Document:

Employment Agreement with Srinivasan Krishnan dtd March 10, 2003

 
EXHIBIT 10.10

 
March 10, 2003

 
Srinivasan (“Chini”)
Krishnan 
811 Cameron Circle 
Milpitas, California 95035 
 
Re: Employment Agreement 
 
Dear Mr. Krishnan: 
 
Pursuant to our recent discussions, this letter memorializes the terms of your continued employment with Valicert, Inc. (the
“Company”). 
 
1. Salary. Your
salary is $165,000 on an annualized basis, less applicable withholding. 
 
2. Bonus. Immediately prior to the consummation of the Merger (as such term is defined in the Agreement and Plan of Reorganization and Merger dated February 18, 2003, by and among Tumbleweed Communications Corp.
(“Tumbleweed”), Velocity Acquisition Sub, Inc., and the Company (the “Merger Agreement”)), you shall earn a bonus in the amount of $69,500, less applicable withholding (“Bonus”). 
 
3. Amendment of Stock Option Agreement. Your stock
option agreement shall be amended (the “Option Amendment”) to provide that immediately prior to the consummation of the Merger (as such term is defined in the Merger Agreement), all unvested options held by you shall become fully vested,
and the period of time in which you may exercise these options shall be extended to two (2) years after your termination, with respect to the following stock option grants: 60,000 shares granted on March 4, 2002 and 66,000 shares granted on December
12, 2002. A copy of the Option Amendment is attached hereto as Exhibit A. 
 
4. Entire Agreement. This Agreement, including the attached exhibit, constitutes the entire agreement between you and the Company relating to the specific subject matter hereof and supersedes
prior negotiations, representations or agreements between you and the Company. 
 
5. Modification. This Agreement may only be modified or amended by a supplemental written agreement signed by you, an authorized representative of Tumbleweed and an authorized representative of
the Company. 
 
6. Termination. If the
Merger (as such term is defined in the Merger Agreement) is terminated and not consummated by the parties thereto, this Agreement shall immediately terminate, and the Company shall not be obligated to confer any of the benefits described in
paragraphs 2 and 3 above. This Agreement shall terminate upon consummation of the Merger (as such term is defined in the Merger Agreement). 
 
I agree that there is no other compensation or benefit in any form to which I am entitled. 

 
Please sign
and date this letter on the space provided below to acknowledge your acceptance of the terms of this Agreement. 
 
Sincerely, 
 

	 /s/    TIMOTHY
CONLEY        

	 Timothy Conley
 Chief Financial Officer

 
I agree
to and accept continued employment with Valicert, Inc. on the terms and conditions set forth in this Agreement. 
 

	
	 Date:
	  	 3/17/03

	  	 	  	 /s/    SRINIVASAN
KRISHNANEmployment Agreement with David Jevans dtd March 10, 2003

 
EXHIBIT 10.11

 
March 10, 2003

 
David Jevans 
530 Menlo Oaks Drive 
Menlo Park, California 94025 
 
Re: Employment Agreement 
 
Dear Mr. Jevans: 
 
Pursuant to our recent discussions, this letter memorializes the terms of your continued employment with Valicert, Inc. (the “Company”). 
 
1. Salary. Your salary is $165,000 on an annualized basis, less applicable withholding. 
 
2. Bonus. Immediately prior to the consummation of the
Merger (as such term is defined in the Agreement and Plan of Reorganization and Merger dated February 18, 2003, by and among Tumbleweed Communications Corp. (“Tumbleweed”), Velocity Acquisition Sub, Inc., and the Company (the “Merger
Agreement”)), you shall earn a bonus in the amount of $139,000, less applicable withholding (“Bonus”). 
 
3. Amendment of Stock Option Agreement. Your stock option agreements shall be amended (collectively, the “Option
Amendment”) to provide that immediately prior to the consummation of the Merger (as such term is defined in the Merger Agreement), options for 100,000 shares of the Company’s common stock that are unvested as of that date shall become
fully vested, and the period of time in which you may exercise his options shall be extended to two (2) years after your termination, with respect to the following stock option grants: options granted on December 12, 2002 and May 29, 2002. Copies of
the Option Amendments are attached hereto as Exhibit A-1 and Exhibit A-2. 
 
4. Entire Agreement. This Agreement, including the attached exhibit, constitutes the entire agreement between you and the Company relating to the specific subject matter hereof and supersedes
prior negotiations, representations or agreements between you and the Company. 
 
5. Modification. This Agreement may only be modified or amended by a supplemental written agreement signed by you, an authorized representative of Tumbleweed and an authorized representative of
the Company. 
 
6. Termination. If the
Merger (as such term is defined in the Merger Agreement) is terminated and not consummated by the parties thereto, this Agreement shall immediately terminate, and the Company shall not be obligated to confer any of the benefits described in
paragraphs 2 and 3 above. This Agreement shall terminate upon consummation of the Merger (as such term is defined in the Merger Agreement). 
 
