Document:

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                                                               Exhibit 10.12d

                         2002 RESTRICTED STOCK PLAN
                         FOR NON-EMPLOYEE DIRECTORS
                  As Amended and Restated November 1, 2002

ARTICLE I. GENERAL PROVISIONS.
-----------------------------

         SECTION 1. PURPOSES. The 2002 Restricted Stock Plan for
         -------------------
         Non-Employee Directors (the "Plan") is designed to retain and
         attract Non-Employee Directors and to solidify the common interest
         of Directors and shareholders in enhancing the value of the
         Company's Shares.

         SECTION 2. DEFINITIONS. Except where the context otherwise
         ----------------------
         indicates, the following definitions apply:

         "ANNUAL MEETING" means the Annual Meeting of Shareholders of The
         Laclede Group, Inc.

         "BOARD" means the Board of Directors of the Company.

         "COMPANY" means The Laclede Group, Inc., a Missouri corporation,
         and any successor that assumes the Plan.

         "CURRENT VESTED NON-EMPLOYEE DIRECTOR" means a Non-Employee
         Director who, as of November 1, 2002, is vested under the
         Retirement Plan for Non-Employee Directors.

         "CURRENT NON-VESTED NON-EMPLOYEE DIRECTOR" means a Non-Employee
         Director who, as of November 1, 2002, is not vested under the
         Retirement Plan for Non-Employee Directors.

         "DIRECTOR" means a member of the Board.

         "EMPLOYEE DIRECTOR" means a member of the Board who is employed by,
         or was formerly employed by, the Company or any of its
         subsidiaries.

         "FAIR MARKET VALUE" means the average of the highest and lowest
         sales prices of the Company's shares on the effective date of a
         Grant (or, if Shares were not traded on such day, the next
         preceding day on which Shares were traded) as reported in The Wall
                                                                   --------
         Street Journal under the heading "New York Stock Exchange Composite
         --------------
         Transactions" or any similar or successor heading.

         "GRANT" means the instruction to the Trustee by the Company
         pursuant to Article III, Section 4 for the purchase of Shares for
         the account of a Participant under the Plan.

         "GRANTED TO" means the act by which the Company instructs the
         Trustee to purchase the Shares for the account of a Non-Employee
         Director pursuant to this Plan.

         "NEW NON-EMPLOYEE DIRECTOR" means a Non-Employee Director, other
         than a Current Vested Non-Employee Director, elected at or after
         the Annual Meeting in January 2003 or any adjournment thereof to a
         term as Non-Employee Director.

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         "NON-EMPLOYEE DIRECTOR" means a member of the Board who is not and
         never has been employed by the Company or any of its subsidiaries.

         "PARTICIPANT" means a Non-Employee Director.

         "SHARES" means shares of common stock of the Company and any
         related securities including, without limitation, related preferred
         stock purchase rights.

         "TRUSTEE" means UMB Bank, National Association.

         SECTION 3. SHARES AVAILABLE FOR GRANTS. There shall be 50,000
         --------------------------------------
         Shares available for Grants under this Plan and the Shares shall be
         purchased on the open market by the Trustee and held in trust by
         the Trustee for the account of each of the Participants in the Plan
         until vested. All Shares to be held in trust under this Plan shall
         be held by the Trustee pursuant to a trust agreement between the
         Company and the Trustee, as amended from time to time.

ARTICLE II. GRANTS OF SHARES.
----------------------------

         SECTION 1. NEW NON-EMPLOYEE DIRECTORS AND CURRENT NON-VESTED
         ------------------------------------------------------------
         NON-EMPLOYEE DIRECTOR. Effective on the date that he or she
         ---------------------
         commences to serve as a New Non-Employee Director, a Grant of 800
         Shares shall be made for the account of such New Non-Employee
         Director.

         SECTION 2. ADDITIONAL GRANTS. Effective on the date of each Annual
         ----------------------------
         Meeting following the initial Grant of Shares to a Non-Employee
         Director pursuant to this Article II, an additional Grant of (a)
         200 Shares shall be made in the name of each Current Vested
         Non-Employee Director continuing to serve as a Non-Employee
         Director; and (b) 350 Shares shall be made in the name of each New
         Non-Employee Director and the Current Non-Vested Non-Employee
         Director continuing to serve as a Non-Employee Director; in each
         case for service rendered during the year preceding each such
         Annual Meeting.

