Document:

Fifth Amendment to BJ Services Company 1999 Employee Stock Purchase Plan

 Exhibit 10.51 
  
 FIFTH AMENDMENT TO 
 BJ SERVICES COMPANY 
 1999 EMPLOYEE STOCK PURCHASE PLAN 
  
 WHEREAS, BJ SERVICES COMPANY (the “Company”) has heretofore adopted the BJ SERVICES COMPANY 1999
EMPLOYEE STOCK PURCHASE PLAN (the “Plan”); and 
  
 WHEREAS, the Company desires to amend the Plan in certain respects; 
  
 NOW, THEREFORE, the Plan shall be amended as follows: 
  

	I.	Effective as of October 1, 2004: 

  
 1.    The fourth sentence of subparagraph 5(a) of the Plan shall be deleted and the following shall be substituted therefor:

  
 “The number of shares subject to each option shall be the
quotient of the payroll deductions authorized by each participant in accordance with subparagraph (b) extended for the option period divided by the “option price” (defined below) of the Stock on the date of grant, as defined by
subparagraph 6(b), excluding all fractions; provided, however, that, prior to the commencement of any option period, the Company in its discretion may establish a maximum number of shares that may be subject to any option offered under such option
period (any such maximum shall be subject to adjustment in the same manner as provided in paragraph 11 with respect to the number of shares subject to the Plan and the number and option price of shares subject to options outstanding under the
Plan).” 
  
 2.    The following sentence
shall be added to the end of subparagraph 5(b) of the Plan: 
  
 “In addition, an eligible employee may not commence participation in an option period under the Plan unless such eligible employee has, at such time or times as may be designated by the Company, entered into such agreements and
authorizations as may be prescribed by the Company pursuant to subparagraph 6(c).” 
  
 3.    Subparagraph 5(h) of the Plan shall be deleted and the following shall be substituted therefor: 
  
 “(h)    TAX WITHHOLDING.    At the time an option under the Plan is exercised, in whole or in
part, or at the time some or all of the Stock issued under the Plan is disposed of, the participant must make adequate provision for the Company’s federal, state or other tax withholding obligations, if any, that arise upon the exercise of the
option or the disposition of the Stock. At any time, the Company may withhold from the participant’s compensation the amount 

 
necessary for the Company to meet applicable withholding obligations, including without limitation any withholding required to make available to the Company
any tax deductions or benefits attributable to the sale or disposition of Stock purchased by the participant under the Plan.” 
  
 4.    The following sentences shall be added to the end of subparagraph 6(a) of the Plan: 
  
 “Notwithstanding any provision of the Plan to the contrary, prior to the
commencement of any option period, the Company in its discretion may establish a minimum exercise price for such option period to the effect that if the option price for such option period is less than such minimum exercise price, then each
participant shall be deemed to have withdrawn from the plan pursuant to paragraph 7 immediately prior to the date of exercise of such offering period; provided, however, that a participant’s payroll deduction authorization shall not be
terminated with respect to the date of grant of any subsequent option period by reason of any such deemed withdrawal. Any such minimum exercise price shall be subject to adjustment in the same manner as provided in paragraph 11 with respect to the
number of shares subject to the Plan and the number and option price of shares subject to options outstanding under the Plan.” 
  
 5.    Subparagraph 6(c) of the Plan shall be deleted and the following shall be substituted therefor: 
  
 “(c)    DELIVERY OF
SHARES.    Except as provided below, the Company shall deliver to each participant a certificate issued in his name for the number of shares of Stock with respect to which such participant’s option was exercised and for
which such participant has paid the option price. The certificate shall be delivered as soon as practicable following the date of exercise. 
  
 In lieu of delivering share certificates directly to participants, the Company in its discretion may take such steps as it deems necessary
or advisable (including, without limitation, the execution of service agreements and contracts) to effect the delivery of shares to a broker-dealer or similar custodian designated by the Company (the “Plan Broker”) on such terms and
conditions as the Company determines in its discretion. In such event, as soon as practicable following the date of exercise, the Company, on behalf of each participant, shall deliver to the Plan Broker a certificate for (or shall otherwise cause to
be credited with the Plan Broker) the number of shares of Stock with respect to which such participant’s option was exercised and for which such participant has paid the option price. The Plan Broker shall keep accurate records of the
beneficial interests of each participant in such shares by means of the establishment and maintenance of an account for each participant. Fees and expenses of the Plan Broker shall be paid by the Company and/or allocated among the respective
participants in such manner as the Company determines in its discretion. During any period that the Plan Broker arrangement described above is utilized in connection with the Plan, participants shall be required, at such time or times as 

  

 2 

 
may be designated by the Company, to enter into such agreements and authorizations (the terms of which may include, without limitation, restrictions on the
transfer of shares from participants’ Plan Broker accounts) with the Plan Broker and the Company as the Company may prescribe. 
  
 In the event the Company is required to obtain from any commission or agency authority to issue any shares as provided above, the Company
will seek to obtain such authority. Inability of the Company to obtain from any such commission or agency authority which counsel for the Company deems necessary for the lawful issuance of any such shares shall relieve the Company from liability to
any participant in the Plan except to return to him the amount of the balance in his account.” 
  
 6.    Paragraph 10 of the Plan shall be deleted and the following shall substituted therefor: 
  
 “10.    RIGHTS OF
STOCKHOLDER.    With respect to shares of Stock subject to an option, an optionee shall not be deemed to be a stockholder, and he shall not have any of the rights or privileges of a stockholder. An optionee shall have the rights
and privileges of a stockholder when, but not until, shares have been issued to him or on his behalf, as applicable, following exercise of his option.” 
  

