Document:

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                                                                    Exhibit 10.2

                                   AGREEMENT

          THIS AGREEMENT, made and entered into as of the 17/th/ day of July,
2001 by and between CABOT OIL & GAS CORPORATION, with its principal office at
1200 Enclave Parkway, Houston, Texas 77077 (together with its successors and
assigns permitted under this Agreement, the "Company"), and __________________
(the "Executive"),

                             W I T N E S S E T H:

          WHEREAS, on November 3, 1995, the Compensation Committee of the Board
of Directors of the Company authorized and adopted a Change in Control Program
to provide for certain benefits to certain of the officers of the Company in the
event of certain terminations of employment, and determined that such program
would be in the best interests of the Company; and

          WHEREAS, on July 17, 2001, upon the recommendation of its Compensation
Committee, the Board of Directors of the Company authorized and adopted certain
modifications to the Change in Control Program; and

          WHEREAS, the Company and Executive both desire to amend that certain
Agreement between the Company and Executive dated as of the ____ day of
____________ to reflect the action by the Board of Directors with respect to the
Company's Change in Control Program, such amendment to be evidenced by entering
into this agreement (this "Agreement"), which supersedes and replaces such prior
agreement;

          NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein and for other good and valuable consideration, the receipt of
which is mutually acknowledged, the Company and the Executive (individually a
"Party" and together the "Parties") agree as follows:

     1.   Definitions:
          -----------

          (a)  "Annual Compensation" shall mean the sum of (I) the Executive's
                -------------------
     Base Salary in effect immediately prior to the Change in Control or, if
     greater, immediately prior to the Executive's termination and (II) the
     greater of (1) 100% of the Executive's target Bonus with respect to the
     fiscal year during which the Change in Control occurred or, if greater, the
     fiscal year during which the Executive's termination occurred and (2) the
     Executive's actual Bonus paid (including any amount deferred at the
     election of the Executive) with respect to any of the three fiscal years
     immediately preceding the Change in Control or, if termination of
     employment occurs prior to a Change in Control, termination of employment.

          (b)  "Base Salary" shall mean the Executive's annualized base rate of
                -----------
     pay with the Company.

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          (c)  "Beneficiary" shall mean the person or persons named by the
                -----------
     Executive pursuant to Section 10 hereof or, in the event no such person is
     named or survives the Executive, his estate.

          (d)  "Board" shall mean the Board of Directors of the Company.
                -----

          (e)  "Bonus" shall mean the cash amount, excluding any amount relating
                -----
     to the vesting of options or granting of performance shares or vesting of
     restricted stock or any other long-term incentive award, in excess of the
     Executive's Base Salary, awarded to the Executive in any year.

          (f)  "Cause" shall mean:
                -----

               (I)    dishonesty by Executive which results in significant loss
          to the Company and significant personal enrichment to the Executive;

               (II)   a material failure of Executive to perform his obligations
          under this Agreement (other than any such failure resulting from
          incapacity due to physical or mental illness); or

               (III)  the willful and continued failure of the Executive to
          perform substantially the Executive's duties with the Company or one
          of its affiliates (other than any such failure resulting from
          incapacity due to physical or mental illness), after a written demand
          for substantial performance is delivered to the Executive by the Board
          or the Chief Executive Officer of the Company which specifically
          identifies the manner in which the Board or Chief Executive Officer
          believes that the Executive has not substantially performed the
          Executive's duties.

          (g)  "Change in Control" shall mean:
                -----------------

               (I)    The acquisition by any individual, entity or group (within
          the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
          Act of 1934, as amended (the "Exchange Act")) (a "Person") of
          beneficial ownership (within the meaning of Rule 13d-3 promulgated
          under the Exchange Act) of 35% or more of either (1) the then
          outstanding shares of common stock of the Company (the "Outstanding
          Company Common Stock") or (2) the combined voting power of the then
          outstanding voting securities of the Company entitled to vote
          generally in the election of directors (the "Outstanding Company
          Voting Securities"); provided, however, that for purposes of this
          subsection (I), the following acquisitions shall not constitute a
          Change of Control: (i) any acquisition directly from the Company, (ii)

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          any acquisition by the Company, (iii) any acquisition by any employee
          benefit plan (or related trust) sponsored or maintained by the Company
          or any entity controlled by the Company or (iv) any acquisition by any
          entity pursuant to a transaction which complies with clauses (1), (2)
          and (3) of subsection (III) of this definition; or

               (II)   Individuals who, as of the date hereof, constitute the
          Board (the "Incumbent Board") cease for any reason to constitute at
          least a majority of the Board; provided, however, that any individual
          becoming a director subsequent to the date hereof whose election, or
          nomination for election by the Company's stockholders, was approved by
          a vote of at least a majority of the directors then comprising the
          Incumbent Board shall be considered as though such individual were a
          member of the Incumbent Board, but excluding, for this purpose, any
          such individual whose initial assumption of office occurs as a result
          of an actual or threatened election contest with respect to the
          election or removal of directors or other actual or threatened
          solicitation of proxies or consents by or on behalf of a Person other
          than the Board; or

               (III)  Consummation of a reorganization, merger or consolidation
          or sale or other disposition of all or substantially all of the assets
          of the Company (a "Business Combination"), in each case, unless,
          following such Business Combination, (1) all or substantially all of
          the individuals and entities who were the beneficial owners,
          respectively, of the Outstanding Company Common Stock and Outstanding
          Company Voting Securities immediately prior to such Business
          Combination beneficially own, directly or indirectly, more than 50%
          of, respectively, the then outstanding shares of common stock and the
          combined voting power of the then outstanding voting securities
          entitled to vote generally in the election of directors, as the case
          may be, of the entity resulting from such Business Combination
          (including, without limitation, an entity that as a result of such
          transaction owns the Company or all or substantially all of the
          Company's assets either directly or through one or more subsidiaries)
          in substantially the same proportions as their ownership, immediately
          prior to such Business Combination, of the Outstanding Company Common
          Stock and Outstanding Company Voting Securities, as the case may be,
          (2) no Person (excluding any entity resulting from such Business
          Combination or any employee benefit plan (or related trust) of the
          Company or such entity resulting from such Business Combination)
          beneficially owns, directly or indirectly, 35% or more of,
          respectively, the then outstanding shares of common equity of the
          entity resulting from such Business Combination or the combined