ARTICLE III. TERMS AND CONDITIONS OF GRANTS OF SHARES.
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         SECTION 1. DIVIDEND AND VOTING RIGHTS. As soon as practicable after
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         the Trustee's receipt thereof, the Trustee shall pay to each
         Participant in the Plan the applicable cash dividends declared and
         paid on the Shares held by the Trustee for the account of such
         Participant in the Plan. In addition, each Participant shall be
         entitled to vote the Shares held by the Trustee for the account of
         that Participant in the Plan.

         Notwithstanding any provision of this Plan, neither this Plan nor
         any Grant of Shares hereunder shall impose on the Company any
         obligation to declare and pay dividends on the Shares.

         SECTION 2. VESTING OF SHARES. Shares will vest (or be forfeited)
         ----------------------------
         depending upon the Participant's age entering the Plan, and the
         duration of the Participant's service as a Non-

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         Employee Director, as specified in the Share Vesting Schedule
         hereinafter set forth, or sooner, to the extent provided in the
         final unnumbered paragraph of this Section 2 of Article III and in
         Article IV:

         AGE ENTERING PLAN          SHARE VESTING SCHEDULE
         -----------------          ----------------------

         UNDER 60                   No shares vest prior to 65th birthday.
                                    If service ends before 65th birthday,
                                    Participant forfeits all rights to any
                                    Shares.

                                    If service continues after 65th birthday
                                    but ends before 70th birthday, 1/2 of
                                    the previously unvested accumulated
                                    Shares vest at 65th birthday, and at
                                    each succeeding Annual Meeting held on
                                    or after Participant's 65th birthday,
                                    1/2 of each annual Grant of Shares shall
                                    be vested.

                                    If service continues on or after 70th
                                    birthday, all previously accumulated
                                    unvested Shares vest on Participant's
                                    70th birthday. Annually thereafter at
                                    each succeeding Annual Meeting, all of
                                    each annual Grant of Shares shall be
                                    vested for each year of continued
                                    service beyond 70th birthday.

         60-64                      No Shares vest prior to fifth
                                    anniversary date of entry into the Plan.
                                    If service ends before the Annual
                                    Meeting date immediately following the
                                    Participant's fifth anniversary of entry
                                    into the Plan, the Participant forfeits
                                    all rights to receive any Shares.

                                    If service continues at least until the
                                    Annual Meeting date immediately
                                    following the Participant's fifth
                                    anniversary of entry into the Plan, 1/2
                                    of the previously accumulated Shares
                                    vest on such Annual Meeting date and at
                                    each succeeding Annual Meeting
                                    thereafter, 1/2 of each annual Grant of
                                    Shares shall be vested.

                                    If service continues on or after 70th
                                    birthday, all previously accumulated
                                    unvested Shares vest on 70th birthday.
                                    Annually thereafter at each succeeding
                                    Annual Meeting, all of each annual Grant
                                    of Shares shall be vested for each year
                                    of continued service beyond age 70.

         65-69                      No Shares vest prior to second
                                    anniversary date of entry into the Plan.
                                    If service ends before such second
                                    anniversary date, the Participant
                                    forfeits all rights to receive any
                                    Shares.

                                    If service continues until the Annual
                                    Meeting date immediately following the
                                    second anniversary of entry into the
                                    Plan, 1/2 of the previously accumulated
                                    Shares vest on such Annual Meeting date.
                                    At each succeeding Annual Meeting
                                    thereafter, 1/2 of each annual Grant of
                                    Shares shall be vested.

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                                    If service continues after the Annual
                                    Meeting date immediately following the
                                    second anniversary of entry into the
                                    Plan and after 70th birthday, all
                                    previously accumulated unvested Shares
                                    vest on 70th birthday. Annually
                                    thereafter at each succeeding Annual
                                    Meeting, all of each annual Grant of
                                    Shares shall be vested for each year of
                                    continued service after 70th birthday.

         AGE ENTERING PLAN          SHARE VESTING SCHEDULE
         -----------------          ----------------------

         70 OR OVER                 1/2 of the Shares vest upon entry into the
                                    Plan.

                                    If service continues after the Annual
                                    Meeting date immediately following the
                                    first anniversary of entry into the
                                    Plan, all previously accumulated
                                    unvested Shares vest on such Annual
                                    Meeting date. Annually thereafter at
                                    each succeeding Annual Meeting, all of
                                    each annual Grant of Shares shall be
                                    vested for each year of continued
                                    service.

         For purposes of the above vesting schedule in this Section 2 of
         Article III, "for each year of continued service" means, for the
         first year of such continued service, service as a Director from
         the time of the Director's birthday, or attaining the specified
         years of service under the Plan, as the case may be, until the time
         of the next Annual Meeting, and thereafter shall mean the
         respective periods between Annual Meetings. Any Shares that are
         unvested at the time a Non-Employee Director's service as a
         Director ends shall be immediately forfeited, except as set out in
         Article IV.

