Form of Agl Resources Inc. Long-term Incentive Agreements

Exhibit 10.1

AGL RESOURCES INC. LONG-TERM INCENTIVE PLAN (1999)
INCENTIVE STOCK OPTION AGREEMENT
This Agreement sets forth the terms of an Incentive 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 o shall o shall not be subject to reload options. Reload Options shall be limited to: ________________________________________________
Exercisability: This option shall first become exercisable as follows:
o Immediately exercisable upon date of grant
o _______ 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.
o 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:
o The one-year anniversary of the Participant' s termination of employment due to death, disability or retirement (as defined in the Plan)
o The date of the Participant' s termination of employment for any reason other than death, disability or retirement (as defined in the Plan)
o The date that is ten (10) years from the date of grant
o Other:__________________________________________________________________________________
Transferability: This option may not be transferred by any means other than the laws of descent and distribution.
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 m ...