Document:

exhibit10(bb).htm

    
      

      

    

    Exhibit
10(bb)

    Form
of

    

    

    NON-QUALIFIED
STOCK OPTION AGREEMENT

    

    under
the

    

    FPL
GROUP, INC. AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN

    

    This Non-Qualified Stock Option
Agreement (“Agreement”), between FPL Group, Inc. (hereinafter called the
"Company") and the optionee identified on Schedule 1 attached hereto
(“Optionee”) is
dated ______ ___, 20___.

    

    1.           Grant of
Option.  In accordance with and subject to the terms and
conditions of (a) the FPL Group, Inc. Amended and Restated Long Term Incentive
Plan, as it may be amended from time to time (the "Plan") and (b) this
Agreement, the Company hereby grants to the Optionee a nonqualified stock option
(the "Option") to purchase the number of shares (the "Shares") of its common
stock, par value $.01 per share ("Common Stock"), set forth on Schedule 1, at
the option exercise price per Share set forth in Schedule
1.  Capitalized terms not otherwise defined in this Agreement shall
have the meanings set forth in the Plan.

    

    2.           Acceptance by
Optionee.  The exercise of the Option or any portion thereof is
conditioned upon acceptance by the Optionee of the terms and conditions of this
Agreement, as evidenced by the Optionee's execution of Schedule 1 to this
Agreement and the delivery of an executed copy of Schedule 1 to the
Company.

    

    3.           Vesting of
Option.  Subject to the terms and provisions hereof, including
Section 5 hereof, and the Plan, the Option shall vest and the Optionee may
exercise the Option in accordance with the vesting schedule set forth in
Schedule 1.

    

    [for Messrs. Hay,
Robo, Bennett, Davidson, Dewhurst, Kelliher, McGrath, Nazar, Olivera, Pimentel,
Poppell, Rodriguez and Sieving] Notwithstanding the foregoing, if (i) the
Optionee is a party to an Executive Retention Employment Agreement with the
Company (“Retention Agreement”) and has not waived his or her rights, either
entirely or in pertinent part, under such Retention Agreement, and (ii) the
Effective Date (as defined in the Retention Agreement as in effect on the date
hereof) has occurred and the Employment Period (as defined in the Retention
Agreement as in effect on the date hereof) has commenced and has not terminated
pursuant to section 3(b) of the Retention Agreement (as in effect on the date
hereof) then, so long as the Optionee is then employed by the Company or one of
its subsidiaries or affiliates, the then-unvested portion of the Option shall
vest upon a Change of Control (as defined in the Retention Agreement as in
effect on the date hereof), in lieu of the vesting schedule set forth in
Schedule 1.

    

    [for Messrs.
Cutler and Froggatt] Notwithstanding the foregoing, the rights of the
Participant upon a Change of Control (as defined in the Plan as in effect on the
date hereof) shall be as set forth in section 9 of the Plan on the date hereof,
in lieu of the vesting schedule set forth in Schedule 1.

    

    If
as a result of the Change of Control, the Common Stock is exchanged for or
converted into a different form of equity security and/or the right to receive
other property (including cash), the Option may be exercised, to the maximum
extent practicable, in the same form.

    

    4.           Expiration of
Option.  The Option shall expire on the date set forth in
Schedule 1 (the “Expiration Date”), unless terminated earlier as set forth in
Section 5 below, and may not be exercised after the earlier of (i) the
Expiration Date and (ii) the earlier termination date established in accordance
with Section 5.

    

    5.           Termination of
Employment.

    

    In
the event that the Optionee’s employment with the Company (or a subsidiary,
affiliate or successor of the Company) terminates for any reason prior to the
date on which the Option has been fully exercised except to the extent that the
Optionee’s termination of employment is governed by the terms of a Retention
Agreement (in which event the terms of such Retention Agreement shall govern),
the Optionee’s rights hereunder will be determined as follows:

    

    
      	
               
      

            	
              (a)

            	
              If
      the Optionee’s termination of employment is due to resignation, discharge
      or retirement prior to age 65 which does not meet the condition set forth
      in Section 5(c), below, all rights to exercise the Option (or any portion
      thereof) which is not then vested shall be immediately forfeited, and all
      rights to exercise the vested portion of the Option shall expire on [for Messrs.
      Hay, Robo, Bennett, Davidson, Dewhurst, Kelliher, McGrath, Nazar, Olivera,
      Pimentel, Poppell, Rodriguez and Sieving] the Expiration Date
      [for
      Messrs. Cutler and Froggatt] the earlier to occur of (i) the
      Expiration Date and (ii) sixty (60) days after the date of termination of
      employment.

            

    

    

    
      	
               
      

            	
              (b)

            	
              If
      the Optionee’s termination of employment is due to (i) total and permanent
      disability (as defined under the Company’s executive long-term disability
      plan), (ii) death or (iii) retirement on or after age 65 not meeting the
      condition set forth in section 5(c), below, a pro rata share of the
      then-unvested portion of the Option shall vest on the date of termination,
      based upon the number of completed days of service during the vesting
      period, and the vested portion of the Option shall be exercisable until
      [for
      Messrs. Hay, Robo, Bennett, Davidson, Dewhurst, Kelliher, McGrath, Nazar,
      Olivera, Pimentel, Poppell, Rodriguez and Sieving] the Expiration
      Date [for Messrs.
      Cutler and Froggatt] the earlier to occur of (i) the Expiration
      Date and (ii) one (1) year after the date of termination of
      employment.  The portion of the Option which does not so vest
      shall be forfeited effective on the date of termination of
      employment.

