Document:

Form of letter agreement for executive officers during fiscal 2004

  
 Exhibit 10.61

  
 FORM OF LETTER AGREEMENT REGARDING OPTIONS GRANTED

 TO EXECUTIVE OFFICERS DURING FISCAL 2004 
  
 [Date] 
  
 GRANT OF NON-QUALIFIED STOCK OPTION 
  
 [Name of Executive Officer] 
 Optionee 
  
 I am pleased to inform you that the Compensation Committee of the Board of Directors of BJ Services Company (the “Company”) has
granted you a non-qualified stock option to purchase shares of the Common Stock of the Company as follows: 
  

					
	 Date of Grant
	  	 	  	[Date of Grant]
	 Option Price per Share
	  	 	  	$[Exercise Price]
	 Non-Qualified Stock Option Shares Granted
	  	 	  	[Number of Shares]
	 Expiration of Options
	  	 	  	[Expiration Date]

  
 Please note that this option has a
seven-year term. 
  
 By signing below, you agree that this option is granted under
and governed by the terms and conditions of the Company’s 2000 Incentive Plan, including the attached Terms and Conditions which are incorporated herein by reference. 
  
 This grant shall be void and of no effect unless you execute and return this Agreement within ninety (90) days of the above date. Please
sign and date both copies of this document and return one copy to the Legal Department. The other copy is for your records. 
  

			
	 BJ SERVICES COMPANY

		
	 By:
	 	 
	 	 	 J. W. Stewart

  

			
	 OPTIONEE:

	
	 
		
	 Dated: 
	 	 

  

  
 BJ SERVICES COMPANY

 2000 INCENTIVE PLAN 
  
 TERMS AND CONDITIONS 
 STOCK
OPTION FOR OFFICERS 
  
 The terms and conditions set forth
below are hereby incorporated by reference into the attached award agreement (“Agreement”) by and between BJ Services Company (the “Company”) and the employee named therein (the “Employee”). Terms defined in the 2000
Incentive Plan (the “Plan”) are used herein with the same meaning. 
  

	 	1.	The employee has agreed to perform services for the Company or a subsidiary and to accept the grant of one or more stock options, as designated on the attached award agreement
(“Option”), in accordance with the terms and provisions of the Plan and the Agreement. 

  

	 	2.	The Option shall become vested (exercisable) and expire in accordance with the following schedule: 

  

					
	 Number of Shares

	  	 Vesting Date

	  	 Expiration Date

	 1/3 of the Option
	  	one year from the Date of Grant	  	seven years from Date of Grant
			
	 1/3 of the Option
	  	two years from the Date of Grant	  	seven years from Date of Grant
			
	 1/3 of the Option
	  	three years from the Date of Grant	  	seven years from Date of Grant

  

	 	3.	In the event of the Employee’s termination of employment by reason of death, disability, or retirement (1) occurring on or after the first anniversary of the Date of Grant, the
Option shall become immediately vested in full on such date to the extent not already vested. 

  

	 	4.	To the extent vested, the Option may be exercised in whole or in part or in two or more successive parts; provided, however, that the Option shall not be exercisable
following the seventh anniversary of the Date of Grant or the earlier termination of such Option as provided herein. 

  

	 	(1) NOTE:	The terms “disability” and “retirement” are used in these Terms and Conditions as defined in the Plan. The term “retirement” means the termination of
an employee’s employment with the Company, its subsidiaries and affiliated entities (i) on or after reaching age 65 or (ii) on or after reaching age 55 with the consent of the Board, for reasons other than death, disability, or Cause.

  

	 	5.	 The employee agrees that the Company or its subsidiaries may withhold any federal, state or local taxes upon the exercise of the Option, at such time and upon such
terms and conditions as required by law and as 

  

	 	 
provided by the Plan. Notwithstanding anything herein to the contrary, the Company shall not be obligated to issue any shares of Common Stock pursuant to the
exercise of the Option until the Employee has satisfied such withholding obligations or made arrangements for satisfying such obligations that are acceptable to the Company or its subsidiary. 

