Re: Notice Regarding and Amendment to Your Continuity Agreement Dated December 1, 2003
EXHIBIT
10.7
To: Xxxx
X.
Xxxxxxx
From: X.
Xxxxxxx Xxxxxx
Re:
Notice
Regarding and Amendment to Your Continuity Agreement Dated December 1,
2003
Date: February
24, 2006
Pursuant
to Section 2.1 of the Continuity Agreement among you, AGL Resources Inc. and
AGL
Services Company, dated December 1, 2003 (the “Agreement”) this notice is being
furnished to inform you that the Agreement will not be extended beyond the
last
date of its now current Term, November 30, 2007.
Furthermore,
pursuant to Section 7.6 of the Agreement, and in consideration of ten dollars
($10.00) to be paid to you and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Section 1.16(b) of
the
Agreement is hereby amended in its entirety to read as follows:
(b)
any
adverse change in the Executive's rate of annual base salary or annual incentive
compensation opportunity (i.e., annual cash bonus opportunity under the Annual
Incentive Plan or a successor plan) from the rate of annual base salary and
annual incentive compensation opportunity in effect as of the earliest of the
date of the Announcement, the date of a Change in Control or the date of the
Consummation of a Change in Control Transaction;
IN
WITNESS WHEREOF, the Company and Executive have executed this Amendment and
Notice to be effective as of the date and year first written above.
COMPANY:
AGL
RESOURCES, INC.
By:
/s/
D.
Xxxxxxx Xxxxxx
Title:
Interim President and Chief Executive Officer
EXECUTIVE:
/s/
Xxxx X. Xxxxxxx
SIGNATURE
[THIS
DOCUMENT HAS BEEN EXECUTED IN DUPLICATE.]
