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                                                                    Exhibit 10.y

                          MAINE & MARITIMES CORPORATION
                             2002 STOCK OPTION PLAN

     1.   PURPOSE. The purpose of the Plan is to provide designated Employees of
Maine & Maritimes Corporation and its Subsidiaries with stock ownership
opportunities and additional incentives to contribute to the success of the
Company, and to attract, reward and retain Employees of outstanding ability.

     2.   DEFINITIONS. As used in this Plan, the following words and phrases
wherever capitalized shall have the following meanings unless the context
clearly indicates that a different meaning is intended:

        (a)    "Board" shall mean the Board of Directors of the Company.

        (b)    "Code" shall mean the Internal Revenue Code of 1986, as from time
     to time amended.

        (c)    "Committee" shall mean the committee described in Section 3,
     which shall have the authority to control and manage the administration of
     the Plan.

        (d)    "Common Stock" shall mean common stock, par value, $7.00 per
     share, of the Company.

        (e)    "Company" shall mean Maine & Maritimes Corporation.

        (f)    "Disability" shall mean an Employee's inability to engage in any
     substantial gainful activity by reason of any medically determinable
     physical or mental impairment which can be expected to result in death or
     which has lasted or can be expected to last for a continuous period of not
     less than twelve (12) months. An Employee shall not be considered disabled
     unless he or she furnishes proof of the existence of such Disability in
     such form and manner, and at such times, as the Committee may require.

        (g)    "Employee" shall mean any person who is employed by the Company
     or any Parent or Subsidiary.

        (h)    "Fair Market Value" shall mean, with respect to Shares, the
     closing price of Shares as reported on the American Stock Exchange or such
     other principal exchange or quotation network on which the Shares are
     traded; provided, however, that the Fair Market Value of the Shares to be
     issued under any Incentive Stock Option shall be determined by the
     Committee in accordance with the applicable requirements of subsections
     422(b)(4) and

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     (c)(7) of the Code and the regulations issued thereunder.

        (i)    "Incentive Stock Option" shall mean an option granted to an
     individual for any reason connected with his or her employment by a
     corporation, if granted by the employer corporation or its Parent or
     Subsidiary corporation, to purchase stock of any of such corporations, but
     only if such option meets the requirements of Section 422 of the Code.

        (j)    "Nonqualified Stock Option" shall mean an Option granted under
     the Plan that is not an Incentive Stock Option.

        (k)    "Option" shall mean a right granted under the Plan to purchase
     Shares.

        (l)    "Option Agreement" shall mean a written instrument that specifies
     the terms, conditions and restrictions of an Option and incorporates the
     applicable provisions of the Plan and such additional provisions not
     inconsistent therewith as the Committee shall determine.

        (m)    "Optionee" shall mean an Employee who is granted an Option.

        (n)    "Parent" shall mean, for purposes of the Incentive Stock Option
     provisions of the Plan, a parent company within the meaning of subsections
     424(e) and (g) of the Code.

        (o)    "Plan" shall mean the Maine & Maritimes Corporation 2002 Stock
     Option Plan.

        (p)    "Share" shall mean a share of Common Stock of the Company, as
     adjusted in accordance with subsection 4(b).

        (q)    "Subsidiary" shall mean, for purposes of the Incentive Stock
     Option provisions of the Plan, a subsidiary Company within the meaning of
     subsections 424(f) and (g) of the Code, and for all other purposes of the
     Plan, a Company of which Maine & Maritimes Corporation owns directly or
     indirectly at least fifty percent (50%) of the total combined voting power
     of all classes of stock entitled to vote.

        (r)    "Treasury Shares" shall mean Shares that have been issued and
     sub-sequently acquired by the Company, but have not been canceled or
     retired.

