Document:

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                                                                    EXHIBIT 10.5

                    PERFORMANCE AWARD AND CASH BONUS PLAN OF
                                 TRANSOCEAN INC.

         Amended and restated as of January 1, 2000*, and as further amended to
reflect change of name on May 9, 2002

                                   I. GENERAL

1.1      PURPOSE OF THE PLAN

         The Performance Award and Cash Bonus Plan (the "Plan") of Transocean
         Inc., a Cayman Islands exempt company limited by shares (the
         "Company"), is intended to advance the best interests of the Company
         and its subsidiaries by providing employees with additional incentives
         through the grant of cash awards based on the performance of the
         employee or the Company, thereby increasing the personal stake of such
         employees in the continued success and growth of the Company and
         encouraging them to remain in the employ of the Company.

1.2      ADMINISTRATION OF THE PLAN

         (a) The Plan shall be administered by the Executive Compensation
         Committee or other designated committee (the "Committee") of the Board
         of Directors of the Company (the "Board of Directors") which shall
         consist of at least three Directors who are not eligible to participate
         in the Plan. The Committee shall have authority to interpret
         conclusively the provisions of the Plan, to adopt such rules and
         regulations for carrying out the Plan as it may deem advisable, to
         decide conclusively all questions of fact arising in the application of
         the Plan, and to make all other determinations necessary or advisable
         for the administration of the Plan. All decisions and acts of the
         Committee shall be final and binding upon all affected Plan
         participants.

         (b)      The Committee shall designate the eligible employees, if any,
                  to be granted awards under the Plan and the type and amount of
                  such awards and the time when awards will be granted. All
                  awards granted under the Plan shall be on the terms and
                  subject to the conditions hereinafter provided.

1.3      ELIGIBLE PARTICIPANTS

Employees, including officers of the Company and its subsidiaries, and of
partnerships or joint ventures in which the Company and its subsidiaries have a

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*Amended solely to change the name of the Company and to reflect changes
necessitated by the reorganization of the Company as a Cayman Islands
corporation in May 1999.

         significant interest as determined by the Committee (all of such
         subsidiaries, partnerships and joint ventures being referred to as
         "Subsidiaries") shall be eligible to participate in the Plan. Directors
         who are not employees of the Company or its Subsidiaries shall not be
         eligible to participate in the Plan.

1.4      AWARDS UNDER THE PLAN

         Awards under the Plan may be in the form of (I) performance awards
         pursuant to Article II (Performance Awards"), or (ii) cash bonuses and
         awards pursuant to Article III.

1.5      OTHER COMPENSATION PROGRAMS

         The existence and terms of the Plan shall not limit the authority of
         the Board of Directors in compensating employees of the Company and its
         Subsidiaries in such other forms and amounts, including compensation
         pursuant to any other plans as may be currently in effect or adopted in
         the future, as it may determine from time to time.

                             II. PERFORMANCE AWARDS

2.1      TERMS AND CONDITIONS OF AWARDS

         Subject to the following provisions, Performance Awards expressed as an
         amount of cash may be granted by the Committee in such form and upon
         such terms and conditions as the Committee, in its discretion, may from
         time to time determine. Each grant of a Performance Award shall specify
         the amount and nature of the Performance Award to be received by the
         employee subject to satisfaction of specified "Performance Objectives"
         within a specified "Performance Period."

         (a) Performance Period. The Performance Period with respect to each
         Performance Award shall be the period of time within which the
         Performance Objectives relating to that award are to be achieved. The
         Committee shall determine the length of the Performance Period.

         (b) Performance Objectives. Performance Awards shall be deemed to have
         been earned by an employee based upon achievement of Performance
         Objectives specified by the Committee at the time of grant. Such
         Performance Objectives may be described in terms of Company-wide
         objectives or of objectives which are related to performance of the
         employee or of the Subsidiary, division, department or function within
         the Company in which the employee is employed. Performance Objectives
         relating to any particular grant of a Performance Award need not be the
         same as those relating to any other grant, whether made at the same or
         a different time. The Committee may specify in connection with each
         grant of a Performance

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         Award a minimum acceptable level of achievement of the relevant
         Performance Objectives (the "Minimum"). If during the Performance
         Period relating to any Performance Award events or transactions occur
         which, in the sole judgment of the Committee, cause the Performance
         Objectives or Minimum relating to such Performance Award to be an
         inappropriate measure of the achievement of the employee, the Committee
         may adjust such Performance Objectives or Minimum.

