Document:

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EXHIBIT 10.7

                           RESTRICTED STOCK AGREEMENT

         AGREEMENT made as of the 5th day of October, 2001, by and between
AmeriServ Financial, Inc., a Pennsylvania corporation (the "Company"), and
Orlando B. Hanselman, an individual who is presently the Chairman, President and
Chief Executive Officer of the Company (the "Grantee").

                              W I T N E S S E T H:

         WHEREAS, at the January 26, 2001 meeting of the Board of Directors (the
"Board"), the Board determined that it was in the best interest of the Company
and its shareholders to award the Restricted Stock Grant evidenced by this
Agreement to the Grantee;

                  WHEREAS, the Board adopted the 2001 Stock Incentive Plan (the
"Plan") on February 23, 2001;

         WHEREAS, the Company's shareholders approved the Plan at the annual
meeting of shareholders held on April 24, 2001; and

         NOW, THEREFORE, in consideration of the premises and intending to be
legally bound, the parties agree as follows:

         1. Incorporation of Plan By Reference. The Plan document is
incorporated herein by reference and made a part hereof. The defined terms,
rules of interpretation and other substantive provisions set forth in the Plan
shall apply to this Agreement. To the extent any term of this Agreement
conflicts with a provision of the Plan, the Plan shall govern the Grantee's and
the Company's rights and obligations hereunder.

         2. Award of Grant. The Company hereby awards the Grantee a Restricted
Stock Grant for 156,000 shares of Stock, subject to the terms and conditions set
forth herein.

         3. Grant Date. The Grant Date of the Restricted Stock Grant awarded
hereby shall be January 26, 2001.

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         4. Issuance of Shares. The shares of Restricted Stock awarded under
Section 2 shall be issued in the form of share certificates upon vesting as
described in Section 5 of this Agreement.

         5. Vesting. The Grantee shall vest in the right to receive shares of
Restricted Stock, free from the restrictions of this Agreement, in accordance
with the following vesting schedule:

<TABLE>
<CAPTION>
         Anniversary of Grant Date             Number of Shares Vesting
<S>                                            <C>
         Fifth anniversary                              52,000
         Sixth anniversary                              10,400
         Seventh anniversary                            10,400
         Eighth anniversary                             10,400
         Ninth anniversary                              10,400
         Tenth anniversary                              10,400
         Eleventh anniversary                           10,400
         Twelfth anniversary                            10,400
         Thirteenth anniversary                         10,400
         Fourteenth anniversary                         10,400
         Fifteenth anniversary                          10,400
</TABLE>

A certificate for vested shares shall be delivered to the Grantee as soon as
administratively feasible, but in no event more than 15 days following the
vesting date.

         6. Cash Bonus. In order to provide the Grantee with cash to pay all or
a portion of the federal and state income taxes that Grantee will recognize on
the initial vesting date of January 26, 2006, and to reduce the likelihood that
Grantee would be required to sell shares of the Company stock to satisfy this
tax obligation, the Company shall pay to the Grantee, concurrently with the
delivery of the share certificate due on the fifth anniversary of the date
hereof, the sum of $102,000.

         7. Dividends. At such time as a share certificate is delivered to the
Grantee for vested shares of Stock, the Company shall also deliver to the
Grantee an amount equal to the aggregate dividends that have been paid on such
shares with respect to record dates occurring on or after the Grant Date, less
any required withholding taxes. No interest shall be owed on the dollar amount
so paid. In no event shall any accumulated dividend amount be distributed with
respect to forfeited shares.

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         8. Voting Rights. So long as shares of Stock are held by the Corporate
Secretary and have not yet vested, the Grantee shall not be entitled to cast
votes with respect to such shares.

         9. Change of Control. Upon the occurrence of a Change of Control, the
vesting and other rights of the Grantee with respect to shares of Restricted
Stock shall be as determined in accordance with the terms of the Plan document.

         10. Rights Upon Termination of Employment.

                  (a) Death or Disability During First Five Years. In the event
         of the Grantee's termination of employment by reason of his death or
         Disability prior to the fifth anniversary of the Grant Date, all shares
         and accrued dividends shall thereupon be forfeited.

                  (b) Death or Disability On or After Fifth Anniversary. In the
         event of the Grantee's termination of employment by reason of his death
         or Disability on or after the fifth anniversary of the Grant Date, 50%
         of the then unvested shares shall thereupon become vested and shall be
         distributed within 30 days thereafter to such person or persons as the
         Grantee may have last designated in writing to the Company. If no such
         person has been designated or no such person survives the Grantee, the
         relevant shares shall be distributed to his estate. The remaining 50%
         of the then unvested shares shall thereupon be forfeited.

                  (c) Other Termination. In the event of the Grantee's
         termination of employment, at any time, for any other reason, all
         unvested shares and accrued dividends shall thereupon be forfeited.