I agree that there is no other compensation or benefits in any form to which I am entitled from the Company. 

 
Please sign
and date this letter on the space provided below to acknowledge your acceptance of the terms of this Agreement. 
 

	 Sincerely,

	
	 /s/    TIMOTHY
CONLEY        

	 Timothy Conley
 Chief Financial Officer

 
I agree
to and accept continued employment with Valicert, Inc. on the terms and conditions set forth in this Agreement. 
 

	
	 Date:
	 	           3/17/03

	 	 	 	 /s/    DAVID
JEVANSEmployment Agreement with Joseph Amram dtd March 10, 2003

EXHIBIT 10.13 
 
March 10, 2003 
 
Joseph (“Yosi”) Amram 
718 Loma Verde 
Palo Alto, California 94303 
 
Re: Employment Agreement 
 
Dear Mr. Amram: 
 
Pursuant to our recent discussions, this letter memorializes the terms of your continued employment with Valicert, Inc. (the “Company”). 
 
1. Salary. Your salary was $166,500 on an annualized basis, less applicable withholding, which
payments ceased on February 28, 2003. 
 
2.
Bonus. Immediately prior to the consummation of the Merger (as such term is defined in the Agreement and Plan of Reorganization and Merger dated February 18, 2003, by and among Tumbleweed Communications Corp. (“Tumbleweed”),
Velocity Acquisition Sub, Inc., and the Company (the “Merger Agreement”)), you shall earn a bonus in the amount of $132,050, less applicable withholding (“Bonus”). 
 
3. Amendment of Stock Option Agreement. With respect to the following stock option grants: 86,956
shares granted on March 4, 2002, 33,044 shares granted March 4, 2002 and 115,999 shares granted on December 12, 2002, your stock option agreement shall be amended (the “Option Amendment”) to provide that immediately prior to the
consummation of the Merger (as such term is defined in the Merger Agreement), such unvested options held by you shall become fully vested, and the period of time in which you may exercise these options shall be extended to two (2) years after the
date of consummation of the Merger. A copy of the Option Amendment is attached hereto as Exhibit A. 
 
4. Employment Agreement. Upon consummation of the Merger (as such term is defined in the Merger Agreement), and the payment of the
Bonus noted in paragraph 2 above, no further payments shall be due and payable pursuant to the Employment Agreement by and between Joseph (“Yosi”) Amram and the Company, dated as of August 27, 1997. 
 
5. Entire Agreement. This Agreement, including the
attached exhibit, constitutes the entire agreement between you and the Company relating to the specific subject matter hereof and supersedes prior negotiations, representations or agreements between you and the Company. 
 
6. Modification. This Agreement may only be modified or
amended by a supplemental written agreement signed by you, an authorized representative of Tumbleweed and an authorized representative of the Company. 
 
7. Termination. If the Merger (as such term is defined in the Merger Agreement) is terminated and not consummated by the parties
thereto, this Agreement shall immediately terminate, and the Company shall not be obligated to confer any of the benefits described in paragraphs 2 and 3 above. This Agreement shall terminate upon consummation of the Merger (as such term is defined
in the Merger Agreement). 
 
I agree that there is
no other compensation or benefits in any form to which I am entitled from the Company. 

 
Please sign
and date this letter on the space provided below to acknowledge your acceptance of the terms of this Agreement. 
 

	 Sincerely,

	
	 /S/    TIMOTHY
CONLEY        

	 Timothy Conley
 Chief Financial Officer

 
 
I agree to and accept continued employment with Valicert, Inc. on the terms and conditions set forth in this Agreement. 
 
 

	 Date:
	 	                 3/17/03    

	 	 	 	 /S/ JOSEPH
AMRAMEXHIBIT 10.1

                                 TRANSOCEAN INC.

                          EMPLOYEE STOCK PURCHASE PLAN

                 (As Amended and Restated Effective May 8, 2003)

1.   PURPOSE

     The  Transocean  Inc. Employee Stock Purchase Plan (the "Plan") is designed
to  encourage  and  assist  all  employees  of Transocean Inc., a Cayman Islands
exempted  company  limited by shares ("Transocean") and Subsidiaries (as defined
in  Section  4)  (hereinafter  collectively referred to as the "Company"), where
permitted  by  applicable laws and regulations, to acquire an equity interest in
Transocean  through the purchase of ordinary shares, par value US$.01 per share,
of  Transocean  ("Ordinary  Shares").  It  is  intended  that  this  Plan  shall
constitute  an  "employee stock purchase plan" within the meaning of Section 423
of  the  Internal  Revenue  Code  of  1986,  as  amended  (the  "Code").

