Document:

exv10w49

Exhibit 10.49

CASH BONUS RETENTION AGREEMENT

	 	 	 	 	 	 	 
	Employee Name:

	 	James A. Garman
	 	Work Location:
	 	Houston, TX
	 
	 	 	 	 	 	 
	Position:

	 	VP & Chief Administrative Officer
	 	Effective Date:
	 	December 4, 2009

1. This Agreement effective this 4th day of December, 2009 (hereinafter “Effective
Date”) is by and between James A. Garman (hereinafter “Employee”) and DRESSER-RAND COMPANY
(hereinafter “DRESSER-RAND”). As of the Effective Date of this Agreement, DRESSER-RAND has agreed
to pay a cash bonus to the Employee. The cash bonus being offered is described in a letter from
Vincent R. Volpe dated November 19, 2009, a copy of which is attached hereto for reference.

2. If Employee voluntarily terminates his/her employment with DRESSER-RAND for any reason, then
Employee agrees to repay any cash bonus paid by DRESSER-RAND on a prorated basis as described in
paragraph 6 below.

3. Likewise, if DRESSER-RAND terminates Employee’s employment for Cause, then Employee also agrees
to repay the cash bonus on the same prorated basis described in paragraph 6 below.

4. For purposes of this Agreement, “Cause” shall exist where Employee has engaged in conduct such
as: 1) engaging in any act involving fraud, theft, misappropriation, dishonesty, insubordination or
embezzlement, 2) committing intentional or negligent acts that impair the goodwill or business of
DRESSER-RAND, and/or 3) failing to perform Employee’s duties in any material respect as determined
by D-R.

5. Nothing in this Agreement shall change Employee’s status as an “At-Will” employee whose
employment may be terminated for any reason at any time by either DRESSER-RAND or Employee.
Nothing in this Agreement constitutes a contract or guarantee of employment for any specific term
or limits either party’s right to terminate the employment relationship.

6. EMPLOYEE’S PRORATED CASH BONUS REPAYMENT SCHEDULE: 

In the event Employee voluntarily terminates his/her employment or is terminated for cause within 1
year of the Effective Date the following bonus repayment schedule shall be applied

Employed 1 month or less – 100% repayment

Employed more than 1 month but less than 2 months — 11/12 repayment

Employed more than 2 months but less than 3 months – 10/12 repayment

Employed more than 3 months but less than 4 months – 9/12 repayment

Employed more than 4 months but less than 5 months – 8/12 repayment

Employed more than 5 months but less than 6 months – 7/12 repayment

Employed more than 6 months but less than 7 months – 6/12 repayment

Employed more than 7 months but less than 8 months – 5/12 repayment

Employed more than 8 months but less than 9 months – 4/12 repayment

Employed more than 9 months but less than 10 months – 3/12 repayment

Employed more than 10 months but less than 11 months – 2/12 repayment

Employed more than 11 months but less than 12 months – 1/12 repayment

7. If termination of employment occurs after twelve months after the Effective Date, Employee will
not be required to repay cash bonus expenses.

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8. Any repayment required under this Agreement will be due and payable to DRESSER-RAND within thirty
(30) days of Employee’s termination under Paragraphs 2 or 3, or where permitted by the law, will be
deducted from Employee’s final pay. If such paycheck deduction does not fully satisfy the amount of
reimbursement due, Employee agrees to immediately repay the remaining unpaid balance to
DRESSER-RAND. In addition, Employee agrees that signing this Agreement does hereby further
constitute Employee’s irrevocable authorization to DRESSER-RAND to withhold any such sum from
Employee as provided for in this Agreement. Employee further agrees to fully pay and reimburse
DRESSER-RAND for any attorneys’ fees and costs that DRESSER-RAND incurs in enforcing the terms of
this Agreement.

9. The terms of this Agreement shall be governed by and interpreted in accordance with the laws of
the State of Texas. This Agreement contains the entire agreement and understanding between Employee
and DRESSER-RAND with respect to the subject matter hereof and supersedes all prior
understandings, arrangements, representations, warranties and agreements between the parties,
whether oral or written, with respect to the same. This Agreement may only be modified by a
writing that is signed by each DRESSER-RAND’S duly authorized representative. This Agreement may be
executed in one or more counterparts, each of which will be deemed to be an original, but all of
which shall constitute one and the same instrument. Faxed and electronic copies shall be given the
full force and effect as an original.

