Form of Nonqualified Stock Option Agreement Without The Reload Provision (ltip)

Exhibit 10.1

AGL RESOURCES INC. LONG-TERM INCENTIVE PLAN (1999) NONQUALIFIED STOCK OPTION AGREEMENT
This Agreement sets forth the terms of a Nonqualified Stock Option granted under the above-named Plan.
Name of Participant: ___________________________ Nonqualified Stock Option No._________
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 not be subject to reload options. 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; and __ percent of option shares exercisable on the second 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 [ ] year ...