         To the extent that the Grant of any Shares under the Plan, at the
         time of such Grant, would only be exempt from Section 16(b) of the
         Securities Exchange Act of 1934, as amended (the "1934 Act") if the
         Plan were to contain a provision prohibiting sale of such Shares
         for at least six months after such award, Shares granted under the
         Plan may not be sold for at least six months after the Grant
         thereof.

         All fractional Shares shall be rounded down to the next lower whole
         number.

         Notwithstanding anything to the contrary set forth above in this
         Section 2 of Article III, or elsewhere in this Plan: (a) all
         previously accumulated unvested shares held by any Non-Employee
         Director under this Plan shall vest following twelve years of
         continuous service by such Non-Employee Director, such vesting to
         take place on the Annual Meeting date immediately following the
         twelfth anniversary of the commencement of service by such
         Non-Employee Director (the "Twelfth Anniversary Date"); and (b) all
         shares granted to such Non-Employee Director under this Plan on or
         after said Twelfth Anniversary Date, shall vest immediately upon
         the granting thereof. For the purpose of this unnumbered paragraph,
         "years of continuous service" shall include any number of years of
         continued membership on the Board of Directors (without any hiatus
         in the period of such Board membership) by a Non-Employee Director,
         commencing on the date of initial Board membership as a
         Non-Employee Director, and continuing annually from anniversary
         date to anniversary date, so long as such Non-Employee Director
         remains, without interruption, as a Non-Employee Director.

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         SECTION 3. TRANSFER RESTRICTIONS. Shares granted pursuant to this
         --------------------------------
         Plan may not be transferred, sold, assigned, pledged or
         hypothecated until vested in accordance with the terms and
         conditions of this Plan, or as otherwise provided in this Plan. A
         legend referring to the foregoing restrictions may be placed on all
         certificates representing unvested Shares unless such Shares are
         held by the Trustee as provided in Section 4 below and an
         additional legend may be placed on Shares as to which resale
         restrictions otherwise apply.

         SECTION 4. DELIVERY OF CERTIFICATES. Certificates representing
         -----------------------------------
         unvested Shares granted to Non-Employee Directors pursuant to this
         Plan shall be held in trust by the Trustee, so long as the transfer
         restrictions set forth in Section 3 of this Article III remain in
         effect with respect to such Shares. Upon direction of an authorized
         Company officer designated from time to time as such in writing by
         the Company (the "Officer"), the Trustee shall: (a) release
         certificates representing previously unvested Shares from trust,
         cause such Shares to be registered in the Non-Employee Director's
         name and reissue said certificates without the restrictive legend
         in the name of the Non-Employee Director, and deliver such
         certificates to the Non-Employee Director promptly upon expiration
         of such transfer restrictions; and (b) release certificates
         representing vested Shares from trust and deliver to the
         Non-Employee Director promptly; subject only to any restrictions
         that may be established by the Company, on the advice of its
         counsel, to comply with Federal or State securities laws or other
         legal requirements, and provided, however, that the Trustee may
         designate the Company as agent for the delivery of the Shares to
         Participants and, to the extent any such designation shall be made,
         the Trustee shall be relieved of any liability for such delivery.
         At the Company's direction the Trustee shall deliver forfeited
         Shares under the terms of the Plan to the Company or use the
         forfeited Shares for future Grants.

         SECTION 5. ADJUSTMENT TO SHARES. If the Company subdivides or
         -------------------------------
         combines its outstanding common stock into a greater or lesser
         number of shares or if the Board shall determine that a stock
         dividend, reclassification, business combination, exchange of
         shares, warrants or rights offering to purchase Shares or other
         similar event affects the Shares such that an adjustment is
         required to preserve the benefits or potential benefits intended to
         be made available under this Plan, the Board may make adjustments
         to the number of Shares that may be awarded and the number of
         Shares subject to outstanding Grants under this Plan. Any new or
         additional Shares or other securities to which a Non-Employee
         Director, by virtue of Grants hereunder, becomes entitled due to
         any such adjustment, shall be held by the Trustee in trust and
         shall be dealt with in the same manner as the Shares giving rise
         thereto are distributed. The Trustee shall sell any other
         instrument or property so received that does not give the holder
         the right to acquire Shares, and shall distribute the sales
         proceeds to the respective participants.