IN WITNESS THEREOF, this Agreement is accepted and agreed to by Employee as of
the Effective Date first written above.

Employee: /s/ James A. Garman

2exv10w51

Exhibit 10.51

DRESSER-RAND GROUP INC.

STANDARD TERMS AND CONDITIONS FOR

RESTRICTED STOCK

These Standard Terms and Conditions apply to any Award of restricted Common Shares (the
“Restricted Shares”) granted to an individual who is a director of the Company (but is not an
officer or employee of the Company) under the Dresser-Rand Group Inc. 2008 Stock Incentive Plan
(the “Plan”), which are evidenced by a Grant Notice or an action of the Committee that specifically
refers to these Standard Terms and Conditions.

	1.	 	TERMS OF RESTRICTED SHARES
	 
	 	 	Dresser-Rand Group Inc., a Delaware corporation (the “Company”), has granted to the Grantee
named in the Grant Notice provided to said Grantee herewith (the “Grant Notice”) an award of
a number of Restricted Shares (the “Award”) of the Company’s common stock, $0.01 par value
per share specified in the Grant Notice. The Award is the terms and subject to the
conditions set forth in the Grant Notice, these Standard Terms and Conditions, and the Plan,
each as amended from time to time. For purposes of these Standard Terms and Conditions and
the Grant Notice, any reference to the Company shall, unless the context requires otherwise,
include a reference to any Subsidiary, as such term is defined in the Plan.
	 
	2.	 	VESTING OF RESTRICTED STOCK
	 
	 	 	The Restricted Shares are subject to forfeiture and may not be sold, assigned, transferred,
pledged or otherwise directly or indirectly encumbered or disposed of (collectively,
“Transferred”) until the expiration of a “Period of Restriction” specified in the Grant
Notice. Except as otherwise provided herein, the Period of Restriction shall expire on each
of the dates set forth in the Grant Notice as long as the Grantee remains a director of the
Company or other service provider to the Company on the applicable vesting date.
	 
	 	 	Notwithstanding anything contained in these Standard Terms and Conditions to the contrary,
(i) if the Grantee’s service terminates by reason of death, Disability, or retirement after
reaching the age of 65, during the Period of Restriction, all unvested Restricted Shares
shall fully vest and become nonforfeitable, (ii) if the Grantee’s service terminates by
reason of the Grantee not being re-elected to serve as director, a pro-rata portion of the
unvested Award shall vest based on the number of days in the calendar year that the Grantee
served as a director and (iii) if the Grantee’s service terminates for any reason other than
death, Disability, retirement after reaching the age of 65 or in other circumstances that do
not result in vesting as specified in the Grant Notice, any Restricted Shares held by the
Grantee for which the Period of Restriction has not then expired shall be forfeited as of
the date of such termination. In addition, the Committee may accelerate vesting of the
Restricted Shares in such other circumstances as it determines are appropriate.

 

 

	3.	 	RIGHTS AS STOCKHOLDER/LEGEND
	 
	 	 	The Grantee shall have the right to vote the Restricted Shares, but shall otherwise enjoy
none of the rights of a stockholder (including the right to receive dividends or equivalent
payments) during the Period of Restriction.
	 
	 	 	The Restricted Shares shall be registered in the Grantee’s name on the Grant Date through a
book entry credit in the records of the Company’s transfer agent, but shall be recorded as
restricted non-dividend paying shares of Common Shares until the expiration of the Period of
Restriction. Upon the expiration of the Period of Restriction with respect to any Restricted
Shares, the Company shall instruct its transfer agent to record such shares as unrestricted.
In the event any stock certificates are issued in respect of the Restricted Shares during
the Period of Restriction, such certificates shall bear a restrictive legend determined by
the Committee until the expiration of the Period of Restriction with respect to such shares.
	 
	4.	 	CHANGE IN CONTROL
	 
	 	 	Upon a Change in Control, any unvested Restricted Shares that have not been forfeited prior
to the date of such Change in Control shall become fully vested.
	 
	5.	 	RESTRICTIONS ON RESALES OF SHARES
	 
	 	 	The Company may impose such restrictions, conditions or limitations as it determines
appropriate as to the timing and manner of any resales by the Grantee or other subsequent
transfers by the Grantee of any Restricted Shares, including without limitation (a)
restrictions under an insider trading policy, (b) restrictions designed to delay and/or
coordinate the timing and manner of sales by Grantee and other holders and (c) restrictions
as to the use of a specified brokerage firm for such resales or other transfers.
	 
