Document:

<PAGE>
                                      RIDER

Notwithstanding any provision in the Contract to the contrary, this Rider
becomes a part of the Contract to which it is attached. Should any provision in
this Rider conflict with the Contract, the provisions of this Rider will
prevail.

EFFECTIVE DATE:  [DATE]

Prior to the Annuity Date, We will waive the Contingent Deferred Sales Charge or
Withdrawal Charge upon the Owner's request for full or partial surrender of the
Contract Value. Such benefit shall be available if:

1.   The Owner is confined to a Nursing Home and/or Hospital for at least 60
     consecutive days while the Contract is in force;

2.   A surrender or partial withdrawal request and adequate proof of confinement
     are received by Us either while the Owner is confined or within 90 days of
     the Owner's discharge from the Nursing Home or Hospital; and

3.   Confinement in a Nursing Home and/or Hospital is prescribed by a Physician
     and is Medically Necessary.

A Market Value Adjustment (MVA), if any, shall not be applied to amounts
withdrawn from the Fixed Account whether such application results in a gain or a
loss in the Contract Value.

This Rider may not be exercised before the expiration of 90 days from the
Contract Date.

A new 60 day confinement period must be satisfied each time the Owner becomes
newly confined (whether for the same or unrelated causes), if services by a
Nursing Home and/or Hospital have not been provided for a period of at least six
months. If services for related causes were provided less than six months from
current receipt of services, a new 60 day confinement need not be satisfied.

If the Owner's request for waiver of Contingent Deferred Sales Charges or
Withdrawal Charges is denied, the surrender proceeds will not be dispersed until
the Owner is notified by Us of the denial and provided with the opportunity to
reapply for the surrender proceeds or reject the surrender proceeds.

DEFINITIONS

For purposes of this Rider, the following definitions apply. Terms not defined
in this Rider shall have the same meaning given to them in the Contract.

"Nursing Home" means a Skilled Nursing Facility, an Intermediate Care Facility,
or a Residential Care facility. Nursing Home does not mean:

<PAGE>

1.   A home for the aged, a community living center, or a place that primarily
     provides domiciliary, residency or retirement care; or

2.   A place owned or operated by a member of the Owner's immediate family.
     Immediate family members include the Owner's spouse, children, parents,
     grandparents, grandchildren, siblings, and in-laws.

"Skilled Nursing Facility" is a facility which:

1.   Is located in the United States or its territories;

2.   Is licensed and operated as a Skilled Nursing Facility according to the
     laws of the jurisdiction in which it is located;

3.   Provides skilled nursing care under the supervision of a licensed
     physician;

4.   Provides continuous 24 hours a day nursing services by or under the
     supervision of a registered graduate professional nurse (R.N.); and

5.   Maintains a daily medical record of each patient.

"Intermediate Care Facility" is a facility which:

1.   Is located in the United States or its territories;

2.   Is licensed and operated as an Intermediate Care Facility according to the
     laws of the jurisdiction in which it is located;

3.   Provides continuous 24 hours a day nursing service by or under the
     supervision of a registered graduate professional nurse (R.N.), or a
     licensed practical nurse (L.P.N.); and

4.   Maintains a daily medical record of each patient.

"Residential Care Facility" is a facility which:

1.   Is located in the United States or its territories;

2.   Is licensed and operated as an Residential Care Facility according to the
     laws of the jurisdiction in which it is located; and

3.   Provides nursing care under the supervision of a registered graduate
     professional nurse (R.N.).

"Hospital" is a facility which:

1.   Is located in the United States or its territories;

2.   Is licensed as a Hospital by the jurisdiction in which it is located;

3.   Is supervised by a staff of licensed physicians;

4.   Provides nursing services 24 hours a day by, or under the supervision of, a
     registered nurse (R.N.);

5.   Operates primarily for the care and treatment of sick and injured persons
     as inpatients for a charge; and

6.   Has access to medical and diagnostic facilities.

"Physician" is any person duly licensed and legally qualified to diagnose and
treat sickness and injuries. He or she must be providing services within the
scope of his or her license. Physicians do not include members of the Owner's
immediate family.

<PAGE>

"Medically Necessary" means appropriate and consistent with the diagnosis in
accord with accepted standards of practice and which could not have been omitted
without adversely affecting the individual's condition.

This Rider shall take effect on the Contract Date. This Rider shall terminate on
the date a life contingent annuity option is elected, since Contract Value will
cease to be available on that date.

FIRST SUNAMERICA LIFE INSURANCE COMPANY

                               /s/ JAY S. WINTROB
                          ----------------------------
                                 Jay S. Wintrob
                                   Presidentexv10w1

 

Exhibit 10.1

PRIDE INTERNATIONAL, INC.

EMPLOYMENT/NON-COMPETITION/

CONFIDENTIALITY AGREEMENT

RODNEY W. EADS

 

 

EMPLOYMENT/NON-COMPETITION/CONFIDENTIALITY AGREEMENT

	 	 	 
	DATE:

	 	The date of execution set forth below.
	 
	 	 
	COMPANY/EMPLOYER:

	 	Pride International, Inc.,

a Delaware corporation

5847 San Felipe, Suite 3300

Houston, Texas 77057
	 
	 	 
	EMPLOYEE:

	 	Rodney W. Eads

18305 Kitzman Rd.

Cypress, Texas 77429

     This Employment/Non-Competition/Confidentiality Agreement by and between Pride International,
Inc. (the “Company” and as further defined below) and Rodney W. Eads (“Employee”), effective as of
September 18, 2006 (the “Agreement”), is made on the terms as herein provided.

PREAMBLE

     WHEREAS, the Company wishes to attract and retain well-qualified employees and key personnel
and to assure itself of the continuity of its management;

     WHEREAS, the Company recognizes that Employee will serve as a valuable resource of the
Company, and the Company desires to be assured of the continued services of Employee;

     WHEREAS, the Company desires to obtain assurances that Employee will devote his best efforts
to his employment with the Company and will not enter into competition with the Company in its
business as now conducted and to be conducted, or solicit customers or other employees of the
Company to terminate their relationships with the Company;

     WHEREAS, Employee will serve as a key employee of the Company, and he acknowledges that his
talents and services to the Company are of a special, unique, unusual and extraordinary character
and are of particular and peculiar benefit and importance to the Company;

     WHEREAS, the Company is concerned that in the event of a possible or threatened Change in
Control (as defined below) of the Company, Employee may feel insecure, and therefore the Company
desires to provide security to Employee in the event of a Change in Control;

     WHEREAS, the Company further desires to assure Employee that if a possible or threatened
Change in Control should arise and Employee should be involved in deliberations or negotiations in
connection therewith, Employee would be in a secure position to consider and participate in such
transaction as objectively as possible in the best interests of the Company and

 

 

to this end desires to protect Employee from any direct or implied threat to his financial
well-being by a Change in Control;

     WHEREAS, Employee is willing to continue to serve the Company but desires assurances that in
the event of such a Change in Control he will continue to have the employment status and
responsibilities he could reasonably expect absent such event and, that in the event this turns out
not to be the case, he will have fair and reasonable severance protection on the basis of his
service to the Company to that time;

     WHEREAS, different factors impact the Company and Employee under circumstances of regular
employment between the Company and Employee when there is no threat of Change in Control and/or
none has occurred, as opposed to circumstances under which a Change in Control is rumored,
threatened, occurring or has occurred. For this reason, the Agreement deals with the regular
employment of Employee under circumstances whereby no Change in Control is threatened, occurring or
has occurred and it deals with circumstances whereby a Change in Control is threatened, occurring
or has occurred. The Agreement deals with matters impacting both regular employment and employment
following a Change in Control, including non-competition and confidentiality; and

     WHEREAS, Employee is willing to enter into and carry out the non-competition and
confidentiality obligations and covenants set forth herein in consideration of the Agreement.

AGREEMENT

     NOW, THEREFORE, Employee and the Company (together the “Parties”) agree as follows:

	I.	 	PRIOR AGREEMENTS/CONTRACTS

	 	1.01	 	PRIOR AGREEMENTS. Employee represents and warrants to the Company that (i) he
has no continuing non-competition agreements with any prior employers that have not
been disclosed in writing to the Company and (ii) neither the execution of the
Agreement by Employee or the performance by Employee of his obligations under the
Agreement will result in a violation or breach of, or constitute a default under the
provisions of any contract, agreement or other instrument to which Employee is or was a
party.

	II.	 	DEFINITION OF TERMS
	 
	 	 	Words used in the Agreement in the singular shall include the plural and in the plural the
singular, and the gender of words used shall be construed to include whichever may be
appropriate under any particular circumstances of the masculine, feminine or neuter genders.

	 	2.01	 	CAUSE. The term “Cause” means: (i) Employee’s continued failure to perform
his duties and responsibilities with the Company (other than any failure due to
physical or mental incapacity) after a demand for performance that is not unreasonable
under industry standards is delivered to him by the Board of

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	 	 	 	Directors which specifically identifies the manner in which the Board believes he
has not performed his duties, (ii) gross negligence or willful misconduct which
causes material injury, monetary or otherwise, to the Company or its affiliates,
(iii) failure to comply with the terms of Section 3.02d; or (iv) violation of one or
more of the covenants in Article V (except violation of the covenant not to compete
after termination after Change in Control as discussed herein). No act or failure
to act by Employee shall be considered “willful” unless done or omitted to be done
by him not in good faith and without reasonable belief that his action or omission
was in the best interest of the Company. The unwillingness of Employee to accept,
under circumstances that give rise to a Constructive Termination, any or all of a
change in the nature or scope of his position, authorities or duties, a reduction in
his total compensation or benefits, or other action by or at request of the Company
in respect of his position, authority, or responsibility that is contrary to the
Agreement, may not be considered by the Board of Directors to be a failure to
perform or misconduct by Employee. Notwithstanding the foregoing, Employee shall
not be deemed to have been terminated for Cause for purposes of the Agreement unless
and until there shall have been delivered to him a copy of a resolution, duly
adopted by a vote of three-fourths of the entire Board of Directors of the Company
at a meeting of the Board of Directors called and held (after reasonable notice to
Employee and an opportunity for Employee and his counsel to be heard before the
Board) for the purpose of considering whether Employee has been guilty of such a
willful failure to perform or such willful misconduct as justifies termination for
Cause hereunder, finding that in the good faith opinion of the Board of Directors
Employee has been guilty thereof and specifying the particulars thereof.
	 
	 	2.02	 	CHANGE IN CONTROL. The term “Change in Control” of the Company shall mean, and
shall be deemed to have occurred on the date of the first to occur of any of the
following:

	 	a.	 	there occurs a change in control of the Company of the nature
that would be required to be reported in response to item 6(e) of Schedule 14A
of Regulation 14A or Item 1 of Form 8(k) promulgated under the Securities
Exchange Act of 1934 as in effect on the date of the Agreement, or if neither
item remains in effect, any regulations issued by the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934 which serve similar
purposes;
	 
	 	b.	 	any “person” (as such term is used in Sections 12(d) and
14(d)(2) of the Securities Exchange Act of 1934) is or becomes a beneficial
owner, directly or indirectly, of securities of the Company representing twenty
percent (20%) or more of the total voting power of the Company’s then
outstanding securities;
	 
	 	c.	 	the individuals who were members of the Board of Directors of
the Company (the “Board”) immediately prior to a meeting of the shareholders of
the Company involving a contest for the election of

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	 	 	 	directors shall not constitute a majority of the Board of Directors
following such election;
	 
	 	d.	 	the Company shall have merged into or consolidated with another
corporation, or merged another corporation into the Company, on a basis whereby
less than fifty percent (50%) of the total voting power of the surviving
corporation is represented by shares held by former shareholders of the Company
prior to such merger or consolidation;
	 
	 	e.	 	the Company shall have sold, transferred or exchanged all, or
substantially all, of its assets to another corporation or other entity or
person; or
	 
	 	f.	 	a Limited Change in Control (as hereinafter defined) shall have
occurred.

	 	2.03	 	CHANGE IN CONTROL TERMINATION. The term “Change in Control Termination” shall
mean a Termination (i) within three (3) years following the date of a Change in Control
which occurs for any reason other than a Limited Change in Control or (ii) within two
(2) years following the date of a Limited Change in Control.
	 
	 	2.04	 	COMPANY. The term “Company” means Pride International, Inc., a Delaware
corporation, as the same presently exists, as well as any and all successors,
regardless of the nature of the entity or the state or nation of organization, whether
by reorganization, merger, consolidation, absorption or dissolution. For the purpose
of the Agreement, Company includes all subsidiaries and affiliates of the Company to
the extent such subsidiary and/or affiliate is carrying on any portion of the business
of the Company or a business similar to that being conducted by the Company.
	 