            

    

    

    
      	
               
      

            	
              (c)

            	
              If
      the Optionee’s termination of employment is due to retirement on or after
      age 50, and if, but only if, such retirement is evidenced by a writing
      which specifically acknowledges that this provision shall apply to such
      retirement and is executed by the Company’s chief executive officer (or,
      if the Optionee is an executive officer, by a member of the Committee or
      the chief executive officer at the direction of the Committee, other than
      with respect to himself), the then-unvested portion of the Option shall
      vest on the date of termination and all outstanding Options granted hereby
      shall be exercisable until [for
      Messrs.Hay, Robo,
      Bennett, Davidson, Dewhurst, Kelliher, McGrath, Nazar, Olivera, Pimentel,
      Poppell, Rodriguez and Sieving] the Expiration Date [for Messrs.
      Cutler and Froggatt] the earlier to occur of (i) the Expiration
      Date and (ii) one (1) year after the date of termination of
      employment.

            

    

    

    
      	
               
      

            	
              (d)

            	
              If
      an Optionee's employment is terminated for any reason other than as set
      forth in Sections 5(a), (b) and (c), above, or if an ambiguity exists as
      to the interpretation of those sections, the Committee shall determine
      whether the Optionee's then-unvested Options shall be forfeited or whether
      the Optionee shall be entitled to full vesting or to pro rata vesting
      based upon days of service during the vesting period, and shall also
      determine the period during which the Optionee may exercise any vested
      portion of the Option.

            

    

    

    [the following applies only to Mr.
Hay] Notwithstanding the foregoing, if the Employment Period (as defined in the
Retention Agreement as in effect on the date hereof) is not then in effect, and
the Optionee terminates employment for Good Reason (as defined in the Optionee’s
Employment Letter with the Company (such Employment Letter as in effect on the
date hereof, the “Employment Letter”) or the Company terminates the Optionee’s
employment without Cause (as defined in the Employment Letter), then the
Optionee shall continue to vest in any theretofore unvested portion of the
Option on the schedule set forth in Schedule 1 attached hereto until the date
which is two years after the date on which the Optionee’s employment is
terminated, and the vested portion of the Option may be exercised until the
Expiration Date.  The Portion of the option which is scheduled to vest
after the date which is two years after the date on which the Optionee’s
employment is terminated shall be forfeited effective on the date Optionee’s
employment is terminated.

    

    6.           Procedure for
Exercise.  Subject to this Agreement and the Plan, the Option
may be exercised in whole or in part by the transmittal of a written notice to
the Company at its principal place of business.  Such notice shall
specify the number of Shares which the Optionee elects to purchase, shall be
signed by the Optionee and shall be accompanied by payment of the exercise price
for the Shares which the Optionee elects to purchase.  Except as
otherwise provided by the Compensation Committee of the Board or such other
committee designated to administer the Plan (the “Committee”) before the Option
is exercised, such payment may be made in whole or in part (i) by check payable
to the Company for the full exercise price plus the applicable tax withholding
resulting from such exercise; (ii) by delivery of shares of Common Stock owned
by the Optionee for at least six months and acceptable to the Committee having
an aggregate Fair Market Value (valued as of the date of exercise) that is equal
to the amount of cash that would otherwise be required; or (iii) by authorizing
a Company-approved third party to remit to the Company a sufficient portion of
the sale proceeds to pay the entire exercise price and any tax withholding from
such exercise.  The Option shall not be exercisable if and to the
extent the Company determines that such exercise would violate applicable State
or Federal securities laws or the rules and regulations of any securities
exchange on which the Common Stock is traded. If any applicable law requires the
Company to take any action with respect to the Shares specified in the written
notice of exercise, or if any action remains to be taken under the Articles of
Incorporation or Bylaws of the Company, as in effect at the time, to effect due
issuance of the Shares, then the Company shall take such action and the day for
delivery of such Shares shall be extended for the period necessary to take such
action.  No Optionee shall have any of the rights of a shareholder of
the Company under any Option unless and until Shares are duly issued upon
exercise of the Option.

    

    7.           Non-Transferability of Stock
Options.  The Option granted hereunder to the Optionee shall
not be transferable by the Optionee otherwise than by will or by the laws of
descent and distribution, and such Option shall be exercisable, during the
lifetime of the Optionee, only by the Optionee.

    

    8.           Effect Upon
Employment.  This Agreement is not to be construed as giving
any right to the Optionee for continuous employment by the Company or a
subsidiary or affiliate.  The Company and its subsidiaries and
affiliates retain the right to terminate the Optionee at will and with or
without cause at any time [for
Messrs.Hay, Robo,
Bennett, Davidson, Dewhurst, Kelliher, McGrath, Nazar, Olivera, Pimentel,
Poppell, Rodriguez and Sieving] (subject to any rights the Optionee may
have under the Optionee’s Retention Agreement [and Employment Letter, in the
case of Mr. Hay]).

    

    9.              Protective Covenants. In consideration of the
Non-Qualified Stock Option Award granted under this Agreement, the Optionee
covenants and agrees as follows (the "Protective Covenants"):

     

    
      	
              (a)  

            	
              During
      the Optionee's employment with the Company, and for a two-year period
      following the termination of the Optionee's employment with the Company,
      Optionee agrees (i) not to compete or attempt to compete for, or act as a
      broker or otherwise participate in, any projects in which the Company has
      at any time done any work or undertaken any development efforts, or (ii)
      directly or indirectly solicit any of the Company’s customers, vendors,
      contractors, agents, or any other parties with which the Company has an
      existing or prospective business relationship, for the benefit of the
      Optionee or for the benefit of any third party, nor shall the Optionee
      accept consideration or negotiate or enter into agreements with such
      parties for the benefit of the Optionee or any third
  party.

