Document:

exv4w3

 

Exhibit 4.3

AMENDMENT TO RIGHTS AGREEMENT

          THIS AMENDMENT TO RIGHTS AGREEMENT (this “Amendment”), dated as of January 29, 2008, is
entered into by and between Pride International, Inc., a Delaware corporation (the “Company”), and
American Stock Transfer & Trust Company, as rights agent (the “Rights Agent”), pursuant to Section
27 of the Rights Agreement, dated as of September 12, 2001 (the “Rights Agreement”), between the
Company and the Rights Agent.

          WHEREAS, Section 27 of the Rights Agreement provides that, at any time when the Rights (as
defined in the Rights Agreement) are redeemable, the Company may in its sole and absolute
discretion, and the Rights Agent shall, if the Company so directs, supplement or amend any
provision of the Rights Agreement in any respect without the approval of any holders of Rights or
holders of Common Stock (as defined in the Rights Agreement); and

          WHEREAS, the Rights are currently redeemable, and a majority of the whole Board of Directors
of the Company has determined that it is in the best interests of the Company to amend the Rights
Agreement to provide for uncertificated shares of Common Stock as set forth herein; and

          WHEREAS, in accordance with Section 27 of the Rights Agreement, the Company hereby certifies
that this Amendment is in compliance with the terms of Section 27 of the Rights Agreement and
hereby directs the Rights Agent to execute this Amendment;

          NOW, THEREFORE, in consideration of the premises and mutual agreements set forth herein and in
the Rights Agreement, the parties hereby agree as follows:

          Section 1. Definitions. Capitalized terms used but not defined herein shall have the meaning
assigned to such terms in the Rights Agreement.

          Section 2. Amendments to Rights Agreement. Sections 3(a) and 3(c) of the Rights Agreement
are hereby amended to read in their entirety as follows, respectively:

     (a) Until the Distribution Date, (x) the Rights will be evidenced (subject to the
provisions of paragraph (b) of this Section 3) by the certificates for Common Stock
registered in the names of the holders of the Common Stock or, for Common Stock held in
book-entry accounts through the direct registration service of the Company’s transfer agent,
by such book-entry accounts (together with a direct registration transaction advice with
respect to such shares) and not by separate certificates, and (y) the Rights will be
transferable only in connection with the transfer of the underlying shares of Common Stock
(including a transfer to the Company). As soon as practicable after the Distribution Date,
the Rights Agent will (i) send by first-class, insured, postage prepaid mail, to each record
holder of the Common Stock as of the close of business on the Distribution Date (other than
any Person referred to in the first sentence of Section 7(e)), at the address of such holder
shown on the records of the Company, one or more Rights Certificates, evidencing one Right
for each share of Common Stock so held, subject to adjustment as provided herein, or (ii)
credit the book-entry account of such holder with such Rights and send a direct registration
transaction advice with respect to such Rights

 

 

to such holder. In the event that an adjustment in the number of Rights per share of Common
Stock has been made pursuant to Section 11(p) hereof, at the time of distribution of the
Rights Certificates or such credits to the book-entry accounts, the Company shall make the
necessary and appropriate rounding adjustments (in accordance with Section 14(a) hereof) so
that Rights Certificates representing only whole numbers of Rights are distributed, or only
whole numbers of Rights are credited to book-entry accounts, and cash is paid in lieu of any
fractional Rights. As of and after the Distribution Date, the Rights will be evidenced
solely by such Rights Certificates or such book-entry credits and related direct
registration transaction advices. In the event the Company elects to distribute any Rights
by crediting book-entry accounts, the provisions in this Agreement that reference Rights
Certificates shall be interpreted to reflect that the Rights are credits to the book-entry
accounts, that separate Rights Certificates are not issued with respect to some or all of
the Rights, and that any legend required on a Rights Certificate may be placed on the direct
registration transaction advice with respect to certain Rights.

