Document:

<PAGE>

                                  EXHIBIT 10.2

                              EMPLOYMENT AGREEMENT

         This Employment Agreement (the "Agreement") is made and entered into
effective as of March 20, 2000, by and between T-3 Energy Services, Inc., a
Delaware corporation ("Employer"), and Michael T. Mino, a resident of Texas
("Employee"):

         1. TERM. Employer hereby agrees to employ Employee and Employee hereby
accepts employment, on the terms and conditions hereinafter set forth. The term
of Employee's employment under this Agreement shall commence on the date hereof
(the "Effective Date") and end on the first anniversary of the Effective Date,
subject to termination as hereinafter provided (such period as it may be
extended as described in this paragraph, being herein referred to as the "Term
of Employment"). Unless terminated pursuant to this Agreement, the Employee's
term of employment hereunder shall be automatically renewed at the conclusion of
each calendar month, so that at the beginning of each calendar month, the Term
of Employment shall always be one year. Notwithstanding the foregoing,
Employee's employment hereunder may be sooner terminated as hereinafter
provided, and if so terminated, the Term of Employment shall expire as of the
effective date of such termination.

         2. DUTIES. Employee agrees to serve Employer as Chief Financial Officer
of Employer and in such other executive capacities as may be requested from time
to time by the Board of Directors of Employer. (the "Board of Directors") or a
duly authorized committee thereof and Employee's authority shall at all times
remain subject to the authority of the Board of Directors. During the Term of
Employment, Employee shall devote his full time and exclusive attention to, and
use his best efforts to advance, the business and welfare of Employer. During
the Term of Employment, Employee will not engage in any other employment
activities for any direct or indirect remuneration without the prior written
consent of the Board of Directors.

         3. CONFIDENTIAL INFORMATION, TRADE SECRETS AND COVENANT NOT TO COMPETE.

                  3.1. CONFIDENTIAL TREATMENT FOR TRADE SECRETS. Employee hereby
agrees that, during the Term of Employment and thereafter, he will not, without
the written consent of Employer, disclose to any person, enterprise, entity or
association or otherwise use or exploit for himself or others any of the
proprietary or confidential information or knowledge of or regarding Employer or
its subsidiaries, ventures or their shareholders (individually "Company" and
collectively the "Companies"), or any of their businesses, properties or affairs
obtained by him at any time prior to or subsequent to the execution of this
Agreement, except to the extent required by his performance of assigned duties
for Employer, including without limitation: trade secrets; processes;
inventions; engineering records or data; interpretive or analytical information
or data; drilling logs; operating agreements and records; records of research;
proposals; manuals; records or information; reports; methods; techniques; lists;
memoranda; computer software; programming or records; or budgets or other
financial information, regarding the Companies (collectively, "Trade Secrets").
This Section 3.1 shall not apply to information or technology which (a) was
known to Employee or the public prior to disclosure to Employee in the course of
his employment by Employer hereunder or prior hereto with a predecessor in
interest to

                                      EX-46
<PAGE>

Employer; (b) becomes generally known to the public through no fault of Employee
or others owing duties of trust or confidentiality to Employee, (c) is lawfully
obtained by Employee from another source not under obligation to Employer or its
affiliates regarding disclosure of such information or technology, or (d) is
developed after the Term of Employment and independently by Employee without
access to or reliance on the information or technology disclosed hereunder.

                  3.2. RETURN OF TRADE SECRETS. Upon termination of his
employment with Employer, Employee will deliver to the Companies all tangible
displays and repositories of proprietary or confidential information or
knowledge, including without limitation: Trade Secrets and other materials or
records or writings of any other type (including any copies thereof) made, used
or obtained by Employee in connection with his employment by Employer or its
predecessor in interest prior to or subsequent to the execution of this
Agreement. Employee agrees that all inventions, improvements in any of the
Companies' methods of conducting their businesses or innovations (in each case,
including, by way of expansion and not limitation, policies, procedures,
products, improvements, software, ideas and discoveries, whether or not
patentable or copyrightable) conceived or made by him during any time of his
employment by Employer prior to or subsequent to the execution of this Agreement
belong to the appropriate Company or Companies and to the extent Employee
participated in the creation of the Trade Secrets he did so on a work for hire
basis. Upon termination of his Employment with Employer, Employee shall promptly
disclose such inventions, improvements or innovations to the Board of Directors
and perform all actions reasonably requested by the Board of Directors to
establish and confirm such ownership by the Companies and to protect the
intellectual property of Employer contained therein or represented thereby.

