Document:

exv10w29

 

Exhibit 10.29

POLICY BULLETIN

	 	 	 
	SUBJECT: EXECUTIVE SEVERANCE PROGRAM
	 	Effective July 1, 2000

Reissued: January 1, 2004

I. PURPOSE

To establish a severance program for senior level executives of the Company that recognizes
(i) the relatively more difficult employment transition that occurs upon the termination of
employment of higher paid individuals; and (ii) that senior level executive employees, to a
greater extent than other salaried employees, serve at the pleasure of the company and are
decidedly “at will” — meaning that the Company may terminate the employment relationship
at any time for any reason without liability to the employee.

II. SCOPE

This policy applies to corporate officers, division presidents, management level direct
reports to division presidents and such other employees, as may be designated by the Chief
Executive Officer of Cooper Cameron Corporation.

III. SEPARATION ALLOWANCE BENEFITS

Following the termination of employment by the Company for reasons other than cause, the
covered executive will receive Separation Allowance Benefits in the form of salary
continuation for a period of twelve (12) months following termination of employment by the
Company for reasons other than cause.

Payment of the Separation Allowance Benefits is contingent upon signing a full and complete
waiver and release in a form acceptable to the Company. (Please see attached waiver and
release.) If the covered executive elects not to sign the waiver and release, the Basic
Benefits under the Cooper Cameron Separation Allowance Plan for Salaried Employees will
apply.

IV. BENEFITS CONTINUATION

The following benefits will be continued during the twelve (12) month Severance Period:

	 	•	 	Healthcare Coverage
	 
	 	•	 	Dental Coverage
	 
	 	•	 	Vision Coverage

Eligibility for the continuance of any of these benefits ends when the covered executive
becomes eligible for such benefit under a benefit plan offered or sponsored by another
employer, except to the extent that the terms of the respective plans offer conversion or
portability. No additional vacation shall be earned during the severance period.

 

 

Participation in other benefits ends on the last day of active employment:

	 	•	 	Pension Plan
	 
	 	•	 	CC-Save
	 
	 	•	 	Basic and Supplemental Life Insurance
	 
	 	•	 	Basic and Voluntary AD&D
	 
	 	•	 	Business Travel Accident Insurance
	 
	 	•	 	Short Term Disability
	 
	 	•	 	Long Term Disability

Information regarding conversion privileges or portability of the Supplemental Life
Insurance will be communicated at the time of separation. Eligibility for distributions
under any Cooper Cameron sponsored retirement plan shall be pursuant to and made in
accordance with the provisions of the specific plan. The separation payment and the
payment for unused vacation are not considered pensionable earnings under the terms of any
Cooper Cameron Corporation pension or retirement plan.

MICP

Participation in MICP will be prorated through the last day of employment and determined on
the basis of the goals and objectives established for the applicable plan year. No further
bonus entitlements will be earned during the severance period.

Long-Term Incentive Plan

The terms of the Company’s Long-Term Incentive Plan and the specific provisions of the
option agreement shall govern stock options granted to the covered executive. As provided
in such documents, all vesting of stock options ceases as of the last day of employment.
The length of time to exercise any vested option is defined in the individual stock option
agreement.

Non-Compete/No Solicitation Agreement

As part of the waiver and release, the covered executive will be committing not to engage
in any competition with the company following termination and will not, directly or
indirectly, participate in the solicitation or recruitment of any Company employees. All
company property, documents and computer records, and any related materials that the
covered executive may possess must be returned immediately.

Other Provisions

In addition to salary and benefit continuations as provided above, outplacement services
will be made available.

If the division in which the executive is employed is sold, merged or consolidated with
another entity or business, any executive who continues employment or is offered continued
employment with a new owner of a former Cooper Cameron operation in the same or reasonably
comparable position, will not be considered terminated within the meaning of this policy.

 

 

V. OTHER SEVERANCE RIGHTS

To the extent any covered executive under this policy is entitled to receive benefits for
severance pursuant to statutory or regulatory requirements or an employment contract or
arrangement, the benefits hereunder, which are not intended to duplicate such benefits,
shall be reduced automatically to avoid any such duplication. The determination of the
reduction is the responsibility of the Plans Administration Committee whose decision will
be final and binding on both the Company and the covered executive.