2.   ADMINISTRATION  OF  THE  PLAN

     The  Plan shall be administered and interpreted by the Finance and Benefits
Committee  (the  "Committee")  appointed by the Board of Directors of Transocean
(the  "Board"),  which Committee shall consist of at least two (2) persons.  The
Committee  shall  supervise  the  administration  and  enforcement  of  the Plan
according  to  its  terms  and provisions and shall have all powers necessary to
accomplish  these purposes and discharge its duties hereunder including, but not
by  way  of  limitation,  the  power  to (i) employ and compensate agents of the
Committee  for  the  purpose  of  administering  the  accounts  of participating
employees; (ii) construe or interpret the Plan; (iii) determine all questions of
eligibility;  and  (iv)  compute the amount and determine the manner and time of
payment  of  all  benefits  according  to  the  Plan.

     The Committee may act by decision of a majority of its members at a regular
or special meeting of the Committee or by decision reduced to writing and signed
by all members of the Committee without holding a formal meeting.  The Committee
may delegate its duties and authority under this Plan to one or more officers of
the  Company, and actions taken by such duly authorized officers shall be deemed
to  be  actions  of  the  Committee.

3.   NATURE  AND  NUMBER  OF  SHARES

     The  Ordinary  Shares subject to issuance under the terms of the Plan shall
be  shares  of  Transocean's authorized but unissued Ordinary Shares, previously
issued  Ordinary  Shares  reacquired  and  held by Transocean or Ordinary Shares
purchased on the open market.  The aggregate number of Ordinary Shares which may
be  issued  under  the  Plan  shall not exceed two million five hundred thousand
(2,500,000)  Ordinary  Shares.  All  Ordinary  Shares  purchased under the Plan,

<PAGE>
regardless  of  source,  shall  be  counted against the two million five hundred
thousand  (2,500,000)  Ordinary  Share  limitation.

     In  the  event  of  any scheme of arrangement, reorganization, share split,
reverse  share  split,  share  dividend,  combination  of  shares,  merger,
consolidation,  offering  of  rights  or  other  similar  change  in the capital
structure  of  Transocean, the Committee may make such adjustment, if any, as it
deems  appropriate in the number, kind and purchase price of the Ordinary Shares
available  for  purchase  under  the  Plan and in the maximum number of Ordinary
Shares  which may be issued under the Plan, subject to the approval of the Board
and  in  accordance  with  Section  19.

4.   ELIGIBILITY  REQUIREMENTS

     Each  "Employee"  (as hereinafter defined), except as described in the next
following  paragraph,  shall  become  eligible  to  participate  in  the Plan in
accordance  with  Section  5 on the first "Enrollment Date" (as defined therein)
following  employment  by  the Company.  Participation in the Plan is voluntary.

     The  following  Employees  are  not  eligible  to  participate in the Plan:

     (i)  Employees  who  would,  immediately  upon  enrollment in the Plan, own
          directly  or  indirectly,  or  hold  options  or rights to acquire, an
          aggregate  of  five  percent (5%) or more of the total combined voting
          power or value of all outstanding shares of all classes of the Company
          or  any  subsidiary  (in determining share ownership of an individual,
          the  rules  of  Section  424(d)  of the Code shall be applied, and the
          Committee  may  rely  on  representations  of  fact  made to it by the
          employee  and  believed  by  it  to  be  true);  and

     (ii) Employees  of  Transocean  who  are customarily employed for less than
          twenty  (20)  hours  per  week  or  less  than  five (5) months in any
          calendar  year;  and

    (iii) Employees  of any Subsidiary who are excluded under the terms of any
          agreement  evidencing  the  adoption  of  the  Plan;  and

     (iv) Employees  who  reside  in  a  country in which the Plan fails to meet
          applicable  legal  and  regulatory  requirements or in a country whose
          laws  make  participation  impractical.

     "Employee"  shall  mean  any  individual  employed  by  Transocean  or  any
Subsidiary  (as  hereinafter  defined).  "Subsidiary" shall mean any corporation
(a)  which is in an unbroken chain of corporations beginning with Transocean if,
on  or  after  the  Effective Date, each of the corporations other than the last
corporation  in  the  chain owns stock possessing fifty percent (50%) or more of
the  total  combined  voting  power  of all classes of stock in one of the other
corporations  in  the chain and (b) which has adopted the Plan with the approval
of  the  Committee.

