AGL RESOURCES INC. LONG-TERM INCENTIVE PLAN (1999) NONQUALIFIED STOCK OPTION AGREEMENT
Exhibit
10.1
LONG-TERM
INCENTIVE PLAN (1999)
This
Agreement sets forth the terms of a Nonqualified Stock Option granted under the
above-named Plan.
Name of
Participant: ___________________________
Nonqualified
Stock Option No.
_________
Date of
Grant:________________________________
Number of
Option Shares: _____________
Exercise
Price:
$____________ per share (no less than the fair market value on date of
grant)
Reload
Options: This
option shall not be subject to reload options.
Exercisability: This
option shall first become exercisable as follows:
____
Immediately exercisable upon date of grant.
____ __
percent of option shares exercisable on the first anniversary of the date of
grant; and
__
percent of option shares exercisable on the second anniversary of the date of
grant.
____
Other:
_____________________________________________________________
Notwithstanding
the above, all shares under this option shall become exercisable upon the death,
disability or retirement (as defined in the Plan) of the Participant or upon a
change of control of AGL Resources Inc. (as defined in the Plan). Also, in the
event of the Participant’s termination of employment for any reason other than
death, disability or retirement (as defined in the Plan), any portion of the
option which has not become exercisable shall immediately
terminate.
Term
of Exercisability:
Once all or a part of the option becomes exercisable, it shall remain
exercisable until the earliest of:
____
The one-year anniversary of the Participant’s termination of employment due to
death, disability or retirement (as defined in the Plan)
____
The date of the Participant’s termination of employment for any reason other
than death, disability or retirement (as defined in the Plan)
____
The date that is [ ] years from the date of
grant
____
Other:_________________________________________________________________
Transferability: The
Participant:
____
may
transfer the option pursuant only by will or by the laws of descent and
distribution
____ may
transfer the option in the following manner:
_____________________________
This
Option Agreement is subject to the terms and conditions of the Plan. The
Participant has received a copy of the Plan’s prospectus, including a copy of
the Plan. The Participant agrees to the terms of this Option Agreement, which
may be amended only upon a written agreement signed by the parties hereto. The
Company will notify the Participant of the methods by which this option may be
exercised.
This
_____day of ________, 2_______.
AGL
RESOURCES INC. PARTICIPANT:
By:
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
▇▇▇▇▇▇▇
▇. ▇▇▇▇▇ _______________________________
Senior
Vice President
OFFICER
INCENTIVE PLAN
This
Agreement sets forth the terms of a Nonqualified Stock Option granted under the
above-named Plan.
Name
of Participant:__________
________________________
Date
of Grant:
________________________________________
Number
of Option Shares:________________________________
Exercise
Price: $
_______________ per share (no less than the fair market value on date of
grant)
Reload
Options: This
option shall not be subject to reload options.
Exercisability: This
option shall first become exercisable as follows:
___
Immediately exercisable upon date of grant
___ ___
percent of option shares exercisable on the first anniversary of the date of
grant;
___
percent of option shares exercisable on each successive anniversary of the date
of grant.
___
Other:______________________________________________________________
Notwithstanding
the above, all shares under this option shall become exercisable upon the death,
disability or retirement (as defined in the Plan) of the Participant or upon a
change of control of AGL Resources Inc. (as defined in the Plan). Also, in the
event of the Participant’s termination of employment for any reason other than
death, disability or retirement (as defined in the Plan), any portion of the
option which has not become exercisable shall immediately terminate.
Term
of Exercisability: Once all
or a part of the option becomes exercisable, it shall remain exercisable until
the earliest of:
____ The
one-year anniversary of the Participant’s termination of employment due to
death, disability or retirement (as defined in the Plan)
____ The date
of the Participant’s termination of employment for any reason other than death,
disability or retirement (as defined in the Plan)
____
The date that is _________ (up to 10) years from the date of grant
____ Other:_______________________________________________________________
Transferability: The
Participant:
___ may
transfer the option pursuant only to the laws of descent and
distribution
___ may
transfer the option in the following manner:
_________________________
This Option Agreement is subject to the terms and conditions of the Plan. The Participant has received a copy of the Plan’s prospectus, including a copy of the Plan. The Participant agrees to the terms of this Option Agreement, which may be amended only upon a written agreement signed by the parties hereto. The Company will notify the Participant of the methods by which this option may be exercised.
This
________ day of ____________________, 200_.
AGL
RESOURCES INC. PARTICIPANT:
By:
_____________________________________ __________________________________
Title:
___________________________________