Document:

EX-10.02

    Nicor
      Inc.

    Form
      10-Q

    Exhibit
      10.02

    

    NICOR
      INC.

    DIRECTORS’
      DEFERRED COMPENSATION PLAN

     

    (As
      Amended and Restated Effective as of January 1, 2008)

     

    SECTION
      1. Name.
      NICOR
      Inc. previously established “NICOR Inc. Directors’ Deferred Compensation Plan,”
which is herein referred to as the “Plan.” The following provisions constitute
      an amendment and restatement of the Plan, effective as of January 1, 2008,
      except as otherwise specifically provided herein. The provisions of this Plan
      as
      amended and restated shall apply to all deferrals and earnings made under the
      Plan (whether or not made before or after January 1, 2008) for each individual
      who was a director (a “Director”) of NICOR Inc. (the “Company”) on January 1,
      2008. 

     

    SECTION
      2. Participation.
      A
      Director of the Company may elect to defer the payment or portion thereof owed
      for the:

     

    (i)       
      retainers; or

     

    (ii)     meeting
      fees; or

     

               
      (iii)   awards
      under the NICOR Inc. Directors' Stock Value Plan made after January 1,
      2008; or

     

    (iv)     any
      combination of
      (i)-(iii) above.

     

    Such
      election must be communicated to the Company in writing prior to December 31
      of
      the year prior to the term for which the Director may be reelected. For a
      Director first elected or appointed to the Board, such election shall be
      communicated to the Company in writing within thirty (30) days of the date
      the
      Director is first elected or appointed to the Board; provided such deferment
      shall apply only to the compensation earned after such written election is
      communicated to the Company. Once made an election shall continue in force
      with
      respect to succeeding terms of the Director’s service unless the Director shall
      advise the Company in writing prior to December 31 of the year prior to the
      year
      of reelection that he or she elects to terminate or change the terms of such
      deferment effective with such reelection. In addition, such election shall
      specify the manner and date on which the Director elects to receive payment
      of
      the deferred amount under Subsection 3.1 below. Directors who were Directors
      on
      January 1, 2007, 

     

     

    
      
        1

      

      
        
        

        
          

        

      

      
        
        

      

    

    shall
      file an election as to the time and form of payment of all their deferrals,
      whether made prior to or after such date by December 31, 2007; provided, no
      such
      election may accelerate payment of any deferrals into 2007. Notwithstanding
      any
      deferral election in existence to the contrary, no retainers or meeting fees
      paid after the Director’s Separation from Service (whether or not earned prior
      to such Separation from Service) may be deferred under this Plan. 

    

    SECTION
      3. Method
      of Deferment.
      Compensation deferred by a Director under Section 2 shall be credited and paid
      in the following manner: 

     

    
    

    
      	 	
              3.1

            	
              The
                Company shall accrue such deferred compensation to a deferred compensation
                account on its books, such accruals to commence as of the respective
                date
                payments of such amounts would have been made by the Company. The
                establishment of such deferred compensation account is solely for
                bookkeeping purposes, and shall not represent assets held in trust
                or as a
                segregation of the assets of the Company, or any other form of funding
                of
                the deferred compensation.

            

    

     

    
      	 	
              3.2

            	
              Commencing
                with the first day of each calendar quarter following (a) the month
                in
                which the Director shall have a Separation from Service (within the
                meaning of Treasury Regulation §1.409A-1(h)) or (b) such other date
                following Separation from Service, but in no event more than five
                years
                subsequent to Separation from Service, as may be elected by the Director,
                the Company shall pay to the Director the amount accrued to his or
                her
                account, in equal quarterly installments, the number of which shall
                be as
                specified in the election made by the Director under Section 2, but
                in no
                event shall such number exceed 40.

            

    

     

    
      
        2

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              3.3

            	
              An
                amount equivalent to interest on the balance from time to time accrued
                to
                the Director’s account shall be accrued quarterly. The rate of interest
                shall equal the prime interest rate as of the first day of such calendar
                quarter quoted by the Federal Reserve Bank. Interest shall be credited
                to
                the Director’s account unless payments are being made in installments
                hereunder, in which latter event such amounts shall be paid currently
                in
                cash to the Director or the beneficiary, as the case may
                be.

