Document:

exv10w22

 

Exhibit 10.22

First Amendment to

Mariner Energy, Inc.

Amended and Restated Stock Incentive Plan

     This First Amendment to Mariner Energy, Inc. Amended and Restated Stock Incentive Plan (the
“Plan”) is made effective March 16, 2006, the date the amendments set forth herein were approved by
the Board of Directors of Mariner Energy, Inc., a Delaware corporation (the “Company”). Undefined
capitalized terms used herein have the meaning given them in the Plan.

     Section 1. Amendments.

     (a) The definition of “Fair Market Value” in Section 2 of the Plan is hereby amended to be and
read in its entirety as follows:

“Fair Market Value” shall mean, as of any applicable date, the last reported sales price for
a Share on the principal securities exchange on which the Shares are traded on the
applicable date as reported by such reporting service approved by the Committee; provided,
however, that if Shares shall not have been quoted or traded on such applicable date, Fair
Market Value shall be determined based on the next preceding date on which they were quoted
or traded, or, if deemed appropriate by the Committee, in such other manner as it may
determine to be appropriate; and provided further, however, for purposes of Section 6(c)(vi)
of the Plan, the Fair Market Value of Shares withheld to satisfy tax withholding upon
expiration of a Restricted Period applicable to Restricted Stock shall be the last reported
sales price for a Share on the principal securities exchange on which the Shares are traded
on the first trading day preceding the expiration of the Restricted Period. In the event
the Shares are not publicly traded at the time a determination of its Fair Market Value is
required to be made hereunder, the determination of Fair Market Value shall be made in good
faith by the Committee.

     (b) Section 6(c)(vi) of the Plan is hereby amended to add as the last sentence thereof the
following sentence: “Notwithstanding the foregoing, for purposes of this Section 6(c)(vi), the
Fair Market Value of Shares withheld to satisfy tax withholding upon expiration of a Restricted
Period applicable to Restricted Stock shall be the last reported sales price for a Share on the
principal securities exchange on which the Shares are traded on the first trading day preceding the
expiration of the Restricted Period.”

     Section 2. General Provisions.

     (a) The validity, construction, and effect of this First Amendment shall be determined in
accordance with the laws of the State of Delaware and applicable federal law.

     (b) If any provision of this First Amendment is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the
Plan, as amended hereby, or any Award under any law deemed applicable by the Committee, such
provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot
be construed or deemed amended without, in the determination of the Committee, materially altering
the intent of the Plan, as amended hereby, or the Award, such provision shall be stricken as to
such jurisdiction, Person or Award and the remainder of this First Amendment and any such Award
shall remain in full force and effect.exv10w23

 

Exhibit 10.23

First Amendment to

Mariner Energy, Inc.

Equity Participation Plan

     This First Amendment to Mariner Energy, Inc. Equity Participation Plan (the “Plan”) is made
effective March 16, 2006, the date the amendments set forth herein were approved by the Board of
Directors of Mariner Energy, Inc., a Delaware corporation (the “Company”). Undefined capitalized
terms used herein have the meaning given them in the Plan.

     Section 1. Amendments.

     (a) The definition of “Fair Market Value” in Section 2 of the Plan is hereby amended to be and
read in its entirety as follows:

“Fair Market Value” shall mean, as of any applicable date, the last reported sales price for
a Share on the principal securities exchange on which the Shares are traded on the
applicable date as reported by such reporting service approved by the Committee; provided,
however, that if Shares shall not have been quoted or traded on such applicable date, Fair
Market Value shall be determined based on the next preceding date on which they were quoted
or traded, or, if deemed appropriate by the Committee, in such other manner as it may
determine to be appropriate; and provided further, however, for purposes of Section 6(b)(vi)
of the Plan, the Fair Market Value of Shares withheld to satisfy tax withholding upon
expiration of a Restricted Period applicable to Restricted Stock shall be the last reported
sales price for a Share on the principal securities exchange on which the Shares are traded
on the first trading day preceding the expiration of the Restricted Period. In the event
the Shares are not publicly traded at the time a determination of its Fair Market Value is
required to be made hereunder, the determination of Fair Market Value shall be made in good
faith by the Committee.

     (b) Section 6(b)(vi) of the Plan is hereby amended to add as the last sentence thereof the
following sentence: “Notwithstanding the foregoing, for purposes of this Section 6(b)(vi), the
Fair Market Value of Shares withheld to satisfy tax withholding upon expiration of a Restricted
Period applicable to Restricted Stock shall be the last reported sales price for a Share on the
principal securities exchange on which the Shares are traded on the first trading day preceding the
expiration of the Restricted Period.”

     Section 2. General Provisions.