* * * * * *

     (c) Rights have been and shall be issued in respect of all shares of Common Stock (i)
that were issued in the Merger or (ii) that have been or are issued (whether originally
issued or delivered from the Company’s treasury) after the Effective Time but prior to the
earlier of the Distribution Date or the Expiration Date or, in certain circumstances
provided in Section 22 hereof, after the Distribution Date. Certificates issued
representing such shares of Common Stock that shall so become outstanding or shall be
transferred or exchanged after the Effective Time but prior to the earlier of the
Distribution Date or the Expiration Date shall also be deemed to be certificates for Rights,
and shall bear the following legend:

     This certificate also evidences and entitles the holder hereof to certain
Rights as set forth in the Rights Agreement between Pride International, Inc. (the
“Company”) and American Stock Transfer & Trust Company (the “Rights Agent”) dated as
of September 12, 2001 as it may from time to time be supplemented or amended (the
“Rights Agreement”), the terms of which are hereby incorporated herein by reference
and a copy of which is on file at the principal offices of the Company. Under
certain circumstances, as set forth in the Rights Agreement, such Rights may be
redeemed, may be exchanged, may expire or may be evidenced by separate certificates
and will no longer be evidenced by this certificate. The Company will mail to the
holder of this certificate a copy of the Rights Agreement, as in effect on the date
of mailing, without charge promptly after receipt of a written request therefor.
Under certain circumstances set forth in the Rights Agreement, Rights beneficially
owned by or transferred to any Person who is, was or becomes an Acquiring Person or
an Affiliate or Associate thereof (as such terms are defined in the Rights
Agreement), and certain transferees thereof, will become null and void and will no
longer be transferable.

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Each book-entry account for such shares of Common Stock that shall so become outstanding or
shall be transferred or exchanged after the Effective Time but prior to the earlier of the
Distribution Date or the Expiration Date shall also be deemed to include the associated
Rights, and the direct registration transaction advice with respect to such shares shall
bear the following legend:

     Each security covered by this Advice entitles the holder thereof to certain
Rights as set forth in the Rights Agreement between Pride International, Inc. (the
“Company”) and American Stock Transfer & Trust Company (the “Rights Agent”) dated as
of September 12, 2001 as it may from time to time be supplemented or amended (the
“Rights Agreement”), the terms of which are hereby incorporated herein by reference
and a copy of which is on file at the principal offices of the Company. Under
certain circumstances, as set forth in the Rights Agreement, such Rights may be
redeemed, may be exchanged, may expire or may be evidenced by separate certificates
or be covered by separate book-entry credits and will no longer be covered by this
Advice or be evidenced by a certificate representing a security covered by this
Advice. The Company will mail to the holder of the security covered by this Advice
a copy of the Rights Agreement, as in effect on the date of mailing, without charge
promptly after receipt of a written request therefor. Under certain circumstances
set forth in the Rights Agreement, Rights beneficially owned by or transferred to
any Person who is, was or becomes an Acquiring Person or an Affiliate or Associate
thereof (as such terms are defined in the Rights Agreement), and certain transferees
thereof, will become null and void and will no longer be transferable.

With respect to such shares of Common Stock described in this Section 3(c), until the
earlier of the Distribution Date or the Expiration Date, the Rights associated with the
Common Stock represented by such certificates or held in such book-entry accounts shall be
evidenced by such certificates or such book-entry accounts (together with the direct
registration transaction advice with respect to such shares) alone, and registered holders
of Common Stock shall also be the registered holders of the associated Rights, and the
transfer of any shares of Common Stock, whether by transfer of physical certificates or
book-entry transfer, shall also constitute the transfer of the Rights associated with the
Common Stock.

          Section 3. Miscellaneous.

     (a) The term “Agreement” as used in the Rights Agreement shall be deemed to refer to
the Rights Agreement as amended hereby.

     (b) This Amendment shall be effective as of the date first above written, and,
except as set forth herein, the Rights Agreement shall remain in full force and effect and shall be
otherwise unaffected hereby.