                  3.3. COVENANT NOT TO COMPETE. Employee hereby agrees that:

                           3.3.1. during the Term of Employment and until the
later of (i) the first anniversary of the date of the termination of Employee's
employment under this Agreement and (ii) such time as Employee no longer
receives any payments pursuant to Section 4, 6, 7, or 8 hereof (and as a
condition to Employee receiving any such payments), or, in the event of the
resignation of Employee, until the first anniversary of the date of the
resignation of Employee, he will not, in association with or as an officer,
principal, member, advisor, agent, partner, director, material stockholder,
employee or consultant of any corporation (or sub-unit, in the case of a
diversified business) or other enterprise, entity or association, work on the
acquisition or development of any line of business, property or project in which
the Companies are (i) then involved or (ii) have worked with or evaluated in the
last year and which are still being pursued or evaluated by Employer; and

                           3.3.2. during the Term of Employment and until the
later of (i) the second anniversary of the date of the termination of Employee's
employment under this Agreement and (ii) such time as Employee no longer
receives any payments pursuant to Section 4, 6, 7, or 8 hereof (and as a
condition to Employee receiving any such payments), or, in the event of the
resignation of Employee, until the second anniversary of the date of the
resignation of Employee, he will not solicit or induce any person who is or was
employed by the Companies at any time during such term or period, excluding
employees who may have left their employment by Employer more than 60 days prior
to being hired or solicited for employment by

                                      EX-47
<PAGE>

Employee, (A) to interfere with the activities or businesses of any Company or
(B) to discontinue his or her employment with the Companies, or employ any such
person in a business or enterprise which competes with any of the Companies.

                           3.3.3. Employee understands that the provisions of
Section 3.3 hereof may limit his ability to earn a livelihood in a business
similar to the business of Employer and the Companies but as an executive
officer of Employer he nevertheless agrees and hereby acknowledges that (i) such
provisions do not impose a greater restraint than is necessary to protect the
goodwill or other business interests of Employer and the Companies; (ii) such
provisions contain reasonable limitations as to time and scope of activity to be
restrained; and (iii) the consideration provided hereunder, including without
limitation, any amounts or benefits provided under Sections 7 and 8 hereof, is
sufficient to compensate Employee for the restrictions contained in Section 3.3
hereof. In consideration of the foregoing and in light of Employee's education,
skills and abilities, Employee agrees that he will not assert that, and it
should not be considered that, any provisions of Section 3.3 otherwise are void,
voidable or unenforceable or should be voided or held unenforceable.

                  3.4. EXECUTIVE NATURE OF EMPLOYMENT. Employee acknowledges and
agrees that his duties with Employer are of an executive nature and that he is a
member of Employer's management group. Employee agrees that the remedy at law
for any breach by him of any of the covenants and agreements set forth in this
Section 3 will be inadequate and that in the event of any such breach, Employer
may, in addition to the other remedies which may be available to it at law,
obtain injunctive relief prohibiting Employee (together with all those persons
associated with him) from the breach of such covenants and agreements.

                  3.5. APPLICATION TO SUBSIDIARIES. For purposes of this Section
3 and of Section 2 hereof, the term "Employer" shall include Employer and any
and all of Employer's subsidiaries or ventures, or any affiliates of Employer
(as such term is defined under the Securities Act of 1933), whether currently
existing or hereafter formed. The affiliates of Employer are not intended to be
construed as meaning other controlled affiliates of First Reserve Corporation.

                  3.6. CONSIDERATION. Each of the covenants of this Section 3
are given by Employee as part of the consideration for this Agreement and as an
inducement to Employer to enter into this Agreement and accept the obligations
hereunder.

         4.  BASE SALARY AND BENEFITS.

                  4.1. BASE SALARY. During the Term of Employment, Employer
shall pay Employee a salary at the rate of one hundred thirty-five thousand
dollars ($148,000) per annum payable in equal installments at least as
frequently as monthly and subject to payroll deductions as may be necessary or
customary in respect of Employer's salaried employees in general. Such salary
shall be subject to adjustment under the Employer's periodic compensation review
procedure which shall take into account such factors as job responsibilities,
performance and cost of living considerations. In no event shall such salary be
adjusted to less than initial amount set forth above.

                                      EX-48
<PAGE>

                  4.2. VACATIONS. During the Term of Employment, Employee shall
be entitled to vacation of the greater of four weeks or the amount of time
provided under the vacation policy of Employer applicable to employees of
Employer generally, as amended from time to time.

                  4.3. MEDICAL INSURANCE AND OTHER BENEFITS. During the Term of
Employment, Employer shall furnish Employee with such medical and hospital
insurance as is furnished to employees of Employer generally and Employee shall
be entitled to participate in all other fringe benefit programs which are
maintained by Employer and available to its executive officers generally, and
under the same terms as Employer's executive officers generally. Employee
acknowledges that he shall have no vested rights under or in respect of his
participation in any such program except as expressly provided under the terms
thereof.

                  4.4. AUTOMOBILE. The Company shall provide the Employee with
an automobile allowance in the amount of $650 per month, less any required tax
withholding.

         5. EXPENSES. Employer will pay or reimburse Employee for such
reasonable travel, entertainment, or other expenses as he may reasonably incur
during the term of this Agreement in connection with the performance of his
duties hereunder, but only to the extent that Employee shall furnish Employer
with such evidence that such expenses were incurred as Employer may from time to
time reasonably require or request.

