Document:

Form of Stock Option Agreement

 Exhibit 10.2 
 FORM OF THE STANDARD 
 STOCK OPTION AGREEMENT 

NABORS INDUSTRIES LTD. 
 This Stock Option Agreement (“Agreement”) is effective the     day of            , 2012 (“Date of
Grant”) between Nabors Industries, Inc. (“NII”), acting on behalf of Nabors Industries Ltd. (“NIL” or the “Company”) and at the request of a subsidiary of NIL (“Subsidiary”), and «NAME»
(“Optionee”), an employee of Subsidiary, 
 WHEREAS, Subsidiary desires to provide a grant of stock options to
Optionee as an incentive to encourage stock ownership and to remain in the employ of Subsidiary; and 
 WHEREAS, it is
agreed between the parties that the stock options shall be governed exclusively by this Agreement and the Amended and Restated 2003 Employee Stock Plan (the “Plan”). In the event of any conflict between the terms of this Agreement and the
Plan, the Plan shall control. Capitalized terms used but no defined in this Agreement shall have the meaning attributed to such terms under the Plan, unless the context requires otherwise. 

NOW, THEREFORE, the parties agree as follows: 
 1. Grant of Options: 
 (a) Number of Shares. NII at the request of
Subsidiary hereby grants to Optionee in accordance with the terms and conditions of the Plan, the right and option to purchase from NIL all or any part of an aggregate of «NUMBER» Common Chares (the “Options”). 

(b) Exercise Price. The Options shall have an exercise price of $         per
Common Share, which has been determined to be not less than the Fair Market Value of a Common Share at the Date of Grant. 
 (c)
Expiration Date. The Options shall expire on (the “Expiration Date”). 
 (d) Vesting. Optionee’s
rights with respect to the Options, subject to the provisions of paragraph 2 below, shall only vest in four (4) equal annual installments beginning on the first calendar year anniversary of the Date of Grant. 

(e) Exercise of Options. Subject to earlier expiration of the Options as herein provided, the Options may be exercised, by written
notice to the Company addressed to the attention of its Corporate Secretary ( or such other officer or employee of the Company as the Company may designate from time to time), at any time and from time to time after the date of grant hereof, but,
except as otherwise provided below, the Options shall not be exercisable for more than a percentage of the aggregate number of Common Shares offered by this Agreement that are vested, determined in accordance with paragraph 1(d). Except as provided
in paragraph 2(a) and subject to paragraph 2(b), the Options may be exercised only while Optionee remains an employee, officer, director or consultant of Subsidiary and will terminate and cease to be exercisable upon Optionee’s termination of
employment or other service relationship with Subsidiary. 
 2. Terms and Conditions. The Options are subject to the
following terms and conditions: 
 (a) Effect of Termination of Employment. Subject to paragraph 2(b) below, if Optionee
ceases to be an employee, officer, director or consultant of Subsidiary by reason of death, disability or by a bona fide voluntary resignation by Optionee (as determined in the sole discretion of the Administrator) which provides at least two
(2) weeks advance written notice of resignation (or longer period if required by other written arrangement) (a “Qualifying 