	II.	As amended hereby, the Plan is specifically ratified and reaffirmed. 

  

 3Form of letter agreement for non-employee directors during fiscal 2000

  
 Exhibit 10.52

  
 FORM OF LETTER AGREEMENT REGARDING OPTIONS GRANTED

 TO NON-EMPLOYEE DIRECTORS DURING FISCAL 2000 
  
 BJ SERVICES COMPANY 
 Non-Employee
Director’s Stock Option 
  

			
	 [Name of Director]
	 	[            ]
	 	 	 Number of Shares

  
 Under the terms of the BJ Services
Company 1997 Incentive Plan, you have been granted on [Date of Grant] (the “Date of Grant”), an option to purchase the above stated number of shares of Common Stock of BJ Services Company, at the exercise price of $[Exercise Price] for
each share. This option is a non-qualified stock option. 
  
 This option is
granted under and is governed by the terms and conditions of the Company’s 1997 Incentive Plan, including the Terms and Conditions attached hereto and incorporated herein by reference. 
  
 This option is exercisable at any time after the Date of Grant, but not after the tenth
anniversary of the Date of Grant. 
  

			
	BJ Services Company
		
	By:	 	 
	 	 	 J. W. Stewart, Chairman of the Board,
 President and Chief Executive Officer

  

  
 BJ SERVICES COMPANY

 1997 INCENTIVE PLAN 
  
 TERMS AND CONDITIONS – DIRECTOR OPTION 
  
 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 director named therein (the “Director”). Terms defined in the 1997 Incentive Plan (the “Plan”) are used herein with the same meaning. 
  
 l. The Director has agreed to serve on the Company’s Board of Directors
(“Board”) and to accept the grant of a director option (“Option”) in accordance with the terms and provisions of the Plan and the Agreement. 
  

2. The Option shall become vested (exercisable) at the Date of Grant as to all of the shares of Common Stock covered by this Option. 
  
 3. 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 tenth anniversary of its Date of Grant or the earlier termination of such Option as provided herein. 
  
 4. The Director agrees that the Company 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 Director has satisfied such withholding obligations or made arrangements for satisfying such obligations that are acceptable to the Company. 
  
 5. 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. 
  
 6. 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 in cash, shares of Common Stock of the Company already owned, a “cashless exercise” procedure established by the Company, or any
combination thereof. If the Director desires to tender Common Stock already owned by the Director as payment, the Director must notify the Secretary in the written notice of exercise of such desire and, subject to the Secretary’s confirmation
that the Director is the record holder of such number of shares, it shall not be necessary for the Director 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, any such tendered shares shall be valued at their fair market value per share on the date of exercise of the Option. 
  
 7. The Option is not transferable by the Director, otherwise than by will or laws of descent and distribution, and may be exercised during the lifetime of
the Director only by the Director. 
  
 8. In the event of the
termination of the Director’s membership on the Board (whether voluntary or involuntary) for any reason other than death, disability, cause or Retirement, the Option outstanding on such date of termination may be exercised by the Director
within three months following such termination, but not thereafter; provided, however, in no event shall the Option be exercisable after the tenth anniversary of the Date of Grant. As used herein, “Retirement” shall mean a
termination as a result of the provisions of the Company’s Bylaws regarding automatic termination of directors’ terms of office. 
  
 9. In the event of the Director’s termination from the Board by reason of death, the Option granted herein may be exercised by the person to whom the
Director’s rights shall pass by will or the laws of descent and distribution (“Heir”) at any time within the 12-month period beginning on the Director’s date of death, but not thereafter, and in no event shall the Option be
exercisable after the tenth anniversary of the Date of Grant. 
  
 10. In the event of the Director’s termination from the Board by reason of disability or Retirement, the Option granted herein may be exercised by the Director (or in the event of the Director’s death, the Director’s Heir)
within the 36-month period following such termination, but not thereafter, and in no event shall the Option be exercisable after the tenth anniversary of the Date of Grant. 
  
 11. In the event of the Director’s termination from the Board for cause, the Option shall automatically lapse in full
and be canceled unexercised as of that date. 
  
 12. In the event
of a change in the capitalization of the Company due to a stock split, stock dividend, recapitalization, merger, consolidation, combination, or similar event, the terms of the Agreement shall be adjusted by the Committee to reflect such change.

  
 13. Upon the occurrence 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 the entity acquiring the Company or the
parent company of the 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 IV, Section 5(g) 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 tenth anniversary of the Date of Grant regardless of any termination of the Director’s membership on the Board of Directors of the Company or the board of directors of the Acquiring Entity following the Change of Control and the New Option
may be surrendered to the Acquiring Entity during the 90-day period following the occurrence of the Change of Control in return for a payment in cash or in shares of New Stock to be determined in accordance with Article IV, Section 5(g) of the Plan.

  
 (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 Director 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 IV, Section 5(g) of the Plan. 
  
 14. Nothing in the Agreement or in the Plan shall confer any right on the Director to continue as a member of the Board. 
  
 15. Notwithstanding any other provision of the Agreement, the Director agrees that the Director will not exercise the Option and the Company shall not be
obligated to deliver any shares of Common Stock, if counsel to the Company determines such exercise or delivery would violate any law or regulation of any governmental authority or agreement between the Company and any national securities exchange
upon which the Common Stock is listed. 
  
 16. In the event of a
conflict between the terms of this Agreement and the Plan, the Plan shall be the controlling document. Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the Plan.

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