Document:

Exhibit 10.1

Mirant Corporation

Stock Option Award
Agreement 
EC Nov
2006 LTI

 

Date

First MI LastName

Address Line1

Address Line2

City, State ZipCode

Dear FirstName:

Congratulations on your selection as a recipient of options to purchase
shares of common stock of Mirant Corporation. This Agreement, including the
Terms and Conditions beginning on the next page, and the Mirant Corporation
Omnibus Incentive Compensation Plan (the “Plan”) together govern your rights
and set forth all of the conditions and limitations affecting such rights.

Terms used in this Agreement that are defined in the Plan will have the
meanings ascribed to them in the Plan. If there is any inconsistency between
the terms of this Agreement and the terms of the Plan, the Plan’s terms will
supersede and replace the conflicting terms of this Agreement.

1.               Terms. Pursuant to the terms and conditions of the Plan, you have been granted a
Non-Qualified Stock Option to purchase [XX,XXX] shares (the ‘Option’) of stock
as outlined below.

	
  Grant Date:  

  	
  November 13, 2006

  
	
   

  	
   

  
	
  Options Granted:

  	
  XX,XXX

  
	
   

  	
   

  
	
  Exercise Price per Share:

  	
  $28.89

  
	
   

  	
   

  
	
  Expiration Date:

  	
  November 13, 2009

  

 

2.               Vesting: The Options will vest and become non-forfeitable on June 30, 2008 (or
such earlier date pursuant to Section 4 below) if the Company, by December 31,
2007, (i) has achieved an established threshold value from the sales of its
Philippines and Caribbean businesses and its six U.S. gas-fired assets and (ii)
has completed the sale of its Philippines business and received 65% of the
threshold values of the Caribbean business and the six U.S. gas-fired assets.

3.               Forfeiture.  In the event your employment with the Company
terminates under circumstances other than those described in paragraph 4 below,
including by reason of retirement, voluntary termination or involuntary
termination for cause, prior to the vesting date, you shall forfeit all of his
interest in the Award as of the termination date and the Options awarded hereby
will be cancelled.

 1
 

 

4.                Impact
of Termination of Employment Due to Death, Disability or Involuntary
Termination Without Cause. In the event
of a termination of your employment with the Company by reason of death,
Disability or involuntary termination without cause, your Options will vest as
follows:

·                 If your
employment with the Company terminates by reason of death or Disability, then
the Options that vest on June 30, 2008 will be calculated pro rata based on the
number of months worked during the performance period of November 13, 2006
through December 31, 2007; and

·                 If your
employment with the Company terminates by reason of your involuntary
termination without cause, your award will vest upon termination; provided
however that you must sign a severance waiver in a form prescribed by the
Company.

For purposes of this Agreement, “Disability” shall have the same meaning
as under the Company’s governing long-term disability plan or, if no such plan
exists, Disability shall be determined in the discretion of the Compensation
Committee.

5.               How to Exercise: The Options hereby granted may be exercised
by approved means permitted under the terms of the Plan, through the Company’s
designated agent. All questions regarding how to exercise should be directed to
Corporate Compensation.

6.               Who Can Exercise: During your lifetime the Options will be
exercisable only by you. No assignment or transfer of the Options, whether
voluntary or involuntary, by operation of law or otherwise, except by will or
the laws of descent and distribution or as otherwise required by applicable
law, will vest in the assignee or transferee any interest whatsoever.

7.              Change in Control.  In
the event of a Change in Control (as defined in the Omnibus Plan) the award
will vest at the date of the Change of Control. If on such date, the security
is not tradeable then the acquiring company will replace with equivalent value
of shares.

8.               Tax
Withholding. The Company shall have the power and the right to deduct or withhold,
or require the Participant or beneficiary to remit to the Company, an amount
sufficient to satisfy federal, state, and local taxes, domestic or foreign,
required by law or regulation to be withheld with respect to any taxable event
arising as a result of this Agreement.

9.              Covenants: Without the prior written consent of the
Company, which may be granted or withheld in the Company’s sole and absolute
discretion, during the term of your employment with the Company, and for a
period of twelve (12) calendar months thereafter, you hereby agree that you
will not, directly or indirectly:

(i)                                    Disclosure of Information. Use, attempt to use, disclose, or otherwise
make known to any Person (other than in the course of employment with the
Company or any Subsidiaries or Affiliate thereof) any knowledge or information
of a confidential or proprietary nature (including all unpublished matters)
relating to, without limitation, the business, strategy, plans, properties,
accounting, books and records, trade secrets, or memoranda of the Company or
its Affiliates.

(ii)                                Employment. Whether for your own account or for the
account of any other Person, employ or retain or arrange to have any other
Person employ or retain or otherwise participate in the employment or retention
of any individual who is an employee or consultant of the Company or any of its
Subsidiaries.