ARTICLE IV. CESSATION OF SERVICE UNDER SPECIAL CIRCUMSTANCES.
------------------------------------------------------------

         SECTION 1. DEATH OR DISABILITY. Anything to the contrary
         ------------------------------
         notwithstanding, if a Non-Employee Director: (a) dies; or (b)
         suffers an irreversible incapacity or disability before any Shares
         granted to him or her have become vested, then all such Shares
         which are still forfeitable shall immediately be deemed vested and
         nonforfeitable. A Non-Employee Director shall be deemed to have
         suffered an irreversible incapacity or disability for purposes of
         this Plan if, based on competent medical advice satisfactory to the
         Board, he or

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         she is prevented from performing the duties of Director because
         of an irreversible incapacity or disability for a period of six
         (6) months.

         SECTION 2. CESSATION OF SERVICE FOLLOWING CHANGE IN CONTROL.
         -----------------------------------------------------------
         Notwithstanding anything herein to the contrary, if a Non-Employee
         Director's relationship as a Director of the Company is terminated
         and if such termination occurs within four years following a change
         in control of the Company, then all Shares that have been Granted
         to him or her and that may still be forfeitable shall immediately
         be deemed vested and nonforfeitable. For purposes of this Section
         2, Article IV, a "change in control of the Company" means (i) the
         purchase or other acquisition (other than from the Company) by any
         person, entity or group of persons, within the meaning of Sections
         13(d) or 14(d) of the Exchange Act of 1934 ("Exchange Act")
         (excluding, for this purpose, the Company or its subsidiaries or
         any employee benefit plan of the Company or its subsidiaries), of
         beneficial ownership (within the meaning of Rule 13d-3 promulgated
         under the Exchange Act) of 30% or more of either the Company's then
         outstanding Shares or the combined voting power of the Company's
         then outstanding voting securities entitled to vote generally in
         the election of Directors; or (ii) individual members of the Board,
         as of November 1, 2002 (the "Incumbent Board") cease for any reason
         to constitute at least a majority of the Board; provided, however,
         that any individual becoming a director subsequent to November 1,
         2002 whose election, or nomination for election by the Company's
         shareholders, was approved by the vote of at least a majority of
         the directors then comprising the Incumbent Board shall be
         considered as though such individual were a member of the Incumbent
         Board, but excluding, as a member of the Incumbent Board, any such
         individual whose initial election to office occurs as a result of
         either an actual or threatened election contest (as such term is
         used in Rule 14a-11 of Regulation 14A promulgated under the
         Exchange Act) or other actual or threatened solicitation of proxies
         or consents by or on behalf of a party other than the Board;
         or(iii) approval by the shareholders of the Company of a
         reorganization, merger or consolidation, in each case, with respect
         to which persons who were the shareholders of the Company
         immediately prior to such reorganization, merger or consolidation
         do not, immediately thereafter, own more than 50% of the surviving
         entity's then outstanding shares of common stock or the surviving
         entity's combined voting power entitled to vote generally in the
         election of directors, or of a liquidation or dissolution of the
         Company or of the sale of all or substantially all of the Company's
         assets. In making this computation as to any Company shareholder
         who was also an equity owner in any other party to such
         reorganization, merger, or consolidation prior to consummating such
         transaction, only the common stock or voting power relating to such
         shareholder's equity interests in the Company shall be counted
         towards the 50% threshold in the prior sentence.

ARTICLE V. MISCELLANEOUS PROVISIONS.
-----------------------------------

         SECTION 1. GOVERNING LAW. This Plan and all actions taken hereunder
         ------------------------
         shall be governed by the laws of the State of Missouri.

         SECTION 2. WITHHOLDING. The Company may make such provisions and
         ----------------------
         take such steps as it may deem necessary or appropriate for the
         withholding of any taxes which the Company is required by any law
         or regulation of any governmental authority, whether federal, state
         or local, domestic or foreign, to withhold in connection with any
         event or action under this Plan.

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         SECTION 3. EFFECTIVE DATE AND TERM OF GRANTING SHARES. This Plan
         -----------------------------------------------------
         has been amended and restated effective as of November 1, 2002,
         subject to approval by the Company's shareholders, and the granting
         of Shares hereunder shall terminate as of November 1, 2012. All
         references to service by a Participant as a Non-Employee Director
         of the Company in this Plan shall include any service such
         Participant provided to Laclede Gas Company as a Non-Employee
         Director prior to October 1, 2001 as well as any service provided
         to the Company as a Non-Employee Director on and after October 1,
         2001.

