Document:

exv10w44

 

Exhibit 10.44

SEVENTH AMENDMENT TO

AMENDED AND RESTATED

COOPER CAMERON CORPORATION

LONG-TERM INCENTIVE PLAN

     WHEREAS, COOPER CAMERON CORPORATION (the “Company”) has heretofore adopted the AMENDED AND
RESTATED COOPER CAMERON CORPORATION LONG-TERM INCENTIVE PLAN (the “Plan”); and

     WHEREAS, the Company desires to amend the Plan in certain respects;

     NOW, THEREFORE, the Plan shall be amended as follows, effective as of December 15, 2004:

	 	1.	 	The phrase “restricted stock unit award” shall be added to Section
2.1, ”Definitions,” following “restricted stock award;
	 
	 	2.	 	The words “restricted stock units” shall be added to Section 5,
“Awards,” following “restricted stock grants”;
	 
	 	3.	 	The following Section 8A shall be added to the Plan:

     8A. Restricted Stock Units

     8A.1 Grants. Awards may be granted in the form of restricted stock units
(“RSUs”). RSUs shall be awarded in such numbers and at such times as the Committee
shall determine.

     8A.2 Terms and Conditions of RSUs. RSU Grants shall vest in whole or in such
installments and at such times as may be determined by the Committee; provided,
however, that no grant of RSUs shall fully vest in less than three years. In
addition, grants of RSUs shall be subject to such other terms, conditions,
restrictions, and limitations as the Committee deems appropriate including, but not
limited to, requirements of continued employment.

     8A.3 Issuance of Stock. Upon vesting the Participant shall be issued the
number of shares of Common Stock to which the Award entitled such Participant, less
those shares the value of which on the date of vesting is necessary to satisfy any
withholding obligations provided for in the RSU Award.

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

	 	 	 
	

	 	APPROVED:
	

	 	 
	

	 	/s/ William C. Lemmer
	

	 	
 
	 

	 	William C. Lemmer
	

	 	Vice President, General Counsel &
	

	 	Secretary
	

	 	Date: December 15, 2004exv10w46

 

Exhibit 10.46

December 21, 2004

Mr. Charles Sledge

Vice President and Controller

1333 West Loop South, Suite 1700

Houston, Texas 77027

     Dear Chuck:

     The Board of Directors of Cooper Cameron Corporation (the “Company”) has concluded that it is
in the Company’s best interest to amend its letter agreement with you, dated October 10, 2002, (the
“Agreement”) by eliminating Section 5 in its entirety. The Company, therefore, is offering the
payment to you of the sum of eighty-nine thousand, one hundred and fifty-four dollars and six cents
($89,154.06), payable within two weeks of the execution of this letter, in return for your
agreement that the provisions of Section 5 of your Agreement shall be waived and cancelled in their
entirety. As further inducement for your agreement to the waiver and cancellation, the Company is
also offering the following:

	 	1.	 	Your Employment Agreement shall be amended so that part (iii) of the
definition of “Change of Control” will read in its entirety:

a merger or consolidation involving the Company or its stock or an
acquisition by the Company, directly or indirectly or through one or more
subsidiaries, of another entity or its stock or assets in exchange for the
stock of the Company, unless, immediately following such
transaction, 70% or more of the then outstanding Voting Securities of the
surviving or resulting corporation or entity will be (or is) then
beneficially owned, directly or indirectly, by the individuals and
entities who were the beneficial owners of the Company’s outstanding
Voting Securities immediately prior to such transaction (treating, for
purposes of determining whether the 70% continuity test is met, any
ownership of the Voting Securities of the surviving or resulting
corporation or entity that results from a stockholder’s ownership of the
stock of, or other ownership interest in, the corporation or other entity
with which the Company is merged or consolidated as not owned by persons
who were beneficial owners of the Company’s outstanding voting Securities
immediately prior to the transaction.)

 

 

Mr. Charles Sledge

December 21, 2004

Page 2

	 	2.	 	Your Agreement shall be amended further so that a transaction, which would
have qualified as a “Change of Control” but for the fact that the consideration
therefor is part or all cash, will be a transaction (an “Other Significant
Transaction”) which triggers your severance benefits in the event of a termination in
connection therewith.

     If you agree to so amend your Agreement, please execute and return this letter to the General
Counsel.

	 	 	 	 	 	 	 
	

	 	 	 	Very truly yours,	 	 
	

	 	 	 	 	 	 
	

	 	 
	 	/s/ Sheldon R. Erikson	 	 
	

	 	 	 	
 	 	 
	

	 	 	 	Sheldon R. Erikson	 	 
	

	 	 	 	Chairman, President and CEO	 	 
	ACCEPTED AND AGREED:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	/s/ Charles M. Sledge
	 	 	 	 	 	 
	

	 	 
	 	 
	 	 
	Charles Sledge
	 	 	 	 	 	 
	Date: 12/21/04exv10w47

 

Exhibit 10.47

August 16, 2004

Mr. Franklin Myers

Senior Vice President and

     Chief Financial Officer

1333 West Loop South, Suite 1700

Houston, Texas 77027

Dear Franklin:

