Schedule of Employment Continuation Agreements for Named Executive Officers (February 20, 2007)

Summary

This agreement outlines the termination benefits for several executive officers, including the President and CEO, Vice Presidents, and Senior Vice Presidents. If terminated following a change of control, each executive will receive a lump sum payment based on a multiple of their annual base salary plus the average of their last three years' bonuses. The President and CEO receives three times this sum, while the other named executives receive two times the sum. The agreement ensures financial protection for these executives in the event of a company change of control.

EX-10.2 3 ex-10_2.htm SCHEDULE OF EMPLOYMENT CONTINUATION AGREEMENT Schedule of Employment Continuation Agreement

Exhibit 10.2

Schedule of Employment Continuation Agreements of Named Executive Officers dated February 20, 2007.

Name	Termination Benefit
Laurence M. Downes, President and Chief Executive Officer	Three times the sum, of (x) his then annual base salary and (y) the average of his annual bonuses paid or payable with respect to the last three calendar years ended prior to the Change of Control.
Mariellen Dugan, Vice President and General Counsel	Two times the sum, of (x) her then annual base salary and (y) the average of her annual bonuses paid or payable with respect to the last three calendar years ended prior to the Change of Control (“2x”).
Kathleen T. Ellis, Vice President, Corporate Affairs	2x
Glenn C. Lockwood, Senior Vice President and Chief Financial Officer	2x
Joseph P. Shields, Senior Vice President, Energy Services, New Jersey Natural Gas Company	2x