         (c) Earning of Award. The Committee shall, promptly after the date on
         which the necessary financial or other information for a particular
         Performance Period becomes available, determine the extent to which the
         Performance Award to which such Performance Period relates has been
         earned by the employee through achievement of the relevant Performance
         Objectives. If the Performance Objectives have been attained or
         exceeded, the employee shall be deemed to have earned such Performance
         Award in full. If the Performance Objectives have not been attained but
         the relevant Minimum, if any, has been attained or exceeded, the
         percentage of the Performance Award deemed to have been earned by the
         employee shall be determined in accordance with a formula prescribed by
         the Committee at the time such Performance Award was granted. If the
         Minimum has not been attained, the employee shall be deemed not to have
         earned the Performance Award. If a Performance Award is granted at any
         time after the first day of a Performance Period, the amount of such
         Award shall be the amount determined pursuant to this paragraph
         multiplied by a fraction, the numerator of which is the number of
         months during the Performance Period during which such grant was in
         effect, and the denominator of which is the total number of months in
         the Performance Period.

         (d) Termination of Employment. If an employee's employment has
         terminated because of death, disability (as determined by the
         Committee) or retirement (under a retirement program of the Company or
         one of its Subsidiaries or otherwise as determined by the Committee)
         prior to the end of the Performance Period, the extent to which a
         Performance Award shall be deemed to have been earned shall be
         determined by multiplying the amount of the Performance Award which
         would have been earned had the employee's employment not been
         terminated by a fraction, the numerator of which is the number of full
         calendar months such employee was employed during the Performance
         Period and the denominator of which is the total number of full
         calendar months in the Performance Period. If the employee's employment
         terminates for any reason other than as described in the preceding
         sentence, the employee shall be deemed not to have earned the
         Performance Award or any part thereof unless the Committee determines
         otherwise in its sole discretion (in which event the extent to which
         the Performance Award shall be deemed to have been earned shall not
         exceed the amount determined pursuant to the preceding sentence).

         (e) Distributions. A Performance Award, to the extent that it has been
         earned, shall be distributed in cash, and may be paid in a lump sum, in
         installments, as deferred compensation or in any combination thereof as
         may be determined by the Committee in its sole discretion.

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         (f) Change of Control. Notwithstanding any other provision of this
         Section 2.1 or contained in any Performance Award granted hereunder,
         upon the occurrence of a Change of Control (as defined in Section 4.7),
         a Participant shall be deemed to have fully attained all Performance
         Objectives contained in his outstanding Performance Awards and the
         extent to which a Performance Award shall be deemed to have been earned
         shall be determined by multiplying the maximum amount of the
         Performance Award which could have been earned assuming full attainment
         of all Performance Objectives by a fraction, the numerator of which is
         the number of full calendar months in the Performance Period prior to
         the Change of Control (disregarding any months in the Performance
         Period prior to the effectiveness of the grant of the Performance
         Award) and the denominator of which is the total number of full
         calendar months in the Performance Period. If the Participant remains
         in the employ of the Company or its Subsidiaries following the Change
         of Control, he shall be entitled to receive any additional portion of
         the Performance Award which is earned (as determined in accordance with
         Section 2.1(c)) during the portion of the Performance Period occurring
         after the Change of Control. Notwithstanding the provision of Section
         2.1(b), following a Change of Control the Committee shall not adjust
         the Performance Objectives or Minimum or other terms specified in a
         Performance Award in effect immediately prior to the Change of Control
         in a manner adverse to the Participant.

                          III. CASH BONUSES AND AWARDS

3.1      CASH BONUSES AND AWARDS

         The Committee, from time to time, may grant cash bonuses and other cash
         awards. The Committee may also delegate the authority to grant cash
         bonuses and awards in accordance with policies adopted by the
         Committee. All bonuses and awards granted under this Section 3.1 shall
         be subject to such terms and conditions, including deferred payment, as
         the Committee, in its discretion, may determine from time to time.

                            IV. ADDITIONAL PROVISIONS

4.1      AMENDMENTS

         (a) The Board of Directors may, in its sole discretion, discontinue the
         Plan at any time, or amend it from time to time.

         (b) The Committee shall have the authority to amend any grant to
         include any provision which, at the time of such amendment, is
         authorized under the terms of the Plan; however, no outstanding award
         may be revoked or altered in a manner unfavorable to the holder without
         the written consent of the holder.