VI. RESPONSIBILITIES

The general administration of the executive severance program is the responsibility of the
Plans Administration Committee, which has final and binding authority to administer the
plan in accordance with its stated terms. The corporate vice-president responsible for
human resources shall have overall responsibility to effectuate the terms and conditions of
this policy and for the day-to-day administration of this policy. These responsibilities
may be delegated to other person or persons including division personnel where appropriate.

 

 

WAIVER AND RELEASE AND

ACCEPTANCE OF ADDITIONAL SEPARATION ALLOWANCE BENEFITS

In consideration of Cooper Cameron Corporation’s (the “Company’s”) agreement to provide me
with enhanced severance benefits under its Executive Severance Program — 2003 (the “Plan”), I
hereby waive and release COOPER CAMERON CORPORATION, its past, present, and future owners, parents,
subsidiaries, and affiliates, and their respective past, present, and future directors,
shareholders, officers, employees, agents, insurance carriers, administrators, legal
representatives and all benefit plans sponsored by any of them (except for benefits under the
Program and any pension plan), past or present (individually and collectively, the “Released
Parties”), from liability for any and all claims, damages, actions, rights, demands and causes of
action of any kind related to my employment or the termination of my employment by the Company,
whether known or unknown, arising under any federal, state or local fair employment or
discrimination laws, including but not limited to, Title VII of the Civil Rights Act of 1964, the
Age Discrimination in Employment Act, the Employee Retirement Income Security Act, the Family
Medical Leave Act, the Americans With Disabilities Act, the Worker Adjustment and Retraining
Notification Act, and any applicable state’s or locality’s fair employment statutes, any other
local, state or federal wage and hour law. I further waive and release any claims or demands
arising under any other federal, state or local law, including but not limited to, common law
claims relating to breach of contract, wrongful or constructive discharge, violation of public
policy, and common law tort. This Waiver and Release (also referred to as this “agreement”)
excludes any claims for medical or income replacement benefits for work-related injuries currently
pending or permitted by law and further excludes any pension or unemployment compensation benefits
to which I may be otherwise entitled. This agreement does not apply to any rights or claims that
may arise after its effective date. I acknowledge that this agreement is not intended to indicate
that such claims exist or that, if they do exist, they are meritorious. Rather, it is simply an
agreement that, in return for the enhanced severance benefits as stated in the Plan, any and all
potential claims of this nature that I may have against any of the Released Parties, regardless of
whether they actually exist, regardless of whether they are known or unknown to me at this time,
are expressly settled, compromised, and waived.

By signing this agreement, I am bound by it. Anyone who succeeds to my rights and
responsibilities, such as heirs or the executor of my estate, is also bound by this agreement.
This release also applies to any claims brought by any person or agency or class action under which
I may have a right or benefit. I represent and warrant that no other person or entity has any
interest in or been assigned any interest in claims or causes of action, if any, I may have against
any of the Released Parties and which I am now releasing in their entirety.

I agree and acknowledge that the only benefits associated with the termination of my employment
with the Company and any of its affiliates to which I am entitled are the benefits stated in the
Plan and that I am not entitled to any additional benefits under any other policy, plan or
agreement of the Company or any Released Party in connection with my termination, including but not
limited to any employment or severance agreement between me and any Released Party and benefits, or
any other severance, retention, bonus or incentive plan of the Company or any of its affiliates,
shareholders or predecessors (except for benefits under the Plan and any Company pension plan). I
further acknowledge that I have received reimbursement for all reimbursable business expenses I
incurred on behalf of the Company or any of its affiliates.

I have signed this agreement voluntarily and without coercion or duress. I understand the final
and binding effect of this agreement and agree to each of its terms. I acknowledge that the only
promises made to me to sign this agreement are those stated in the Plan and that no other
understanding concerning the subject matter of this agreement, whether oral or written, exists. I
have been advised to consult with an attorney prior to executing this agreement and I have been
given at least twenty-one (21) days to consider this agreement before signing. If I sign this
Agreement, I understand that I have seven (7) days after the date I sign to revoke, in writing,
this agreement. Such revocation must be delivered to my Human Resources Representative. This
agreement will not become effective or enforceable until this seven (7) day period has

 

 

expired. I further acknowledge that I have carefully read the Plan and this agreement, understand
their terms, and I am voluntarily accepting the Company’s offer of enhanced benefits under that
Plan. I understand that the enhanced severance benefits provided under the Plan are valuable
consideration to which I would not otherwise be entitled, but are solely in return for the waiver
of rights and claims stated in this agreement.

