Document:

Form of letter agreement - options to purchase stock for executive officers

 Exhibit 10.43 
 BJ SERVICES COMPANY 
 2003 INCENTIVE PLAN 
 TERMS AND CONDITIONS 
 STOCK OPTION
FOR OFFICERS 
 The terms and conditions set forth below are hereby incorporated by reference into the attached award agreement
(“Agreement”) by and between BJ Services Company (the “Company”) and the employee named therein (the “Employee”). Terms defined in the 2003 Incentive Plan (the “Plan”) are used herein with the same meaning.

  

	 	1.	The employee has agreed to perform services for the Company or a subsidiary and to accept the grant of one or more stock options, as designated on the attached award agreement
(“Option”), in accordance with the terms and provisions of the Plan and the Agreement. 

  

	 	2.	The Option shall become vested (exercisable) and expire in accordance with the following schedule: 

  

					
	 Number of Shares
	 	 Vesting Date
	 	 Expiration Date

	 1/3 of the Option	 	one year from the Date of Grant	 	seven years from Date of Grant
			
	 1/3 of the Option	 	two years from the Date of Grant	 	seven years from Date of Grant
			
	 1/3 of the Option	 	three years from the Date of Grant	 	seven years from Date of Grant

  

	 	3.	In the event of the Employee’s termination of employment by reason of Retirement, death or Disability, the Option shall become immediately vested in full on such date to the
extent not already vested; provided that, the Option shall not vest upon Retirement unless one year has elapsed from the Date of Grant. As discussed in more detail in Section 10, the Employee must exercise the vested Options within 36
months after termination of employment by reason of Retirement, death or Disability. 

  

	 	4.	To the extent vested, the Option may be exercised in whole or in part or in two or more successive parts; provided, however, that the Option shall not be exercisable
following the seventh anniversary of the Date of Grant or the earlier termination of such Option as provided herein. 

  

	 	5.	 The employee agrees that the Company or its subsidiaries may withhold any federal, state or local taxes upon the exercise of the Option, at such time and upon such
terms and conditions as required by law and as provided by the Plan. Notwithstanding anything herein to the contrary, 

	 	 
the Company shall not be obligated to issue any shares of Common Stock pursuant to the exercise of the Option until the Employee has satisfied such
withholding obligations or made arrangements for satisfying such obligations that are acceptable to the Company or its subsidiary. 

  

	 	6.	The Option may be exercised from time to time by a notice in writing of such exercise which states the Date of Grant set forth in the Agreement and the number of shares in respect
of which the Option is being exercised. Such notice shall be delivered to the Secretary of the Company or addressed to the Secretary of the Company at its corporate offices in Houston, Texas. An election to exercise shall be irrevocable. The date of
exercise shall be the date the notice is hand-delivered or received by the Secretary, whichever is applicable. 

  

	 	7.	An election to exercise an Option shall be accompanied by the tender of the full purchase price of the shares of Common Stock for which the election is made. Payment may be made by
(i) cash or check, (ii) by tendering to the Company shares of Common Stock of the Company already owned and paying any remaining amount of the exercise price by cash or check, or (iii) by delivering to the Company and to a broker a
notice and instructions to such broker to deliver to the Company cash or a check. If the Employee desires to tender Common Stock already owned by the Employee as payment, the Employee must notify the Secretary in the written notice of exercise of
such desire and, subject to the Secretary’s confirmation that the Employee is the record holder of such number of shares, it shall not be necessary for the Employee to tender stock certificates to effectuate such payment of the exercise price.
The value of the number of shares tendered to exercise the Option cannot exceed the Option’s exercise price, and such tendered shares shall be valued at the Common Stock Price per share on the trading day prior to the date of exercise of the
Option. 