     3.   ADMINISTRATION.

          (a) COMMITTEE MEMBERS. The Plan shall be administered by the members
     of the Performance & Compensation Committee of the Board who are not

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     employees of the Company or any Parent or Subsidiary and who otherwise
     qualify as "non-employee directors" within the meaning of Rule 16b-3 under
     the Securities Exchange Act of 1934, as amended, and as "outside directors"
     within the meaning of Code Section 162(m), as amended, and the regulations
     thereunder. A majority of the members of the Committee shall constitute a
     quorum, and the action of a majority of the members present at any meeting
     at which a quorum is present shall be deemed the action of the Committee.
     Any member may participate in a meeting of the Committee by means of a
     conference telephone or similar communications equipment by means of which
     all persons participating in the meeting can hear each other. Further, any
     action of the Committee may be taken without a meeting if all of the
     members of the Committee sign written consents, setting forth the action
     taken or to be taken, at any time before or after the intended effective
     date of such action.

          (b) POWERS. The Committee shall have the complete authority and
     discretion to administer the Plan, including the following powers which
     shall be exercised in accordance with the terms of the Plan:

               (i)    to determine the Employees to whom Options shall be
          granted;

               (ii)   to determine the time or times at which Options shall be
          granted,

               (iii)  to determine the type or types of Options to be granted;

               (iv)   to determine the terms, conditions and restrictions of
          each Option;

               (v)    to make adjustments in accordance with subsection 4(b);

               (vi)   to prescribe, amend and rescind rules and regulations
          relating to the Plan;

               (vii)  to interpret the Plan and make all other determinations
          deemed necessary or advisable for the administration of the Plan; and

               (viii) to delegate to any officer of the Company the authority
          to act for the Committee in such matters as the Committee may specify.

          Each determination, interpretation or other action taken pursuant to
     the Plan by the Committee (or an officer of the Company acting under a
     delegation of authority by the Committee) shall be final and conclusive for
     all purposes and binding upon all persons, including the Company, its
     Subsidiaries, the Board, the Committee, the Employees and their respective
     successors in interest.

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          (c) SIGNATURES. The Committee may authorize any member thereof to
     execute all instruments required in the administration of the Plan, and
     such instruments may be executed by electronic or facsimile signature.

     4.   STOCK SUBJECT TO THE PLAN.

          (a) LIMITATIONS. Subject to the provisions of subsection (b), the
     maximum number of Shares available for grant under the Plan shall be
     150,000 Shares, provided that the maximum aggregate number of Shares which
     may be issued under the Plan pursuant to Incentive Stock Options shall be
     120,000 Shares. Any Shares issued hereunder may consist, in whole or in
     part, of authorized and unissued Shares or Treasury Shares.

          In the event that any Shares subject to an Option are forfeited, such
     Shares shall, unless the Plan has been terminated, become available again
     for grant and shall not be counted again for purposes of the foregoing
     share limitation. In the event that any Option granted under the Plan
     expires or terminates without the issuance of Shares or payment of other
     consideration in lieu of such Shares, the unissued Shares subject to such
     Option shall, unless the Plan has been terminated, become available for
     other Options.

          In the event that an Employee transfers stock issued by the Company in
     full or partial payment of the option price of an Option granted under the
     Plan, only the difference between (i) the number of Shares issued upon
     exercise of the Option and (ii) the number of Shares transferred in payment
     of the option price shall be counted for purposes of the foregoing
     limitation on the maximum number of Shares available for grant under the
     Plan. Notwithstanding the foregoing, the total number of Shares issued
     pursuant to the exercise of an Incentive Stock Option shall be counted for
     purposes of the foregoing special limitation on Shares issued pursuant to
     Incentive Stock Options.

          (b) ADJUSTMENTS. If the number of Shares outstanding changes as a
     result of a stock split or stock dividend, the Committee shall
     proportionately adjust: (i) the maximum number of Shares available for
     grant and the maximum aggregate number of Shares which may be issued under
     Incentive Stock Options; (ii) the number of Shares to be issued under
     Options; and (iii) the option price.

          In the event of a merger or consolidation in which the Company is the
     surviving company, or the acquisition by the Company of property or stock
     of another company, or any reorganization, the Committee shall
     appropriately adjust: (i) the number and class of Shares to be issued under
     Options; and (ii) the option price. Any adjustments under this subsection
     (b) affecting Incentive Stock Options shall be made so as to comply with
     the applicable provisions of Sections 422 and 424 of the Code.