I further agree that the entitlement to enhanced Separation Allowance Benefits is contingent on my
not becoming engaged in any employment or other enterprise that involves being in competition with
the Company in any of the markets or product lines with which I was involved while employed by the
Company and will not, directly or indirectly, participate in the solicitation or recruitment of any
Company employees.

Based upon the signing of this agreement, I further agree not to commence any lawsuit against any
Released Party for matters covered by this agreement, nor to participate in any such action other
than as required by law (except as necessary to protect my rights under this agreement). I
represent that, as of the effective date of this agreement, I have not brought or joined any
lawsuit or filed any charge or claim against any Released Party in any court or before any
government agency. Should any provision of this agreement be declared invalid by a court of
competent jurisdiction, the remaining provisions shall remain in full force and effect

	 	 	 
	Signed by:

	 	                                                                           
	 
	 	 
	Printed Employee Name:

	 	                                                                           
	 
	 	 
	Dated:

	 	                                                                           
	 
	 	 
	Company Representative:

	 	                                                                           
	 
	 	 
	Dated:exv10w33

 

Exhibit 10.33

NINTH AMENDMENT TO THE

INDIVIDUAL ACCOUNT RETIREMENT PLAN

FOR

BARGAINING UNIT EMPLOYEES

AT THE COOPER CAMERON CORPORATION

BUFFALO, NEW YORK PLANT

     WHEREAS,
COOPER CAMERON CORPORATION (the “Company”) has heretofore adopted the INDIVIDUAL
ACCOUNT RETIREMENT PLAN FOR BARGAINING UNIT EMPLOYEES AT THE COOPER CAMERON CORPORATION BUFFALO,
NEW YORK PLANT (the “Plan”) for the benefit of its eligible employees; and

     WHEREAS, the Company desires to amend the Plan to modify the Plan’s mandatory cashout
provisions and to update the Plan’s break-in-service rules under the final regulations under
section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”);

     NOW, THEREFORE, the Plan is hereby amended as follows:

I. Effective as of March 28, 2005:

     1. Section 9.04 of the Plan shall be deleted and the following shall be substituted therefor:

     “9.04 Lump Sum Cash-Out. Notwithstanding the foregoing provisions of
this Article IX, with respect to any benefit payable pursuant to Article V
(retirement), Article VI (death), Article VII (disability) or Article VIII (other
termination of employment): (a) if the amount of the Member’s Vested Interest in
his Account Balance is not in excess of $1,000 (or not in excess of $5,000 with
respect to a benefit payable after a Member’s death) such benefit shall be paid to
such Member or Beneficiary, as the case may be, in one lump sum in lieu of any other
benefit payment form herein provided; and (b) except in the case of a benefit
payable after a Member’s death, if the amount of the Member’s Vested Interest in his
Account Balance exceeds $1,000 but does not exceed $5,000, the Member may elect to
receive the Vested Interest in his Account Balance in one lump sum in lieu of any
other benefit payment form herein provided and such election may be made without the
consent of the Member’s spouse, if any. No distribution may be made under this
paragraph after the annuity commencement date when the accrued benefit (derived from
both employer and employee contributions, excluding deductible employee
contributions) is in excess of $5,000 unless the Member and his eligible spouse (or
where the Member has died, the Eligible Surviving Spouse) consent in writing to such
distribution. An accrued benefit is immediately distributable if any part of the
benefit may be distributed to the Member before the later of normal retirement or
age 62. This does not apply after the death of the Member. For purposes hereunder,
present value shall be determined by using an interest rate not greater than the

 

