Document:

Employment Continuation Agreement

    EMPLOYMENT
      CONTINUATION AGREEMENT

    

    

    THIS
      AGREEMENT
      between
      New Jersey Resources Corporation, a New Jersey corporation (the "Company"),
      and
      LAURENCE M. DOWNES (the "Executive"), dated as of this 20th day of February,
      2007.

    
W
      I T N E S S E T H :

    

    WHEREAS,
      the
      Company has employed the Executive in an officer position with the Company
      or
      affiliate thereof and has determined that the Executive holds an important
      position with same;

    

    WHEREAS,
      the
      Company believes that continuity of management will be essential to its ability
      to evaluate and respond to a situation that could result in a change in
      ownership or control of the Company in a manner that serves the best interests
      of shareholders;

    

    WHEREAS,
      the
      Company understands that any such situation will present significant concerns
      for the Executive with respect to his financial and job security;

    

    WHEREAS,
      the
      Company desires to assure itself of the Executive's services during the period
      in which it is confronting such a situation, and to provide the Executive
      certain financial assurances to enable the Executive to perform the
      responsibilities of his position without undue distraction and to exercise
      his
      judgment without bias due to his personal circumstances;

    

    WHEREAS,
      to
      achieve these objectives, the Company and the Executive desire to enter into
      an
      agreement providing the Company and the Executive with certain rights and
      obligations upon the occurrence of a Change in Control or Potential Change
      in
      Control (each as defined in Section 2);

    

    NOW,
      THEREFORE,
      in
      consideration of the premises and mutual covenants herein contained, it is
      hereby agreed by and between the Company and the Executive as
      follows:

    

    1. Operation
      of Agreement.

    

    (a) Effective
      Date.
      The
      effective date for purposes of this Agreement shall be the date on which a
      Change in Control occurs (the "Effective Date"), provided
      that,
      except
      as provided in Section 1(b), if the Executive is not employed by the Company
      on
      the Effective Date, this Agreement shall be void and without effect. This
      Agreement may be terminated with at least one year’s prior written notice on
      December 31, 2007 or any December 31 thereafter by either the Company or
      Executive, provided that no such termination of the Agreement shall occur within
      24 months following a Potential Change in Control or within 24 months following
      a Change in Control or at any time following a termination of employment that
      triggers compensation hereunder.

    

    (b) Termination
      of Employment Following a Potential Change in Control.
      Notwithstanding Section 1(a), if, after the occurrence of a Potential Change
      in
      Control and prior to the occurrence of a Change in Control, (i)
      the
      Executive's employment is terminated by the Company Without Cause (as defined
      in
      Section 6(c)) or Executive terminates employment for Good Reason (determined
      by
      treating a Potential Change in Control as a Change in Control in applying the
      definition of Good Reason, and treating the Effective Date as having been the
      date of the Potential Change in Control) and (ii)
      a
      Change in Control occurs within one year of such termination, the Executive
      shall be deemed, solely for purposes of determining his rights under this
      Agreement, to have remained employed until the date such Change in Control
      occurs and to have been terminated by the Company Without Cause or to have
      terminated with Good Reason (as the case may be) immediately after this
      Agreement becomes effective.

    

    (c) Obligation
      of Subsidiary of the Company Directly Employing Executive.
      If at
      the Effective Date Executive is an employee of a subsidiary of the Company
      rather than the Company, the Company will cause such subsidiary to become a
      party to this Agreement promptly at the Effective Date. In such case, the right
      to employ Executive and the obligations to pay compensation to Executive shall
      be primarily those of such subsidiary, with the Company guaranteeing all such
      obligations, provided that any compensation provided under plans and programs
      of
      the Company (including equity-based compensation) will continue to be a primary
      obligation of the Company, subject to the terms of this Agreement. Unless the
      context shall otherwise require, references to the Company herein shall be
      understood to refer to such subsidiary to the extent necessary to give effect
      to
      this provision, provided that references to the Company in Section 2 in all
      cases shall be understood to mean New Jersey Resources Corporation.

    
      
         

        
          1

        

        2. Definitions.

      

    

    

    (a) Change
      in Control.
      For the
      purposes of this Agreement, a "Change in Control" shall be deemed to have
      occurred if on or after February 20, 2007:

    

    (i)
      any
      Person (as defined below) has acquired Voting Securities (as defined below)
      of
      the Company and, immediately thereafter, is the "beneficial owner" (within
      the
      meaning of Rule 13d-3, as promulgated under Section 13(d) of the Securities
      Exchange Act of 1934, as amended (the "Exchange Act")) of Voting Securities
      of
      the Company representing thirty-five percent (35%) or more of the combined
      Voting Power (as defined below) of the Company's securities;

    

    (ii)
      within any 24-month period, the persons who were directors of the Company
      immediately before the beginning of such period (the "Incumbent Directors")
      shall cease (for any reason other than death) to constitute at least a majority
      of the Board or the board of directors of any successor to the Company,
provided
      that
      any
      director who was not a director at the beginning of such period shall be deemed
      to be an Incumbent Director if such director (A)
      was
      elected to the Board by, or on the recommendation of or with the approval of,
      at
      least two-thirds of the directors who then qualified as Incumbent Directors
      either actually or by prior operation of this Section 2(a)(ii) and (B)
      was not
      designated by a person who has entered into an agreement with the Company to
      effect a Corporate Event, as described in Section 2(a)(iii); or

    

    (iii)
      the
      consummation of a merger, consolidation, share exchange, division, sale or
      other
      disposition of all or substantially all of the assets of the Company, or a
      complete liquidation of the Company (a "Corporate Event"), except that a
      Corporate Event shall not trigger a Change in Control under this clause (iii)
      if
      the shareholders of the Company immediately prior to such Corporate Event shall
      hold, directly or indirectly and without substantial change in the proportionate
      interest of each shareholder, immediately following such Corporate Event a
      majority of the Voting Power of (x)
      in the
      case of a merger or consolidation, the surviving or resulting corporation,
      (y)
      in the
      case of a share exchange, the acquiring corporation or (z)
      in the
      case of a division or a sale or other disposition of assets, each surviving,
      resulting or acquiring corporation which, immediately following the relevant
      Corporate Event, holds more than 10% of the consolidated assets of the Company
      immediately prior to such Event.