ARTICLE VI. AMENDMENTS.
----------------------

         SECTION 1. AMENDMENT OR TERMINATION OF PLAN. Subject to Section 2
         -------------------------------------------
         below, the Board may from time to time amend this Plan or
         discontinue this Plan or any provision thereof; provided, however,
         that no amendment may be made that would (a) change the types of
         awards under this Plan, (b) materially increase the aggregate
         number of Shares that may be granted under this Plan (except for
         the equitable adjustments referred to in Article III, Section 5
         above), (c) change the category of Directors eligible to receive
         Shares under this Plan, (d) materially extend the period during
         which Grants may be made under this Plan, or (e) amend Articles II
         and III of this Plan more than once every six months, other than to
         comport with changes in the Internal Revenue Code or the rules
         thereunder.

         SECTION 2. EFFECT ON SHARES GRANTED. No amendment or
         -----------------------------------
         discontinuation of this Plan or any provision thereof shall,
         without the written consent of the Non-Employee Director, adversely
         affect any Shares theretofore granted to such Non-Employee Director
         under this Plan.

                                     7<PAGE>
                                                               Exhibit 10.20

                           THE LACLEDE GROUP, INC.
                            MANAGEMENT BONUS PLAN

         The Laclede Group, Inc. Management Bonus Plan (hereinafter called the
"Plan") was adopted by the Board of Directors of The Laclede Group, Inc., a
Missouri corporation (hereinafter called the "Company"), on September 26,
2002 to be effective with the fiscal year beginning October 1, 2002.

1. PURPOSE

         The Plan is intended to motivate the Company's executives and senior
managers to commit to the continued growth, development, and financial
success of the Company and encourage them to remain with and devote their
best efforts to the business of the Company, thereby advancing the interests
of the Company and its shareholders. Accordingly, the Company may award to
executives, senior managers, and other key contributors annual bonuses on
the terms and conditions established herein.

2. DEFINITIONS

         For the purposes of the Plan, unless the context requires otherwise,
the following terms shall have the meanings indicated:

         "Award" means the compensation payable under this Plan to a Participant
as determined by the Committee pursuant to such terms, conditions,
restrictions, and limitations established by the Committee and the Plan.

         "Board" means the Board of Directors of the Company.

         "CEO" means the Chief Executive Officer of the Company.

         "Cause" means with respect to the termination of a Participant's
employment with the Company or any of its Subsidiaries:

                  (i) Willful and continued failure by the Participant to
         perform substantially the Participant's duties as assigned (other
         than any such failure resulting from incapacity due to physical or
         mental illness) after a written demand for substantial performance
         has been delivered to the Participant by the Board or the Chief
         Executive Officer of the Company that specifically identifies the
         manner in which the Board or the Chief Executive Officer believes
         that the Participant has not substantially performed the
         Participant's duties; or

                   (ii) Willful engagement by the Participant in misconduct
         that is materially injurious to the Company or any of its
         Subsidiaries.

         For purposes of this definition, no act, or failure to act, on the
         Participant's part shall be considered "willful" unless done, or
         omitted to be done, by the Participant in bad faith or without
         reasonable belief that the Participant's action or omission was in
         the best interests of the Company and its Subsidiaries. Any act or
         failure to act based upon authority given pursuant to a resolution
         duly adopted by the Board or upon the instructions of the Chief
         Executive Officer or a senior officer of the Company or based upon
         the advice of counsel for the Company shall

                                       1                  September 19, 2002

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         be conclusively presumed to be done, or omitted to be done, by the
         participant in good faith and in the best interests of the Company
         and its Subsidiaries.

         "Change in Control" of the Company shall be deemed to have occurred if:

                  (i) any person, entity or group of persons, within the
         meaning of Section 13(d) or 14(d) of the Securities Exchange Act
         of 1934 ("Exchange Act") (excluding, for this purpose, the Company
         or its Subsidiaries or any employee benefit plan of the Company or
         its Subsidiaries), acquires beneficial ownership (within the
         meaning of Rule 13d-3 promulgated under the Exchange Act) of 30%
         or more of either the Company's then outstanding shares of common
         stock or the combined voting power of the Company's then
         outstanding voting securities entitled to vote generally in the
         election of directors; or

                  (ii) a change in the composition of the Board such that the
         individuals who, as of the effective date of the Plan, constitute
         the Board ( such Board hereinafter referred to as the "Incumbent
         Board") cease for any reason to constitute at least a majority of
         the Board; provided, however, that any individual becoming a
         director subsequent to the effective date of the Plan whose
         election, or nomination for election by the Company's
         shareholders, was approved by the vote of at least a majority of
         the directors then comprising the Incumbent Board shall be
         considered as though such individual were a member of the
         Incumbent Board, but excluding, as a member of the Incumbent
         Board, any such individual whose initial election to office occurs
         as a result of either an actual or threatened election contest (as
         such term is used in Rule 14a-11 of Regulation 14A promulgated
         under the Exchange Act) or other actual or threatened solicitation
         of proxies or consents by or on behalf of a party other than the
         Company's Board; or