         6. DEATH OR TOTAL DISABILITY OF EMPLOYEE. If Employee dies or becomes
totally disabled during the Term of Employment, the Term of Employment shall
automatically terminate and Employer's obligation to compensate Employee under
this Agreement shall in all respects cease, except that Employer shall pay
Employee or Employee's estate, within thirty (30) days of such death or
disability, an amount equal to the base compensation, vacation benefits provided
for under Section 4 hereof accrued and unpaid ("Accrued Compensation") as of the
time of such death or disability and Employee shall be entitled to such other
benefits provided for under Sections 4.2 and 4.3 hereof which have accrued and
have not been forfeited as of the time of such death or disability when and if
provided to be paid pursuant to the terms of any applicable Employer plans or
programs ("Accrued Benefits"). For purposes of this Section 6, Employee shall
reasonably be deemed "totally disabled" as of the time the Board of Directors
shall find, on the basis of medical evidence satisfactory to the Board of
Directors, that, as a result of a mental or physical condition, Employee is
unable to perform his normal duties of employment hereunder or is prevented from
engaging in the same level of performance as he engaged in prior to the onset of
such condition, giving effect to any reasonable accommodations which can be made
by Employer, and that such disability is likely to continue for a substantial
period of time.

         7. TERMINATION FOR CAUSE. Employee's employment under this Agreement
may be terminated by Employer for "good cause." Upon such termination,
Employer's obligation to compensate Employee under this Agreement shall in all
respects cease, except that Employer shall pay Employee, within thirty (30) days
of such termination, any Accrued Compensation as of the time of such termination
and Employee shall be entitled to any Accrued Benefits as of the time of such
termination when and if provided to be paid by the applicable program or plan.
The term "good cause" includes, but is not limited to any one or more of the
following occurrences:

                                      EX-49
<PAGE>

                  7.1. Employee's breach of any of the covenants contained in
this Agreement;

                  7.2. Employee's conviction by, or entry of a plea of guilty or
nolo contendere in, a court of competent and final jurisdiction for any crime
(excluding traffic violations and similar misdemeanors) involving moral
turpitude or which is punishable by imprisonment in the jurisdiction involved;

                  7.3. Employee's commission of an act of fraud, whether prior
or subsequent to the date hereof upon Employer or the Companies or any of their
subsidiaries, ventures or affiliates;

                  7.4. Employee's willful failure or refusal to perform his
duties as required by this Agreement, provided that, the termination of
Employee's employment pursuant to this Section 8.4. shall not constitute valid
termination for good cause unless Employee shall first have received written
notice from the Board of Directors or stating with specificity the nature of
such failure or refusal in the performance of duties and affording Employee at
least fifteen (15) days to correct the act or omission complained of;

                  7.5. Gross negligence, theft of Employer's property, material
violation by Employee of any duty of loyalty to Employer or any other material
misconduct on the part of Employee; or

                  7.6. Material violation of any employee policy manual, in
effect at that time, including, without limitation, the receipt of any kickback
or side payment from any customer, service provider, supplier or vendor.

                  Notwithstanding the foregoing, and except as provided below,
termination of Employee's employment by resignation shall be deemed a
termination for good cause and shall be effective as of the effective date of
such resignation, but acceptance of such resignation by Employer shall not be
deemed a waiver of any right of Employer or the Companies under this Agreement.
If, within 18 months of a change of control of the Company, (i) Employee has
experienced a material diminution in job title or responsibility, or has been
transferred by Employer to any place other than Houston, Texas (unless such
diminution or transfer is the result of events which would otherwise entitle
Employer to terminate Employee for good cause under this Section 7), and (ii)
Employee resigns from Employer within 60 days of such event, then Employee's
resignation under such circumstances shall be deemed a termination other than
for good cause and have the effect set forth in Section 8 below. A "change of
control" shall mean the closing of a transaction or series of transactions in
which wither (A) more than 50% of the voting power of Employer, or (B)
substantially all the assets of Employer, are transferred to a party that was
not a stockholder of Employer or an affiliate of such stockholder prior to such
transaction or series of transactions.

         8. OTHER TERMINATION. Employer may terminate Employee's employment
hereunder at any time for any reason other than those referred to above as good
cause or for no reason at all, and Employer's obligation to compensate Employee
under this Agreement shall in all respects cease upon such termination, except
that (a) Employer shall pay Employee, within thirty (30) days of such
termination, any Accrued Compensation as of the time of such

                                      EX-50
<PAGE>

termination, (b) Employee shall be entitled to any Accrued Benefits as of the
time of such termination when and if provided to be paid by the applicable
program or plan; (c) Employer shall continue to pay Employee an amount equal to
his monthly base salary under Section 4.1 hereof then in effect on the first day
of each month for a period equal to the number of months remaining in the Term
of Employment; and (d) Employee shall continue to be covered by, or Employer
shall provide comparable coverage to Employee as was provided under, Employer's
medical and hospital insurance as furnished to other employees generally, so
long as Employee receives payments pursuant to Section 8(c); provided, however,
that Employee may waive the provisions of Sections 8(a) through 8(d) and elect
to receive compensation pursuant to the stated termination policy of the Company
in effect as of the earlier of the date Employer gives written notice of
termination to Employee, or Employee is terminated pursuant to this Section 8.
Except as may be required by state or federal law, Employee shall not be
entitled to any other compensation or benefits whatsoever if Employee's
employment is terminated pursuant to this paragraph. An involuntary transfer of
Employee's resident business office location from the Houston vicinity shall be
deemed a termination other than for Cause. Notwithstanding the foregoing, any
termination, other than for good cause, following a change of control of
Employer shall extend the amount of severance pay due Employee under Section
8(c) to two years. A change of control shall be defined as sale of a majority
equity interest in Employer to a party other than an affiliate of First Reserve
Corporation.

