Exhibit 10(18)
FORM OF
NONQUALIFIED STOCK OPTION AGREEMENT
This Nonqualified Stock Option Agreement is made and entered into this as
of the Date of Grant set forth below, by and between Fountain Oil Incorporated
("Fountain Oil") and the Participant identified below to document the grant to
the Participant of the following nonqualified stock options to purchase shares
of the common stock of Fountain Oil ("Stock Options"), on the terms and
conditions set forth in this Agreement and the 1995 Long-Term Incentive Plan
(the "Plan").
1. Stock Option Information:
Name of Participant: ________________________________________
Date of Grant: ______________________________________________
No. of Shares Subject to Stock Option: ______________________
Exercise Price Per Share: ___________________________________
Expiration Date: ____________________________________________
Vesting Schedule: ___________________________________________
2. The Stock Options are granted pursuant to the Plan with respect to the
authorized but unissued shares of common stock of Fountain Oil. The Stock
Options are not qualified as "incentive stock options" under Section 422 of
the Internal Revenue Code of 1986, as amended.
3. The Stock Options shall be exercisable in accordance with the terms of
the Vesting Schedule set forth in Paragraph 1 hereof.
4. Except as provided in the Plan, the Stock Options are exercisable only
by the Participant and shall not be assignable or transferable other than
by will or the laws of descent and distributions.
5. The Participant agrees to comply with all laws, rules, and regulations
applicable to the grant and exercise of the Stock Options and the sale or
other disposition of the common stock of Fountain Oil received pursuant to
the exercise of the Stock Options.
6. Other terms and conditions applicable to the Stock Options are set
forth in the Plan. In the event of any conflict between the provisions of
this Agreement and the Plan, the Plan shall govern. A copy of the Plan is
available for inspection at Fountain Oil's executive offices and a copy may
be obtained by Participant on request addressed to the Corporate Secretary
of Fountain Oil.
IN WITNESS WHEREOF, each of the parties has executed this Nonqualified
Stock Option Agreement and the Participant agrees to the terms and conditions
hereof.
FOUNTAIN OIL INCORPORATED PARTICIPANT
By: ____________________________ By: _______________________________
(signature) (signature)
Its:____________________________