<PAGE>
5.   ENROLLMENT

     Each  eligible Employee of Transocean or any Subsidiary as of May 14, 1998,
(the "Effective Date" herein) may enroll in the Plan as soon as administratively
feasible  after  the Effective Date, as determined by the Committee.  Each other
eligible  Employee  of  Transocean  or a participating Subsidiary who thereafter
becomes  eligible  to  participate may enroll in the Plan on the first January 1
following  the  date  he  first meets the eligibility requirements of Section 4.
Notwithstanding  the  foregoing,  with respect to the Plan's designated purchase
period  (the  "Purchase  Period") ending December 31, 2000, an eligible employee
must  enroll  in the Plan prior to the first to occur of (i) January 1, 2000 or,
if later, the date of the consummation of the merger transaction contemplated by
the  July  12,  1999  Agreement and Plan of Merger between Schlumberger Limited,
Sedco  Forex  Holdings  Limited, and the Company (the "Merger") or (ii) February
29,  2000.  Any  eligible Employee not enrolling in the Plan when first eligible
may  enroll  in the Plan on any subsequent January 1.  Any eligible Employee may
enroll  or  re-enroll  in  the  Plan on the dates hereinabove prescribed or such
other specific dates established by the Committee from time to time ("Enrollment
Dates").  In  order  to  enroll,  an  eligible  Employee must complete, sign and
submit  the  appropriate  form  to  the  person  designated  by  the  Committee.

6.   METHOD  OF  PAYMENT

     Payment  for  shares is to be made as of the applicable "Purchase Date" (as
defined  in Section 9) through payroll deductions on an after-tax basis (with no
right  of  prepayment)  over  the Purchase Period, with the first such deduction
commencing with the first payroll period ending after the Enrollment Date.  Each
Purchase  Period  under  the Plan shall be a period of one (1) year beginning on
each  January  1 and ending on the following December 31 or such other period as
the  Committee may prescribe.  Each participating Employee (hereinafter referred
to  as  a  "Participant")  will  authorize such deductions from his pay for each
month  during  the  Purchase  Period,  and  such  amounts  will  be  deducted in
conformity  with  his  employer's payroll deduction schedule; provided, however,
that  payroll  withholding during the initial Purchase Period will begin as soon
as  administratively feasible, after the Effective Date, as is determined by the
Committee  in  its  discretion.

     Each Participant may elect to make contributions each pay period in amounts
not  less  than two percent (2%) of the Participant's monthly compensation (with
no dollar minimum), not to exceed a monthly contribution equal to twenty percent
(20%)  of  the  Participant's  monthly  compensation  (base pay and overtime pay
associated  with  base  pay,  but  excluding premium or special pay and overtime
associated  therewith)  (or  such  other  dollar  amounts  as  the Committee may
establish from time to time before an Enrollment Date for all purchases to occur
during  the  relevant Purchase Period).  In establishing other dollar amounts of
permitted  contributions, the Committee may take into account the "Maximum Share
Limitation"  (as  defined  in  Section  8).  The  rate  of contribution shall be
designated  by  the  Participant  in  the  enrollment  form.

     A  Participant  may  elect to increase or decrease the rate of contribution
effective  as  of  the  first day of the Purchase Period by giving prior written
notice  to  the  person  designated by the Committee on the appropriate form.  A
Participant  may  not  elect  to  increase  or decrease the rate of contribution
during  a  Purchase Period.  A Participant may suspend payroll deductions at any

<PAGE>
time  during  the  Purchase  Period by giving prior written notice to the person
designated by the Committee on the appropriate form.  If a Participant elects to
suspend  his  payroll  deductions,  such  Participant's account will continue to
accrue  interest  and will be used to purchase shares at the end of the Purchase
Period.  A  Participant  may also elect to withdraw his entire contributions for
the current Purchase Period in accordance with Section 8 by giving prior written
notice  to  the person designated by the Committee on the appropriate form.  Any
Participant  who  withdraws  his  contributions  will  receive,  as  soon  as
practicable,  his  entire  account balance, including interest and dividends, if
any.  Any Participant who suspends payroll deductions or withdraws contributions
during any Purchase Period cannot resume payroll deductions during such Purchase
Period  and  must  re-enroll  in  the  Plan  in order to participate in the next
Purchase  Period.

     Any  Participant,  in  accordance  with  the  procedure  established by the
Company,  can  elect  to  contribute  to the Plan by making a cash payment or by
assigning  to  the Company the right to receive a cash payment.  This assignment
or  transfer  of a cash payment to the Plan must occur after the consummation of
the  Merger  and  not  later  than  February  29,  2000.

     Except  in case of cancellation of election to purchase, death, resignation
or  other terminating event, the amount in a Participant's account at the end of
the  Purchase  Period  will  be  applied  to  the  purchase  of Ordinary Shares.

7.   CREDITING  OF  CONTRIBUTIONS,  INTEREST  AND  DIVIDENDS

     Contributions  shall  be  credited  to  a  Participant's account as soon as
administratively  feasible  after  payroll  withholding.  Unless  otherwise
prohibited  by  laws  and  regulations,  Participant  contributions will receive
interest at a rate realized for the investment vehicle or vehicles designated by
the  Committee  for  purposes  of  the  Plan.  Interest  will  be  credited to a
Participant's  account  from  the  first  date  on  which  such  Participant's
contributions are deposited with the investment vehicle until the earlier of (i)
the  end  of  the  Purchase  Period or (ii) in the event of cancellation, death,
resignation  or  other  terminating  event,  the  last day for which interest is
allocated  for  such  investment  vehicle  prior  to  the  date  on  which  such
contributions  are  returned  to the Participant.  Dividends on shares held in a
Participant's  account in the Plan will be invested in Ordinary Shares under the
Company's  Shareholder  Dividend  Reinvestment  Plan.  Any  such  contributions,
interest  and  dividends  shall  be  deposited in or held by a bank or financial
institution  designated  by  the  Committee  for this purpose (the "Custodian").