         9.       RELEASE AND SATISFACTION.

                  9.1. Unless precluded by state or federal law, with respect to
Employee, his heirs, executors, legal representatives, successors and assigns,
each payment by Employer of the amounts and benefits provided under Sections 6,
7 or 8 hereof shall release, relinquish and forever discharge Employer and any
director, officer, employee, shareholder, agent or affiliate of Employer of and
from any and all claims, damages, losses, costs, expenses, liabilities or
obligations, whether known or unknown which relate to facts or events occurring
prior to each payment under Sections 6, 7 or 8 (other than any such claims,
damages, losses, costs, expenses, liabilities or obligations arising prior to
the termination of Employee's employment and (i) covered by any written
indemnification arrangement of Employer with respect to Employee, (ii) arising
under any written employee benefit plan or arrangement whether or not
tax-qualified) covering Employee or (iii) constituting a statutory right that is
not waivable by a party to this Agreement), which Employee has incurred or
suffered or may incur or suffer as a result of Employee's employment by Employer
or the termination of such employment.

                  9.2. Any termination of Employee's employment and any
expiration of the Terms of Employment under this Agreement shall not affect the
continuing operation and effect of Section 3 hereof or this Section 9, which
shall continue in full force and effect with respect to employer and Employee
and their respective heirs, executors, personal representatives, successors or
permitted assigns. Nothing in Section 9 hereof shall be deemed to operate or
shall operate as a release, settlement or discharge of any liability of Employee
to Employer or others from any act or omission by Employee enumerated in Section
7 hereof as a possible basis for termination of Employee's employment for good
cause.

                                      EX-51
<PAGE>

         10.      MISCELLANEOUS.

                  10.1. KEY MAN INSURANCE. Employee recognizes and acknowledges
that Employer or its affiliates may (but shall not be obligated to) seek and
purchase one or more policies providing key man life insurance with respect to
Employee, the proceeds of which would be payable to Employer or such affiliate.
Employee hereby consents to Employer's or its affiliate's seeking and purchasing
such insurance and will provide such information, undergo such medical
examinations, execute such documents, and otherwise take any and all actions
necessary or desirable in order for Employer or its affiliates to seek, purchase
and maintain in full force and effect such policy or policies.

                  10.2. SEVERABILITY. If any of the provisions of this Agreement
shall otherwise contravene or be invalid under the laws of any state or other
jurisdiction where it is applicable but for such contravention or invalidity,
such contravention or invalidity shall not invalidate all of the provisions of
this Agreement, but rather this Agreement shall be reformed and construed,
insofar as the laws of that state or jurisdiction are concerned, as not
containing the provision or provisions, but only to the extent that they are
contravening or are invalid under the laws of that state or jurisdiction, and
the rights and obligations created hereby shall be reformed and construed and
enforced accordingly.

                  10.3. MODIFICATION AND WAIVER OF BREACH. No waiver or
modification of this Agreement shall be binding unless it is in writing signed
by the parties hereto. No waiver of a breach hereof shall be deemed to
constitute a waiver of a future breach, whether of a similar or dissimilar
nature.

                  10.4. ASSIGNMENT. The rights and obligations of Employer under
this Agreement may, without the consent of Employee, be assigned by Employer, in
its sole discretion, to any subsidiary, venture or affiliate of Employer,
provided that Employee continues to have executive level responsibilities and
will not be required to relocate.

                  10.5. NOTICES. Except as otherwise required by law, any
notice, consent, request, instruction, approval and other communication provided
for herein shall be in writing and shall be deemed validly given, made or served
(i) on the date on which it is delivered personally with receipt acknowledged,
(ii) five business days after it shall have been sent by registered or certified
mail (receipt requested and postage prepaid), (iii) one business day after it is
sent by overnight courier (charges prepaid) or (iv) on the same business day
when sent before 5:00 p.m., recipient's time, and on the next business day when
sent after 5:00 p.m., recipient's time, by telex or telecopier, transmission
confirmed and charges prepaid: .

                           11.5.1.    if to Employer, addressed to:

                                      T-3 Energy Services, Inc.

                                      600 Travis, Suite 6000

                                      EX-52
<PAGE>

                                      Attention:  Michael L. Stansberry
                                      Telephone:  (713) 437-5186
                                      Telecopier:  (713) 224-6430

                           11.5.2. if to Employee, addressed to him at his then
current address or number, as indicated in the books and records of the Company;
or to such other address as shall be furnished in writing by any party to the
others.

                  11.6. COUNTERPARTS. This instrument may be executed in one or
more identical counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same Agreement.

                  11.7. CONSTRUCTION OF AGREEMENT. This Agreement shall be
construed in accordance with, and governed by, the laws of the State of Delaware
without giving effect to the conflict of law rules thereof.

                  11.8. MERGER; COMPLETE AGREEMENT. This Agreement, and the
exhibit hereto and other documents executed contemporaneously herewith, contain
the entire agreement between the parties hereto with respect to the transactions
contemplated by this Agreement and supersedes all previous oral and written and
all contemporaneous oral negotiations or commitments and other understandings.