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          voting power of the then outstanding voting securities of such entity
          except to the extent that such ownership existed prior to the Business
          Combination and (3) at least a majority of the members of the board of
          directors of the corporation, or the similar managing body of a non-
          corporate entity, resulting from such Business Combination were
          members of the Incumbent Board at the time of the execution of the
          initial agreement, or of the action of the Board, providing for such
          Business Combination; or

               (IV)   Approval by the stockholders of the Company of a complete
          liquidation or dissolution of the Company, other than a liquidation or
          dissolution in connection with a transaction to which subsection (III)
          applies.

          (h)  "Confidential Information" shall mean information about the
                ------------------------
     Company or any of its Subsidiaries or their respective businesses, products
     and practices, disclosed to or known or obtained by Executive as a direct
     or indirect consequence of or through the Executive's employment with the
     Company, which information is not generally known in the business in which
     the Company or such Subsidiaries are or may be engaged. However,
     Confidential Information shall not include under any circumstances any
     information with respect to the foregoing matters which is (I) available to
     the public from a source other than the Executive, (II) released in writing
     by the Company to the public or to persons who are not under a similar
     obligation of confidentiality to the Company and who are not parties to
     this Agreement, (III) obtained by the Executive from a third party not
     under a similar obligation of confidentiality to the Company, (IV) required
     to be disclosed by any court process or any government or agency or
     department of any government, or (V) the subject of a written waiver
     executed by the Company for the benefit of the Executive.

          (i)  "Constructive Termination Without Cause" shall mean a termination
                --------------------------------------
     of the Executive's employment at his initiative as provided in Section 2
     within 30 days following the occurrence, without the Executive's prior
     written consent, of one or more of the following events:

               (I)    any loss of the Executive's titles or positions in effect
          at the time of a Change in Control or any adverse change in the
          position to which the Executive reports or the principal departmental
          functions that report to the Executive at the time of a Change in
          Control (reporting relationships) that in any case results in a
          diminution of the Executive's responsibility or the Executive's access
          to the Chief Executive Officer of the Company;

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               (II)   the assignment to the Executive of any duties inconsistent
          in any respect with the Executive's position (including status,
          offices, titles and reporting relationships), authority, duties or
          responsibilities as in effect on the date of a Change in Control, or
          any other action by the Company which results in a diminution in such
          position, authority, duties or responsibilities, excluding action not
          taken in bad faith and which is remedied by the Company promptly after
          receipt of notice thereof given by the Executive;

               (III)  any reduction in total aggregate compensation, including
          the aggregate benefits of all fringe benefits, performance shares,
          Bonus opportunity, long-term incentive opportunity or perquisites
          applicable to the Executive immediately prior to a Change in Control,
          or any reduction in Base Salary, Bonus opportunity or long-term
          incentive opportunity from that immediately preceding a Change in
          Control;

               (IV)   the relocation of the Executive's office location as
          assigned to him by the Company to a location more than 35 miles from
          his office location at the time of a Change in Control;

               (V)    any failure by the Company to comply with any of the
          provisions of this Agreement, other than a failure not occurring in
          bad faith and which is remedied by the Company promptly after receipt
          of notice thereof given by the Executive;

               (VI)   any purported termination by the Company of the
          Executive's employment otherwise than as expressly permitted by this
          Agreement for Cause; or

               (VII)  any failure by the Company to comply with and satisfy
          Section 5 of this Agreement, provided that the successor contemplated
          by Section 5 has received, at least 10 days prior to the giving of
          notice of constructive termination by the Executive, written notice
          from the Company or the Executive of the requirements of Section 5 of
          the Agreement.

          (j)  "Initial Term" shall mean the period commencing on July 17, 2001
                ------------
     and ending July 17, 2004.

          (k)  "Potential Change in Control Period" means the period beginning
                ----------------------------------
     on the date a Potential Change in Control occurs and ending on the earlier
     to occur of (i) the expiration of 12 months thereafter or (ii) the Board
     determining in good faith that there is no longer a risk of a Change in
     Control occurring.

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          (l)  "Potential Change in Control" shall be deemed to have occurred,
                ---------------------------
     if:

               (I)    the Company enters into an agreement, the consummation of
          which would result in the occurrence of a Change in Control;

               (II)   any person (including the Company) publicly announces an
          intention to take or to consider taking actions which if consummated
          would constitute a Change in Control;

               (III)  any Person, who is or becomes the beneficial owner,
          directly or indirectly, of securities of the Company representing 9.5%
          or more of the combined voting power of the Company's then outstanding
          securities, increases his beneficial ownership of such securities by
          5% or more over the percentage so owned by such Person on the date
          hereof; or

               (IV)   the Board adopts a resolution to the effect that, for
          purposes of this Agreement, a potential Change in Control has
          occurred.

          (m)  "Subsidiary" shall mean any corporation in which the Company
                ----------
     either (I) controls more than 50% of the voting power of all securities of
     such corporation or (II) owns more than 50% of the total value of all
     equity securities of such corporation.