     5.   ELIGIBILITY.

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     The Committee may, from time to time, designate Employees to whom Options
may be granted in accordance with the terms of the Plan.

     6.   GRANTING OF OPTIONS.

     The Committee may grant more than one Option and more than one type of
Option to any Employee; provided that no Incentive Stock Option shall be granted
to any Employee who, at the time the Option is granted, owns stock possessing
more than ten percent (10%) of the total combined voting power of all classes of
stock of the Company or any Parent or Subsidiary. For purposes of applying the
percentage limitation of the preceding sentence, the ownership principles of
subsection 424(d) of the Code shall apply. The terms and conditions of Options
need not be the same with respect to each Employee. An Employee who has been
granted an Option may, if he or she is otherwise eligible, be granted additional
Options before the exercising of such prior Option.

     In no event may an Employee during any five (5) year period be granted
Options with respect to more than one hundred thousand (100,000) Shares, subject
to adjustment as provided in Section 4. The Committee may condition the grant of
an Option and the exercise of an Option on the attainment of performance goals.
Performance goals may be expressed in terms of earnings per Share, stock price,
total shareholder return, return on equity, or any similar quantifiable
measures.

     7.   OPTIONS.

          (a)     OPTION AGREEMENT. Each Option granted by the Committee shall
     be evidenced by an Option Agreement, specifying the Option price, the
     number of Shares subject to the Option and such other terms, conditions and
     restrictions as the Committee shall determine. In addition, each Option
     shall be clearly identified as either an Incentive Stock Option or a
     Nonqualified Stock Option.

          (b)     TERM OF OPTION. The term of each Option shall be set forth in
     the Option Agreement, but in no event shall an Option be exercisable after
     the expiration of ten (10) years from the date such Option is granted.

          (c)     OPTION PRICE. The option price for Shares to be issued under
     any Incentive Stock Option shall not be less than one hundred percent
     (100%) of the Fair Market Value of such Shares on the date the Option is
     granted.

          (d)     NONTRANSFERABILITY OF OPTIONS. Options may not be sold,
     pledged, assigned, hypothecated, transferred or disposed of in any manner,
     other than by will or by the laws of descent and distribution, and may be
     exercised during the lifetime of the Optionee only by such Optionee.
     Notwithstanding the preceding sentence to the contrary, the Committee may
     permit the transfer of Nonqualified Stock Options to family members or
     family trusts (and exercise by the transferee) to the extent Rule 16b-3
     under the Securities Exchange Act of 1934 permits such

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     transfers.

          (e)     MANNER OF EXERCISE:, An Option granted under the Plan shall be
     exercisable at such times and under such conditions as shall be permissible
     under the terms of the Plan and of the Option Agreement. An Option shall be
     deemed to be exercised when the Optionee gives written or electronic notice
     of such exercise to the Company in accordance with the terms of the Option
     Agreement and the Company receives full payment for the Shares with respect
     to which the Option is exercised. Payment shall be made by check payable to
     the Company, delivery of stock issued by the Company or a combination
     thereof, subject to the terms of the Option Agreement.

          Stock transferred to the Company in full or partial payment for Shares
     shall be valued at Fair Market Value on the date that such transfer is
     recorded upon the books of the Company, following actual or constructive
     delivery of such stock to the Company in a form suitable for transfer.

          (f)     TERMINATION OF EMPLOYMENT. In the event an Optionee ceases to
     be employed by the Company or any Parent or Subsidiary, and is no longer
     employed by any of them, for any reason other than death or Disability,
     such Optionee may, subject to the terms of the Option Agreement, exercise
     an Option at any time prior to the expiration date of such Option (or, in
     the case of an Incentive Stock Option, within three (3) months after the
     date the Optionee's employment ceases, whichever is earlier), but only to
     the extent the Optionee had the right to exercise such Option at the date
     his or her employment ceased. An Optionee's employment shall be deemed
     terminated on the date such Optionee's employer ceases to be a Parent or
     Subsidiary.