                  11.9. NON-TRANSFERABILITY OF INTEREST. None of the rights of
Employee to receive any form of compensation payable pursuant to this Agreement
shall be assignable or otherwise transferable except through a testamentary
disposition or by the laws of descent and distribution upon the death of
Employee. Any attempted assignment, transfer, conveyance, or other disposition
(other than as aforesaid) of any interest in the rights of Employee to receive
any form of compensation to be made by Employer pursuant to this Agreement shall
be void.

                  11.10. LEGAL FEES. If any legal action, arbitration or other
proceeding is brought for the enforcement of this Agreement, or because of any
alleged dispute, breach, default or misrepresentation in connection with this
Agreement, the successful or prevailing party shall be entitled to recover such
reasonable attorneys' fees and other costs it incurred in that action or
proceeding, in addition to any other relief to which it may be entitled.

                  11.11. SUBMISSION TO JURISDICTION. Each of the parties hereto
irrevocably consents that any legal action or proceeding against it or any of
its property with respect to this agreement or any other agreement executed in
connection herewith may be brought in any court of the Sate of Delaware, any
Federal court of the United States of America located in the State of Delaware,
or both, and by the execution and delivery of this Agreement each party hereto
hereby accepts with regard to any such action or proceeding for itself and in
respect of its property, generally and unconditionally, the jurisdiction of the
aforesaid courts.

                  11.12. ARBITRATION. Any controversy, dispute, or claim arising
out of, in connection with, or in relation to, the interpretation, performance
or breach of this Agreement, including, without limitation, the validity, scope,
and enforceability of this section, may at the election of Employer or Employee
be solely and finally settled by arbitration conducted in

                                      EX-53
<PAGE>

Texas, by and in accordance with the then existing rules for commercial
arbitration of the American Arbitration Association, or any successor
organization. Judgment upon any award rendered by the arbitrator(s) may be
entered by the State or Federal Court having jurisdiction thereof. Any of the
parties may demand arbitration by written notice to the other and to the
American Arbitration Association ("Demand for Arbitration"). Any Demand for
Arbitration pursuant to this section shall be made within 180 days from the date
that the dispute upon which the demand is based arose. The parties intend that
this agreement to arbitrate be valid, enforceable and irrevocable.

         IN WITNESS WHEREOF, the undersigned have executed this Agreement on the
day and year first above written.

EMPLOYEE:                             EMPLOYER:

Michael T. Mino                       T-3 Energy Services, Inc.
                                      a Delaware corporation

/s/ MICHAEL T. MINO                   By: /s/ MICHAEL L. STANSBERRY
____________________________              ______________________________________
                                          Michael L. Stansberry

                                          President and Chief Executive Officer

                                      EX-54<PAGE>
                                                                    EXHIBIT 10.3

                            T-3 ENERGY SERVICES, INC.

                             2000 STOCK OPTION PLAN

SECTION 1.  PURPOSE OF PLAN

         This 2000 Stock Option Plan (this "Plan") of T-3 Energy Services, Inc.,
a Delaware corporation (the "Company"), is intended to serve as an incentive to,
and to encourage stock ownership by, certain employees and non-employee
directors, so that they may acquire or increase their proprietary interests in
the success of the Company and to encourage them to remain in the Company's
service.

SECTION 2.  PERSONS ELIGIBLE UNDER PLAN

         Any employee, consultant or director of the Company or any of its
subsidiaries or affiliates (an "Eligible Person") shall be eligible to be
considered for the grant of Awards (as hereinafter defined) hereunder. Any
director of the Company who is not an employee (a "Non-Employee Director") shall
be eligible to be considered for the grant of Non-Employee Director Options (as
hereinafter defined) pursuant to Section 10 hereof, but shall not otherwise
participate in this Plan. For purposes of this Plan, the Chairman of the Board's
status as a Non-Employee Director shall be determined by the Board of Directors
of the Company (the "Board").

SECTION 3.  AWARDS

         (A) The Board or the Committee (as hereinafter defined) is authorized
under this Plan to approve any type of arrangement with an Eligible Person that
is not inconsistent with the provisions of this Plan and that, by its terms,
involves or might involve the issuance of (1) shares of Common Stock, par value
$0.01 per share, of the Company or of any other class of security of the Company
that is convertible into shares of the Company's Common Stock (the "Shares") or
(2) a right or interest with an exercise or conversion privilege at a price
related to the Shares or with a value derived from the value of the Shares,
which right or interest may, but need not, constitute a "Derivative Security,"
as such term is defined in Rule 16a-1 promulgated under the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), as such Rule may be amended from
time to time. The entering into of any such arrangement is referred to herein as
the "grant" of an "Award."

         (B) Awards are not restricted to any specified form or structure and
may include, without limitation, grants, sales or bonuses of stock, restricted
stock, stock options, reload stock options, stock purchase warrants, other
rights to acquire stock, securities convertible into or redeemable for stock,
stock appreciation rights, limited stock appreciation rights, phantom stock,
dividend equivalents, performance units or performance shares, and an Award may
consist of one such security or benefit, or two or more of them in tandem or in
the alternative. The terms upon which an Award is granted shall be evidenced by
a written agreement executed by the Company and the Eligible Person to whom such
Award is granted.