                  (d) Meaning of Termination of Employment. For purposes of this
         Agreement, the Grantee's employment shall be deemed to have terminated
         as of the close of the day on which he ceases to be a common law
         employee of the Company or a Subsidiary or a director of any such
         corporation.

         11. No Deferral. The shares of Restricted Stock subject to this
Agreement shall be distributed at such times as are determined herein and shall
not be subject to deferral, at the election of the Grantee or the Company, of
the otherwise required delivery date.

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         12. Grantee's Acknowledgements. The Grantee acknowledges that he has
received and read a copy of the Plan document.

         IN WITNESS WHEREOF, the parties have executed this Agreement, or caused
it to be executed, as of the date and year first above written.

Witness:                                   AmeriServ Financial, Inc.

/s/ Betty L. Jakell
----------------------------------
Corporate Secretary                        By /s/ Jeffrey A. Stopko
                                             -----------------------------------
                                             Jeffrey A. Stopko, Senior Vice
                                             President and Chief Financial
                                             Officer

Witness:

/s/ Betty L. Jakell                           /s/ Orlando B. Hanselman
----------------------------------           -----------------------------------
Corporate Secretary                          Orlando B. Hanselman, Grantee

                                       4AMENDMENT NO. 1
This Amendment No. 1 dated as of November 30, 2001
("Agreement") is among Global Industries, Ltd., a Louisiana
corporation ("Company"), and Global Offshore Mexico, S. de. R.L.
de C.V. ("Mexican Borrower"; which, with the Company, are
referred to as the "Borrowers"); the Lenders (as defined below)
executing this Agreement; and Bank One, NA, as administrative
agent for the Lenders ("Administrative Agent").
INTRODUCTION
A. The Borrowers, the Lenders, and the Administrative
Agent are parties to the First Amended and Restated Credit
Agreement dated as of August 7, 2001 (as amended and restated,
the "Credit Agreement").
B. The Borrowers, the Lenders, and the Administrative
Agent desire to amend the Credit Agreement in certain respects as
set forth herein.
THEREFORE, the Borrowers, the Lenders, and the
Administrative Agent hereby agree as follows:
Section 1.  Definitions; References.  Unless otherwise defined
in this Agreement, terms used in this Agreement which are defined
in the Credit Agreement shall have the meanings assigned to such
terms in the Credit Agreement.
Section 2.  Amendments.  The Credit Agreement is amended as
follows:
(a) The definition of Issuing Bank in Section 1.01 of the
Credit Agreement is amended in its entirety to read as follows:
"Issuing Bank" means Bank One, any Lender, and any
successor issuing bank pursuant to Section 8.12.
(b) The Leverage Ratio covenant in Section 6.10 of the
Credit Agreement is amended in its entirety to read as follows:
Section 6.10  Leverage Ratio.  The Company will
not permit its Leverage Ratio at the end of any fiscal
quarter to be greater than the levels indicated below
for the corresponding periods:
	Period							Ratio
Effective Date through September 30, 2001
	3.50 to 1.00
October 1, 2001 through December 31, 2001
	2.95 to 1.00
January 1, 2002 through March 31, 2002			2.95
to 1.00
April 1, 2002 through June 30, 2002				2.25
to 1.00
July 1, 2002 through September 30, 2002			2.00
to 1.00
October 1, 2002 through December 31, 2002
	1.75 to 1.00
January 1, 2003 and thereafter				1.75 to
1.00
(c) The Minimum Net Worth covenant in Section 6.11 is
amended by replacing "December 31, 2001" in subsections (a) and
(b) with "June 30, 2002".
(d) The Minimum Fixed Charge Coverage Ratio covenant in
Section 6.12 is amended in its entirety to read as follows:
Section 6.12.  Minimum Fixed Charge Coverage
Ratio.  The Company will not permit the Fixed Charge
Coverage Ratio at the end of any fiscal quarter to be
less than the following ratios during the following
periods:
Period							Ratio
Effective Date through September 30, 2001
	1.00 to 1.00
October 1, 2001 through December 31, 2001
	1.10 to 1.00
January 1, 2002 through March 31, 2002			1.25
to 1.00
April 1, 2002 through June 30, 2002				1.30
to 1.00
July 1, 2002 through September 30, 2002			1.35
to 1.00
October 1, 2002 through December 31, 2002
	1.40 to 1.00
January 1, 2003 and thereafter				1.40 to
1.00
(e) The Capital Expenditures covenant in Section 6.13 is
amended in its entirety to read as follows:
Section 6.13.  Capital Expenditures.  The Company
will not permit its consolidated Capital Expenditures
to exceed the following amount during the following
calendar years:
Calendar Year						Maximum
Amount
	2000
	$50,000,000.00
	2001							$60,000,000.00
	2002							$35,000,000.00
	2003							$40,000,000.00
	2004							$45,000,000.00
Section 3.  Representations and Warranties.  The Borrowers
represent and warrant to the Administrative Agent and the Lenders
that:
(a) the representations and warranties set forth in the
Credit Agreement are true and correct in all material respects as
of the date of this Agreement, except to the extent any such
representation or warranty is stated to relate solely to an
earlier date, in which case such representation or warranty was
true and correct in all material respects as of such earlier
date;
(b) (i) the execution, delivery, and performance of this
Agreement have been duly authorized by appropriate proceedings,
and (ii) this Agreement constitutes a legal, valid, and binding
obligation of the Borrowers, enforceable in accordance with its
terms, except as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, or similar laws affecting the rights
of creditors generally and general principles of equity; and
(c) as of the effectiveness of this Agreement, no Default
or Event of Default has occurred and is continuing.
Section 4.  Effectiveness.  This Agreement shall become
effective and the Credit Agreement shall be amended as provided
in this Agreement upon the occurrence of the following conditions
precedent:
(a) the Borrowers, the Guarantors, the Administrative
Agent, and the Required Lenders shall have delivered duly and
validly executed originals of this Agreement to the
Administrative Agent; and
(b) the representations and warranties in this Agreement
shall be true and correct in all material respects; and
(c) Borrowers shall have paid all appropriate arrangement
and amendment fees to the Administrative Agent and the Lenders.
Section 5.  Effect on Loan Documents.
(a) Except as amended herein, the Credit Agreement and the
Credit Documents remain in full force and effect as originally
executed and amended heretofore.  Nothing herein shall act as a
waiver of any of the Administrative Agent's or Lenders' rights
under the Credit Documents, as amended, including the waiver of
any Event of Default or Default, however denominated.
(b) This Agreement is a Credit Document for the purposes of
the provisions of the other Credit Documents.  Without limiting
the foregoing, any breach of representations, warranties, and
covenants under this Agreement may be an Event of Default or
Default under other Credit Documents.
Section 6.  Choice of Law.  This Agreement shall be governed by
and construed and enforced in accordance with the laws of the
State of New York.
Section 7.  Counterparts.  This Agreement may be signed in any
number of counterparts, each of which shall be an original.
EXECUTED as of the date first above written.
GLOBAL INDUSTRIES, LTD.
By:
Name:
Title:
GLOBAL OFFSHORE MEXICO, S. DE R.L.
DE C.V.
By:
Name:
Title:
BANK ONE, NA,
individually and as Administrative
Agent

