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Supplemental Retirement Benefit Agreement

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Title:

Supplemental Retirement Benefit Agreement

Entities:

Nicor Inc.

Date:

2002

Size:

Preview shows 2KB of 10KB total

Price:

$33

ID:

#898699

► Compensation ► Benefits ► Retirement ► Supplemental Retirement Benefits Agreements
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             Supplemental Retirement Benefit Agreement



THIS AGREEMENT, dated as of this 1st day of January, 2001, (the

"Effective Date"), by and between NICOR Inc., an Illinois

corporation, (the "Company"), and Russ M. Strobel (the

"Executive"),



                                 WITNESSETH THAT



WHEREAS, in consideration of services to be performed by the Executive for the

Company, the Company and the Executive wish to enter into this Agreement

relating to supplemental benefits to be provided to the Executive by the

Company;



NOW, THEREFORE, IT IS AGREED, by and between the Company and the Executive as

follows:



1. Retirement Income. Subject to the following provisions of this Agreement, the

   Executive shall be entitled to an annual Retirement Benefit of $50,000

   multiplied by the Vesting Percentage at the date payment commences. Payments

   shall commence on the first day of the month next following the later of the

   Executive's sixtieth birthday or Termination Date and shall be payable for

   the Executive's life.



2.    Vesting Percentage.  The Vesting Percentage shall be

      ------------------

   determined from the following schedule:



            Completed Years of      Vested

            Continuous Service      Percentage

             Less than three

                  years             Null

             Three years            50 percent

                Four years          75 percent

            Five or more years      100 percent



   Continuous Service shall commence on the Executive's date of hire by the

Company.



3. Default Form of Payment. Unless otherwise elected as provided in paragraph

   (6), the Retirement Benefit shall be paid as an Actuarially Equivalent Single

   Lump Sum. The Actuarial Equivalent Single Lump Sum shall be determined and

   paid as soon as administratively feasible following the Termination Date, and

   no further benefits will be provided under this Agreement.

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