  

	 	6.	The Option may be exercised from time to time by a notice in writing of such exercise which states the Date of Grant set forth in the Agreement, the number of shares in respect of
which the Option is being exercised and the type of award (Incentive Stock Option or Non-Qualified Stock Option). Such notice shall be delivered to the Secretary of the Company or addressed to the Secretary of the Company at its corporate offices in
Houston, Texas. An election to exercise shall be irrevocable. The date of exercise shall be the date the notice is hand-delivered or received by the Secretary, whichever is applicable. 

  

	 	7.	An election to exercise an Option shall be accompanied by the tender of the full purchase price of the shares of Common Stock for which the election is made. Payment may be made in
cash, shares of Common Stock of the Company already owned, a “cashless exercise” procedure established by the Company, or any combination thereof. If the Employee desires to tender Common Stock already owned by the Employee as payment, the
Employee must notify the Secretary in the written notice of exercise of such desire and, subject to the Secretary’s confirmation that the Employee is the record holder of such number of shares, it shall not be necessary for the Employee to
tender stock certificates to effectuate such payment of the exercise price. The value of the number of shares tendered to exercise the Option cannot exceed the Option’s exercise price, and such tendered shares shall be valued at the Common
Stock Price per share on the trading day prior to the date of exercise of the Option. If the shares tendered for payment were acquired by the Employee pursuant to the prior exercise of a Company granted option, such shares must have been owned for
at least six months. 

  

	 	8.	The portion of the Option that is an Incentive Option is not transferable by the Employee, otherwise than by will or the laws of descent and distribution, and may be exercised
during the lifetime of the Employee only by the Employee. 

  
 The portion of the Option that is a Non-Qualified Stock Option may be transferred (in whole or in part) by the Employee to (1) the spouse, children or grandchildren of the Employee (“Immediate Family
Members”), (2) a trust or trusts for the exclusive benefit of the Immediate Family Members and, if applicable, the Employee, or (3) a partnership in which such Immediate Family Members, and, if applicable, the Employee are the only partners.
Following transfer, any such transferred option rights shall continue to be subject to the same terms and conditions as 

  

 
were applicable to the option rights immediately prior to transfer; provided, however, that no transferred option rights shall be exercisable unless
arrangements satisfactory to the Company have been made to satisfy any tax withholding obligations and any other legal obligations the Company may have with respect to the option rights. Except as provided in the preceding sentence, the
Non-Qualified Stock Option is not transferable by the Employee, otherwise than by will or the laws of descent and distribution, and may be exercised during the lifetime of the Employee only by the Employee. 
  

	 	9.	In the event of the termination of the Employee’s employment (whether voluntary or involuntary), for any reason other than death, disability or retirement or by the Company or
a subsidiary for Cause, the Option outstanding on such date of termination, to the extent vested on such date, may be exercised by the Employee (or in the event of the Employee’s death, by the Employee’s estate or by the person or persons
who acquire the right to exercise the Option by bequest or inheritance (“Heir”) within three months following such termination of employment, but, except as provided in paragraph 14 hereof, not thereafter; provided, however, in no
event shall the Option be exercisable after the seventh anniversary of the Date of Grant. To the extent the Option is not vested on the Employee’s date of termination, the Option or the portion thereof that is not vested on such date shall
automatically lapse and be cancelled unexercised as of the Employee’s date of termination. 

  

	 	10.	In the event of the Employee’s termination of employment by reason of death, the Option granted herein, to the extent vested on such date, may be exercised by the
Employee’s Heir at any time within the one-year period after the Employee’s date of death, but not thereafter, and in no event shall the option be exercisable after the seventh anniversary of the Date of Grant. 

  

	 	11.	In the event of the Employee’s termination of employment by reason of disability or retirement, (2) the Option granted herein, to the extent vested on such date may be
exercised by the Employee (or in the event of the Employee’s death, the Employee’s Heir) within the 36-month period following such termination of employment, but not thereafter, and in no event shall the Option be exercisable after the
seventh anniversary of the Date of Grant.(3) 

  

	 	12.	In the event of the Employee’s termination of employment either by reason of Cause or prior to the date of vesting of the Option, the Option shall automatically lapse in full
and be cancelled unexercised as of that date. 