8.   GRANT  OF  RIGHT  TO  PURCHASE  SHARES  ON  ENROLLMENT

     Enrollment in the Plan by an Employee on an Enrollment Date will constitute
the  grant  by  the Company to the Participant of the right to purchase Ordinary
Shares  under  the  Plan.  Re-enrollment  by  a  Participant  in  the  Plan will
constitute  a  grant  by  the Company to the Participant of a new opportunity to
purchase  shares  on  the Enrollment Date on which such re-enrollment occurs.  A
Participant  who  has  not  (a)  terminated  employment,  (b)  withdrawn  his
contributions from the Plan, or (c) notified the Company in writing, by December
1  (or  such date as the Committee shall establish), of his election to withdraw
his payroll deductions plus interest as of December 31 will have Ordinary Shares
purchased  for him on the applicable Purchase Date, and he will automatically be

<PAGE>
re-enrolled  in  the  Plan  on  the  Enrollment  Date  immediately following the
Purchase  Date  on  which  such  purchase  has occurred, unless each Participant
notifies  the person designated by the Committee on the appropriate form that he
elects  not  to  re-enroll.

     Each  right  to  purchase  Ordinary Shares under the Plan during a Purchase
Period  shall  have  the  following  terms:

     (i)  the  right  to  purchase  Ordinary Shares during a particular Purchase
          Period  shall  expire  on  the  earlier  of: (A) the completion of the
          purchase  of  shares  on  the  Purchase Date occurring in the Purchase
          Period,  or (B) the date on which participation of such Participant in
          the  Plan  terminates  for  any  reason;

     (ii) payment  for shares purchased will be made through payroll withholding
          and  the  crediting  of  interest  and  dividends,  if  applicable, in
          accordance  with  Sections  6  and  7;

    (iii) purchase  of  shares  will  be  accomplished only in accordance with
          Section  9;

     (iv) the  price  per  share  will  be  determined as provided in Section 9;

     (v)  the  right  to  purchase  shares  (taken  together with all other such
          rights  then  outstanding  under this Plan and under all other similar
          stock purchase plans of Transocean or any Subsidiary) will in no event
          give the Participant the right to purchase a number of shares during a
          calendar  year  in  excess of the number of Ordinary Shares derived by
          dividing  twenty-five  thousand dollars (US$25,000) by the fair market
          value  of  the Ordinary Shares (the "Maximum Share Limitation") on the
          applicable  Grant  Date  determined  in  accordance  with  Section  9;

     (vi) shares  purchased  under  this  Plan  may not be sold within three (3)
          months  of  the  Purchase  Date,  unless  the  Committee,  in its sole
          discretion,  waives  this  requirement;  and

    (vii) the  right to purchase shares will in all respects be subject to the
          terms and conditions of the Plan, as interpreted by the Committee from
          time  to  time.

9.   PURCHASE  OF  SHARES

     The right to purchase Ordinary Shares granted by the Company under the Plan
is  for  the  term  of a Purchase Period.  The fair market value of the Ordinary
Shares ("Fair Market Value") to be purchased during such Purchase Period will be
the  closing  composite  sales  price  per  Ordinary Share in the New York Stock
Exchange  Composite  Transactions  Quotations  on  the  first trading day of the
calendar  month  of  January,  or  such  other  trading  date  designated by the
Committee  (the  "Grant  Date"); provided, however, that for the Purchase Period
which  begins on the Effective Date, the Grant Date shall be the Effective Date.

<PAGE>
Notwithstanding  the  foregoing,  with  respect  to  the  Purchase Period ending
December  31, 2000, the Grant Date shall be the first to occur of (i) January 1,
2000  or,  if later, the date of the consummation of the Merger or (ii) February
29, 2000.  The Fair Market Value of the Ordinary Shares will again be determined
in the same manner on the last trading day of the calendar month of December, or
such  other  trading  date  designated  by  the Committee (the "Purchase Date");
however,  in  no  event  shall the Committee, in the exercise of its discretion,
designate  a Purchase Date beyond twelve (12) months from the related Enrollment
Date  or  otherwise  fail  to  meet the requirements of Section 423(b)(7) of the
Code.  These  dates  constitute  the  date of grant and the date of exercise for
valuation  purposes  of  Section  423  of  the  Code.