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(iii)                            Critical Statements. Publish or make any public or widely
disseminated statement critical of the Company or any Subsidiaries or Affiliate
thereof or any officer, director, or employee of the foregoing or in any way
maligning the business or reputation of any of the foregoing Persons.

By virtue of exercising these options, you certify you are in compliance
with the provisions of this Section 9 In the event you fail to comply with the
provisions of this Section 9 prior to, or during the six months after, any
exercise, payment or delivery pursuant to an Option, such exercise, payment or
delivery may be rescinded within two (2) years thereafter. In the event of any
such rescission, you will pay to the Company the amount of any gain realized or
payment received as a result of the rescinded exercise, payment or delivery, in
such manner and on such terms and conditions as may be required, and the
Company will be entitled to set-off against the amount of any such gain any
amount owed to you by the Company.

10.       Requirements of Law.
The granting of Options and the issuance of Shares under the Plan will be
subject to all applicable laws, rules, and regulations, and to such approvals
by any governmental agencies or national securities exchanges as may be
required.

11.       Severability. The
provisions of this Agreement are severable and if any one or more provisions
may be determined to be illegal or otherwise unenforceable, in whole or in
part, the remaining provisions shall nevertheless be binding and enforceable.

12.       Stockholder Rights.   You
shall not have any of the rights of a stockholder with respect to the Options,
including the right to vote the common stock that will be issued upon the
exercise of the Options or to receive dividends or other distributions paid or
made available with respect to common stock of the Company, unless and until
such Options are exercised and shares of common stock are issued to you.

13.       Adjustments.  In the event that the outstanding shares of
common stock are subject to a stock split or changed into or exchanged for a
different number or kind of shares or other securities of the Company or other
corporation by reason of a merger, consolidation, reorganization,
recapitalization, reclassification, combination of shares or a dividend payable
in capital stock, or a similar corporate structural change, then your rights
shall be appropriately adjusted as to the number of shares of common stock
subject to the Options and/or as to the exercise price.  The granting of the Options pursuant to this
Award shall not affect in any way the right or power of the Company to make
adjustments, reorganizations, reclassifications, or changes of its capital or
business structure or to merge, consolidate, dissolve, liquidate, or sell or
transfer all or any part of its business or assets.

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Agreement to Participate

By
signing this Agreement, I acknowledge that I have read this Agreement and Terms
and Conditions, and, upon request, have received a copy of the Omnibus
Incentive Plan (also available on the Company’s intranet) and fully understand
all of my rights under the Plan, as well as all of the terms and conditions
which may limit my eligibility to exercise this Option. Without limiting the
generality of the preceding sentence, I understand that my right to exercise
these Options is conditioned upon my continued employment with the Company or
its Subsidiaries.

Please
acknowledge your agreement to participate in the Plan and in this Agreement and
to abide by all of the governing terms and provisions by signing the following
representation. You may not exercise this option until you have signed the
agreement below.

	
  

  	
   

  	
  Edward R. Muller

  
	
  Employee-Optionee Signature

  	
  Chairman and Chief Executive Officer

  
	
   

  	
  Mirant Corporation

  
	
   

  	
   

  	
   

  
	
  Employee-Optionee Name (Printed)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date of Signature

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SSN or Employee ID#

  	
   

  
					

 

 4Exhibit
10.2

	
  Mirant
  Corporation

  Restricted Stock Unit Award Agreement

  EC Nov 2006 LTI

  	
  

  

 

Date

First MI LastName

Address Line1

Address Line2

City, State ZipCode

Dear FirstName:

Congratulations on your
award of Mirant Corporation restricted stock units (the “Restricted Stock Units”
or “RSUs”). This Agreement, including the terms and conditions set forth below,
and the Mirant Corporation 2005 Omnibus Incentive Compensation Plan (the “Omnibus
Plan”) under which the Restricted Stock Units are granted together govern your
rights and set forth all of the conditions and limitations affecting such
rights.

Terms used in this
Agreement that are defined in the Omnibus Plan will have the meanings ascribed
to them in such document. If there is any inconsistency between the terms of
this Agreement and the terms of the Omnibus Plan, the terms contained in the
Omnibus Plan will supersede and replace the conflicting terms of this
Agreement.

The Restricted Stock
Units represent the right to receive an equal number of shares of Mirant
Corporation common stock to be issued at a future date. This Agreement creates
no ownership rights in shares of Mirant Corporation common stock until such
time as actual shares are delivered in settlement of the Restricted Stock
Units.