          (n)  "Termination Benefits" shall mean:
                --------------------

               (I)    an amount of cash equal to the product of (A) Annual
          Compensation times (B) three; and

               (II)   payment with respect to any performance shares granted to
          Executive, such payment to be prorated based on actual service
          completed at the time of the Executive's termination without Cause or
          Constructive Termination Without Cause, and valued according to the
          percentage of goal attainment on the date of termination,
          notwithstanding any contrary provisions of such grants or any plans
          pursuant to which they are granted; and

               (III)  immediate vesting and exercisability of all of the
          Executive's options to purchase securities of the Company, and
          immediate vesting and lapse of restrictions on any restricted stock
          grants, outstanding at the time of the Executive's termination without
          Cause or Constructive Termination Without Cause, whether or not such
          would be the result under the provisions of such options or stock

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          grants or any plans pursuant to which they are granted, and each of
          Executive's options shall remain outstanding until the earlier to
          occur of exercise of the option or the expiration of the option at the
          end of its full term, without regard to any provision for expiration
          prior thereto by reason of termination of employment; and

               (IV)   at Executive's election, and subject to Executive's
          payment of the applicable premiums set forth on Schedule A, continued
          medical, dental and life insurance coverage (or reimbursement for the
          premiums for such coverage or reimbursement for covered expenses, at
          the Company's election) in each case for three years following the
          date of the Executive's termination without Cause or Constructive
          Termination Without Cause as though the Executive's employment were
          continued in effect during such time and without regard to any benefit
          reductions implemented after the date of such termination; provided
          that Executive may elect to receive one or more of such coverages and
          not the others; provided further that COBRA coverage shall commence
          only as of the end of such three-year period; and

               (V)    immediate crediting of an additional three years of
          service in the Company's non-qualified retirement plans in which the
          Executive is participating at the time of the Change in Control, and
          payments under a non-qualified plan equal to the sum of (i) the
          additional benefits that would be attributable to a crediting of an
          additional three years of service in the Company's qualified plans in
          which the Executive is participating at the time of the Change in
          Control and (ii) the Executive's benefits that are not vested under
          any non-qualified or qualified Company employee pension benefit plans;
          and

               (VI)   reimbursement as bills are submitted by Executive to the
          Company for outplacement assistance in an amount not to exceed 15% of
          Executive's Base Salary in effect on the date of a Change in Control,
          or, if termination of employment occurs prior to a Change in Control,
          termination of employment; and

               (VII)  the sum of (x) any unpaid salary earned by Executive for
          periods prior to employment termination plus (y) the Executive's
          target Bonus for the fiscal year of termination prorated for the
          actual elapsed days of such fiscal year prior to such termination.

          Anything in this Agreement to the contrary notwithstanding, in the
     event it shall be determined that any payment or distribution by the
     Company to or for the benefit of the

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     Executive (whether paid or payable or distributed or distributable pursuant
     to the terms of this Agreement or otherwise, but determined without regard
     to any Gross-up Payment required under this paragraph) (a "Payment") would
     be subject to the excise tax imposed by Section 4999 of the Internal
     Revenue Code of 1986, as amended (the "Code"), or any interest or penalties
     are incurred by the Executive with respect to such excise tax (such excise
     tax, together with any such interest and penalties, are hereinafter
     collectively referred to as the "Excise Tax"), then the Executive shall be
     entitled to receive an additional payment (a "Gross-up Payment") in an
     amount such that after payment by the Executive of all income, excise and
     other taxes (and any interest and penalties imposed with respect thereto),
     the Executive retains an amount of the Gross-Up Payment equal to the Excise
     Tax imposed upon the Payments.

          (o)  "Term" shall mean the term of this Agreement, as described in
                ----
     Section 17, consisting of the Initial Term and any extensions thereof.

     2.   Certain Executive Employment Obligations; Events Triggering
          -----------------------------------------------------------
Termination Benefits:
--------------------

          (a)  Executive agrees not to terminate his employment for reasons
     other than death, disability or Constructive Termination without Cause (x)
     during the 90-day period following a Change in Control or (y) during a
     Potential Change in Control Period.

          (b)  In the event, within two years following a Change in Control
     occurring during the Term, the Executive's employment is terminated by the
     Company without Cause (other than by death or disability) or there is a
     Constructive Termination Without Cause, then the Executive shall be
     entitled to receive the Termination Benefits. The Termination Benefit
     described in clauses (I), (II) and (VII) of the definition of Termination
     Benefits shall be paid immediately upon such termination in a cash lump
     sum. Except as otherwise provided in the definition of Constructive
     Termination Without Cause, the failure of the Executive to effect a
     Constructive Termination Without Cause as to any one event described in
     such definition shall not affect his entitlement to effect a Constructive
     Termination Without Cause as to any other such event.

          (c)  In the event the Executive's employment is terminated prior to a
     Change in Control by the Company Without Cause (other than by death or
     disability) or there is a Constructive Termination Without Cause and either
     (i) the Executive reasonably demonstrates that such termination was at the
     request of a third party or as a result of actions by the third party who
     has taken steps reasonably calculated to effect a Change in Control or (ii)
     the termination occurs during a Potential Change in Control Period, then
     the Executive's employment shall be deemed to have terminated following a
     Change in Control and the Executive shall be entitled to receive the
     Termination Benefits as provided in Section 2(b). Prior to a Change in
     Control, the determination of what events constitute grounds for a
     Constructive Termination

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     Without Cause and the amount of Termination Benefits payable on a
     termination shall be made as if a Change in Control occurred immediately
     prior to the event or termination, as applicable.

          (d)  If (i) the Executive's employment is terminated for Cause, (ii)
     the Executive voluntarily terminates his employment and such does not
     constitute a Constructive Termination Without Cause, or (iii) the
     Executive's employment is terminated by death or disability, then the
     Executive shall not be entitled to receive the Termination Benefits.

     3.   No Mitigation; No Offset: In the event of a termination of employment
          ------------------------
under Section 2 of this Agreement, the Executive shall be under no obligation to
seek other employment, and there shall be no offset against the Termination
Benefits due the Executive under this Agreement on account of any remuneration
attributable to any subsequent employment that he may obtain.

     4.   Effect of Agreement on Other Benefits and Rights of Executive: Nothing
          -------------------------------------------------------------
in this Agreement shall prevent or limit the Executive's continuing or future
participation in any plan, program, policy or practice provided by the Company
or any of its affiliated companies and for which the Executive may qualify, nor
shall anything herein limit or otherwise affect such rights as the Executive may
have under any contract or agreement with the Company or any of its affiliated
companies. Amounts which are vested benefits or which the Executive is otherwise
entitled to receive under any plan, policy, practice or program of or any
contract or agreement with the Company or any of its affiliated companies at or
subsequent to any termination pursuant to Section 2 shall be payable in
accordance with such plan, policy, practice or program or contract or agreement
except as explicitly modified by this Agreement.