	 	2.05	 	CONSTRUCTIVE TERMINATION. The term “Constructive Termination” means
termination of employment by reason of Employee’s resignation for any one or more of
the following events:

	 	a.	 	Employee’s resignation or retirement is requested by the
Company other than for Cause;
	 
	 	b.	 	A significant and material diminution in Employee’s duties and
responsibilities and which diminution would degrade, embarrass or otherwise
make it unreasonable for Employee to remain in the employment of the Company;
	 
	 	c.	 	Any reduction in Employee’s total base salary or material
reduction in benefits from that provided in the Compensation and Benefits
Section hereof, unless such reduction is generally applicable to all similarly
situated executives of the Company;
	 
	 	d.	 	The material breach by the Company of any other provision of
the Agreement;

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	 	e.	 	Any requirement of the Company that Employee relocate more than
75 miles from downtown Houston, Texas; or
	 
	 	f.	 	Notice by the Company of non-renewal of the Agreement contrary
to the wishes of Employee.

	 	 	 	Notwithstanding any provision to the contrary, in order for Employee’s resignation
to be deemed a Constructive Termination, (A) Employee must provide a written notice
to the Company that Employee intends to terminate his employment with the Company
within 60 days following the occurrence of the event that Employee claims
constitutes a Constructive Termination; (B) the written notice must describe the
event constituting the Constructive Termination in reasonable detail and (C) within
30 days after receiving such notice from Employee, the Company must fail to
reinstate Employee to the position he was in, or otherwise cure the circumstances
giving rise to the Constructive Termination.
	 
	 	2.06	 	CUSTOMER. The term “Customer” includes all persons, firms or entities that are
purchasers or end-users of services or products offered, provided, developed, designed,
sold or leased by the Company during the relevant time periods, and all persons, firms
or entities which control, or which are controlled by, the same person, firm or entity
which controls such purchase.
	 
	 	2.07	 	DISABILITY. The term “Disability” means physical or mental incapacity
qualifying Employee for a long-term disability under the Company’s long-term disability
plan. If no such plan exists on the Employment Date, the term “Disability” means
physical or mental incapacity as determined by a doctor jointly selected by Employee
(or Employee’s representative legally authorized to act on Employee’s behalf) and the
Board of Directors of the Company qualifying Employee for long-term disability under
reasonable employment standards.
	 
	 	2.08	 	EMPLOYMENT DATE. The Employee’s initial date of active employment, which shall
be September 18, 2006.
	 
	 	2.09	 	LIMITED CHANGE IN CONTROL. The term “Limited Change in Control” of the Company
shall mean, and shall be deemed to have occurred on, the date the Company shall have
merged into or consolidated with another corporation, or merged another corporation
into the Company, on a basis whereby at least fifty percent (50%) but not more than
eighty percent (80%) of the total voting power of the surviving corporation is
represented by shares held by former shareholders of the Company immediately prior to
such merger or consolidation.
	 
	 	2.10	 	TERMINATION. The term “Termination” shall mean termination of the employment
of Employee with the Company (including by reason of death, Disability and Constructive
Termination) for any reason other than (i) Cause or (ii) Voluntary Resignation.
Notwithstanding any provision hereof to the contrary, the Company shall have the right
to terminate Employee’s employment at any time during the Employment Period, as defined
below (including any extended

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	 	 	 	term), and the Company has no obligation to deliver advance notice of termination,
except such notice as is otherwise required for a termination for Cause under
Section 2.01.
	 
	 	2.11	 	VOLUNTARY RESIGNATION. The term “Voluntary Resignation” means termination of
employment with the Company by Employee for any reason other than death, Disability or
a Constructive Termination.

	III.	 	EMPLOYMENT

	 	3.01	 	EMPLOYMENT. Except as otherwise provided in the Agreement, the Company hereby
agrees to continue Employee in its employ, and Employee hereby agrees to remain in the
employ of the Company, for the Employment Period (as defined below). During the
Employment Period, Employee shall exercise such position and authority and perform such
responsibilities as are commensurate with the position to which he is assigned and as
directed by his supervisor. The office, position and title for which Employee is
initially employed is that of Executive Vice President and Chief Operating Officer of
the Company. Employee and the Company agree that the Company may re-assign Employee to
another office, position and/or title, subject to Employee’s rights under Section 2.05
of the Agreement.
	 
	 	3.02	 	BEST EFFORTS AND OTHER EMPLOYMENT OBLIGATIONS OF EMPLOYEE; BUSINESS EXPENSES
AND OFFICE AND OTHER SERVICES.

	 	a.	 	Employee agrees that he will at all times faithfully,
industriously and to the best of his ability, experience and talents, perform
all of the duties that may be required of and from him pursuant to the express
and implicit terms hereof, to the reasonable satisfaction of the Company.
	 
	 	b.	 	Employee shall devote his normal and regular business time,
attention and skill to the business and interests of the Company, and the
Company shall be entitled to all of the benefits, profits or other issue
arising from or incident to all work, services and advice of Employee performed
for the Company. Such employment shall be considered “full time” employment.
Employee shall also have the right to devote such incidental and immaterial
amounts of his time which are not required for the full and faithful
performance of his duties hereunder to any outside activities and businesses
which are not being engaged in by the Company and which shall not otherwise
interfere with the performance of his duties hereunder. Notwithstanding the
foregoing, it shall not be a violation of the Agreement for Employee to (i)
serve on corporate, civic or charitable boards or committees, (ii) deliver
lectures, fulfill speaking engagements or teach at educational institutions and
(iii) manage personal investments, so long as such activities do not
significantly interfere with the performance of Employee’s responsibilities
hereunder. Employee shall have the right to

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	 	 	 	make investments in any business provided such investment does not result in
a violation of the Non-Competition Section of the Agreement.
	 
	 	c.	 	Employee acknowledges and agrees that Employee owes a fiduciary
duty to the Company. In keeping with these duties, Employee shall make full
disclosure to the Company of all business opportunities pertaining to the
Company’s business and shall not appropriate for Employee’s own benefit
business opportunities concerning the subject matter of the fiduciary
relationship.
	 
	 	d.	 	Employee shall not intentionally take any action which he knows
would not comply with the laws of the United States or any other jurisdiction
applicable to Employee’s actions on behalf of the Company, and/or any of its
subsidiaries or affiliates, including specifically, without limitation, the
United States Foreign Corrupt Practices Act, generally codified in 15 USC 78
(the “FCPA”), as the FCPA may hereafter be amended, and/or its successor
statutes.
	 
	 	e.	 	During the employment relationship and after the employment
relationship terminates, Employee agrees to refrain from any disparaging
comments about the Company, any affiliates, or any current or former officer,
director or employee of the Company or any affiliate, and Employee agrees not
to take any action, or assist any person in taking any other action, that is
materially adverse to the interests of the Company or any affiliate or
inconsistent with fostering the goodwill of the Company and its affiliates;
provided, however, that nothing in the Agreement shall apply to or restrict in
any way the communication of information by Employee to any state or federal
law enforcement agency or require notice to the Company thereof, and Employee
will not be in breach of the covenant contained above solely by reason of his
testimony which is compelled by process of law. The Company and its
affiliates, officers and directors agree to refrain from any disparaging
comments about Employee; provided, however, that nothing in the Agreement shall
apply to or restrict in any way the communication of information by the Company
and its affiliates, officers and directors to any state or federal law
enforcement agency or require notice to Employee thereof, and the Company and
its affiliates, officers and directors will not be in breach of the covenant
contained above solely by reason of testimony which is compelled by process of
law.
	 
	 	f.	 	During the Employment Period, Employee shall be entitled to
receive prompt reimbursement for all reasonable expenses incurred by Employee
in accordance with the most favorable policies, practices and procedures of the
Company as in effect from time to time.
	 
	 	g.	 	During the Employment Period, the Company shall furnish
Employee with office space, secretarial assistance and such other facilities
and services as

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	 	 	 	shall be suitable to Employee’s position and adequate for the performance of
Employee’s duties hereunder.

	 	3.03	 	TERM OF EMPLOYMENT. Employee’s employment will commence on the Employment Date
and will be for a term ending at 12:00 o’clock midnight on the second anniversary of
the Employment Date (the “Employment Period”); thereafter, the Employment Period will
be automatically extended for successive terms of one (1) year commencing on each
anniversary of the Employment Date; provided, however, that the Company or Employee may
give written notice to the other that the Agreement will not be renewed or continued
after the next scheduled expiration date which is not less than one (1) year after the
date that the notice of non-renewal was given. Immediately upon termination of
employment with the Company, Employee agrees to resign from all officer and director
positions held with the Company and its affiliates.
	 
	 	3.04	 	COMPENSATION AND BENEFITS. During the Employment Period Employee shall receive
the following compensation and benefits:

	 	a.	 	Employee will receive an annual base salary of not less than
$500,000.00, with the opportunity for increases, from time to time thereafter,
which are in accordance with the Company’s regular executive compensation
practices (the “Annual Base Salary”). The Annual Base Salary will be reviewed
at least annually, but in no event earlier than July 2007. The Annual Base
Salary may be reduced only if the Annual Base Salary of the Chief Executive
Officer of the Company is reduced by a proportionate percentage.
	 
	 	b.	 	Subject to the Company’s discretion, Employee will be eligible
to participate on a reasonable basis in annual bonus (as more fully described
below) and other incentive compensation plans which provide opportunities to
receive compensation in addition to his Annual Base Salary. For the 2006
calendar year, the actual bonus payable to Employee shall be no less than 70%
of Annual Base Salary. For the 2007 calendar year Employee will be eligible to
participate in the Company’s annual incentive plan at a target award level of
no less than 70% of Annual Base Salary and at a maximum bonus award level of no
less than 140% of Annual Base Salary. Employee will be entitled to participate
in employee welfare and qualified plans (including, but not limited to,
medical, life, health, accident and disability insurance and disability
benefits) and to receive perquisites which are offered by the Company in its
exclusive discretion.
	 
	 	c.	 	Employee will receive no fewer than twenty (20) paid vacation
days each year.
	 
	 	d.	 	Employee shall receive a monthly automobile allowance in an
amount not less than $750.00.

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	 	e.	 	Employee shall receive a lump-sum cash sign-on bonus in the
amount of $100,000.00, payable within fifteen (15) days of the commencement of
the Employment Period. In the event Employee shall cease employment due to
Voluntary Resignation (other than a voluntary resignation under Section 4.03
hereof) or termination for Cause during the initial two-year Employment Period,
Employee agrees to repay to the Company, immediately upon such cessation of
employment, a pro-rata portion of the payment provided under this Section
3.04e, which shall be determined by multiplying $100,000.00 by a fraction, the
numerator of which shall be the number days during the Employment Period which
have elapsed as of the date of Employee’s termination and the denominator of
which shall be 730. The Company shall have the right to apply any compensation
payable to Employee on or following the date of cessation of employment toward
the satisfaction of this obligation, and Employee consents to such right of
set-off.
	 
	 	f.	 	As approved by the Compensation Committee of the Company (the
“Committee”), on the Employment Date, Employee shall receive:

	 	(i)	 	An award of a non-qualified option to acquire
up to 75,000 shares of common stock of Pride International, Inc.
(“Common Stock”), in accordance with the terms of the 1998 Long Term
Incentive Plan (the “LTIP”) and the option award terms attached as
Exhibit A hereto, with an exercise price equal to the closing price of
the Common Stock on the Employment Date;
	 
	 	(ii)	 	an award of a non-qualified option to acquire
up to 50,000 shares of Common Stock, in accordance with the terms of
the LTIP and the option award terms attached as Exhibit B hereto, with
an exercise price equal to the closing price of the Common Stock on the
Employment Date;
	 
	 	(iii)	 	an award of 32,000 shares of restricted stock
pursuant to the LTIP and subject to the terms and provisions of the
Company’s restricted stock award attached as Exhibit C hereto; and
	 
	 	(iv)	 	an award of 25,000 shares of restricted stock
pursuant to the LTIP and subject to the terms and provisions of the
Company’s restricted stock award attached as Exhibit D hereto.

	 	g.	 	The option to acquire Common Stock and the restricted stock
award in Sections 3.04f (i) and (iii) shall not be considered a part of
Employee’s participation in the LTIP for the 2007 calendar year. Employee may
be eligible for additional grants of equity awards under the LTIP in addition
to the award in Sections 3.04(ii) and (iv) in the first calendar quarter of
2007, subject to the approval of the Committee in its sole discretion.

