Looking for an agreement? Search from over 1 million agreements now.

Directors Retirement Plan

This is an actual contract by BAY State Gas.

Save time and money with our Premium Packages.
Buy all (8) recommended agreements for
$140.00 (50% savings)
Agreement Preview
Sectors: Energy
Governing Law: Massachusetts, View Massachusetts State Laws
Effective Date: December 08, 1994
Related Agreement Types:
Search This Document
EXHIBIT 10.07


BAY STATE GAS COMPANY


DIRECTORS' RETIREMENT PLAN


July 1, 1994


2


PREAMBLE


The name of this plan is the "Bay State Gas Company Directors' Retirement Plan" (the "Plan"). The Plan has been established by Bay State Gas Company (the "Company") for the purpose of providing retirement income to Directors of the Company who are not officers of the Company. The Plan has been adopted by the Board of Directors at their meeting April 28, 1994, and shall be effective July 1, 1994.


3


ARTICLE I


DEFINITIONS


1.1 "Compensation Committee" means the committee of the Board of Directors charged with the responsibility for compensation and employee benefit matters.


1.2 "Deferred Retirement Date" means the first day of the month following the Participant's Normal Retirement Date in which i) the Participant retires as a Director, or ii) if later, ceases service as a Director Emeritus.


1.3 "Director Emeritus" means a retired member of the Board of Directors who has been appointed by the Board of Directors to act in an advisory, rather than voting, capacity.


1.4 "Normal Retirement Date" means the first day of the month in which the Participant reaches age 65 and has 5 Years of Service as a Director of Bay State Gas Company.


1.5 "Participant" means a Director of the Company who is not an officer of the Company.


1.6 "Retainer" means the annual amount received by each Director for services as a member of the Board of Directors of the Company.


1.7 "Year of Service" means 12 consecutive months of service as a non-employee Director. Each full month shall be counted as a partial year, for example, if a Participant has 8 years and 3 full months of service at the time of retirement, it shall counted as 8.25 Years of Service.


ARTICLE II


ELIGIBILITY FOR BENEFITS


2.1 Eligibility for Benefits. Each Participant is eligible to retire and receive a benefit under the Plan beginning on the later of the Participant's Normal Retirement Date or Deferred Retirement Date.


4


ARTICLE III


AMOUNT AND FORM OF RETIREMENT BENEFIT


3.1 Benefit at Normal or Postponed Retirement. The annual retirement benefit payable commencing on a Participant's Normal or Deferred Retirement Date will equal 10% of the Participant's retainer for his or her final year of service, multiplied by the number of Years of Service, provided, however, that the annual benefit shall not exceed 100% of the Participant's retainer for the final year of service.


3.2 Form of Benefit. The benefit determined under the Plan will be payable as an annuity over a period equal to the lesser of, i) the number of the Participant's Years of Service, or ii) the life of the Participant.


ARTICLE IV


PAYMENT OF RETIREMENT BENEFITS


4.1 Time of Payment. The annual benefit determined u
-- End of Preview --
Home| About Us| FAQ| Subscription | Contact Us |

Privacy Policy   Terms of Service  100.24.209.47