AGL Resources Inc. Nonqualified Stock Option Agreement for Non-Employee Directors
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Summary
This agreement grants a nonqualified stock option to a non-employee director of AGL Resources Inc. under the company's 1996 Non-Employee Directors Equity Compensation Plan. The option is fully exercisable immediately and remains valid until either one year after the director leaves the board or ten years from the grant date, whichever comes first. The option is nontransferable except by inheritance. The agreement is subject to the terms of the referenced equity compensation plan and can only be amended in writing by both parties.
EX-10.1.AK 7 exhibit101ak.htm FORM ON NONQUALIFIED STOCK OPTION AGREEMENT FOR NON-EMPLOYEE DIRECTORS Form on Nonqualified Stock Option Agreement for Non-Employee Directors
Exhibit 10.1.ak
AGL RESOURCES INC.
1996 NON-EMPLOYEE DIRECTORS EQUITY COMPENSATION PLAN
NONQUALIFIED STOCK OPTION AGREEMENT
This Agreement sets forth the terms of a Nonqualified Stock Option granted to the Director by AGL Resources Inc. (the “Company”) under the above-named Plan.
Name of Director:___________________________________________________
Date of Grant: __________________ Number of Option Shares:__________
Exercise Price: $ ________________________ per share
Reload Options: This option shall be subject to reload options.
Exercisability: This option shall immediately be 100% exercisable.
Term of Exercisability: This option shall remain exercisable until the earlier of:
| A. The one-year anniversary of the date on which the Director ceases to be a member of the Board of Directors of the Company for any reason; or |
| B. The date that is ten (10) years from the date of grant of this option. |
Transferability: The option is nontransferable, except by the laws of descent and distribution.
This Option Agreement is subject to the terms and conditions of the 1996 Non-Employee Directors Equity Compensation Plan. The Director has received a copy of the Plan’s prospectus, including a copy of the Plan. The Director agrees to the terms of this Option Agreement, which may be amended only upon a written agreement signed by the parties hereto.
This ________ day of ____________________, 200___.
AGL RESOURCES INC. DIRECTOR:
By:
/s/ Paul R. Shlanta ______________________________
Paul R. Shlanta
Senior Vice President and Corporate Secretary
