Document:

exv10w2

 

Exhibit 10.2

Form Restricted Stock Award for Employees

PRIDE INTERNATIONAL, INC.

1998 LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

     This Restricted Stock Agreement (“Agreement”) between PRIDE INTERNATIONAL, INC. (the
“Company”) and ___ (the “Grantee”), an employee of the Company or one of its
Subsidiaries, regarding an award (“Award”) of
___ shares of Common Stock (as defined in the
Pride International, Inc. 1998 Long-Term Incentive Plan (the “Plan”), such Common Stock comprising
this Award referred to herein as “Restricted Stock”)
awarded to the Grantee on ___ (the
“Award Date”), such number of shares subject to adjustment as provided in Section 14 of the Plan,
and further subject to the following terms and conditions:

     1. Relationship to Plan and Employment Agreement.

     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. In addition, the parties agree that
notwithstanding any provision herein to the contrary, this Agreement shall be deemed modified by
the provisions of any employment agreement between the Grantee and the Company, and vesting of this
Award shall occur in the event stock options and other awards specifically vest under such
employment agreement. For purposes of this Agreement:

     (a) “Disability” means illness or other incapacity which prevents the Grantee from continuing
to perform the duties of his job for a period of more than three months.

     (b) “Employment” means employment with the Company or any of its Subsidiaries.

     (c) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     (d) “Retirement” means the Grantee’s termination of employment on or after attainment of age
65, or, if applicable to the Grantee, any earlier age specified as the Grantee’s Normal Retirement
Age under the Pride International, Inc. Supplemental Executive Retirement Plan.

 

 

     2. Vesting Schedule.

     (a) This Award shall vest in installments in accordance with the following schedule:

	 	 	 	 	 
	 	 	Additional Percentage of
	Date Vested	 	Award Vested
	____________
	 	 	25	%
	____________
	 	 	25	%
	____________
	 	 	25	%
	____________
	 	 	25	%
	 
	 	 	 	 
	 
	 	 	100	%

     (b) All shares of Restricted Stock subject to this Award shall vest, irrespective of the
limitations set forth in subparagraph (a) above, provided that the Grantee has been in continuous
Employment since the Award Date, upon the occurrence of:

     (i) a Change in Control or

     (ii) the Grantee’s termination of employment by reason of death,
Disability or Retirement.

     3. Forfeiture of Award.

     Except as provided in any other agreement between the Grantee and the Company, if the
Grantee’s employment terminates other than by reason of death, Disability or Retirement, all
unvested Restricted Stock as of the termination date shall be forfeited.

     4. Escrow of Shares.

     During the period of time between the Award Date and the earlier of the date the Restricted
Stock vests or is forfeited (the “Restriction Period”), the Restricted Stock shall be registered in
the name of the Grantee and held in escrow by the Company, and the Grantee agrees, upon the
Company’s written request, to provide a stock power endorsed by the Grantee in blank. Any
certificate shall bear a legend as provided by the Company, conspicuously referring to the terms,
conditions and restrictions described in this Agreement. Upon termination of the Restriction
Period, a certificate representing such shares shall be delivered upon written request to the
Grantee as promptly as is reasonably practicable following such termination.

     5. Code Section 83(b) Election.

     The Grantee shall be permitted to make an election under Code Section 83(b), to include an
amount in income in respect of the Award of Restricted Stock in accordance with the requirements of
Code Section 83(b).

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     6. Dividends and Voting Rights.

     The Grantee is entitled to receive all dividends and other distributions made with respect to
Restricted Stock registered in his name and is entitled to vote or execute proxies with respect to
such registered Restricted Stock, unless and until the Restricted Stock is forfeited.

     7. 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.

     8. 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.

     9. 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.

     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

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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 Employment 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.

     10. Withholding.

     At the time of delivery or vesting of Restricted Stock, the amount of all federal, state and
other governmental withholding tax requirements imposed upon the Company with respect to the
delivery or vesting of such shares of Restricted Stock 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 which it determines is required in connection with this Award. The Grantee may pay
all or any portion of the taxes required to be withheld by the Company or paid by the Grantee in
connection with the all or any portion of this Award by delivering cash, or, with the Committee’s
approval, by electing to have the Company withhold shares of Common Stock, or by delivering
previously owned shares of Common Stock, having a Fair Market Value equal to the amount required to
be withheld or paid. The Grantee may only request withholding Restricted Stock having a Fair
Market Value equal to the statutory minimum withholding amount. The Grantee must make the
foregoing election on or before the date that the amount of tax to be withheld is determined. If
the Grantee is subject to the short-swing profits recapture provisions of Section 16(b) of the
Exchange Act, any such election shall be subject to such other restrictions as may be established
by the Committee in order that satisfaction of withholding tax obligations with shares of Common
Stock might be exempt from the operation of Section 16(b) of the Exchange Act in whole or in part.

     11. 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.
The Company may place a “stop transfer” order against shares of the Common Stock issued pursuant
to this Award until all restrictions and conditions set forth in the Plan or this Agreement and in
the legends referred to in this Section 11 have been complied with.

