Document:

exv10w6

 

Exhibit 10.6

AMENDMENT NO. 1

TO

BURLINGTON RESOURCES INC.

COMPENSATION PLAN

FOR NON-EMPLOYEE DIRECTORS

          The Burlington Resources Inc. Compensation Plan for Non-Employee Directors is hereby amended
as follows, effective for deferrals on or after January 1, 2006:

          1. Section 4.2 is amended to read as follows:

          “4.2 Memorandum Accounts. Each Plan Year the Company shall establish a
ledger or notional account (the ‘Memorandum Account’) for each Non-Employee Director
who has elected to defer payment of all or part of his or her Compensation for that
Plan Year for the purpose of reflecting the Company’s obligation to pay the deferred
Compensation for such Plan Year as specified pursuant to Section 4.6; provided,
however, that all Memorandum Accounts established for a Participant that are to be
paid in the same manner, e.g., a lump sum, 5 annual installments or 10
annual installments, may be combined into a single Memorandum Account.”

          2. The second sentence of Section 4.3 is amended to read as follows:

“Such interest shall be credited to the Interest Account as of such valuation dates
as shall be established by the Management Committee.”

          3. Section 4.3 is amended by adding the following sentence at the end thereof:

     “The Management Committee shall determine, in its sole discretion, the valuation
dates for valuing each Participant’s Account(s).”

          4. Section 4.6 is amended to read as follows:

          “4.6 Payment of Accounts. Upon a Participant’s Termination, the
Company shall pay to such Participant (or to his or her Beneficiary in case of the
Participant’s death) an amount in cash equal to the balance then credited to his or
her affected Account(s) as follows:

(a) a lump sum payment; or

(b) in 5 consecutive substantially equal annual installments; or

(c) in 10 consecutive substantially equal annual installments;

whichever form of payment has been elected by the Participant. Payment of Accounts
shall commence or be made in the January following the year in which the
Participant’s Termination occurs. In the case of distribution to a Participant in
installments, payment will be made on a pro rata basis from each of the
Participant’s Accounts.”exv10w23

 

Exhibit 10.23

AMENDMENT NO. 2

TO

BURLINGTON RESOURCES INC.

PHANTOM STOCK PLAN

FOR NON-EMPLOYEE DIRECTORS

          The Burlington Resources Inc. Phantom Stock Plan for Non-Employee Directors is hereby amended
as follows, effective for Phantom Stock granted on or after January 1, 2006:

          1. Section 1.12 (the definition of “Termination”) is renumbered as Section 1.13, and a
new Section 1.12 is added to read as follows:

“1.12 S&P Account means a notional account credited with units in a
Standard & Poor’s 500 Composite Stock Price Index fund or in a mutual fund
selected by the Management Committee that tracks such index, as provided in
Section 4.4.”

          2. The last sentence of Section 4.1 is amended to read as follows:

“A separate Company Stock Account shall be established for each Participant with
respect to each Grant Date; provided, however, that all Company Stock Accounts
established for a Participant that are to be paid in the same manner, e.g.,
a lump sum, 5 annual installments or 10 annual installments, may be combined into a
single Company Stock Account.”

          3. Section 4.4 is amended to read as follows:

          “4.4 Payment of Accounts. Except as provided below, upon a
Participant’s Termination, the Company shall pay to such Participant (or to his or
her Beneficiary in case of the Participant’s death) an amount in cash equal to the
balance then credited to his or her Company Stock Account(s) as follows:

(a) a lump sum payment; or

(b) in 5 consecutive substantially equal annual installments; or

(c) in 10 consecutive substantially equal annual installments;

whichever form of payment has been elected (or deemed elected) by the Participant.
If a Participant has elected to receive the distribution of his or her Account in
installments, the Participant may request that the Management Committee reinvest all
or a specified percentage of his or her Account as of any date in the Interest
Account, Company Stock Account and/or S&P Account in such proportions as elected by
the Participant; provided, however, that the Management Committee shall not be
obligated to honor any such Participant’s request. Each Interest Account shall
accrue interest on the balance credited to such Interest Account from the date of
Termination through the date of its distribution. Such interest shall be credited
to the Interest Account as of such valuation dates as shall be established by the
Management Committee. The Management Committee shall determine, in

 

 

its sole discretion, the rate of interest to be credited periodically to the
Interest Accounts. Each S&P Account shall be credited with whole and fractional
units in a Standard & Poor’s 500 Composite Stock Price Index fund (or by reference
to a mutual fund selected by the Management Committee that tracks such index as of
the applicable date) and with any notional distributions on such units, which shall
be credited as being reinvested in additional units. The Management Committee shall
determine, in its sole discretion, the valuation date for valuing each Participant’s
Account.