            

    

     

    
      	 	
              3.4

            	
              As
                an alternative to an interest equivalent, a Director may elect to
                have all
                or any portion of his or her compensation converted into share units,
                each
                reflecting a share of the Company’s common stock. If this alternative is
                elected, the Director’s deferred account will be credited with an amount
                per share unit equal to the per share dividends and distributions
                paid on
                the Company’s common stock during the period the share unit is in the
                deferred account, which amount shall in turn be converted into share
                units. The Director’s right to the dividend equivalent shall accrue on the
                date the dividend is declared. However, the number of share units
                credited
                to a Director’s account for both the deferred compensation and the
                dividend equivalents shall be determined on the basis of the closing
                market composite price for the Company’s common stock as reported on the
                New York Stock Exchange Composite Transactions on the last trading
                day
                preceding the deferred compensation or dividend payment date. For
                Separations from Service occurring on and after July 26, 2007, the
                share
                units in the Director’s account shall be converted to a cash equivalent
                based on the closing market composite price for the Company’s common stock
                as reported on the New York Stock Exchange Composite Transactions
                on the
                first trading day after the date the Director incurs a Separation
                from
                Service. 

            

    

     

    
      
        3

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      4. Transfer
      Between Cash Deferral and Stock Equivalent Deferral.
      As of
      the first day of the calendar quarter following the regular annual meeting
      of
      stockholders of the Company, a Director, by giving written notice to the
      Company, may switch all or any portion of the balance in his or her deferred
      compensation account between the interest equivalent option and the share unit
      option using the closing price for the Company’s common stock determined as
      stated in Section 3.4 on the last preceding trading day.

     

    SECTION
      5. Beneficiary
      Designation.
      Upon
      the death of the Director prior to distribution to him or her of the entire
      amount accrued to the Director’s account, any such undistributed amount shall be
      paid in a lump sum to such beneficiaries and in such proportions among them
      as
      the Director shall have designated in the latest instrument in writing filed
      by
      him or her with the Company, provided, however, that the Director may elect
      in
      accordance with the election provisions of Section 2 that such undistributed
      amount shall be paid to any one beneficiary in equal quarterly installments
      commencing with the first day of the calendar quarter following the Director’s
      death, the aggregate number of which installments (including installments,
      if
      any, paid to the Director before his or her death) shall be as specified by
      the
      Director under Section 3.2 If there shall be no beneficiary designated or in
      existence at the Director’s death, any undistributed amount shall be paid to the
      executor or administrator of the Director’s estate. If payments are being made
      in installments to an individual beneficiary, then upon such beneficiary’s death
      any amount then undistributed shall be paid to the executor or administrator
      of
      the beneficiary’s estate.

     

    SECTION
      6. Plan
      Binding.
      This
      Plan shall be binding on the Director and his or her heirs and legal
      representatives and on the Company and its successors and assigns, whether
      by
      merger, consolidation or the sale of all or substantially all of the Company’s
      assets.

     

    SECTION
      7. Nonassignability.
      No
      Director or beneficiary shall have any power to commute, encumber, sell or
      otherwise dispose of the rights provided herein and such rights shall be
      nonassignable and nontransferable.

     

    
      
        4

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      8. Counterparts.
      Any
      elections associated with this Plan may be executed in two or more counterparts,
      any one of which shall be deemed an original without reference to the
      others.

     

    SECTION
      9. Governing
      Law.
      The
      provisions of this Plan and the rights of the participants hereunder shall
      be
      interpreted and construed in accordance with the laws of the State of
      Illinois.

     

    SECTION
      10. Amendment
      or Termination.
      This
      Plan may be amended by the Board of Directors of the Company (the “Board”) at
      any time and from time to time provided that no such amendment shall serve
      to
      (a) impair or restrict the right of any Director to receive or (b) reduce the
      amounts of compensation or equivalent interest or equivalent stock theretofore
      accrued to the account of any Director. This Plan may be terminated by the
      Board
      at any time, provided that such termination shall not affect any funds accrued
      to the account of any Director at the date of such termination. The provisions
      of this Plan shall continue to apply to any such funds until distribution
      thereof according to the Plan.

     

     

    
      
        5Nicor Directors Stock Value Plan

     

    Nicor
      Inc.

    Form
      10-Q

    Exhibit
      10.03

    
 

    
      NICOR
        INC. 