     As  of the Purchase Date, the Committee shall apply the funds then credited
to  each  Participant's account to the purchase of Ordinary Shares.  The cost to
the  Participant  for the shares purchased during a Purchase Period shall be the
lower  of:

     (i)  eighty-five  percent (85%) of the Fair Market Value of Ordinary Shares
          on  the  Grant  Date;  or

     (ii) eighty-five  percent (85%) of the Fair Market Value of Ordinary Shares
          on  the  Purchase  Date.

     Certificates  evidencing  shares  purchased  shall  be  delivered  to  the
Custodian  or  to  any  other  bank  or  financial institution designated by the
Committee  for  this purpose or delivered to the Participant (if the Participant
has  elected  by  written notice to the Committee to receive the certificate) as
soon as administratively feasible after the Purchase Date; however, certificates
shall  not  be  delivered to the Participant within one (1) year of the Purchase
Date  of  the  underlying  shares,  except  as  otherwise  provided  herein.
Notwithstanding  the  foregoing,  Participants  shall  be  treated as the record
owners  of their shares effective as of the Purchase Date.  Shares that are held
by  the Custodian or any other designated bank or financial institution shall be
held  in  book  entry  form.  Until  such  certificates  are  distributed to the
Participant,  the Participant will not be permitted to transfer ownership of the
certificates  except  as  contemplated  by Section 10 or Section 14 of the Plan.
Any  Participant  who  terminates  employment will receive a certificate for the
number  of  shares held in his account and a cash refund attributable to amounts
equal  to  less  than  the  price  of  a  whole  share,  and  any  accumulated
contributions, dividends and interest.  If for any reason the purchase of shares
with a Participant's allocations to the Plan exceeds or would exceed the Maximum
Share  Limitation,  such  excess amounts shall be refunded to the Participant as
soon  as  practicable  after  such  excess  has  been  determined  to  exist.

     If  as  of  any  Purchase Date the shares authorized for purchase under the
Plan are exceeded, enrollments shall be reduced proportionately to eliminate the
excess.  Any  funds  that  cannot  be  applied  to the purchase of shares due to
excess  enrollment  shall  be  refunded  as  soon  as administratively feasible,
including  interest  determined  in accordance with Section 7.  The Committee in
its  discretion  may also provide that excess enrollments may be carried over to
the  next Purchase Period under this Plan or any successor plan according to the
regulations  set  forth  under  Section  423  of  the  Code.

<PAGE>
10.  WITHDRAWAL  OF  SHARES  AND  SALE  OF  SHARES

     (a)     A  Participant  may  elect  to  withdraw  at  any  time  (without
withdrawing  from  participation in the Plan) shares which have been held in his
account  for  at least one (1) year by giving notice to the person designated by
the  Committee  on  the  appropriate form.  Upon receipt of such notice from the
person  designated  by  the  Committee,  the  Custodian, bank or other financial
institution  designated  by  the Committee for this purpose will arrange for the
issuance  and  delivery of such shares held in the Participant's account as soon
as  administratively  feasible.

     (b)     Notwithstanding anything in the Plan to the contrary, a Participant
may  sell shares which are held in his account, including shares which have been
held  in  his  account  for  less than one (1) year, but not less than three (3)
months  as provided in Section 8(vi) (unless waived by the Committee), by giving
notice  to the person designated by the Committee on the appropriate form.  Upon
receipt  of  such  notice  from  the  person  designated  by  the Committee, the
Custodian,  bank  or other financial institution designated by the Committee for
this  purpose  will arrange for the sale of such Participant's shares.  Any sale
will  be  deemed  to occur as soon as practicable after the Participant provides
such notice to the person designated by the Committee.  The proceeds of any sale
under  this  subsection  10(b),  less  any  associated  commissions  or required
withholding  for  taxes, shall be paid to the Participant as soon as practicable
after  the  sale.

11.  TERMINATION  OF  PARTICIPATION

     The  right  to  participate  in  the  Plan  terminates  immediately  when a
Participant  ceases  to  be  employed  by  the Company for any reason whatsoever
(including death, unpaid disability or when the Participant's employer ceases to
be a Subsidiary) or the Participant otherwise becomes ineligible.  Participation
also  terminates  immediately  when  the  Participant  voluntarily withdraws his
contributions  from  the  Plan.  Participation  terminates immediately after the
Purchase  Date  if  the  Participant is not re-enrolled in the Plan for the next
Purchase  Period  or  if the Participant has suspended payroll deductions during
any  Purchase  Period  and has not re-enrolled in the Plan for the next Purchase
Period.  As soon as administratively feasible after termination of participation
due  to  cessation  of employment, the Committee shall pay to the Participant or
his  beneficiary  or  legal  representative all amounts credited to his account,
including  interest  and dividends, if applicable, determined in accordance with
Section  7,  and  shall cause a certificate for the number of shares held in his
account  to  be  delivered  to  the  Participant, subject to the restrictions in
Section  9.  For  purposes  of  the  Plan,  a  Participant is not deemed to have
terminated  his  employment  if  he  transfers  employment  from Transocean to a
Subsidiary,  or  vice  versa,  or  transfers  employment  between  Subsidiaries.

