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                                                                    EXHIBIT 10.2

                       FORM OF RESTRICTED STOCK AGREEMENT
                        NEW JERSEY RESOURCES CORPORATION

      THIS RESTRICTED STOCK AGREEMENT (the "AGREEMENT") is made by and between
New Jersey Resources Corporation, a corporation organized and existing under the
laws of the State of New Jersey (the "COMPANY"), and ________________ (the
"EMPLOYEE"), as of ________________(the "GRANT DATE"). This Agreement provides
notice of the terms and conditions applicable to a grant of restricted stock
made under the New Jersey Resources Corporation 2002 Employee and Outside
Director Long-Term Incentive Compensation Plan (the "2002 PLAN"). By execution
below, Employee agrees to be bound by the terms and conditions described herein
and the provisions of the 2002 Plan, a copy of which has been delivered to the
Employee. Unless otherwise defined below, capitalized terms have the meanings
ascribed to them in the 2002 Plan.

      1. Grant of Restricted Stock.

            As of the Grant Date, the Board of Directors of the Company (the
      "BOARD") grants to Employee an aggregate of ______ shares of its common
      stock, $2.50 par value (the "COMMON STOCK"), provided that during the
      Restriction Period (as defined below), such shares shall not be sold,
      assigned, transferred, pledged, hypothecated or otherwise disposed of (the
      "RESTRICTED STOCK").

            The Company may either (i) issue in the name of Employee a
      certificate or certificates for the shares of Restricted Stock, which may
      be legended, in the Board's sole discretion, to reflect the terms and
      conditions set forth herein, and which certificates shall be held by the
      Company, in escrow, pending the lapse of the Restriction Period, or (ii)
      hold a global certificate, in accordance with Section IV. (B) of the 2002
      Plan, representing all shares of Restricted Stock subject to such
      restrictions. As a condition of the grant hereunder, if determined
      necessary by the Board in its sole discretion, stock powers endorsed in
      blank shall be executed by Employee with respect to such restricted
      shares.

      2. Restriction Period. Except as expressly provided herein, the
      restrictions set forth in Section 1 hereof shall commence as of the Grant
      Date and shall lapse on the fourth (4th) anniversary of the Grant Date
      (the entirety of such period referred to herein as the "RESTRICTION
      PERIOD"). Shares shall be delivered to Employee by the Company no later
      than 10 days after the expiration of the Restriction Period, provided that
      fractional shares may be settled by the Company in cash.

      3. Shareholder Rights. During the Restriction Period, Employee shall be
      entitled to receive dividends on the Restricted Stock when, as, and if
      dividends are declared and paid on the Company's Common Stock, shall be
      entitled to vote Restricted Stock on any matter submitted to a vote of
      holders of the Company's Common Stock, and shall have all other rights of
      a shareholder of the Company except as otherwise expressly provided
      hereunder. As provided by the 2002 Plan, the Company will reinvest all
      dividends on the Restricted Shares into

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      additional Restricted Stock. Such stock will be subject to the same
      restrictions and vesting schedule as the Restricted Shares issued to you
      on the Grant Date.

      4. Termination of Employment.

            (a) If Employee's employment with the Company terminates due to
      Employee's death or Disability (as defined in the 2002 Plan), all
      restrictions regarding the Restricted Stock shall lapse and the shares
      shall be delivered to Employee (or Employee's estate) no later than 10
      days after the termination date.

            (b) Unless otherwise determined by the Board at the time of
      termination, if Employee's employment with the Company is terminated for
      any reason other than as specified in Section 4(a) above, all shares of
      Restricted Stock to which restrictions then apply shall be immediately
      forfeited and the effected certificates canceled by the Company as of the
      date of termination.

      5. Change in Control. Provided that the Restricted Stock granted hereunder
      has not otherwise been forfeited or cancelled, upon the occurrence of a
      Change in Control (as defined in the 2002 Plan), all restrictions shall
      lapse as to the aggregate number of shares of Restricted Stock then
      subject to restriction, and the Company shall promptly transfer shares of
      Common Stock, free of such restrictions, to Employee.

