Document:

exv10w48

Exhibit 10.48

UNIVERSAL HOLDINGS, INC. INCENTIVE STOCK OPTION PLAN

NON-QUALIFIED STOCK OPTION AGREEMENT

FIRST AMENDMENT

          THIS FIRST AMENDMENT TO THE NON-QUALIFIED STOCK OPTION AGREEMENTS (the “Amendment”) is entered
into by and between Exterran Holdings, Inc., a Delaware corporation (the “Company”), and Stephen A.
Snider (the “Employee”).

W I TN E S S E T H:

          WHEREAS, Universal Compression Holdings, Inc. previously granted to the Employee:

          (a) on December 11, 2000, an option to purchase 100,000 shares of its common stock under the
Universal Compression Holdings, Inc. Incentive Stock Option Plan, as amended (the “Plan”), at an
exercise price of $31.65 per share, pursuant to the terms and conditions of a Stock Option
Agreement (the “2000 Agreement”) and the Plan;

          (b) on April 20, 2001, an option to purchase 100,000 shares of its common stock under the Plan
at an exercise price of $33.60 per share, pursuant to the terms and conditions of a Stock Option
Agreement (the “2001 Agreement”) and the Plan;

          (c) on February 19, 2002, an option to purchase 150,000 shares of its common stock under the
Plan at an exercise price of $21.30 per share, pursuant to the terms and conditions of a Stock
Option Agreement (the “2002 Agreement”) and the Plan;

          (d) on April 30, 2004, an option to purchase 31,675 shares of its common stock under the Plan
at an exercise price of $30.07 per share, pursuant to the terms and conditions of an Incentive
Stock Option Agreement (the “2004 Agreement”) and the Plan;

          (e) on March 9, 2005, an option to purchase 27,379 shares of its common stock under the Plan
at an exercise price of $38.15 per share, pursuant to the terms and conditions of an Incentive
Stock Option Agreement (the “2005 Agreement”) and the Plan;

          (f) on March 3, 2006, an option to purchase 127,696 shares of its common stock under the Plan
at an exercise price of $43.39 per share, pursuant to the terms and conditions of an Incentive
Stock Option Agreement (the “2006 Agreement”) and the Plan; and

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          (g) on June 12, 2007, an option to purchase 34,667 shares of its common stock under the Plan
at an exercise price of $75.265 per share, pursuant to the terms and conditions of an Incentive
Stock Option Agreement (together with the 2000 Agreement, the 2001 Agreement, the 2002 Agreement,
the 2004 Agreement, the 2005 Agreement and the 2006 Agreement, the “Agreements”) and the Plan; and

          WHEREAS, as of August 20, 2007, the Company assumed the sponsorship of Plan and the
Compensation Committee of the Board of Directors of the Company (the “Committee”) has the authority
to determine the terms and conditions of the Agreements; [Confirm that the Board has appointed the
Compensation Committee as “Administrator” under the Plan.] and

          WHEREAS, the Committee has determined that the Employee’s termination of employment with the
Company (other than due to death, Disability or Cause) shall constitute “retirement” under the
Plan; and

          WHEREAS, the Committee and the Employee desire to amend the Agreements to make certain changes
with regard to the vesting and exercise provisions of each Agreement;

          NOW, THEREFORE, effective as of October 27, 2008, each Agreement is hereby amended as follows:

     1. Section 2(b)(i) of each Agreement is hereby amended to read as follows:

     “(i) Termination due to Death, Disability or Retirement. In the event
the Employee’s employment with the Company terminates on account of death or
Disability (as defined in the Plan), the Option shall terminate as of the date of
Employee’s termination of employment, except for the portion of the Option which is
exercisable as of the date of termination of employment, which shall terminate three
months following the date of Employee’s death or Disability. In the event the
Employee’s employment with the Company terminates on account of retirement, the
Option shall fully vest and become exercisable as of the date of termination of
employment, and shall terminate on the tenth anniversary of the Grant Date.”

     2. Each Agreement shall remain in full force and effect and, as amended by this Amendment, is
hereby ratified and affirmed in all respects.

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          IN WITNESS WHEREOF, the parties have executed this Amendment effective as of October 27, 2008.

	 	 	 	 	 	 	 
	 	 	EXTERRAN HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Stephen M. Pazuk	 	 
	 

	 	 	 	Chairman, Compensation Committee	 	 
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Stephen A. Snider	 	 

3exv10w49

Exhibit 10.49

UNIVERSAL COMPRESSION HOLDINGS, INC. RESTRICTED STOCK PLAN

RESTRICTED STOCK AGREEMENT

FIRST AMENDMENT

          THIS FIRST AMENDMENT TO THE RESTRICTED STOCK AGREEMENT (the “Amendment”) is entered into by
and between Exterran Holdings, Inc., a Delaware corporation (the “Company”), and Stephen A. Snider
(the “Grantee”).