     5.   Assignability; Binding Nature: This Agreement shall be binding upon
          -----------------------------
and inure to the benefit of the Parties and their respective successors, heirs
(in the case of the Executive) and assigns. No obligations of the Company under
this Agreement may be assigned or transferred by the Company except that such
obligations shall be assigned or transferred (as described below) pursuant to a
merger or consolidation in which the Company is not the continuing entity, or
the sale or liquidation of all or substantially all of the assets of the
Company, provided that the assignee or transferee is the surviving entity or
successor to all or substantially all of the assets of the Company and such
assignee or transferee assumes the liabilities, obligations and duties of the
Company, as contained in this Agreement, either contractually or as a matter of
law. The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company to assume expressly and agree to perform
this Agreement in the same manner and to the same extent that the Company would
be required to perform it if no such succession had taken place. As used in this
Agreement, "Company" shall mean the Company as hereinbefore defined and any
successor to its business and/or assets as aforesaid which assumes and agrees to
perform this Agreement by operation of law, or otherwise.

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     6.   Representation:  The Company represents and warrants that it is fully
          --------------
authorized and empowered to enter into this Agreement and that the performance
of its obligations under this Agreement will not violate any agreement between
the Company and any other person or entity.

     7.   Entire Agreement: Except to the extent otherwise provided herein, this
          ----------------
Agreement contains the entire understanding and agreement between the Parties
concerning the subject matter hereof and supersedes any prior agreement.

     8.   Amendment or Waiver: No provision in this Agreement may be amended
          -------------------
unless such amendment is agreed to in writing and signed by both the Executive
and an authorized officer of the Company. No waiver by either Party of any
breach by the other Party of any condition or provision contained in this
Agreement to be performed by such other Party shall be deemed a waiver of a
similar or dissimilar condition or provision at the same or any prior or
subsequent time. Any waiver must be in writing and signed by the Executive or an
authorized representative of the Company, as the case may be. The Company will
advise the Compensation Committee of the Board of any waivers under, or
amendments to, this Agreement.

     9.   Severability: In the event that any provision or portion of this
          ------------
Agreement shall be determined to be invalid or unenforceable for any reason, in
whole or in part, the remaining provisions of this Agreement shall be unaffected
thereby and shall remain in full force and effect to the fullest extent
permitted by law.

     10.  Beneficiaries/References: The Executive shall be entitled to select
          ------------------------
(and change, to the extent permitted under any applicable law) a beneficiary or
beneficiaries to receive any compensation or benefit payable hereunder following
the Executive's death by giving the Company written notice thereof. In the event
of the Executive's death or a judicial determination of his incompetence,
reference in this Agreement to the Executive shall be deemed, where appropriate,
to refer to his beneficiary, estate or other legal representative.

     11.  Governing Law/Jurisdiction:  This Agreement shall be governed by and
          --------------------------
construed and interpreted in accordance with the laws of Texas without reference
to principles of conflict of laws.

     12.  Disputes:
          --------

          (a)  In the event of any dispute concerning this Agreement, either
     Executive or the Company may compel the resolution of such dispute by
     binding arbitration pursuant to the commercial arbitration rules of the
     American Arbitration Association. The location of such arbitration shall be
     the city in which the Executive's principal office with the Company is
     located. Upon receipt of a written demand for arbitration, a hearing shall
     be scheduled to be held within 60 days of receiving such demand. All costs,
     fees and expenses, including attorney fees of both the Executive and the
     Company, of any arbitration in connection with this Agreement which results
     in any decision or settlement requiring the Company to make a payment or
     provide any form of compensation to the Executive in excess of any amount

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     agreed to be paid by the Company shall be borne by, and be the obligation
     of, the Company. In the event the arbitration does not result in such a
     decision or settlement, each party shall bear its own expenses and 50% of
     the costs and expenses of the arbitration. The obligation of the Company
     under this Section 12 shall survive the termination for any reason of this
     Agreement (whether such termination is by the Company, by the Executive,
     upon the expiration of this Agreement or otherwise).

          (b)  In the event that any person asserts that any of the payments or
     benefits provided to or in respect of Executive pursuant to this Agreement
     or otherwise, by or on behalf of the Company, are subject to excise taxes
     under Section 4999 of the Code, the Company shall assume, and pay the costs
     of, the dispute with such person but may settle such dispute in its
     discretion.

          (c)  Pending the outcome or resolution of any arbitration, the Company
     shall continue payment of all amounts due the Executive without regard to
     any dispute but only if Executive agrees in writing that if and to the
     extent that the Company prevails he will promptly repay to the Company (or,
     regardless of the existence of such agreement, the Company may set off
     against any amounts due to the Executive) appropriate amounts plus interest
     at the applicable Federal Rate provided for in Section 7872(f)(2)(A) of the
     Code from the date any amount was paid by the Company to the Executive.

     13.  Notices: Any notice given to either Party shall be in writing and
          -------
shall be deemed to have been given when delivered personally or sent by
certified or registered mail, postage prepaid, return receipt requested, duly
addressed to the Party concerned at the address indicated below or to such
changed address as such Party may subsequently give such notice of:

          If to the Company or the Board:

                    Cabot Oil & Gas Corporation
                    1200 Enclave Parkway
                    Houston, Texas 77077
                    Attention: Secretary

          If to the Executive:

                    ______________________
                    ______________________
                    ______________________

     14.  Confidential Information:
          ------------------------

          (a)  Non-Disclosure: During the Term or at any time thereafter,
               --------------
     irrespective of the time, manner or cause of the expiration of the Term,
     Executive will not directly or indirectly reveal, divulge, disclose or
     communicate to any person

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     or entity, other than authorized officers, directors and employees of the
     Company, in any manner whatsoever, any Confidential Information without the
     prior written consent of the Board.