12.  UNPAID  LEAVE  OF  ABSENCE

     Unless the Participant has voluntarily withdrawn his contributions from the
Plan,  shares  will  be  purchased  for  his  account  on the Purchase Date next
following  commencement  of  an  unpaid  leave  of  absence by such Participant,
provided such leave does not constitute a termination of employment.  The number
of  shares  to  be  purchased will be determined by applying to the purchase the

<PAGE>
amount  of  the  Participant's contributions made up to the commencement of such
unpaid  leave  of  absence plus interest on such contributions and dividends, if
applicable,  both determined in accordance with Section 7.  If the Participant's
unpaid  leave  of absence both commences and terminates during the same Purchase
Period and he has resumed eligible employment prior to the Purchase Date related
to  that Purchase Period, he may also resume payroll deductions immediately, and
shares  will be purchased for him on such Purchase Date as otherwise provided in
Section  9.

13.  DESIGNATION  OF  BENEFICIARY

     Each  Participant  may  designate one or more beneficiaries in the event of
death and may, in his sole discretion, change such designation at any time.  Any
such designation shall be effective upon receipt by the person designated by the
Committee  and  shall  control  over  any  disposition  by  will  or  otherwise.

     As  soon  as  administratively  feasible  after the death of a Participant,
amounts  credited  to  his  account,  including  interest  and  dividends,  if
applicable, determined in accordance with Section 7, shall be paid in cash and a
certificate  for  any  shares shall be delivered to the Participant's designated
beneficiaries  or,  in  the  absence  of  such  designation,  to  the  executor,
administrator  or  other legal representative of the Participant's estate.  Such
payment  shall  relieve  the  Company  of  further  liability  to  the  deceased
Participant  with  respect  to  the  Plan.  If  more  than  one  beneficiary  is
designated,  each  beneficiary  shall  receive  an  equal portion of the account
unless  the  Participant  has  given  express  contrary  instructions.

14.  ASSIGNMENT

     Except  as  provided  in  Section 13, the rights of a Participant under the
Plan  will not be assignable or otherwise transferable by the Participant, other
than by will or the laws of descent and distribution or pursuant to a "qualified
domestic  relations  order,"  as  defined  in  Section  414(p)  of the Code.  No
purported assignment or transfer of such rights of a Participant under the Plan,
whether  voluntary  or involuntary, by operation of law or otherwise, shall vest
in  the  purported  assignee  or  transferee  any  interest  or  right  therein
whatsoever,  but immediately upon such assignment or transfer, or any attempt to
make  the same, such rights shall terminate and become of no further effect.  If
this  provision  is  violated,  the  Participant's election to purchase Ordinary
Shares  shall  terminate, and the only obligation of the Company remaining under
the  Plan will be to pay to the person entitled thereto the amount then credited
to  the  Participant's  account.  No Participant may create a lien on any funds,
securities,  rights  or  other  property held for the account of the Participant
under  the  Plan,  except  to  the  extent  that there has been a designation of
beneficiaries in accordance with the Plan, and except to the extent permitted by
will  or  the  laws  of  descent and distribution if beneficiaries have not been
designated.  A  Participant's  right  to purchase shares under the Plan shall be
exercisable  only  during  the  Participant's  lifetime  and  only  by  him.

<PAGE>
15.  COSTS

     All costs and expenses incurred in administering this Plan shall be paid by
the Company.  Any brokerage fees for the sale of shares purchased under the Plan
shall  be  paid  by  the  Participant.

16.  REPORTS

     At  the  end of each Purchase Period, the Company shall provide or cause to
be  provided  to  each  Participant  a  report  of  his contributions, including
interest  earned,  and  the  number  of  Ordinary  Shares  purchased  with  such
contributions  by  that  Participant  on  each  Purchase  Date.

17.  EQUAL  RIGHTS  AND  PRIVILEGES

     All  eligible Employees shall have equal rights and privileges with respect
to  the  Plan to the extent necessary to enable the Plan to qualify for U.S. tax
purposes  as an "employee stock purchase plan" within the meaning of Section 423
or  any  successor provision of the Code and related regulations.  Any provision
of the Plan which is inconsistent with Section 423 or any successor provision of
the  Code  shall  without further act or amendment by the Company be reformed to
comply  with  the  requirements  of  Section  423.  This  Section  17 shall take
precedence  over  all  other  provisions  in  the  Plan.

18.  RIGHTS  AS  SHAREHOLDERS

     A  Participant  will  have no rights as a shareholder under the election to
purchase  until he becomes a shareholder as herein provided.  A Participant will
become a shareholder with respect to shares for which payment has been completed
as  provided  in  Section 9 at the close of business on the last business day of
the  Purchase  Period.