 
Resignation”), any outstanding vested Options on the date of termination may be exercised after Optionee’s date of termination by Optionee (or in the event of Optionee’s death,
Optionee’s heirs, devisees, or legatees) no later than three (3) months from the date of termination. If Optionee ceases to be an employee, officer, director or consultant of Subsidiary for any reason other than death, disability or a
Qualifying Resignation (including termination by Subsidiary whether with or without cause), any outstanding options whether vested or unvested may not be exercised after Optionee’s date of termination and shall be forfeited; provided, however,
in its sole discretion the Administrator may extend the time to exercise any options that were vested on the date of termination to a period ending on the earlier of (i) three (3) months from the date of termination and (ii) the
Expiration Date. In all events, all options which are unvested on and as of the date of termination shall be forfeited. 
 (b)
Wrongful Conduct. If the Board of NIL or any committee of the Board, prior to or following the date Optionee ceases for any reason whatsoever to be an employee, officer, director, or consultant of the Subsidiary (or any other subsidiary of
NIL), and after full consideration of the facts, find by majority vote that Optionee has engaged in fraud, embezzlement, theft, commission of a felony, dishonesty, or any other conduct inimical to NII, NIL or Subsidiary, Optionee shall forfeit all
unexercised options, whether or not vested and shall return to the Company any gain on options previously exercised during the period following (x) the date the inimical conduct first occurred or (y) one (1) year prior to the date of
termination, whichever is earlier. The decision of the Board or such committee shall be final. 
 (c) Solicitation of
Employees/Competition. During the term of employment and for a period of one (1) year following the termination of employment with the Company, Optionee agrees that he or she will not (i) individually or on behalf of his or her
employer or any other person or entity, directly or indirectly, solicit, divert, or recruit any employee of the Company, its parent, subsidiary or affiliated companies, or induce any employee of the Company, its parent, subsidiary or affiliated
companies, to terminate his or her employment, or (ii) directly or indirectly, as an employee, principal, agent, trustee or otherwise, engage in any business through a corporation, partnership or other entity that competes directly with any
business that is conducted by the Company or its affiliates and that (x) Optionee was directly or indirectly engaged in on behalf of the Company or (y) Optionee obtained confidential information regarding during the course of his or her
employment . Without limiting the remedies to which Company may be entitled, if the Board of Directors of the Company or any committee of the Board of Directors, prior to or following the date an Optionee ceases, for any reason whatsoever, to be an
employee, officer, director, or consultant of the Employer and after full consideration of the facts, find by majority vote that Optionee has engaged in any of the activities mentioned in (i) or (ii) above, Optionee shall forfeit all
unexercised options, whether or not vested. The decision of the Board of Directors of the Company or any committee of the Board of Directors shall be final. 
 (d) Continuance of Employment. Nothing in this Agreement shall confer on any individual any right to be employed by or to continue in the employ or service of Subsidiary or any Affiliate or to
interfere in any way with the right of Subsidiary to terminate Optionee’s employment or service at any time. 
 (e)
Non-Qualified Options. The options shall be treated as non-qualified stock options for U.S. federal income tax purposes. 

 (f) Governing Terms. This Agreement is subject to, and Subsidiary and Optionee agree
to be bound by, all the terms and conditions of the Plan under which the Options were granted, as the same may have been amended from time to time in accordance with its terms. Under the Plan, the Administrator is vested with conclusive authority to
interpret and construe the Plan and this Agreement, and is authorized to adopt rules and regulations for carrying out the Plan. A copy of the Plan in its present form is available for inspection during business hours by Optionee or other persons
entitled to exercise the Options at the Company’s principal office. 
 3. Notices. Any notice hereunder to NII shall
be addressed to it at its office as follows: Attn: Secretary. Any notice hereunder to Optionee shall be addressed to Optionee at the address on file with Subsidiary. Either party may designate at any time hereafter in writing some other address.

 4. Shareholder Rights. Neither Optionee nor Optionee’s heirs, devisees, legal representative, legatees or
distributes, as the case may be, shall have any of the rights or privileges of a shareholder of NIL by virtue of the Option except with respect to any Common Shares actually issued or transferred of record and delivered to one of the aforementioned
persons. 
 5. Acknowledgments. 
 (a) Optionee agrees to be bound by the terms of this Agreement and the Plan and hereby acknowledges that all decisions, determinations and interpretations of the Administrator in respect of this Agreement
and the Plan shall be final, conclusive and binding on all Optionees and their heirs, devisees, legal representatives, legatees, beneficiaries and distributees. 
 (b) Equitable Adjustments. Optionee understands that the Optionee may be subject to the Equitable Adjustment provisions in Section 5 of the Plan. 

6. Governing Law & Severability. The Plan and all rights and obligations thereunder shall be construed in accordance with
and governed by the laws of the State of Delaware. If any provision of this Agreement should be held invalid, the remainder of this Agreement shall be enforced to the greatest extent permitted by applicable law, it being the intent of the parties
that invalid or unenforceable provisions are severable. 
 7. Modifications. No modification or waiver of this Agreement
or any part hereof shall be valid or effective unless in writing and signed by the parties hereto. Further, no waiver or breach of this Agreement shall be deemed to be a waiver of any other subsequent breach or conditions, whether of a like or
different nature. 
 8. Entire Agreement. This Agreement contains the entire agreement between the parties with respect
to the subject matter and supersedes any and all prior understandings, agreements or correspondence between the parties. 
 9.
Dispute. Any dispute, controversy or claim arising out of, or relating to, this Agreement or the breach, termination or invalidity thereof, shall be settled by arbitration before a single arbitrator in accordance with the rules of the
American Arbitration Association. The place of arbitration shall be at Houston, Texas. Nothing herein shall preclude either party from seeking injunctive relief or other provisional remedy in aid of arbitration or arbitration panel in case of any
such breach, without limiting any other relief to which such party may be entitled at law or equity or under this Agreement by the Subsidiary. The losing party shall bear all the costs of any proceeding including reasonable attorney fees.