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	 	h.	 	Subject to the approval of the Committee, the Employee shall be
provided with a right to receive supplemental retirement benefits payable upon
termination of service, for any reason other than Cause, following attainment
of normal retirement age as specified by the Committee for the employee. The
Committee shall, in its sole discretion, determine the amount of any such
benefits payable, the form of payment, and any other payment conditions as it
shall determine to be appropriate.

	 	3.05	 	TERMINATION WITHOUT CHANGE IN CONTROL. Notwithstanding anything herein to the
contrary, the Company shall have the right to terminate Employee’s employment at any
time during the Employment Period, as defined in Section 3.03 (including any extended
term). In the event of any Termination, as defined in Section 2.10, if the Termination
does not entitle Employee to payments and benefits under Article IV, the Company shall,
within thirty (30) days following such Termination (subject to Section 6.04) and in
exchange for a full and complete release of claims against the Company, its affiliates,
officers and directors (“Release”), pay or provide to Employee (or his Executor,
Administrator or Estate in the event of death, as soon as reasonably practical):

	 	a.	 	An amount equal to two (2) full years of his base salary, which
base salary is here defined as twelve (12) times the then current monthly
salary in effect for Employee and all other benefits due him based upon the
salary in effect on the date of Termination (but not less than the highest
annual base salary paid to Employee during any of the three (3) years
immediately preceding his date of Termination). There shall be deducted only
such amounts as may be required by law to be withheld for taxes and other
applicable deductions.
	 
	 	b.	 	The Company shall provide to Employee for a period of two (2)
full years following the date of his Termination, life, health, accident and
disability insurance coverages which are not less than the highest benefits
furnished to Employee during the term of the Agreement at a cost to the
Employee as if he had remained a full time employee.
	 
	 	c.	 	An amount equal to two (2) times the target award for Employee
under the Company’s annual bonus plan for the fiscal year in which Termination
occurs; provided, however, that (i) if Employee has deferred his award for such
year under a Company plan, the payment due Employee under this subparagraph
shall be paid in accordance with the terms of the deferral and (ii) if the
Company has not specified a target award for such year, the amount will be
equal to two (2) times the target award for the most recent fiscal year for
which a target was specified.
	 
	 	d.	 	The “Compensation and Benefits” Section hereof shall be
applicable in determining the payments and benefits due Employee under this
Section and if Termination occurs after a reduction in all or part of
Employee’s total compensation or benefits, the lump sum severance allowance and
other compensation and benefits payable to him pursuant to this Section
shall be based upon his compensation and benefits before the reduction.

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	 	e.	 	All life, health, hospitalization, medical and accident
benefits available to Employee’s spouse and dependents shall continue for the
same term as Employee’s benefits. If Employee dies, all benefits will be
provided for a term of two (2) years (or three (3) years if Article IV applies)
after the date of death of Employee.
	 
	 	f.	 	The Company’s obligation under this Section to continue to pay
or provide health care, life, accident and disability insurance to Employee,
Employee’s spouse and Employee’s dependents shall be reduced when and to the
extent any such benefits are paid or provided to Employee by another employer;
provided, however, that Employee shall have all rights, if any, afforded to
retirees to convert group life insurance coverage to the individual life
insurance coverage as, to the extent of, and whenever his group life insurance
coverage under this Section is reduced or expires. Apart from this
subparagraph, Employee shall have and be subject to no obligation to mitigate.
	 
	 	g.	 	The Company shall deduct applicable withholding taxes in
performing its obligations under this Section.

	 	 	The form of Release to be signed by the Employee upon Termination is attached as Exhibit E.
It may be modified only by written agreement of the parties or in the event that federal,
state and/or local laws impose new restrictions or regulations on releases or impose
potential liabilities on the Company that did not exist at the time the Agreement was
signed.
	 
	 	 	In the event of Employee’s Termination without a Change in Control, Employee is entitled
only to the termination payments and benefits described in this Section 3.05 and in the LTIP
and any other equity incentive plans maintained by the Company and agreements thereunder.
For the avoidance of doubt and to avoid duplication of benefits, to the extent the Company’s
performance under this Section includes the performance of the Company’s obligations to
Employee under any other plan or under another agreement between the Company and Employee,
the rights of Employee under such other plan or other agreement, which are discharged under
the Agreement, are discharged, surrendered, or released pro tanto.
	 
	IV.	 	CHANGE IN CONTROL

	 	4.01	 	EXTENSION OF EMPLOYMENT PERIOD. The Employment Period shall be immediately and
without further action extended for a term of three (3) years following the effective
date of the Change in Control and will expire at 12:00 o’clock midnight on the last day
of the month following three (3) years after the Change in Control; provided, however,
that if the Change in Control is solely on account of a Limited Change in Control, the
Employment Period shall be

-11-

 

	 	 	 	extended for two (2) years following the effective date of the Limited Change in
Control. Upon completion of the extended term resulting from either a Change of
Control or a Limited Change of Control as referenced in the previous sentence, the
Employment Period will be thereafter extended for successive terms of one (1) year
each, unless terminated, all in the manner specified in Section 3.03.
	 
	 	4.02	 	CHANGE IN CONTROL TERMINATION PAYMENTS AND BENEFITS. In the event Employee has
a Change in Control Termination, Employee will receive the payments and benefits
specified in the “Termination Without Change in Control” Section at the same time and
in the same manner therein specified except as amended and modified below:

	 	a.	 	The salary and benefits specified in Section 3.05a. will be
paid based upon a multiple of three (3) years (instead of two (2) years).
	 
	 	b.	 	Life, health, accident and disability insurance specified in
Section 3.05b. will be provided until (i) Employee becomes reemployed and
receives similar benefits from a new employer or (ii) three (3) years after the
date of a Change in Control Termination, whichever is earlier.
	 
	 	c.	 	An amount equal to three (3) times the maximum award that
Employee could receive under the Company’s annual bonus plan for the fiscal
year in which the Change in Control Termination occurs, instead of the benefits
provided in Section 3.05c hereof.
	 
	 	d.	 	All other rights and benefits specified in Section 3.05 and in
the LTIP and any other equity incentive plans maintained by the Company and
agreements thereunder.

In the event of Employee’s Change in Control Termination or resignation under Section 4.03,
Employee is entitled only to the termination payments and benefits described in this Section
4.02.

	 	4.03	 	VOLUNTARY RESIGNATION UPON CHANGE IN CONTROL. If Employee voluntarily resigns
his employment within twelve (12) months after a Change in Control which does not
constitute a Limited Change in Control (whether or not the Company may be alleging the
right to terminate employment for Cause), he will receive the same payments,
compensation and benefits as if he had had a Change in Control Termination on the date
of resignation after Change in Control.

	V.	 	NON COMPETITION AND PROTECTION OF CONFIDENTIAL INFORMATION

	 	5.01	 	CONSIDERATION. Company promises to provide Employee with the Company’s trade
secrets and other confidential information, along with personal contacts, that are of
critical importance in securing and maintaining business prospects, in retaining the
accounts and goodwill of present Customers and protecting the business of the Company.

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	 	a.	 	Employee, therefore, agrees that in exchange for the Company’s
promise to provide trade secrets and other confidential information, Employee
agrees to the non-competition and confidentiality obligations and covenants
outlined in this Article V and that absent his agreement to these obligations
and covenants, the Company will not now provide and will not continue to
provide him with trade secrets and other confidential information.
	 
	 	b.	 	In addition to the consideration described in Section 5.01a,
the parties agree that (i) fifteen percent (15%) of Employee’s base salary and
bonus, if any, paid and to be paid to Employee and (ii) one hundred percent
(100%) of the payments and benefits, including Employee’s right to receive the
same, under Sections 3.05 and 4.02, as applicable, shall constitute additional
consideration for the non-competition and confidentiality agreements set forth
herein.

	 	5.02	 	NON-COMPETITION. In exchange for the consideration described above in Section
5.01, Employee agrees that during his employment with the Company and for a period of
two (2) years after he is no longer employed by the Company (unless his employment is
terminated after a Change in Control with the right to payments and benefits under
Article IV, in which event there will be no covenant not to compete and the noncompete
covenants and obligations herein will terminate on the date of termination of
Employee), Employee will not, directly or indirectly, either as an individual,
proprietor, stockholder (other than as a holder of up to one percent (1%) of the
outstanding shares of a corporation whose shares are listed on a stock exchange or
traded in accordance with the automated quotation system of the National Association of
Securities Dealers), partner, officer, employee or otherwise:

	 	a.	 	work for, become an employee of, invest in, provide consulting
services to or in any way engage in any business which (i) is primarily engaged
in the drilling and workover of oil and gas wells within the geographical area
described in Section 5.02(e) and (ii) actually competes with the Company; or
	 
	 	b.	 	provide, sell, offer to sell, lease, offer to lease, or solicit
any orders for any products or services which the Company provided and with
regard to which Employee had direct or indirect supervision or control, within
three (3) years preceding Employee’s termination of employment, to or from any
person, firm or entity which was a Customer for such products or services of
the Company during the three (3) years preceding such termination from whom the
Company had solicited business during such three (3) years; or
	 
	 	c.	 	actively solicit, aid, counsel or encourage any officer,
director, employee or other individual to (i) leave his or her employment or
position with the Company, (ii) compete with the business of the Company, or
(iii) violate

-13-

 

	 	 	 	the terms of any employment, non-competition or similar agreement with the
Company; or
	 
	 	d.	 	directly or indirectly (i) influence the employment of, or
engagement in any contract for services or work to be performed by, or (ii)
otherwise use, utilize or benefit from the services of any officer, director,
employee or any other individual holding a position with the Company within two
(2) years after the date of termination of employment of Employee with the
Company or within two (2) years after such officer, director, employee or
individual terminated employment with the Company, whichever period expires
earlier; provided however, Employee can seek written consent from the Company
to hire an officer, director, employee or individual who has terminated
employment with the Company, and Company consent will not be unreasonably
withheld.

The geographical area within which the non-competition obligations and covenants of the
Agreement shall apply is that territory within two hundred (200) miles of (i) any of the
Company’s present offices, (ii) any of the Company’s present rig yards or rig operations and
(iii) any additional location where the Company, as of the date of any action taken in
violation of the non-competition obligations and covenants of the Agreement, has an office,
a rig yard, a rig operation or definitive plans to locate an office, a rig operation or a
rig yard or has recently conducted rig operations. Notwithstanding the foregoing, if the
two hundred (200) mile radius extends into another country or its territorial waters and the
Company is not then doing business in that other country, there will be no territorial
limitations extending into such other country.

At any time during the period covered by this Section 5.02, the Employee may provide the
Company with a written request, setting forth with particularity any proposed employment,
business arrangement and/or other activities in which the Employee proposes to engage, and
requesting that the Company state its position as to whether it considers the proposed
activities a violation of the covenants set forth in this Section 5.02. The Company shall
respond in writing to the request within a reasonable period of time after receipt.

	 	5.03	 	CONFIDENTIALITY/PROTECTION OF INFORMATION. Employee acknowledges that his
employment with the Company will, of necessity, provide him with specialized knowledge
which, if used in competition with the Company, or divulged to others, could cause
serious harm to the Company. Accordingly, Employee will not at any time during or
after his employment by the Company, directly or indirectly, divulge, disclose, use or
communicate to any person, firm or corporation in any manner whatsoever any information
concerning any matter specifically affecting or relating to the Company or the business
of the Company. While engaged as an employee of the Company, Employee may only use
information concerning any matters affecting or relating to the Company or the business
of the Company for a purpose which is necessary to the carrying out of Employee’s
duties as an employee of the Company, and Employee may not make any use of any
information of the Company after he is no longer an employee of

-14-

 

	 	 	 	the Company. Employee agrees to the foregoing without regard to whether all of the
foregoing matters will be deemed confidential, material or important, it being
stipulated by the parties that all information, whether written or otherwise,
regarding the Company’s business, including, but not limited to, information
regarding Customers, Customer lists, costs, prices, earnings, products, services,
formulae, compositions, machines, equipment, apparatus, systems, manufacturing
procedures, operations, potential acquisitions, new location plans, prospective and
executed contracts and other business plans and arrangements, and sources of supply,
is prima facie presumed to be important, material and confidential information of
the Company for the purposes of the Agreement, except to the extent that such
information may be otherwise lawfully and readily available to the general public.
Employee further agrees that he will, upon termination of his employment with the
Company, return to the Company all books, records, lists and other written,
electronic, typed or printed materials, whether furnished by the Company or prepared
by Employee, which contain any information relating to the Company’s business, and
Employee agrees that he will neither make nor retain any copies of such materials
after termination of employment. Notwithstanding any of the foregoing, nothing in
the Agreement shall prevent Employee from complying with applicable federal and/or
state laws.
	 
