Document:

Exhibit 10.2

 

Exhibit 10.2

 

 

SOUTHERN
UNION COMPANY AMENDED AND RESTATED 2003 STOCK 

AND
INCENTIVE PLAN

[NONSTATUTORY/INCENTIVE]
OPTION AGREEMENT 

 

 

This
[Nonstatutory/Incentive] Option Agreement (this “Agreement”) is made as of
________ __, 2005, between Southern Union Company (the “Corporation”) and the
undersigned (the “Holder”). The Compensation Committee of the Board of Directors
of the Corporation has authorized the grant of the following Options to the
Holder under the Corporation’s Amended and Restated 2003 Stock and Incentive
Plan (the “Plan”), subject to the terms and provisions of the Plan and the
additional conditions set forth below. Terms used in this Agreement that are
defined in the Plan have the meanings assigned to them in the Plan.

 

 

1. The
Holder accepts all provisions of the Plan, a copy of which has been delivered to
the Holder. 

 

 

2. The
Corporation grants to the Holder, subject to the conditions of the Plan, a
[Nonstatutory/Incentive] Option to purchase ________ shares of the Stock of the
Corporation in installments as set forth in paragraph 3 of this Agreement at an
Exercise Price equal to the closing price of the Stock on _________ __, 2005
(the “Options”). 

 

 

3. Options
covered by this Agreement shall become exercisable and may be exercised in
installments in accordance with the following schedule: 

 

 

[INSERT
APPROVED VESTING SCHEDULE]

 

 

4. Prior to
the date the Options have vested pursuant to Paragraph 2, the Restricted Shares
are not transferable by the Holder, in whole or in part, without the
Corporation’s prior written approval. 

 

 

5. No Option
covered by this Agreement may be exercised later than ______ __, 2015.

 

 

6. The
Options covered by this Agreement may be exercised nonsequentially in respect of
any other Option granted under the Plan, whether now in the Holder’s possession
or hereafter acquired. 

 

7.
 The
Options are granted expressly subject to the Change of Control provisions of
Article XII of the Plan.

8. The
Corporation expressly consents to the exercise provisions set forth in Sections
6.7 and 6.8 of the Plan.

 

9. Neither
this Agreement nor the Options granted hereby shall impose any obligation on the
part of the Corporation, its divisions or any Subsidiary to continue the
employment of the Holder or impose any obligation on the Holder to remain in the
employ of the Corporation or any Subsidiary. The Corporation and its
Subsidiaries reserve the right to terminate the employment of the Holder at any
time and for any reason (including no reason).

 

SOUTHERN
UNION COMPANY AMENDED AND RESTATED 2003 STOCK 

AND
INCENTIVE PLAN

[NONSTATUTORY/INCENTIVE]
OPTION AGREEMENT

Page
Two

 

 

 

 

 

The
undersigned parties have executed this Agreement as of the day and year first
above written. 

 

SOUTHERN
UNION COMPANY

 

 

 By:________________________________

 Title:______________________________

 

 

 

By
my signature below I acknowledge receipt of this Award, which has been issued to
me under the terms of the Plan. I further acknowledge receipt of a copy of the
Plan and agree to conform to all of the terms and conditions of this Agreement
and the Plan.

 

___________________________________

(Holder’s
signature)

 ____________________________

 (Holder’s
printed name)Exhibit 10.1(b)

 

Exhibit 10.3

 

 

SOUTHERN
UNION COMPANY AMENDED AND RESTATED 2003 STOCK 

AND
INCENTIVE PLAN

RESTRICTED
STOCK AWARD AGREEMENT 

 

 

This
Restricted Stock Award Agreement (this “Agreement”) is made as of _______ ___,
2005 between Southern Union Company (the “Corporation”) and the undersigned (the
“Holder”). The Compensation Committee of the Board of Directors of the
Corporation has authorized the following award of restricted stock to the Holder
under the Corporation’s Amended and Restated 2003 Stock and Incentive Plan (the
“Plan”), subject to the terms and provisions of the Plan and the additional
conditions set forth below. Terms used in this Agreement that are defined in the
Plan have the meanings assigned to them in the Plan.

 

 

1. The
Holder accepts all provisions of the Plan, a copy of which has been delivered to
the Holder. 

 

 

2. The
Corporation has granted the Holder, subject to the conditions of the Plan, a
Restricted Stock Award consisting of _________ shares of Stock (the “Restricted
Shares”). The Restricted Shares shall vest in the Holder in installments, as set
forth in the vesting schedule below:

 

 

[INSERT
APPROVED VESTING SCHEDULE]

 

 

3. In
addition to the restrictions set forth in Article XIII of the Plan, the
Restricted Shares will be forfeited immediately (x) if the Committee determines
that the Holder has engaged in any conduct or act injurious, detrimental or
prejudicial to any interest of the Corporation, or (y) if the Holder files an
election under Section 83(b) of the Internal Revenue Code without the prior
approval of the Corporation 

 

 

4. Prior to
the date the Restricted Shares have vested pursuant to Paragraph 2, the
Restricted Shares are not transferable by the Holder, in whole or in part,
without the Corporation’s prior written approval. 

 

5. The
Restricted Shares are granted expressly subject to the Change of Control
provisions of Article XII of the Plan.

6. The
Corporation expressly consents to the exercise provisions set forth in Sections
6.7 and 6.8 of the Plan.

7. Neither
this Agreement nor the Restricted Shares granted hereby shall impose any
obligation on the part of the Corporation, its divisions or any Subsidiary to
continue the employment of the Holder or impose any obligation on the Holder to
remain in the employ of the Corporation or any Subsidiary. The Corporation and
its Subsidiaries reserve the right to terminate the employment of the Holder at
any time and for any reason (including no reason).