          (b)  Return of Property: Upon the Executive's termination of
               ------------------
     employment, Executive will surrender to the Company all Confidential
     Information, including without limitation, all lists, charts, schedules,
     reports, financial statements, books and records of the Company or any
     Subsidiary, and all copies thereof, and all other property belonging to the
     Company or any Subsidiary, provided Executive shall be accorded reasonable
     access to such Confidential Information subsequent to the Executive's
     termination of employment for any proper purpose as determined in the
     reasonable judgment of the Company.

     15.  Headings: The headings of the sections contained in this Agreement are
          --------
for convenience only and shall not be deemed to control or affect the meaning or
construction of any provision of this Agreement.

     16.  Counterparts: This Agreement may be executed in two or more
          ------------
counterparts.

     17.  Term of Agreement: This Agreement shall remain in effect for the
          -----------------
Initial Term, for any extensions of the Term as set forth herein and thereafter
to the extent necessary to maintain this Agreement in effect for a period of 24
months following any Change in Control during the Term. On July 17, 2003 and on
each succeeding anniversary of such date thereafter, the Term shall be
automatically extended by one year from the date upon which it would otherwise
expire, unless prior to such anniversary the Company shall have given written
notice to the Executive that the Term shall not be so extended. In addition, the
respective rights and obligations of the Parties hereunder shall survive any
termination of this Agreement to the extent necessary to the intended
preservation of such rights and obligations.

          IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first written above.

                              CABOT OIL & GAS CORPORATION

Date: ___________________     By________________________________________________
                                   Ray R. Seegmiller
                                   Chairman, President and CEO

                              EXECUTIVE

Date: ___________________     __________________________________________________

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<PAGE>

                          Attached to and made a part
                       of that certain Agreement, dated
                            July 17, 2001, between
                          Cabot Oil & Gas Corporation
                                      and
                              __________________

                                  Schedule A

          In the event the Executive so elects in accordance with Section
1(n)(IV) of the Agreement and subject to the Company's election rights provided
in the same Section, the premiums payable by the Executive for continued
medical, dental and life insurance coverage shall be such premiums as are in
effect at the Company immediately prior to the Change in Control.

                                      -13-<PAGE>

                                                                   Exhibit 10.15

                          CABOT OIL & GAS CORPORATION

                  SECOND AMENDED AND RESTATED 1994 LONG-TERM

                                INCENTIVE PLAN

          1.   Objectives. The Cabot Oil & Gas Corporation Second Amended and
Restated 1994 Long-Term Incentive Plan (the "Plan") is designed to attract and
retain key executives and other selected employees and reward them for making
major contributions to the success of Cabot Oil & Gas Corporation, a Delaware
corporation (the "Company"), and its Subsidiaries (as hereinafter defined).
These objectives are to be accomplished by making awards under the Plan and
thereby providing Participants (as hereinafter defined) with a proprietary
interest in the growth and performance of the Company and its Subsidiaries.

          2.   Definitions. As used herein, the terms set forth below shall have
the following respective meanings:

          "Award" means the grant of any form of Stock Option, Stock
Appreciation Right, Stock Award, Performance Award or Cash Award, whether
granted singly, in combination or in tandem, to a Participant pursuant to any
applicable terms, conditions and limitations as the Committee may establish in
order to fulfill the objectives of the Plan.

          "Award Agreement" means a written agreement between the Company and a
Participant that sets forth the terms, conditions and limitations applicable to
an Award.

          "Board" means the Board of Directors of the Company.

          "Cash Award" means an Award denominated in cash.

          "Code" means the Internal Revenue Code of 1986, as amended from time
to time.

          "Committee" means such committee of the Board as is designated by the
Board to administer the Plan.

          "Common Stock" means the Class A Common Stock, par value $.10 per
share, of the Company.

          "Company" means Cabot Oil & Gas Corporation.

          "Employee" means any person who is receiving remuneration for personal
services (or could be receiving remuneration except for an authorized leave of
absence) as an employee of the Company.

          "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time.

                                      -1-
<PAGE>

          "Fair Market Value" means, as of a particular date, (i) if the shares
of Common Stock are listed on a national securities exchange, the average
between the highest and lowest sales price per share of Common Stock on the
consolidated transaction reporting system for the principal such national
securities exchange on that date, or, if there shall have been no such sale so
reported on that date, on the last preceding date on which such a sale was so
reported, or, at the discretion of the Committee, the price prevailing on the
exchange at the time of the relevant event on such date; (ii) if the shares of
Common Stock are not so listed but are quoted in the NASDAQ National Market
System, the average between the highest and lowest sales price per share of
Common Stock on the NASDAQ National Market System on that date, or, if there
shall have been no such sale so reported on that date, on the last preceding
date on which such a sale was so reported or, at the discretion of the
Committee, the price prevailing on the NASDAQ National Market at the time of the
relevant event on such date or (iii) if the Common Stock is not so listed or
quoted, the average between the closing bid and asked price on that date, or, if
there are no quotations available for such date, on the last preceding date on
which such quotations shall be available, as reported by NASDAQ, or, if not
reported by NASDAQ, by the National Quotation Bureau, Inc.

          "Incentive Stock Option" or "ISO" means a Stock Option that complies
with Section 422 of the Code.

          "Participant" means an employee of the Company or any of its
Subsidiaries to whom an Award has been made under this Plan.

          "Performance Award" means an Award paid, vested or otherwise
deliverable on account of one or more pre-established objective Performance
Goals established by the Committee.

          "Performance Goal" means a standard established by the Committee to
determine in whole or in part whether a Performance Award shall be earned.

          "Restricted Stock" means Common Stock that is restricted or subject to
forfeiture provisions.

          "Stock Award" means an Award consisting of Common Stock or denominated
in units of Common Stock.