            

    

     

    
      	
              (b)  

            	
              During
      the Optionee's employment with the Company and for a two-year period
      following the termination of the Optionee's employment with the Company,
      the Optionee shall not, directly or indirectly, on behalf of the Optionee
      or for any other business, person or entity, entice, induce or solicit or
      attempt to entice, induce or solicit any employee of the Company or its
      subsidiaries or affiliates to leave the Company's employ (or the employ of
      such subsidiary or affiliate) or to hire or to cause any employee of the
      Company to become employed for any reason
  whatsoever.

            

    

     

    
      	
              (c)  

            	
              The
      Optionee shall not, at any time or in any way, disparage the Company or
      its current or former officers, directors, and employees, orally or in
      writing, or make any statements that may be derogatory or detrimental to
      the Company’s good name or business
reputation.

            

    

     

    
      	
              (d)  

            	
              The
      Optionee acknowledges that the Company would not have an adequate remedy
      at law for monetary damages if the Optionee breaches these Protective
      Covenants.  Therefore, in addition to all remedies to which the
      Company may be entitled for a breach or threatened breach of these
      Protective Covenants, including but not limited to monetary damages, the
      Company will be entitled to specific enforcement of these Protective
      Covenants and to injunctive or other equitable relief as a remedy for a
      breach or threatened breach.  In addition, upon any breach of
      these Protective Covenants or any separate confidentiality agreement or
      confidentiality provisions between the Company and the Optionee, all
      Optionee’s rights to exercise the Option as to theretofore unvested Shares
      under this Agreement shall be
forfeited.

            

    

     

    
      	
              (e)  

            	
              For
      purposes of this Section 9, the term "Company" shall include all
      subsidiaries and affiliates of the Company, including, without limitation,
      Florida Power & Light Company and NextEra Energy Resources, LLC, and
      their respective subsidiaries and affiliates (such subsidiaries and
      affiliates being hereinafter referred to as the “FPL Entities”). The
      Company and the Optionee agree that each of the FPL Entities is an
      intended third-party beneficiary of this Section 9, and further agree that
      each of the FPL Entities is entitled to enforce the provisions of this
      Section 9 in accordance with its
terms.

            

    

     

    
      	
              (f)  

            	
              Notwithstanding
      anything to the contrary contained in this Agreement, the terms of these
      Protective Covenants shall survive the termination of this Agreement and
      shall remain in effect.

            

    

     

    10.           Successorsand Assigns.  This
Agreement shall inure to the benefit of and shall be binding upon the Company
and the Optionee and their respective heirs, successors and
assigns.

     

    11.           Adjustments.  In
the event of any change in the outstanding Shares of Common Stock by reason of
any stock dividend or split, recapitalization, reclassification, merger,
consolidation, combination or exchange of shares or similar corporate change,
then the number of Shares granted under this Option shall be adjusted
proportionately.  No adjustment will be made in connection with the
payment by the Company of any cash dividend on its Common Stock or in connection
with the issuance by the Company of any warrants, rights, or options to acquire
additional Shares of Common Stock or of securities convertible into Common
Stock.

    

    12.           Compliance With Applicable
Law/Governing Law/Jurisdiction.  The
issuance of the Shares pursuant to the exercise of this Option is subject to
compliance with all applicable laws, including without limitation laws governing
withholding from employees and nonresident aliens for income tax
purposes.

    

    This
Agreement shall be construed and interpreted in accordance with the laws of the
State of Florida, without regard to its conflict of laws
principles.  All suits, actions, and proceedings relating to this
Agreement or the Plan shall be brought only in the courts of the State of
Florida located in Palm Beach County or in the United States District Court for
the Southern District of Florida in West Palm Beach, Florida.  The
Company and Optionee hereby consent to the personal jurisdiction of the courts
described in this section for the purpose of all suits, actions, and proceedings
relating to the Agreement or the Plan.  The Company and Optionee each
waive all objections to venue and to all claims that a court chosen in
accordance with this section is improper based on a venue or a forum non
conveniens claim.

    

    13.           Incorporation of Plan's Terms
- This Agreement is made under and subject to the provisions of the Plan, and
all the provisions of the Plan are also provisions of this Agreement (including,
but not limited to, the provisions of Section 9 of the Plan as in effect on the
date hereof pertaining to a Change of Control [for
Messrs.Hay, Robo,
Bennett, Davidson, Dewhurst, Kelliher, McGrath, Nazar, Olivera, Pimentel,
Poppell, Rodriguez and Sieving] provided that if the Optionee is a party
to a Retention Agreement, the provisions of Section 3 hereof shall supersede the
provisions of the Plan with respect to a Change of Control).  If there
is a difference or conflict between the provisions of this Agreement and the
mandatory provisions of the Plan, the provisions of the Plan will
govern.  If there is a difference or conflict between the provisions
of this Agreement and a provision of the Plan as to which the Committee is
authorized to make a contrary determination, the provisions of this Agreement
will govern.  Except as otherwise expressly defined in this Agreement,
all terms used herein are used as defined in the Plan as it may be amended from
time to time.  The Company and Committee retain all authority and
powers granted by the Plan as it may be amended from time to time not expressly
limited by this Agreement.  The Optionee acknowledges that he or she
may not and will not rely on any statement of account or other communication or
document issued in connection with the Plan other than the Plan, this Agreement,
and any document signed by an authorized representative of the Company that is
designated as an amendment of the Plan or this Agreement.