    

    (b) Potential
      Change in Control.
      For the
      purposes of this Agreement, a "Potential Change in Control" shall be deemed
      to
      have occurred if:

    

    (i)
      a
      Person commences a bona fide tender offer for securities representing at least
      20% of the Voting Power of the Company's securities;

    

    (ii)
      the
      Company enters into an agreement the consummation of which would constitute
      a
      Change in Control;

    

    (iii)
      proxies for the election of directors of the Company are solicited by anyone
      other than the Company in a bona fide effort to change or influence the control
      of the Company through the election of one or more persons who would not be
      Incumbent Directors; or

    

    (iv)
      any
      other event occurs which is deemed to be a Potential Change in Control by the
      Board.

    

    (c) Person
      Defined.
      For
      purposes of this Section 2, "Person" shall have the meaning ascribed to such
      term in Section 3(a)(9) of the Exchange Act, as supplemented by Section 13(d)(3)
      of the Exchange Act; provided, however, that Person shall not include
      (i)
      the
      Company or any subsidiary of the Company or (ii)
      any
      employee benefit plan sponsored by the Company or any subsidiary of the
      Company.

    

    (d) Voting
      Power Defined.
      A
      specified percentage of "Voting Power" of a company shall mean such number
      of
      the Voting Securities as shall enable the holders thereof to cast such
      percentage of all the votes which could be cast in an annual election of
      directors (without consideration of the rights of any class of stock other
      than
      the common stock of the company to elect directors by a separate class vote);
      and "Voting Securities" shall mean all securities of a company entitling the
      holders thereof to vote in an annual election of directors (without
      consideration of the rights of any class of stock other than the common stock
      of
      the company to elect directors by a separate class vote).

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    3. Employment
      Period.

    

    Subject
      to Section 6 of this Agreement, the Company agrees to continue the Executive
      in
      its employ, and the Executive agrees to remain in the employ of the Company,
      for
      the period (the "Employment Period") commencing on the Effective Date and ending
      on the second anniversary of the Effective Date. The foregoing notwithstanding,
      it shall not constitute a breach of this Section 3 for the employment of the
      Executive to terminate in accordance with Section 6 prior to the end of the
      Employment Period. In the event of a termination of employment under Section
      6,
      the Employment Period shall end.

    

    4. Position
      and Duties.

    

    (a) No
      Reduction in Position.
      During
      the Employment Period, the Executive's position (including titles), authority
      and responsibilities shall be at least commensurate with those held, exercised
      and assigned immediately prior to the Effective Date. It is understood that,
      for
      purposes of this Agreement, such position, authority and responsibilities shall
      not be regarded as not commensurate merely by virtue of the fact that a
      successor shall have acquired all or substantially all of the business and/or
      assets of the Company as contemplated by Section 12(b) of this Agreement except
      that, if Executive has a position (including titles), authority, and
      responsibilities that relate to the Company’s status as a publicly held company
      immediately before the Effective Date, the Executive’s position, authority, and
      responsibilities shall be deemed commensurate only if they continue to relate
      to
      the ultimate parent corporation (whether or not that company is a publicly
      held
      company).

    

    (b) Business
      Time.
      From
      and after the Effective Date, the Executive agrees to devote substantially
      all
      of his attention during normal business hours to the business and affairs of
      the
      Company, to the extent necessary to discharge his responsibilities hereunder,
      except for (i)
      time
      spent in managing his personal, financial and legal affairs, serving on
      corporate, civic or charitable boards or committees or working for any
      charitable or civic organization, in each case only if and to the extent not
      materially interfering with the performance of the Executive’s responsibilities
      hereunder, and (ii)
      periods
      of vacation and sick leave to which he is entitled. It is expressly understood
      and agreed that the Executive's continuing to serve on any boards and committees
      on which he is serving or with which he is otherwise associated immediately
      preceding the Effective Date shall not be deemed to interfere with the
      performance of the Executive's services to the Company.

    

    5. Compensation.

    

    (a) Base
      Salary.
      During
      the Employment Period, the Executive shall receive a base salary at a monthly
      rate at least equal to the monthly salary paid to the Executive by the Company
      and any of its affiliated companies immediately prior to the Effective Date.
      The
      base salary shall be reviewed at least once each year after the Effective Date,
      and may be increased (but not decreased) at any time and from time to time
      by
      action of the Board or any committee thereof or by any individual having
      authority to take such action in accordance with the Company's regular
      practices. The Executive's base salary, as it may be increased from time to
      time, shall hereinafter be referred to as "Base Salary". Neither the Base Salary
      nor any increase in Base Salary after the Effective Date shall serve to limit
      or
      reduce any other obligation of the Company hereunder.

    

    (b) Annual
      Bonus.
      During
      the Employment Period, in addition to the Base Salary, for each fiscal year
      of
      the Company ending during the Employment Period, the Executive shall be afforded
      the opportunity to receive an annual bonus on terms and conditions no less
      favorable to the Executive (taking into account reasonable changes in the
      Company's goals and objectives) than the annual bonus opportunity that had
      been
      made available to the Executive for the fiscal year ended immediately prior
      to
      the Effective Date (the "Annual Bonus Opportunity"). Any amount payable in
      respect of the Annual Bonus Opportunity shall be paid as soon as practicable
      following the year for which the amount (or prorated portion) is earned or
      awarded, but not later than 90 days after the close of the calendar year for
      which the bonus is payable, unless electively deferred by the Executive pursuant
      to any deferral programs or arrangements that the Company may make available
      to
      the Executive.

    

    (c) Long-term
      Incentive Compensation Programs.
      During
      the Employment Period, the Executive shall participate in all long-term
      incentive compensation programs (each, an "LTICP") for key executives at a
      level
      that is commensurate with the Executive's participation in such plans
      immediately prior to the Effective Date, or, if more favorable to the Executive,
      at the level made available to the Executive or other similarly situated
      officers at any time thereafter.

    

    (d) Benefit
      Plans.
      During
      the Employment Period, the Executive (and, to the extent applicable, his
      dependents) shall be entitled to participate in or be covered under all pension,
      retirement, deferred compensation, savings, medical, dental, health, disability,
      severance, group life, accidental death and travel accident insurance plans
      and
      programs of the Company and its affiliated companies at a level that is
      commensurate with the Executive's participation in such plans immediately prior
      to the Effective Date, or, if more favorable to the Executive, at the level
      made
      available to the Executive or other similarly situated officers at any time
      thereafter.   