          "Stock Appreciation Right" or "SAR" means the right to receive a
payment, in cash or Common Stock, equal to the excess of the Fair Market Value
or other specified valuation of a number of shares of Common Stock on the date
the stock appreciation right is exercised over a specific strike price.

          "Stock Based Awards Limitations" means the limitations applied to any
awards granted hereunder as described in Section 7(f)(i) and (ii) of the Plan.

          "Stock Option" means a right to purchase a specified number of shares
of Common Stock at a specified price that is not less than the greater of (i)
the Fair Market Value of

                                      -2-
<PAGE>

the Common Stock on the date of grant and (ii) the par value of the Common Stock
on the date of grant.

          "Subsidiary" means any corporation of which the Company directly or
indirectly owns shares representing more than 50% of the voting power of all
classes or series of capital stock of such corporation which have the right to
vote generally on matters submitted to a vote of the stockholders of such
corporation.

          3.   Eligibility. Employees and individuals who have agreed to become
Employees of the Company and its Subsidiaries are eligible for an Award under
this Plan.

          4.   Common Stock Available for Awards. There shall be available for
Awards granted wholly or partly in Common Stock (including rights or options
which may be exercised for or settled in Common Stock) during the term of this
Plan an aggregate of 3,700,000 shares of Common Stock of which no more than 30%
of such shares will be used for Stock Awards. The Board and the appropriate
officers of the Company shall from time to time take whatever actions are
necessary to file required documents with governmental authorities and stock
exchanges and transaction reporting systems to make shares of Common Stock
available for issuance pursuant to Awards. Common Stock related to Awards that
are forfeited or terminated, expire unexercised, are settled in cash in lieu of
Stock or in a manner such that all or some of the shares covered by an Award are
not issued to a Participant, or are exchanged for Awards that do not involve
Common Stock, shall immediately become available for Awards hereunder. The
Committee may from time to time adopt and observe such procedures concerning the
counting of shares against the Plan maximum as it may deem appropriate.

          5.   Administration. This Plan shall be administered by the Committee,
which shall have full and exclusive power to interpret this Plan and to adopt
such rules, regulations and guidelines for carrying out this Plan as it may deem
necessary or proper, all of which powers shall be exercised in the best
interests of the Company and in keeping with the objectives of this Plan. The
Committee may, in its discretion, provide for the extension of the
exercisability of an Award, accelerate the vesting or exercisability of an
Award, eliminate or make less restrictive any restrictions contained in an
Award, waive any restriction or other provision of this Plan or an Award or
otherwise amend or modify an Award in any manner that is either (i) not adverse
to the Participant holding such Award or (ii) consented to by such Participant.
The Committee may correct any defect or supply any omission or reconcile any
inconsistency in this Plan or in any Award in the manner and to the extent the
Committee deems necessary or desirable to carry it into effect. Any decision of
the Committee in the interpretation and administration of this Plan shall lie
within its sole and absolute discretion and shall be final, conclusive and
binding on all parties concerned. No member of the Committee or officer of the
Company to whom it has delegated authority in accordance with the provisions of
Paragraph 6 of this Plan shall be liable for anything done or omitted to be done
by him or her, by any member of the Committee or by any officer of the Company
in connection with the performance of any duties under this Plan, except for his
or her own willful misconduct or as expressly provided by statute. The Committee
shall establish the vesting schedule, if any, for each Award. It is the intent
of this Plan that any Stock Option grants will never be repriced or reissued.

                                      -3-
<PAGE>

          6.   Delegation of Authority. The Committee may delegate to the Chief
Executive Officer and to other senior officers of the Company its duties under
this Plan pursuant to such conditions or limitations as the Committee may
establish.

          7.   Awards. The Committee shall determine the type or types of Awards
to be made to each Participant under this Plan. Each Award made hereunder shall
be embodied in an Award Agreement, which shall contain such terms, conditions,
performance requirements and limitations as shall be determined by the Committee
in its sole discretion and shall be signed by the Participant and by the Chief
Executive Officer, the Chief Operating Officer, or any Vice President of the
Company for and on behalf of the Company. Awards may consist of those listed in
this Paragraph 7 and may be granted singly, in combination or in tandem.

          (a)  Stock Option. An Award may consist of a right to purchase a
specified number of shares of Common Stock at a specified price that is not less
than the greater of (i) the Fair Market Value of the Common Stock on the date of
grant and (ii) the par value of the Common Stock on the date of grant. A Stock
Option may be in the form of an Incentive Stock Option which, in addition to
being subject to applicable terms, conditions and limitations established by the
Committee, complies with Section 422 of the Code.

          (b)  Stock Appreciation Right. An Award may consist of a right to
receive a payment, in cash or Common Stock, equal to the excess of the Fair
Market Value or other specified valuation of a specified number of shares of
Common Stock on the date the Stock Appreciation Right is exercised over a
specified strike price as set forth in the applicable Award Agreement.

          (c)  Stock Award. An Award may consist of Common Stock or may be
denominated in units of Common Stock. All or part of any Stock Award may be
subject to conditions established by the Committee, and set forth in the Award
Agreement, which may include, but are not limited to, continuous service with
the Company and its Subsidiaries, achievement of specific business objectives,
increases in specified indices, attaining specified growth rates and other
comparable measurements of performance. Such Awards may be based on Fair Market
Value or other specified valuations. The certificates evidencing shares of
Common Stock issued in connection with a Stock Award shall contain appropriate
legends and restrictions describing the terms and conditions of the restrictions
applicable thereto.

          (d)  Cash Award. An Award may be denominated in cash with the amount
of the eventual payment subject to future service and such other restrictions
and conditions as may be established by the Committee, and set forth in the
Award Agreement, including, but not limited to, continuous service with the
Company and its Subsidiaries, achievement of specific business objectives,
increases in specified indices, attaining specified growth rates and other
comparable measurements of performance.