1.              Terms.
Pursuant to the terms and
conditions of the Omnibus Plan and this Agreement, you have been granted
Restricted Stock Units as outlined below:

	
  Grant Date:

  	
  November 13, 2006

  
	
   

  	
   

  
	
  Number of Restricted Stock Units Awarded:

  	
  XX,000

  
	
   

  	
   

  
	
  Grant Date Value of each RSU:

  	
  One share of Mirant Corporation common stock

  

 

2.              Vesting.
The Restricted Stock Units will
vest and become non-forfeitable on June 30, 2008 (or such earlier date pursuant
to Section 4 below) if the Company, by December 31, 2007, (i) has achieved an
established threshold value from the sales of its Philippines and Caribbean
businesses and its six U.S. gas-fired assets and (ii) has completed the sale of
its Philippines business and received 65% of the threshold values of the
Caribbean business and the six U.S. gas-fired assets.

 1
 

 

3.              Forfeiture.
In the event your employment with the Company terminates under circumstances
other than those described in paragraph 4 below, including by reason of
retirement, voluntary termination or involuntary termination for cause, prior
to the vesting date, you shall forfeit all of his interest in the Award as of
the termination date and the Restricted Stock Units awarded hereby will be
cancelled.

4.              Change
in Employment Status Due to Death, Disability or Involuntary Termination
Without Cause. In the event
of a termination of your employment with the Company by reason of death,
Disability or involuntary termination without cause, your Restricted Stock
Units will vest as follows:

·                  If your
employment with the Company terminates by reason of death or Disability, then
the Restricted Stock Units that vest on June 30, 2008 will be calculated pro
rata based on the number of months worked during the performance period of
November 13, 2006 through December 31, 2007; and

·                  If your
employment with the Company terminates by reason of involuntary termination
without cause; your award will vest upon termination; provided however that you
must sign a severance waiver in a form prescribed by the Company.

For purposes of this Agreement, “Disability” shall have the same
meaning as under the Company’s governing long-term disability plan or, if no
such plan exists, Disability shall be determined in the discretion of the
Compensation Committee.

5.              Book
Entry Account. Within a reasonable time after the date of this Agreement,
the Company shall instruct its
transfer agent or stock plan administrator to establish a book entry account
representing the Restricted Stock Units in your name effective as of the grant
date, provided that the Company shall retain control of such account until the
Restricted Stock Units have been allocated and become vested in accordance with
this Award and shares of Common Stock have been issued in settlement of the
Restricted Stock Units.

6.              Distribution
of Shares. Consistent with the provisions of Section 4 of this Agreement
and except as provided in the following sentence, upon the earliest of (i) the
day following your termination of employment with the Company by reason of your
involuntary termination without cause, (ii) the occurrence of a Change of
Control (provided that the Change of Control qualifies as a change in control
event as defined by Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”) and the applicable regulations and guidance thereunder, and
(iii) June 30, 2008, you shall receive one share of the Company’s common stock
in satisfaction of each vested Restricted Stock Unit credited to your account
under Section 5 above. Notwithstanding the foregoing, to the extent required to
comply with Section 409A of the Code and the applicable regulations and
guidance thereunder, any distribution of shares of common stock under this
Agreement shall be delayed to the first day after the six-month anniversary of
your separation from service, as defined in Section 409A of the Code and the
applicable regulations and guidance thereunder.

7.              Stockholder
Rights; Dividend Equivalents. The Restricted Stock Units do not confer to
you any rights of a stockholder of the Company unless and until shares of
common stock are in fact issued to such person in connection with the
Restricted Stock Units. However, if and when dividends or other distributions
are paid with respect to the common stock while the Restricted Stock Units are
outstanding, the dollar amount or fair market value of such dividends or
distributions with respect to the number of shares of common stock then
underlying the Restricted Stock Units shall be converted into additional
Restricted Stock Units based on the fair market value of the common stock as of
the date such dividends or distributions were payable, and such additional
Restricted Stock Units shall be credited to 

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your account under Section 5 hereof and shall be subject to the same
transfer restrictions and conversion provisions as apply to the Restricted
Stock Units with respect to which they relate.

8.              Withholding.
You shall pay all applicable federal, state and local income and employment
taxes (including taxes of any foreign jurisdiction), which the Company is
required to withhold at any time with respect to the Restricted Stock Units. Such
payment shall be made in full, at your election, in cash or check, by
withholding from your next normal payroll check, or by the tender of shares of
common stock previously owned by you. Shares tendered as payment of required
withholding shall be valued at the closing price per share of common stock on
the date such withholding obligation arises. Without limiting the foregoing,
you may elect that any such withholding requirement be satisfied, in whole or
in part, by having the Company withhold from the Restricted Stock Units upon
settlement a number of shares of common stock having a fair market value on the
date of withholding equal to the minimum amount (and not any greater amount)
required to be withheld for tax purposes, all in accordance with such
procedures as the Company establishes.

9.              Transferability.
The Restricted Stock Units shall not be sold, pledged, assigned, hypothecated,
transferred or disposed of in any manner, whether by the operation of law or
otherwise. Any attempted transfer of the Restricted Stock Units prohibited by
this Section 9 shall be null and void.

