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EXHIBIT
4.2

HERBALIFE LTD.

2005 STOCK INCENTIVE PLAN

1. Purpose. The purpose of this Herbalife Ltd. 2005 Stock Incentive Plan (the “Plan”) is
to enable Herbalife Ltd. (the “Company”) to attract, motivate, reward and retain its
directors, officers, employees and consultants, and to further align the interests of such persons
with those of the stockholders of the Company by providing for or increasing the proprietary
interest of such persons in the Company.

2. Definitions. As used in the Plan, the following terms shall have the meanings set forth below:

     (a) “Award” means a grant of an Option, a Stock Appreciation Right, Restricted Stock,
a Stock Unit, a Performance Unit, or a Dividend Equivalent granted to a Participant pursuant to the
provisions of the Plan.

     (b) “Award Agreement” means a written agreement or other instrument as may be approved
from time to time by the Committee evidencing the grant of each Award.

     (c) “Board” means the Board of Directors of the Company.

     (d) “Change of Control” means the first to occur of:

     (i) an acquisition (other than directly from the Company after advance approval by a
majority of the Incumbent Board) of Common Shares or other voting securities of the Company
by any “person” (as the term person is used for purposes of Section 13(d) or 14(d) of the
Exchange Act), other than the Company, any Subsidiary, any employee benefit plan of the
Company or any Subsidiary, or any person in connection with a transaction described in
clause (iii) of this Section 2(d), immediately after which such person has “beneficial
ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or
more of the then outstanding Common Shares or the combined voting power of the Company’s
then outstanding voting securities;

     (ii) the individuals who, as of the Effective Date, are members of the Board (the
“Incumbent Board”), cease for any reason during any 24-month period to constitute at
least a majority of the members of the Board; provided, however, that if the election, or
nomination for election by the Company’s common stockholders, of any new director was
approved by a vote of at least a majority of the Incumbent Board, such new director shall,
for purposes of the Plan, be considered as a member of the Incumbent Board; or

     (iii) the consummation of: (A) a merger, consolidation or reorganization with or into
the Company, unless the voting securities of the Company, immediately before such merger,
consolidation or reorganization, own directly or indirectly immediately following such
merger, consolidation or reorganization, at least 50% of the combined voting power of the
outstanding voting securities of the entity resulting from such merger or consolidation or
reorganization in substantially the same proportion as their ownership

 

 

of the voting securities immediately before such merger, consolidation or
reorganization; (B) a complete liquidation or dissolution of the Company; or (C) the sale,
lease, transfer or other disposition of all or substantially all of the assets of the
Company to any person (other than a transfer to a Subsidiary).

     (e) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and
the rulings and regulations issued thereunder.

     (f) “Committee” means the Compensation Committee of the Board.

     (g) “Common Shares” means the Company’s common shares, par value $.001, subject to
adjustment as provided in Section 12.

     (h) “Dividend Equivalent” means an Award granted to a Participant pursuant to Section
11.

     (i) “Fair Market Value” means, as of any date, the closing price for a Common Share
reported for that date by the New York Stock Exchange (or such other stock exchange or quotation
system on which such shares are then listed or quoted) or, if no Common Shares are traded on the
New York Stock Exchange (or such other stock exchange or quotation system) on the date in question,
then for the next preceding date for which such shares traded on the New York Stock Exchange (or
such other stock exchange or quotation system). In the event that the Common Shares are not listed
or quoted on any stock exchange or quotation system, the Fair Market Value shall be determined by
the Committee in its discretion.

     (j) “Incentive Stock Option” means a stock option that is intended to qualify as an
“incentive stock option” within the meaning of Section 422 of the Code.

     (k) “Option” means an Incentive Stock Option and/or a stock option that is not
intended to qualify as an Incentive Stock Option, in each case, granted pursuant to Section 7.

     (l) “Participant” means any individual described in Section 3 to whom Awards have been
granted from time to time by the Committee and any authorized transferee of such individual.

     (m) “Performance Award” means an Award, the grant, issuance, retention, vesting or
settlement of which is subject to satisfaction of one or more Qualifying Performance Criteria.

     (n) “Performance Unit” means a bonus opportunity awarded under Section 10 pursuant to
which a Participant may become entitled to receive an amount based on satisfaction of such
performance criteria as are specified in the Award Agreement.

     (o) “Prior Plan” means the Company’s 2004 Stock Incentive Plan.

     (p) “Restricted Stock” means Common Shares granted pursuant to Section 9.

     (q) “Stock Unit” means an Award granted to a Participant pursuant to Section 9,
pursuant to which Common Shares may be issued in the future.

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     (r) “Stock Appreciation Right” means a right granted pursuant to Section 8 that
entitles the Participant to receive, in cash or Common Shares or a combination thereof, as
determined by the Committee, an amount equal to or otherwise based on the excess of (i) the Fair
Market Value of a specified number of Common Shares at the time of exercise over (ii) the exercise
price of the right, as established by the Committee on the date of grant.

     (s) “Subsidiary” means any corporation (other than the Company) in an unbroken chain
of corporations beginning with the Company where each of the corporations in the unbroken chain
other than the last corporation owns stock possessing at least 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in the chain, and if
specifically determined by the Committee in the context other than with respect to Incentive Stock
Options, may include an entity in which the Company has a significant ownership interest or that is
directly or indirectly controlled by the Company.

     (t) “Substitute Awards” means Awards granted or Common Shares issued by the Company in
assumption of, or in substitution or exchange for, awards previously granted, or the right or
obligation to make future awards, by a company acquired by the Company or any Subsidiary or with
which the Company or any Subsidiary combines.

3. Eligibility. Any person who is a current or prospective director, officer or employee of the
Company or of any Subsidiary shall be eligible for selection by the Committee for the grant of
Awards hereunder. In addition any person who has been retained to provide consulting, advisory or
other services to the Company or to any Subsidiary shall be eligible for selection by the Committee
for the grant of Awards hereunder. Options intending to qualify as Incentive Stock Options may
only be granted to employees of the Company or any Subsidiary.

