AGL RESOURCES INC. OFFICER INCENTIVE PLAN NONQUALIFIED STOCK OPTION AGREEMENT
Exhibit
10.2
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/shall not] be subject to reload options.
Reload
Options shall be limited to:_____________________________
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:
___________________________________