10.       Adjustments.
In the event that the outstanding shares of common stock are subject to a
stock split or changed into or exchanged for a different number or kind of
shares or other securities of the Company or other corporation by reason of a
merger, consolidation, reorganization, recapitalization, reclassification, combination
of shares or a dividend payable in capital stock, or a similar corporate
structural change, then your rights shall be appropriately adjusted as to the
number of shares of common stock subject to this Restricted Stock Unit Award. The
granting of the Restricted Stock Units pursuant to this Agreement shall not
affect in any way the right or power of the Company to make adjustments,
reorganizations, reclassifications, or changes of its capital or business
structure or to merge, consolidate, dissolve, liquidate, or sell or transfer
all or any part of its business or assets

11.       Change
in Control. In the event of a Change in Control (as defined in the Omnibus
Plan), the award will vest at the date of the Change of Control. If on such
date, the security is not tradeable then the acquiring company will replace
with equivalent value of shares.

12.       Notice. Any written
notice required or permitted by this Agreement shall be mailed, certified mail
(return receipt requested) or hand-delivered. Notice to the Company shall be
addressed to the Company’s Senior Vice President — Administration at the
Company’s North American headquarters at 1155 Perimeter Center West, Atlanta,
Georgia 30338. Notice to you shall be addressed to you at your most recent home
address on record with the Company. Notices are effective upon receipt.

13.       Covenants. Without the prior written consent of
the Company, which may be granted or withheld in the Company’s sole and
absolute discretion, during the term of your employment with the Company, and
for a period of twelve (12) calendar months thereafter, you hereby agree that
you will not, directly or indirectly:

 3
 

 

(i)                                    Disclosure
of Information. Use, attempt to use, disclose, or otherwise make known to
any Person (other than in the course of employment with the Company or any
Subsidiaries or Affiliate thereof) any knowledge or information of a
confidential or proprietary nature (including all unpublished matters) relating
to, without limitation, the business, strategy, plans, properties, accounting, books
and records, trade secrets, or memoranda of the Company or its Affiliates.

(ii)                                Employment.
Whether for your own account or for the account of any other Person, employ or
retain or arrange to have any other Person employ or retain or otherwise participate
in the employment or retention of any individual who is an employee or
consultant of the Company or any of its Subsidiaries.

(iii)                            Critical
Statements. Publish or make any public or widely disseminated statement
critical of the Company or any Subsidiaries or Affiliate thereof or any
officer, director, or employee of the foregoing or in any way maligning the
business or reputation of any of the foregoing Persons.

By virtue of accepting payment of vested amounts under this Agreement,
you certify you are in compliance with the provisions of this Section 13. In
the event you fail to comply with the provisions of this Section 13 prior to,
or during the six months after, any payment pursuant to this Agreement, such
payment may be rescinded within two (2) years thereafter. In the event of any
such rescission, you will pay to the Company the amount of any gain realized or
payment received as a result of the rescinded payment, in such manner and on
such terms and conditions as may be required, and the Company will be entitled
to set-off against the amount of any such gain any amount owed to you by the
Company.

14.  Miscellaneous.

(a)           Limitation of Rights. This
Agreement shall not give you any rights to similar grants in future years or
any right to be retained in the employ or service of the Company or its
subsidiary or interfere in any way with the right of the Company or any such
subsidiary to terminate your services at any time, or your right to terminate
your services at any time.

(b)           Severability. If any term,
provision, covenant or restriction contained in this Agreement is held by a
court or a federal regulatory agency of competent jurisdiction to be invalid,
void or unenforceable, the remainder of the terms, provisions, covenants and
restrictions contained in this Agreement shall remain in full force and effect,
and shall in no way be affected, impaired or invalidated.

(c)           Controlling Law. All issues
and questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by, and construed in
accordance with, the laws of the State of Georgia.

Please acknowledge your
agreement to abide by all of the governing terms and provisions of this
Agreement by signing the following representation and returning it to Corporate
Compensation-Atlanta. You may not receive a payment under this Agreement until
you have signed below.

 4
 

 

Agreement
to Participate

By signing a copy of this Agreement and returning it to Corporate
Compensation-Atlanta, I acknowledge that I have read this Agreement, and upon
request I have received a copy of the Omnibus Plan (also available on the
Company’s intranet), and fully understand all of my rights under the Plan, as
well as all of the terms and conditions which may limit my eligibility to
benefit from this award.

	
  

  	
  

  
	
   

  	
   

  
	
   

  	
   

  	
  Edward R. Muller

  
	
  Employee-Participant Signature

  	
   

  	
  Chairman and Chief Executive Officer

  
	
   

  	
   

  	
  Mirant Corporation

  
	
  Employee-Participant Name (Printed)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date of Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SSN or Employee ID#

  	
   

  	
   

  

 

 5

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