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first written above. 
  

			
	NABORS INDUSTRIES, INC.
		
	By:	 	  

	
	OPTIONEE
	
	  

	«NAME»For of Restricted Stock Agreement

 Exhibit 10.3 
 RESTRICTED STOCK AGREEMENT 
 NABORS INDUSTRIES, INC. 

This Restricted Stock Grant (“Restricted Stock Grant”) that is effective the     day of
            , 2012 is between Nabors Industries, Inc. (“NII”), acting on behalf of Nabors Industries Ltd. (“NIL” or the “Company”) and at the request of a
subsidiary of NIL (the “Subsidiary”), and «NAME» (“Grantee”), an employee of Subsidiary, 
 Upon the Date of
Grant, the fair market value of a share of Common Stock of NIL was             . 
 RECITALS 
 Under the Nabors Industries, Inc. 2003 Employee Stock Plan (“2003
Plan”), the Compensation Committee of the Board of Directors (the “Committee”) has determined the form of this Restricted Stock Grant and selected the Grantee, an Eligible Person, to receive this Restricted Stock Grant and the shares
of Common Stock that are subject hereto. The applicable terms of the 2003 Plan are incorporated in this Restricted Stock Grant by reference, including the definition of terms contained in the 2003 Plan. 

RESTRICTED STOCK GRANT 
 In accordance with the terms of the 2003 Plan, the Committee has made this Restricted Stock Grant and concurrently has issued or transferred to the Grantee shares of Common Stock upon the following terms
and conditions: 
 SECTION 1. Number of Shares. The number of shares of Common Stock awarded under this Restricted Stock
Grant is                     (the “Award”). 
 SECTION 2. Rights of the Grantee as Shareholder. The Grantee, as the owner of the shares of Common Stock issued or transferred pursuant to this Restricted Stock Grant, is entitled to all the rights
of a shareholder of NIL, including the right to vote, the right to receive dividends payable either in stock or in cash, and the right to receive shares in any recapitalization of the Company, subject, however, to the restrictions stated in this
Restricted Stock Grant. If the Grantee receives any additional shares by reason of being the holder of the shares of Common Stock issued or transferred under this Restricted Stock Grant or of the additional shares previously distributed to the
Grantee, all of the additional shares shall be subject to the provisions of this Restricted Stock Grant. Initially, the shares of Common Stock will be held in an account maintained with the processor under the 2003 Plan (the “Account”). At
the discretion of NIL, NIL may provide the Grantee with a certificate for the shares, which would bear a legend as described in Section 6. 
 SECTION 3. Restriction Period. The period of restriction (“Restriction Period”) for the shares of Common Stock issued under this Restricted Stock Grant shall commence on the Date of Grant
and shall expire in four equal annual installments beginning on the first calendar year anniversary hereof (i.e., the award will vest 25% per year). In addition, the Restriction Period shall expire earlier as to all shares of Common Stock
issued under this Restricted Stock Grant upon the earlier of (i) the date of death of the Grantee, or (ii) the date of qualifying disability of the Grantee. 

  
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 SECTION 4. Terms and Conditions. The Award is subject to the following terms and
conditions: 
  

	 	a.	If Grantee ceases for any reason to be an employee of the Subsidiary (or an employee of any other subsidiary of NIL) any unvested portion of this Award shall be
forfeited, the Grantee will assign, transfer, and deliver the certificates or any other evidence of ownership of such shares to NIL or the Subsidiary, all interest of the Grantee in such shares shall terminate, and Grantee shall cease to be a
shareholder with respect to such shares. 