                  (iii) approval by the Company's shareholders of a
         reorganization, merger or consolidation, in each case, with
         respect to which persons who were the Company's shareholders
         immediately prior to such reorganization, merger or consolidation
         do not, immediately thereafter, own more than 50% of the surviving
         entity's then outstanding shares of common stock or the surviving
         entity's combined voting power entitled to vote generally in the
         election of directors, or of a liquidation or dissolution of the
         Company or of the sale of all or substantially all of the
         Company's assets. In making this computation as to any of the
         Company's shareholders who was also an equity owner in any other
         party to such reorganization, merger, or consolidation prior to
         consummating such transaction, only the common stock or voting
         power relating to such shareholder's equity interests in the
         Company shall be counted towards the 50% threshold in the prior
         sentence.

         "Code" means the Internal Revenue Code of 1986, as amended, together
with the published rulings, regulations, and interpretations duly
promulgated hereunder.

         "Committee" means the Compensation Committee of the Board or such
other committee appointed or designated by the Board to administer the Plan in
accordance with Section 3 of this Plan.

         "Disability" means a physical and/or mental condition that renders a
Participant unable to perform the duties of the Participant's position on a
full-time basis for a period of one hundred eighty (180) consecutive
business days. Disability shall be deemed to exist when certified by a
physician selected by the Company or its insurers. The Participant will
submit to such examinations and tests as such physician deems necessary to
make any such Disability determination.

         "Funding" or "Funded" mean the level of achievement against approved,
pre-established Performance Goals required to permit a corresponding level
of Awards to be earned by Participants for a Performance Period. Funding can
be established at Threshold, Target, and High Performance levels.

                                      2                  September 19, 2002

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         "High Performance Opportunity" means the cash Award that a Participant
is potentially eligible to earn under the Plan, expressed as a percentage of
the Participant's annual base salary at the start of the Performance Period,
if the Plan is Funded at the High Performance level and the Participant's
overall performance against Performance Goals exceeds expectations.

         "Participant" means an employee who is selected by the Committee to
participate in the Plan.

         "Performance Criteria" or "Performance Goals" mean the objectives
established by the Committee for the Performance Period pursuant to Section
5 hereof, for the purpose of determining Awards under the Plan.

         "Performance Period" or "Plan Year" mean the consecutive twelve-month
period that constitutes the Company's fiscal year, or, for an employee who
becomes a Participant after the start of the Performance Period, the period
of time between becoming a Participant and the end of the Company's fiscal
year.

         "Plan" means The Laclede Group, Inc. Management Bonus Plan, effective
October 1, 2002, as amended from time to time.

         "Retirement" means the Participant's termination of employment with
the Company and its subsidiaries on or after the Participant's attainment
of age 55 and completion of five or more years of service with the Company
and its Subsidiaries.

         "Subsidiary" means any company (other than the Company) with respect
to which the Company owns, directly or indirectly, 50% or more of the total
combined voting power of all classes of stock. In addition, any other
related entity may be designated by the Board as a Subsidiary, provided such
entity could be considered as a subsidiary according to generally accepted
accounting principles.

         "Target Opportunity" means the cash Award that a Participant is
potentially eligible to earn under the Plan, expressed as a percentage of
the Participant's annual base salary at the start of the Performance Period,
if the Plan is fully Funded and the Participant's overall performance
against Performance Goals meets expectations.

         "Threshold Opportunity" means the cash Award that a Participant is
potentially eligible to earn under the Plan, expressed as a percentage of
the Participant's annual base salary at the start of the Performance Period,
if the Plan is Funded at the Threshold level and the Participant's overall
performance against Performance Goals meets minimum expectations.

3. ADMINISTRATION

         The Plan shall be administered by the Committee unless otherwise
determined by the Board. The Committee shall consist of not fewer than two
members of the Board who are "independent" as that term is defined by the
listing standards of the New York Stock Exchange. Unless otherwise provided
in the Committee's charter document, the Committee shall select one of its
members to act as its Chairman and a majority of the Committee shall
constitute a quorum, and the act of a majority of the members of the
Committee present at a meeting at which a quorum is present shall be the act
of the Committee.