  

	 	8.	The Option may be transferred (in whole or in part) by the Employee to (1) the spouse, children or grandchildren of the Employee (“Immediate Family Members”),
(2) a trust or trusts for the exclusive benefit of the Immediate Family Members and if applicable, the Employee, or (3) a partnership in which such Immediate Family Members and, if applicable, the Employee are the only partners. Following
transfer, any such transferred option rights shall continue to be subject to the same terms and conditions as were applicable to the option rights immediately prior to transfer; provided, however, that no transferred option rights shall be
exercisable unless arrangements satisfactory to the Company have been made to satisfy any tax withholding obligations and any other legal obligations the Company may have with respect to the option rights. Except as provided in the preceding
sentence, the Option is not transferable by the Employee, otherwise than by will or the laws of descent and distribution, and may be exercised during the lifetime of the Employee only by the Employee. 

  

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	 	9.	In the event of the termination of the Employee’s employment (whether voluntary or involuntary), for any reason other than death, Disability or Retirement or by the Company or
a subsidiary for Cause, the Option outstanding on such date of termination, to the extent vested on such date, may be exercised by the Employee (or in the event of the Employee’s death, by the Employee’s estate or by the person or persons
who acquire the right to exercise the Option by bequest or inheritance (“Heir”)) within three months following such termination of employment, but, except as provided in paragraph 13 hereof, not thereafter; provided, however, in no
event shall the Option be exercisable after the seventh anniversary of the Date of Grant. To the extent the Option is not vested on the Employee’s date of termination, the Option or the portion thereof that is not vested on such date shall
automatically lapse and be cancelled unexercised as of the Employee’s date of termination. 

  

	 	10.	Except as set forth below, in the event of the Employee’s termination of employment by reason of death, Disability or Retirement, the Option granted herein may be exercised by
the Employee (or in the event of the Employee’s death, the Employee’s Heir) within the 36-month period following such termination of employment, but not thereafter, and in no event shall the Option be exercisable after the seventh
anniversary of the Date of Grant. Notwithstanding any other terms of the Agreement, no option that vested as a result of Retirement shall be exercisable unless the Employee shall have stated on the notice of exercise referenced in paragraph 6 above
that the Employee has not since terminating employment with the Company worked for any competitor of the Company, including without limitation the following (including any subsidiaries of the following): Halliburton Company; Schlumberger Ltd.;
Weatherford International, Inc.; Calfrac Well Services Ltd.; Trican Well Service Ltd.; Pride International, Inc.; Frank’s International Inc.; Pipeline Integrity International Ltd.; National Oilwell Varco; H. Rosen Engineering GmbH; Baroid
Corporation; M-I LLC; Baker Hughes, Inc.; and Tetra Technologies, Inc. 

  

	 	11.	In the event of the Employee’s termination of employment by reason of Cause, the Option shall automatically lapse in full and be cancelled unexercised as of that date.

  

	 	12.	In the event of a change in the capitalization of the Company due to a merger, consolidation, recapitalization, reclassification, stock split, stock dividend, combination of shares,
or similar event, the terms of the Agreement shall be adjusted by the Committee to reflect such change, and the determination of the Committee shall be final and binding. 

  

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	 	13.	Upon the occurrence of a Change of Control, notwithstanding any other provision in the Plan or the Agreement to the contrary, the Option shall automatically become vested and
exercisable in full on such date and shall be immediately exercisable in full for such period as provided in the Plan. Further, in the event of a Change of Control, the following provisions also apply to the Option: 

  

	 	a.	Publicly Traded Stock Transaction. If the consideration offered to shareholders of the Company in connection with a Change of Control consists of publicly traded shares of
the common stock (the “New Stock”) of an entity acquiring the Company or the parent company of an entity acquiring the Company (the “Acquiring Entity”), upon the occurrence of such Change of Control, the Acquiring Entity will
assume the Option and the Option will become an option (a “New Option”) to purchase a number of shares of New Stock, with the number of shares subject to the New Option and the exercise price thereof to be determined in accordance with
Article XI of the Plan. The New Option will otherwise be subject to the same terms and conditions as the Option, except that the New Option will be exercisable until the seventh anniversary of the Date of Grant regardless of any termination of the
Employee’s employment following the Change of Control. 

