% and (ii) if the Committee exercises its discretion to vest all or a
portion of the Performance Cash Units in accordance with paragraph 7(c) below,
the Total Shareholder Return Performance Multiplier shall be determined in the
sole discretion of the Committee.”

    

    4.
 
Amendment to Paragraph 7 of
the Agreement.  Effective as of the Amendment Date, Paragraph 7
of the Agreement is hereby amended and restated in its entirety to read as
follows:

    

    “7.           Vesting.  The
Employee shall be vested in and entitled to payment of benefits under this
Agreement only as follows:

    

    (a) If the Employee remains
continuously employed by the Company and the Related Companies during the period
beginning on the Agreement Date and ending on the last day of the Performance
Period, the Employee shall be vested in 100% of the Performance Cash
Units.

    

    (b) If the Employee remains
continuously employed by the Company and the Related Companies through the first
anniversary of the Agreement Date, and such employment terminates before the
last day of the Performance Period by reason of the Employee’s death or
Disability, the Employee shall be vested in a pro rata portion of the
Performance Cash Units based upon the total number of full months the Employee
was employed during the Performance Period and the Employee shall immediately
forfeit the portion of the Performance Cash Units that does not so
vest.

    

    (c) If the Employee’s employment with
the Company or the Related Companies terminates due to the Employee’s Retirement
after the first anniversary of the Agreement Date, the Performance Cash Units or
a portion thereof will vest only in the sole discretion of the
Committee.

    

    The
Employee shall not be vested in or entitled to payment of benefits under this
Agreement except as expressly provided in subsections (a), (b) or (c) next
above.  Nothing in this paragraph 7 shall be deemed to increase the
amount of benefits (if any) payable under this Agreement, as determined without
regard to this paragraph 7.”

     

    5.
 
Amendment to Paragraph 9 of
the Agreement.  Effective as of the Amendment Date, Paragraph 9
of the Agreement is hereby amended and restated in its entirety to read as
follows:

    

    “9.           Retirement;
Disability.  For purposes of this Agreement, the term
“Retirement” means: (a) termination of employment because the Employee has
reached normal retirement age of 65 years; or (b) termination of employment
because the employee has attained at least age 55 and has at least 10 years of
employment with the Company or any Related Companies.  For purposes of
this Agreement, the term “Disability” or “Disabled” means the inability of the
Employee, by reason of a medically determinable physical or mental impairment,
to engage in any substantial gainful activity, which condition, in the opinion
of a physician selected by the Committee, is expected to result in death or can
be expected to last for a continuous period of not less than 12
months.”

    

    6.
 
No Other
Amendment.  Except as expressly set forth in this Amendment,
the Agreement shall remain unchanged and shall continue in full force and effect
according to its terms.

    

    
      
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    7.
 
Acknowledgement. The
Employee acknowledges and agrees that he has carefully read this Amendment in
its entirety, fully understands and agrees to its terms and provisions and
intends and agrees that it be final and legally binding on the Employee and the
Company.

    

    8.
 
Counterparts.  This
Amendment may be executed in several counterparts by the parties each of which
shall be deemed an original.

    

    IN WITNESS WHEREOF, the Employee has
hereunto set the Employee’s hand and the Company has caused this Amendment to be
executed in its name on its behalf, all as of the day and year first above
written.

    

                        NICOR
INC.

    

    

                        By:/s/ CLAUDIA
COLALILLO                               
                  

                                                      Claudia
Colalillo

                                                                     
Senior
Vice President Human Resources and 

                                                                     
Corporate
Communications

    

    

                        EMPLOYEE

    

                                                      /s/ RICK
MURRELL                                              

                                          Rick
Murrell

     

     

    
 

    
      
        3firstamendtropicalltperf.htm

    Nicor Inc.

    Exhibit 10.10

    Form 8-K

    

     

    TROPICAL
SHIPPING COMPANY

     

    FIRST
AMENDMENT TO

     

    LONG-TERM
PERFORMANCE INCENTIVE PLAN

     

    This
Agreement amending the Tropical Shipping Company Long-Term Performance Incentive
Plan is entered into between Tropical Shipping and Construction Company Limited
(the “Company”) and Rick Murrell (the “Executive”) effective as of July 23, 2009
(the “Amendment”).  All capitalized terms used in this Amendment but
not defined herein shall have the meanings assigned to such terms in the Plan
(as defined below).