         The Committee shall determine and designate from time to time the
eligible employees who may be Participants and to whom Awards will be made.
The Committee, in its discretion, shall (a) interpret the Plan, (b)
prescribe, amend, and rescind any rules and regulations necessary or
appropriate

                                      3                  September 19, 2002

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for the administration of the Plan, and (c) make such other determinations
and take such other action as it deems necessary or advisable in the
administration of the Plan. Any interpretation, determination, or
other action made or taken by the Committee shall be final, binding, and
conclusive on all interested parties. The Committee may, however, delegate
all or any portion of its administrative authority to any one or more of its
members and may delegate all or any part of its administrative authority to
any person or persons selected by it, as the members by unanimous consent
deem appropriate. The Committee may revoke any such allocation or delegation
at any time.

4. ELIGIBILITY

         Only those employees in positions (a) that have the potential to
materially and positively impact reliability, profitability, shareholder
value, or customer satisfaction, or (b) where competitive market data
strongly indicate the prevalence of a bonus opportunity for such position,
shall be considered eligible for participation in the Plan. Prior to the
beginning of the Performance Period, the CEO shall make recommendations to
the Committee as to the Participants and their respective Target
Opportunities for the upcoming Performance Period. The Committee, in its
sole discretion, shall make the final determination as to Participants, and
to their respective Target Opportunities. Participation in one Plan Year
does not entitle any Participant to be a Participant in a subsequent Plan
Year. The CEO may recommend an employee who is hired or promoted (after the
start of the Plan Year) into a position considered to be eligible to
participate in the Plan, to the Committee for inclusion as a Participant in
the current Plan Year. Such Participant shall be eligible to earn a prorated
Award based on the number of full months as a Participant during the
Performance Period, as the Committee may determine. An employee who is not a
Participant at the start of the Plan Year must be a Participant in the Plan
for a minimum of six months during the Plan Year to be eligible for an Award
for that Plan Year.

5. PERFORMANCE GOALS AND MEASUREMENT

         AWARDS. Awards may be made annually in accordance with actual
performance compared to the Performance Goals previously established by the
Committee for the Performance Period.

         PERFORMANCE GOALS. The Committee shall establish, in writing,
Performance Goals relating to Funding for a Performance Period not later
than 90 days after commencement of the Performance Period. Performance Goals
may include alternative and multiple Performance Goals and may be based on
one or more business and/or financial criteria. In establishing the
Performance Goals for the Plan Year, the Committee in its discretion may
include one or any combination of the following Performance Criteria, in
either absolute or relative terms, for the Company, any of its Subsidiary
organizations, or an individual business unit:

         (a) Measures of operating stability and reliability, efficiencies,
               employee safety and attendance, and service disruptions

         (b) Return on assets, equity, capital, or investment

         (c) Pre-tax or after-tax profit levels, including: earnings per
               share; earnings before interest and taxes; earnings before
               interest, taxes, depreciation and amortization; net operating
               profits after tax, and net income

         (d) Cash flow and cash flow return on investment

         (e) Economic value added and economic profit

                                      4                  September 19, 2002

<PAGE>
<PAGE>

         (f) Credit rating or credit worthiness

         (g) Levels of operating expense or other expense items as reported
               on the income statement, including operating and maintenance
               expense.

         (h) Total shareholder return

         (i) Measures of customer satisfaction and customer service as
               surveyed from time to time, or as tracked within the Company,
               including the relative improvement therein.

         The Committee shall similarly establish Performance Goals for the CEO,
and approve Performance Goals for all other Participants. The Performance
Goals may be identical for all Participants or, at the discretion of the
Committee, may be different to reflect more appropriate measures of
individual performance.

         ADJUSTMENTS FOR EXTRAORDINARY ITEMS. The Committee shall be authorized
to make adjustments in the method of calculating attainment of Performance
Goals in recognition of: (a) extraordinary or non-recurring items, (b)
changes in tax laws, (c) changes in generally accepted accounting principles
or changes in accounting policies, (d) charges related to restructured or
discontinued operations, (e) restatement of prior period financial results,
and (f) any other unusual, non-recurring gain or loss that is separately
identified and quantified in the Company's financial statements.
Notwithstanding the foregoing, the Committee may, at its sole discretion,
reduce the performance results upon which Awards are based under the Plan,
to offset any unintended result(s) arising from events not anticipated when
the Performance Goals were established.