      6. No Assignment of Restricted Stock. During the Restriction Period, the
      Restricted Stock granted hereunder shall not be subject in any manner to
      sale, transfer, pledge, assignment, encumbrance, division or other
      disposition, and whether voluntarily or involuntarily, except by operation
      of law.

      7. Section 409A Compliance. Notwithstanding anything contained herein to
      the contrary, the Board shall have broad authority to delay the settlement
      or modify the terms of any award made hereunder to the extent necessary to
      comply with Section 409A of the Internal Revenue Code, as amended from
      time to time, including without limitation changes to certain definitions,
      including the Disability and Change in Control definitions contained in
      the 2002 Plan.

      8. Adjustment. During the Restriction Period, the aggregate number of
      shares of Restricted Stock granted hereunder shall be subject to
      adjustment due to any stock split, stock dividend or other form of
      recapitalization by the Company.

      9. Employment Rights. Neither this Agreement nor the grant of Restricted
      Stock hereunder shall be deemed to confer on Employee any right to
      continue in the employ of the Company to interfere, in any manner, with
      the Company's rights to terminate employment, in its sole discretion,
      subject to the terms of any separate agreement between Employee and the
      Company.

      10. Amendment and Modification. The terms and conditions set forth herein
      may be amended only in writing signed by both Employee and an authorized
      member of the Company.

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      11. Successors and Assigns. This Agreement shall be binding upon and shall
      inure to the benefit of Employee and the Company, including their
      respective heirs, executors, administrators, successors and assigns.

      12. 2002 Plan and Available Information. The Restricted Stock granted
      hereunder shall be subject to such additional terms and conditions as may
      be imposed under the terms of the 2002 Plan, a copy of which has been
      furnished with this grant. If any conflict exists between this Agreement
      and the 2002 Plan, the 2002 Plan shall prevail.

      13. Governing Law. The validity, construction, and effect of all rules and
      regulations applicable to this award shall be determined in accordance
      with the laws of the State of New Jersey and applicable Federal law.

      14. Withholding Tax. The Company may deduct from any payment to be made to
      Employee any amount that federal, state, local or foreign tax law requires
      to be withheld with respect to the grant of Restricted Stock or delivery
      of shares of shares hereunder. At the Board's election, the Company may
      withhold from the number of shares of Common Stock to be delivered upon
      expiration of the Restriction Period a number of whole shares up to but
      not exceeding that number which has a fair market value nearest but not
      exceeding the amount of taxes required to be withheld with respect to such
      expiration of restrictions.

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first above written.

                                       NEW JERSEY RESOURCES CORPORATION

                                       By:
                                           --------------------------------
                                                  Laurence M. Downes

      Employee hereby accepts and agrees to be bound by all the terms and
conditions of this Agreement and the 2002 Plan.

                                           -----------------------------------
                                           Employee Name

                                           -----------------------------------
                                                    Date<PAGE>

                                                                    EXHIBIT 10.3

                      FORM OF STOCK OPTION AWARD AGREEMENT

                        NEW JERSEY RESOURCES CORPORATION

            THIS STOCK OPTION AWARD AGREEMENT (the "Agreement") is made as
of______________, between NEW JERSEY RESOURCES CORPORATION, a New Jersey
corporation (the "Company") and _______________(the "Employee") pursuant to the
terms and conditions of the New Jersey Resources Corporation Employee and
Outside Director Long-Term Incentive Compensation Plan as amended (the "Plan").
Capitalized terms not defined in this Agreement shall have the meanings set
forth in the Plan.

            THE PARTIES AGREE AS FOLLOWS:

            1. Award of Options. Pursuant to the Plan, the Company hereby awards
to Employee options (the "Options") to acquire _____ shares of Company common
stock (the "Stock") at the exercise price of $_______ per share (the "Exercise
Price"), subject to the terms and conditions set forth in this Agreement and the
Plan. A copy of the Plan has been delivered to the Employee. By signing below,
the Employee agrees to be bound by all the provisions of the Plan. The Options
granted hereunder are nonqualified stock options.