 

interest rate which would be used (as of the date of distribution) by the
Pension Benefit Guaranty Corporation for purposes of determining the present value
of a lump sum distribution on plan termination. For purposes of application of the
$5,000 threshold of this Section and Sections 16.04 and 17.07 (but not the $1,000
threshold of this Section), the value of a Member’s Vested Interest in his Account
Balance shall be determined without regard to that portion of his Account Balance
that is attributable to Rollover Contributions (and earnings allocable thereto)
within the meaning of Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii) and
457(e)(16) of the Code. If the value of a Member’s Vested Interest in his Account
Balance as so determined is $5,000 or less, the Member’s entire nonforfeitable
Account Balance (including amounts attributable to such Rollover Contributions) may
be distributed pursuant to this Section 9.04 and Section 17.07. This Section 9.04
shall be effective with respect to distributions made on or after March 28, 2005
regardless of whether the event that caused a Member’s Account to become
distributable occurred before or after March 28, 2005.”

2. The following shall be added to Section 16.04 of the Plan:

“In the event that the total value of an amount directed to be paid pursuant to a
qualified domestic relations order is not in excess of $5,000 (determined as
provided in Section 9.04), such amount shall be paid to the recipient or recipients
identified in such order in one lump sum payment as soon as practicable after such
order has been determined to be a qualified domestic relations order.”

     3. The first paragraph of Section 17.07 of the Plan shall be deleted and the following shall
be substituted therefor:

     “17.07 Distribution of Tax Deferred Savings Contributions. Subject to
the limitations set forth in this Section 17.07, each Member shall be entitled to
receive the entire interest of his Account attributable to his Tax Deferred Savings
Contributions in a single sum upon the termination of such Member’s employment with
the Employer and the Controlled Entities; provided, however, that if such interest
when added to any other Vested Interest of the Member under the Plan exceeds $1,000
(or $5,000 in the case of a distribution after a Member’s death), such interest may
not be distributed to such Member prior to Normal Retirement Age without his consent
and if such interest when added to any other Vested Interest of the Member under the
Plan exceeds $5,000 (disregarding any Rollover contributions and earnings allocable
thereto, in accordance with Section 9.04), the consent of his spouse shall also be
required. Notwithstanding the foregoing, any such distribution of Tax Deferred
Savings Contributions shall be made in the following manner unless the Member elects
otherwise:”

     4. A new paragraph (3) shall be added to Section 17.07 as follows:

          “(3)Vested Amounts Not Exceeding $5,000. Section
9.04 shall also apply to the distribution of a Member’s interest in
his Account attributable to his Tax Deferred Savings Contributions.”

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II. Effective as of January 1, 2006:

     1. The first sentence of Section 8.03 shall be deleted and the following shall be substituted
therefor:

“At the time a Member terminates employment with the Company and its Controlled
Entities prior to attaining Retirement Age for any reason other than Total and
Permanent Disability or death, a “Forfeitable Event” occurs which is either (i)
distribution of the non-forfeitable portion of the Member’s Account or (ii) with
respect to a Member who has made no Tax Deferred Savings Contributions to the Plan,
five (5) consecutive One-Year Breaks-In-Service.”

     2. Section 9.04 of the Plan shall be deleted and the following shall be substituted therefor:

“9.04 Lump Sum Cash-Out. Notwithstanding the foregoing provisions of
this Article IX, with respect to any benefit payable pursuant to Article V
(retirement), Article VI (death), Article VII (disability) or Article VIII (other
termination of employment):

(a) If the amount of the Member’s Vested Interest in his Account Balance is not
in excess of $1,000 (or not in excess of $5,000 with respect to a benefit payable
after a Member’s death), such benefit shall be paid to such Member or Beneficiary,
as the case may be, in one lump sum in lieu of any other benefit payment form herein
provided.

(b) Except in the case of a benefit payable after a Member’s death, if the
amount of the Member’s Vested Interest in his Account Balance exceeds $1,000 but
does not exceed $5,000, the Member may elect to receive the Vested Interest in his
Account Balance in one lump sum in lieu of any other benefit payment form herein;
provided that any such election may be made without the consent of the Member’s
spouse, if any. In the event of a distribution pursuant to this Section 9.04(b), if
the Member does not elect to have such distribution paid directly to an Eligible
Retirement Plan specified by the Member in a direct rollover in accordance with
Section 9.07 or to receive the distribution directly in accordance with this Section
9.04(b), then the Plan Administrator shall pay the distribution in a direct rollover
to an individual retirement plan designated by the Plan Administrator. This Section
9.04(b) shall be effective with respect to distributions made on or after January 1,
2006 regardless of whether the event that caused a Member’s Account to become
distributable occurred before or after January 1, 2006.