    
      
        3

      

           (e)
        Expenses.
        During
        the Employment Period, the Executive shall be entitled to receive prompt
        reimbursement for all reasonable expenses incurred by the Executive in
        accordance with the policies and procedures of the Company as in effect
        immediately prior to the Effective Date. Notwithstanding the foregoing, the
        Company may apply the policies and procedures in effect after the Effective
        Date
        to the Executive, if such policies and procedures are more favorable to the
        Executive than those in effect immediately prior to the Effective
        Date.

    

        

       
       (f) Vacation,
      Perquisites and Fringe Benefits.
      During
      the Employment Period, the Executive shall be entitled to paid vacation,
      perquisites and fringe benefits at a level that is commensurate with the paid
      vacation, perquisites and fringe benefits available to the Executive immediately
      prior to the Effective Date, or, if more favorable to the Executive, at the
      level made available from time to time to the Executive or other similarly
      situated officers at any time thereafter.

     

    (g) Indemnification.
      The
      Company agrees that if at any time (including after the Employment Period)
      the
      Executive is made a party, or is threatened to be made a party, to any action,
      suit or proceeding, whether civil, criminal, administrative or investigative
      (a
      "Proceeding"), by reason of the fact that he is or was a director, officer
      or
      employee of the Company, the Executive shall be indemnified and held harmless
      by
      the Company to the fullest extent legally permitted or authorized by agreement,
      or by the Company's certificate of incorporation or bylaws or resolutions of
      the
      Board or, if greater, by the laws of the State of New Jersey, against all cost,
      expense, liability and loss (including, without limitation, attorney's fees,
      judgments, fines, ERISA excise taxes or penalties and amounts paid or to be
      paid
      in settlement) reasonably incurred or suffered by the Executive in connection
      therewith. The Company agrees to continue and maintain a directors' and
      officers' liability insurance policy covering Executive to the extent the
      Company provides such coverage for its other executive officers.

    

    (h) Office
      and Support Staff.
      During
      the Employment Period, the Executive shall be entitled to an office with
      furnishings and other appointments, and to secretarial and other assistance,
      at
      a level that is at least commensurate with that provided to the Executive
      immediately prior to the Effective Date.

    

    6. Termination.

     

    (a) Death,
      Disability or Retirement.
      Subject
      to the provisions of Section 1 hereof, Executive’s employment under this
      Agreement shall terminate automatically upon the Executive's death, termination
      due to "Disability" (as defined below) or voluntary retirement under any of
      the
      Company's retirement plans as in effect from time to time. For purposes of
      this
      Agreement, Disability shall mean the Executive has been incapable of
      substantially fulfilling the positions, duties, responsibilities and obligations
      set forth in this Agreement because of physical, mental or emotional incapacity
      resulting from injury, sickness or disease for a period of at least six
      consecutive months. The Company and the Executive shall agree on the identity
      of
      a physician to resolve any question as to the Executive's disability. If the
      Company and the Executive cannot agree on the physician to make such
      determination, then the Company and the Executive shall each select a physician
      and those physicians shall jointly select a third physician, who shall make
      the
      determination. The determination of any such physician shall be final and
      conclusive for all purposes of this Agreement. The Executive or his legal
      representative or any adult member of his immediate family shall have the right
      to present to such physician such information and arguments as to the
      Executive's disability as he, she or they deem appropriate, including the
      opinion of the Executive's personal physician.

    

    (b) Voluntary
      Termination.
      Notwithstanding anything in this Agreement to the contrary, following a Change
      in Control the Executive may, upon not less than 30 days' written notice to
      the
      Company, voluntarily terminate employment for any reason (including early
      retirement under the terms of any of the Company's retirement plans as in effect
      from time to time) (any such termination will be referred to as a “Voluntary
      Termination” under this Agreement), provided
      that
      any
      termination by the Executive pursuant to Section 6(d) on account of Good Reason
      (as defined therein) shall not be treated as a Voluntary Termination under
      this
      Section 6(b).

    

    (c) Cause.
      The
      Company may terminate the Executive's employment for Cause. For purposes of
      this
      Agreement, "Cause" means (i)
      the
      Executive's conviction of a felony or the entering by the Executive of a plea
      of
nolo
      contendere
      to a
      felony charge, (ii)
      the
      Executive's gross neglect, willful malfeasance or willful gross misconduct
      in
      connection with his employment hereunder which has had a significant adverse
      effect on the business of the Company and its subsidiaries, unless the Executive
      reasonably believed in good faith that such act or non-act was in or not opposed
      to the best interests of the Company, or (iii)
      repeated material violations by the Executive of his obligations under Section
      4
      of this Agreement which have continued after written notice thereof from the
      Company, which violations are demonstrably willful and deliberate on the
      Executive's part and which result in material damage to the Company's business
      or reputation.

     

    (d) Good
      Reason.
      Executive may terminate his employment for Good Reason. For purposes of this
      Agreement, "Good Reason" means the occurrence of any of the following, without
      the express written consent of the Executive, after the occurrence of a Change
      in Control:     

     

    (i)
      (A)
      the
      assignment to the Executive of any duties inconsistent with the Executive's
      position, authority or responsibilities as contemplated by Section 4 of this
      Agreement, or (B)
      any
      other material adverse change in such position, including titles, authority
      or
      responsibilities;                

    
      
        4

        
          

        

      

                  (ii)
        any failure by the Company
        to comply with any of the provisions of Section 5 of this
        Agreement;

    

     

    (iii)
      the
      Company's requiring the Executive to be based at any office or location more
      than 50 miles from that location at which he performed his services specified
      under the provisions of Section 4 immediately prior to the Change in Control,
      except for travel reasonably required in the performance of the Executive's
      responsibilities;

    

    (iv)
      any
      other material breach of this Agreement by the Company; or

    

    (v)
      any
      failure by the Company to obtain the assumption and agreement to perform this
      Agreement by a successor as contemplated by Section 12(b);

    

    provided,
      however, that Good Reason shall not arise under clauses (i), (ii) or (iv) above
      until the Executive has given the Company written notice of the circumstances
      that would constitute Good Reason thereunder and the Company has not eliminated
      or corrected such circumstances within 30 business days after receipt of such
      notice.

    

        In
      no event
      shall the mere occurrence of a Change in Control, absent any further impact
      on
      the Executive, be deemed to constitute Good Reason.