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4.2      CANCELLATION OF AWARDS

         Any award granted under the Plan may be canceled at any time with the
         consent of the holder and a new award may be granted to such holder in
         lieu thereof, which award may, in the discretion of the Committee, be
         on more favorable terms and conditions than the canceled award.

4.3      WITHHOLDING

         Payments under the Plan shall be net of an amount sufficient to satisfy
         any federal, state or local withholding tax liability.

4.4      NON-ASSIGNABILITY

         No award under the Plan shall be assignable or transferable by the
         holder thereof except by will or by the laws of descent and
         distribution.

4.5      NON-UNIFORM DETERMINATIONS

         Determinations by the Committee under the Plan (including, without
         limitation, determinations of the persons to receive awards; the form,
         amount and timing of such awards; the terms and provisions of such
         awards and the agreements evidencing same; and determinations with
         respect to terminations of employment) need not be uniform and may be
         made by it selectively among persons who receive, or are eligible to
         receive, awards under the Plan, whether or not such persons are
         similarly situated.

4.6      NO GUARANTEE OF EMPLOYMENT

         The grant of an award under the Plan shall not constitute an assurance
         of continued employment for any period.

4.7      CHANGE OF CONTROL

         A "Change of Control" means:

         (a) The acquisition by any individual, entity or group (within the
         meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act
         of 1934, as amended (the "Exchange Act")) (a "Person") of beneficial
         ownership (within the meaning of Rule 13d-3 promulgated under the
         Exchange Act) of 20% or more of either (i) the then outstanding
         ordinary shares of the Company (the "Outstanding Company Ordinary
         Shares") or (ii) the combined voting power of the then outstanding
         voting securities of the Company entitled to vote generally in the
         election of directors (the "Outstanding Company Voting Securities");
         provided, however, that for purposes of this subsection (a), the
         following acquisitions shall not constitute a Change of

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         Control: (i) any acquisition directly from the Company, (ii) any
         acquisition by the Company, (iii) any acquisition by any employee
         benefit plan (or related trust) sponsored or maintained by the Company
         or any corporation or other entity controlled by the Company or (iv)
         any acquisition by any corporation or other entity pursuant to a
         transaction which complies with clauses (i), (ii) and (iii) of
         subsection (c) of this Section 6.10; or

         (b) Individuals who, as of the date hereof, constitute the Board of the
         Company (the "Incumbent Board") cease for any reason to constitute at
         least a majority of the Board of the Company; provided, however, that
         for purposes of this Section 6.10 any individual becoming a director
         subsequent to the date hereof whose election, or nomination for
         election by the Company's shareholders, was approved by a vote of at
         least a majority of the directors then comprising the Incumbent Board
         shall be considered as though such individual were a member of the
         Incumbent Board, but excluding, for this purpose, any such individual
         whose initial assumption of office occurs as a result of an actual or
         threatened election contest with respect to the election or removal of
         directors or other actual or threatened solicitation of proxies or
         consents by or on behalf of a Person other than the Board of the
         Company; or

         (c) Consummation of a scheme of arrangement, reorganization, merger or
         consolidation or sale or other disposition of all or substantially all
         of the assets of the Company (a "Business Combination"), in each case,
         unless, following such Business Combination, (i) all or substantially
         all of the individuals and entities who were the beneficial owners,
         respectively, of the Outstanding Company Ordinary Shares and
         Outstanding Company Voting Securities immediately prior to such
         Business Combination beneficially own, directly or indirectly, more
         than 50% of, respectively, the then outstanding ordinary shares or
         shares of common stock and the combined voting power of the then
         outstanding voting securities entitled to vote generally in the
         election of directors, as the case may be, of the corporation or other
         entity resulting from such Business Combination (including, without
         limitation, a corporation or other entity which as a result of such
         transaction owns the Company or all or substantially all of the
         Company's assets either directly or through one or more subsidiaries)
         in substantially the same proportions as their ownership, immediately
         prior to such Business Combination of the Outstanding Company Ordinary
         Shares and Outstanding Company Voting Securities, as the case may be,
         (ii) no Person (excluding any corporation or other entity resulting
         from such Business Combination or any employee benefit plan (or related
         trust) of the Company or such corporation or other entity resulting
         from such Business Combination) beneficially owns, directly or
         indirectly, 20% or more of, respectively, the then outstanding ordinary
         shares or shares of common stock of the corporation or other entity
         resulting from such Business Combination or the combined voting power
         of the then outstanding voting securities of such corporation or other
         entity except to the extent that such ownership existed prior to the
         Business Combination and (iii) at least a majority of the members of
         the board of directors of the corporation resulting from such Business
         Combination were members of the Incumbent Board at the time of the
         action of the Board of the Company providing for such Business
         Combination; or

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         (d) Approval by the shareholders of the Company of a complete
         liquidation or dissolution of the Company.