(c) No distribution may be made pursuant to this Section 9.04 after the annuity
commencement date when the accrued benefit is in excess of $5,000 unless the Member
and his eligible spouse (or where the Member has died, the Eligible Surviving
Spouse) consent in writing to such distribution. An accrued benefit is

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immediately distributable if any part of the benefit may be distributed to the
Member before the later of normal retirement or age 62. This does not apply after
the death of the Member. For purposes hereunder, present value shall be determined
by using an interest rate not greater than the interest rate which would be used (as
of the date of distribution) by the Pension Benefit Guaranty Corporation for
purposes of determining the present value of a lump sum distribution on plan
termination. For purposes of application of the $5,000 threshold of this Section
and Sections 16.04 and 17.07 (but not the $1,000 threshold of this Section), the
value of a Member’s Vested Interest in his Account Balance shall be determined
without regard to that portion of his Account Balance that is attributable to
Rollover Contributions (and earnings allocable thereto) within the meaning of
Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii) and 457(e)(16) of the Code.
If the value of a Member’s Vested Interest in his Account Balance as so determined
is $5,000 or less, the Member’s entire nonforfeitable Account Balance (including
amounts attributable to such Rollover Contributions) may be distributed pursuant to
this Section 9.04 and Section 17.07.”

     3. Section 15.01(b) of the Plan shall be deleted and the following shall be substituted
therefor:

     “(b) A Member who has made no Tax Deferred Savings Contributions to the Plan,
and who terminates employment and subsequently recommences participation in the
Plan, shall be reinstated with the years of Vesting Service with which he was
credited prior to his termination of employment, if (i) the number of his
consecutive One-Year Breaks-In-Service is less than five, or (ii) he had a Vested
Interest at the time of such termination. A Member who has made Tax Deferred
Savings Contributions to the Plan and who has not received a distribution of the
nonforfeitable portion of his Account shall be reinstated with the years of Vesting
Service with which he was credited prior to his termination of employment if he
subsequently recommences participation in the Plan. A Member who has made Tax
Deferred Savings Contributions to the Plan but who has received distribution of the
nonforfeitable portion of his Account will be reinstated to the years of Vesting
Service with which he was credited prior to his termination of employment if he
recommences participation in the Plan and repays any distributed Company
Contributions within the time permitted under Section 8.04. ”

     4. The first paragraph of Section 17.07 of the Plan shall be deleted and the following shall
be substituted therefor:

     “17.07 Distribution of Tax Deferred Savings Contributions. Subject to
the limitations set forth in this Section 17.07, each Member shall be entitled to
receive the entire interest of his Account attributable to his Tax Deferred Savings
Contributions in a single sum upon the termination of such Member’s employment with
the Employer and the Controlled Entities; provided, however, that if such interest
when added to any other Vested Interest of the Member under the Plan exceeds $5,000,
such interest may not be distributed to such Member prior to Normal Retirement Age
without his consent and if such interest when added to any other

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Vested Interest of the Member under the Plan exceeds $5,000 (disregarding any
Rollover contributions and earnings allocable thereto, in accordance with Section
9.04), the consent of his spouse shall also be required. Notwithstanding the
foregoing, any such distribution of Tax Deferred Savings Contributions shall be made
in the following manner unless the Member elects otherwise:”

III. As amended hereby, the Plan is specifically ratified and reaffirmed.

     EXECUTED,
this 29th day of December, 2005, effective for all purposes as provided
above.

	 	 	 	 	 	 	 
	 	 	COOPER CAMERON CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By: /s/ Jane Schmitt                   	 	 	 	 
	 

	 	       Name: Jane Schmitt                   
	 	 
	 

	 	       Title: VP, Human Resources        

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