    

    (e) Notice
      of Termination.
      Any
      termination by the Company for Cause or by the Executive for Good Reason shall
      be communicated by Notice of Termination to the other party hereto given in
      accordance with Section 13(e). For purposes of this Agreement, a "Notice of
      Termination" means a written notice given, in the case of a termination for
      Cause, within 30 business days of the Company's having actual knowledge of
      the
      events giving rise to such termination, and in the case of a termination for
      Good Reason, within 60 days of the Executive's having actual knowledge of the
      events constituting Good Reason giving rise to such termination, and which
      (i)
      indicates the specific termination provision in this Agreement relied upon,
      (ii)
      sets
      forth in reasonable detail the facts and circumstances claimed to provide a
      basis for termination of the Executive's employment under the provision so
      indicated, and (iii)
      if the
      termination date is other than the date of receipt of such notice, specifies
      the
      termination date of the Executive's employment (which date shall be not more
      than 15 days after the giving of such notice). The failure by the Executive
      to
      set forth in the Notice of Termination any fact or circumstance which
      contributes to a showing of Good Reason shall not waive any right of the
      Executive hereunder or preclude the Executive from asserting such fact or
      circumstance in enforcing his rights hereunder.

    

    (f) Date
      of Termination.
      For the
      purpose of this Agreement, the term "Date of Termination" means (i)
      in the
      case of a termination for which a Notice of Termination is required, the date
      of
      receipt of such Notice of Termination or, if later, the date specified therein,
      as the case may be, and (ii)
      in all
      other cases, the actual date on which the Executive's employment terminates
      during the Employment Period.

    

    7. Obligations
      of the Company upon Termination.

    

    (a) Death
      or Disability.
      If the
      Executive's employment is terminated during the Employment Period by reason
      of
      the Executive's death or Disability, the Employment Period shall terminate
      without further obligations to the Executive or the Executive's legal
      representatives under this Agreement other than those obligations accrued
      hereunder at the Date of Termination (and obligations under Section 5(g)),
      and
      the Company shall pay to the Executive (or his beneficiary or estate)
      (i)
      the
      Executive's full Base Salary through the Date of Termination (the "Earned
      Salary"), (ii)
      any
      vested amounts or vested benefits owing to the Executive under the Company's
      otherwise applicable employee benefit plans and programs, including any
      compensation previously deferred by the Executive (together with any accrued
      earnings thereon) and not yet paid by the Company and any accrued vacation
      pay
      not yet paid by the Company (the "Accrued Obligations"), and (iii)
      any
      other benefits payable due to the Executive's death or Disability under the
      Company's plans, policies or programs (the "Additional Benefits").

    

        Any
      Earned
      Salary shall be paid in cash in a single lump sum as soon as practicable, but
      in
      no event more than 30 days (or at such earlier date required by law), following
      the Date of Termination. Accrued Obligations and Additional Benefits shall
      be
      paid in accordance with the terms of the applicable plan, program or
      arrangement, subject to Section 7(f).

    

    (b) Cause
      and Voluntary Termination.
      If the
      Executive's employment shall be terminated for Cause or by a Voluntarily
      Termination by the Executive in accordance with Section 6(b) of this Agreement,
      the Company shall pay the Executive (i)
      the
      Earned Salary in cash in a single lump sum as soon as practicable, but in no
      event more than 10 days, following the Date of Termination, and (ii)
      the
      Accrued Obligations in accordance with the terms of the applicable plan, program
      or arrangement, subject to Section 7(f).  

     

     (c) Termination
      by the Company other than for Cause and Termination by the Executive for Good
      Reason.

    

    (i)
      Lump
      Sum Payments.
      If,
      during the Employment Period, the Company terminates the Executive's employment
      other than for Cause (and not due to a Disability) or the Executive terminates
      his employment for Good Reason, the Company shall pay to the Executive the
      following amounts:                      

    
      
        
          5

          
            

          

        

      

    

    
      	 	
              (A)

            	
              the
                Executive's Earned Salary;

            

    

    
      	 	
               

              (B)

            	
               

              a
                cash amount (the "Severance Amount") equal to THREE (3) times the
                sum of
                (x)
                the Executive's annual Base Salary and (y)
                an amount equal to the average of the annual bonuses paid or payable
                to
                the Executive with respect to each of the last three calendar years
                ended
                prior to the Change in Control (or, if at the Date of Termination,
                the
                Executive has been employed for less than three full calendar years,
                for
                the number of full calendar years during which the Executive was
                employed); for purposes of this Section 7(c)(i)(B), any bonus that
                was
                offered to the Executive but declined or reallocated by the Executive
                shall be deemed to be bonus payable to the Executive;
                and

            

    

    
      	 	
               

              (C)

            	
               

              the
                Accrued Obligations.

            

    

    

        The
      Earned
      Salary and Severance Amount shall be paid in cash in a single lump sum as soon
      as practicable, but in no event more than 30 days (or at such earlier date
      required by law), following the Date of Termination, subject to Section 7(f)
      (which may require a delay in the payment of Severance until six months after
      termination). Accrued Obligations shall be paid in accordance with the terms
      of
      the applicable plan, program or arrangement, subject to Section
      7(f).

    

    (ii)
      Pro
      Rata Annual Incentive.
      In lieu
      of any annual incentive compensation under Section 4(b) for the year in which
      Executive’s employment terminated, an amount equal to the Executive’s target
      annual incentive compensation for the year of termination, multiplied by a
      fraction the numerator of which is the number of days Executive was employed
      in
      the year of termination and the denominator of which is the total number of
      days
      in the year of termination. In addition, for any fiscal year that has been
      completed at the time of Executive’s termination, the Company shall pay to
      Executive the annual incentive under Section 5(b) to the extent earned based
      on
      performance in the completed year, without any exercise of negative discretion
      except as such exercise of negative discretion may be consistent with the
      exercise of negative discretion for executive officers of the Company whose
      employment is not then contemplated to terminate;

    

    (iii)
      Continuation
      of Benefits.
      If,
      during the Employment Period, the Company terminates the Executive's employment
      other than for Cause (and not due to a Disability) or the Executive terminates
      his employment for Good Reason, the Executive (and, to the extent applicable,
      his dependents) shall be entitled, after the Date of Termination until the
      earlier of (1)
      the
      third anniversary of the Date of Termination (the "End Date") and (2)
      the
      date the Executive becomes eligible for comparable benefits under a similar
      plan, policy or program of a subsequent employer, to continue participation
      in
      all of the Company's employee and executive welfare and fringe benefit plans
      (the "Benefit Plans"). To the extent any such benefits cannot be provided under
      the terms of the applicable plan, policy or program, the Company shall provide
      a
      comparable benefit under another plan or from the Company's general assets,
      subject to Section 7(f). The Executive's participation in the Benefit Plans
      will
      be on the same terms and conditions that would have applied had the Executive
      continued to be employed by the Company through the End Date, subject to Section
      7(f).