	 	5.04	 	COMPANY REMEDIES FOR VIOLATION OF NON-COMPETITION OR CONFIDENTIALITY/PROTECTION
OF INFORMATION PROVISIONS. Without limiting the right of the Company to pursue all
other legal and equitable rights available to it for violation of any of the
obligations and covenants made by Employee herein, it is expressly agreed that:

	 	a.	 	the terms and provisions of this Agreement are reasonable and
constitute an otherwise enforceable agreement to which the provisions of this
Article V are ancillary or a part of as contemplated by TEX. BUS. & COM. CODE
ANN. Sections 15.50-15.52;
	 
	 	b.	 	the consideration provided by the Company under this Agreement
is not illusory;
	 
	 	c.	 	the consideration given by the Company under this Agreement,
including, without limitation, the provision and continued provision by the
Company of trade secrets and other confidential information to Employee, gives
rise to the Company’s interest in restraining and prohibiting Employee from
engaging in the unfair competition prohibited by Section 5.02 and Employee’s
promise not to engage in the unfair competition prohibited by Section 5.02 is
designed to enforce Employee’s consideration (or return promises), including,
without limitation, Employee’s promise to not use or disclose confidential
information or trade secrets; and
	 
	 	d.	 	the injury suffered by the Company by a violation of any
obligation or covenant in this Article V of the Agreement will be difficult to
calculate in damages in an action at law and cannot fully compensate the
Company for

-15-

 

	 	 	 	any violation of any obligation or covenant in this Article V of the
Agreement, accordingly:

	 	(i)	 	the Company shall be entitled to injunctive
relief without the posting of a bond or other security to prevent
violations thereof and to prevent Employee from rendering any services
to any person, firm or entity in breach of such obligation or covenant
and to prevent Employee from divulging any confidential information;
and
	 
	 	(ii)	 	compliance with the Agreement is a condition
precedent to the Company’s obligation to make payments of any nature to
Employee, subject to the other provisions hereof.

	 	5.05	 	TERMINATION OF BENEFITS FOR VIOLATION OF NON-COMPETITION AND
CONFIDENTIALITY/PROTECTION OF INFORMATION PROVISIONS. If Employee materially violates
the confidentiality/protection of information and/or non-competition obligations and
covenants herein or any other related agreement he may have signed as an employee of
the Company, Employee agrees there shall be no obligation on the part of the Company to
provide any payments or benefits (other than payments or benefits already earned or
accrued) described in Section 3.05 of the Agreement, subject to the provision of
Section 6.01 hereof. If Employee is terminated after a Change in Control with the
right to payments and benefits under Article IV, there will be no withholding of
benefits or payments due to a violation of the non-competition obligations hereof and
Employee will not be bound by the non-competition provisions hereof.
	 
	 	5.06	 	REFORMATION OF SCOPE. If the provisions of the confidentiality and/or
non-competition obligations and covenants should ever be deemed to exceed the time,
geographic or occupational limitations permitted by the applicable law, Employee and
the Company agree that such provisions shall be and are hereby reformed to the maximum
time, geographic or occupational limitations permitted by the applicable law, and the
determination of whether Employee violated such obligation and covenant will be based
solely on the limitation as reformed.
	 
	 	5.07	 	RETURN OF CONSIDERATION. Employee specifically recognizes and affirms that the
non-competition obligations set out in Section 5.02 are material and important terms of
this Agreement, and Employee further agrees that should all or any part of the
non-competition obligations described in Section 5.02 be held or found invalid or
unenforceable for any reason whatsoever by a court of competent jurisdiction in a legal
proceeding between Employee and the Company, the Company shall be entitled to the
immediate return and receipt from Employee of all consideration described in Section
5.01b, including interest on all amounts paid to Employee under Section 5.01b at the
maximum lawful rate.

-16-

 

	VI.	 	GENERAL

	 	6.01	 	INDEMNIFICATION. If Employee shall obtain a final judgment with respect to any
litigation brought by Employee or the Company to enforce or interpret any provision of
the Agreement, the Company, to the fullest extent permitted by applicable law, hereby
indemnifies Employee for his reasonable attorney’s fees and disbursements incurred in
such litigation and hereby agrees to pay in full all such fees and disbursements up to
a maximum of two hundred fifty thousand dollars ($250,000) in connection with such
litigation.
	 
	 	6.02	 	INCOME, EXCISE OR OTHER TAX LIABILITY. Employee will be liable for and will
pay all income tax liability by virtue of any payments made to Employee under the
Agreement, as if the same were earned and paid in the normal course of business and not
the result of a Change in Control and not otherwise triggered by the “golden parachute”
or excess payment provisions of the Internal Revenue Code of the United States, which
would cause additional tax liability to be imposed. If any additional income tax,
excise or other taxes are imposed on any amount or payment in the nature of
compensation paid or provided to or on behalf of Employee, the Company shall “gross-up”
Employee for such tax liability by paying to Employee an amount sufficient so that
after payment of all such taxes so imposed, Employee’s position on an after-tax basis
is what it would have been had no such additional taxes been imposed. Employee will
cooperate with the Company to minimize the tax consequences to Employee and to the
Company so long as the actions proposed to be taken by the Company do not cause any
additional tax consequences to Employee and do not prolong or delay the time that
payments are to be made, or reduce the amount of payments to be made, unless Employee
consents in writing to any delay or deferment of payment.
	 
	 	6.03	 	PAYMENT OF BENEFITS UPON TERMINATION FOR CAUSE. If the termination of Employee
is not after a Change in Control and is for Cause, the Company will have the right to
withhold all payments other than (i) what is accrued and owing under the terms of any
employee benefit plan maintained by the Company, and (ii) those specified in Section
6.01; provided however, that if a final judgment is entered finding that Cause did not
exist for termination, the Company will pay all benefits to Employee to which he would
have been entitled had Employee’s termination not been for Cause, plus interest on all
amounts withheld from Employee at the rate specified for judgments under Article
5069-1.05 V.A.T.S. but not less than ten percent (10%) per annum. If the termination
for Cause occurs within three (3) years after a Change in Control (other than a Limited
Change in Control) or within two (2) years after a Limited Change in Control, the
Company shall not have the right to suspend or withhold payments to Employee under any
provision of the Agreement until or unless a final judgment is entered upholding the
Company’s determination that the termination was for Cause, in which event Employee
will be liable to the Company for all amounts paid, plus interest at the rate allowed
for judgments under Article 5069-1.05 V.A.T.S.

-17-

 

	 	6.04	 	SECTION 409A. Notwithstanding any provision of the Agreement to the contrary,
the following provisions shall apply for purposes of complying with Section 409A of the
Internal Revenue Code and applicable Treasury authorities (“Section 409A”):

	 	a.	 	If Employee is a “specified employee,” as such term is defined
in Section 409A and determined as described below in this Section 6.04, any
payments payable as a result of Employee’s Termination (other than death or
Disability) shall not be payable before the earlier of (i) the date that is six
months after Employee’s Termination, (ii) the date of Employee’s death, or
(iii) the date that otherwise complies with the requirements of Section 409A.
This Section 6.04a shall be applied by accumulating all payments that otherwise
would have been paid within six months of Employee’s Termination and paying
such accumulated amounts at the earliest date which complies with the
requirements of Section 409A. Employee shall be a “specified employee” for the
twelve-month period beginning on April 1 of a year if Employee is a “key
employee” as defined in Section 416(i) of the Internal Revenue Code (without
regard to Section 416(i)(5)) as of December 31 of the preceding year.
	 
	 	b.	 	If any provision of the Agreement would result in the
imposition of an applicable tax under Section 409A, Employee and the Company
agree that such provision will be reformed to avoid imposition of the
applicable tax and no action taken to comply with Section 409A shall be deemed
to adversely affect Employee’s rights or benefits hereunder.

	 	6.05	 	NON-EXCLUSIVE AGREEMENT. The specific arrangements referred to herein are not
intended to exclude or limit Employee’s participation in other benefits available to
Employee or personnel of the Company generally, or to preclude or limit other
compensation or benefits as may be authorized by the Board of Directors of the Company
at any time, or to limit or reduce any compensation or benefits to which Employee would
be entitled but for the Agreement.
	 
	 	6.06	 	NOTICES. Notices, requests, demands and other communications provided for by
the Agreement shall be in writing and shall either be personally delivered by hand or
sent by: (i) Registered or Certified Mail, Return Receipt Requested, postage prepaid,
properly packaged, addressed and deposited in the United States Postal System; (ii) via
facsimile transmission if the receiver acknowledges receipt; or (iii) via Federal
Express or other expedited delivery service provided that acknowledgment of receipt is
received and retained by the deliverer and furnished to the sender, if to Employee, at
the last address he has filed, in writing, with the Company, or if to the Company, to
its Corporate Secretary at its principal executive offices.
	 
	 	6.07	 	NON-ALIENATION. Employee shall not have any right to pledge, hypothecate,
anticipate, or in any way create a lien upon any amounts provided under the Agreement,
and no payments or benefits due hereunder shall be assignable in

-18-

 

	 	 	 	anticipation of payment either by voluntary or involuntary acts or by operation of
law. So long as Employee lives, no person, other than the parties hereto, shall
have any rights under or interest in the Agreement or the subject matter hereof.
Upon the death of Employee, his beneficiary designated under Section 6.09 or, if
none, his executors, administrators, devisees and heirs, in that order, shall have
the right to enforce the provisions hereof, to the extent applicable.
	 
	 	6.08	 	ENTIRE AGREEMENT; AMENDMENT. This Agreement constitutes the entire agreement
of the Parties with respect of the subject matter hereof. No provision of the
Agreement may be amended, waived, or discharged except by the mutual written agreement
of the Parties. The consent of any other person(s) to any such amendment, waiver or
discharge shall not be required.
	 
	 	6.09	 	SUCCESSORS AND ASSIGNS. The Agreement shall be binding upon and inure to the
benefit of the Company, its successors and assigns, by operation of law or otherwise,
including, without limitation, any corporation or other entity or persons which shall
succeed (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Company, and the
Company will require any successor, by agreement in form and substance satisfactory to
Employee, expressly to assume and agree to perform the Agreement. Except as otherwise
provided herein, the Agreement shall be binding upon and inure to the benefit of
Employee and his legal representatives, heirs and assigns; provided, however, that in
the event of Employee’s death prior to payment or distribution of all amounts,
distributions and benefits due him hereunder, if any, each such unpaid amount and
distribution shall be paid in accordance with the Agreement to the person or persons
designated by Employee to the Company to receive such payment or distribution and in
the event Employee has made no applicable designation, to his estate. If the Company
should split, divide or otherwise become more than one entity, all liability and
obligations of the Company shall be the joint and several liability and obligation of
all of the parts, unless the Agreement is assigned in accordance with this Section.
	 
	 	6.10	 	GOVERNING LAW. Except to the extent required to be governed by the laws of the
State of Delaware because the Company is incorporated under the laws of said State, the
validity, interpretation and enforcement of the Agreement shall be governed by the laws
of the State of Texas.
	 
	 	6.11	 	VENUE. To the extent permitted by applicable state or federal law, venue for
all proceedings hereunder will be in the U.S. District Court for the Southern District
of Texas, Houston Division.
	 
	 	6.12	 	HEADINGS. The headings in the Agreement are inserted for convenience of
reference only and shall not affect the meaning or interpretation of the Agreement.

-19-

 

	 	6.13	 	SEVERABILITY; PARTIAL INVALIDITY. In the event that any provision, portion or
section of the Agreement is found to be invalid or unenforceable for any reason, the
remaining provisions of the Agreement shall be unaffected thereby, shall remain in full
force and effect and shall be binding upon the parties hereto, and the Agreement will
be construed to give meaning to the remaining provisions of the Agreement in accordance
with the intent of the Agreement.
	 
	 	6.14	 	COUNTERPARTS. The Agreement may be executed in one or more counterparts, each
of which shall be deemed to be original, but all of which together constitute one and
the same instrument.
	 
	 	6.15	 	NO WAIVER. Employee’s or the Company’s failure to insist upon strict
compliance with any provision of the Agreement or the failure to assert any right
Employee or the Company may have hereunder, shall not be deemed to be a waiver of such
provision or right or any other provision or right of the Agreement.