         (C) Awards may be granted, and Shares may be issued pursuant to an
Award, for any lawful consideration as determined by the Board or the Committee,
including, without limitation, services rendered by the Eligible Person.

                                    EX-54A
<PAGE>

         (D) Subject to the provisions of this Plan, the Board or the Committee
shall determine all of the terms and conditions of each Award granted under this
Plan, which terms and conditions may (but need not) include, among other things:

             (1)    provisions permitting any holder of an Award to pay the
                    purchase price of the Shares or other property issuable
                    pursuant to such Award, and/or such holder's tax withholding
                    obligation with respect to such issuance, in whole or in
                    part, by any one or more of the following means:

                    (a) the delivery of cash;

                    (b) the delivery of other property;

                    (c) the delivery of previously owned shares of capital stock
                        of the Company (including "pyramiding");

                    (d) a reduction in the amount of Shares or other property
                        otherwise issuable pursuant to such Award ("cashless
                        exercise"); or

                    (e) the delivery of a promissory note of the holder or of a
                        third party;

             (2)    provisions specifying the exercise or settlement price for
                    any Award, or specifying the method by which such price is
                    determined;

             (3)    provisions relating to the exercisability and/or vesting of
                    Awards, lapse and non-lapse restrictions upon the Shares
                    obtained or obtainable under Awards or under this Plan and
                    the termination, expiration and/or forfeiture of Awards;

             (4)    provisions conditioning or accelerating the grant of an
                    Award or the receipt of benefits pursuant to such Award upon
                    the occurrence of specified events, including, without
                    limitation, the achievement of performance goals, the
                    exercise or settlement of a previous Award, the satisfaction
                    of an event or condition within the control of the recipient
                    of the Award or within the control of others, a change of
                    control of the Company, an acquisition of a specified
                    percentage of the voting power of the Company, the
                    dissolution or liquidation of the Company, a sale of
                    substantially all of the property and assets of the Company
                    or an event of the type described in Section 7 hereof;
                    and/or

             (5)    provisions restricting the transferability of Awards or
                    Shares issued under Awards.

SECTION 4.  STOCK SUBJECT TO PLAN

         (A) The aggregate number of Shares that may be issued pursuant to all
Stock Options granted under this Plan shall not exceed 27,500, subject to
adjustment as provided in Section 7 hereof.

         (B) At any time, the aggregate number of Shares issued and issuable
pursuant to all Awards (including all Stock Options and Awards that constitute a
right or interest with an exercise or conversion privilege at a price related to
the Shares or with a value derived from the value of Shares) granted under this
Plan shall not exceed 27,500, subject to adjustment as provided in Section 7
hereof.

                                    EX-54B
<PAGE>

         (C) The aggregate number of Shares subject to Awards granted during any
calendar year to any one Eligible Person (including the number of shares
involved in Awards having a value derived from the value of Shares) shall not
exceed 1,650, subject to adjustment as provided in Section 7 hereof.

         (D) For purposes of Section 4(B) hereof, the aggregate number of Shares
issued and issuable pursuant to Awards granted under this Plan shall at any time
be deemed to be equal to the sum of the following:

                  (i) the number of Shares that were issued prior to such time
         pursuant to Awards granted under this Plan, other than Shares that were
         subsequently reacquired by the Company pursuant to the terms and
         conditions of such Awards and with respect to which the holder thereof
         received no benefits of ownership such as dividends; plus

                 (ii) the number of Shares that were otherwise issuable prior to
         such time pursuant to Awards granted under this Plan, but that were
         withheld by the Company as payment of the purchase price of the Shares
         issued pursuant to such Awards or as payment of the recipient's tax
         withholding obligation with respect to such issuance; plus

                  (iii) the maximum number of Shares that are or may be issuable
         at or after such time pursuant to Awards granted under this Plan prior
         to such time.

SECTION 5.  NATURE AND DURATION OF PLAN

         (A) This Plan is intended to constitute an unfunded arrangement for a
select group of management or other key employees.

         (B) Any Awards granted under this Plan shall be granted within ten
years from the Effective Date of this Plan (as provided in Section 9) (the
"Expiration Date"). Although Shares may be issued after the Expiration Date
pursuant to Awards made prior to such date, no Shares shall be issued under this
Plan after the tenth anniversary of the Expiration Date.

SECTION 6.  ADMINISTRATION OF PLAN

         (A) This Plan shall be administered by the Board or a committee of the
Board (the "Committee") consisting of two or more directors. The Board shall
have the discretion to appoint, add, remove or replace members of the Committee,
and shall have the sole authority to fill vacancies on the Committee.

         (B) Subject to the provisions of this Plan, the Board or the Committee
shall be authorized and empowered to do all things necessary or desirable in
connection with the administration of this Plan with respect to the Awards over
which the Board or such Committee has authority, including, without limitation,
the following:

             (1)    adopt, amend and rescind rules and regulations relating to
                    this Plan;

             (2)    determine which persons are Eligible Persons and to which of
                    such Eligible Persons, if any, and when Awards shall be
                    granted hereunder;

             (3)    grant Awards to Eligible Persons and determine the terms and
                    conditions thereof, including the number of Shares subject
                    thereto and the

                                    EX-54C
<PAGE>

             circumstances under which Awards become exercisable or vested or
             are forfeited or expire, which terms may but need not be
             conditioned upon the passage of time, continued employment, the
             satisfaction of performance criteria, the occurrence of certain
             events (including events which the Board or the Committee determine
             constitute a change of control), or other factors;

             (4)    determine whether, and the extent to which adjustments are
                    required pursuant to Section 7 hereof;

             (5)    interpret and construe any terms and conditions of, and
                    define any terms used in, this Plan, any rules and
                    regulations under this Plan and/or any Award granted under
                    this Plan; and

             (6)    determine the terms and conditions of the Non-Employee
                    Director Options that are granted hereunder, other than the
                    terms and conditions specified in Section 10 hereof.