      DIRECTORS'
        STOCK VALUE PLAN

       

      (As
        Amended and Restated Effective January 1, 2008)

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    

      
        	
                TABLE
                  OF CONTENTS

              
	 	 	 	 
	 SECTION
                1 GENERAL	
                 

              	
                1

              
	 	 	 	 
	       
                1.1	         
                Purpose 	
                 

              	
                1

              
	       
                1.2	         
                Plan Administration 	 	
                1

              
	        1.3	         
                Applicable Law 	
                 

              	
                1

              
	    
                	 	
                 

              	 
	 SECTION
                2 AWARDS	 	
                1

              
	 	 	
                 

              	
                 

              
	       
                2.1	         
                General 	
                 

              	
                1

              
	       
                2.2	          Definition	 	
                2

              
	       
                	 	
                 

              	
                 

              
	 SECTION
                3 OPERATION AND ADMINISTRATION	
                3

              
	 	
                 

              	
                 

              	
                 

              
	        3.1 	         
                Effective Date 	
                 

              	
                3

              
	       
                3.2	         
                Shares Subject to Plan 	 	
                3

              
	       
                3.3	
                         
                  Adjustments to Shares

              	
                 

              	
                3

              
	       
                3.4	         
                Limit on Distribution	 	
                3

              
	 	
                 

              	
                 

              	
                 

              
	SECTION
                4 AMENDMENT AND TERMINATION	
                3

              
	 	 	 	 

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    NICOR
      INC.

    DIRECTORS'
      STOCK VALUE PLAN

    (As
      Amended and Restated Effective January 1, 2008)

    

    SECTION
      1

     

    GENERAL

     

    1.1  Purpose. 
      The
      NICOR
      Inc. Directors' Stock Value Plan (the “Plan”) has been established by NICOR Inc.
      (the “Company”) effective as of January 1, 1995 to promote the interests of the
      Company and its stockholders by enhancing the Company’s ability to attract and
      retain the services of experienced and knowledgeable directors and by
      encouraging such directors to acquire an increased proprietary interest in
      the
      Company. The Plan has been amended from time to time and the following is an
      amendment and restatement of the Plan effective January 1, 2008, except as
      otherwise specifically provided herein.

     

    1.2  Plan
      Administration.  The
      authority to control and manage the operation and administration of the Plan
      shall be vested in the Compensation Committee of the Board of Directors of
      the
      Company (the “Committee”), whose decisions on all matters regarding the
      operation and administration of the Plan shall be final. 

     

    1.3  Applicable
      Law.  The
      Plan
      shall be construed and administered in accordance with the laws of the State
      of
      Illinois. 

     

    SECTION
      2

     

    AWARDS

     

    2.1  General.
      

     

    
      	(a)  	
              As
                of the Award Date for each Plan Year, each Director who is an Eligible
                Director both on the first day of that Plan Year and on such Award
                Date
                shall be granted an “Award” for the year equal to the Fair Market Value of
                1,200 shares of common stock of the Company (“Stock”) on such date. The
                Award will be payable in cash, a “Cash Distribution” or at the election of
                the Director, one-half of the Award may be paid in the form of Stock,
                or a
                “Stock Award.”

            

    

     

    
      	(b)  	
              A
                Director who becomes an Eligible Director during a Plan Year on a
                date
                other than the first day of the Plan Year, shall receive a prorated
                Award
                to reflect the portion of the Plan Year in which he is an Eligible
                Director. If the Director becomes an Eligible Director after the
                Award
                Date for such Plan Year, then such Award shall be made on the date
                that
                the Director becomes an Eligible Director and the Fair Market Value
                of the
                shares of Stock subject to such Award shall be determined on such
                date. If
                the Director becomes an Eligible Director before the Award Date for
                such
                Plan Year, then the Award will be made on the Award Date and the
                Fair
                Market Value of the shares of Stock subject to such Award shall be
                determined on the Award Date. All such Awards will be payable only
                in the
                form of a Cash Distribution. 

            

    

     

    
      
        1

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	(c)  	
              A
                Director who ceases to be an Eligible Director during a Plan Year
                for any
                reason other than death or Disability prior to the Award Date for
                the year
                shall not be entitled to receive an Award for the year. An Eligible
                Director who ceases to be a Director prior to the Award Date for
                the year
                by reason of death or Disability will remain eligible to receive
                an Award
                for such year. 

            

    

     

    
      	(d)  	
              An
                Eligible Director may elect to defer receipt of an Award payable
                after
                January 1, 2008 under the terms of the NICOR Inc. Directors’ Deferred
                Compensation Plan; in which case such Award shall be payable at such
                time
                and in such form as is permissible under the NICOR Inc. Directors’
                Deferred Compensation Plan. 

            

    

     

    2.2  Definitions. 
      The
      following terms used in the Plan shall be defined as follows: 

     

    
      	(a)  	
              The
                term “Award” shall mean the Fair Market Value of 1,200 shares of Stock, or
                such prorated amount as determined under Section 2.1(b) granted to
                an
                Eligible Director.
                

            

    

     

    
      	(b)  	
              The
                “Award Date” shall be the first business day of the fifth full calendar
                month following the first day of the Plan Year.