4.8      EFFECTIVE DATE

         The Plan became effective as of June 1, 1993, was amended and restated
         effective January 1, 2000 and was further amended on May 9, 2002.

                                        TRANSOCEAN INC.

                                        By:  /s/ Eric B. Brown
                                             ----------------------------------
                                             Eric B. Brown
                                             Corporate Secretary

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EXHIBIT 10.7

WEBMETHODS, INC.

STOCK OPTION AGREEMENT

     THIS STOCK OPTION AGREEMENT (this “Agreement”) is made as of the     day of
          , 200   by and between (i) WEBMETHODS, INC. (the “Corporation”), a
Delaware corporation, and (ii)                      (“Participant”), a director of
the Corporation.

     WHEREAS, the Corporation has adopted a Stock Option Plan (the “Plan”), a
copy of which has been provided to Participant; and

     WHEREAS, the Corporation desires to grant an Option to Participant to
purchase shares of Incentive Stock (as defined in the Plan) of the Corporation
in consideration of the valuable services to be rendered to the Corporation by
Participant pursuant to Participant’s service on the Corporation’s Board of
Directors.

     NOW, THEREFORE, in consideration of the foregoing, of the mutual promises
hereinafter set forth and of other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto, intending
to be legally bound, do hereby agree as follows:

     1. Grant of Option.

          A. Subject to vesting as set forth in Section 1B hereof, the Corporation
hereby grants to Participant the right to purchase, during the period specified
in Section 2 hereof,                      (          ) shares of Incentive Stock (such
shares of Incentive Stock being hereinafter referred to as the “Shares”) at a
price of                      ($          ) per Share (the “Exercise Price”), in
accordance with the terms of this Agreement and the Plan (such right being
hereinafter referred to as the “Option”).

          B. The Option shall vest and may be exercised by Participant, subject to
the provisions of Section 2 hereof regarding the duration of the Option, as
follows:

	(i)	 	                                         (          ) Shares
may be purchased at any time after                     ;
	 
	(ii)	 	an additional                                         
(          )
Shares may be purchased after the
           day of
each month following
          , commencing on
                    ; and
	 
	(iii)	 	all of the Shares may be purchased
at any time after                     .

Notwithstanding any provision of this Agreement to the contrary, unless the
Board of Directors of the Corporation shall otherwise determine, the Option
shall not vest any further upon Participant ceasing to be a director of the
Corporation for any reason whatsoever.

 

 

          C. Subject to the provisions of Section 1B, (i) any unvested portion of
the Option on the date of consummation of a Change of Control of the
Corporation (as defined herein) shall thereupon vest and become immediately
exercisable; and (ii) Participant may exercise the Option (including any
unvested portion subject to accelerated vesting pursuant to this Section 1C) at
any time following the Corporation’s public announcement of the proposed Change
of Control (provided, however, that consummation of the Change of Control shall
be a condition precedent to the effectiveness of any such exercise).

          D. For purposes of this Agreement, a “Change of Control” of the
Corporation shall mean the earliest to occur of (i) a merger or consolidation
to which the Corporation is a party and which results in, or is effected in
connection with, a change in ownership of a majority of the outstanding shares
of voting stock of the Corporation, (ii) any sale or transfer of all or
substantially all of the assets of the Corporation to an unaffiliated third
party, or (iii) the sale by the holders of a majority of the voting stock of
the Corporation to an unaffiliated third party.

     2. Duration of Option. The Option shall be effective during the period
commencing as of the date hereof and ending on the earliest to occur of (a) the
date all of the Shares are purchased pursuant to the terms of this Agreement or
(b) «Expiration_Date» at 5:00 p.m.

     3. Exercise of Option.

          A. The Option may be exercised only if compliance with all applicable
Federal and state securities laws can be effected and only by (i) Participant’s
completion, execution and delivery to the Corporation of a notice of exercise
and investment letter (in substantially the form attached hereto as Exhibit A),
and (ii) the payment to the Corporation, as provided in Section 3D hereof, of
an amount equal to the amount obtained by multiplying the Exercise Price by the
number of Shares being purchased pursuant to such exercise, as shall be
specified by Participant in such notice of exercise.