  

	 	b.	Other Transaction. If the consideration offered to shareholders of the Company in connection with a Change of Control consists of cash or of New Stock that is not publicly
traded, upon the occurrence of the Change of Control, the Employee will surrender the Option to the Acquiring Entity in return for a payment in cash equal to the Black-Scholes value of the Option as of the date of the Change of Control, without
discount for risk of forfeiture and non-transferability. Such Black-Scholes valuation will be performed on a basis consistent with the methodology set forth in Article XI of the Plan. 

  

	 	14.	Nothing in the Agreement or in the Plan shall confer on the Employee any right to continue employment with the Company or its subsidiaries nor restrict the Company or its
subsidiaries from termination of the employment relationship of the Employee, with or without cause, at any time. 

  

	 	15.	Notwithstanding any other provision of the Plan or the Agreement, the Employee agrees that the Employee will not exercise the Option and the Company shall not be obligated to issue
any shares of Common Stock, if the Committee determines such issuance would violate any state or federal law or the rules or regulations of any governmental regulatory body or agreement between the Company and any national securities exchange upon
which the Common Stock is listed. 

  

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	 	16.	In the event of a conflict between the terms of the Agreement and the Plan, the Plan shall be the controlling document. 

  

 5Form of letter agreement - phantom stock awarded to executive officers

 Exhibit 10.45 
 PHANTOM STOCK AWARD FOR OFFICERS 
  
  
  

							
	  
	  		  		  	
				
	  
	  		  		  	
				
	  
	  		  		  	

 Re: Phantom Stock Grant 
 Dear                     : 
 Grant. I am pleased to inform you that the Executive Compensation Committee (the “Committee”) of the Board of Directors of BJ Services Company (the “Company”) has granted to you
             shares of Phantom Stock pursuant to the BJ Services Company 2003 Incentive Plan (the “Plan”). The terms defined in the Plan are used in this Agreement with the
same meaning. 
 Each share of Phantom Stock represents the right to receive one share of the Company’s Common Stock, at the end of the deferral period
specified below. The shares of Phantom Stock hereby granted to you are subject to vesting as described below. 
 No Rights as a Shareholder. Until
actual shares of the Company’s Common Stock are issued to you, you will not possess any rights of a stockholder of the Company with respect to the Phantom Stock, including, but not limited to, the right to vote shares or receive dividends.

 Deferral Period. Subject to the vesting restrictions and provisions described below,
one-third (1/3) of your Phantom Stock
shares will mature and become payable to you as of             ,             . An additional one-third
(1/3) will be payable on
            ,              and the remaining (1/3) will be payable on             ,
            . However, all deferral periods shall end and payment for the Phantom Stock will be immediately due and payable to you in the event of a Change of Control. Payment in
shares will be made to you as soon as reasonably practicable following the end of the deferral period, but in no event later than the 15th day of
the third month following the later of the end of the calendar year or the end of the Company’s fiscal year in which the amount vests. 
 Vesting. Subject to the Committee’s right to reduce the number of shares of Phantom Stock that will vest at any given time, the Phantom Stock granted hereby shall only vest, including following termination by reason of death,
Disability or Retirement, if the Company shall have positive consolidated operating income for the fiscal year immediately preceding the date in which a portion of the Phantom Stock granted hereby is scheduled to vest (i.e. – for the fiscal
year ending September 30,              in respect of the             ,
             vesting date, for the fiscal 