          (g)     DISABLED OPTIONEE. In the event an Optionee who is disabled
     ceases to be employed by the Company or any Parent or Subsidiary by reason
     of such Disability, and is no longer employed by any of them, such Optionee
     may, subject to the terms of the Option Agreement, exercise an Option at
     any time prior to the expiration date of such Option (or, in the case of an
     Incentive Stock Option, within one (1) year after the date such Optionee's
     employment ceases, whichever is earlier), but only to the extent the
     Optionee had the right to exercise such Option at the date his or her
     employment ceased.

          (h)     DEATH OF OPTIONEE. In the event an Optionee dies while in the
     employ of the Company or any Parent or Subsidiary, then to the extent that
     the Optionee would have been entitled to exercise an Option immediately
     prior to his or her death, such Option may be exercised by the estate of
     such Optionee or by such person or persons to whom such Optionee's rights
     pass by will or by the laws of descent and distribution at any time prior
     to the expiration date of such Option or within one (1) year after the
     death of the Optionee, whichever is earlier.

     8.   CANCELLATION OF OPTIONS. Notwithstanding any provision of the Plan to
the contrary, the Committee may cancel any Option, whether vested or not, if at
any time an

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Employee is not in compliance with the applicable terms of the Option Agreement
or in the event of a serious breach of conduct, including but not limited to
failure to comply with the terms of an agreement not to compete with the Company
or disclose confidential information.

     9.   CHANGE IN CONTROL. Upon the occurrence of a Change in Control Event,
all then outstanding Options not previously exercisable shall immediately become
fully exercisable. For purposes of this Section, each of the following
events-shall constitute a Change in Control Event:

          (a)     Any person acquires beneficial ownership of Company securities
     and is or thereby becomes a beneficial owner of securities entitling such
     person to exercise twenty-five percent (25%) or more of the combined voting
     power of the Company's then outstanding stock.

          For purposes of this Plan, "beneficial ownership" shall be determined
     in accordance with Regulation 13D under the Securities Exchange Act of
     1934, or any similar successor regulation or rule; and the term "person"
     shall include any natural person, corporation, partnership, trust or
     association, or any group or combination thereof, whose ownership of
     Company securities would be required to be reported under such Regulation
     13D, or any similar successor regulation or rule.

          (b)     The Company ceases to be a reporting company pursuant to
     Section 13(a) of the Securities Exchange Act of 1934 or any similar
     successor provision.

          (c)     The number of the Company's Outside Directors, as defined
     herein, is decreased by more than fifty percent (50%) in any twenty-five
     (25) month period or the number of the Company's directors is increased
     such that. the Outside Directors constitute less than a majority of the
     Board.

          For purposes of this Plan, an "Outside Director" as of a given date
     shall mean a member of the Company's board of directors who has been a
     director of the Company throughout the six (6) months prior to such date
     and who has not been an employee of the Company at any time during such six
     (6) month period.

          (d)     Within any twenty-five (25) month period, individuals who were
     Outside Directors at the beginning of such period, together with any other
     Outside Directors first elected as directors of the Company pursuant to
     nominations approved or ratified by at least two-thirds (2/3) of the
     Outside Directors in office immediately prior to such respective elections,
     cease to constitute a majority of the board of directors of the Company.

          (e)     The Company is subject to a change in control which would
     require reporting in response to Item 1 of Form 8-K under Regulation 13a-11
     promulgated under the Securities Exchange Act of 1934, as, amended, or any

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     similar successor statute or rule, whether or not the Company is a
     reporting company under such Act.

          (f)     The Company's stockholders approve:

                  (i)    any consolidation or merger of the Company in which the
          Company is not the continuing or surviving corporation or pursuant to
          which shares of Company common stock would be converted into cash,
          securities or other property, other than a merger or consolidation of
          the Company in which the holders of the Company's common stock
          immediately prior to the merger or consolidation have substantially
          the same proportionate ownership and voting control of the surviving
          corporation immediately after the merger or consolidation; or

                  (ii)   any sale, lease, exchange, liquidation or other
          transfer (in one transaction or a series of transactions) of all or
          substantially all of the assets of the Company.