     IN WITNESS WHEREOF, Employee has hereunto set his hand and, pursuant to the authorization from
its Board of Directors and the Compensation Committee of such Board of Directors, the Company has
caused these presents to be executed in its name and on its behalf.

     EXECUTED in multiple originals and/or counterparts as of the date set forth below.

	 	 	 	 	 
	 	 	 
	 	                                                     /s/ Rodney W. Eads
 	 
	 	Rodney W. Eads 	 
	 	 	 
	 
	 	Date: September 18, 2006

 	 
	 	 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	ATTEST:	 	PRIDE INTERNATIONAL, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Louis A. Raspino
	 

	 	 	 	 
	/s/ W. Gregory Looser
 

W. Gregory Looser

Secretary

	 	 	 	Louis A. Raspino

President and Chief Executive Officer
	 
	 	 	 	 
	 

	 	Date:
	 	September 15, 2006

-20-

 

EXHIBIT A

PRIDE INTERNATIONAL, INC.

1998 LONG-TERM INCENTIVE PLAN

EXECUTIVE OFFICER

NON-QUALIFIED STOCK OPTION AGREEMENT

     This option agreement (“Option Agreement” or “Agreement”) executed between PRIDE
INTERNATIONAL, INC. (the “Company”), and RODNEY W. EADS (the “Optionee”), an employee of the
Company, regarding a right (the “Option”) awarded to the Optionee on ___(the “Award
Date”) to purchase from the Company up to but not exceeding in the aggregate 75,000 shares of
Common Stock (as defined in the Pride International, Inc. 1998 Long-Term Incentive Plan (the
“Plan”)) at $_.___per share (the “Exercise Price”), such number of shares and such price per share
being subject to adjustment as provided in the Plan, and further subject to the following terms and
conditions:

     1. Relationship to Plan.

     This Option is subject to all of the terms, conditions and provisions of the Plan and
administrative interpretations thereunder, if any, which have been adopted by the Company’s
Compensation Committee (“Committee”) and are in effect on the date hereof. Except as defined
herein, capitalized terms shall have the same meanings ascribed to them under the Plan. For
purposes of this Option Agreement:

     (a) “Disability” means physical or mental incapacity qualifying the Optionee for a long-term
disability under the Company’s long-term disability plan. If no such plan exists on the Award
Date, the term “Disability” means physical or mental incapacity as determined by a doctor jointly
selected by the Optionee and the Board of Directors of the Company qualifying the Optionee for
long-term disability under reasonable employment standards.

     (b) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     (c) “Option Shares” means the shares of Common Stock covered by this Option Agreement.

     (d) “Retirement” means the Optionee’s termination of employment on or after attainment of age
65, or, if applicable to the Optionee, any earlier age specified as the Optionee’s Normal
Retirement Age under the Pride International, Inc. Supplemental Executive Retirement Plan.

     2. Exercise Schedule.

     (a) This Option may be exercised in installments in accordance with the following schedule:

A-1

 

	 	 	 
	 	 	Percentage of Option Shares
	Date Vested	 	Available for Purchase
	Six months of the Award Date
	 	25%
	First anniversary of the Award Date
	 	25%
	Eighteen months after the Award Date
	 	25%
	Second anniversary of the Award Date
	 	25%
	 
	 	100%

     The Optionee must be in continuous employment with the Company or any of its Subsidiaries from
the Award Date through the date of exercisability in order for the Option to become exercisable
with respect to additional shares of Common Stock on such date.

     (b) This Option shall become fully exercisable, irrespective of the limitations set forth in
subparagraph (a) above, provided that the Optionee has been in continuous employment with the
Company or any of its Subsidiaries since the Award Date, (i) upon the occurrence of a Change in
Control or (ii) upon Optionee’s Termination (as defined in Optionee’s employment agreement with the
Company and as in effect as of the Award Date).

     (c) To the extent the Option becomes exercisable, such Option may be exercised in whole or in
part (at any time or from time to time, except as otherwise provided herein) until expiration of
the Option pursuant to the terms of this Agreement or the Plan.

     3. Termination of Option

     The Option hereby granted shall terminate and be of no force and effect with respect to any
shares of Common Stock not previously purchased by the Optionee at the earliest time specified
below:

     (a) the tenth anniversary of the Award Date;

     (b) if Optionee’s employment with the Company and its Subsidiaries is terminated by the
Company or a Subsidiary for serious misconduct (as determined by the Committee) at any time after
the Award Date, then the Option shall terminate immediately upon such termination of Optionee’s
employment; or

     (c) if Optionee’s employment with the Company and its Subsidiaries is terminated for any
reason other than death, Retirement, Disability or serious misconduct, then the Option shall
terminate on the first business day following the expiration of the 120-day period which began on
the date of termination of Optionee’s employment;

     (d) if Optionee’s employment with the Company and its Subsidiaries is terminated due to (i)
death at any time after the Award Date and while in the employ of the Company or its Subsidiaries
or within 60 days after termination of such employment, (ii) Retirement, or (iii) Disability at any
time after the Award Date, then the Option shall terminate on the first business day following the
expiration of the one-year period which began on the date of Optionee’s death, Retirement or
Disability, as applicable; or

A-2

 

     (e) in the event Optionee has a Change in Control Termination (as defined in Optionee’s
employment agreement with the Company and as in effect as of the Award Date) then the Option shall
terminate on the later of (i) the date that is two years after the date of the Change in Control or
(ii) the date that is 120 days after the date of Optionee’s Change in Control Termination.

     In any event in which the Option remains exercisable for a period of time following the date
of termination of Optionee’s employment, the Option may be exercised during such period of time
only to the extent it was exercisable as provided in Section 2 on such date of termination of
Optionee’s employment. The portion of the Option not exercisable upon termination shall terminate
and be of no force and effect upon the date of the Optionee’s termination of employment.

     4. Exercise of Option

     Subject to the limitations set forth herein and in the Plan, this Option may be exercised by
written notice provided to the Company as set forth in Section 5. Such written notice shall (a)
state the number of shares of Common Stock with respect to which the Option is being exercised, (b)
be accompanied by cash or shares of Common Stock (not subject to limitations on transfer) or a
combination of cash and Common Stock payable to Pride International, Inc. in the full amount of the
purchase price for any shares of Common Stock being acquired and (c) be accompanied by cash or
Common Stock in the full amount of all federal and state withholding or other employment taxes
applicable to the taxable income of such Participant resulting from such exercise (or instructions
to satisfy such withholding obligation by withholding Option Shares in accordance with Section 8);
provided, however, that any shares of Common Stock delivered in payment of the option price that
are or were the subject of an award under the Plan must be shares that the Optionee has owned for a
period of at least six months prior to the date of exercise. For the purpose of determining the
amount, if any, of the purchase price satisfied by payment in Common Stock, such Common Stock shall
be valued at its Fair Market Value on the date of exercise.

     Notwithstanding anything to the contrary contained herein, the Optionee agrees that he will
not exercise the option granted pursuant hereto, and the Company will not be obligated to issue any
option shares pursuant to this Option Agreement, if the exercise of the Option or the issuance of
such shares would constitute a violation by the Optionee or by the Company of any provision of any
law or regulation of any governmental authority or any stock exchange or transaction quotation
system. The Optionee agrees that, unless the options and shares covered by the Plan have been
registered pursuant to the Securities Act of 1933, as amended (the “Act”), the Company may, at its
election, require the Optionee to give a representation in writing in form and substance
satisfactory to the Company to the effect that he is acquiring such shares for his own account for
investment and not with a view to, or for sale in connection with, the distribution of such shares
or any part thereof.

     If any law or regulation requires the Company to take any action with respect to the shares
specified in such notice, the time for delivery thereof, which would otherwise be as promptly as
possible, shall be postponed for the period of time necessary to take such action.

A-3

 

     5. Notices

     Notice of exercise of the Option must be made in the following manner, using such forms as the
Company may from time to time provide:

     (a) by registered or certified United States mail, postage prepaid, to Pride International,
Inc., Attn: Corporate Secretary, 5847 San Felipe, Suite 3300, Houston, Texas 77057, in which case
the date of exercise shall be the date of mailing; or

     (b) by hand delivery or otherwise to Pride International, Inc., Attn: Corporate Secretary,
5847 San Felipe, Suite 3300, Houston, Texas 77057, in which case the date of exercise shall be the
date when receipt is acknowledged by the Company.

     Notwithstanding the foregoing, in the event that the address of the Company is changed prior
to the date of any exercise of this Option, notice of exercise shall instead be made pursuant to
the foregoing provisions at the Company’s current address.

     Any other notices provided for in this Agreement or in the Plan shall be given in writing and
shall be deemed effectively delivered or given upon receipt or, in the case of notices delivered by
the Company to the Optionee, five days after deposit in the United States mail, postage prepaid,
addressed to the Optionee at the address specified at the end of this Agreement or at such other
address as the Optionee hereafter designates by written notice to the Company.

     6. Assignment of Option

     Subject to the approval of the Committee, in its sole discretion, the Option may be
transferred by the Optionee to (i) the children or grandchildren of the Optionee (“Immediate Family
Members”), (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members
(“Immediate Family Member Trusts”) or (iii) a partnership or partnerships in which such Immediate
Family Members have at least 99% of the equity, profit and loss interests (“Immediate Family Member
Partnerships”). Subsequent transfers of transferred Options shall be prohibited except by will or
the laws of descent and distribution, unless such transfers are made to the original Optionee or a
person to whom the original Optionee could have made a transfer in the manner described herein. No
transfer shall be effective unless and until written notice of such transfer is provided to the
Committee, in the form and manner prescribed by the Committee. Following transfer, any such
Options shall continue to be subject to the same terms and conditions as were applicable
immediately prior to transfer, and, except as otherwise provided herein, the term Optionee shall be
deemed to refer to the transferee.

     After the death of the Optionee, exercise of the Option shall be permitted only by the
Optionee’s executor or the personal representative of the Optionee’s estate (or by his assignee, in
the event of a permitted assignment) and only to the extent that the option was exercisable on the
date of the Optionee’s death.

     7. Stock Certificates

     Certificates representing the Common Stock issued pursuant to the exercise of the Option will
bear all legends required by law and necessary or advisable to effectuate the

A-4

 

provisions of the Plan and this Option. The Company may place a “stop transfer” order against
shares of the Common Stock issued pursuant to the exercise of this Option until all restrictions
and conditions set forth in the Plan or this Agreement and in the legends referred to in this
Section 7 have been complied with.

     8. Withholding

     No certificates representing shares of Common Stock purchased hereunder shall be delivered to
or in respect of an Optionee unless the amount of all federal, state and other governmental
withholding tax requirements imposed upon the Company with respect to the issuance of such shares
of Common Stock has been remitted to the Company or unless provisions to pay such withholding
requirements have been made to the satisfaction of the Committee. The Committee may make such
provisions as it may deem appropriate for the withholding of any taxes which it determines is
required in connection with this Option. The Optionee may pay all or any portion of the taxes
required to be withheld by the Company or paid by the Optionee in connection with the exercise of
all or any portion of this Option by delivering cash, or, with the Committee’s approval, by
electing to have the Company withhold shares of Common Stock, or by delivering previously owned
shares of Common Stock, having a Fair Market Value equal to the amount required to be withheld or
paid. The Optionee may only request withholding Option Shares having a Fair Market Value equal to
the statutory minimum withholding amount. The Optionee must make the foregoing election on or
before the date that the amount of tax to be withheld is determined. If the Optionee is subject to
the short-swing profits recapture provisions of Section 16(b) of the Exchange Act, any such
election shall be subject to such other restrictions as may be established by the Committee in
order that satisfaction of withholding tax obligations with shares of Common Stock might be exempt
from the operation of Section 16(b) of the Exchange Act in whole or in part.

     9. Shareholder Rights

     The Optionee shall have no rights of a shareholder with respect to shares of Common Stock
subject to the Option unless and until such time as the Option has been exercised and ownership of
such shares of Common Stock has been transferred to the Optionee.

     10. Successors and Assigns

     This Agreement shall bind and inure to the benefit of and be enforceable by the Optionee, the
Company and their respective permitted successors and assigns (including personal representatives,
heirs and legatees), except that the Optionee may not assign any rights or obligations under this
Agreement except to the extent and in the manner expressly permitted herein.

     11. No Employment Guaranteed

     No provision of this Option Agreement shall confer any right upon the Optionee to continued
employment with the Company or any Subsidiary.

A-5

 

     12. Governing Law

     This Option Agreement shall be governed by, construed and enforced in accordance with the laws
of the State of Texas.