          (e)  Performance Award. Without limiting the type or number of Awards
that may be made under the other provisions of this Plan, an Award may be in the
form of a Performance Award. A Performance Award shall be paid, vested or
otherwise deliverable solely

                                      -4-
<PAGE>

on account of the attainment of one or more pre-established, objective
Performance Goals established by the Committee prior to the earlier to occur of
(i) 90 days after the commencement of the period of service to which the
Performance Goal relates and (ii) the lapse of 25% of the period of service (as
scheduled in good faith at the time the goal is established), and in any event
while the outcome is substantially uncertain. A Performance Goal is objective if
a third party having knowledge of the relevant facts could determine whether the
goal is met. Such a Performance Goal may be based on one or more business
criteria that apply to the Employee, one or more business units of the Company,
or the Company as a whole, and may include one or more of the following:
increased revenue, net income, stock price, market share, earnings per share,
return on equity, return on assets, decrease in costs, shareholder value, net
cash flow, total shareholder return, return on capital, return on investors'
capital, operating income, funds from operations, cash flow, cash from
operations, after-tax operating income, reserve addition, proceeds from
dispositions, production volumes, refinery runs, net cash flow before financing
activities, reserve replacement ratio, finding and development costs, refinery
utilizations and total market value. Unless otherwise stated, such a Performance
Goal need not be based upon an increase or positive result under a particular
business criterion and could include, for example, maintaining the status quo or
limiting economic losses (measured, in each case, by reference to specific
business criteria). In interpreting Plan provisions applicable to Performance
Goals and Performance Awards, it is the intent of the Plan to conform with the
standards of Section 162(m) of the Code and Treasury Regulation (S) 1.162-
27(e)(2)(i), and the Committee in establishing such goals and interpreting the
Plan shall be guided by such provisions. Prior to the payment of any
compensation based on the achievement of Performance Goals, the Committee must
certify in writing that applicable Performance Goals and any of the material
terms thereof were, in fact, satisfied. Subject to the foregoing provisions, the
terms, conditions and limitations applicable to any Performance Awards made
pursuant to this Plan shall be determined by the Committee.

          (f)  Notwithstanding anything to the contrary contained in this Plan,
the following limitations shall apply to any Awards made hereunder:

          (i)    no Participant may be granted, during any calendar year, Awards
     consisting of Stock Options or Stock Appreciation Rights that are
     exercisable for more than 500,000 shares of Common Stock;

          (ii)   no Participant may be granted, during any calendar year, Stock
     Awards covering or relating to more than 100,000 shares of Common Stock;
     and

          (iii)  no Participant may be granted Awards consisting of cash or in
     any other form permitted under this Plan (other than Awards consisting of
     Stock Options or Stock Appreciation Rights or Stock Awards) in respect of
     any calendar year having a value determined on the date of grant in excess
     of $1,000,000.

          8.     Payment of Awards.

          (a)    General. Payment of Awards may be made in the form of cash or
Common Stock or combinations thereof and may include such restrictions as the
Committee

                                      -5-
<PAGE>

shall determine, including in the case of Common Stock, restrictions on transfer
and forfeiture provisions. As used herein, "Restricted Stock" means Common Stock
that is restricted or subject to forfeiture provisions.

          (b)  Deferral. With the approval of the Committee, payments may be
deferred, either in the form of installments or a future lump sum payment. The
Committee may permit selected Participants to elect to defer payments of some or
all types of Awards in accordance with procedures established by the Committee.
Any deferred payment, whether elected by the Participant or specified by the
Award Agreement or by the Committee, may be forfeited if and to the extent that
the Award Agreement so provides.

          (c)  Dividends and Interest. Dividends or dividend equivalent rights
may be extended to and made part of any Award denominated in Common Stock or
units of Common Stock, subject to such terms, conditions and restrictions as the
Committee may establish. The Committee may also establish rules and procedures
for the crediting of interest on deferred cash payments and dividend equivalents
for deferred payment denominated in Common Stock or units of Common Stock.

          9.   Stock Option Exercise. The price at which shares of Common Stock
may be purchased under a Stock Option shall be paid in full at the time of
exercise in cash or, if permitted by the Committee, by means of tendering Common
Stock or surrendering another Award, including Restricted Stock, valued at Fair
Market Value on the date of exercise, or any combination thereof. The Committee
shall determine acceptable methods for tendering Common Stock or other Awards to
exercise a Stock Option as it deems appropriate. If permitted by the Committee,
payment may be made by successive exercises by the Participant. The Committee
may provide for loans from the Company to permit the exercise or purchase of
Awards and may provide for procedures to permit the exercise or purchase of
Awards by use of the proceeds to be received from the sale of Common Stock
issuable pursuant to an Award. Unless otherwise provided in the applicable Award
Agreement, in the event shares of Restricted Stock are tendered as consideration
for the exercise of a Stock Option, a number of the shares issued upon the
exercise of the Stock Option, equal to the number of shares of Restricted Stock
used as consideration therefor, shall be subject to the same restrictions as the
Restricted Stock so submitted as well as any additional restrictions that may be
imposed by the Committee.

          10.  Tax Withholding. The Company shall have the right to deduct
applicable taxes from any Award payment and withhold, at the time of delivery or
vesting of cash or shares of Common Stock under this Plan, an appropriate amount
of cash or number of shares of Common Stock or a combination thereof for payment
of taxes required by law or to take such other action as may be necessary in the
opinion of the Company to satisfy all obligations for withholding of such taxes.
The Committee may also permit withholding to be satisfied by the transfer to the
Company of shares of Common Stock theretofore owned by the holder of the Award
with respect to which withholding is required. If shares of Common Stock are
used to satisfy tax withholding, such shares shall be valued based on the Fair
Market Value when the tax withholding is required to be made.

                                      -6-
<PAGE>

          11.  Amendment, Modification, Suspension or Termination. The Board may
amend, modify, suspend or terminate this Plan for the purpose of meeting or
addressing any changes in legal requirements or for any other purpose permitted
by law except that (i) no amendment or alteration that would impair the rights
of any Participant under any Award previously granted to such Participant shall
be made without such Participant's consent and (ii) no amendment or alteration
shall be effective prior to approval by the Company's stockholders to the extent
such approval is then required by applicable legal requirements.