    

    14.           Interpretation.  The
Committee has the sole and absolute right to interpret the provisions of this
Agreement.

    

    15. Amendment.  This
Agreement may be amended, in whole or in part and in any manner not inconsistent
with the provisions of the Plan, at any time and from time to time, by written
agreement between the Company and the Optionee.

    

    16.           Data Privacy.  By
entering into this Agreement, the Optionee:  (i) authorizes the
Company or any of its Subsidiaries, and any agent of the Company or a Subsidiary
administering the Plan or providing Plan recordkeeping services, to disclose to
the Company or any of its Subsidiaries such information and data as the Company
or any such Subsidiary shall reasonably request in order to facilitate the grant
of the Option, the exercise of the Option, or delivery of Shares upon exercise;
and (ii) authorizes the Company or any of its Subsidiaries to store and transmit
such information in electronic form, provided such information is appropriately
safeguarded in accordance with Company policy.

    

    By
signing this Agreement, the Optionee accepts and agrees to all of the foregoing
terms and provisions and to all the terms and provisions of the Plan
incorporated herein by reference and confirms that he has received a copy of the
Plan.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed as of the
Date of Grant set forth in Schedule 1.

    

    FPL
GROUP, INC.

    

    

    By:  ___________________________________

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Schedule
1

    

    Non-Qualified Stock Option
Agreement

    

    Name
of Optionee:

    

    Date
of Grant:

    

    
      	
              Number
      of Shares:

               

            	
              _______
      shares of Common Stock

            
	
              Option
      Exercise Price Per Share:

               

            	
              $______

            
	
              Expiration
      Date:

               

            	
              ________
      (subject to earlier termination in accordance with

                                     the
      attached Agreement)

               

            
	
              Vesting
      Schedule:

               

            	
              The
      shares of Common Stock subject to this Option shall

              vest
      according to the following schedule:

              ______
      shares on ______, 20___,

              ______
      shares on ______, 20___ and

              ______
      shares on ______, 20___

              except
      that such Shares shall become fully vested upon the

              occurrence
      of a Change of Control if the Optionee is

              employed
      by the Company or a Subsidiary on such date,

              [for
      Messrs. Hay, Robo,
      Bennett, Davidson, Dewhurst,

              Kelliher,
      McGrath, Nazar, Olivera, Pimentel, Poppell,

              Rodriguez
      and Sieving] as more fully set forth in Section 3

              of
      the Agreement of which this Schedule is a part.

               

              [for Messrs.
      Cutler and Froggatt] For purposes of this

              Agreement,
      the term “Change of Control” shall have the

              meaning
      ascribed to such term in the Plan as in effect on

              the
      date hereof.

            

    

    

    

    The
undersigned agrees to the terms and conditions of the Non-Qualified Stock Option
Agreement of which this Schedule 1 is a part.

    

    

    Date
Accepted:  ___________________     By:  _________________________exhibit10dd.htm

    
      

      

    

    Exhibit
10(dd)

    

    Form
of

    FPL
GROUP, INC.

    AMENDED
AND RESTATED LONG-TERM INCENTIVE PLAN

    AMENDED
AND RESTATED DEFERRED STOCK AWARD

    

    AGREEMENT

    

    

               AGREEMENT,
originally dated as of ___________ and amended and completely restated as of
February 11, 2010, between FPL Group, Inc. (hereinafter called the "Company")
and _________ (hereinafter called the "Participant").

    

               1.           Grant of Deferred Stock
Award.  The Company hereby grants to the Participant as of
__________ (the “Effective Date”), a Deferred Stock Award (the “Deferred Stock
Award”) consisting of _________ shares of common stock of the Company, par value
$.01 per share (“Common Stock”), which shares shall be subject to the
restrictions noted below. The number of shares of Common Stock comprising the
Deferred Stock Award from time to time shall be referred to in this Agreement as
the "Deferred Stock."  The Deferred Stock, together with any dividends
or other earnings or proceeds derived therefrom, shall be referred to in this
Agreement as the "Deferred Stock Award."

    

    [Mr.
Dewhurst]                                2.           Issuance of
Shares.                                Subject
to the limitations and other terms and conditions set forth in this Agreement
and the Company's Amended and Restated Long-Term Incentive Plan, as amended from
time to time (the "Plan"), on, or within thirty (30) days following, the last
day of the Deferral Period the Company shall issue, in the manner and from the
Common Stock authorized under the Plan, the Deferred Stock.  The
Participant's rights under this Agreement shall be the same as those of other
general, unsecured creditors of the Company.

    

    [Mr.
Robo]                      2.           Issuance of Shares; Grantor Trust
Fund.

    

    (a)           Subject
to the limitations and other terms and conditions set forth in this Agreement
and the Company's Amended and Restated Long-Term Incentive Plan, as amended from
time to time (the "Plan"), on or as soon as practicable following the Effective
Date, the Company shall issue, in the manner and from the Common Stock
authorized under the Plan, the Deferred Stock.