     (a) The validity, construction, and effect of this First Amendment shall be determined in
accordance with the laws of the State of Delaware and applicable federal law.

     (b) If any provision of this First Amendment is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the
Plan, as amended hereby, or any Award under any law deemed applicable by the Committee, such
provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot
be construed or deemed amended without, in the determination of the Committee, materially altering
the intent of the Plan, as amended hereby, or the Award, such provision shall be stricken as to
such jurisdiction, Person or Award and the remainder of this First Amendment and any such Award
shall remain in full force and effect.exv10w8

 

EXHIBIT 10.8

MidSouth Bancorp, Inc.

Incentive Compensation Plan

The Incentive Compensation Plan for executive officers is based on phantom shares of stock of
MidSouth Bancorp.

The award of the shares is made by the Board of Directors for Rusty Cloutier and Karen Hail. The
determination of the phantom shares for all other officers is made by Rusty Cloutier.

The participants in the Plan are:

Rusty Cloutier, President and CEO

Karen Hail, Sr. Executive Vice President

Donnie Landry, Sr. Lending Officer

Dwight Utz, Sr. Retail Officer

Jennifer Fontenot, Information Technology Officer

Teri Stelly, Chief Financial Officer

Sally Gary, Stock Coordinator

Chris Levanti, Sr. Loan Administration Officer

At the beginning of each year, each eligible officer is awarded a number of phantom shares of
MidSouth stock. The officer receives a quarterly incentive equal to the number of shares awarded
times the basic earnings per share of MidSouth stock for each quarter.

The officer receives 60% of the quarterly incentives, and 40% is held until after year end earnings
have been determined. The 40% portion of the incentive that is held will not be paid if MidSouth
is not profitable for the full year, but is paid for every profitable quarter regardless whether
there is a loss in any other quarter.

Karen Hail authorizes the payment of the incentive compensation at the end of each quarter. A
worksheet for the individual payments is given to Human Resources for payment in a “special
payroll” from the accounting department. The signature of Karen Hail is required to process the
compensation.

The expense for the incentive is accrued monthly to a general ledger account titled Incentive
Compensation # 507018. The payment of the incentive quarterly is taken from Incentive Compensation
#507018. The accrual is adjusted if needed in the 4th quarter of each year to correctly
reflect the expense in total salaries for the year.exv10w1

 

Exhibit 10.1

March 20, 2006

Mr. Peter Ragauss

164 Oakwood Court

London, W14 8JT

United Kingdom

Dear Peter,

I am pleased to offer you the position of Senior Vice President and Chief Financial Officer, Baker
Hughes Incorporated (the “Company”), located in Houston, Texas. You will report directly to me in
your new position.

The elements of your compensation package will be effective April 26, 2006, and are as follows:

	1)	 	Your base salary will be $43,750.00 per month, paid biweekly as earned.

	2)	 	The compensation package includes participation in the Company’s Annual Incentive
Compensation Plan. The Expected Value (“EV”) target for your salary grade is 65%. Your 2006
ICP bonus will be based on your 2006 annual salary and will not be prorated. Your 2006 bonus
objectives will be weighted as follows:

90% Corporate Financial Goals (BVA/EPS)

10% Performance and Core Values (“PCV”)

	 	 	Your 2006 ICP award actual payout will be based on your performance level and is contingent upon
the Company achieving predetermined financial results and approval by the Compensation Committee
of the Board of Directors.

	3)	 	Your compensation package includes eligibility for participation in the Company’s 2002
Director & Officer Long-Term Incentive Plan (the “Long-Term Incentive Plan”). Effective April
26, 2006, you will receive a grant representing your annual long-term incentive award,
including stock options, restricted stock and performance units, under the Long-Term Incentive
Plan at a value equivalent to 375% of your annual salary. The grant will be allocated as
follows:

	 	i)	 	A Stock Option award in the amount of 15,025 shares, of which 1/3 will vest on
the 26th day of April in each year 2007, 2008 and 2009. An additional Stock
Option award in a similar amount is expected to be granted in July 2006 per the terms
and conditions of the Long-Term Incentive Plan.
	 
	 	ii)	 	A Restricted Stock award in the amount of 8,315 shares, of which 1/3 will vest
on the 26th day of April in each year 2007, 2008 and 2009.
	 
	 	iii)	 	A Performance Unit award in the amount of 7,875 units, of which 100% will vest at the end
of the three-year performance period based on the achievement of specific performance goals.
Performance Units will only have value if the Company achieves certain cumulative

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	 	 	operational Baker Value Added (BVA) targets measured over the three-year performance period.
	 
	 	 	All grants are subject to approval by the Compensation Committee of the Board of Directors and
are subject to the Terms and Conditions of the Award Agreements.