  

	 	b.	During the Restriction Period, the Grantee must not, voluntarily or involuntarily, sell, assign, transfer, pledge, or otherwise dispose of any unvested portion of the
Award. Any attempted sale, assignment, transfer, pledge or other disposition of any unvested portion of the Award whether voluntary or involuntary, shall be ineffective and NIL (i) shall not be required to transfer the shares, (ii) may
impound any certificates for the shares or otherwise restrict Grantee’s account and (iii) hold the certificates until the expiration of the Restriction Period. 

 

	 	c.	If the Board of Directors of NIL or any committee of the Board of Directors, prior to or following the date Grantee ceases for any reason whatsoever to be an employee
of the Subsidiary (or any other subsidiary of NIL), and after full consideration of the facts, find by majority vote that Grantee has engaged in fraud, embezzlement, theft, commission of a felony, dishonesty, or any other conduct inimical to NII,
NIL or Subsidiary, Grantee shall forfeit this entire Award, whether or not vested and shall return to the Company any proceeds from the sale of shares granted hereunder during the period following (x) the date the inimical conduct first
occurred or (y) one (1) year prior to the date of termination, whichever is earlier. The decision of the Board of Directors of NIL or such committee shall be final. 

 

	 	d.	During the term of employment and for a period of one (1) year following the termination of employment with the Subsidiary (or any other subsidiary of NIL),
Grantee agrees that he or she will not (i) individually or on behalf of his or her employer or any other person or entity, directly or indirectly, solicit, divert, or recruit any employee of NIL, NII, Subsidiary or affiliated companies, or
induce any employee of NIL, NII, Subsidiary or affiliated companies, to terminate his or her employment, or (ii) directly or indirectly, as an employee, principal, agent, trustee or otherwise, engage in any business through a corporation,
partnership or other entity that competes directly with any business that is conducted by NIL, NII, Subsidiary or affiliated companies and that (x) Grantee was directly or indirectly engaged in on behalf of NIL, NII, Subsidiary or any
affiliated company or (y) Grantee obtained confidential information regarding during the course of his or her employment. Without limiting the remedies to which NIL, NII, Subsidiary or any affiliated company may be entitled, if the Board of
Directors of NIL or any committee of the Board of Directors, prior to or following the date Grantee ceases, for any reason whatsoever, to be an employee of the Subsidiary (or any other subsidiary of NIL) and after full consideration of the facts,
find by majority vote that Grantee has engaged in any of the activities mentioned in (i) or (ii) above, Grantee shall forfeit any unvested portion of the Award. The decision of the Board of Directors of NIL or any committee of the Board of
Directors shall be final. 

  

	 	e.	Nothing in this Restricted Stock Grant shall confer on any individual any right to continue in the employ of the Subsidiary or to interfere in any way with the right of
the Subsidiary to terminate the Grantee’s employment at any time. 

  
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	 	f.	This Restricted Stock Grant is subject to, and the Subsidiary and the Grantee agree to be bound by, all the terms and conditions of the 2003 Plan under which this
Restricted Stock Grant was granted, as the same may have been amended from time to time in accordance with its terms. Pursuant to said 2003 Plan, the Board of Directors of NIL or its Committee established for such purposes is vested with conclusive
authority to interpret and construe the 2003 Plan and this Agreement, and is authorized to adopt rules and regulations for carrying out the 2003 Plan. A copy of the 2003 Plan in its present form is available to inspection during business hours by
the Grantee or other persons entitled to exercise this Restricted Stock Grant at NII’s principal office. 

For purposes of this Restricted Stock Grant, NIL will determine when employment terminates. A Grantee’s employment will not be
deemed to have terminated if the Grantee goes on military leave, medical leave or other bona fide leave of absence, if the leave was approved by NIL or any of its Subsidiaries in writing and if continued crediting of employment is required by
applicable law, the Company’s policies or the terms of Grantee’s leave; provided that vesting dates may be adjusted in accordance with NIL’s policies or the terms of Grantee’s leave. 

