AGL RESOURCES INC. LONG-TERM INCENTIVE PLAN (1999) NONQUALIFIED STOCK OPTION AGREEMENTExecutive Compensation Plan Agreement |
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Exhibit 10.1
AGL RESOURCES INC.
LONG-TERM INCENTIVE PLAN (1999)
NONQUALIFIED STOCK OPTION AGREEMENT
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.