4. Effective Date and Termination of Plan

     This Plan was adopted by the Board as of September 23, 2005, and it will become effective (the
“Effective Date”) when it is approved by the Company’s stockholders, which approval must be
obtained within twelve (12) months of the adoption of this Plan. No Awards shall be granted
pursuant to the Plan after the tenth (10th) anniversary of the Effective Date. Notwithstanding the
foregoing, the Plan may be terminated at such earlier time as the Board may determine. Termination
of the Plan will not affect the rights and obligations of the Participants and the Company arising
under Awards theretofore granted and then in effect.

5. Effect on Prior Plan. On and after the Effective Date, no further grants or awards shall be
made under the Prior Plan. Grants and awards made under the Prior Plan before the Effective Date,
however, shall continue in effect in accordance with their terms.

6. Shares Subject to the Plan and to Awards

     (a) Aggregate Limits. The aggregate number of Common Shares issuable pursuant to all Awards
shall equal 4,000,000, plus (i) any Common Shares that were authorized for issuance under the Prior
Plan that, as of the Effective Date, remain available for issuance under the Prior Plan (not
including any Common Shares that are subject to, as of the Effective Date, outstanding awards under
the Prior Plan or any Common Shares that prior to the Effective Date were issued pursuant to awards
granted under the Prior Plan) and (ii) any Common Shares subject to awards

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granted under the Prior Plan that are terminated, expire unexercised, forfeited or settled in
cash. Any Common Shares granted as Options or Stock Appreciation Rights shall be counted against
this limit as one (1) share for every one (1) share granted. Any Common Shares granted as Awards
other than Options or Stock Appreciation Rights shall be counted against this limit as two (2)
shares for every one (1) share granted. The aggregate number of Common Shares available for grant
under this Plan, the number of Common Shares subject to outstanding Awards, and the number of
Common Shares set forth in the proviso of the preceding sentence shall be subject to adjustment as
provided in Section 12. The Common Shares issued pursuant to Awards granted under this Plan may be
shares that are authorized and unissued or shares that were reacquired by the Company, including
shares purchased in the open market.

     (b) Issuance of Shares. Common Shares subject to an Award or to an award under the Prior Plan
that are terminated, expire unexercised, forfeited or settled in cash shall be available for
subsequent Awards under this Plan. Any Common Shares that again become available for grant
pursuant to this Article 6 shall be added back as one (1) Common Share if such shares were subject
to Options or Stock Appreciation Rights granted under the Plan or options or stock appreciation
rights granted under the Prior Plan, and as two (2) Common Shares if such shares were subject to
Awards other than Options or Stock Appreciation Rights granted under the Plan or subject to awards
other than options or stock appreciation rights granted under the Prior Plan. Shares subject to
Options or Stock Appreciation Rights that are exercised shall not be available for subsequent
awards. The following transactions involving Common Shares will not result in additional Common
Shares becoming available for subsequent Awards under this Plan: (i) Common Shares tendered or
withheld in payment of an Option; and (ii) Common Shares withheld or tendered for taxes.

     (c) Substitute Awards. Substitute Awards shall not reduce the Common Shares authorized for
issuance under the Plan or authorized for grant to a Participant in any calendar year.
Additionally, in the event that a company acquired by the Company or any Subsidiary, or with which
the Company or any Subsidiary combines, has shares available under a pre-existing plan approved by
shareholders and not adopted in contemplation of such acquisition or combination, the shares
available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent
appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in
such acquisition or combination to determine the consideration payable to the holders of common
stock of the entities party to such acquisition or combination) may be used for Awards under the
Plan and shall not reduce the Common Shares authorized for issuance under the Plan; provided that
Awards using such available shares shall not be made after the date awards or grants could have
been made under the terms of the pre-existing plan, absent the acquisition or combination, and
shall only be made to individuals who were employees, directors or consultants of such acquired or
combined company before such acquisition or combination.

     (d) Tax Code Limits. The aggregate number of Common Shares subject to Awards granted under
this Plan during any calendar year to any one Participant shall not exceed 1,250,000, which number
shall be calculated and adjusted pursuant to Section 12 only to the extent that such calculation or
adjustment will not affect the status of any Award intended to qualify as “performance based
compensation” under Section 162(m) of the Code. The aggregate number of Common Shares that may be
issued pursuant to the exercise of Incentive Stock Options granted under this Plan shall not exceed
4,000,000, which number shall be calculated

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and adjusted pursuant to Section 12 only to the extent that such calculation or adjustment
will not affect the status of any Option intended to qualify as an “incentive stock option” under
Section 422 of the Code. The maximum amount payable pursuant to that portion of a Performance Unit
granted under this Plan for any calendar year to any Participant that is intended to satisfy the
requirements for “performance based compensation” under Section 162(m) of the Code shall not exceed
$5,000,000.

7. Options. Options may be granted at any time and from time to time to Participants selected by
the Committee. No Participant shall have any rights as a stockholder with respect to any Common
Shares subject to Option hereunder until such shares have been issued. Each Option shall be
evidenced by an Award Agreement. Options granted pursuant to the Plan may, but need not be
identical; provided that each Option must contain and be subject to the following terms and
conditions:

     (a) Purchase Price. The purchase price under each Option shall be established by the
Committee; provided that in no event will the purchase price be less than the Fair Market Value of
a Common Share on the date of grant, except for Options granted to an employee of a company
acquired by the Company in assumption and substitution of options held by such employee at the time
such company is acquired.

     (b) Payment of Purchase Price. Unless otherwise provided for by the Committee and set forth
in the applicable Award Agreement, the purchase price of any Option may be paid (i) in cash, (ii)
by the delivery, either actually or by attestation, of previously owned Common Shares or (iii) by a
combination the foregoing. In addition, the purchase price may be paid through such cashless
exercise procedures permitted and established by the Committee.

     (c) Option Vesting. The Committee shall have the right to make the timing of the ability to
exercise any Option subject to continued employment, the passage of time and/or such performance
requirements as deemed appropriate by the Committee.

     (d) Option Term. Each Option shall expire within a period of not more than ten (10) years
from the date of grant.

