Document:

exv10w26

 

    EXHIBIT 10.26

 

    PRIDE
    INTERNATIONAL, INC.

    EMPLOYEE STOCK PURCHASE PLAN

 

    (As Amended and Restated Effective April 1, 2000)

 

    Second Amendment

 

    Pride International, Inc. (the “Company”), having
    previously established the Pride International, Inc. Employee
    Stock Purchase Plan, as amended and restated effective
    April 1, 2000 (the “Plan”), and having reserved
    the right under Section 19 thereof to amend the Plan, does
    hereby amend the Plan, effective as of January 1, 2006, as
    follows:

 

    1. Section 4 of the Plan is hereby amended by adding
    “and” at the end of item (i) thereof, by placing
    “.” in lieu of “; and” at the end of item
    (ii) thereof, and by deleting item (iii) thereof.

 

    2. The first sentence of Section 8 of the Plan is
    hereby amended to read as follows:

 

    “Enrollment in the Plan by an Employee on an Enrollment
    Date will constitute the grant, as of the Grant Date, by the
    Company to the Participant of the right to purchase shares of
    Common Stock under the Plan.”

 

    3. Section 9 of the Plan is hereby amended in its
    entirety to read as follows:

 

    “9.  Purchase of Shares

 

    The right to purchase shares of Common Stock granted by the
    Company under the Plan is for the term of a Purchase Period. The
    fair market value of the Common Stock (‘Fair Market
    Value’) to be purchased during such Purchase Period will
    be, as of the first trading day of the calendar month of January
    or such other trading date designated by the Committee (the
    ‘Grant Date’), (i) if the shares of Common Stock
    are listed on the New York Stock Exchange, then the final
    closing sales price per share of Common Stock as reported on New
    York Stock Exchange Composite Trading Listings, or a similar
    report selected by the Company, on that date, or, if there shall
    have been no such sale so reported on that date, on the last
    preceding date on which such a sale was so reported,
    (ii) if the shares of Common Stock are listed on a national
    securities exchange other than the New York Stock Exchange, the
    mean between the highest and lowest sales price per share of
    Common Stock on the primary such national securities exchange on
    that date, or, if there shall have been no such sale so reported
    on that date, on the last preceding date on which such a sale
    was so reported, (iii) if the shares of Common Stock are
    not so listed but are quoted in the NASDAQ National Market
    System, the mean between the highest and lowest sales price per
    share of Common Stock on the NASDAQ National Market System on
    that date, or, if there shall have been no such sale so reported
    on that date, on the last preceding date on which such a sale
    was so reported, (iv) if the Common Stock is not so listed
    or quoted, the mean between the closing bid and asked price on
    that date, or, if there are no quotations available for such
    date, on the last preceding date on which such quotations shall
    be available, as reported by NASDAQ, or, if not reported by
    NASDAQ, by the National Quotation Bureau, Inc., or (v) if
    none of the above are applicable, the fair market value of a
    share of Common Stock as determined in good faith by the
    Committee. The Fair Market Value of the Common Stock 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 twenty-seven (27) months
    from the related Grant 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.

    

    1

 

    As of the Purchase Date, the Committee shall apply the funds
    then credited to each Participant’s account to the purchase
    of whole and fractional shares of Common Stock. 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
    Common Stock on the Grant Date; or

 

    (ii) eighty-five percent (85%) of the Fair Market Value of
    Common Stock 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 notified the Custodian or
    such other designated bank or financial institution, in the
    appropriate manner, of his election to receive the certificate)
    as soon as administratively feasible after the Purchase Date.
    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. 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.”

 

    4. Section 10 of the Plan is hereby amended in its
    entirety to read as follows:

 

    “10.  Withdrawal of Shares and Sale of
    Shares

 

    (a) Withdrawal of Shares. A Participant may elect to
    withdraw at any time (without withdrawing from participation in
    the Plan) whole shares held in his account by giving notice to
    the Custodian (or other person designated by the Committee) in
    the appropriate manner. Upon receipt of such notice from the
    Participant, 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) Sale of Shares. Notwithstanding anything in the Plan to
    the contrary, a Participant may sell whole
    and/or
    fractional shares which are held in his account by giving notice
    to the Custodian (or such other person designated by the
    Committee) in the appropriate manner. Upon receipt of such
    notice from the Participant, 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 occur as soon as administratively
    feasible.”