    

    (b)           To
assist it in meeting its obligations under this Agreement, the Company shall
establish a trust fund (the "Deferred Stock Trust Fund") with a trustee (the
"Deferred Stock Trustee") pursuant to a written trust agreement (the "Deferred
Stock Trust Agreement").  The Deferred Stock Trust Agreement shall
contain such terms and conditions not inconsistent with the Plan and this
Agreement as may be determined by or under the authority of the committee
constituted pursuant to section 2.07 of the Plan (the "LTIP Committee"), subject
to the following:

    

    (i)           the
assets of the Deferred Stock Trust Fund shall be subject to the claims of the
Company's general creditors in the event of the Company's insolvency (as such
term is defined for purposes of Revenue Procedure 92-65, as modified from time
to time); and

    

    (ii)           the
Company shall at all times be treated as the owner of the entirety of the
Deferred Stock Trust Fund for federal income tax purposes under the so-called
"grantor trust" provisions of sections 671 through 679 of the Internal Revenue
Code of 1986 (the "Code").

    

    Notwithstanding
the establishment of the Deferred Stock Trust Fund, the Participant's rights
under this Agreement shall be the same as those of other general, unsecured
creditors of the Company.

    

    [Mr.
Dewhurst]                                3.           Dividends and Other
Income.  In the event a dividend is payable on Common Stock in
additional shares of Common Stock, an amount denominated in shares of Common
Stock equal to such dividend shall, as of the ex dividend date for such
dividend, become part of the Deferred Stock Award for all purposes of this
Agreement.  In the event a dividend on Common Stock is payable in
property other than cash or Common Stock, an amount equal to such dividend
shall, as of the ex dividend
date for such dividend, become part of the Deferred Stock Award for all
purposes of this Agreement, unless the committee constituted for purposes of
section 2.08 of the Plan (the “LTIP Committee”) directs that such property be
deemed to be reinvested in additional shares of Common Stock.  In the
event a dividend on Common Stock is payable in cash, such dividend shall, as of
the ex dividend date
for such dividend, become part of the Deferred Stock Award for all purposes of
this Agreement.  Unless the LTIP Committee directs otherwise, cash
dividends paid with respect to Deferred Stock and any property comprising the
Deferred Stock Award payable on or after the date of amendment and restatement
of this Deferred Stock Award (February 11, 2010) shall be deemed to be applied
to the purchase of additional shares of Common Stock on the dividend payment
date, at a price equal to the closing price of the Common Stock on the dividend
payment date.

    

    [Mr.
Robo]                      3.           Dividends and Other
Income.   In the event the Deferred Stock entitles its
holder to a dividend payable in additional shares of Common Stock, such dividend
shall be deposited with the Deferred Stock Trustee and shall, as of the ex dividend date for such
dividend, become part of the Deferred Stock Award for all purposes of this
Agreement.  In the event the Deferred Stock entitles its holder to a
dividend payable in property other than cash or Common Stock, such dividend
shall be deposited with the Deferred Stock Trustees and shall, as of the ex dividend date for such
dividend, become part of the Deferred Stock Award for all purposes of this
Agreement, unless the LTIP Committee directs that such property be sold and the
sales proceeds reinvested in additional shares of Common Stock.  In
the event the Deferred Stock entitles its holder to a cash dividend, such
dividend shall be deposited with the Deferred Stock Trustees and shall, as of
the ex dividend date
for such dividend, become part of the Deferred Stock Award for all purposes of
this Agreement.  Unless the LTIP Committee directs otherwise, cash
dividends paid with respect to Deferred Stock and the proceeds of sale of any
property comprising the Deferred Stock Award payable on or after the date of
amendment and restatement of this Deferred Stock Award (February 11, 2010) shall
be applied to the purchase of additional shares of Common Stock as soon as
practicable after the dividend payment date.:

    

    Shares
of Common Stock purchased in such manner shall be purchased by the Deferred
Stock Trustee in transactions for the account of the Deferred Stock Trust Fund
or, if not purchased in such manner, deposited with the Deferred Stock Trustee
and shall, when purchased, become part of the Deferred Stock and the Deferred
Stock Award.

    

               4.           Voting and other Shareholders'
Rights. Unless otherwise determined by the LTIP Committee, [any and
all][Mr. Robo] [the
Participant shall have no] [Mr.
Dewhurst] rights appurtenant to [the Deferred Stock and other assets
comprising][Mr. Robo]
the Deferred Stock Award, including but not limited to voting rights, responses
to tender offers and exchange offers, election of consideration in business
combination transactions, and dissent and appraisal rights [shall be exercised
by the Deferred Stock Trustee in accordance with applicable laws, rules and
regulations][Mr.
Robo].

    

               5.           Deferral
Period.

    

               (a)            The [Deferred Stock
Award][Mr. Robo] [Common
Stock][Mr. Dewhurst]
shall not be distributed or distributable to the Participant [in satisfaction of
the Deferred Stock Award][Mr.
Dewhurst] prior to the end of a deferral period which shall begin on the
Effective Date and end on:

    

               (i)           January
1st of the calendar year following the calendar year in which the Participant
experiences a Termination of Service; or

    

               (ii)           if
later and the Participant is a "specified employee" (within the meaning of
section 409A of the Code and the regulations thereunder), the date which is six
(6) months after the Participant's Termination of Service

    

     (the
"Deferral  Period").  For purposes of this Agreement the
term "Termination of Service" shall have the meaning assigned to it under
section 409A of the Code and the regulations promulgated
thereunder.