     (e) Termination of Employment. The Award Agreement evidencing the grant of each Option shall
set forth the terms and conditions applicable to such Option upon a termination or change in the
status of the employment or service of the Participant with the Company or a Subsidiary, which
shall be as the Committee may, in its discretion, determine.

     (f) Incentive Stock Options. Notwithstanding anything to the contrary in this Section 7, in
the case of the grant of an Option intending to qualify as an Incentive Stock Option, if the
Participant owns stock possessing more than 10% of the combined voting power of all classes of
stock of the Company (a “10% Shareholder”), the purchase price of such Option must be at
least 110% of the Fair Market Value of a Common Share on the date of grant and the Option must
expire within a period of not more than five (5) years from the date of grant. Notwithstanding
anything in this Section 7 to the contrary, Options designated as Incentive Stock Options shall not
be eligible for treatment under the Code as Incentive Stock Options to the extent that either (i)
the aggregate Fair Market Value of the Common Shares (determined as of

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the time of grant) with respect to which such Options are exercisable for the first time by
the Participant during any calendar year (under all plans of the Company and any Subsidiary)
exceeds $100,000, taking Options into account in the order in which they were granted, or (ii) such
Options remain exercisable and unexercised for more than three (3) months following a termination
of employment (or such other period of time provided in Section 422 of the Code).

     (g) No Repricing. Other than in connection with a change in the Company’s capitalization (as
described in Section 12), the Company may not, without the approval of stockholders, “reprice” any
Options. For purposes of this Plan, the term “reprice” means reducing the exercise price of
outstanding Options or canceling outstanding Options with a purchase price in excess of Fair Market
Value and granting new Options or other Awards to the holders of canceled Options.

8. Stock Appreciation Rights. Stock Appreciation Rights may be granted to Participants from time
to time either in tandem with or as a component of other Awards or not in conjunction with other
Awards. The provisions of Stock Appreciation Rights may, but need not be the same with respect to
each grant or each recipient. Any Stock Appreciation Right granted in tandem with an Option may be
granted at the same time such Option is granted or at any time thereafter before the exercise or
expiration of such Option. All Stock Appreciation Rights under the Plan shall be subject to the
same terms and conditions applicable to Options (as set forth in Section 7), including no
repricing; provided, however, that Stock Appreciation Rights granted in tandem with a previously
granted Option shall be subject to the terms and conditions of such Option. Subject to the
provisions of Section 7, the Committee may impose such other conditions or restrictions on any
Stock Appreciation Right as it shall deem appropriate, including, but not limited to, a limit on
the amount payable with respect to any Stock Appreciation Right. Stock Appreciation Rights may be
settled in Common Shares, cash, or combination thereof, as determined by the Committee.

9. Restricted Stock and Stock Units. Restricted Stock and Stock Units may be granted at any time
and from time to time to Participants selected by the Committee. Restricted Stock is an award of
Common Shares the issuance, retention, vesting and/or transferability of which is subject during
specified periods of time to such conditions (including continued employment or performance
conditions) and terms as the Committee deems appropriate. Stock Units are Awards denominated in
units of Common Shares under which the issuance of Common Shares is subject to such conditions
(including continued employment or performance conditions) and terms as the Committee deems
appropriate. Each grant of Restricted Stock and Stock Units shall be evidenced by an Award
Agreement. Unless determined otherwise by the Committee, the value of each Stock Unit will be
equal to one Common Share. Restricted Stock and Stock Units granted pursuant to the Plan may, but
need not be identical, but each grant of Restricted Stock and Stock Units must contain and be
subject to the following terms and conditions:

     (a) Number of Shares Subject to Award. Each Award Agreement evidencing a grant of Restricted
Stock or Stock Units shall contain provisions regarding the number of Common Shares or Stock Units
subject to such Award or a formula for determining such number and restrictions on the
transferability of the shares or units. Common Shares issued under a Restricted Stock Award may be
issued in the name of the Participant and held by the Participant or held by the Company, in each
case, as the Committee may provide.

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     (b) Form of Payment. To the extent determined by the Committee, Stock Units may be satisfied
or settled in Common Shares, cash or a combination thereof.

     (c) Section 83(b) Election. The Committee may provide in an Award Agreement for an agreement
between the Company and the holder of an Award of Restricted Stock as to whether or not such holder
will be permitted to make an election under Section 83(b) of the Code with respect to the unvested
Common Shares subject to the Award.

     (d) Vesting. The grant, issuance, retention, vesting and/or settlement of shares subject to
Awards of Restricted Stock and Stock Units shall occur at such time and in such installments as
determined by the Committee or under criteria established by the Committee. The Committee shall
have the right to make the timing of the grant and/or the issuance, ability to retain, vesting
and/or settlement of such shares subject to Awards of Restricted Stock and under Stock Units
subject to continued employment, passage of time and/or such performance criteria as deemed
appropriate by the Committee; provided that in no event shall the grant, issuance, retention,
vesting and/or settlement of shares under Restricted Stock or Stock Unit Awards that is based on
performance criteria be subject to a performance period of less than one (1) year. Notwithstanding
anything to the contrary herein, the performance criteria for any Restricted Stock or Stock Unit
that is intended to satisfy the requirements for “performance-based compensation” under Section
162(m) of the Code shall be a measure based on one or more Qualifying Performance Criteria selected
by the Committee and specified at the time the Restricted Stock or Stock Unit is granted. The
Committee shall certify the extent to which any Qualifying Performance Criteria has been satisfied,
and the amount payable as a result thereof, prior to payment, vesting and/or settlement of any
Restricted Stock or Stock Unit that is intended to satisfy the requirements for “performance-based
compensation” under Section 162(m) of the Code.

     (e) Discretionary Adjustments and Limits. Subject to the limits imposed under Section 162(m)
of the Code for Awards that are intended to qualify as “performance based compensation,”
notwithstanding the satisfaction of any performance goals, the number of Common Shares granted,
issued, retainable and/or vested under an Award of Restricted Stock or Stock Units on account of
either financial performance or personal performance evaluations may be reduced by the Committee on
the basis of such further considerations as the Committee shall determine.