	6.	 	INCOME TAXES
	 
	 	 	The Grantee may elect to be taxed at the time the Restricted Shares are granted, rather than
when the applicable restrictions lapse, by filing an election under Section 83(b) of the
Internal Revenue Code with the Internal Revenue Service within 30 days from the Grant Date.
If the Grantee makes an election under Section 83(b) of the Internal Revenue Code, the
Grantee shall promptly provide a copy of such election to the Company. The Grantee
acknowledges that it is the Grantee’s sole responsibility, and not the Company’s, to timely
file any Section 83(b) election.
	 
	7.	 	NON-TRANSFERABILITY OF AWARD
	 
	 	 	The Grantee represents and warrants that the Restricted Shares are being acquired by the
Grantee solely for the Grantee’s own account for investment and not with a view to or for
sale in connection with any distribution thereof. The Grantee further understands,
acknowledges and agrees that, except as otherwise provided in the Plan, prior to their
vesting, the Restricted Shares may not be sold, assigned, transferred, pledged or

 

 

	 	 	otherwise directly or indirectly encumbered or disposed of except to the extent expressly
permitted hereby and at all times in compliance with the U.S. Securities Act of 1933, as
amended, and the rules and regulations of the Securities Exchange Commission thereunder, and
in compliance with applicable state securities or “blue sky” laws and non-U.S. securities
laws. Unless permitted by the Committee, prior to their vesting, the Restricted Shares may
not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated by the
Grantee other than by will or the laws of descent and distribution.

	8.	 	THE PLAN AND OTHER AGREEMENTS
	 
	 	 	In addition to these Terms and Conditions, the Award shall be subject to the terms of the
Plan, which are incorporated into these Standard Terms and Conditions by this reference.
Certain capitalized terms not otherwise defined herein are defined in the Plan. In the event
of a conflict between the terms and conditions of these Standard Terms and Condition and the
Plan, the Plan controls.
	 
	 	 	Subject to the next paragraph, the Grant Notice, these Standard Terms and Conditions and the
Plan constitute the entire understanding between the Grantee and the Company regarding the
Award, and any prior agreements, commitments or negotiations concerning the Award are
superseded.
	 
	 	 	The Award (including the terms described herein) are subject to the provisions of the Plan
and, if the Grantee is outside the U.S., there may be an addendum containing special terms
and conditions applicable to grants in the Grantee’s country. The grant of the Restricted
Shares to any such Grantee is contingent upon the Grantee executing and returning any such
addendum in the manner directed by the Company.
	 
	9.	 	NOT A CONTRACT FOR EMPLOYMENT.
	 
	 	 	Nothing in the Plan, in the Grant Notice, these Standard Terms and Conditions or any other
instrument executed pursuant to the Plan shall confer upon the Grantee any right to continue
in the Company’s service as a director or otherwise.
	 
	10.	 	SEVERABILITY.
	 
	 	 	In the event that any provision of these Standard Terms and Conditions is declared to be
illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such
provision shall be reformed, if possible, to the extent necessary to render it legal, valid
and enforceable, or otherwise deleted, and the remainder of these Standard Terms and
Conditions shall not be affected except to the extent necessary to reform or delete such
illegal, invalid or unenforceable provision.
	 
	11.	 	HEADINGS.
	 
	 	 	The headings preceding the text of the sections hereof are inserted solely for convenience
of reference, and shall not constitute a part of these Standard Terms and Conditions, nor
shall they affect its meaning, construction or effect.

 

 

	12.	 	FURTHER ASSURANCES.
	 
	 	 	Each party shall cooperate and take such action as may be reasonably requested by another
party in order to carry out the provisions and purposes of these Standard Terms and
Conditions.
	 
	13.	 	BINDING EFFECT.
	 
	 	 	These Standard Terms and Conditions shall inure to the benefit of and be binding upon the
parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.
	 
	14.	 	ELECTRONIC DELIVERY
	 
	 	 	By executing the Grant Notice, the Grantee hereby consents to the delivery of information
(including, without limitation, information required to be delivered to the Grantee pursuant
to applicable securities laws) regarding the Company and the Subsidiaries, the Plan, and the
Restricted Shares via Company web site or other electronic delivery.

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