     The Board of Directors of Cooper Cameron Corporation (the “Company”) has concluded that it is
in the Company’s best interest to amend the employment agreement with you, dated September 1, 1999,
(the “Employment Agreement”) by eliminating Section 10A in its entirety. The Company, therefore,
is offering the payment to you of the sum of Three Hundred Sixty-four Thousand, Four Hundred
Twenty-one dollars ($364,421), payable within two weeks of the execution of this letter, in return
for your agreement to the following:

	 	1.	 	The provisions of Section 10A of your Employment Agreement shall be waived
and cancelled.
	 
	 	2.	 	Your Employment Agreement shall be amended so that part (iii) of the
definition of “Change of Control” will read in its entirety:

a merger or consolidation involving the Company or its stock or an
acquisition by the Company, directly or indirectly or through one or more
subsidiaries, of another entity or its stock or assets in exchange for the
stock of the Company, unless, immediately following such
transaction, 80% or more of the then outstanding Voting Securities of the
surviving or resulting corporation or entity will be (or is) then
beneficially owned, directly or indirectly, by the individuals and
entities who were the beneficial owners of the Company’s outstanding
Voting Securities immediately prior to such transaction (treating, for
purposes of determining whether the 80% continuity test is met, any
ownership of the Voting Securities of the surviving or resulting
corporation or entity that results from a stockholder’s ownership of the
stock of, or other ownership interest in, the corporation or other entity
with which the Company is merged or consolidated as not owned by persons
who were

 

 

Mr. Franklin
Myers
August 16, 2004

Page 2

beneficial owners of the Company’s outstanding voting Securities
immediately prior to the transaction.)

	 	3.	 	Your Employment Agreement shall be amended to add “Other Significant
Transaction” in order that a transaction which would have qualified as a “Change of
Control” at a 30% threshold for mergers and consolidations (as apposed to the 20% used
in the definition of Change of Control) but for the fact that the consideration
therefore is part or all cash, will now be a transaction that will trigger your
severance benefits in the event of a termination in connection therewith.

     If you agree to so amend your Employment Agreement, please execute and return this letter to
the General Counsel.

	 	 	 	 	 	 	 
	

	 	 	 	Very truly yours,	 	 
	

	 	 	 	 	 	 
	

	 	 
	 	/s/ Sheldon R.
Erikson

	 	 
	

	 	 	 	 	 
	

	 	 	 	Sheldon R. Erikson	 	 
	

	 	 	 	Chairman, President and CEO	 	 
	ACCEPTED AND AGREED:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	/s/
Franklin Myers
	 	 	 	 	 	 
	 	 
	 	 
	 	 
	Franklin
Myers
	 	 	 	 	 	 
	Date: 8/16/04exv10w48

 

Exhibit 10.48

August 24, 2004

Mr. Sheldon R. Erikson

Chairman, President & CEO

Corporate

Houston, TX

Dear Mr. Erikson,

     The Company has concluded that it is in the best interests of its stockholders to amend its
employment agreement with you, dated September 1, 1999, (the “Employment Agreement”) by eliminating
Section 10A. in its entirety. The Company, therefore, is offering the following consideration in
return for your agreement to waive and cancel your rights under Section 10A.:

	 	1.	 	Payment of the sum of three hundred and two thousand, seven hundred and fifty one
dollars ($302,751);
	 
	 	2.	 	Substitution of the following in part (iii) of the definition “Change of Control” so
that part (iii) will read in its entirety:

a merger or consolidation involving the Company or its stock, or an acquisition by
the Company, directly or indirectly or through one or more subsidiaries, of another
entity or its stock or assets in exchange for the stock of the Company unless,
immediately following such transaction, more than 80% of the then outstanding Voting
Securities of the surviving or resulting corporation or entity will be (or is) then
beneficially owned, directly or indirectly, by all or substantially all of the
individuals and entities who were the beneficial owners, of the Company’s outstanding
Voting Securities immediately prior to such transaction (treating, for purposes of
determining whether the 80% continuity test is met, any ownership of the Voting
Securities of the surviving or resulting corporation or entity that results from a
stockholder’s ownership of the stock of, or other ownership interest in the
corporation or other entity with which the Company is merged or consolidated as not
owned by persons who were beneficial owners of the Company’s outstanding Voting
Securities immediately prior to the transaction).

 

 

Mr. Sheldon Erikson

August 24, 2004

Page 2

     If you agree to so amend your Letter Agreement, please execute and return this letter to Bill
Lemmer.

	 	 	 	 	 	 	 
	

	 	 	 	Very truly yours,	 	 
	

	 	 	 	 	 	 
	

	 	 
	 	/s/ David Ross	 	 
	

	 	 	 	
 	 	 
	

	 	 	 	David Ross	 	 
	

	 	 	 	Chairman, Compensation and Governance Committee
of the Board of Directors	 	 
	ACCEPTED AND AGREED:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	/s/ Sheldon R. Erikson
	 	 	 	 	 	 
	

	 	 
	 	 
	 	 
	Name: Sheldon R. Erikson
	 	 	 	 	 	 
	Date: August 24, 2004

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