Payment of Accounts shall commence or be made in the January following the year in
which the Participant’s Termination occurs. In the case of distribution to a
Participant in installments, payment will be made on a pro rata basis from each of
the Participant’s Accounts.”

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Exhibit 10.27

AMENDMENT NO. 3

TO

BURLINGTON RESOURCES INC.

2002 STOCK INCENTIVE PLAN

     The Burlington Resources Inc. 2002 Stock Incentive Plan is hereby amended, effective as of
December 19, 2005, as follows:

     1. Section 2.1 is amended to read in its entirety as follows:

     "2.1 Beneficiary

	 	 	“The person or persons designated by the Participant as his or her
beneficiary under the Plan on a form prescribed by and delivered to the
Plan Administrator to whom the Participant’s rights under the Plan shall
pass upon the Participant’s death or, if no such effective beneficiary
designation is in effect, the person or persons to whom the Participant’s
rights under the Plan shall have passed by will or the laws of descent and
distribution.”

     2. Subsection (f) of Section 6.4 is amended to read in its entirety as follows:

	 	 	“Except as provided below, during a Participant’s lifetime, an option may
be exercisable only by the Participant and options granted under the Plan
and the rights and privileges conferred thereby shall not be subject to
execution, attachment or similar process and may not be transferred,
assigned, pledged or hypothecated in any manner (whether by operation of
law or otherwise) other than by Beneficiary designation, by will or by the
applicable laws of descent and distribution. Notwithstanding the
foregoing, to the extent permitted by applicable law and Rule 16b-3, the
Plan Administrator may permit the recipient of a Nonqualified Option to
transfer such Nonqualified Option. Any other attempt to transfer, assign,
pledge, hypothecate or otherwise dispose of any option under the Plan or
of any right or privilege conferred thereby, contrary to the provisions of
the Plan, or the sale or levy or any attachment or similar process upon
the rights and privileges conferred hereby, shall be null and void.”

 

 

	3.	 	The third sentence of Article 11.7 is amended to read in its entirety as follows:

	 	 	“The Fair Market Value of such Common Stock as delivered shall be
valued as of the day prior to exercise of the Option or the
vesting of the Restricted Stock.”

	4.	 	The fifth sentence of Section 11.7 is amended to read in its entirety as follows:

	 	 	“The Fair Market Value of such Common Stock as is withheld shall be valued as of the day of
exercise of the option or stock appreciation right or the vesting of the Restricted Stock.”

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AMENDMENT NO. 4 TO

BURLINGTON RESOURCES INC.

2002 STOCK INCENTIVE PLAN

     The Burlington Resources Inc. 2002 Stock Incentive Plan is hereby amended, effective as of
January 25, 2006, as follows:

     1. A new Section 2.21 is added to read as follows:

2.21 Merger Agreement

The Agreement and Plan of Merger, dated December 12, 2005, by and among the
Company, ConocoPhillips and Cello Acquisition Corp., a wholly owned
subsidiary of ConocoPhillips, pursuant to which Burlington will be merged
with and into Cello Acquisition Corp.

     2. The portion of the first sentence of Section 6.4(h) up to the colon is amended to read in
its entirety as follows:

     “Subject to Section 6.4(i) below, upon the termination of a
Participant’s employment with the Company and its Subsidiaries for
any reason other than death or Permanent Disability, the
Participant’s option shall be exercisable only to the extent that it
was then exercisable and, unless the term of the option expires
sooner, such option shall expire according to the following
schedule; provided, however, that the Plan Administrator may at any
time determine in a particular case that specific limitations and
restrictions under the Plan shall not apply:”

     3. The first sentence of Section 6.4(i) is amended to read in its entirety as follows:

     “Nothwithstanding other Plan provisions pertaining to the times at
which options may be exercised, all outstanding options, to the extent not
then currently exercisable, shall become exercisable in full upon the
occurrence of a Change in Control; provided, however, that any options
granted after December 12, 2005 will not vest in full at the Effective Time
(as defined in the Merger Agreement) but will instead retain their normal
vesting schedule subject to vesting in full in the event, following the
Effective Time, of a termination of the employment of the holder by the
Company (or ConocoPhillips) without Cause or by the holder for Good Reason
prior to full vesting.”

     4. Section 8.6 is amended to read in its entirety as follows:

“The Restriction Period for any Participant shall be deemed to end and all
restrictions on shares of Restricted Stock shall terminate immediately

 

 

upon a Change in Control; provided, however, that the Restriction Period for
any Participant and the restrictions on any shares granted after December
12, 2005 will not lapse immediately at the Effective Time (as defined in
the Merger Agreement) but will instead continue in full, but such
Restriction Period will end in the event, following the Effective Time, of a
termination of the employment of the holder by the Company (or
ConocoPhillips) without Cause or by the holder for Good Reason prior to full
vesting.”

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