     13. Amendment

     This Agreement cannot be modified, altered or amended except by an agreement, in writing,
signed by both the Company and the Optionee.

	 	 	 	 	 
	 	PRIDE INTERNATIONAL, INC.

 	 
	Date:  _________________________ 	By:  	 	 
	 	 	Name:  	Louis A. Raspino 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

     The Optionee hereby accepts the foregoing Option Agreement, subject to the terms and
provisions of the Plan and administrative interpretations thereof referred to above.

	 	 	 	 	 
	 

	 	OPTIONEE:
	 	 
	 
	 	 	 	 
	Date:                                                             

	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 

A-6

 

EXHIBIT B

PRIDE INTERNATIONAL, INC.

1998 LONG-TERM INCENTIVE PLAN

EXECUTIVE OFFICER

NON-QUALIFIED STOCK OPTION AGREEMENT

     This option agreement (“Option Agreement” or “Agreement”) executed between PRIDE
INTERNATIONAL, INC. (the “Company”), and RODNEY W. EADS (the “Optionee”), an employee of the
Company, regarding a right (the “Option”) awarded to the Optionee on ___(the “Award
Date”) to purchase from the Company up to but not exceeding in the aggregate 50,000 shares of
Common Stock (as defined in the Pride International, Inc. 1998 Long-Term Incentive Plan (the
“Plan”)) at $_.___per share (the “Exercise Price”), such number of shares and such price per share
being subject to adjustment as provided in the Plan, and further subject to the following terms and
conditions:

     1. Relationship to Plan.

     This Option is subject to all of the terms, conditions and provisions of the Plan and
administrative interpretations thereunder, if any, which have been adopted by the Company’s
Compensation Committee (“Committee”) and are in effect on the date hereof. Except as defined
herein, capitalized terms shall have the same meanings ascribed to them under the Plan. For
purposes of this Option Agreement:

     (a) “Disability” means physical or mental incapacity qualifying the Optionee for a long-term
disability under the Company’s long-term disability plan. If no such plan exists on the Award
Date, the term “Disability” means physical or mental incapacity as determined by a doctor jointly
selected by the Optionee and the Board of Directors of the Company qualifying the Optionee for
long-term disability under reasonable employment standards.

     (b) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     (c) “Option Shares” means the shares of Common Stock covered by this Option Agreement.

     (d) “Retirement” means the Optionee’s termination of employment on or after attainment of age
65, or, if applicable to the Optionee, any earlier age specified as the Optionee’s Normal
Retirement Age under the Pride International, Inc. Supplemental Executive Retirement Plan.

     2. Exercise Schedule.

     (a) This Option may be exercised in installments in accordance with the following schedule:

B-1

 

	 	 	 
	 	 	Percentage of Option Shares
	Date Vested	 	Available for Purchase
	First anniversary of the Award Date
	 	25%
	Second anniversary of the Award Date
	 	25%
	Third anniversary of the Award Date
	 	25%
	Fourth anniversary of the Award Date
	 	25%
	 
	 	100%

     The Optionee must be in continuous employment with the Company or any of its Subsidiaries from
the Award Date through the date of exercisability in order for the Option to become exercisable
with respect to additional shares of Common Stock on such date.

     (b) This Option shall become fully exercisable, irrespective of the limitations set forth in
subparagraph (a) above, provided that the Optionee has been in continuous employment with the
Company or any of its Subsidiaries since the Award Date, (i) upon the occurrence of a Change in
Control or (ii) upon Optionee’s Termination (as defined in Optionee’s employment agreement with the
Company and as in effect as of the Award Date).

     (c) To the extent the Option becomes exercisable, such Option may be exercised in whole or in
part (at any time or from time to time, except as otherwise provided herein) until expiration of
the Option pursuant to the terms of this Agreement or the Plan.

     3. Termination of Option

     The Option hereby granted shall terminate and be of no force and effect with respect to any
shares of Common Stock not previously purchased by the Optionee at the earliest time specified
below:

     (a) the tenth anniversary of the Award Date;

     (b) if Optionee’s employment with the Company and its Subsidiaries is terminated by the
Company or a Subsidiary for serious misconduct (as determined by the Committee) at any time after
the Award Date, then the Option shall terminate immediately upon such termination of Optionee’s
employment; or

     (c) if Optionee’s employment with the Company and its Subsidiaries is terminated for any
reason other than death, Retirement, Disability or serious misconduct, then the Option shall
terminate on the first business day following the expiration of the 120-day period which began on
the date of termination of Optionee’s employment;

     (d) if Optionee’s employment with the Company and its Subsidiaries is terminated due to (i)
death at any time after the Award Date and while in the employ of the Company or its Subsidiaries
or within 60 days after termination of such employment, (ii) Retirement, or (iii) Disability at any
time after the Award Date, then the Option shall terminate on the first business day following the
expiration of the one-year period which began on the date of Optionee’s death, Retirement or
Disability, as applicable; or

B-2

 

     (e) in the event Optionee has a Change in Control Termination (as defined in Optionee’s
employment agreement with the Company and as in effect as of the Award Date) then the Option shall
terminate on the later of (i) the date that is two years after the date of the Change in Control or
(ii) the date that is 120 days after the date of Optionee’s Change in Control Termination.

     In any event in which the Option remains exercisable for a period of time following the date
of termination of Optionee’s employment, the Option may be exercised during such period of time
only to the extent it was exercisable as provided in Section 2 on such date of termination of
Optionee’s employment. The portion of the Option not exercisable upon termination shall terminate
and be of no force and effect upon the date of the Optionee’s termination of employment.

     4. Exercise of Option

     Subject to the limitations set forth herein and in the Plan, this Option may be exercised by
written notice provided to the Company as set forth in Section 5. Such written notice shall (a)
state the number of shares of Common Stock with respect to which the Option is being exercised, (b)
be accompanied by cash or shares of Common Stock (not subject to limitations on transfer) or a
combination of cash and Common Stock payable to Pride International, Inc. in the full amount of the
purchase price for any shares of Common Stock being acquired and (c) be accompanied by cash or
Common Stock in the full amount of all federal and state withholding or other employment taxes
applicable to the taxable income of such Participant resulting from such exercise (or instructions
to satisfy such withholding obligation by withholding Option Shares in accordance with Section 8);
provided, however, that any shares of Common Stock delivered in payment of the option price that
are or were the subject of an award under the Plan must be shares that the Optionee has owned for a
period of at least six months prior to the date of exercise. For the purpose of determining the
amount, if any, of the purchase price satisfied by payment in Common Stock, such Common Stock shall
be valued at its Fair Market Value on the date of exercise.

     Notwithstanding anything to the contrary contained herein, the Optionee agrees that he will
not exercise the option granted pursuant hereto, and the Company will not be obligated to issue any
option shares pursuant to this Option Agreement, if the exercise of the Option or the issuance of
such shares would constitute a violation by the Optionee or by the Company of any provision of any
law or regulation of any governmental authority or any stock exchange or transaction quotation
system. The Optionee agrees that, unless the options and shares covered by the Plan have been
registered pursuant to the Securities Act of 1933, as amended (the “Act”), the Company may, at its
election, require the Optionee to give a representation in writing in form and substance
satisfactory to the Company to the effect that he is acquiring such shares for his own account for
investment and not with a view to, or for sale in connection with, the distribution of such shares
or any part thereof.

     If any law or regulation requires the Company to take any action with respect to the shares
specified in such notice, the time for delivery thereof, which would otherwise be as promptly as
possible, shall be postponed for the period of time necessary to take such action.

B-3

 

     5. Notices

     Notice of exercise of the Option must be made in the following manner, using such forms as the
Company may from time to time provide:

     (a) by registered or certified United States mail, postage prepaid, to Pride International,
Inc., Attn: Corporate Secretary, 5847 San Felipe, Suite 3300, Houston, Texas 77057, in which case
the date of exercise shall be the date of mailing; or

     (b) by hand delivery or otherwise to Pride International, Inc., Attn: Corporate Secretary,
5847 San Felipe, Suite 3300, Houston, Texas 77057, in which case the date of exercise shall be the
date when receipt is acknowledged by the Company.

     Notwithstanding the foregoing, in the event that the address of the Company is changed prior
to the date of any exercise of this Option, notice of exercise shall instead be made pursuant to
the foregoing provisions at the Company’s current address.

     Any other notices provided for in this Agreement or in the Plan shall be given in writing and
shall be deemed effectively delivered or given upon receipt or, in the case of notices delivered by
the Company to the Optionee, five days after deposit in the United States mail, postage prepaid,
addressed to the Optionee at the address specified at the end of this Agreement or at such other
address as the Optionee hereafter designates by written notice to the Company.

     6. Assignment of Option

     Subject to the approval of the Committee, in its sole discretion, the Option may be
transferred by the Optionee to (i) the children or grandchildren of the Optionee (“Immediate Family
Members”), (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members
(“Immediate Family Member Trusts”) or (iii) a partnership or partnerships in which such Immediate
Family Members have at least 99% of the equity, profit and loss interests (“Immediate Family Member
Partnerships”). Subsequent transfers of transferred Options shall be prohibited except by will or
the laws of descent and distribution, unless such transfers are made to the original Optionee or a
person to whom the original Optionee could have made a transfer in the manner described herein. No
transfer shall be effective unless and until written notice of such transfer is provided to the
Committee, in the form and manner prescribed by the Committee. Following transfer, any such
Options shall continue to be subject to the same terms and conditions as were applicable
immediately prior to transfer, and, except as otherwise provided herein, the term Optionee shall be
deemed to refer to the transferee.

     After the death of the Optionee, exercise of the Option shall be permitted only by the
Optionee’s executor or the personal representative of the Optionee’s estate (or by his assignee, in
the event of a permitted assignment) and only to the extent that the option was exercisable on the
date of the Optionee’s death.

     7. Stock Certificates

     Certificates representing the Common Stock issued pursuant to the exercise of the Option will
bear all legends required by law and necessary or advisable to effectuate the

B-4

 

provisions of the Plan and this Option. The Company may place a “stop transfer” order against
shares of the Common Stock issued pursuant to the exercise of this Option until all restrictions
and conditions set forth in the Plan or this Agreement and in the legends referred to in this
Section 7 have been complied with.

     8. Withholding

     No certificates representing shares of Common Stock purchased hereunder shall be delivered to
or in respect of an Optionee unless the amount of all federal, state and other governmental
withholding tax requirements imposed upon the Company with respect to the issuance of such shares
of Common Stock has been remitted to the Company or unless provisions to pay such withholding
requirements have been made to the satisfaction of the Committee. The Committee may make such
provisions as it may deem appropriate for the withholding of any taxes which it determines is
required in connection with this Option. The Optionee may pay all or any portion of the taxes
required to be withheld by the Company or paid by the Optionee in connection with the exercise of
all or any portion of this Option by delivering cash, or, with the Committee’s approval, by
electing to have the Company withhold shares of Common Stock, or by delivering previously owned
shares of Common Stock, having a Fair Market Value equal to the amount required to be withheld or
paid. The Optionee may only request withholding Option Shares having a Fair Market Value equal to
the statutory minimum withholding amount. The Optionee must make the foregoing election on or
before the date that the amount of tax to be withheld is determined. If the Optionee is subject to
the short-swing profits recapture provisions of Section 16(b) of the Exchange Act, any such
election shall be subject to such other restrictions as may be established by the Committee in
order that satisfaction of withholding tax obligations with shares of Common Stock might be exempt
from the operation of Section 16(b) of the Exchange Act in whole or in part.

     9. Shareholder Rights

     The Optionee shall have no rights of a shareholder with respect to shares of Common Stock
subject to the Option unless and until such time as the Option has been exercised and ownership of
such shares of Common Stock has been transferred to the Optionee.

     10. Successors and Assigns

     This Agreement shall bind and inure to the benefit of and be enforceable by the Optionee, the
Company and their respective permitted successors and assigns (including personal representatives,
heirs and legatees), except that the Optionee may not assign any rights or obligations under this
Agreement except to the extent and in the manner expressly permitted herein.

     11. No Employment Guaranteed

     No provision of this Option Agreement shall confer any right upon the Optionee to continued
employment with the Company or any Subsidiary.

B-5

 

     12. Governing Law

     This Option Agreement shall be governed by, construed and enforced in accordance with the laws
of the State of Texas.

     13. Amendment

     This Agreement cannot be modified, altered or amended except by an agreement, in writing,
signed by both the Company and the Optionee.

	 	 	 	 	 
	 	PRIDE INTERNATIONAL, INC.