    

    (iv)
      Outplacement.
      The
      Company will provide reimbursement for reasonable outplacement and job search
      expenses incurred by the Executive, provided that (A) such payments shall not
      exceed $25,000 and (B) such payments shall apply only to those costs or
      obligations that are incurred during the period following Executive’s
      termination of employment until the End Date, subject to Section
      7(f).

    

    (v)
      Vesting
      and Exercisability of Stock Options.
      If,
      during the Employment Period, the Company terminates the Executive's employment
      other than for Cause (and not due to a Disability) or the Executive terminates
      his employment for Good Reason, all outstanding options held by the Executive
      to
      purchase shares of Common Stock of the Company and granted prior to the
      effective date of this Agreement ("Options") shall become fully vested on the
      date of such termination of employment and the Executive shall have the right
      to
      exercise the Options, whether or not such Options would otherwise be
      exercisable, for a period of ninety days (provided that if this represents
      an
      extension of the applicable period for any outstanding Option, it shall be
      limited to the “safe harbor” period permitted under Proposed Treasury Regulation
§ 1.409A-1(b)(5)(v)(C)) following such termination of employment (or, if less,
      until the end of the stated term of the Options) (or such longer period as
      may
      be provided under the plan or agreement governing the Option). Vesting of
      options granted on or after the effective date of this Agreement shall be
      governed by the terms of the relevant plan and any award agreement relating
      to
      such
      Options.                 

    
      
        6

        
          

        

      

      
        
        

      

    

    (vi)
      Vesting
      of Performance Unit Awards and Other Equity Awards.
      Upon a
      Change in Control, (1) all Performance Unit awards granted before the effective
      date of this Agreement for which the earned value has not yet been determined
      as
      of the date of the Change in Control shall be deemed to have earned a value
      equal to the greater of (A) the target value of the Performance Unit award
      (including any Dividend Equivalent Rights (“DERs”) declared thereon), or (B) the
      actual value of such Performance Unit award (including all DERs declared
      thereon) calculated as if the performance period during which total shareholder
      return is measured had terminated as of the Change in Control (without proration
      of such award), and (2) all earned but unvested Performance Units, including
      those earned in accordance with the preceding clause (1), shall become fully
      vested. Vesting and payout of Performance Units or any other equity award
      granted on or after the effective date of this Agreement shall be governed
      by
      the terms of the relevant plan and any award agreement relating to such
      Performance Units or other equity award.

    

    (d) Discharge
      of the Company's Obligations.
      Except
      as expressly provided in the last sentence of this Section 7(d), the amounts
      payable to the Executive pursuant to this Section 7 (whether or not reduced
      pursuant to Section 7(e)) following termination of his employment shall be
      in
      full and complete satisfaction of the Executive's rights under this Agreement
      and any other claims he may have in respect of his employment by the Company
      or
      any of its subsidiaries. Such amounts shall constitute liquidated damages with
      respect to any and all such rights and claims and, upon the Executive's receipt
      of such amounts, the Company shall be released and discharged from any and
      all
      liability to the Executive in connection with this Agreement or otherwise in
      connection with the Executive's employment with the Company and its
      subsidiaries. Executive shall be required to execute a release to such effect
      (in the Company’s standard form of release) as a condition of receipt of
      payments and benefits hereunder. Nothing in this Section 7(d) shall be construed
      to release the Company from its commitment to indemnify the Executive and hold
      the Executive harmless as provided in Section 5(g) hereof, which provision
      shall
      survive any purported termination of this Agreement.

     

    (e) Certain
      Further Payments by the Company.

     

    (i)
      Application
      of Section 7(e).
      In the
      event that any amount or benefit paid or distributed to the Executive pursuant
      to this Agreement, taken together with any amounts or benefits otherwise paid
      or
      distributed to the Executive by the Company or any affiliated company
      (collectively, the "Covered Payments"), are or become subject to the tax (the
      "Excise Tax") imposed under Section 4999 of the Code or any similar tax that
      may
      hereafter be imposed, the Company shall pay to the Executive at the time
      specified in Section 7(e)(v) below an additional amount (the "Tax
      Reimbursement Payment") such that the net amount retained by Executive with
      respect to such Covered Payments, after deduction of any Excise Tax on the
      Covered Payments and any Federal, state and local income tax and Excise Tax
      on
      the Tax Reimbursement Payment provided for by this Section 7(e), but before
      deduction for any Federal, state or local income or employment tax withhold-ing
      on such Covered Payments, shall be equal to the amount of the Covered
      Payments.

    

    (ii)
      Application
      of Section 280G.
      For
      purposes of determining whether any of the Covered Payments will be subject
      to
      the Excise Tax and the amount of such Excise Tax,

    

    
      	 	
              (A)

            	
              such
                Covered Payments will be treated as "parachute payments" within the
                meaning of Section 280G of the Code, and all "parachute payments"
                in
                excess of the "base amount" (as defined under Section 280G(b)(3)
                of the
                Code) shall be treated as subject to the Excise Tax, unless, and
                except to
                the extent that, in the good faith judgment of the Company's independent
                certified public accountants appointed prior to the Effective Date
                or tax
                counsel selected by such accountants (the "Accountants"), the Company
                has
                a reasonable basis to conclude that such Covered Payments (in whole
                or in
                part) either do not constitute "parachute payments" or represent
                reasonable compensation for personal services actually rendered (within
                the meaning of Section 280G(b)(4)(B) of the Code) in excess of the
                "base
                amount," or such "parachute payments" are otherwise not subject to
                such
                Excise Tax, and

            

    

    

    
      	 	
              (B)

            	
              the
                value of any non-cash benefits or any deferred payment or benefit
                shall be
                determined by the Accountants in accordance with the principles of
                Section
                280G of the Code.

            

    

    

    (iii)
      Calculation
      of Tax Reimbursement Payment.
      For
      purposes of determining the amount of the Tax Reimbursement Payment, the
      Executive shall be deemed to pay:

    

    
      	 	
              (A)

            	
              Federal
                income taxes at the highest applicable marginal rate of Federal income
                taxation for the calendar year in which the Tax Reimbursement Payment
                is
                to be made, and

            

    

     

    
      	 	
              (B)

            	
              any
                applicable state and local income taxes at the highest applicable
                marginal
                rate of taxation for the calendar year in which the Tax Reimbursement
                Payment is to be made, net of the maximum reduction in Federal income
                taxes which could be obtained from the deduction of such state or
                local
                taxes if paid in such year.