W I T N E S S E T H:

          WHEREAS, Universal Compression Holdings, Inc. previously granted to the Grantee, on June 12,
2007, 21,333 shares of its common stock under the Universal Compression Holdings, Inc. Restricted
Stock Plan for Executive Officers, as amended (the “Plan”), pursuant to the terms and conditions of
a Restricted Stock Agreement (the “Agreement”) and the Plan; and

          WHEREAS, as of August 20, 2007, the Company assumed the sponsorship of the Plan and the
Compensation Committee of the Board of Directors of the Company (the “Committee”) has the authority
to determine the terms and conditions of the Agreement; and

          WHEREAS, the Committee has determined that the Grantee’s termination of employment with the
Company (other than due to death, Disability or Cause) shall constitute “retirement” under the
Plan; and

          WHEREAS, the Committee and the Grantee desire to amend the Agreement to make certain changes
with regard to the vesting provisions of the Agreement;

          NOW, THEREFORE, effective as of October 27, 2008, the Agreement is hereby amended as follows:

          1. Section 3(c) of the Agreement is hereby amended by adding the following sentence to the end
thereof:

“Additionally, the Forfeiture Restrictions shall lapse, and the Unvested Shares
shall become vested and released from the Cancellation Right upon the termination of
the Grantee’s Continuous Service by reason of the Grantee’s retirement.”

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          2. The Agreement shall remain in full force and effect and, as amended by this Amendment, is
hereby ratified and affirmed in all respects.

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          IN WITNESS WHEREOF, the parties have executed this Amendment effective as of October
27, 2008.

	 	 	 	 	 	 	 
	 	 	EXTERRAN HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Stephen M. Pazuk	 	 
	 

	 	 	 	Chairman, Compensation Committee	 	 
	 
	 	 	 	 	 	 
	 	 	GRANTEE	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Stephen A. Snider	 	 

3exv10w50

Exhibit 10.50

EXTERRAN HOLDINGS, INC. AWARD NOTICE

TIME-VESTED INCENTIVE STOCK OPTION

FIRST AMENDMENT

          THIS FIRST AMENDMENT TO THE EXTERRAN HOLDINGS, INC. AWARD NOTICE FOR TIME-VESTED INCENTIVE
STOCK OPTION (the “Amendment”) is entered into by and between Exterran Holdings, Inc., a Delaware
corporation (the “Company”), and Stephen A. Snider (the “Participant”).

W I T N E S S E T H:

          WHEREAS, the Company previously granted to the Participant, on March 4, 2008, an incentive
stock option to purchase 1,485 shares of common stock of the Company under the Exterran Holdings,
Inc. Amended and Restated 2007 Stock Incentive Plan (the “Plan”) at an exercise price of $67.30 per
share, pursuant to the terms and conditions of an Award Notice for Time-Vested Incentive Stock
Option (the “Award Notice”) and the Plan; and

          WHEREAS, subject to the consent of the Participant, the Compensation Committee of the Board of
Directors of the Company (the “Committee”) may, in its sole discretion, amend an outstanding Award
Notice from time to time in any manner that is not inconsistent with the provisions of the Plan;
and

          WHEREAS, the Committee has determined that the Participant’s termination of employment with
the Company (other than due to Cause, death or Disability) shall constitute “Retirement” under the
Plan; and

          WHEREAS, the Committee and the Participant desire to amend the Award Notice to make certain
changes with regard to the vesting and exercise provisions of the Award Notice;

          NOW, THEREFORE, effective as of October 27, 2008, the Award Notice is hereby amended as
follows:

      1. Section 5(b) of the Award Notice is hereby amended to read as follows:

     “(b) Termination as a Result of Retirement. Following a termination of
employment by reason of your Retirement, the unvested portion of your Award will
immediately vest in full and become exercisable, and you will be entitled to
exercise the Award at any time prior to the Expiration Date (provided, however, that
in the event the Award is exercised more than three months after the date of
Retirement, the Award shall not be treated as an incentive stock option under
Section 422 of the Code).”

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     2. The Award Notice shall remain in full force and effect and, as amended by this Amendment,
is hereby ratified and affirmed in all respects.

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          IN WITNESS WHEREOF, the parties have executed this Amendment effective as of October 27, 2008.

	 	 	 	 	 	 	 
	 	 	EXTERRAN HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Stephen M. Pazuk	 	 
	 

	 	 	 	Chairman, Compensation Committee	 	 
	 
	 	 	 	 	 	 
	 	 	PARTICIPANT	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Stephen A. Snider	 	 

3

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