By:
Name:
Title:

BANK ONE, NA, as Issuing Bank
By:
Name:
Title:

CREDIT LYONNAIS NEW YORK BRANCH

By:
Name:
Title:

WELLS FARGO BANK TEXAS, N.A.

By:
Name:
Title:

WHITNEY NATIONAL BANK

By:
Name:
Title:

CREDIT SUISSE FIRST BOSTON

By:
Name:
Title:
By:
Name:
Title:

HIBERNIA NATIONAL BANK

By:
Name:
Title:

THE FUJI BANK, LIMITED

By:
Name:

Title:

NATEXIS BANQUE BFCE

By:
Name:
Title:
By:
Name:
Title:

MASSACHUSETTS MUTUAL LIFE
INSURANCE

By:
Name:
Title:

TRANSAMERICA EQUIPMENT FINANCIAL
SERVICES CORPORATION

By:
Name:
Title:

ACKNOWLEDGMENT AND CONSENT BY GUARANTORS
Each of the undersigned Guarantors (i) acknowledges its
receipt of a copy of and hereby consents to all of the terms and
conditions of the foregoing Amendment No. 1 and (ii) reaffirms
its obligations under the Guaranties dated as of December 30,
1999, December 31, 1999, or January 26, 2000, as applicable, in
favor of Bank One, NA, as Administrative Agent.
GIL HOLDINGS, L.L.C.
GLOBAL INDUSTRIES OFFSHORE, L.L.C.
GLOBAL PIPELINES PLUS, L.L.C.
GLOBAL MOVIBLE OFFSHORE PIPELINES,
L.L.C.
NORMAN OFFSHORE PIPELINES, INC.
GLOBAL DIVERS AND CONTRACTORS, L.L.C.
SUBTEC MIDDLE EAST LTD.

By:
	William J. Dore
	Chief Executive Officer

GLOBAL INDUSTRIES MEXICO HOLDINGS, S. DE
R.L. DE C.V.
GLOBAL VESSELS MEXICO, S. DE R.L. DE
C.V.
GLOBAL INDUSTRIES OFFSHORE SERVICES, S.
DE R.L. DE C.V.
GLOBAL INDUSTRIES SERVICES, S. DE R.L.
DE C.V.

By:
William J. Dore
	Chief Executive Officer

By:
						Peter S. Atkinson
						President

By:
						Russell J. Robicheaux
						Vice President, General Counsel

GLOBAL INTERNATIONAL VESSELS, LTD.

By:
	William J. Dore
	Chief Executive Officer

PIPELINES, INCORPORATED

By:
Name:
Title:

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