            

    

     

    
      7

    

                                                                   

    (iv)
      Adjustments
      in Respect of Tax Reimbursement Payment.
      In the
      event that the Excise Tax is subsequently determined by the Accountants or
      pursuant to any proceeding or negotiations with the Internal Revenue Service
      to
      be less than the amount taken into account hereunder in calculating the Tax
      Reimbursement Payment made, the Executive shall repay to the Company, at the
      time that the amount of such reduction in the Excise Tax is finally determined,
      the portion of such prior Tax Reimbursement Payment that would not have been
      paid if such Excise Tax had been applied in initially calculating such Tax
      Reimbursement Payment, plus interest on the amount of such repayment at the
      rate
      provided in Section 1274(b)(2)(B) of the Code. Notwithstanding the foregoing,
      in
      the event any portion of the Tax Reimbursement Payment to be refunded to the
      Company has been paid to any Federal, state or local tax authority, repayment
      thereof shall not be required until actual refund or credit of such portion
      has
      been made to the Executive, and interest payable to the Company shall not exceed
      interest received or credited to the Executive by such tax authority for the
      period it held such portion. The Executive and the Company shall mutually agree
      upon the course of action to be pursued (and the method of allocating the
      expenses thereof) if the Executive's good faith claim for refund or credit
      is
      denied.

    

    In
      the
      event that the Excise Tax is later determined by the Accountants or pursuant
      to
      any proceeding or negotiations with the Internal Revenue Service to exceed
      the
      amount taken into account hereunder at the time the Tax Reimbursement Payment
      is
      made (including, but not limited to, by reason of any payment the existence
      or
      amount of which cannot be determined at the time of the Tax Reimbursement
      Payment), the Company shall make an additional Tax Reimbursement Payment in
      respect of such excess (plus any interest or penalty payable with respect to
      such excess) at the time that the amount of such excess is finally
      determined.

    

    (v)
      Payment.
      Subject
      to Section 7(f), the Tax Reimbursement Payment (or portion thereof) provided
      for
      in Section 7(e)(i) above shall be paid to the Executive not later than 10
      business days following the payment of the Covered Payments; provided, however,
      that if the amount of such Tax Reimbursement Payment (or portion thereof) cannot
      be finally determined on or before the date on which payment is due, the Company
      shall pay to the Executive by such date an amount estimated in good faith by
      the
      Accountants to be the minimum amount of such Tax Reimbursement Payment and
      shall
      pay the remainder of such Tax Reimbursement Payment (together with interest
      at
      the rate provided in Section 1274(b)(2)(B) of the Code) as soon as the amount
      thereof can be determined, but in no event later than 45 calendar days after
      payment of the related Covered Payment. In the event that the amount of the
      estimated Tax Reimbursement Payment exceeds the amount subsequently determined
      to have been due, such excess shall constitute a loan by the Company to the
      Executive, payable on the fifth business day after written demand by the Company
      for payment (together with interest at the rate provided in Section
      1274(b)(2)(B) of the Code).

    

    (f) Provisions
      for Compliance with Code Section 409A.
      If any
      right to payment or benefit under this Agreement would be deemed to be a
      non-exempt deferral subject to Code Section 409A, and such payment or benefit
      would be distributable based upon a termination of employment, such payment
      (i)
      shall be distributable upon a termination of Executive that constitutes a
“separation from service” within the meaning of Proposed Treasury Regulation §
1.409A-1(h), and (ii), if Executive is a “specified employee” and the
      distribution is required to be delayed for six months to comply with Section
      409A(a)(2)(B)(i), such distribution shall occur six months after such separation
      from service. In the case of any delay in payment, interest shall be credited
      on
      the unpaid amount at a rate equal to the short-term applicable federal rate
      (with semiannual compounding) established by the Internal Revenue Service under
      Code Section 1274(b)(2)(B) and in effect at the date the amount would have
      been
      paid but for the delay hereunder. Any delay in payment hereunder shall not
      cause
      a corresponding delay in the timing of any other payment that is not
      specifically subject to the six-month delay rule of Section 409A(a)(2)(B)(i).
      In
      addition, if any benefit to be provided in the period following termination
      is
      deemed to be a non-exempt deferral for purposes of Section 409A, the period
      during which a specific type of benefit will be provided under Section 7(c)(iii)
      shall be reduced so that it extends from the date of separation from service
      until December 31 of the second calendar year following separation from service
      if (i) providing such benefit for the period specified under Section 7(c)(iii)
      would result in Executive being deemed to be in constructive receipt of
      compensation and to tax penalties under Code Section 409A in respect of
      substantially all of such benefit, and (ii) the reduced benefit period provided
      under this sentence would avoid such constructive receipt and tax penalties.
      If,
      however, the provision of any type of benefits for the shorter period applicable
      under the preceding sentence nevertheless would result in Executive being deemed
      to be in constructive receipt of income and subject to tax penalties under
      Section 409Awith respect to those benefits before the time of Executive’s actual
      receipt of the goods or services constituting those benefits, the Company will
      make cash payments to Executive in lieu of providing those benefits for the
      required period following termination, which payments will equal the Company’s
      cost of providing those benefits based on Executive’s circumstances through the
      end of the month prior to the date each such payment is to be made hereunder.
      The first such payment in lieu of those benefits, if payable, for the year
      of
      termination and for the subsequent year if the subsequent year has begun before
      the payment is due, will be made six months after Executive’s separation from
      service, with subsequent payments in lieu of those benefits and perquisites
      due
      quarterly on the 15th
      day of
      January, April, July and October in each year until payments in lieu of benefits
      for the post-termination benefits period have been made.

    

    8. Nonexclusivity
      of Rights. 
      Except
      as
      expressly provided herein, nothing in this Agreement shall prevent or limit
      the
      Executive's continuing or future participation in any benefit, bonus, incentive
      or other plan or program provided by the Company or any of its affiliated
      companies and for which the Executive may qualify, nor shall anything herein
      limit or otherwise prejudice such rights as the Executive may have under any
      other agreements with the Company or any of its affiliated companies, including
      employment agreements or stock option agreements. Amounts which are vested
      benefits or which the Executive is otherwise entitled to receive under any
      plan
      or program of the Company or any of its affiliated companies at or subsequent
      to
      the Date of Termination shall be payable in accordance with such plan or
      program.                