19.  MODIFICATION  AND  TERMINATION

     The  Board may amend or terminate the Plan at any time insofar as permitted
by  law.  No amendment shall be effective unless within one (1) year after it is
adopted  by the Board, it is approved by the holders of Transocean's outstanding
shares  if  and  to  the  extent  such  amendment  is required to be approved by
shareholders  in  order  to  cause the rights granted under the Plan to purchase
Ordinary  Shares  to  meet  the  requirements of Section 423 of the Code (or any
successor  provision).

     The  Plan  shall  terminate after all Ordinary Shares issued under the Plan
have been purchased, unless terminated earlier by the Board or unless additional
Ordinary Shares are issued under the Plan with the approval of the shareholders.
In  the  event  the Plan is terminated, the Committee may elect to terminate all

<PAGE>
outstanding  rights to purchase shares under the Plan either immediately or upon
completion  of  the  purchase  of  shares  on the next Purchase Date, unless the
Committee  has designated that the right to make all such purchases shall expire
on some other designated date occurring prior to the next Purchase Date.  If the
rights to purchase shares under the Plan are terminated prior to expiration, all
funds  contributed to the Plan which have not been used to purchase shares shall
be  returned to the Participants as soon as administratively feasible, including
interest  and dividends, if applicable, determined in accordance with Section 7.

20.  BOARD  AND  SHAREHOLDER  APPROVAL;  EFFECTIVE  DATE

     The  Plan  was  originally  adopted  by the Board on March 12, 1998 and was
effective  immediately  on  such  date.  The  Plan  was  originally  approved by
shareholders  at  the  1998  annual  meeting.  The Plan was amended and restated
effective  January 1, 2000.  This amendment and restatement of the Plan shall be
effective  as  of  May  8,  2003.  The increase in the number of Ordinary Shares
reserved  for  issuance under the Plan was approved by the holders of a majority
of outstanding Ordinary Shares at the shareholder's meeting held on May 8, 2003.

21.  GOVERNMENTAL  APPROVALS  OR  CONSENTS

     This  Plan  and any offering or sale made to Employees under it are subject
to  any  governmental  approvals or consents that may be or become applicable in
connection  therewith.  Subject  to  the provisions of Section 19, the Board may
make  such  changes in the Plan and include such terms in any offering under the
Plan  as  may  be  desirable  to  comply  with  the  rules or regulations of any
governmental  authority.

22.  LISTING  OF  SHARES  AND  RELATED  MATTERS

     If at any time the Board or the Committee shall determine, based on opinion
of  legal counsel, that the listing, registration or qualification of the shares
covered by the Plan upon any national securities exchange or reporting system or
under  any  state or federal law is necessary or desirable as a condition of, or
in  connection  with,  the  sale or purchase of shares under the Plan, no shares
will be sold, issued or delivered unless and until such listing, registration or
qualification  shall  have been effected or obtained, or otherwise provided for,
free  of  any  conditions  not  acceptable  to  legal  counsel.

23.  EMPLOYMENT  RIGHTS

     The  Plan  shall  neither  impose  any  obligation  on Transocean or on any
Subsidiary  to  continue  the  employment  of  any  Participant,  nor impose any
obligation  on  any  Participant to remain in the employ of Transocean or of any
Subsidiary.

<PAGE>
24.  WITHHOLDING  OF  TAXES

     The  Committee  may make such provisions as it may deem appropriate for the
withholding  of any taxes which it determines is required in connection with the
purchase  of  Ordinary  Shares  under  the  Plan.

25.  SUBSIDIARY  TERMS

     In  addition  to  changes  in  eligibility  requirements,  the  adopting
Subsidiaries  may make any changes in the terms of this Plan applicable to their
Employees as shall be acceptable to the Committee, provided that such changes do
not cause the Plan to fail to comply with the requirements of Section 423 of the
Code,  to  the  extent  it  is  applicable.

26.  GOVERNING  LAW

     The  Plan and rights to purchase shares that may be granted hereunder shall
be  governed  by  and  construed and enforced in accordance with the laws of the
State  of  Texas.

27.  USE  OF  GENDER

     The  gender  of  words  used  in  the  Plan  shall  be construed to include
whichever  may  be  appropriate  under  any  particular  circumstances  of  the
masculine,  feminine  or  neuter  genders.

28.  OTHER  PROVISIONS

     The  agreements  to  purchase  Ordinary Shares under the Plan shall contain
such  other  provisions  as  the  Committee  and the Board shall deem advisable,
provided  that  no such provision shall in any way be in conflict with the terms
of  the  Plan.

     IN  WITNESS WHEREOF, this document has been executed effective as of May 8,
2003.

                                     TRANSOCEAN  INC.

                                     By:  /s/  Eric  B.  Brown
                                          -------------------------------------
                                          Eric  B.  Brown
                                          Senior  Vice  President,  General
                                          Counsel  &  Corporate  Secretary

<PAGE>

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