    

               (b)           On
or within ten (10) days following the last day of the Deferral Period, the
Vested Portion of the Deferred Stock Award (as determined in accordance with
section 6 of this Agreement) shall be distributed to the Participant (or in the
event of the Participant's death, to his beneficiary determined in accordance
with the terms of this Agreement).  To the extent the Deferred Stock
Award [consists][Mr.
Robo] [is deemed to consist][Mr. Dewhurst] of shares of
Common Stock, distribution shall be made in kind.  To the extent the
Deferred Stock Award [consists][Mr. Robo] [is deemed to
consist][Mr. Dewhurst]
of property other than cash or Common Stock, distribution shall be made in cash
unless the LTIP Committee directs otherwise.  If the Deferred Stock
Award consists of cash or other property in addition to Deferred Stock, the
distribution shall be applied proportionately to each asset included in the
Deferred Stock Award, unless the LTIP Committee determines
otherwise.

    

               6.           Vesting.

    

               (a)           In
General.  Except as otherwise provided in this section 6, the Vested
Portion of the Deferred Stock Award shall be (i) 0%, if the Participant's
Termination of Employment occurs prior to _________; (ii) 50%, if the
Participant's Termination of Employment occurs after _________ and prior to
__________; and (ii) 100%, if the Participant's Termination of Employment occurs
on or after ____________.  For all purposes of this Agreement, unless
otherwise determined by the LTIP Committee, the Participant's Termination of
Employment will occur on the date on which he ceases to perform any services for
the Company or an affiliated entity for which he receives compensation that is
reportable on IRS Form W-2 for federal income tax purposes.

    

               (b)           Vesting
due to the Death or Disability of the Participant. If the Participant's
Termination of Employment results from the Participant's death or Disability,
the Vested Portion of the Deferred Stock Award shall be the greater of the (i)
percentage determined under section 6(a) of this Agreement or (ii) the
percentage determined under the following table:

    

    For
Mr. Robo:

    
      	
              If
      Termination of Employment Due to Death or Disability
Occurs

            	
              The
      Percentage Is

            
	
              after

            	
              but
      prior to

            
	
              January
      1, 2006

            	
              January
      1, 2007

            	
              10%

            
	
              December
      31, 2006

            	
              January
      1, 2008

            	
              20%

            
	
              December
      31, 2007

            	
              January
      1, 2009

            	
              30%

            
	
              December
      31, 2008

            	
              January
      1, 2010

            	
              40%

            
	
              December
      31, 2009

            	
              January
      1, 2011

            	
              50%

            
	
              December
      31, 2010

            	
              January
      1, 2012

            	
              60%

            
	
              December
      31, 2011

            	
              January
      1, 2013

            	
              70%

            
	
              December
      31, 2012

            	
              January
      1, 2014

            	
              80%

            
	
              December
      31, 2013

            	
              January
      1, 2015

            	
              90%

            
	
              December
      31, 2014

            	 
      	
              100%

            

    

    

    For
Mr. Dewhurst:

    
      	
              If
      Termination of Employment Due to Death or Disability
Occurs

            	
              The
      Percentage Is

            
	
              after

            	
              but
      prior to

            
	 
      	 
      	 
      
	
              December
      31, 2008

            	
              January
      1, 2010

            	
              20%

            
	
              December
      31, 2009

            	
              January
      1, 20011

            	
              30%

            
	
              December
      31, 2010

            	
              January
      1, 2012

            	
              40%

            
	
              December
      31, 2011

            	
              January
      1, 2013

            	
              50%

            
	
              December
      31, 2012

            	
              January
      1, 2014

            	
              60%

            
	
              December
      31, 2013

            	
              January
      1, 2015

            	
              70%

            
	
              December
      31, 2014

            	
              January
      1, 2016

            	
              80%

            
	
              December
      31, 2015

            	
              January
      1, 2017

            	
              90%

            
	
              December
      31, 2016

            	 
      	
              100%

            

    

    

    

    Disability
shall be considered to exist at the Participant's Termination of Employment if,
on such date, the Participant is suffering from a medical condition which
qualifies him (or would, upon completion of any applicable waiting or
elimination period, qualify him) for benefits under the FPL Group Long Term
Disability Plan for Executives as in effect on the date of this
Agreement.

    

               (c)           Vesting
Due to a Change of Control.   In the
event of a Change of Control, followed by the Participant's Involuntary
Discharge without Cause or Resignation with Good Reason, the Vested Portion of
the Deferred Stock Award shall be the greater of the (i) percentage determined
under section 6(a) of this Agreement or (ii) the percentage determined under the
following table:

    

    For
Mr. Robo:

    
      	
              If
      Termination of Employment following a Change of Control
    Occurs

            	
              The
      Percentage Is

            
	
              On
      or after

            	
              but
      prior to

            
	
              January
      1, 2006

            	
              December
      31, 2006

            	
              20%

            
	
              December
      31, 2006

            	
              December
      31, 2007

            	
              30%

            
	
              December
      31, 2007

            	
              December
      31, 2008

            	
              40%

            
	
              December
      31, 2008

            	
              December
      31, 2009

            	
              50%

            
	
              December
      31, 2009

            	
              December
      31, 2010

            	
              60%

            
	
              December
      31, 2010

            	
              December
      31, 2011

            	
              70%

            
	
              December
      31, 2011

            	
              December
      31, 2012

            	
              80%

            
	
              December
      31, 2012

            	
              December
      31, 2012

            	
              90%

            
	
              December
      31, 2013

            	 
      	
              100%

            

    

    

    

    For
Mr. Dewhurst:

    
      	