     (f) Voting Rights. Unless otherwise determined by the Committee: (i) Participants holding
shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those
shares during the period of restriction and (ii) Participants shall have no voting rights with
respect to Common Shares underlying Stock Units unless and until such shares are reflected as
issued and outstanding shares on the Company’s stock ledger.

     (g) Dividends and Distributions. Participants in whose name Restricted Stock is granted shall
be entitled to receive all dividends and other distributions paid with respect to those shares,
unless determined otherwise by the Committee. Any such dividends or distributions will be subject
to the same restrictions on transferability as the Restricted Stock with respect to which they were
distributed.

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     (h) Termination of Employment. The Award Agreement evidencing the grant of an Award of
Restricted Stock or Stock Units shall set forth the terms and conditions applicable to such Award
upon a termination or change in the status of the employment or service of the Participant with the
Company or a Subsidiary, which shall be as the Committee may, in its discretion, determine.

10. Performance Units. Each Performance Unit Award will confer upon the Participant the
opportunity to earn a future payment tied to the level of achievement with respect to one or more
performance criteria. Performance Units granted pursuant to the Plan may, but need not be
identical, but each grant of Performance Units must contain and be subject to the following terms
and conditions:

     (a) General. The Committee shall determine and set forth in an Award Agreement provisions
regarding: (i) the target and maximum amount payable to the Participant under the Performance Unit
Award, (ii) restrictions on the alienation or transfer of the Performance Unit or Common Shares
subject thereto prior to actual payment and (iii) forfeiture provisions.

     (b) Performance Criteria. The Committee shall establish the performance criteria and level of
achievement versus these criteria that shall determine the target and maximum amount payable under
a Performance Unit, which criteria may be based on financial performance and/or personal
performance evaluations. The Committee shall also establish the term of the performance period as
to which performance shall be measured for determining the amount of any payment, which shall not
be less than one year, except, in either case, in the event of the Participant’s death or
disability or a Change of Control. Notwithstanding anything to the contrary herein, the
performance criteria for any portion of a Performance Unit that is intended by the Committee to
satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code
shall be a measure based on one or more Qualifying Performance Criteria selected by the Committee
and specified at the time the Performance Unit is granted. The Committee shall certify the extent
to which any Qualifying Performance Criteria has been satisfied, and the amount payable as a result
thereof, prior to payment, vesting and/or settlement of any Performance Unit that is intended to
satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code.

     (c) Timing and Form of Payment. The Committee shall determine the timing of payment of any
Performance Unit. Payment of the amount due under a Performance Unit may be made in cash, in
Common Shares or a combination thereof, as determined by the Committee. The Committee may provide
for or, subject to such terms and conditions as the Committee may specify, may permit a Participant
to elect for the payment of any Performance Unit to be deferred to a specified date or event.

     (d) Discretionary Adjustments. Notwithstanding satisfaction of any performance goals, the
amount paid under a Performance Unit on account of either financial performance or personal
performance evaluations may be reduced by the Committee on the basis of such further
considerations, as the Committee shall determine.

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11. Dividend Equivalents. Dividend Equivalents may be granted to Participants independently or in
tandem with any Award. Dividend Equivalents are payable in cash, Common Shares, or Stock Units in
an amount equivalent to the dividends that would have been paid on Common Shares had the shares
been outstanding from the date an Award was granted. Dividend Equivalents may be granted with
conditions as determined by the Committee, including that such amounts (if any) shall be deemed to
have been reinvested in additional Common Shares, and shall be evidenced by an Award Agreement.

12. Adjustment of and Changes in the Stock

     (a) In the event that the number of Common Shares of the Company shall be increased or
decreased through a reorganization, reclassification, combination of shares, stock split, reverse
stock split, spin-off, dividend (other than regular, cash dividends), or otherwise, each Common
Share of the Company which has been authorized for issuance under the Plan, whether such share is
then currently subject to or may become subject to an Award under the Plan, as well as the per
share limits set forth in Section 6 of this Plan, may be proportionately adjusted by the Committee
to reflect such increase or decrease, unless the Company provides otherwise under the terms of such
transaction. The terms of any outstanding Award may also be adjusted by the Committee as to price,
number of Common Shares subject to such Award and other terms to reflect the foregoing events.

     (b) Subject to Section 13, in the event there shall be any other change in the number or kind
of outstanding Common Shares of the Company, or any stock or other securities into which such
Common Shares shall have been changed, or for which it shall have been exchanged, whether by reason
of a change of control, other merger, consolidation or otherwise, the Committee shall, in its sole
discretion, determine the appropriate adjustment, if any, to be effected. Notwithstanding anything
to the contrary herein, any adjustment to Options granted pursuant to this Plan intended to qualify
as Incentive Stock Options shall comply with the requirements, provisions and restrictions of the
Code.

     (c) No right to purchase fractional shares shall result from any adjustment in Awards pursuant
to this Section 12. In case of any such adjustment, the shares subject to the Award shall be
rounded down to the nearest whole share.

13. Effect of a Change of Control. Unless otherwise provided for under the terms of a transaction
constituting a Change of Control, the Committee may, through an Award Agreement or otherwise,
provide that any or all of the following shall occur in connection with a Change of Control, or
upon termination of the Participant’s employment following a Change of Control: (a) the
acceleration of the vesting and, if applicable, exercisability of any outstanding Award, or portion
thereof, or the lapsing of any conditions of restrictions on or the time for payment in respect of
any outstanding Award, or portion thereof, (b) the substitution for Common Shares subject to any
outstanding Award, or portion thereof, stock or other securities of the surviving corporation or
any successor corporation to the Company, or a parent or subsidiary thereof, in which event the
aggregate purchase or exercise price, if any, of such Award, or portion thereof, shall remain the
same, (c) the conversion of any outstanding Award, or portion thereof, into a right to receive cash
or other property upon or following the consummation of the Change of Control in an amount equal to
the value of the consideration to be received by holders of

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Common Shares in connection with such transaction for one Common Share, less the per share purchase
or exercise price of such Award, if any, multiplied by the number of Common Shares subject to such
Award, or a portion thereof, and/or (d) the cancellation of any outstanding and unexercised Awards
upon or following the consummation of the Change of Control. Any actions or determinations of the
Committee pursuant to this Section 13 may, but need not be uniform as to all outstanding Awards,
and the Committee may, but need not treat all holders of outstanding Awards identically.