 	 
	Date:  _________________________ 	By:  	 	 
	 	 	Name:  	Louis A. Raspino 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

     The Optionee hereby accepts the foregoing Option Agreement, subject to the terms and
provisions of the Plan and administrative interpretations thereof referred to above.

	 	 	 	 	 
	 

	 	OPTIONEE:
	 	 
	 
	 	 	 	 
	Date:                                                             

	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 

B-6

 

EXHIBIT C

PRIDE INTERNATIONAL, INC.

1998 LONG-TERM INCENTIVE PLAN

EXECUTIVE OFFICER

RESTRICTED STOCK AGREEMENT

     This Restricted Stock Agreement (“Agreement”) between PRIDE INTERNATIONAL, INC. (the
“Company”) and RODNEY W. EADS (the “Grantee”), an employee of the Company or one of its
Subsidiaries, regarding an award (“Award”) of 32,000 shares of Common Stock (as defined in the
Pride International, Inc. 1998 Long-Term Incentive Plan (the “Plan”), such Common Stock comprising
this Award referred to herein as “Restricted Stock”) awarded to the Grantee on ___(the
“Award Date”), such number of shares subject to adjustment as provided in Section 14 of the Plan,
and further subject to the following terms and conditions:

     1. Relationship to Plan.

     This Award is subject to all of the terms, conditions and provisions of the Plan and
administrative interpretations thereunder, if any, which have been adopted by the Committee
thereunder and are in effect on the date hereof. Except as defined herein, capitalized terms shall
have the same meanings ascribed to them under the Plan. For purposes of this Agreement:

     (a) “Disability” means physical or mental incapacity qualifying the Grantee for a long-term
disability under the Company’s long-term disability plan. If no such plan exists on the Award
Date, the term “Disability” means physical or mental incapacity as determined by a doctor jointly
selected by the Grantee and the Board of Directors of the Company qualifying the Grantee for
long-term disability under reasonable employment standards.

     (b) “Employment” means employment with the Company or any of its Subsidiaries.

     (c) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     2. Vesting Schedule.

     (a) This Award shall vest in installments in accordance with the following schedule:

	 	 	 
	 	 	Additional Percentage of
	Date Vested	 	Award Vested
	Six months after Award Date
	 	25%
	One year after Award Date
	 	25%
	Eighteen months after Award Date
	 	25%
	Two years after Award Date
	 	25%
	 
	 	100%

C-1

 

     (b) All shares of Restricted Stock subject to this Award shall vest, irrespective of the
limitations set forth in subparagraph (a) above, provided that the Grantee has been in continuous
Employment since the Award Date, upon the occurrence of:

     (i) a Change in Control or

     (ii) the Grantee’s Termination (as defined in the Grantee’s employment
agreement with the Company and as in effect as of the Award Date), including,
without limitation, termination by reason of death or Disability.

     3. Forfeiture of Award.

     Except as provided in any other agreement between the Grantee and the Company, if the
Grantee’s employment terminates other than by reason of the Grantee’s Termination (as defined in
the Grantee’s employment agreement with the Company and as in effect as of the Award Date), death
or Disability, all unvested Restricted Stock as of the termination date shall be forfeited.

     4. Escrow of Shares.

     During the period of time between the Award Date and the earlier of the date the Restricted
Stock vests or is forfeited (the “Restriction Period”), the Restricted Stock shall be registered in
the name of the Grantee and held in escrow by the Company, and the Grantee agrees, upon the
Company’s written request, to provide a stock power endorsed by the Grantee in blank. Any
certificate shall bear a legend as provided by the Company, conspicuously referring to the terms,
conditions and restrictions described in this Agreement. Upon termination of the Restriction
Period, a certificate representing such shares shall be delivered upon written request to the
Grantee as promptly as is reasonably practicable following such termination.

     5. Code Section 83(b) Election.

     The Grantee shall be permitted to make an election under Code Section 83(b), to include an
amount in income in respect of the Award of Restricted Stock in accordance with the requirements of
Code Section 83(b).

     6. Dividends and Voting Rights.

     The Grantee is entitled to receive all dividends and other distributions made with respect to
Restricted Stock registered in his name and is entitled to vote or execute proxies with respect to
such registered Restricted Stock, unless and until the Restricted Stock is forfeited.

     7. Delivery of Shares.

     The Company shall not be obligated to deliver any shares of Common Stock if counsel to the
Company determines that such sale or delivery would violate any applicable law or any rule or
regulation of any governmental authority or any rule or regulation of, or agreement of the Company
with, any securities exchange or association upon which the Common Stock is listed or quoted. The
Company shall in no event be obligated to take any affirmative action in

C-2

 

order to cause the delivery of shares of Common Stock to comply with any such law, rule,
regulation or agreement.

     8. Notices.

     Unless the Company notifies the Grantee in writing of a different procedure, any notice or
other communication to the Company with respect to this Award shall be in writing and shall be:

     (a) by registered or certified United States mail, postage prepaid, to Pride
International, Inc., Attn: Corporate Secretary, 5847 San Felipe, Suite 3300, Houston, Texas
77057; or

     (b) by hand delivery or otherwise to Pride International, Inc., Attn: Corporate
Secretary, 5847 San Felipe, Suite 3300, Houston, Texas 77057.

     Any notices provided for in this Agreement or in the Plan shall be given in writing and shall
be deemed effectively delivered or given upon receipt or, in the case of notices delivered by the
Company to the Grantee, five days after deposit in the United States mail, postage prepaid,
addressed to the Grantee at the address specified at the end of this Agreement or at such other
address as the Grantee hereafter designates by written notice to the Company.

     9. Assignment of Award.

     Except as otherwise permitted by the Committee, the Grantee’s rights under the Plan and this
Agreement are personal; no assignment or transfer of the Grantee’s rights under and interest in
this Award may be made by the Grantee other than by will or by the laws of descent and
distribution.

     Notwithstanding the foregoing, subject to the approval of the Committee, in its sole
discretion, the Award may be transferred by the Grantee to (i) the children or grandchildren of the
Grantee (“Immediate Family Members”), (ii) a trust or trusts for the exclusive benefit of such
Immediate Family Members (“Immediate Family Member Trusts”) or (iii) a partnership or partnerships
in which such Immediate Family Members have at least 99% of the equity, profit and loss interests
(“Immediate Family Member Partnerships”). Subsequent transfers of a transferred Award shall be
prohibited except by will or the laws of descent and distribution, unless such transfers are made
to the original Grantee or a person to whom the original Grantee could have made a transfer in the
manner described herein. No transfer shall be effective unless and until written notice of such
transfer is provided to the Committee, in the form and manner prescribed by the Committee.
Following transfer, the Award shall continue to be subject to the same terms and conditions as were
applicable immediately prior to transfer, and except as otherwise provided herein, the term
“Grantee” shall be deemed to refer to the transferee. The consequences of termination of
Employment shall continue to be applied with respect to the original Grantee, following which the
Awards shall vest only to the extent specified in the Plan and this Agreement.

C-3

 

     10. Withholding.

     At the time of delivery or vesting of Restricted Stock, the amount of all federal, state and
other governmental withholding tax requirements imposed upon the Company with respect to the
delivery or vesting of such shares of Restricted Stock shall be remitted to the Company or
provisions to pay such withholding requirements shall have been made to the satisfaction of the
Committee. The Committee may make such provisions as it may deem appropriate for the withholding
of any taxes which it determines is required in connection with this Award. The Grantee may pay
all or any portion of the taxes required to be withheld by the Company or paid by the Grantee in
connection with the all or any portion of this Award by delivering cash, or, with the Committee’s
approval, by electing to have the Company withhold shares of Common Stock, or by delivering
previously owned shares of Common Stock, having a Fair Market Value equal to the amount required to
be withheld or paid. The Grantee may only request withholding Restricted Stock having a Fair
Market Value equal to the statutory minimum withholding amount. The Grantee must make the
foregoing election on or before the date that the amount of tax to be withheld is determined. If
the Grantee is subject to the short-swing profits recapture provisions of Section 16(b) of the
Exchange Act, any such election shall be subject to such other restrictions as may be established
by the Committee in order that satisfaction of withholding tax obligations with shares of Common
Stock might be exempt from the operation of Section 16(b) of the Exchange Act in whole or in part.

     11. Stock Certificates.

     Certificates representing the Common Stock issued pursuant to the Award will bear all legends
required by law and necessary or advisable to effectuate the provisions of the Plan and this Award.
The Company may place a “stop transfer” order against shares of the Common Stock issued pursuant
to this Award until all restrictions and conditions set forth in the Plan or this Agreement and in
the legends referred to in this Section 11 have been complied with.

     12. Successors and Assigns.

     This Agreement shall bind and inure to the benefit of and be enforceable by the Grantee, the
Company and their respective permitted successors and assigns (including personal representatives,
heirs and legatees), except that the Grantee may not assign any rights or obligations under this
Agreement except to the extent and in the manner expressly permitted herein.

     13. No Employment Guaranteed.

     No provision of this Agreement shall confer any right upon the Grantee to continued Employment
with the Company or any Subsidiary.

     14. Governing Law.

     This Agreement shall be governed by, construed, and enforced in accordance with the laws of
the State of Texas.

C-4

 

     15. Amendment.

     This Agreement cannot be modified, altered or amended except by an agreement, in writing,
signed by both the Company and the Grantee.

	 	 	 	 	 
	 	PRIDE INTERNATIONAL, INC.

 	 
	Date:  _________________________ 	By:  	 	 
	 	 	Name:  	Louis A. Raspino 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

     The Grantee hereby accepts the foregoing Restricted Stock Agreement, subject to the terms and
provisions of the Plan and administrative interpretations thereof referred to above.

	 	 	 	 	 
	 

	 	GRANTEE:
	 	 
	 
	 	 	 	 
	Date:                                                             

	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 

C-5

 

EXHIBIT D

PRIDE INTERNATIONAL, INC.

1998 LONG-TERM INCENTIVE PLAN

EXECUTIVE OFFICER

RESTRICTED STOCK AGREEMENT

     This Restricted Stock Agreement (“Agreement”) between PRIDE INTERNATIONAL, INC. (the
“Company”) and RODNEY W. EADS (the “Grantee”), an employee of the Company or one of its
Subsidiaries, regarding an award (“Award”) of 25,000 shares of Common Stock (as defined in the
Pride International, Inc. 1998 Long-Term Incentive Plan (the “Plan”), such Common Stock comprising
this Award referred to herein as “Restricted Stock”) awarded to the Grantee on ___(the
“Award Date”), such number of shares subject to adjustment as provided in Section 14 of the Plan,
and further subject to the following terms and conditions:

     1. Relationship to Plan.

     This Award is subject to all of the terms, conditions and provisions of the Plan and
administrative interpretations thereunder, if any, which have been adopted by the Committee
thereunder and are in effect on the date hereof. Except as defined herein, capitalized terms shall
have the same meanings ascribed to them under the Plan. For purposes of this Agreement:

     (a) “Disability” means physical or mental incapacity qualifying the Grantee for a long-term
disability under the Company’s long-term disability plan. If no such plan exists on the Award
Date, the term “Disability” means physical or mental incapacity as determined by a doctor jointly
selected by the Grantee and the Board of Directors of the Company qualifying the Grantee for
long-term disability under reasonable employment standards.

     (b) “Employment” means employment with the Company or any of its Subsidiaries.

     (c) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     2. Vesting Schedule.

     (a) This Award shall vest in installments in accordance with the following schedule:

	 	 	 
	 	 	Additional Percentage of
	Date Vested	 	Award Vested
	One year after Award Date
	 	25%
	Two years after Award Date
	 	25%
	Three years after Award Date
	 	25%
	Four years after Award Date
	 	25%
	 
	 	100%

D-1

 

     (b) All shares of Restricted Stock subject to this Award shall vest, irrespective of the
limitations set forth in subparagraph (a) above, provided that the Grantee has been in continuous
Employment since the Award Date, upon the occurrence of:

     (i) a Change in Control or

     (ii) the Grantee’s Termination (as defined in the Grantee’s employment
agreement with the Company and as in effect as of the Award Date), including,
without limitation, termination by reason of death or Disability.

     3. Forfeiture of Award.

     Except as provided in any other agreement between the Grantee and the Company, if the
Grantee’s employment terminates other than by reason of the Grantee’s Termination (as defined in
the Grantee’s employment agreement with the Company and as in effect as of the Award Date), death
or Disability, all unvested Restricted Stock as of the termination date shall be forfeited.