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     (c) This Amendment may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall
together constitute but one and the same instrument.

     (d) This Amendment shall be deemed to be a contract made under the laws of the State
of Delaware and for all purposes shall be governed by and construed in accordance with the laws of
such State applicable to contracts to be made and performed entirely within such State.

     (e) Except to the extent specifically amended hereby, the provisions of the Rights
Agreement shall remain unmodified, and the Rights Agreement as amended hereby is confirmed as being
in full force and effect.

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
attested, all as of the day and year first above written.

	 	 	 	 	 
	 	PRIDE INTERNATIONAL, INC.

 	 
	 	By:  	/s/
W. Gregory Looser 	 
	 	 	W. Gregory Looser 	 
	 	 	Senior Vice President, General Counsel and Secretary 	 
	 

	 	 	 	 	 
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY,

as Rights Agent

 	 
	 	By:  	/s/
Paula Caroppoli 	 
	 	 	Name:  	Paula Caroppoli 	 
	 	 	Title:  	Vice President 	 
	 

5exv10w31

 

Exhibit 10.31

Form Restricted Stock Unit Award for Directors

PRIDE INTERNATIONAL, INC.

2004 DIRECTORS’ STOCK INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

     This Restricted Stock Unit Agreement (“Agreement”) between PRIDE INTERNATIONAL, INC. (the
“Company”) and ____________ (the “Grantee”), a nonemployee Director of the Company, regarding an
award (“Award”) of ______ units of Common Stock (as defined in the Pride International, Inc. 2004
Directors’ Stock Incentive Plan (the “Plan”), such Common Stock comprising this Award referred to
herein as “Restricted Stock Units”) awarded to the Grantee on ______ (the “Award Date”), such
number of Restricted Stock Units subject to adjustment as provided in the Plan, and further subject
to the following terms and conditions:

     1. Relationship to Plan

     This Award is subject to all of the terms, conditions and provisions of the Plan and
administrative interpretations thereunder, if any, which have been adopted by the Committee
thereunder and are in effect on the date hereof. Except as defined herein, capitalized terms shall
have the same meanings ascribed to them under the Plan.

     (a) “Disability” has the meaning set forth in Section 1.409A-3(i)(4)(A) of the Treasury
Regulations and shall be determined by the Committee in its sole discretion.

     (b) “Payment Election” shall have the meaning set forth in Section 3(a) hereof.

     (c) “Transfer
Commencement Date” shall mean either [the first anniversary
of the Award Date], or, if Grantee makes a
Payment Election, the first date of payment pursuant to such Payment Election. The Transfer
Commencement Date pursuant to a Payment Election shall be either a fixed date or the date of a
Separation from Service, as specified by the Grantee.

     (d) “Separation from Service” shall mean a “separation from service” within the meaning of
Treasury Regulation Section 1.409A-1(h).

     2. Vesting

     The Grantee shall be fully vested in the Restricted Stock Units on the Grant Date.

     3. Delivery of Shares

     (a) Form of Delivery. The Restricted Stock Units are payable in ordinary shares of Company
Stock. This distribution may be made either as a single lump sum transfer of shares or through the
transfer of shares in substantially equal annual installments over the period selected by the
Grantee. Subject to the provisions of this Restricted Stock Unit Agreement, the Grantee shall
timely elect the form in which the distribution shall be made and the applicable Transfer
Commencement Date in the form and manner prescribed by the Committee pursuant to the requirements
of Section 409A of the Code (the “Payment Election”). If the Committee or its

 

 

designee has not received the Grantee’s Payment Election by the applicable deadline, then the
Grantee shall receive the Common Stock in a single lump sum payment
on [the first anniversary of the Award Date].