14. Qualifying Performance-Based Compensation

     (a) General. The Committee may specify that the grant, retention, vesting, of issuance any
Award, or the amount to be paid out under any Award, be subject to or based on Qualifying
Performance Criteria or other standards of financial performance and/or personal performance
evaluations. Notwithstanding satisfaction of any performance goals, the number of Common Shares
issued or the amount paid under an Award may, to the extent specified in the Award Agreement, be
reduced by the Committee on the basis of such further considerations as the Committee in its sole
discretion shall determine.

     (b) Qualifying Performance Criteria. For purposes of this Plan, the term “Qualifying
Performance Criteria” shall mean any one or more of the following performance criteria, either
individually, alternatively or in any combination, applied to either the Company as a whole or to a
business unit or Subsidiary, either individually, alternatively or in any combination, and measured
either annually or cumulatively over a period of years, on an absolute basis or relative to a
pre-established target, to previous years’ results or to a designated comparison group, in each
case as specified by the Committee: (i) cash flow (before or after dividends), (ii) earnings per
share (including earnings before interest, taxes, depreciation and amortization), (iii) stock
price, (iv) return on equity, (v) total stockholder return, (vi) return on capital (including
return on total capital or return on invested capital), (vii) return on assets or net assets,
(viii) market capitalization, (ix) economic value added, (x) debt leverage (debt to capital), (xi)
revenue, (xii) income or net income, (xiii) operating income, (xiv) operating profit or net
operating profit, (xv) operating margin or profit margin, (xvi) return on operating revenue, (xvii)
cash from operations, (xviii) operating ratio, (xix) operating revenue, or (xx) customer service.
To the extent consistent with Section 162(m) of the Code, the Committee may appropriately adjust
any evaluation of performance under a Qualifying Performance Criteria to exclude any of the
following events that occurs during a performance period: (i) asset write-downs, (ii) litigation,
claims, judgments or settlements, (iii) the effect of changes in tax law, accounting principles or
other such laws or provisions affecting reported results, (iv) accruals for reorganization and
restructuring programs and (v) any extraordinary, unusual or non-recurring items as described in
Accounting Principles Board Opinion No. 30 and/or in management’s discussion and analysis of
financial condition and results of operations appearing in the Company’s Forms 10-K or 10-Q for the
applicable year.

15. Transferability. Unless the Committee specifies otherwise, each Award may not be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated by a Participant other than
by will or the laws of descent and distribution, and each Option and Stock Appreciation Right
granted hereunder shall be exercisable only by the Participant during his or her lifetime.

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16. Compliance with Laws and Regulations. This Plan, the grant, issuance, vesting, exercise and
settlement of Awards thereunder, and the obligation of the Company to sell, issue or deliver shares
under such Awards, shall be subject to all applicable foreign, federal, state and local 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 register in a Participant’s name or deliver any shares prior
to the completion of any registration or qualification of such shares under any foreign, federal,
state or local law or any ruling or regulation of any government body, which the Committee shall
determine to be necessary or advisable. No Option shall be exercisable and no shares shall be
issued and/or transferable under any other Award unless a registration statement with respect to
the shares underlying such Award is effective and current or the Company has determined that such
registration is unnecessary. In the event an Award is granted to or held by a Participant who is
employed or providing services outside the United States, the Committee may, in its sole
discretion, modify the provisions of such Award to comply with applicable foreign law.

17. Withholding. To the extent required by applicable federal, state, local or foreign law, a
Participant shall be required to satisfy, in a manner satisfactory to the Company, any withholding
tax obligations that arise with respect to an Award. The Company and its Subsidiaries shall not be
required to issue Common Shares, make any payment or to recognize the transfer or disposition of
Common Shares until such obligations are satisfied. The Committee may permit these obligations to
be satisfied by having the Company withhold a portion of the Common Shares that otherwise would be
issued to the Participant in connection with the Award, or by the Participant tendering (either
actually or by attestation) Common Shares previously acquired.

18. Administration of the Plan

     (a) Committee of the Plan. The Plan shall be administered by the Committee which shall be the
Compensation Committee of the Board or, in the absence of a Compensation Committee, the Board
itself; provided, however, that (i) with respect to any Award that is intended to satisfy the
conditions of Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) the term “Committee” shall refer to a committee of two or more “non-employee directors”
as determined for purposes of applying Exchange Act Rule 16b-3; and (ii) with respect to any Award
that is intended to qualify as “performance-based compensation” within the meaning of Section
162(m) of the Code, the term “Committee” shall refer to a committee of two or more “outside
directors” as determined for purposes of applying Section 162(m) of the Code. Subject to the
provisions of Section 16 of the Exchange Act and Section 162(m) of the Code, any power of the
Committee may also be exercised by the Board. The Compensation Committee may by resolution
authorize one or more officers of the Company to perform any or all things that the Committee is
authorized and empowered to do or perform under the Plan; provided, however, that the resolution so
authorizing such officer or officers shall specify the total number of Awards (if any) such officer
or officers may award pursuant to such delegated authority, and any such Award shall be subject to
the form of Award Agreement theretofore approved by the Compensation Committee. No such officer
shall designate himself or herself as a recipient of any Awards granted under authority delegated
to such officer.

     (b) Powers of Committee. Subject to the express provisions of this Plan, the Committee shall
be authorized and empowered to do all things that it determines to be necessary

11

 

or appropriate in connection with the administration of this Plan, including, without
limitation: (i) to prescribe, amend and rescind rules and regulations relating to this Plan; (ii)
to determine which persons are Participants; (iii) to grant Awards to Participants and determine
the terms and conditions thereof, including the number of shares subject to Awards and the exercise
or purchase price of such shares and the circumstances under which Awards become exercisable or
vested or are forfeited or expire; (iv) to prescribe and amend the terms of Award Agreements (which
may, but need not be identical); (v) to exercise its discretion with respect to the powers and
rights granted to it as set forth in the Plan; (vi) to interpret and construe this Plan, any rules
and regulations under this Plan and the terms and conditions of any Award granted hereunder; and
(vii) to make all other determinations and exercise such powers and perform such acts as are deemed
necessary or advisable for the administration of this Plan.