         (C) All decisions, determinations, and interpretations of the Board or
the Committee shall be final and conclusive upon any Eligible Person to whom an
Award has been granted and to any other person holding an Award.

         (D) The Board or the Committee may, in the terms of an Award or
otherwise, temporarily suspend the exercisability of an Award and/or the
issuance of Shares under an Award if the Board or the Committee determines that
securities law or other considerations so warrant.

SECTION 7.  ADJUSTMENTS

         If the outstanding securities of the class then subject to this Plan
are increased, decreased or exchanged for or converted into cash, property or a
different number or kind of shares or securities, or if cash, property or shares
or securities are distributed in respect of such outstanding securities, in
either case as a result of a reorganization, merger, consolidation,
recapitalization, restructuring, reclassification, dividend (other than a
regular, quarterly cash dividend) or other distribution, stock split, reverse
stock split, spin-off or the like, or if substantially all of the property and
assets of the Company are sold, then, unless the terms of such transaction shall
provide otherwise, the Board or the Committee may make appropriate and
proportionate adjustments in (A) the number and type of shares or other
securities or cash or other property that may be acquired pursuant to Awards
theretofore granted under this Plan and the exercise or settlement price of such
Awards, (B) the aggregate number and type of shares or other securities that may
be issued pursuant to all Awards thereafter granted under this Plan, (C) the
aggregate number of Shares that may be issued pursuant to Incentive Stock
Options that may be granted under this Plan, and (D) the aggregate number of
Shares that may be subject to Awards granted during any calendar year to any one
Eligible Person.

SECTION 8.  AMENDMENT AND TERMINATION OF PLAN

         The Board may amend, alter or discontinue this Plan or any agreement
evidencing an Award made under this Plan, but no amendment or alteration shall
be made which would impair the rights of any Award holder, without such holder's
consent, under any Award theretofore granted, provided that no such consent
shall be required if the Board or the Committee determines in its sole
discretion and prior to the date of any change of control (as defined, if
applicable, in the agreement evidencing such Award) that such amendment or
alteration is not

                                    EX-54D
<PAGE>

reasonably likely to significantly diminish the benefits provided under such
Award, or that any such diminution has been adequately compensated.

SECTION 9.  EFFECTIVE DATE OF PLAN

         The Effective Date of this Plan shall be February 28, 2000, the date
upon which it was approved by the Board.

SECTION 10.  NON-EMPLOYEE DIRECTOR OPTIONS

         (A) The Board or the Committee is authorized under this Plan to grant
each Non-Employee Director an option (a "Non-Employee Director Option") to
purchase up to _____ shares during a calendar year, subject to adjustment as
provided in Section 7 hereof.

         (B) Each Non-Employee Director Option granted under this Plan shall
expire upon the first to occur of the following:

             (1)    Twenty-four (24) months after the date upon which the
                    optionee shall cease to be a director of the Company; or

             (2)    The tenth anniversary of the Date of Grant of such
                    Non-Employee Director Option.

         (C) Each Non-Employee Director Option shall have an exercise price
equal to the greater of (1) the aggregate fair market value on the Date of Grant
of such option of the Shares subject thereto or (2) the aggregate par value of
such Shares on such date.

         (D) All outstanding Non-Employee Director Options theretofore granted
under this Plan shall become fully exercisable upon the first to occur of the
following:

             (1)    the date of stockholder approval of a reorganization, merger
                    or consolidation of the Company as a result of which the
                    outstanding securities of the class then subject to this
                    Plan are exchanged for or converted into cash, property
                    and/or securities not issued by the Company or by a company
                    whose common equity holders immediately after such
                    transaction consist only of persons who are holders of the
                    common equity of the Company immediately before such
                    transaction;

             (2)    the first date upon which the directors of the Company who
                    were nominated by the Board for election as directors shall
                    cease to constitute a majority of the authorized number of
                    directors of the Company;

             (3)    the dissolution or liquidation of the Company; or

             (4)    the sale of all or substantially all of the property and
                    assets of the Company.

SECTION 11. EXTRAORDINARY CORPORATE TRANSACTIONS.