     (b) General Provisions Regarding Timing of Delivery. Except as specifically set forth in this
Restricted Stock Unit Agreement, distribution of shares subject to this Award of Restricted Stock
Units shall commence on the Transfer Commencement Date in the following form:

     (i) in a single lump sum transfer of shares; or

     (ii) if elected by the Grantee pursuant to a Payment Election in
accordance with Section 3(a), in a series of substantially equal annual
installments over a period selected by the Grantee commencing on the
Transfer Commencement Date and continuing on the succeeding anniversaries of
such Transfer Commencement Date;

provided, however, that no distribution of shares shall occur prior to [the first anniversary of the Award Date].

     (c) Circumstances Requiring Distributions Regardless of Payment Election.

     (i) Death Prior to Distribution of Entire Award. Notwithstanding any
Payment Election to the contrary, if the Grantee dies prior to the transfer
of all of the shares to which he is entitled pursuant to this Restricted
Stock Unit Agreement, then any shares that have not been transferred as of
the date of the Grantee’s death will be transferred in a single lump sum to
the Grantee’s estate. Such transfer shall occur on the later of [the first anniversary of the Award Date] or the date that is 90 days after the date of the Grantee’s death.

     (ii) Disability Prior to Distribution of Entire Award. Notwithstanding
any Payment Election to the contrary, if the Grantee experiences a
Disability prior to the transfer of all of the shares to which he is
entitled pursuant to this Restricted Stock Unit Agreement, then any shares
that have not been transferred as of the date of the Grantee’s Disability
will be transferred in a single lump sum to the Grantee. Such transfer
shall occur on the later of [the first anniversary of the Award Date] or the date that is 90 days
after the Grantee’s Disability.

     (iii) Change in Control. Notwithstanding any Payment Election to the
contrary, all undistributed shares associated with this Restricted Stock
Unit Agreement shall be transferred to the Grantee in a single lump sum on
the later of [the first anniversary of the Award Date] or the date that is the fifth business day
following the date of a Change in Control that constitutes a permissible
payment event under Treasury Regulation Section 1.409A-3(i)(5).

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     4. Dividend Equivalent Payments

     The Grantee will be entitled to receive a cash payment equal to the dividends paid with
respect to Common Stock covered by the Restricted Stock Units, payable in the same amount and at
the same time as dividends on Common Stock are paid to any other stockholder.

     5. Stockholder Rights

     The Grantee shall have no rights of a stockholder with respect to shares of Common Stock
subject to this Award unless and until such time as the Award has been settled by the transfer of
shares of Common Stock to the Grantee.

     6. Restriction on Settlement and Delivery of Shares

     The Company shall not be obligated to deliver any shares of Common Stock if counsel to the
Company determines that such sale or delivery would violate any applicable law or any rule or
regulation of any governmental authority or any rule or regulation of, or agreement of the Company
with, any securities exchange or association upon which the Common Stock is listed or quoted. The
Company shall in no event be obligated to take any affirmative action in order to cause the
delivery of shares of Common Stock to comply with any such law, rule, regulation or agreement.

     7. Notices

     Unless the Company notifies the Grantee in writing of a different procedure, any notice or
other communication to the Company with respect to this Award shall be in writing and shall be:

     (a) by registered or certified United States mail, postage prepaid, to Pride
International, Inc., Attn: Corporate Secretary, 5847 San Felipe, Suite 3300, Houston, Texas
77057; or

     (b) by hand delivery or otherwise to Pride International, Inc., Attn: Corporate
Secretary, 5847 San Felipe, Suite 3300, Houston, Texas 77057.

     Any notices provided for in this Agreement or in the Plan shall be given in writing and shall
be deemed effectively delivered or given upon receipt or, in the case of notices delivered by the
Company to the Grantee, five days after deposit in the United States mail, postage prepaid,
addressed to the Grantee at the address specified at the end of this Agreement or at such other
address as the Grantee hereafter designates by written notice to the Company.

     8. Assignment of Award

     Except as otherwise permitted by the Committee, the Grantee’s rights under the Plan and this
Agreement are personal; no assignment or transfer of the Grantee’s rights under and interest in
this Award may be made by the Grantee other than by will or by the laws of descent and
distribution.