     (c) Determinations by the Committee. All decisions, determinations and interpretations by the
Committee regarding the Plan, any rules and regulations under the Plan and the terms and conditions
of or operation of any Award granted hereunder, shall be final and binding on all Participants,
beneficiaries, heirs, assigns or other persons holding or claiming rights under the Plan or any
Award.

19. Amendment of the Plan or Awards. The Board may amend, alter or discontinue this Plan and the
Committee may amend, or alter any agreement or other document evidencing an Award made under this
Plan; provided that, except as provided pursuant to the provisions of Sections 13 and 14, to the
extent necessary under any applicable law, regulation or New York Stock Exchange or other
applicable listing requirement, no amendment shall be effective unless approved by the stockholders
of the Company in accordance with applicable law, regulation or New York Stock Exchange or other
applicable listing requirement. In addition, no amendment or alteration to the Plan or an Award or
Award Agreement shall be made that would materially impair the rights of the holder of an Award,
without such holder’s consent, provided that no such consent shall be required if the Committee
determines in its sole discretion that such amendment or alteration either is required or advisable
in order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the
requirements of or avoid adverse financial accounting consequences under any accounting standard.

20. No Liability of Company. The Company and any Subsidiary or affiliate which is in existence or
hereafter comes into existence shall not be liable to a Participant or any other person as to: (i)
the non-issuance or sale of Common 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 (ii) any tax consequence
expected, but not realized, by any Participant or other person due to the receipt, exercise or
settlement of any Award granted hereunder.

21. Non-Exclusivity of Plan. Neither the adoption of this Plan by the Board nor the submission of
this Plan to the stockholders of the Company for approval shall be construed as creating any
limitations on the power of the Board or the Committee to adopt such other incentive arrangements
as either may deem desirable, including without limitation, the granting of restricted stock or
stock options otherwise than under this Plan, and such arrangements may be either generally
applicable or applicable only in specific cases.

12

 

22. Governing Law. This Plan and any Award Agreements or other documents hereunder shall be
interpreted and construed in accordance with the laws of the State of Delaware and applicable U.S.
federal law, without reference to principles of conflict of laws. Any reference in this Plan or in
the Award Agreement or other document evidencing any Awards to a provision of law or to a rule or
regulation shall be deemed to include any successor law, rule or regulation of similar effect or
applicability.

23. Compliance with Section 409A of the Code. This Plan is intended to comply and shall be
administered in a manner that is intended to comply with Section 409A of the Code and shall be
construed and interpreted in accordance with such intent. To the extent that an Award or the
payment, settlement or deferral thereof is subject to Section 409A of the Code, the Award shall be
granted, paid, settled or deferred in a manner that will comply with Section 409A of the Code,
including regulations or other guidance issued with respect thereto, except as otherwise determined
by the Committee. Any provision of this Plan that would cause the grant of an Award or the
payment, settlement or deferral thereof to fail to satisfy Section 409A of the Code shall be
amended to comply with Section 409A of the Code on a timely basis, which may be made on a
retroactive basis, in accordance with regulations and other guidance issued under Section 409A of
the Code.

24. No Right to Employment, Reelection or Continued Service. Nothing in this Plan or any Award
Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries
and/or its affiliates to terminate any Participant’s employment, service on the Board or service
for the Company at any time or for any reason not prohibited by law, nor confer upon any
Participant any right to continue his or her employment or service for any specified period of
time.

13exv10w1

 

Exhibit 10.1

[Global Industries, Ltd. Letterhead]

November 16, 2005

Mr. Peter Atkinson

11490 Westheimer, Suite 400

Houston, Texas 77077

Dear Peter:

     Global Industries, Ltd. (the “Company”) is pleased to offer you the additional position of
Chief Financial Officer. In order to induce you to accept the additional responsibilities with the
Company, this letter agreement (this “Agreement”) sets forth certain benefits that the Company
agrees will be provided to you.

     Nothing herein shall be construed to prevent either you or the Company from terminating your
employment at any time, for Cause (as defined below) or otherwise, subject only to the specific
payment and other provisions hereinafter provided for under certain circumstances.

     1. EMPLOYMENT. This confirms that you have advised the Company that, in consideration of,
among other things, the Company’s entering into this Agreement with you, you have agreed to take on
the additional title and responsibilities of Chief Financial Officer of the Company and it is your
present intention to remain in the employ of the Company. You will now hold the positions of
President and Chief Financial Officer. This Agreement shall commence on the date hereof and shall
continue until December 31, 2006; provided, however, that commencing on December 31, 2006 and each
December 31st thereafter, the term of this Agreement shall be extended automatically for one year
unless at least 30 days prior to such December 31st date, the Company shall have given written
notice to you that it does not wish to extend this Agreement beyond the then applicable expiration
date.

     2. DEFINITIONS. For purposes of this Agreement, the following terms have the meaning set
forth below:

     “Cause” shall mean termination due to an act or acts of dishonesty on your part
against the Company, willful misconduct or gross negligence in the performance of your duties, a
material breach of any corporate policy, a code of conduct or similar requirements adopted by the
Board of Directors of the Company and applicable to some or all of the Company’s executive
officers, or your conviction of a felony or any misdemeanor involving moral turpitude.

     “Date of Termination” shall mean the date on which your employment relationship with
the Company ends and shall be (a) if this Agreement is terminated for Disability, thirty (30) days
after Notice of Termination is given (provided that you shall not have returned to the
performance of your duties on a full-time basis during such thirty (30) day period); (b) if
your employment is terminated for Cause, the date on which a Notice of Termination is given; (c) if
your employment is terminated by you for Good Reason, the date specified in the Notice of

 

 

Termination; and (d) if your employment is terminated for any other reason, fifteen (15) calendar
days following the date on which a Notice of Termination is given.