  

	 	13.	 In the event of a change in the capitalization of the Company due to a merger, consolidation, recapitalization, reclassification, stock split, stock 

  

	 	 
dividend, combination of shares, or similar event, the terms of the Agreement shall be adjusted by the Committee to reflect such change, and the
determination of the Committee shall be final and binding. 

  

	 	14.	Upon the occurrence of a Change of Control, notwithstanding any other provision in the Plan or the Agreement to the contrary, the Option shall automatically become vested and
exercisable in fill on such date and shall be immediately exercisable in full for such period as provided in the Plan. Further, in the event of a Change of Control, the following provisions also apply to the Option: 

  

	 	(2) NOTE:	See NOTE (1) above. 

  

	 	(3) NOTE:	Incentive Stock Options are treated as non-qualified options for tax purposes if not exercised within three months after the optionee’s employment with the Company and its
subsidiaries ceases. See the Plan Summary and Prospectus for Incentive Plans. 

  
 (a) Publicly Traded Stock Transaction. If the consideration offered to shareholders of the Company in connection with a Change of
Control consists of publicly traded shares of the common stock (the “New Stock”) of an entity acquiring the Company or the parent company of an entity acquiring the Company (the “Acquiring Entity”), upon the occurrence of such
Change of Control, the Acquiring Entity will assume the Option and the Option will become an option (a “New Option”) to purchase a number of shares of New Stock, with the number of shares subject to the New Option and the exercise price
thereof to be determined in accordance with Article XII of the Plan. The New Option will otherwise be subject to the same terms and conditions as the Option, except that the New Option will be exercisable until the seventh anniversary of the Date of
Grant regardless of any termination of the Employee’s employment following the Change of Control and the New Option may be surrendered to the Acquiring Entity during the 90-day period following the occurrence of the Change of Control in return
for a payment in cash or in shares of New Stock to be determined in accordance with Article XII of the Plan. 
  
 (b) Other Transaction. If the consideration offered to shareholders of the Company in connection with a Change of Control consists
of cash or of New Stock that is not publicly traded, upon the occurrence of the Change of Control, the Employee will surrender the Option to the Acquiring Entity in return for a payment in cash equal to the Black-Scholes value of the Option as of
the date of the Change of Control, without discount for risk of forfeiture and non-transferability. Such Black-Scholes valuation will be performed on a basis consistent with the methodology set forth in Article XII of the Plan. 
  

	 	15.	Nothing in the Agreement or in the Plan shall confer on the Employee any right to continue employment with the Company or its subsidiaries nor restrict the Company or its
subsidiaries from termination of the employment relationship of the Employee, with or without cause, at any time. 

  

	 	16.	Notwithstanding any other provision of the Plan or the Agreement, the Employee agrees that the Employee will not exercise the Option and the Company shall not be obligated to issue
any shares of Common Stock, if the Committee determines such issuance would violate any state or federal law or the rules or regulations of any governmental regulatory body or agreement between the Company and any national securities exchange upon
which the Common Stock is listed. 

  

	 	17.	In the event of a conflict between the terms of the Agreement and the Plan, the Plan shall be the controlling document.Form of letter agreement for executive officers during fiscal 2004

  
 Exhibit 10.62

  
 FORM OF LETTER AGREEMENT REGARDING PERFORMANCE UNITS

 GRANTED TO EXECUTIVE OFFICERS DURING FISCAL 2004 
  
 [Date] 
  

			
	 TO:
	  	 [Name of Officer]

		
	 SUBJECT:
	  	 Grant of Performance Units

  
 I am pleased to inform you that the
Compensation Committee of the Board of Directors of BJ Services Company (the “Company”) has granted you Performance Units under the Company’s 2000 Incentive Plan (“2000 Plan”) and also Tandem Cash Tax Rights under Article
VII, Section 2 of the 2000 Incentive Plan as follows: 
  

			
	 Grant Date:
	  	[Date of Grant]
	 Total Number of Performance
 Units Granted:
	  	[Number of Performance Units]

  
 By signing below, you agree that the
Performance Units and Tax Rights are governed by the terms and conditions of the Company’s 2000 Plan, including the Terms and Conditions attached hereto, which are incorporated herein by reference. These grants shall be void and of no effect
unless you execute and return this Agreement to the undersigned within ninety (90) days of the date of this letter. The attached copy of this Agreement is for your records. 
  