	4)	 	Effective on your first date of employment, you will receive a Restricted Stock Award of
25,344 shares of the Company’s common stock, of which 6,336 shares shall vest on the
26th day of April in each of the years 2008 and 2009 and the remaining 12,672
shares shall vest on the 26th day of April in 2010; provided that you remain in the
employment of the Company. If you are terminated without cause, as defined in the Long-Term
Incentive Plan, 50% of the total grant (12,672 shares) will automatically vest. These shares
will be entitled to receive dividends prior to vesting. All grants are subject to approval by
the Compensation Committee of the Board of Directors.
	 
	5)	 	Effective on your first date of employment, you will receive a Stock Option Award in the
amount of 32,709 shares, of which 10,903 options will vest of the 26th day of April
in each year 2007, 2008 and 2009, subject to the Terms and Conditions of the Company’s 2002
Director & Officer Long-Term Incentive Plan. The term of the option will be ten years, at an
option price equal to the fair market value on the date of grant. All grants are subject to
approval by the Compensation Committee of the Board of Directors as outlined in the Long Term
Incentive Plan.
	 
	6)	 	In the event of retirement (defined as age plus years of service with the Company equals or
exceeds 65), all granted but unvested options shall immediately vest. You shall have five
years from the date of termination of employment due to retirement to exercise the options
(but not later than the expiration date). All unvested restricted stock is forfeited upon
retirement.
	 
	 	 	In the event of long-term disability (as defined in the Long-Term Incentive Plan), all granted
but unvested options and restricted stock shall immediately vest. You shall have five years
from the date of termination due to long-term disability to exercise the options (but not later
than the expiration date).
	 
	 	 	In the case of death, all granted but unvested options and restricted stock shall immediately
vest. The options shall be exercisable for a period of one year in the case of death (but not
later than the expiration date).

	7)	 	You will be expected to attain and maintain a level of ownership of Baker Hughes Incorporated
stock equal to at least three times your base salary, within five years of your initial
appointment as Senior Vice President and Chief Financial Officer.

	8)	 	You will be covered by the Company’s Executive Severance Policy. The purpose is to provide
executives, who are terminated for specific reasons, an income for a fixed period of time
while actively looking for other employment. In the event of your termination, under the
current policy you will receive, among other benefits, a payment equal to eighteen months of
your base salary at the time of your termination. This policy may change at the discretion of
the Company’s Board of Directors.

	9)	 	You will also be eligible for participation in the executive perquisite program, which
entitles you to a perquisite award in the amount of $20,000 per year for expenses incurred
under the program. Award
amounts are paid in quarterly installments, and your quarterly award payments will begin in May,
2006. This policy may change at the discretion of the Company’s Board of Directors.

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	10)	 	You will be eligible to participate in Company-sponsored benefit programs, including the
Supplemental Retirement Plan (SRP), our health & welfare programs, Thrift (401k) Plan, Pension
Plan and Employee Stock Purchase Plan. You will have a choice of coverage options that best
suit you and your family’s needs. Coverage options and contribution amounts are related to
your benefit elections, base salary level (as appropriate) and specific requirements of each
of these plans, as outlined in the benefit’s Summary Plan Description.

	11)	 	You will receive relocation benefits in accordance with the Company’s relocation policies,
which have been provided to you separately. You will also receive a lease cancellation
allowance of $100,000. This allowance includes, but is not limited to the cancellation of all
leases related to vehicles, housing, furnishings, and gym memberships in connection with your
relocation to Houston.

	12)	 	In connection with your employment with the Company, the Company will enter into a Change in
Control Severance Agreement and an Indemnification Agreement with you in the form entered into
with other senior executive officers of the Company.

This offer is contingent upon approval from the Board of Directors and the successful completion of
an executive physical, background check, which includes civil and criminal litigation history,
credit check, verification of employment, degrees, certifications and/or licenses, reference
checks, and pre-employment drug test.

This offer does not guarantee employment for a specified term and is not to be construed as a
contract limiting the prerogative of the Company to terminate the employment relationship with or
without cause and with or without notice.

Please acknowledge your acceptance of this offer by initialing and signing where indicated one copy
of this letter and returning it to me.

I look forward to working with you as we lead Baker Hughes Incorporated to a new level of
performance.

Sincerely,

 

/s/  Chad C. Deaton          

Chad Deaton

Chairman and Chief Executive Officer

Enclosures

	 	 	 	 	 
	Agreed and Accepted:
	 	 
	 	 
	 	 	 
	 	 
	/s/ Peter A. Ragauss
	 	27 March 2006

	 	 
	Peter Ragauss
	 	Date
	 	 

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