 

    5. Section 11 of the Plan is hereby amended in its
    entirety to read as follows:

 

    “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, the Participant or,
    if applicable, his beneficiary or legal representative, shall be
    entitled to receive (i) payment of all cash amounts
    credited to the

    

    2

 

    Participant’s account, including interest and dividends, if
    any, determined in accordance with Section 7,
    (ii) payment of the net proceeds of the sale of fractional
    shares, if any, held in the Participant’s account, and
    (iii) a certificate for the number of whole shares held in
    the Participant’s account to be delivered to the
    Participant or, if applicable, his beneficiary or legal
    representative, provided that such Participant, beneficiary or
    legal representative has given notice, in the appropriate
    manner, to the Custodian or such other designated bank or
    financial institution of his election to receive the
    certificate. Once participation terminates, the
    Participant’s account will be maintained as a part of the
    Plan for thirty (30) days thereafter, subject to any
    agreements between Pride and the Custodian. After the thirty
    (30) day period expires, the Participant’s account
    will no longer be considered a part of the Plan. For purposes of
    the Plan, a Participant is not deemed to have terminated his
    employment if he transfers employment from Pride to a
    Subsidiary, or vice versa, or transfers employment between
    Subsidiaries.”

 

    PRIDE INTERNATIONAL, INC.

 

			
	 	    By: 
	
    /s/  W.
    Gregory Looser

			
	 	    Name: 
	
    W. Gregory Looser

	 	    Title: 
	
    Senior Vice President, General Counsel and Secretary

 

    ATTEST:

 

    /s/  Brady
    K. Long

    Brady K. Long

    Assistant General Counsel

    

    3exv10w40

 

Exhibit 10.40

Summary of Certain Executive Officer and Director Compensation Arrangements

Named Executive Officer Salary and Bonus Information

     The following table presents the current base salary of the officers of Pride as of June 1,
2006 who are named in the Summary Compensation Table included in Item 11 of Pride’s annual report
on Form 10-K for the year ended December 31, 2005.

	 	 	 	 	 
	Name	 	Salary	 
	 
	 	 	 	 
	Louis A. Raspino
	 	$	750,000	 
	 
	 	 	 	 
	W. Gregory Looser
	 	 	315,000	 
	 
	 	 	 	 
	Kevin C. Robert
	 	 	265,000	 
	 
	 	 	 	 
	Gary W. Casswell
	 	 	295,000	 

     Under Pride’s annual incentive compensation plan for 2006, bonuses for executive officers will
be paid on a discretionary basis by Pride’s Compensation Committee based on target objectives
established by the Committee. The plan provides incentives to each executive officer to maximize
Pride’s profitability, reduce debt, improve working capital and improve safety performance.
Bonuses for executive officers under the 2006 plan will be determined with reference to the level
of achievement of plan objectives approved by the Compensation Committee. Target bonuses payable
for 2006 as a percentage of base salary for the persons named above are as follows: Mr.
Raspino—80%; Mr. Looser—50%; Mr. Robert—45%; and Mr. Casswell—50%. The maximum bonus equals to
two times the target bonus.

     Pride incorporates by reference herein the information set forth under “Executive
Compensation” in Item 11 of the annual report.

Director Fees

     The annual retainer for the chairman of the board is $125,000. Each other director who is not
an employee of Pride receives an annual retainer of $40,000 and a fee of $2,000 for each board and
committee meeting attended. In addition, the chairman of the Audit Committee receives an annual
fee of $12,000; the chairman of the Compensation Committee receives an annual fee of $10,000; and
the chairman of the Nominating and Corporate Governance Committee receives an annual fee of
$10,000.

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