     12. 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.

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     13. No Employment Guaranteed.

     No provision of this Agreement shall confer any right upon the Grantee to continued Employment
with the Company or any Subsidiary.

     14. Governing Law.

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

     15. Amendment.

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

	 	 	 	 	 
	

	 	 	 	PRIDE INTERNATIONAL, INC.
	 
	 	 	 	 
	Date:

	 	 	 	By:
	

	 	

	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

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

	 	 	 	 	 
	

	 	 	 	GRANTEE:
	 
	 	 	 	 
	Date:
	 	 	 	 
	

	 	

	 	

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EXHIBIT 10.3

Form Option Award to Directors

PRIDE INTERNATIONAL, INC.

2004 DIRECTORS’ STOCK INCENTIVE PLAN

NON-QUALIFIED STOCK OPTION AGREEMENT

     This option agreement (“Option Agreement” or “Agreement”) executed between PRIDE
INTERNATIONAL, INC. (the “Company”), and ___(the “Optionee”), a nonemployee Director of
the Company or one of its Subsidiaries, regarding a right (the “Option”) awarded to the Optionee on
___(the “Award Date”) to purchase from the Company up to but not exceeding in the
aggregate ___shares of Common Stock (as defined in the Pride International, Inc. 2004
Directors’ Stock Incentive Plan (the “Plan”)) at the price of $___.___per share, such number of
shares and such price per share being subject to adjustment as provided in the Plan, and further
subject to the following terms and conditions:

     1. Relationship to Plan

     This Option 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 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. For purposes of this Option Agreement:

     (a) “Disability” means a permanent or total disability as defined in Section 22(e)(3) of the
Internal Revenue Code of 1986, as amended.

     (b) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     (c) “Mandatory Resignation” means a Grantee’s resignation in compliance with the terms of the
Company’s Corporate Governance Guidelines, as determined by the Committee.

     (d) “Option Shares” means the shares of Common Stock covered by this Option Agreement.

     (e) “Retirement” means the Optionee’s termination of his or her position after attaining age
75.

 

 

     2. Exercise Schedule

     (a) This Option may be exercised in installments in accordance with the following schedule:

	 	 	 	 	 
	 	 	Percentage of Additional Option
	Date Vested	 	Shares Available for Purchase
	____________
	 	 	50	%
	____________
	 	 	50	%
	 
	 	 	 
	 
	 	 	100	%

     The Optionee must be in continuous service as a Director of the Company or any of its
Subsidiaries from the Award Date through the date of exercisability in order for the Option to
become exercisable with respect to additional shares of Common Stock on such date.

     (b) This Option shall become fully exercisable, irrespective of the limitations set forth in
subparagraph (a) above, provided that the Optionee has been in continuous service as a Director of
the Company or any of its Subsidiaries since the Award Date, upon the occurrence of:

     (i) a Change in Control or

     (ii) the Optionee’s termination of his or her position by reason of
death, Disability, Retirement or Mandatory Resignation.

     (c) To the extent the Option becomes exercisable, such Option may be exercised in whole or in
part (at any time or from time to time, except as otherwise provided herein) until expiration of
the Option pursuant to the terms of this Agreement or the Plan.

     3. Termination of Option

     The Option hereby granted shall terminate and be of no force and effect with respect to any
shares of Common Stock not previously purchased by the Optionee at the earliest time specified
below:

     (a) the tenth anniversary of the Award Date;

     (b) if the Optionee’s service with the Company and its Subsidiaries is terminated by the
Company or a Subsidiary for Cause at any time after the Award Date, then the Option shall terminate
immediately upon such termination of Optionee’s service or

     (c) if the Optionee’s service with the Company and its Subsidiaries is terminated for other
than Cause or for any reason other than identified in Section 2(b) at any time after the Award
Date, then, unless otherwise determined by the Committee, the unvested portion of such Option shall
terminate immediately upon such termination of the Optionee’s service and the vested portion of
such Option shall remain exercisable pursuant to the terms of this Agreement or the Plan.

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     In any event in which the Option remains exercisable for a period of time following the date
of termination of Optionee’s service, the Option may be exercised during such period of time only
to the extent it was exercisable as provided in Section 2 on such date of termination of Optionee’s
service. The portion of the Option not exercisable upon termination of Optionee’s service shall
terminate and be of no force and effect upon the date of the Optionee’s termination of service.

     4. Exercise of Option

     Subject to the limitations set forth herein and in the Plan, this Option may be exercised by
written notice provided to the Company as set forth in Section 5. Such written notice shall (a)
state the number of shares of Common Stock with respect to which the Option is being exercised and
(b) be accompanied by cash or shares of Common Stock (not subject to limitations on transfer) or a
combination of cash and Common Stock payable to Pride International, Inc. in the full amount of the
purchase price for any shares of Common Stock being acquired; provided, however, that any shares of
Common Stock delivered in payment of the option price that are or were the subject of an award
under the Plan must be shares that the Optionee has owned for a period of at least six months prior
to the date of exercise. For the purpose of determining the amount, if any, of the purchase price
satisfied by payment in Common Stock, such Common Stock shall be valued at its Fair Market Value on
the date of exercise.

