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Document Preview Nonemployee Director Stock Incentive Plan [Amended and Restated 2002] |
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Title: |
Nonemployee Director Stock Incentive Plan [Amended and Restated 2002] |
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Entities: |
NiSource Inc.; Nisource Inc. |
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Date: |
2003 |
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Size: |
Preview shows 13KB of 53KB total |
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Price: |
$38 |
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ID: |
#177858 |
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NISOURCE INC.
NONEMPLOYEE DIRECTOR
STOCK INCENTIVE PLAN
(AS AMENDED AND RESTATED EFFECTIVE JULY 1, 2002)
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
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{S} {C}
ARTICLE 1. ESTABLISHMENT, PURPOSE, AND DURATION...................... 1
1.1 Establishment of the Plan...................................... 1
1.2 Purpose of the Plan............................................ 2
1.3 Duration of the Plan........................................... 2
ARTICLE 2. DEFINITIONS............................................... 2
2.1 "Award"........................................................ 2
2.2 "Award Agreement".............................................. 3
2.3 "Beneficial Owner"............................................. 3
2.4 "Board" or "Board of Directors"................................ 3
2.5 "Change in Control"............................................ 3
2.6 "Code"......................................................... 3
2.7 "Company"...................................................... 3
2.8 "Committee".................................................... 3
2.9 "Director"..................................................... 3
2.10 "Disability"................................................... 3
2.11 "Effective Date"............................................... 3
2.12 "Employee"..................................................... 4
2.13 "Exchange Act"................................................. 4
2.14 "Fair Market Value"............................................ 4
2.15 "Nonemployee Director"......................................... 4
2.16 "Nonqualified Stock Option" or "NQSO".......................... 4
2.17 "Option"....................................................... 4
2.18 "Participant".................................................. 4
2.19 "Period of Restriction"........................................ 4
2.20 "Restricted Stock"............................................. 4
2.21 "Restricted Stock Unit"........................................ 5
2.22 "Shares"....................................................... 5
ARTICLE 3. ADMINISTRATION............................................ 5
3.1 Committee...................................................... 5
3.2 Administration by the Committee................................ 5
3.3 Decisions Binding.............................................. 5
ARTICLE 4. SHARES AND RESTRICTED STOCK UNITS SUBJECT TO THE PLAN..... 5
4.1 Number of Shares and Restricted Stock Units.................... 5
4.2 Lapsed Awards.................................................. 6
4.3 Adjustments in Authorized Shares and Restricted Stock Units.... 6
{/TABLE}
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TABLE OF CONTENTS
(continued)
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ARTICLE 5. ELIGIBILITY AND PARTICIPATION............................. 7
5.1 Eligibility.................................................... 7
5.2 Actual Participation........................................... 7
ARTICLE 6. RESTRICTED STOCK.......................................... 7
6.1 Initial Grant of Restricted Stock.............................. 7
6.2 Future Grants of Restricted Stock.............................. 7
6.3 Restricted Stock Award Agreement............................... 8
6.4 Other Restrictions............................................. 8
6.5 Certificate Legend............................................. 8
6.6 Vesting........................................................ 8
6.7 Voting Rights.................................................. 9
6.8 Dividends and Other Distributions.............................. 9
ARTICLE 7. NONQUALIFIED STOCK OPTIONS................................ 10
7.1 Potential Grants of Options.................................... 10
7.2 Option Award Agreement......................................... 10
7.3 Option Price................................................... 10
7.4 Duration of Options............................................ 10
7.5 Vesting of Shares Subject to Option............................ 11
7.6 Payment........................................................ 11
7.7 Restrictions on Share Transferability.......................... 12
ARTICLE 8. RESTRICTED STOCK UNITS.................................... 12
8.1 Initial Grant of Restricted Stock Units........................ 12
8.2 Special Grant of Restricted Stock Units........................ 12
8.3 Future Grants of Restricted Stock Units........................ 13
8.4 Restricted Stock Unit Account.................................. 13
8.5 Dividend on Restricted Stock Units............................. 14
8.6 Maturity of Restricted Stock Units............................. 14
8.7 Payment........................................................ 15
8.8 Voting and Stock Ownership Rights.............................. 15
ARTICLE 9. CHANGE IN CONTROL......................................... 15
ARTICLE 10. AMENDMENT, MODIFICATION AND TERMINATION................... 16
10.1 Amendment, Modification and Termination........................ 16
10.2 Awards Previously Granted...................................... 16
ARTICLE 11. GENERAL PROVISIONS........................................ 16
11.1 Additional Awards.............................................. 16
11.2 Gender and Number.............................................. 17
{/TABLE}
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TABLE OF CONTENTS
(continued)
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11.3 Severability................................................... 17
11.4 Indemnification................................................ 17
11.5 Beneficiary Designation........................................ 18
11.6 Termination of Directorship.................................... 18
11.7 Nontransferability of Options.................................. 19
11.8 No Right of Nomination......................................... 21
11.9 Shares Available............................................... 21
11.10 Additional Compensation........................................ 21
11.11 Successors..................................................... 21
11.12 Requirements of Law............................................ 21
11.13 Governing Law.................................................. 21
{/TABLE}
iii
{PAGE}
NONEMPLOYEE DIRECTOR
STOCK INCENTIVE PLAN
NISOURCE INC.
