Exhibit 10.1

 

HYDRIL CHANGE IN CONTROL EXTENSION AGREEMENT

 

HYDRIL COMPANY

3300 North Sam Houston Parkway East

Houston, Texas 77032

 

June     , 2005

 

[Name of Executive]

Hydril Company

3300 North Sam Houston Parkway East

Houston, Texas 77032

 

Dear [Name of Executive]:

 

Hydril Company (the “Corporation”) considers it essential to the best interests
of its stockholders to foster the continuous employment of key management
personnel. In connection with this, the Corporation’s Board of Directors (the
“Board”) recognizes that, as is the case with many corporations, the possibility
of a change in control of the Corporation may exist and that such possibility,
uncertainty, and questions that it may raise among management, could result in
the departure or distraction of management personnel to the detriment of the
Corporation and its stockholders.

 

The Board previously had decided to reinforce and encourage the continued
attention and dedication of members of the Corporation’s management, including
yourself, to their assigned duties without distraction arising from the
possibility of a change in control of the Corporation and had entered into a
letter agreement with you dated January 15, 2002, concerning certain benefits to
be paid to you upon severance from employment with the Corporation following a
change of control (the “Prior Agreement”). The Prior Agreement was renewed on
January 1, 2005 (the “Renewal Agreement”) to extend its effectiveness through
June 30, 2005.

 

The Corporation has now determined to offer to extend the effectiveness of the
Prior Agreement (the “Extension Agreement”) beyond June 30, 2005. In order to
induce you to remain in its employ, the Corporation hereby agrees that after
this Extension Agreement has been fully executed, you shall receive the
severance benefits set forth in the Prior Agreement in the event your employment
with the Corporation or one or more of its subsidiaries is terminated under
certain circumstances described in the Prior Agreement subsequent to a “Change
of Control” (as defined in Section 2 of the Prior Agreement). Furthermore, after
execution of this Extension Agreement in full, you and the Corporation agree to
be subject to all of the other rights and obligations set forth in the Prior
Agreement (excluding Section 1 thereof). This Extension Agreement shall expire
on December, 31, 2005.

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[Name]

  -2-   [Date]

 

Sincerely,

/s/ Chris Seaver

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Chris Seaver

President & CEO

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Agreed to this      day of                    , 2005

 

By:

 

 

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    [Name of Executive]