          B. The Option and any of the rights thereunder may be exercised by
Participant only, and may not be transferred or assigned, in whole or in part,
without the written consent of the Corporation.

          C. Payment of the amount determined pursuant to Section 3A hereof shall be
made by good check or in such other manner as shall then be acceptable to, and
permitted by, the Board of Directors.

          D. Upon the exercise of the Option by Participant, or as soon thereafter
as is practicable, the Corporation shall issue and deliver to Participant a
certificate or certificates evidencing such number of Shares as Participant has
so elected to purchase. Such certificate or certificates shall be registered
in the name of Participant and, if applicable, shall bear an appropriate
investment warranty legend, any legend required by any Federal or state
securities law, rule or regulation and, if applicable, a legend referring to
the restrictions provided hereunder and under the Plan and any legend required
by the General Corporation Law of the State of Delaware. Upon the exercise of
the Option and the issuance and delivery of such certificate or certificates,
Participant shall have all the rights of a stockholder with respect to such
Shares and

 

 

to receive all dividends or other distributions paid or made with respect
thereto; provided, however, that such Shares shall be subject to the
restrictions hereunder.

          E. Upon the request of the Participant, the Board of Directors of the
Corporation may, upon such terms and conditions as it deems appropriate, accept
the surrender by Participant of Participant’s right to exercise the Option, in
whole or in part, and authorize a payment in consideration therefor of an
amount equal to the difference obtained by subtracting the Exercise Price of
the Shares which are the subject of such surrendered Option from the fair
market value of the Shares which are the subject of such surrendered Option on
the date of such surrender (such amount not to be less than zero), such payment
to be in cash.

     4. Changes in Capital Structure of the Corporation. Subject to any
required action by the stockholders of the Corporation and the provisions of
the General Corporation Law of the State of Delaware, the number of shares of
Incentive Stock subject to this Agreement as well as the Exercise Price of any
Shares not yet purchased by Participant shall be proportionately adjusted for
(a) a division or combination of the shares of capital stock of the
Corporation, (b) a dividend payable in shares of capital stock of the
Corporation or (c) a reclassification of any shares of capital stock of the
Corporation.

     5. Rights Prior to Exercise. Participant shall have no equity interest in
the Corporation or any voting, dividend, liquidation or dissolution rights with
respect to any capital stock of the Corporation solely by reason of having an
Option or having executed this Agreement. Furthermore, prior to the exercise of
all or a portion of the Option, as set forth in Section 3A hereof, and the
issuance and delivery of a certificate or certificates evidencing the Shares
purchased pursuant to the exercise of all or a portion of such Option,
Participant shall have no interest in, or any voting, dividend, liquidation or
dissolution rights with respect to, the Shares, except to the extent that
Participant has exercised all or a portion of such Option and has been issued
and received delivery of a certificate or certificates evidencing the Shares
purchased pursuant to such exercise.

     6. General.

          A. This Agreement shall be binding upon, and shall inure to the benefit
of, the Corporation and Participant, and their respective heirs, personal and
legal representatives, successors and assigns.

          B. This Agreement sets forth all of the promises, agreements, conditions,
understandings, warranties and representations between the parties hereto with
respect to the Option and the Shares, and there are no promises, agreements,
conditions, understandings, warranties or representations, oral or written,
express or implied, between them with respect to the Option or the Shares other
than as set forth herein. Any and all prior agreements between the parties
hereto with respect to any stock purchase rights or stock option rights
regarding the Shares or the Option are hereby revoked.

          C. Any and all notices provided for herein shall be sufficient if in
writing, and sent by hand delivery or by certified or registered mail (return
receipt requested and first-class

 

 

postage prepaid), in the case of the Corporation, to its principal office, and, in
the case of Participant, to Participant’s mailing address as shown on the
records of the Corporation.

          D. This Agreement shall be construed and enforced in accordance with the
substantive laws of the State of Delaware, without regard to provisions thereof
relating to conflicts of law or choice of law.

          E. No change or modification of this Agreement shall be valid unless the
same is in writing and signed by the parties hereto.

     IN WITNESS WHEREOF, the Corporation and Participant have executed this
Agreement as of the day and year first above written.

	 	 	 	 	 
	 	 	CORPORATION:
	 
	 	 	 	 
	 	 	WEBMETHODS, INC.,
	

	 	 	 	a Delaware corporation
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	 
	 	 	 	 
	 	 	PARTICIPANT:

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