     “Good Reason” shall mean:

     (a) the material diminution of the nature or scope of your duties, authorities, powers,
functions or responsibilities with the Company from those applicable to you immediately after the
effective date of this Agreement, or a material adverse change in your reporting responsibilities,
titles or offices as in effect immediately after the effective date of this Agreement (such offices
being President and Chief Financial Officer), or any removal of you from or any failure to re-elect
you to any of such positions, except in connection with the termination of your employment for
Cause, Disability or Retirement or as a result of your Good Reason and except that any such actions
taken in connection with and necessitated by the selection and hiring of a new Chief Executive
Officer or Chief Financial Officer after the date of this Agreement shall not constitute “Good
Reason” under this clause (a);

     (b) a reduction by the Company in your base salary for any calendar year below $375,000 except
in connection with and in a percentage not exceeding any salary reduction imposed on executive
officers of the Company generally or the failure by the Company to increase your base salary each
year by an amount which at least equals, on a percentage basis, the average percentage increase in
base salary for all officers of the Company for the year;

     (c) a failure by the Company to continue you as a participant on at least the same basis as
your current participation in any benefit or compensation plan, including any bonus or incentive
compensation plan or policy, retirement plans, life insurance, health, accident or disability plans
substantially on the basis you are participating on the effective date of this Agreement unless
such action is taken with respect to executive officers of the Company generally or is required by
law;

     (d) if the Company requires you to change your principal place of employment by more than 50
miles from its current location in Houston, Texas; or

     (e) the failure of the Company to obtain an assumption of this Agreement by any successor as
contemplated in paragraph 4 hereof; or

     “Notice of Termination” shall mean a written notice which shall indicate the specific
termination provision in this Agreement relied upon and shall set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of your employment under the
provisions so indicated. With respect to termination by you for Good Reason, the Notice of
Termination shall state in detail the basis for your determination that you have Good Reason.

     “Retirement” shall mean termination of your employment with your consent in accordance
with the Company’s retirement policy, including early retirement, generally applicable to its
salaried employees or in accordance with any retirement arrangement established with your consent
with respect to you.

     “Disability” shall mean that, as a result of your incapacity due to physical or mental
illness, you shall have been absent from you duties with the Company or its subsidiary on a
full-

-2-

 

time basis for a period of at least one year and within thirty (30) days after Notice of
Termination is given to you by the Company, you shall not have returned to the full-time
performance of your duties.

     3. COMPENSATION UPON TERMINATION OR DURING DISABILITY.

     If your employment by the Company or any subsidiary or successor thereto shall be terminated,
then the Company will, as additional compensation for services rendered to the Company (including
its subsidiaries) and as consideration for the non-competition agreement contained in Section 5,
pay to you the following amounts (subject to any applicable payroll or other taxes required to be
withheld and employee benefit premiums):

     (a) During any period that you fail to perform your duties as a result of incapacity due to
physical or mental illness, you shall continue to receive your full base salary and incentive
compensation at the rate then in effect until your employment is terminated due to Disability.
Thereafter, your benefits shall be determined in accordance with the Company’s long-term disability
plan, or a substitute plan then in effect. In the event of a termination due to physical or mental
illness, there shall be no acceleration under this Agreement of any outstanding stock options,
restricted stock or performance awards or other awards held by you.

     (b) If your employment shall be terminated by the Company for Cause or you shall terminate
your employment other than for Good Reason, the Company shall pay, to the extent not previously
paid, (i) your base salary and auto allowance at the rate then in effect through the Date of
Termination, plus (ii) a cash payment for the cumulative number of paid time off (“PTO”) days
earned since your employment with the Company, but not previously taken or paid for, at a rate per
day equal to your then daily base salary and the Company shall have no further obligations to you
under this Agreement or otherwise. In the event of any termination for Cause, there shall be no
acceleration under this Agreement of any outstanding stock options, restricted stock awards,
performance awards or any other awards or grants held by you under any plan or arrangement.

     (c) If the Company shall terminate your employment other than due to death, Disability,
Retirement or for Cause or if you shall terminate your employment for Good Reason, then the Company
shall pay to you in a lump sum, as soon as administratively practical but in no event later than
the 30th business day following the Date of Termination, the following amounts:

     (i) (A) your base salary plus auto allowance, to the extent not previously paid,
through the Date of Termination at the rate in effect at the time Notice of Termination is
given, plus (B) an amount equal to the incentive compensation received by you under the
Management Incentive Plan in the plan year immediately prior to the calendar year which
includes the Date of Termination times a fraction, the numerator of which is the number of
days elapsed in the calendar year to and including the Date of Termination and the
denominator of which is 365, plus (C) any incentive compensation under the Management
Incentive Plan for the plan year immediately prior to the calendar year that included the
Date of Termination to the extent such amount is earned (by the plan year having ended) but has not previously been paid, plus (D) a cash payment for the

-3-

 

cumulative number of PTO days earned since your employment by the Company, but not
previously taken or paid for, at a rate per day equal to your then daily base salary;

     (ii) in lieu of any further salary payments to you for periods subsequent to the Date
of Termination, an amount equal to (A) 1.00 times (B) your annual salary plus annual auto
allowance for the calendar year in which the Notice of Termination occurs plus an amount
equal to the incentive compensation received by you under the Management Incentive Plan in
the plan year immediately prior to the calendar year in which the Date of Termination
occurs; and

     (iii) the Board of Directors of the Company, in its sole discretion, shall consider
whether to permit: (1) any stock options held by you to be accelerated and immediately
exercisable; and (2) unrestricted ownership of any restricted shares (excluding
performance-based shares) granted to you under a Company restricted stock, option or
incentive plan the lapse of forfeiture restrictions is based solely on the passage of time
to vest in you, as of the date of the Notice of Termination. All other terms provided for
in the option agreements and restricted stock agreements shall remain in effect and be
unchanged.

     (d) Unless you are terminated by the Company as a result of death, Retirement, Disability or
for Cause or you terminate your employment without Good Reason, the Company shall pay 50% of your
Execucare COBRA Health premiums for a period of eighteen (18) months from the Date of Termination,
provided, however, that such coverage shall terminate if and to the extent that you become eligible
to receive medical, dental or life insurance coverage from a subsequent employer (and any such
eligibility shall be promptly reported by you to the Company). Such health coverage shall also
apply to your dependents (including your spouse) who were covered under such benefits immediately
prior to your termination.