 

SOUTHERN
UNION COMPANY AMENDED AND RESTATED 2003 STOCK

AND
INCENTIVE PLAN

RESTRICTED
STOCK AWARD AGREEMENT

Page
Two

 

 

 

The
undersigned parties have executed this Agreement as of the day and year first
above written. 

 

 

 

SOUTHERN
UNION COMPANY

 

By:_________________________

Title:________________________

 

 

 

 

By
my signature below I acknowledge receipt of this Award, which has been issued to
me under the terms of the Plan. I further acknowledge receipt of a copy of the
Plan and agree to conform to all of the terms and conditions of this Agreement
and the Plan.

 

 ____________________________

 (Holder’s
signature)

 ____________________________

 (Holder’s
printed name)Marad Amendment

    Exhibit
      10a

    

      3.01

      

      CONTRACT
        NO. MA-13837

       

      AMENDMENT
        NO. 1 

      TO

      COMMITMENT
        TO GUARANTEE OBLIGATIONS

      

       

      THIS
        AMENDMENT NO. 1,
        dated as
        of June 15, 2005 (the "Amendment"), to that certain Commitment to Guarantee
        Obligations, dated as of May 28, 2003 (the "Commitment"), is by and between
        the
        United States of America, represented by the Secretary of Transportation,
        acting
        by and through the Maritime Administration (the "Secretary"), and ROWAN
        COMPANIES, INC. (the "Shipowner", and together with the Secretary, the
        "Parties").

      

      WHEREAS,
        on May
        28, 2003, the Shipowner executed the Indenture, and issued thereunder a Floating
        Rate Note designated, "United States Government Guaranteed Ship Financing
        Obligations, SCOOTER YEARGAIN Series" (the "Initial Transaction") with a
        maximum
        principal amount of $91,198,000;

      

      WHEREAS,
        pursuant
        to Title XI of the Merchant Marine Act, 1936, the Secretary guaranteed the
        payment of outstanding principal of and interest on the Floating Rate Note
        (“the
        Obligations”), the outstanding principal amount of which is currently
        $85,118,000; 

      

      WHEREAS,
        Section
        4(b) of the Special Provisions of the Trust Indenture provides that the
        Shipowner may redeem or repay the Floating Rate Note, in whole or in part,
        on a
        Redemption Date designated by the Shipowner, from the proceeds of the issuance
        of a fixed rate note (the “Fixed Rate Note”); and 

      

      WHEREAS,
        the
        Parties wish to amend certain documents relating to the Initial Transaction
        in
        order to provide for the complete redemption of the Floating Rate Note, by
        the
        issuance of a Fixed Rate Note in the aggregate principal amount of
        $85,118,000;

      

      NOW
        THEREFORE,
        in
        consideration of the mutual rights and obligations set forth herein and of
        other
        good and valuable consideration, the receipt and sufficiency of which are
        hereby
        acknowledged, the Parties agree as follows:

      

      Section
        1.01
        Annexed
        to each counterpart of this Amendment No. 1 to the Commitment to Guarantee
        Obligations are the forms of the Obligation Purchase Agreement, Supplement
        No. 1
        to the Trust Indenture, Amendment No. 2 to the Security Agreement, and the
        Obligations to be issued June 15, 2005, the forms of which are hereby approved
        by the Secretary.

       

      Section
        1.02
        Article
        III of the Commitment shall be amended pursuant to Article V thereof, as
        follows:

      

      The
        Obligations to be issued as a fixed rate note shall be as provided in the
        Indenture and in the form of the Fixed Rate Note annexed as Exhibit 3B to
        the
        Indenture. The Obligations shall be subject to all of the terms and conditions
        set forth in the Indenture. Supplement No. 1 to the Trust Indenture, Amendment
        No. 2 to the Security Agreement, and the Obligations to be issued as a fixed
        rate note shall be executed and delivered by the Shipowner on the Effective
        Date.

      

      Except
        as
        so amended, the provisions of the Commitment shall apply to and govern this
        Amendment No. 1 to Commitment to Guarantee Obligations.

      

      Capitalized
        terms not specifically defined herein shall have the respective meanings
        stated
        in Schedule A to the Trust Indenture dated May 28, 2003, as amended, between
        the
        Shipowner and the Indenture Trustee.

      

      This
        Amendment No. 1 to Commitment to Guarantee Obligations may be executed in
        several counterparts, each of which shall be deemed an original, but all
        of
        which together shall constitute one and the same instrument.

      

      Notwithstanding
        any provision herein, in the event there are any inconsistencies between
        the
        original of this document held by the Secretary, and an original held by
        any
        other party to this transaction, the provisions of the original held by the
        Secretary shall prevail.

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, this
        Amendment No. 1 to Commitment to Guarantee Obligations has been executed
        and
        sealed by the United States and accepted and sealed by the Shipowner on the
        day
        and year first above written.

      

      

      

      

      UNITED
        STATES OF AMERICA

      SECRETARY
        OF TRANSPORTATION

      

      BY:
        MARITIME ADMINISTRATOR

      (SEAL)

      

      

      ATTEST:                                  ____________________________

      Secretary

      

      

      ___________________________
        

      Assistant
        Secretary

      

      

      

      ROWAN
        COMPANIES, INC. 

      

      (SEAL)

      

      ATTEST:                                By:
        _______________________  

      Vice
        President- Finance and 

      Treasurer

      

       

      ___________________________

      Secretary

       

       

      -3-

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