			
	 BJ SERVICES COMPANY

		
	 By:
	 	 

  

			
	 EMPLOYEE:

	
	 
	 [Name of Employee]

		
	 DATE:
	 	 

  

  
 BJ SERVICES COMPANY

 2000 INCENTIVE PLAN 
  
 TERMS AND CONDITIONS – PERFORMANCE UNIT GRANT 
 WITH TANDEM CASH TAX RIGHTS 
  
 The terms and conditions set forth below are hereby incorporated by reference into the attached Grant of Performance Units Agreement (“Agreement”) by and between BJ Services Company (“Company”) and the employee named
therein (the “Employee”). Terms defined in the 2000 Plan are used herein with the same meaning. 
  

	 	1.	The Employee has agreed to perform services for the Company or its subsidiary companies and to accept the grant of Performance Units and Tax Rights in accordance with the terms and
provisions of the 2000 Plan and the Agreement. 

  

	 	2.	Each Performance Unit represents the right to receive from the Company an unrestricted share of Common Stock with respect to each Performance Unit that becomes “earned” as
provided herein. 

  

	 	3.	Attached hereto and made a part of this Agreement for all purposes is Exhibit F, which sets forth the performance goals of the Company (“Performance Goals”) for the
three-year performance period of the Company ending September 30, 2006 (the “Performance Period”). 

  

	 	4.	Subject to the following provisions of this Agreement, the determination of whether Performance Units have been “earned” or forfeited, as the case may be, shall be made as
soon as practical after the end of the Performance Period as provided in Exhibit F. 

  

	 	5.	Except as provided in Section 8 below, in the event of the Employee’s termination of employment (whether voluntary or involuntary) with the Company and its subsidiaries prior
to the end of the Performance Period for any reason other than death, disability or retirement, all Performance Units are hereby automatically cancelled in full. 

  

	 	6.	 In the event of the Employee’s termination of employment with the Company and its subsidiaries prior to the end of the Performance Period by reason of death,
disability or retirement, a pro rata share (as defined below) of the Performance Units (the “Continuing Units”) shall be payable at the end of the Performance Period but only to the extent such Continuing Units shall otherwise become
payable in accordance with the terms of the plan and this Agreement, including Exhibit F. The pro rata share shall be determined by dividing (a) the number of full calendar months from the beginning of the Performance Period through and including
the month in which such termination of employment occurred 

  

	 	 
by (b) the number of full calendar months in the Performance Period. The balance of the Performance Units which are not Continuing Units shall be immediately
cancelled upon such termination of employment. 

  

	 	7.	In the event of a change in the capitalization of the Company due to a stock split, stock dividend, recapitalization, merger, consolidation, combination, or similar event, the terms
of the Agreement, including the number of Performance Units, shall be adjusted by the Board to reflect such change. 

  

	 	8.	Notwithstanding any other provisions of the Plan or this Agreement, if a Change of Control occurs during the Performance Period, then as of the date of such Change of Control (1)
all such Performance Goals shall be deemed to have been met in full and the Performance Period ended and (2) as soon as practicable upon such Change of Control, unrestricted shares of Common Stock equal to the number of Performance Units shall be
distributed to the Employee. 

  

	 	9.	To the extent that the payment by the Company of unrestricted shares of Common Stock to or on behalf of the Employee in satisfaction of “earned” Performance Units (the
“Stock Benefit”) constitutes taxable income to the Employee (or, in the event of the Employee’s death, the Employee’s beneficiary) for federal and, where applicable, state income tax purposes, the Company shall make a tandem
payment in cash to or on behalf of the Employee (the “Tax Bonus” in an amount such that the “net” benefit received, after paying all applicable federal anal state income taxes, as well as excise or other taxes (assuming, for this
purpose, the highest marginal income tax rates for individuals applied) on the Stock Benefit and this Tax Bonus, shall be equal to the Stock Benefit received before any such state or federal income, excise or other taxes thereon. The Tax Bonus shall
be paid at the time that withholding is required with respect to the payment of the earned Performance Units, to the extent payment is necessary to satisfy the withholding obligation thereon and on the portion of the Tax Bonus then paid, and the
remainder of the Tax Bonus shall be paid at such time or times as the Company determines to be appropriate, but not later than the April 15th following the calendar year in which Performance Units become taxable to the Employee. The Company shall
have the right to withhold from the Tax Bonus all tax amounts the Company is obligated under any law to withhold with respect to the payment of the unrestricted shares of Common Stock and the payment of the Tax Bonus. 