     

    WHEREAS,
the Company previously adopted the Tropical Shipping Company Long-Term
Performance Incentive Plan, effective January 1, 2008 (the “Plan”);

     

    WHEREAS,
the Executive is the sole participant in the Plan;

     

    WHEREAS,
the Plan is administered by the compensation committee (the “Committee”) of the
board of directors of Nicor Inc.; and

     

    WHEREAS
the Executive and the Committee have determined that it is appropriate to enter
into the agreements with respect to the Plan as set forth herein as a result of
the application of Section 457A of the Code to the Plan and the
Executive;

     

    NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereby agree as follows:

     

    1.
 
Amendment to the
Plan.  The Plan is hereby amended as follows:

     

    (a) 
 By
deleting the provisions of the Plan under the heading “Incentive Payment
Deferral,” including the paragraphs headed “Deferral under the Nicor Stock
Deferral Plan” and “Deferral under this Plan” in
their entirety and by deleting all references in the Plan to such
provisions.

     

    (b) 
 By
amending and restating the provisions of the Plan under the heading “Retirement, Death or
Termination” in its entirety to read as follows:

     

    “The
participant whose employment with the Company terminates by reason of death or
disability during a performance period shall be entitled to the prorated value
of the target incentive award for that performance period determined as if the
Company had achieved the performance objectives with respect to such target
incentive award at the target levels previously established by the
Committee.  The proration will be based on the ratio of the full
calendar months employed during the period to the total months in the
performance period and such prorated amount shall be paid no later than March 15
of the calendar year following the calendar year in which such termination by
reason of death or disability occurs.

     

    If the
participant separates from service with the Company during a performance period
for any reason other than death or disability, including by reason of
retirement, no amount with respect to a target incentive award will be paid to
the participant for that performance period, unless otherwise determined by the

     

    
      
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        Committee
in its sole discretion and the Company will have no further obligation to the
participant under the terms of this Plan.”

         

      

    

    2.
 
Additional
Award.  In consideration of the amendments to the Plan as set
forth above, the Company hereby awards to the Executive an additional target
incentive award (the “Additional Awards”) for each uncompleted performance
period ending after January 1, 2010 for which the Executive has previously
received a target incentive award (the “Prior Target Incentive
Awards”).  The Additional Awards are equal to 10% of the amount of the
Prior Target Incentive Awards and are further described on Exhibit A attached
hereto.

     

    3.
 
Full Force and
Effect.  To the extent not expressly agreed and amended hereby,
the Plan and Executive’s rights thereunder remains unchanged and in full force
and effect.

     

    4.
 
Acknowledgement. The
Executive acknowledges and agrees that he has carefully read this Amendment in
its entirety, fully understands and agrees to its terms and provisions and
intends and agrees that it be final and legally binding on the Executive and the
Company.

     

    5.
 
Counterparts.  This
Amendment may be executed in several counterparts by the parties each of which
shall constitute an original.

     

    IN
WITNESS WHEREOF, the Executive has hereunto set his hand and the Company has
caused this Amendment to be executed in its name on its behalf, all as of the
day and year first above written.

     

    

     

                        TROPICAL SHIPPING
COMPANY

     

    

     

                        By: /s/ VAN
KENT                                        

                        Name:  Van
Kent

                        Title:  AVP
Human Resources

    

     

    

     

                        EXECUTIVE

     

    

     

                                                   
 /s/ RICK MURRELL
                         

                                                                                                                                                               
Rick
Murrell

     

     

    
 

    
      
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    EXHIBIT
A

     

    

    
      
        
          
            
              
                
                  
                    	
                            LTIP

                            Performance

                            Cycle

                          	
                            Original
      LTIP

                            Incentive
      Target

                            Award

                          	
                             

                            Additional
      LTIP

                            Incentive
      Target

                            Award

                             

                          	
                            Amended
      LTIP

                            Incentive
      Target

                            Award

                          
	
                                  2008-10

                          	
                            $232,960

                          	
                                    $23,296

                          	
                                    $256,256

                          
	
                                  2009-11

                          	
                            $232,960

                          	
                                    $23,296

                          	
                                    $256,256

                          

                  

                

              

            

          

        

      

    

     

     

     

    
 

     

    

    
      
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