     4. Escrow of Shares.

     During the period of time between the Award Date and the earlier of the date the Restricted
Stock vests or is forfeited (the “Restriction Period”), the Restricted Stock shall be registered in
the name of the Grantee and held in escrow by the Company, and the Grantee agrees, upon the
Company’s written request, to provide a stock power endorsed by the Grantee in blank. Any
certificate shall bear a legend as provided by the Company, conspicuously referring to the terms,
conditions and restrictions described in this Agreement. Upon termination of the Restriction
Period, a certificate representing such shares shall be delivered upon written request to the
Grantee as promptly as is reasonably practicable following such termination.

     5. Code Section 83(b) Election.

     The Grantee shall be permitted to make an election under Code Section 83(b), to include an
amount in income in respect of the Award of Restricted Stock in accordance with the requirements of
Code Section 83(b).

     6. Dividends and Voting Rights.

     The Grantee is entitled to receive all dividends and other distributions made with respect to
Restricted Stock registered in his name and is entitled to vote or execute proxies with respect to
such registered Restricted Stock, unless and until the Restricted Stock is forfeited.

     7. Delivery of Shares.

     The Company shall not be obligated to deliver any shares of Common Stock if counsel to the
Company determines that such sale or delivery would violate any applicable law or any rule or
regulation of any governmental authority or any rule or regulation of, or agreement of the Company
with, any securities exchange or association upon which the Common Stock is listed or quoted. The
Company shall in no event be obligated to take any affirmative action in

D-2

 

order to cause the delivery of shares of Common Stock to comply with any such law, rule,
regulation or agreement.

     8. Notices.

     Unless the Company notifies the Grantee in writing of a different procedure, any notice or
other communication to the Company with respect to this Award shall be in writing and shall be:

     (a) by registered or certified United States mail, postage prepaid, to Pride
International, Inc., Attn: Corporate Secretary, 5847 San Felipe, Suite 3300, Houston, Texas
77057; or

     (b) by hand delivery or otherwise to Pride International, Inc., Attn: Corporate
Secretary, 5847 San Felipe, Suite 3300, Houston, Texas 77057.

     Any notices provided for in this Agreement or in the Plan shall be given in writing and shall
be deemed effectively delivered or given upon receipt or, in the case of notices delivered by the
Company to the Grantee, five days after deposit in the United States mail, postage prepaid,
addressed to the Grantee at the address specified at the end of this Agreement or at such other
address as the Grantee hereafter designates by written notice to the Company.

     9. Assignment of Award.

     Except as otherwise permitted by the Committee, the Grantee’s rights under the Plan and this
Agreement are personal; no assignment or transfer of the Grantee’s rights under and interest in
this Award may be made by the Grantee other than by will or by the laws of descent and
distribution.

     Notwithstanding the foregoing, subject to the approval of the Committee, in its sole
discretion, the Award may be transferred by the Grantee to (i) the children or grandchildren of the
Grantee (“Immediate Family Members”), (ii) a trust or trusts for the exclusive benefit of such
Immediate Family Members (“Immediate Family Member Trusts”) or (iii) a partnership or partnerships
in which such Immediate Family Members have at least 99% of the equity, profit and loss interests
(“Immediate Family Member Partnerships”). Subsequent transfers of a transferred Award shall be
prohibited except by will or the laws of descent and distribution, unless such transfers are made
to the original Grantee or a person to whom the original Grantee could have made a transfer in the
manner described herein. No transfer shall be effective unless and until written notice of such
transfer is provided to the Committee, in the form and manner prescribed by the Committee.
Following transfer, the Award shall continue to be subject to the same terms and conditions as were
applicable immediately prior to transfer, and except as otherwise provided herein, the term
“Grantee” shall be deemed to refer to the transferee. The consequences of termination of
Employment shall continue to be applied with respect to the original Grantee, following which the
Awards shall vest only to the extent specified in the Plan and this Agreement.

D-3

 

     10. Withholding.

     At the time of delivery or vesting of Restricted Stock, the amount of all federal, state and
other governmental withholding tax requirements imposed upon the Company with respect to the
delivery or vesting of such shares of Restricted Stock shall be remitted to the Company or
provisions to pay such withholding requirements shall have been made to the satisfaction of the
Committee. The Committee may make such provisions as it may deem appropriate for the withholding
of any taxes which it determines is required in connection with this Award. The Grantee may pay
all or any portion of the taxes required to be withheld by the Company or paid by the Grantee in
connection with the all or any portion of this Award by delivering cash, or, with the Committee’s
approval, by electing to have the Company withhold shares of Common Stock, or by delivering
previously owned shares of Common Stock, having a Fair Market Value equal to the amount required to
be withheld or paid. The Grantee may only request withholding Restricted Stock having a Fair
Market Value equal to the statutory minimum withholding amount. The Grantee must make the
foregoing election on or before the date that the amount of tax to be withheld is determined. If
the Grantee is subject to the short-swing profits recapture provisions of Section 16(b) of the
Exchange Act, any such election shall be subject to such other restrictions as may be established
by the Committee in order that satisfaction of withholding tax obligations with shares of Common
Stock might be exempt from the operation of Section 16(b) of the Exchange Act in whole or in part.

     11. Stock Certificates.

     Certificates representing the Common Stock issued pursuant to the Award will bear all legends
required by law and necessary or advisable to effectuate the provisions of the Plan and this Award.
The Company may place a “stop transfer” order against shares of the Common Stock issued pursuant
to this Award until all restrictions and conditions set forth in the Plan or this Agreement and in
the legends referred to in this Section 11 have been complied with.

     12. Successors and Assigns.

     This Agreement shall bind and inure to the benefit of and be enforceable by the Grantee, the
Company and their respective permitted successors and assigns (including personal representatives,
heirs and legatees), except that the Grantee may not assign any rights or obligations under this
Agreement except to the extent and in the manner expressly permitted herein.

     13. No Employment Guaranteed.

     No provision of this Agreement shall confer any right upon the Grantee to continued Employment
with the Company or any Subsidiary.

     14. Governing Law.

     This Agreement shall be governed by, construed, and enforced in accordance with the laws of
the State of Texas.

D-4

 

     15. Amendment.

     This Agreement cannot be modified, altered or amended except by an agreement, in writing,
signed by both the Company and the Grantee.

	 	 	 	 	 
	 	PRIDE INTERNATIONAL, INC.

 	 
	Date:  _________________________ 	By:  	 	 
	 	 	Name:  	Louis A. Raspino 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

     The Grantee hereby accepts the foregoing Restricted Stock Agreement, subject to the terms and
provisions of the Plan and administrative interpretations thereof referred to above.

	 	 	 	 	 
	 

	 	GRANTEE:
	 	 
	 
	 	 	 	 
	Date:                                                             

	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 

D-5

 

EXHIBIT E

Waiver And Release

     Pursuant to the terms of my Agreement with Pride International, Inc. effective September 18,
2006, and in exchange for the payments and benefits as provided in either sections 3.05 or 4.02 of
the Agreement, as applicable (the “Separation Benefits”), I hereby waive all claims against and
release (i) Pride International, Inc. and its directors, officers, employees, agents, insurers,
predecessors, successors and assigns (collectively referred to as the “Company”), (ii) all of the
affiliates (including all parent companies and all wholly or partially owned subsidiaries) of the
Company and their directors, officers, employees, agents, insurers, predecessors, successors and
assigns (collectively referred to as the “Affiliates”), and (iii) the Company’s and its Affiliates’
employee benefit plans and the fiduciaries and agents of said plans (collectively referred to as
the “Benefit Plans”) from any and all claims, demands, actions, liabilities and damages arising out
of or relating in any way to my employment with or separation from employment with the Company and
its Affiliates. (The Company, its Affiliates and the Benefit Plans are sometimes hereinafter
collectively referred to as the “Released Parties.”)

     I understand that signing this Waiver and Release is an important legal act. I acknowledge
that I have been advised in writing to consult an attorney before signing this Waiver and Release.
I understand that, in order to be eligible for the Separation Benefits, I must sign (and return to
the Company) this Waiver and Release before I will receive the Separation Benefits. I acknowledge
that I have been given at least [___] days to consider whether to accept the Separation Benefits and
whether to execute this Waiver and Release.

     In exchange for the payment to me of the Separation Benefits, (1) I agree not to sue in any
local, state and/or federal court regarding or relating in any way to my employment with or
separation from employment with the Company and its Affiliates, and (2) I knowingly and voluntarily
waive all claims and release the Released Parties from any and all claims, demands, actions,
liabilities, and damages, whether known or unknown, arising out of or relating in any way to my
employment with or separation from employment with the Company and its Affiliates, except to the
extent that my rights are vested under the terms of any employee benefit plans sponsored by the
Company and its Affiliates and except with respect to such rights or claims as may arise after the
date this Waiver and Release is executed. This Waiver and Release includes, but is not limited to,
claims and causes of action under: Title VII of the Civil Rights Act of 1964, as amended; the Age
Discrimination in Employment Act of 1967, as amended, including the Older Workers Benefit
Protection Act of 1990; the Civil Rights Act of 1866, as amended; the Civil Rights Act of 1991; the
Americans with Disabilities Act of 1990; the Workers Adjustment and Retraining Notification Act of
1988; the Pregnancy Discrimination Act of 1978; the Employee Retirement Income Security Act of
1974, as amended; the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended; the
Family and Medical Leave Act of 1993; the Fair Labor Standards Act; the Occupational Safety and
Health Act; the Texas Labor Code §21.001 et. seq.; the Texas Labor Code; claims in connection with
workers’ compensation or “whistle blower” statutes; and/or contract, tort, defamation, slander,
wrongful termination or any other state or federal regulatory, statutory or common law. Further, I
expressly represent that no promise or agreement which is not expressed in this Waiver and Release
has been made to me in executing this Waiver and Release, and that I am relying on my own judgment
in executing this Waiver and Release, and that I am not relying on any statement or representation
of the Company or its Affiliates or any of their agents. I agree that this Waiver and
Release is

E-1

 

valid, fair, adequate and reasonable, is with my full knowledge and consent, was not procured
through fraud, duress or mistake and has not had the effect of misleading, misinforming or failing
to inform me. I acknowledge and agree that the Company will withhold any taxes required by federal
or state law from the Separation Benefits otherwise payable to me.

     Notwithstanding the foregoing, I do not release and expressly retain (a) all rights to
indemnity, contribution, and a defense, and directors and officers and other liability coverage
that I may have under any statute, the bylaws of the Company or by other agreement; and (b) the
right to any unpaid accrued and unused vacation, unpaid reasonable business expenses, and any
accrued benefits payable under any Company welfare plan or 401K plan.

     I acknowledge that payment of the Separation Benefits is not an admission by any one or more
of the Released Parties that they engaged in any wrongful or unlawful act or that they violated any
federal or state law or regulation. I acknowledge that neither the Company nor its Affiliates have
promised me continued employment or represented to me that I will be rehired in the future. I
acknowledge that my employer and I contemplate an unequivocal, complete and final dissolution of my
employment relationship. I acknowledge that this Waiver and Release does not create any right on
my part to be rehired by the Company or its Affiliates, and I hereby waive any right to future
employment by the Company or its Affiliates.

     Should any of the provisions set forth in this Waiver and Release be determined to be invalid
by a court, agency or other tribunal of competent jurisdiction, it is agreed that such
determination shall not affect the enforceability of other provisions of this Waiver and Release.
I acknowledge that this Waiver and Release sets forth the entire understanding and agreement
between me and the Company and its Affiliates concerning the subject matter of this Waiver and
Release and supersede any prior or contemporaneous oral and/or written agreements or
representations, if any, between me and the Company or its Affiliates.

     I acknowledge that I have read this Waiver and Release, have had an opportunity to ask
questions and have it explained to me and that I understand that this Waiver and Release will have
the effect of knowingly and voluntarily waiving any action I might pursue, including breach of
contract, personal injury, retaliation, discrimination on the basis of race, age, sex, national
origin, or disability and any other claims arising prior to the date of this Waiver and Release.
By execution of this document, I do not waive or release or otherwise relinquish any legal rights I
may have which are attributable to or arise out of acts, omissions, or events of the Company or its
Affiliates which occur after the date of the execution of this Waiver and Release.

	 	 	 
	 

	 	 
	Employee’s Printed Name

	 	Company’s Representative
	 
	 	 
	 

	 	 
	Employee’s Signature

	 	Company’s Execution Date
	 
	 	 
	 
	 	 
	Employee’s Signature Date
	 	 
	 
	 	 
	 
	 	 
	Employee’s Social Security Number
	 	 

E-2

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