Exhibit 10.48

 

CERTIFICATE OF AWARD

 

E.ON Group Stock Option Program

 

20XX

Phantom Option Award

 

The Management Board of E.ON has awarded

X,XXX phantom options to <Officer Name>, effective

January 1, 20XX with a strike price of €XX.XX to be

converted to US dollars at an exchange rate of

XXXUS dollars per Euro ($XX.XX).

 

Subject to terms and conditions of the E.ON Group Stock Option Program, these
phantom options are payable in cash.  The value of the phantom options will be
based upon the market price of the underlying E.ON shares.

 

/s/ Victor A. Staffieri

 

 

Victor A. Staffieri

 

 

Chief Executive Officer

<Officer Name>

 

 

Original – Employee

 

 

 

Signed Copy – Compensation File

 

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