     Notwithstanding anything to the contrary contained herein, the Optionee agrees that he will
not exercise the option granted pursuant hereto, and the Company will not be obligated to issue any
option shares pursuant to this Option Agreement, if the exercise of the Option or the issuance of
such shares would constitute a violation by the Optionee or by the Company of any provision of any
law or regulation of any governmental authority or any stock exchange or transaction quotation
system. The Optionee agrees that, unless the options and shares covered by the Plan have been
registered pursuant to the Securities Act of 1933, as amended (the “Act”), the Company may, at its
election, require the Optionee to give a representation in writing in form and substance
satisfactory to the Company to the effect that he is acquiring such shares for his own account for
investment and not with a view to, or for sale in connection with, the distribution of such shares
or any part thereof.

     If any law or regulation requires the Company to take any action with respect to the shares
specified in such notice, the time for delivery thereof, which would otherwise be as promptly as
possible, shall be postponed for the period of time necessary to take such action.

     5. Notices

     Notice of exercise of the Option must be made in the following manner, using such forms as the
Company may from time to time provide:

     (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, in which case
the date of exercise shall be the date of mailing; or

3

 

     (b) by hand delivery or otherwise to Pride International, Inc., Attn: Corporate Secretary,
5847 San Felipe, Suite 3300, Houston, Texas 77057, in which case the date of exercise shall be the
date when receipt is acknowledged by the Company.

     Notwithstanding the foregoing, in the event that the address of the Company is changed prior
to the date of any exercise of this Option, notice of exercise shall instead be made pursuant to
the foregoing provisions at the Company’s current address.

     Any other 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 Optionee, five days after deposit in the United States mail, postage prepaid,
addressed to the Optionee at the address specified at the end of this Agreement or at such other
address as the Optionee hereafter designates by written notice to the Company.

     6. Assignment of Option

     Subject to the approval of the Committee, in its sole discretion, the Option may be
transferred by the Optionee to (i) the children or grandchildren of the Optionee (“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 transferred Options shall be prohibited except by will or
the laws of descent and distribution, unless such transfers are made to the original Optionee or a
person to whom the original Optionee 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, any such
Options 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 Optionee shall be
deemed to refer to the transferee.

     After the death of the Optionee, exercise of the Option shall be permitted only by the
Optionee’s executor or the personal representative of the Optionee’s estate (or by his assignee, in
the event of a permitted assignment) and only to the extent that the option was exercisable on the
date of the Optionee’s death.

     7. Stock Certificates

     Certificates representing the Common Stock issued pursuant to the exercise of the Option will
bear all legends required by law and necessary or advisable to effectuate the provisions of the
Plan and this Option. The Company may place a “stop transfer” order against shares of the Common
Stock issued pursuant to the exercise of this Option until all restrictions and conditions set
forth in the Plan or this Agreement and in the legends referred to in this Section 7 have been
complied with.

4

 

     8. Shareholder Rights

     The Optionee shall have no rights of a shareholder with respect to shares of Common Stock
subject to the Option unless and until such time as the Option has been exercised and ownership of
such shares of Common Stock has been transferred to the Optionee.

     9. Withholding

     No certificates representing shares of Common Stock purchased hereunder shall be delivered to
or in respect of an Optionee unless the amount of all federal, state and other governmental
withholding tax requirements imposed upon the Company with respect to the issuance of such shares
of Common Stock has been remitted to the Company or unless provisions to pay such withholding
requirements 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 Option. The Optionee may pay all or any portion of the taxes
required to be withheld by the Company or paid by the Optionee in connection with the exercise of
all or any portion of this Option by delivering cash, or, with the Committee’s approval, by
electing to have the Company withhold shares of Common Stock, or by delivering previously owned
shares of Common Stock, having a Fair Market Value equal to the amount required to be withheld or
paid. The Optionee may only request withholding Option Shares having a Fair Market Value equal to
the statutory minimum withholding amount. The Optionee must make the foregoing election on or
before the date that the amount of tax to be withheld is determined. If the Optionee is subject to
the short-swing profits recapture provisions of Section 16(b) of the Exchange Act, any such
election shall be subject to such other restrictions as may be established by the Committee in
order that satisfaction of withholding tax obligations with shares of Common Stock might be exempt
from the operation of Section 16(b) of the Exchange Act in whole or in part.

     10. Successors and Assigns

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

     11. No Continued Service Guaranteed

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

     12. Governing Law

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

5

 

     13. Amendment

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

	 	 	 	 	 
	

	 	 	 	PRIDE INTERNATIONAL, INC.
	 
	 	 	 	 
	Date:

	 	 	 	By:
	

	 	

	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

     The Optionee hereby accepts the foregoing Option Agreement, subject to the terms and
provisions of the Plan and administrative interpretations thereof referred to above.

	 	 	 	 	 
	

	 	 	 	OPTIONEE:
	 
	 	 	 	 
	Date:
	 	 	 	 
	

	 	

	 	

6

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