          12.  Termination of Employment. Upon the termination of employment by
a Participant, any unexercised, deferred or unpaid Awards shall be treated as
provided in the specific Award Agreement evidencing the Award. In the event of
such a termination, the Committee may, in its discretion, provide for the
extension of the exercisability of an Award, accelerate the vesting or
exercisability of an Award, eliminate or make less restrictive any restrictions
contained in an Award, waive any restriction or other provision of this Plan or
an Award or otherwise amend or modify the Award in any manner that is either (i)
not adverse to such Participant or (ii) consented to by such Participant.

          13.  Assignability. Unless otherwise determined by the Committee and
provided in the Award Agreement, no Award or any other benefit under this Plan
constituting a derivative security within the meaning of Rule 16a-1(c) under the
Exchange Act shall be assignable or otherwise transferable except by will or the
laws of descent and distribution or pursuant to a qualified domestic relations
order as defined by the Code or Title I of the Employee Retirement Income
Security Act, or the rules thereunder. The Committee may prescribe and include
in applicable Award Agreements other restrictions on transfer. Any attempted
assignment of an Award or any other benefit under this Plan in violation of this
Paragraph 13 shall be null and void.

          14.  Adjustments.

          (a)  The existence of outstanding Awards shall not affect in any
manner the right or power of the Company or its stockholders to make or
authorize any or all adjustments, recapitalizations, reorganizations or other
changes in the capital stock of the Company or its business or any merger or
consolidation of the Company, or any issue of bonds, debentures, preferred or
prior preference stock (whether or not such issue is prior to, on a parity with
or junior to the Common Stock) or the dissolution or liquidation of the Company,
or any sale or transfer of all or any part of its assets or business, or any
other corporate act or proceeding of any kind, whether or not of a character
similar to that of the acts or proceedings enumerated above.

          (b)  In the event of any subdivision or consolidation of outstanding
shares of Common Stock or declaration of a dividend payable in shares of Common
Stock or capital reorganization or reclassification or other transaction
involving an increase or reduction in the number of outstanding shares of Common
Stock, the Committee may adjust proportionally (i) the number of shares of
Common Stock reserved under this Plan and covered by outstanding Awards
denominated in Common Stock or units of Common Stock; (ii) the exercise or other
price in respect of such Awards; (iii) the appropriate Fair Market Value and
other price

                                      -7-
<PAGE>

determinations for such Awards; and (iv) the Stock Based Awards Limitations, as
provided in Section 7(f)(ii) to reflect such transaction. In the event of any
consolidation or merger of the Company with another corporation or entity or the
adoption by the Company of a plan of exchange affecting the Common Stock or any
distribution to holders of Common Stock of securities or property (other than
normal cash dividends or dividends payable in Common Stock), the Committee shall
make such adjustments or other provisions as it may deem equitable, including
adjustments to avoid fractional shares, to give proper effect to such event. In
the event of a corporate merger, consolidation, acquisition of property or
stock, separation, reorganization or liquidation, the Committee shall be
authorized to issue or assume stock options, regardless of whether in a
transaction to which Section 424(a) of the Code applies, by means of
substitution of new options for previously issued options or an assumption of
previously issued options, or to make provision for the acceleration of the
exercisability of, or lapse of restrictions with respect to, Awards and the
termination of unexercised options in connection with such transaction.

          15.  Restrictions. No Common Stock or other form of payment shall be
issued with respect to any Award unless the Company shall be satisfied based on
the advice of its counsel that such issuance will be in compliance with
applicable federal and state securities laws. Certificates evidencing shares of
Common Stock delivered under this Plan may be subject to such stop transfer
orders and other restrictions as the Committee may deem advisable under the
rules, regulations and other requirements of the Securities and Exchange
Commission, any securities exchange or transaction reporting system upon which
the Common Stock is then listed and any applicable federal and state securities
law. The Committee may cause a legend or legends to be placed upon any such
certificates to make appropriate reference to such restrictions.

          16.  Unfunded Plan. Insofar as it provides for Awards of cash, Common
Stock or rights thereto, this Plan shall be unfunded. Although bookkeeping
accounts may be established with respect to Participants who are entitled to
cash, Common Stock or rights thereto under this Plan, any such accounts shall be
used merely as a bookkeeping convenience. The Company shall not be required to
segregate any assets that may at any time be represented by cash, Common Stock
or rights thereto, nor shall this Plan be construed as providing for such
segregation, nor shall the Company nor the Board nor the Committee be deemed to
be a trustee of any cash, Common Stock or rights thereto to be granted under
this Plan. Any liability or obligation of the Company to any Participant with
respect to a grant of cash, Common Stock or rights thereto under this Plan shall
be based solely upon any contractual obligations that may be created by this
Plan and any Award Agreement, and no such liability or obligation of the Company
shall be deemed to be secured by any pledge or other encumbrance on any property
of the Company. Neither the Company nor the Board nor the Committee shall be
required to give any security or bond for the performance of any obligation that
may be created by this Plan.

          17.  Governing Law. This Plan and all determinations made and actions
taken pursuant hereto, to the extent not otherwise governed by mandatory
provisions of the Code or the securities laws of the United States, shall be
governed by and construed in accordance with the laws of the State of Delaware.

                                      -8-
<PAGE>

          18.  Effective Date of Plan. This amended and restated Plan shall be
effective as of the date (the "Effective Date") it is approved by the Board of
Directors of the Company. Notwithstanding the foregoing, the adoption of this
Plan is expressly conditioned upon the approval by the holders of a majority of
shares of Common Stock present, or represented, and entitled to vote at a
meeting of the Company's stockholders held on or before ___________, 2001. If
the stockholders of the Company should fail so to approve the provisions of this
Plan, the Plan shall revert to the provisions as in effect under the Amended and
Restated 1994 Long-Term Incentive Plan of Cabot Oil & Gas Corporation.

                                      -9-

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