            2. Vesting Schedule. Subject to Sections 6 and 7 hereof, including
the authority of the Committee in its discretion to provide for accelerated
vesting, the Options shall vest and become exercisable in four equal
installments on each of the first, second, third and fourth anniversaries of
_____________.

            3. Expiration Date. The Options subject to this Agreement shall
expire on_______________. (the Expiration Date).

            4. Payment of Exercise Price. The Exercise Price must be paid to the
Company at the time of exercise in cash, stock or other consideration as
permitted by the Committee at the time of exercise. All transactions are
governed by the rules and procedures established by the Committee and to the
extent stock or other consideration is used to satisfy the Exercise Price, such
stock or other consideration will be valued at Fair Market Value. Fair Market
Value will be determined on the date of exercise and must equal the Exercise
Price.

            5. Non-transferability. Except to the extent otherwise determined by
the Committee, the Options granted hereunder shall not be assignable or
otherwise transferable other than by will or the laws of descent and
distribution. Unless otherwise provided by the Committee, during the lifetime of
Employee, the Options shall be exercisable only by Employee or Employee's
guardian or legal representative.

                                     -1-
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            6. Termination of Employment.

                  (a) Except to the extent provided in Section 7 hereof or any
employment agreement or severance agreement between Employee and the Company,
the provisions of this Section 6 shall apply to the Options upon Employee's
termination of employment with the Company and all subsidiaries of the Company
("Termination") for any reason.

                  (b) In the event of Employee's Termination by reason of death,
Disability or Retirement, all Options not then vested shall be cancelled, and
any and all vested Options shall be exercisable in whole or in part at any time
prior to the earlier of the Expiration Date or one year after the date of such
Termination. In the event of death, the options must be exercised by Employee's
estate or designated heirs or assignees.

                  (c) In the event of Employee's Termination for any reason
other than as provided in Section 6(b), Options not then vested shall be
canceled and any and all vested Options may be exercised in whole or in part at
any time prior to the earlier of the Expiration Date or three months after the
date of such Termination.

            7. Change of Control. In the event of a Change of Control, any
Option that was not previously exercisable and vested shall become fully
exercisable and vested at the time of the Change of Control.

            8. Withholding Tax. Employee may be subject to withholding taxes as
a result of the exercise or settlement of an Option or other payment in respect
of an Option. Unless the Committee permits otherwise, Employee shall promptly
pay to the Company in cash all applicable federal, state, local and foreign
withholding taxes that the Company, in its discretion, determines is due as a
result of each such exercise, settlement or payment. The payment, if any, is due
when the amount of such obligation becomes determinable. Unless the Committee
otherwise determines, and subject to such rules and procedures as the Committee
may establish, Employee may make an election to have shares of Stock withheld by
the Company or to tender any such securities to the Company to pay the amount of
tax that the Company in its discretion determines to be required so to be
withheld by the Company upon exercise of an Option, subject to satisfying any
applicable requirements for compliance with Section 16(b) of the Securities and
Exchange Act of 1934, as amended. Any shares of Stock or other securities so
withheld or tendered will be valued as of the date they are withheld or
tendered, provided that Stock shall be valued at Fair Market Value on such date.
Unless otherwise permitted by the Committee, the value of shares withheld or
tendered may not exceed the required federal, state, local and foreign
withholding tax obligations as computed by the Company.

            9. Governing Law. This Agreement shall be governed by the laws of
the State of New Jersey, without regard to conflict of law principles.

            10. A copy of the Plan is attached.

                                     -2-
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            IN WITNESS WHEREOF, the parties have executed this Agreement to be
effective as of the day and year first above written.

                                       NEW JERSEY RESOURCES CORPORATION

                                       By:
                                           ------------------------------------
                                           Laurence M. Downes

            Employee hereby accepts and agrees to be bound by all the terms and
conditions of this Agreement and the Plan.

                                           -----------------------------------
                                           Employee Name

                                           -----------------------------------
                                           Date

                                     -3-

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