     Notwithstanding subparagraphs (i) and (ii) above, the term "Change in
     Control Event" shall not include a consolidation, merger, or other
     reorganization if upon consummation of such transaction all of the
     outstanding voting stock of the Company is owned, directly or indirectly,
     by a holding company, and the holders of the Company's common stock
     immediately prior to the transaction have substantially the same
     proportionate ownership and voting control of the holding company.

     10.  AMENDMENT AND TERMINATION.

          (a)     AMENDMENT. The Committee, without further approval of the
     shareholders of the Company, may amend the Plan from time to time in such
     respects as the Committee may deem advisable, provided that no amendment
     shall become effective prior to ratification by the Board and approval by
     shareholders if such amendment:

                  (i)    increases the maximum aggregate number of shares which
          may be issued under the Plan or issued pursuant to Incentive Stock
          Options;

                  (ii)   increases the maximum number of Shares that may be
          granted to an Employee;

                  (iii)  increases the maximum term for which an Option may be
          granted;

                  (iv)   reduces the minimum exercise price at which an Option
          may be granted; or

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                  (v)    provides for the grant of an Option to persons who are
          not employees.

          (b) TERMINATION. The Board, without further approval of the
     shareholders of the Company, may at any time terminate the Plan.

          (c) EFFECT OF AMENDMENT OR TERMINATION. Any such amendment or
     termination of the Plan shall not adversely affect Options already granted
     without the written consent of the affected individual, and such Options
     shall remain in full force and effect as if the Plan had not been amended
     or terminated.

     11.  EFFECTIVE DATE OF PLAN., The Plan shall be effective upon its adoption
by the Board or its approval by the shareholders of the Company, whichever is
later.

     12.  TERM OF PLAN. No Option shall be granted pursuant to the Plan after
ten (10) years from the earlier of the date the Plan is adopted or the date the
Plan is approved by shareholders. Options granted prior to the end of such
period may extend beyond such period, except as otherwise provided herein or in
the Option Agreement.

     13.  ARBITRATION. Arbitration as hereinafter provided shall be the
exclusive remedy for resolving any claim or dispute arising under the Plan.

          (a)  Any arbitration under the Plan, and any related judicial
     proceeding, shall be initiated and shall proceed pursuant to the provisions
     of the Maine Uniform Arbitration Act (the "Act") and, to the extent
     consistent with the Act, the then prevailing rules of the American
     Arbitration Association (the "Association") for labor and employment
     contracts. To initiate arbitration, demand shall be given in writing to the
     Association and the other party no later than one year after the claim
     arises. Any claim for which such demand is not made within one year after
     the claim arises shall be barred and discharged absolutely.

          (b)  Any arbitration under the Plan shall be before a single
     arbitrator, and an award in such arbitration may include only damages which
     the arbitrator determines to be due under express provisions of the Plan
     and applicable Option Agreement. The arbitrator shall have no authority to
     award any other damages, including without limitation, consequential and
     exemplary damages. Any award in arbitration shall be subject to enforcement
     and appeal pursuant to the Act.

          (c)  The Company and the Employee shall share equally all costs and
     fees charged by the Association or the arbitrator.

     14.  MISCELLANEOUS.

          (a)  OPTION AGREEMENT. Upon executing an Option Agreement, an

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     Employee shall be bound by such Agreement and by the applicable provisions
     of the Plan.

          (b)  EMPLOYMENT. The granting of an Option to an Employee shall not
     give the Employee any right to be retained in the employ of the Company or
     any Parent or Subsidiary, nor shall the existence of the Plan impair the
     right of the Company or any Parent or Subsidiary to discharge or otherwise
     deal with an Employee.

          (c)  TAX WITHHOLDING. The Company shall be authorized to withhold from
     any Option granted, or payment due, under the Plan the amount of any taxes
     required by law to be withheld because of such Option or payment and to
     take such other action as may be necessary in the opinion of the Company to
     satisfy all obligations for the payment of such taxes.

          (d)  GOVERNING LAW. The Plan is established under and shall be
     construed according to the laws of the State of Maine.

          (e)  HEADINGS. Paragraph headings are included solely for convenience
     and shall in no event affect, or be used in connection with, the
     interpretation of the Plan.

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