              If
      Termination of Employment following a Change of Control
    Occurs

            	
              The
      Percentage Is

            
	
              On
      or after

            	
              but
      prior to

            
	 
      	 
      	 
      
	
              December
      31, 2008

            	
              December
      31, 2009

            	
              30%

            
	
              December
      31, 2009

            	
              December
      31, 2010

            	
              40%

            
	
              December
      31, 2010

            	
              December
      31, 2011

            	
              50%

            
	
              December
      31, 2011

            	
              December
      31, 2012

            	
              60%

            
	
              December
      31, 2012

            	
              December
      31, 2013

            	
              70%

            
	
              December
      31, 2013

            	
              December
      31, 2014

            	
              80%

            
	
              December
      31, 2014

            	
              December
      31, 2015

            	
              90%

            
	
              December
      31, 2015

            	 
      	
              100%

            

    

    

    For
purposes of this section 6(c), the terms "Change of Control", "Involuntary
Discharge without Cause" and "Resignation with Good Reason" shall have the
meanings assigned to them in section 8. With respect to the Deferred Stock Award
granted hereunder, the provisions of this section 6(c) shall supersede the
provisions of that certain Amended and Restated Executive Retention and
Employment Agreement between the Participant and the Company dated December 10,
2009, as such may be amended (“Retention Agreement”), and the Participant
specifically acknowledges and agrees that the terms and conditions of the
Retention Agreement shall not apply to this Deferred Stock Award.

    

               7.           Forfeitures.

    

               (a)           If,
on the date of the Participant's Termination of Employment, the Vested Portion
of the Deferred Stock Award is less than 100%, the portion of the Deferred Stock
Award that is not vested shall be forfeited and shall not be eligible to be
reinstated in the event the Participant is subsequently
re-employed.  If the Deferred Stock Award [consists][Mr. Robo] [is deemed to
consist][Mr. Dewhurst]
of cash or other property in addition to Deferred Stock, the forfeiture shall be
applied proportionately to each asset included in the Deferred Stock Award,
unless the LTIP Committee determines otherwise.

    

               (b)           If,
at any time, the Participant violates any of the provisions of section 15, the
Participant shall forfeit his entire interest, vested and unvested, in any
portion of the Deferred Stock Award that has not been distributed.

    

               8.           Certain
Defined Terms.

    

                (a)           For
all purposes of this Agreement, the term "Change of Control" shall have the
meaning assigned to it under the Plan as in effect on the date of this
Agreement.

     

               (b)           For
all purposes of this Agreement, "Involuntary Discharge without Cause" shall mean
a Termination of Employment by the Company that is not for "Cause" described in
section 7(b) of the Retention Agreement as in effect on the date of this
Agreement or the result of the Participant's death or Disability.

     
 

               (c)           For
purposes of this Agreement, "Resignation with Good Reason" shall mean the
Participant's voluntary resignation under the circumstances described in section
7(c) of the Retention Agreement as in effect on the date of this
Agreement.

     

               9.           Tax
Withholding.  Upon vesting, distribution, or any other taxable
event in relation to the Deferred Stock, the Company shall be authorized, in
order to meet the Company’s obligations for the payment of withholding taxes
(including federal and state income taxes and payroll taxes applicable to the
taxable income relating to such event), to remit [or direct the Deferred Stock
Trustee to remit][Mr.
Robo] the minimum required withholding taxes to the appropriate tax
authority on the Participant's behalf and to deduct the amount so remitted from
the Deferred Stock Award.  Unless the Committee determines otherwise,
any such deduction shall be applied first to cash balances included in the
Deferred Stock Award, second (if necessary) to assets other than cash and
Deferred Stock that comprise the Deferred Stock Award and third (if necessary)
to Deferred Stock.  Deductions applied to property other than cash
shall be based on the fair market value of the property as of the date of
withholding.

    

               10.           Compliance with Laws and
Regulations.

     

               (a)           The
Deferred Stock Award is intended to be, to the maximum extent permitted under
applicable laws, an unfunded, non-qualified plan maintained primarily for the
purpose of providing deferred compensation for highly compensated employees, as
contemplated by sections 201(2), 301(a)(3), and 401(a)(1) of ERISA. The Deferred
Stock Award is not intended to comply with the requirements of section 401(a) of
the Code or to be subject to Parts 2, 3, and 4 of Title I of ERISA. The Deferred
Stock Award shall be administered and construed so as to effectuate this
intent.

     

               (b)           The
Deferred Stock Award is further intended to be a non-qualified deferred
compensation plan described in section 409A of the Code. The Deferred Stock
Award shall be operated, administered, and construed to comply with the
requirements of section 409A of the Code and the regulations
thereunder.  In addition, the Deferred Stock Award shall be subject to
amendment, with or without advance notice to Participants and other interested
parties, and on a prospective or retroactive basis, including but not limited
amendment in a manner that adversely affects the rights of participants and
other interested parties, to the extent necessary to effect such
compliance.

     

               11.           Designation of
Beneficiary.  The Participant may designate a beneficiary or
beneficiaries (which may be an entity other than a natural person) to receive
payments and other distributions in respect of the Deferred Stock Award upon the
Participant's death.  At any time, and from time to time, any such
designation may be changed or canceled by the Participant without the consent of
any beneficiary.  Any such designation, change or cancellation must be
by written notice filed with the Executive Vice President, Human Resources of
the Company and shall not be effective until received by the Executive Vice
President, Human Resources of the Company. If the Participant designates more
than one beneficiary, such beneficiaries shall receive an equal portion of any
distribution, unless the Participant has designated otherwise, in which case
each beneficiary shall receive the portion designated by the
Participant.  If no beneficiary has been named by the Participant, the
Participant's beneficiary shall be the executor or administrator of the
Participant's estate.