         (A) The Board or the Committee may provide, either at the time an Award
is granted or thereafter, that a Change in Control shall have such effect as
specified by the Board or the Committee, or no effect, as the Board or the
Committee in its sole discretion may provide. Without limiting the foregoing,
the Board or the Committee may but need not provide, either at

                                    EX-54E
<PAGE>

the time an Award is granted or thereafter, that if a Change in Control occurs,
then effective as of a date selected by the Board or the Committee, the Board or
the Committee (which for purposes of a Change in Control described in (iii) or
(v) of Section 11(B) shall be the Board or the Committee as constituted prior to
the occurrence of such Change in Control) acting in its sole discretion without
the consent or approval of any Eligible Person, will effect one or more of the
following alternatives or combination of alternatives with respect to any or all
outstanding options (which alternatives may be conditional on the occurrence of
such of the events specified in clause (i) through (v) of Section 11(B) that
gives rise to the Change in Control and which may vary among individual Eligible
Persons):

                  (1) in the case of a Change in Control specified in clauses
         (i), (ii) or (iv) of Section 11(B), accelerate the time at which
         options then outstanding may be exercised in full for a limited period
         of time on or before a specified date (which will permit the Eligible
         Person to participate with the Common Stock received upon exercise of
         such option in the event of a Change in Control specified in clauses
         (i), (ii) or (iv), as the case may be) fixed by the Board or the
         Committee, after which specified date all unexercised options and all
         rights of Eligible Persons thereunder shall terminate;

                  (2) accelerate the time at which options then outstanding may
         be exercised so that such options shall be exercisable in full for
         their then remaining term and shall be subject to assumption and/or
         adjustment pursuant to Section 7; or

                  (3) require the mandatory surrender to the Company of
         outstanding options held by such Eligible Person (irrespective of
         whether such options are then exercisable under the provisions of the
         Plan) as of a date, before or not later than sixty days after such
         Change in Control, specified by the Board or the Committee, and in such
         event the Board or the Committee shall thereupon cancel such options
         and the Company shall pay to each Eligible Person an amount of cash
         equal to the excess of the fair market value (as determined by the
         Board or the Committee) of the aggregate shares subject to such option
         over the aggregate option price of such shares.

         Notwithstanding the foregoing, with the consent of the Eligible Person,
the Board or the Committee may in lieu of the foregoing make such provision with
respect of any Change in Control as it deems appropriate.

         (B) For purposes of the Plan and Options granted under the Plan, the
term "Change in Control" shall mean (i) any merger or consolidation in which the
Company shall not be the surviving entity (or survives only as a subsidiary of
another entity whose shareholders did not own all or substantially all of the
Company's Common Stock immediately prior to such transaction), (ii) the sale of
all or substantially all of the Company's assets to any other person or entity
(other than a wholly-owned subsidiary), (iii) the acquisition of beneficial
ownership or control of (including, without limitation, power to vote) more than
50% of the outstanding shares of the Company's Common Stock by any person or
entity (including a "group" as defined by or under Section 13(d)(3) of the
Exchange Act), (iv) the dissolution or liquidation of the Company, (v) a
contested election of directors, as a result of which or in connection with
which the persons who were directors of the Company before such election or
their nominees cease to constitute a majority of the Board, or (vi) any other
event specified by the Board or the Committee, regardless of whether at the time
an Award is granted or thereafter.

SECTION 12.  COMPLIANCE WITH OTHER LAWS AND REGULATIONS

         This Plan, the grant and exercise of Awards thereunder, and the
obligation of the Company to sell and deliver shares under such Awards, shall be
subject to all applicable federal

                                    EX-54F
<PAGE>

and state laws, rules and regulations and to such approvals by any governmental
or regulatory agency as may be required. The Company shall not be required to
issue or deliver any certificates for shares of Common Stock prior to the
completion of any registration or qualification of the Shares under any federal
or state law or issuance of any ruling or regulation of any government body
which the Company shall, in its sole discretion, determine to be necessary or
advisable.

SECTION 13.  NO RIGHT TO COMPANY EMPLOYMENT

         Nothing in this Plan or as a result of any Award granted pursuant to
this Plan shall confer on any individual any right to continue in the employ of
the Company or interfere in any way with the right of the Company to terminate
an individual's employment at any time. The agreement evidencing an Award may
contain such provisions as the Board or the Committee may approve with respect
to the effect of approved leaves of absence.

SECTION 14.  LIABILITY OF COMPANY

         The Company and any affiliate that is in existence or hereafter comes
into existence shall not be liable to an Eligible Person or other persons as to:

         (A) The non-issuance or sale of Shares as to which the Company has been
unable to obtain from any regulatory body having jurisdiction the authority
deemed by the Company's counsel to be necessary to the lawful issuance and sale
of any Shares hereunder; and

         (B) Any tax consequence expected, but not realized, by any Eligible
Person or other person due to the issuance, exercise, settlement, cancellation
or other transaction involving any Award granted hereunder.

SECTION 15.  GOVERNING LAW

         This Plan and any Awards and agreements hereunder shall be interpreted
and construed in accordance with the laws of the State of Delaware and
applicable federal law.

         IN WITNESS WHEREOF, and as conclusive evidence of the adoption of the
foregoing by the Board, T-3 Energy Services, Inc. has caused this plan to be
duly executed in its name and behalf by its proper officers thereunto duly
authorized as of this 28th day of February, 2000.

                                       T-3 ENERGY SERVICES, INC.

                                       By: /s/ Thomas R. Denison
                                           ---------------------------
                                           Name:  Thomas R. Denison
                                           Title: Vice President

ATTEST:

-------------------------------

                                    EX-54G

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00036-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00036-of-00352.parquet"}]]