    
      
        8

        
          

        
9. No
        Mitigation or Offset.
        The
        Executive shall have no obligation to seek other employment and, except as
        expressly provided in Sections 7(c)(iii), there shall be no offset against
        amounts due to Executive under this Agreement on account of any remuneration
        attributable to subsequent employment that he may obtain. The Company's
        obligation to make the payments provided for in this Agreement and otherwise
        to
        perform its obligations hereunder shall not be affected by any circumstances,
        including, without limitation, any set-off, counterclaim, recoupment, defense
        or
        other right which the Company may have against the Executive or others,
        including, without limitation, any claim arising due to the Executive's
        violation of his covenants under Section 11(a) and (b)(i) hereof. In the
        event
        that the Executive shall in good faith give a Notice of Termination for Good
        Reason and it shall thereafter be determined that Good Reason did not exist,
        the
        employment of the Executive shall, unless the Company and the Executive shall
        otherwise mutually agree, be deemed to have terminated, at the date of giving
        such purported Notice of Termination, by mutual consent of the Company and
        the
        Executive and the Executive shall be entitled to receive only his Earned
        Salary
        and the Accrued Obligations which he would have been entitled to receive
        upon a
        Voluntary Termination.

    

     

    10. Legal
      Fees and Expenses.
      If
      the
      Executive asserts any claim in any contest (whether initiated by the Executive
      or by the Company) as to the validity, enforceability or interpretation of
      any
      provision of this Agreement, the Company shall pay the Executive's legal
      expenses (or cause such expenses to be paid) including, without limitation,
      his
      reasonable attorney's fees, on a quarterly basis, upon presentation of proof
      of
      such expenses in a form acceptable to the Company, provided
      that
      if the
      Executive shall not prevail as to any material issue as to the validity,
      enforceability or interpretation of any provision of this Agreement, the
      Executive shall reimburse the Company for such amounts paid by the Company
      for
      the Executive’s legal expenses, plus simple interest thereon at the 90-day
      United States Treasury Bill rate as in effect from time to time, compounded
      annually, attributable to the litigation of such material issue by the
      Executive.

    

    11. Non-Competition;
      Confidential Information; Company Property.

    

    (a) Non-Competition.
      As
      a
      condition to the right of the Executive to receive severance payments hereunder,
      the Executive must, upon termination of his or her employment, enter into a
      binding agreement with the Company agreeing that that, without the written
      consent of the Board, the Executive will not, at any time for a period of two
      years following termination of employment, acting alone or in conjunction with
      others, directly or indirectly (i) engage (either as owner, investor, partner,
      stockholder, employer, employee, consultant, advisor, or director) in any
      business in
      which
      he has been directly engaged on behalf of the Company or any affiliate, or
      has
      supervised as an executive thereof, during the last two years prior to such
      termination, or which was engaged in or planned by the Company or an affiliate
      at the time of such termination, in the geographic area of New York, New Jersey,
      Pennsylvania, or Delaware; (ii) induce any customers of the Company or any
      of
      its affiliates with whom Executive has had contacts or relationships, directly
      or indirectly, during and within the scope of his employment with the Company
      or
      any of its affiliates, to curtail or cancel their business with the Company
      or
      any such affiliate; (iii) induce, or attempt to influence, any employee of
      the
      Company or any of its affiliates to terminate employment; or (iv) solicit,
      hire
      or retain as an employee or independent contractor, or assist any third party
      in
      the solicitation, hire, or retention as an employee or independent contractor,
      any person who during the previous 12 months was an employee of the Company
      or
      any affiliate; provided, however, that activities engaged in by or on behalf
      of
      the Company are not restricted by this covenant. The provisions of subparagraphs
      (i), (ii), (iii), and (iv) above shall be separate and distinct commitments
      independent of each of the other subparagraphs. It is agreed that the ownership
      of not more than one percent of the equity securities of any company having
      securities listed on a securities exchange or regularly traded in the
      over-the-counter market shall not, of itself, be deemed inconsistent with clause
      (i) of this Section 11(a).

    

    (b) Confidential
      Information; Company Property. By and in consideration of the salary and
      benefits to be provided by the Company hereunder, including the severance
      arrangements set forth herein, the Executive agrees that:

     

    (i)
      Confidential
      Information.
      The
      Executive shall hold in a fiduciary capacity for the benefit of the Company
      all
      secret or confidential information, knowledge or data relating to the Company
      or
      any of its affiliated companies, and their respective businesses, (i)
      obtained by the Executive during his employment by the Company or any of its
      affiliated companies and (ii)
      not
      otherwise public knowledge (other than by reason of an unauthorized act by
      the
      Executive). After termination of the Executive's employment with the Company,
      the Executive shall not, without the prior written consent of the Company,
      unless compelled pursuant to an order of a court or other body having
      jurisdiction over such matter, communicate or divulge any such information,
      knowledge or data to anyone other than the Company and those designated by
      it.
      The Executive acknowledges and agrees that the covenants and obligations of
      the
      Executive with respect to confidentiality relate to special, unique and
      extraordinary matters and that a violation of any of the terms of such covenants
      and obligations will cause the Company irreparable injury for which adequate
      remedies are not available at law. Therefore, the Executive agrees that the
      Company shall be entitled to an injunction, restraining order or such other
      equitable relief (without the requirement to post bond) restraining Executive
      from committing any violation of the covenants and obligations contained in
      this
      Section 11(b)(i). These remedies are cumulative and are in addition to any
      other
      rights and remedies the Company may have at law or in equity.

     

    (ii)
      Company
      Property.
      Except
      as expressly provided herein, promptly following the Executive's termination
      of
      employment, the Executive shall return to the Company all property of the
      Company and all copies thereof in the Executive's possession or under his
      control, except that the Executive may retain his personal notes, diaries,
      Rolodexes, calendars and correspondence.

     

    
      9

    

    12. Successors.
      

    

    (a) This
      Agreement is personal to the Executive and, without the prior written consent
      of
      the Company, shall not be assignable by the Executive otherwise than by will
      or
      the laws of descent and distribution. This Agreement shall inure to the benefit
      of and be enforceable by the Executive's legal representatives.