 
year ending September 30,              in respect of the
            ,              vesting date and for the fiscal year ending September 30,
             in respect of the             ,
             vesting date) computed in accordance with accounting principles generally accepted in the United States, but then adjusted to exclude the following: (i) any amounts
accrued by the Company during the fiscal year pursuant to annual incentive bonus award and stock based compensation plans or cash profit sharing plans; (ii) any discretionary or matching contributions made to savings and deferred profit sharing
plans or deferred compensation plans for the fiscal year; (iii) all items of gain, loss or expense for the fiscal year determined to be extraordinary or unusual in nature or infrequent in occurrence or related to discontinued operations or
related to a change in accounting principle all as determined in accordance with standards established by opinion No. 30 of the Accounting Principles Board (APA Opinion No. 30) and Statement of Financial Accounting Standards No. 144
(SFAS No. 144), as applicable; (iv) all items of gain, loss or expense for the fiscal year related to restructuring charges of subsidiaries whose operations are not included in operating income for the fiscal year; (v) asset
write-downs for the fiscal year; and (vi) any profit or loss attributable to the business operations of any entity acquired by the Company during the fiscal year. 
 In the event that your employment is terminated for any reason other than death, Disability or Retirement prior to the end of the applicable deferral period, all Phantom Stock not yet then payable will be forfeited.
If your employment is terminated due to death, Disability or Retirement, your Phantom Stock award will not be forfeited, but, will, if the Company’s applicable performance targets set forth above are met, mature and become payable at the end of
the applicable deferral period. In the event of your death, your Phantom Stock award will, if the Company’s applicable performance targets set forth above are met, be paid to the representative of your estate. 
 Transferability. This award of Phantom Stock is not transferable by you and may not be pledged, assigned or encumbered by you in any manner. However, in the event
of your death, your Phantom Stock award may be transferred by your will or by the laws of descent and distribution, and your beneficiary will receive the Phantom Stock subject to the same restrictions that are applicable to you. 
 Adjustment of Awards. In the event of a change in the capitalization of the Company due to a stock split, stock dividend, re-capitalization, merger,
consolidation, combination, or similar event, the terms of the Phantom Stock will be adjusted by the Committee to reflect the change. 
 Tax Gross-Up.
To the extent that the payment by the Company of unrestricted shares of Common Stock to or on behalf of you in satisfaction of “earned” Phantom Stock (the “Stock Benefit”) constitutes taxable income to you (or, in the event of
your death, your beneficiary) for federal and, where applicable, state income tax purposes, the Company shall make a tandem payment in cash to or on behalf of you (the “Tax Bonus”) in an amount such that the “net” benefit
received, after paying all applicable federal and state income taxes, as well as excise or other taxes (assuming, for this purpose, the highest marginal income tax rates for individuals applied) on the Stock Benefit and this Tax Bonus, shall be
equal to the Stock Benefit received before any such state or federal income, excise or other taxes thereon. The Tax Bonus shall be paid at the time that withholding is required with respect to the payment of the earned Phantom 

 
Stock, to the extent payment is necessary to satisfy the withholding obligation thereon and on the portion of the Tax Bonus then paid, and the remainder of
the Tax Bonus shall be paid at such time or times as the Company determines to be appropriate, but not later than the April 15th following the calendar year in which Phantom Stock becomes taxable to you. The Company shall have the right to
withhold from the Tax Bonus all tax amounts the Company is obligated under any law to withhold with respect to the payment of the unrestricted shares of Common Stock and the payment of the Tax Bonus. 
 Amendment. The Committee may amend this award and may waive, amend, or accelerate any requirement or condition to the payment of the award, but may not amend the
award in a manner that would adversely affect your rights without your consent. 
 Awards Subject to Plan Terms. The terms of this Phantom Stock award
are intended to be consistent with and subject to the terms of the Plan and shall be construed accordingly. In the event of a conflict, the terms of the Plan shall control. By signing below, you agree that this award is governed by the terms of the
Plan. 
 This grant shall be void and of no effect unless you execute and return this Agreement within ninety (90) days of the above date. Please sign
and date both copies of this document and return one copy to Mia Mullins in the Legal Department. The other copy is for your records. 
  

	
	Very truly yours,
	
	J. W. Stewart
	Chairman, President and
	Chief Executive Officer

  

	
	[Officer]
	
	  

	
	Date:                     ,

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