(AS AMENDED AND RESTATED EFFECTIVE JULY 1, 2002)
WHEREAS, NiSource Inc. (the "Company") adopted the NiSource Inc.
Nonemployee Director Stock Incentive Plan (formerly the NIPSCO Industries, Inc.
Nonemployee Director Stock Incentive Plan), effective February 1, 1992, as last
amended effective December 16, 1997 and February 1, 1998 ("Plan");
WHEREAS, the Company adopted the NiSource Inc. Nonemployee Director
Restricted Stock Unit Plan (formerly the NIPSCO Industries, Inc. Nonemployee
Director Restricted Stock Unit Plan) effective January 1, 1999 ("Stock Unit
Plan") and
WHEREAS, pursuant to Section 10.1 of the Plan and Section 14 of the Stock
Unit Plan, the Company wishes to amend the Plan and the Stock Unit Plan in
certain respects, and merge the Stock Unit Plan into the Plan and restate the
merged Plan in a single document;
NOW THEREFORE, the Plan is hereby amended and restated, effective July 1,
2002, as follows:
ARTICLE 1. ESTABLISHMENT, PURPOSE, AND DURATION
1.1 Establishment of the Plan. NiSource Inc. established an incentive
compensation plan known as the "NiSource Inc. Nonemployee Director Stock
Incentive Plan" (the "Plan"), as set forth in this document. The Plan permits
the grant of Restricted Stock, Nonqualified Stock Options and Restricted Stock
Units to Nonemployee Directors, subject to the terms and provisions set forth
herein.
Upon approval by the Board of Directors of the Company, subject to
ratification within twelve (12) months by an affirmative vote of a majority of
Shares present and entitled to
{PAGE}
vote at the May 20, 2003 annual shareholders meeting at which a quorum is
present, the Plan, as amended and restated herein, shall become effective as of
July 1, 2002, and shall remain in effect as provided in Section 1.3 herein. All
grants of Awards made under the Plan from and after July 1, 2002 and prior to
the date of such approval shall be conditioned upon such shareholder approval
and shall be null and void if such approval is not obtained by May 20, 2003.
Effective July 1, 2002, the Stock Unit Plan shall be merged into and
become a part of the Plan as amended and restated herein.
1.2 Purpose of the Plan. The purpose of the Plan is to promote the
achievement of long-term objectives of the Company by linking the personal
interests of Nonemployee Directors to those of Company shareholders, enhancing
the interest of Nonemployee Directors in the growth and success of the Company,
and attracting and retaining Nonemployee Directors of outstanding competence.
1.3 Duration of the Plan. The Plan, as amended and restated herein,
effective July 1, 2002 and shall remain in effect, subject to the right of the
Committee to terminate the Plan at any time pursuant to Article 10 herein, until
all Shares subject to it shall have been purchased or acquired according to the
Plan's provisions. However, in no event may an Award be granted under the Plan
on or after June 30, 2012.
ARTICLE 2. DEFINITIONS
Whenever used in the Plan, the following terms shall have the
meanings set forth below and, when the meaning is intended, the initial letter
of the word is capitalized:
2.1 "Award" means, individually or collectively, a grant of Restricted
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