         DETERMINATION OF AWARDS. The Award and payment of any Award under this
Plan to a Participant with respect to the Performance Period shall be
contingent upon both (a) the attainment of the Performance Goals related to
Funding, and (b) the attainment of the Performance Goals that are applicable
to such Participant, in such combination as the Committee shall determine.
The Committee shall certify in writing prior to payment of any such Award
that such applicable Performance Goals relating to the Award are satisfied.
Approved minutes of the Committee may be used for this purpose.

         TIMING OF AWARDS. At the first meeting of the Committee after the
completion of the Plan Year, the Committee shall review the prior year's
performance in relation to the Performance Goals. The first meeting of the
Committee shall occur within 60 days following the completion of the
Performance Period. All Awards shall be paid in cash as soon as practicable
following certification by the Committee, unless deferred pursuant to an
election under a deferred compensation plan maintained by the Company or a
Subsidiary.

6. WITHHOLDING TAXES

         The Company shall have the right to deduct from any payment to be made
pursuant to the Plan the amount of any taxes required by law to be withheld
with respect to such payments.

7. TERMINATION OF EMPLOYMENT

         A Participant who, during the Performance Period, ceases to be an
employee due to Retirement, death, Disability, or involuntary termination
not for Cause, shall nonetheless be eligible to receive an award, as the
Committee shall determine, subject to the provisions of Section 5, prorated
for the period

                                      5                  September 19, 2002

<PAGE>
<PAGE>

of time, rounded to the nearest full month, that such employee was a
Participant under the Plan. A Participant who, during the Performance Period
or after the Performance Period but before certification of the Awards for
such Performance Period by the Committee, ceases to be an employee due to
voluntary termination or termination for Cause, shall forfeit all rights to
an Award for such Performance Period.

8. NO RIGHT TO CONTINUED EMPLOYMENT OR AWARDS

         No employee shall have any claim or right to receive an Award, and the
receipt of an Award shall not be construed as giving a Participant the right
to be retained in the employ of the Company or any of its Subsidiaries.
Further, the Company and its Subsidiaries expressly reserve the right at any
time to terminate the employment of any Participant free from any liability
under the Plan; except that a Participant, who meets or exceeds the
Performance Goals for the Performance Period and was actively employed for
six consecutive months or more of the Performance Period, may be eligible
for an Award provided, however, that the Participant is an active employee
of the Company at the time the Awards are paid under the Plan, or is
otherwise eligible for an Award subject to the provisions of Section 7.

9. CHANGE IN CONTROL

         Immediately upon a Change in Control, notwithstanding any other
provision of this Plan, all Awards for the Performance Period in which the
Change in Control occurs shall be deemed earned at the Target Opportunity
level, and the Company shall make a payment in cash, prorated for the period
of time elapsed commencing with the first day of the then current
Performance Period and ending with the effective date of the Change in
Control, to each Participant within thirty (30) days after the effective
date of the Change in Control in the amount of such Target Opportunity.

10. AMENDMENTS, MODIFICATION, SUSPENSION, OR TERMINATION

         Prior to the commencement of any Plan Year, the Committee may,
without the consent of the Participants, alter, amend, revise, suspend, or
discontinue the Plan in whole or in part.

11. GOVERNING LAW

         The validity, construction and effect of the Plan and any actions
taken or relating to the Plan shall be determined in accordance with the laws
of the State of Missouri and applicable Federal law.

12. SUCCESSORS AND ASSIGNS

         The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of
the business and/or assets of the Company, expressly to assume and agree to
perform the Company's obligations under this Plan in the same manner and to
the same extent that the Company would be required to perform them if no
such succession had taken place. As used herein, the "Company" shall mean
the Company as hereinbefore defined and any aforesaid successor to its
business and/or assets.

                                      6                  September 19, 2002

<PAGE>
<PAGE>

13. INDEMNIFICATION

         No member of the Board or the Committee, nor any officer or employee
of the Company acting on behalf of the Board or the Committee, shall be
personally liable for any action, determination, or interpretation taken or
made in good faith with respect to the Plan, and all members of the Board or
the Committee and each and any officer or employee of the Company acting on
their behalf shall, to the extent permitted by law, be fully indemnified and
protected by the Company in respect of any such action, determination, or
interpretation.

                                  * * * * *

         IN WITNESS WHEREOF, the Company has caused this instrument to be
executed as of September 26, 2002 by its President pursuant to prior action
taken by the Board.

                                     The Laclede Group, Inc.

                                     By:
                                         -----------------------------
                                         Douglas H. Yaeger
                                         Chairman of the Board, President
                                         and Chief Executive Officer

Attest:

---------------------
Mary Caola Kullman
Secretary

                                      7                  September 19, 2002

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