UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
March 27, 2009 (March 26, 2009)
Date of Report (Date of earliest event reported)
NICOR INC.
(Exact name of registrant as specified in its charter)
| Illinois | 1-7297 | 36-2855175 |
| (State or other jurisdiction | (Commission | (I.R.S. Employer |
| of incorporation) | File Number) | Identification Number) |
1844 Ferry Road
Naperville, Illinois 60563-9600
(Address of principal executive offices) (Zip Code)
(630) 305-9500
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 26, 2009, the Compensation Committee of the Board of Directors of Nicor Inc. (the “Compensation Committee”) awarded restricted stock units to Russ M. Strobel, Nicor Inc.’s chairman, president and chief executive officer. Nicor Inc. is filing the restricted stock unit agreement applicable to this award to Mr. Strobel as an exhibit to this report, and its terms are incorporated herein by reference. This award to Mr. Strobel implements certain terms of Nicor Inc.’s 2009 Long Term Incentive Program, which is also filed as an exhibit to this report, and its terms are incorporated herein by reference.
On March 26, 2009, the Compensation Committee also awarded restricted stock units to named executive officers other than Mr. Strobel. The form of the restricted stock unit agreement applicable to these awards to named executive officers other than Mr. Strobel was filed previously by Nicor Inc. (exhibit 10.2 to Nicor Inc.’s Form 8-K filed March 26, 2007), and its terms are incorporated herein by reference. These awards implement certain terms of Nicor Inc.’s 2009 Long Term Incentive Program.
On March 26, 2009, the Compensation Committee awarded performance cash units to the named executive officers of Nicor Inc. The form of the performance cash unit agreement applicable to all named executive officers is filed as an exhibit to this report, and its terms are incorporated herein by reference. These awards implement certain terms of Nicor Inc.’s 2009 Long Term Incentive Program.
On March 26, 2009, the Compensation Committee approved an incentive compensation award under the Tropical Shipping Company Long-Term Incentive Plan for Mr. Rick Murrell, the chairman and president of Tropical Shipping and Construction Company Limited and a named executive officer of Nicor Inc. The Tropical Shipping Company Long-Term Incentive Plan was previously filed by Nicor Inc. (exhibit 10.4 to Nicor Inc.’s Form 8-K filed March 28, 2008), and its terms are incorporated herein by reference. The incentive compensation award to Mr. Murrell was granted for the three-year performance period of 2009-2011 and provides Mr. Murrell with the opportunity to earn a percentage of his base salary at the end of the performance period based on Tropical Shipping Company’s average return on operating assets (ROOA) over that period. The award paid to Mr. Murrell at the end of the three-year performance period can range from 0% of his base salary (if the ROOA over the performance period is below 12.6%) to 112% of his base salary (if the ROOA is 18.8% or higher over the performance period).
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits |
The following are filed as exhibits to this report
| 10.01 | Restricted Stock Unit Agreement between Nicor Inc. and Russ M. Strobel | |
| 10.02 | Performance Cash Unit Agreement Form | |
| 10.03 | 2009 Long Term Incentive Program |
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Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Nicor Inc. | ||||
| Date | March 27, 2009 | /s/ KAREN K. PEPPING | ||
| Karen K. Pepping | ||||
| Vice President and Controller | ||||
| (Principal Accounting Officer and | ||||
| Duly Authorized Officer) |
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Exhibit Index
| Exhibit | |||
Number | Description of Documents | ||
| 10.01 | Restricted Stock Unit Agreement between Nicor Inc. and Russ M. Strobel | ||
| 10.02 | Performance Cash Unit Agreement Form | ||
| 10.03 | 2009 Long Term Incentive Program |