  

	 	10.	Nothing in the Agreement or in the 2000 Plan shall confer any right on the Employee to continue employment with the Company or its subsidiaries nor restrict the Company or its
subsidiaries from termination of the employment relationship of the Employee at any time. 

  

	 	11.	Notwithstanding any other provision of the Agreement, the Employee agrees that the Company shall not be obligated to make any payments pursuant hereto, if counsel to the Company
determines such payment would violate any law or regulation of any governmental authority or agreement between the Company and any national securities exchange upon which the Common Stock is listed. 

  

	 	12.	In the event of a conflict between the terms of this Agreement and the 2000 Plan, the 2000 Plan shall be the controlling document. 

  

  
 EXHIBIT F 
  
 BJ SERVICES COMPANY 
 TERMS AND CONDITIONS – PERFORMANCE UNIT GRANT 
 PERFORMANCE GOALS 
  

	I.	Average Stock Price Goals 

  
 Performance Units shall be earned by the Employee based on the comparison of (i) the percentage change in the Average Price (as defined below) of the
Company’s common stock at the end of the Performance Period from the Average Price of the Company’s common stock at the beginning of the Performance Period to (ii) the percentage change in the Average Price of the common stocks of the Peer
Group at the end of the Performance Period from the Average Price of the common stocks of the Peer Group at the beginning of the Performance Period in accordance with the following. 
  

							
	 	  	 Entry

	  	 EV

	  	 OA

	 Performance
	  	 70% of Peer
 Group Average
	  	 Average of Peer
 Group
	  	 130% of Peer
 Group Average

				
	 % Earned
	  	33 1/3%	  	90%	  	125%

  
 For results between
Entry, EV and OA, the percentage of Performance Units earned shall be determined by linear interpolation between the two applicable standards. 
  
 The “Average Price” of the Company’s common stock and of the common stocks of the Peer Group at the beginning of the Performance Period
shall mean the average of the closing price of each such stock for the last five trading days in September, 2003 and the first five trading days in October, 2003. The “Average Price” for the end of the Performance Period shall be similarly
calculated for the last five trading days in September, 2006 and the first five trading days in October, 2006. Dividends paid during the Performance Period, if any, shall be added to the Average Price of the stock at the end of the Performance
Period for purposes of determining the stock’s performance. 
  

	II.	Adjustment to Performance Goals or Peer Group 

  
 At any time, the Performance Goals set forth above may be modified in any manner by the Plan’s Committee, in its sole discretion, including, without
limitation, changing the members of the Peer Group, to reflect the Company’s earnings growth, cash flow per share growth, acquisitions, improvement programs and/or any other matter(s) the Committee believes appropriate to effectuate the
Company’s intent in making the grant of Performance Units. As a precondition to the grant, the Employee hereby acknowledges such reservation of rights by the Committee and consents to any exercise thereof by the Committee. 
  

	III.	Deferral of Payment 

  
 Notwithstanding anything in the Agreement or above to the contrary, if the payment of all or a portion of an earned Performance Unit would not be
deductible by the Company by reason of IRC Section 162(m), the Committee, in its sole discretion, may direct that all or part of the payment that would otherwise be nondeductible by the Company be deferred until the date such payment would be so
deductible without regard to IRC Section 162(m), but in no event beyond the date of a Charge in Control. 
  

	IV.	Calculations 

  
 All determinations and calculations shall be made by the Committee, whose determinations and calculations shall be final and binding on all persons.

  

	V.	Peer Group 

  
 The Peer Group shall consist of the following companies: 
  
 Company 
  
 Baker Hughes
Incorporated 
 Halliburton Company 
 Schlumberger N.V. 
 Smith International 
 Weatherford

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