Earlier this month, Eileen O’Neill Odum—NiSource Executive Vice-president and Northern Indiana Energy Group CEO—resigned her position to spend more time with her family.

But Odum will continue to serve as a “full-time, active employee” of NiSource under a separation agreement filed by NiSource on Feb. 19 with the U.S. Securities and Exchange Commission.

And Odum will so serve through June 30, 2012—or until her earlier resignation or termination—during which time she “will provide executive level support, counsel, and advice in areas including, but not limited to, regulatory matters, Northern Indiana Energy Group operations, governmental relations, and public affairs,” according to the filing.

While so employed, the filing states, Odum will earn her current annual base salary, will be eligible to participate in the company’s corporate incentive plan, will receive a minimum incentive plan payment of $100,000 for each of 2010 and 2011, and will remain eligible to participate in the company’s other benefit plans.

If Odum does remain employed with NiSource through June 30, 2012, she will also receive a lump-sum payment of $100,000, plus an additional lump-sum payment for one year’s worth of COBRA premiums, the filing states.

“The separation agreement addresses NiSource’s business needs as well as the personal circumstances being faced by Eileen Odum and her family,” NiSource spokesman Karl Brack told the Chesterton Tribune today. “Although (Odum’s) obvious priority during the coming months is to focus on her family’s needs, we recognize that she has expertise and experience that is of potential value to NiSource.”

“As announced earlier, (Odum) will no longer have a leadership role with our Indiana utilities,” Brack added. “However, NiSource may call upon her to provide executive level support, counsel, and advice to the corporation as needed. Obviously, we will continue to be respectful of (Odum’s) family circumstances—and mindful of our business requirements—as we exercise the terms of this agreement.”

Posted 2/26/2010