EXHIBIT
10.3
PERFORMANCE UNIT AWARD
NO. __________
AGL RESOURCES
INC.
LONG-TERM INCENTIVE PLAN
(1999)
PERFORMANCE CASH UNIT
AGREEMENT
This Agreement
between AGL Resources Inc. (the “Company”) and the
Recipient sets forth the terms of the Performance Units awarded
under the above-named Plan.
Name of
Recipient: _________________________
Date of
Award :
Performance Multiple:
[1]x
Target
Performance Units: $
Performance Measurement Period:
January 1, 200__ through December
31, 200__
Performance Measurement
: The performance measure (PM) for
this Award will be the Company’s average annual growth in
basic earnings per share plus the average dividend
yield.
Performance Calculation:
At the end of the Performance
Measurement Period, the Performance Units will vest based on the
increase in the PM during the Performance Measurement Period in
accordance with the following formula:
|
Base Pay x Performance
Multiple x PM % = Actual Award
|
In particular,
the performance calculation shall be determined as
follows:
|
·
|
Base pay shall
be the Recipient’s base pay as of ____________.
|
|
·
|
Performance
Multiple is set forth in this Performance Unit
Agreement.
|
|
·
|
PM shall be
calculated as of the end of the Performance Measurement
Period.
|
|
·
|
PM shall be
calculated to two decimal places.
|
Threshold, Target and Maximum
Payout: Threshold
payout is calculated at 6% PM growth. Target