    

    12.              Nonassignability.  The
Participant's rights and interest in the Deferred Stock and other vested
balances may not be assigned, pledged, or transferred prior to the expiration of
the Deferral Period except, in the event of death, to a designated beneficiary
or by will or by the laws of descent and distribution.

    

    13.              Effect Upon Employment. This
Deferred Stock Award is not to be construed as giving any right to the
Participant for continuous employment by the Company or a subsidiary or to any
specific term, condition or privilege of employment other than the Deferred
Stock Award evidenced by this Agreement.  The Company and its
subsidiaries retain the right to terminate an employee at will and with or
without cause at any time to the full extent such rights exist in the absence of
this Agreement.

    

    14.              Successors.  This
Deferred Stock Award shall be binding upon any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) of the Company.
The Company
shall require any successor 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 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.

    

    15.              Protective
Covenants.  In consideration of the Deferred Stock Award
granted under this Agreement, the Participant covenants and agrees as follows
(the "Protective Covenants"):

     

               (a)           During
Participant's employment with the Company, and for a two-year period following
the termination of the Participant's employment with the Company, Participant
agrees not to compete or attempt to compete for, or act as a broker or otherwise
participate in, any projects in which the Company has at any time done any work
or undertaken any development efforts. Furthermore, during the Participant's
employment with the Company, Participant shall not directly or indirectly
solicit any of the Company’s customers, vendors, contractors, agents, or any
other parties with which the Company has an existing or prospective business
relationship, for the benefit of Participant or for the benefit of any third
party, nor shall the Participant accept consideration or negotiate or enter into
agreements with such parties for the benefit of Participant or any third
party.

     

               (b)           During
the Participant's employment with the Company and for a two-year period
following the termination of the Participant's employment with the Company, the
Participant shall not, directly or indirectly, on behalf of the Participant or
for any other business, person or entity, entice, induce or solicit or attempt
to entice, induce or solicit any employee of the Company to leave the Company's
employ or to hire or to cause any employee of the Company to become employed for
any reason whatsoever.

     

               (c)           Participant
shall not, at any time in the future and in any way, disparage the Company or
its current or former officers, directors, and employees, orally or in writing,
or make any statements that may be derogatory or detrimental to the Company’s
good name or business reputation.

     

               (d)           Participant
acknowledges that the Company would not have an adequate remedy at law for
monetary damages if Participant breaches these Protective
Covenants.  Therefore, in addition to all remedies to which the
Company may be entitled for a breach or threatened breach of these Protective
Covenants, including but not limited to monetary damages, the Company will be
entitled to specific enforcement of these Protective Covenants and to injunctive
or other equitable relief as a remedy for a breach or threatened
breach.  In addition, upon any breach of these Protective Covenants or
any separate Confidentiality Agreement between the Company and the Participant,
all rights to receive shares of Common Stock and dividends under this Award
shall be forfeited.

     

               (e)           For
purposes of this Section 15, the term “Company” shall include all subsidiaries
and affiliates of the Company, including, without limitation, Florida Power
& Light Company and NextEra Energy Resources, LLC, and their respective
subsidiaries and affiliates.

     

               (f)           Notwithstanding
anything to the contrary contained in this Agreement, the terms of these
Protective Covenants shall survive the termination of this Agreement and shall
remain in effect.

     

               16.           Incorporation of Plan's
Terms.  This Agreement is made under and subject to the
provisions of the Plan, and all the provisions of the Plan are also provisions
of this Agreement.  If there is a difference or conflict between the
provisions of this Agreement and the mandatory provisions of the Plan, the
provisions of the Plan will govern.  If there is a difference or
conflict between the provisions of this Agreement and a provision of the Plan as
to which the LTIP Committee is authorized to make a contrary determination, the
provisions of this Agreement will govern. (For example, the provisions of this
Agreement with respect. to Change of Control shall govern.) All terms used
herein are used as defined in the Plan as it may be amended from time to time,
except where explicitly stated to the contrary.  The Company and
Committee retain all authority and powers granted by the Plan as it may be
amended from time to time not expressly limited by this Agreement.

    

               17.           Interpretation.  The
Committee has the sole and absolute right to interpret the provisions of this
Agreement.

    

               18.           Governing
Law/Jurisdiction.  This Agreement shall be construed and
interpreted in accordance with the laws of the State of Florida, without regard
to its conflict of laws principles.  All suits, actions, and
proceedings relating to this Agreement may be brought only in the courts of the
State of Florida located in Palm Beach County or in the United States District
Court for the Southern District in West Palm Beach, Florida.  The
Company and Participant shall consent to the nonexclusive personal jurisdiction
of the courts described in this section for the purpose of all suits, actions,
and proceedings.  The Company and Participant each waive all
objections to venue and to all claims that a court chosen in accordance with
this section is improper based on a venue or a forum non conveniens
claim.

    

               By
signing this Agreement, the Participant accepts and agrees to all of the
foregoing terms and provisions and to all the terms and provisions of the Plan
incorporated herein by reference and confirms that he has received or has access
to a copy of the Plan.

    

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

    

    FPL
GROUP, INC.

    

    

    ________________________________

    

    

    Participant

    

    

    ________________________________

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