            

    

     

    
      	(c)  	
              The
                “Board” shall be the Board of Directors of the Company. A “Director” is a
                member of the Board, and each Director who is not an employee of
                the
                Company or any Related Company shall be an “Eligible
                Director”.

            

    

     

    
      	(d)  	
              A
                Director shall be considered to have a “Disability” during the period in
                which he is unable, by reason of a medically determinable physical
                or
                mental impairment, engage in any substantial gainful activity, which
                condition, in the opinion of a physician selected by the Committee,
                is
                expected to have a duration of not less than 120 days.
                

            

    

     

    
      	(e)  	
              The
                “Fair Market Value” of a share of Stock as of any date shall be the
                closing market composite price for such Stock as reported for the
                New York
                Stock Exchange Composite Transactions on that date or, if Stock is
                not
                traded on that date, on the next preceding date on which Stock was
                traded.
                

            

    

     

    
      	(f)  	
              The
                “Plan Year” is the period (i) beginning on the date on which members of
                the Board begin their yearly term as Board members following the
                election
                of Directors at the Company’s annual stockholders meeting and (ii) ending
                on the day immediately prior to the first day of the following Plan
                Year.
                The first Plan Year shall begin on the Effective Date.
                

            

    

     

    
      	(g)  	
              A
                “Related Company” is any corporation during any period in which it is a
                Subsidiary, or during any period in which it directly or indirectly
                owns
                50% or more of the total combined voting power of all classes of
                stock of
                the Company that are entitled to vote. A “Subsidiary” is any corporation
                during any period in which 50% or more of the total combined voting
                power
                of all classes of stock entitled to vote is owned, directly or indirectly,
                by the Company. 

            

    

     

    
      
        2

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      3  

     

    OPERATION
      AND ADMINISTRATION 

     

    3.1  Effective
      Date. 
      The Plan shall be effective as of the “Effective Date”, which is the date on
      which Directors begin their yearly term of office on the Board following
      election at the Company’s 1995 annual stockholders meeting. This
      amended and restated Plan is effective as of January 1, 2008, unless otherwise
      specifically provided herein.

     

    3.2      Shares
      Subject to Plan. 
      The shares of Stock with respect to which Stock Awards may be made under the
      Plan shall be authorized and unissued shares, Treasury shares, or issued and
      outstanding shares purchased in the market for that purpose. 

     

    3.3     
      Adjustments
      to Shares. 
      If
      the
      Company shall effect any subdivision or consolidation of shares of Stock or
      other capital readjustment, payment of stock dividend, stock split, combination
      of shares or recapitalization or other increase or reduction of the number
      of
      shares of Stock outstanding without receiving compensation therefor in money,
      services or property, then the Committee shall equitably and proportionally
      adjust the number of shares of Stock subject to future grant under Section
      2.1(a) of the Plan and the definition of an Award under Section
      2.2(a)

     

    3.4     
      Limit
      on Distribution.
       Distribution of shares of Stock or other amounts under the Plan shall be
      subject to the following: 

     

    
      	(a)  	
              Notwithstanding
                any other provision of the Plan, the Company shall have no liability
                to
                deliver any shares of Stock under the Plan or make any other distribution
                of benefits under the Plan unless such delivery or distribution would
                comply with all applicable laws and the applicable requirements of
                any
                securities exchange or similar
                entity. 

            

    

     

    
      	(b)  	
              To
                the extent that the Plan provides for issuance of certificates to
                reflect
                the transfer of shares of Stock, the transfer of such shares may,
                at the
                direction of the Committee, be effected on a non-certificated basis,
                to
                the extent not prohibited by the provisions of Securities and Exchange
                Commission Rule 16b-3, applicable local law, the applicable rules
                of any
                stock exchange, or any other applicable rules.

            

    

     

    SECTION
      4  

     

    AMENDMENT
      AND TERMINATION

     

    The
      Board
      may, at any time, amend or terminate the Plan, provided that no amendment or
      termination may adversely affect the rights of any Director or beneficiary
      under
      any Award made under the Plan prior to the date such amendment or termination
      is
      adopted by the Board. Notwithstanding the provisions of this Section 4, in
      no
      event shall the provisions of the Plan relating to Awards under the Plan be
      amended more than once every six months, other than to comport with changes
      in
      the Internal Revenue Code of 1986, as amended, the Employee Retirement Income
      Security Act, or the rules thereunder; provided, however, that the limitation
      set forth in this sentence shall be applied only to the extent required under
      Securities and Exchange Commission Rule 16b-3(c)(2)(ii)(B) or any successor
      provision thereof. 

     

    
      
        3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}]]