     (e) All payments under this Agreement will be subject to Internal Revenue Service regulations
and the Company may withhold from amounts payable under this Agreement such federal, state and
local taxes as shall be required to be withheld pursuant to any applicable laws or regulations and
all other normal employee deductions made with respect to Company employees generally.

     (f) If you are a party to an employment agreement or severance agreement with the Company
(including that certain agreement between you and the Company dated April 1, 2002), in the event of
any termination of your employment to which this Agreement would apply by its terms, you shall have
all of the benefits provided under either this Agreement or such other agreement, whichever one (in
its entirety) you choose, but not under both agreements, and when you have elected which agreement
shall apply, the other agreement shall be superseded in its entirety and shall be of no further
force or effect, and neither party shall have any obligation to the other thereunder.

     4. SUCCESSORS, BINDING AGREEMENT. The Company will require any successor (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company to expressly assume and agree to perform this Agreement in
the same manner and to the same extent that the Company would be

-4-

 

required to perform it if no such
succession had taken place. Failure of the Company to obtain such agreement prior to the
effectiveness of any such succession shall be a breach of this Agreement and shall entitle you to
compensation from the Company in the same amount and on the same terms as you would be entitled
hereunder if you had terminated your employment after a change in control of the Company for Good
Reason, except that for purposes of implementing the foregoing, the date on which any such
succession becomes effective shall be deemed the Date of Termination. As used in this Agreement,
“Company” shall mean the Company as hereinbefore defined and any successor to its business and/or
assets as aforesaid which executes and delivers the agreement provided for in this paragraph 4 or
which otherwise becomes bound by all the terms and provisions of this Agreement by operation of
law. This Agreement shall inure to the benefit of and be enforceable by your personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
If you should die while any amount would still be payable to you hereunder if you had continued to
live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the
terms of this Agreement to your devisee, legatee, or other designee or, if there be no such
designee, to your estate.

     5. NON-COMPETE. Further in consideration of any payments made under Section 3(c) hereof,
you agree that for a period of one year from the Date of Termination you will not engage in or
become associated with any Competitor with material operations in the geographic areas or markets
in which you were working with the Company at anytime within six months prior to the Date of
Termination. If you breach the provisions of this Section 5, you acknowledge and agree that the
Company’s remedy at law for any breach of your obligations under this Section 5 would be inadequate
and you agree and consent that temporary or permanent injunctive relief may be brought to enforce
this Section 5 without necessity of proof of actual damage or at the Company’s option you shall
forfeit all sums paid pursuant to this Agreement and you agree to pay an amount equal to the amount
previously paid to you pursuant to this Agreement to the Company within ten days of such breach.
For purposes of this Section 5: (i) “Competitor” means any business or endeavor pursuing for profit
business activities similar to or competitive with the business conducted by the Company including
by way of example and not limitation Horizon Offshore, McDermott International, Cal Dive
International, and Stolt Comex Seaway, and Willbros Group (ii) you shall be considered to have
“become associated with” a Competitor if you become directly or indirectly involved as an owner,
principal, employee, officer, director, independent contractor, stockholder, financial backer,
agent, partner, lender or in any other individual or representative capacity with any Competitor,
except that you may make and retain investments in not more than 5% of the equity of a Competitor
if such equity is listed on a national securities exchange or regularly traded in the
over-the-counter market. Should this provision be unenforceable in any jurisdiction because it is
too broad, as to time, geographic area or otherwise, this provision shall be deemed modified to the
extent necessary to be enforceable in such jurisdiction.

     6. NOTICE. Notices and all other communications provided for in this Agreement shall be in
writing and shall be deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, addressed to the respective addresses
set forth on the first page of this Agreement, provided that all notices to the Company shall be
directed to the attention of the Secretary of the Company, or to such other address as either party
may have furnished to the other in writing in accordance herewith, except that notices of change of
address shall be effective only upon receipt.

-5-

 

     7. MISCELLANEOUS. No provisions of this Agreement may be modified, waived or discharged
unless such modification, waiver or discharge is agreed to in writing signed by you and the
Company’s Chief Executive Officer. No waiver by either party hereto at any time of any breach by
the other party hereto of, or compliance with, any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. No agreements or representations, oral
or otherwise, express or implied, with respect to the subject matter hereof have been made by
either party which are not set forth expressly in this Agreement. Except for the agreement
referenced in Section 3(g), this Agreement constitutes the entire agreement of the Parties with
respect to the subject matter hereof The validity, interpretation, construction and performance of
this Agreement shall be governed by the laws of the State of Texas. The obligation to pay amounts
under this Agreement is an unfunded obligation of the Company (including its subsidiaries), and no
such obligation shall create a trust or be deemed to be secured by any pledge or encumbrance on any
property of the Company (including its subsidiaries).

     This Agreement shall not be deemed to constitute a contract of employment, nor shall any
provision hereof restrict the right of the Company (or its subsidiaries) to discharge you at will.

     8. VALIDITY. The invalidity or unenforceability of any one or more provisions of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect.

     9. COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the same instrument.

     10. ARBITRATION. Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration in Houston, Texas in accordance with the
rules of the American Arbitration Association then in effect; provided that all arbitration
expenses shall be borne by the non-prevailing party. Judgment may be entered on the arbitrators’
award in any court having
jurisdiction; provided, however, that you shall be entitled to seek specific performance of your
right to be paid until the Date of Termination during the pendency of any dispute or controversy
arising under or in connection with this Agreement.

     If this letter correctly sets forth our agreement on the subject matter hereof, kindly sign
and return to the Company the enclosed copy of this letter which will then constitute our agreement
on this subject.

	 	 	 	 	 
	 	Sincerely,

Global Industries, Ltd.

 	 
	 	By:  	/s/ William J. Dore’
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

	 
	AGREED TO THIS 15th DAY

OF NOVEMBER, 2005

	 

	 

	     /s/ Peter Atkinson

	 

	Peter Atkinson

-6-

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