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     Notwithstanding the foregoing, subject to the approval of the Committee, in its sole
discretion, the Award may be transferred by the Grantee to (i) the children or grandchildren of the
Grantee (“Immediate Family Members”), (ii) a trust or trusts for the exclusive benefit of such
Immediate Family Members (“Immediate Family Member Trusts”) or (iii) a partnership or partnerships
in which such Immediate Family Members have at least 99% of the equity, profit and loss interests
(“Immediate Family Member Partnerships”). Subsequent transfers of a transferred Award shall be
prohibited except by will or the laws of descent and distribution, unless such transfers are made
to the original Grantee or a person to whom the original Grantee could have made a transfer in the
manner described herein. No transfer shall be effective unless and until written notice of such
transfer is provided to the Committee, in the form and manner prescribed by the Committee.
Following transfer, the Award shall continue to be subject to the same terms and conditions as were
applicable immediately prior to transfer, and except as otherwise provided herein, the term
“Grantee” shall be deemed to refer to the transferee. The consequences of termination of service
shall continue to be applied with respect to the original Grantee, following which the Awards shall
vest only to the extent specified in the Plan and this Agreement.

     9. Withholding

     At the time of delivery of shares of Common Stock attributable to Restricted Stock Units, the
amount of all federal, state and other governmental withholding tax requirements imposed upon the
Company with respect to the delivery of such shares of Common Stock attributable to Restricted
Stock Units shall be remitted to the Company or provisions to pay such withholding requirements
shall have been made to the satisfaction of the Committee. The Committee may make such provisions
as it may deem appropriate for the withholding of any taxes, if any, which it determines is
required in connection with this Award.

     10. Stock Certificates

     Certificates representing the Common Stock issued pursuant to the Award will bear all legends
required by law and necessary or advisable to effectuate the provisions of the Plan and this Award.

     11. Successors and Assigns

     This Agreement shall bind and inure to the benefit of and be enforceable by the Grantee, the
Company and their respective permitted successors and assigns (including personal representatives,
heirs and legatees), except that the Grantee may not assign any rights or obligations under this
Agreement except to the extent and in the manner expressly permitted herein.

     12. No Continued Service Guaranteed

     No provision of this Agreement, and no action of the Company or the Committee with respect
hereto, shall confer or be construed to confer any right upon the Grantee to continue as a Director
of the Company or any Subsidiary.

-4-

 

     13. Governing Law

     This Agreement shall be governed by, construed, and enforced in accordance with the laws of
the State of Delaware.

     14. Amendment

     This Agreement cannot be modified, altered or amended except by an agreement, in writing,
signed by both the Company and the Grantee.

     15. Section 409A Compliance.

     It is intended that the provisions of this Agreement satisfy the requirements of Code Section
409A, and the accompanying U.S. Treasury Regulations and pronouncements thereunder, and that the
Agreement be operated in a manner consistent with such requirements to the extent applicable.

     If the Grantee is identified by the Company as a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) of the Code on the date on which he has a Separation from Service (other
than due to death), any transfer of shares payable on account of a Separation from Service shall
not take place prior to the earlier of (i) the first business day following the expiration of six
months from the Grantee’s Separation from Service, (ii) the date of the Grantee’s death, or (iii)
such earlier date as complies with the requirements of Section 409A of the Code (the “Specified
Employee Transfer Date”). If the Grantee elected to receive his distribution in a series of
installments, he shall receive the first installment on his Specified Employee Transfer Date, but
any subsequent installments shall be payable without regard to his status as a specified employee.

	 	 	 	 	 
	 	PRIDE INTERNATIONAL, INC.

 	 
	Date: _______________________	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

     The Grantee hereby accepts the foregoing Restricted Stock Unit Agreement, subject to the terms
and provisions of the Plan and administrative interpretations thereof referred to above.

	 	 	 	 	 
	 	GRANTEE:

 	 
	Date: _______________________	 	 
	 	 	 	 
	 	 	 	 
	 

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