     

    (b) This
      Agreement shall inure to the benefit of and be binding upon the Company and
      its
      successors. The Company shall require any successor to all or substantially
      all
      of the business and/or assets of the Company, whether direct or indirect, by
      purchase, merger, consolidation, acquisition of stock, or otherwise, by an
      agreement in form and substance satisfactory to the Executive, expressly to
      assume and agree to perform this Agreement in the same manner and to the same
      extent as the Company would be required to perform if no such succession had
      taken place.

    

    13. Miscellaneous.

    

    (a) Applicable
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New Jersey, applied without reference to principles of conflict of
      laws.

     

    (b) Arbitration.
      Except
      to the extent provided in Section 11(b)(i), any dispute or controversy arising
      under or in connection with this Agreement shall be resolved by binding
      arbitration. The arbitration shall be held in Newark, New Jersey and, except
      to
      the extent inconsistent with this Agreement, shall be conducted in accordance
      with the Expedited Employment Arbitration Rules of the American Arbitration
      Association (or such other voluntary arbitration rules applicable to employment
      contract disputes) in effect at the time of the arbitration, supplemented,
      as
      necessary, by those principles which would be applied by a court of law or
      equity. The arbitrator shall be acceptable to both the Company and the
      Executive. If the parties cannot agree on an acceptable arbitrator, the dispute
      shall be heard by a panel of three arbitrators, one appointed by each of the
      parties and the third appointed by the other two arbitrators.

     

    (c) Amendments.
      This
      Agreement may not be amended or modified otherwise than by a written agreement
      executed by the parties hereto or their respective successors and legal
      representatives.

     

    (d) Entire
      Agreement.
      This
      Agreement constitutes the entire agreement between the parties hereto with
      respect to the matters referred to herein. No other agreement relating to the
      terms of the Executive's employment by the Company, oral or otherwise, shall
      be
      binding between the parties unless it is in writing and signed by the party
      against whom enforcement is sought. There are no promises, representations,
      inducements or statements between the parties other than those that are
      expressly contained herein. The Executive acknowledges that he is entering
      into
      this Agreement of his own free will and accord, and with no duress, that he
      has
      read this Agreement and that he understands it and its legal consequences.
      In
      particular, the Agreement supersedes the Employment Continuation Agreement
      between the Company and Executive dated June 5, 1996 (the “Prior Agreement”),
      and amended December 1, 1997. The Prior Agreements are terminated in their
      entirety as of the date of this Agreement.

    

    (e) Notices.
      All
      notices and other communications hereunder shall be in writing and shall be
      given by hand-delivery to the other party or by registered or certified mail,
      return receipt requested, postage prepaid, addressed as follows:

    

    If
      to the
      Executive:  at
      the
      home address of the Executive noted on the records
      of the
      Company

     

    If
      to the
      Company: 
New
      Jersey Resources Corporation

                                              
      1415 Wyckoff Road

                                           
         Wall,
      New
      Jersey 07719

                                             
       Attn.:
      Secretary or to
      such
      other address as either party shall have furnished to the other in writing
      in
      accordance herewith. 

     

    Notice
      and communications shall be effective when actually received by the
      addressee.

    

    (f) Tax
      Withholding.
      The
      Company shall withhold from any amounts payable under this Agreement such
      Federal, state or local taxes as shall be required to be withheld pursuant
      to
      any applicable law or regulation.

     

    
      10

      
        

      

    

    
    

    
          (g) Severability;
        Reformation.
        In the
        event that one or more of the provisions of this Agreement shall become invalid,
        illegal or unenforceable in any respect, the validity, legality and
        enforceability of the remaining provisions contained herein shall not be
        affected thereby. In the event that any of the provisions of any of Section
        11(a) or (b)(i) are not enforceable in accordance with its terms, the Executive
        and the Company agree that such Section shall be reformed to make such Section
        enforceable in a manner which provides the Company the maximum rights permitted
        at law.      

       

           (h) Waiver.
        Waiver
        by any party hereto of any breach or default by the other party of any of
        the
        terms of this Agreement shall not operate as a waiver of any other breach
        or
        default, whether similar to or different from the breach or default waived.
        No
        waiver of any provision of this Agreement shall be implied from any course
        of
        dealing between the parties hereto or from any failure by either party hereto
        to
        assert its or his rights hereunder on any occasion or series of
        occasions.

    

     

    
      (i)
        Counterparts.
        This
        Agreement may be executed in counterparts, each of which shall be deemed
        an
        original but all of which together shall constitute one and the same
        instrument.

       

    

    (j)
      Captions.
      The
      captions of this Agreement are not part of the provisions hereof and shall
      have
      no force or effect.

     

    
       

      
        11

        
          

        

      

       

    

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

    

    NEW
      JERSEY RESOURCES CORPORATION

    

    

    /s/
      Glenn C. Lockwood

    By:
      GLENN
      C. LOCKWOOD

    Title:
      Senior Vice President & Chief Financial Officer

     

    ATTEST:

    

    /s/
      Rhonda M. Figueroa

    RHONDA
      M.
      FIGUEROA

    Corporate
      Secretary

    

    

    /s/
      Laurence M. Downes

    LAURENCE
      M. DOWNES

    Chairman
      & Chief Executive Officer

    

    WITNESSED:

    

    /s/
      Denise S. GraySchedule of Employment Continuation Agreement

    Exhibit
      10.2

    

    Schedule
      of Employment Continuation Agreements of Named Executive Officers dated February
      20, 2007.

    

    
      	
               

              Name

            	
               

              Termination
                Benefit

            
	
               

              Laurence
                M. Downes, President and Chief Executive Officer

            	
               

              Three
                times the
                sum, of (x) his then annual base salary and (y) the average of his
                annual
                bonuses paid or payable with respect to the last three calendar years
                ended prior to the Change of Control.

            
	
               

              Mariellen
                Dugan, Vice President and General Counsel

            	
               

              Two
                times the
                sum, of (x) her then annual base salary and (y) the average of her
                annual
                bonuses paid or payable with respect to the last three calendar years
                ended prior to the Change of Control (“2x”).

            
	
               

              Kathleen
                T. Ellis, Vice President, Corporate Affairs

            	
               

              2x

            
	
               

              Glenn
                C. Lockwood, Senior Vice President and Chief Financial
                Officer

            	
               

              2x

            
	
               

              Joseph
                P. Shields, Senior Vice President, Energy Services, New Jersey Natural
                Gas
                Company

            	
               

              2x

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