SECTION 5. Lapse of Restrictions. At the end of the Restriction Period, if the condition specified in Section 4.a has been
satisfied during the Restriction Period, all restrictions shall terminate on the related shares, and the Grantee shall be entitled to transfer the shares from the Account or receive certificates without the legend prescribed in Section 6.
However, in the event of an attempted violation of the condition specified in Section 4.b, NIL shall be entitled to delay transfers or withhold delivery of any of the certificates if, and for so long as, in the judgment of NIL’s counsel,
NIL would incur a risk of liability to any party to whom such shares were purported to be sold, transferred, pledged or otherwise disposed. 
 SECTION 6. Legend on Certificates. Any certificate evidencing ownership of shares of Common Stock issued or transferred pursuant to this Restricted Stock Grant that is delivered during the
Restriction Period shall bear the following legend on the back side of the certificate: 
 These shares have been issued or
transferred subject to a Restricted Stock Grant and are subject to substantial restrictions, including but not limited to, a prohibition against transfer, either voluntary or involuntary, and a provision requiring transfer of these shares to Nabors
Industries Ltd. (“NIL”) without any payment in the event of termination of the employment of the registered owner, all as more particularly set forth in a Restricted Stock Grant, a copy of which is on file with Nabors Corporate Services,
Inc. 
 At the discretion of NIL, NIL may hold the shares of Common Stock issued or transferred pursuant to this Restricted
Stock Grant in an Account as described in Section 2, otherwise hold them in escrow during the Restriction Period, or issue a certificate to the Grantee bearing the legend set forth above. 

SECTION 7. Specific Performance of the Grantee’s Covenants. By accepting this Restricted Stock Grant and the issuance and
delivery of the shares of Common Stock pursuant to this Restricted Stock Grant, the Grantee acknowledges that NIL does not have an adequate remedy in damages for the breach by the Grantee of the conditions and covenants set forth in this Restricted
Stock Grant and agrees that NIL is entitled to and may obtain an order or a decree of specific performance against the Grantee issued by any court having jurisdiction. 

  
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 SECTION 8. Employment with NIL. Nothing in this Restricted Stock Grant or in the 2003
Plan shall confer upon the Grantee the right to continued employment with NIL or any of its subsidiaries. 
 SECTION 9.
Section 83(b) Election. If the Grantee makes an election pursuant to Section 83(b) of the Internal Revenue Code, the Grantee shall promptly (but in no event after thirty (30) days from grant) file a copy of such election with
NIL, and cash payment for taxes shall be made at the time of such election. 
 SECTION 10. Withholding Tax. Before NIL
removes restrictions on transfer from the Account or delivers a certificate for shares of Common Stock issued or transferred pursuant to this Restricted Stock Grant that bears no legend or otherwise delivering shares free from restriction, the
Grantee shall be required to pay to NIL (or to the Subsidiary, if so designated by NII or NIL) the amount of federal, state or local taxes, if any, required by law to be withheld (“Withholding Obligation”). Subject to any subsequent
Committee determination, NIL will withhold the number of shares required to satisfy any Withholding Obligation, and provide to Grantee a net balance of shares (“Net Shares”) unless NIL receives notice not less than five (5) days
before any Withholding Obligation arises that Grantee intends to deliver funds necessary to satisfy the Withholding Obligation in such manner as NIL may establish or permit. Notwithstanding any such notice, if Grantee has not delivered funds within
fifteen (15) days of after the Withholding Obligation arises, NIL may elect to deliver Net Shares. By accepting this award, Grantee agrees that NIL or any of its affiliates may withhold (at its option) cash for the amount of any withholding
required with respect to fractional shares. 
 SECTION 11. Notices and Payments. Any notice to be given by the Grantee
under this Restricted Stock Grant shall be in writing and shall be deemed to have been given only upon receipt by the Stock Plan Administrator of Nabors Corporate Services, Inc. at the offices of Nabors Corporate Services, Inc. in Houston, Texas, or
at such address as may be communicated in writing to the Grantee from time to time. Any notice or communication by NIL, NII, or the Subsidiary to the Grantee under this Restricted Stock Grant shall be in writing and shall be deemed to have been
given if sent to the Grantee’s e-mail address maintained by the Company or any of its subsidiaries, made through the employee portal maintained by the Company or any of its subsidiaries, or if mailed or delivered to the Grantee at the address
listed in the records of NIL or at such address as specified in writing to NIL by the Grantee. 
 SECTION 12. Waiver. The
waiver by NIL of any provision of this Restricted Stock Grant shall not operate as, or be construed to be, a waiver of the same or any other provision of this Restricted Stock Grant at any subsequent time for any other purpose. 

SECTION 13. Termination or Modification of Restricted Stock Grant. This Restricted Stock Grant shall be irrevocable except that
NIL shall have the right to revoke this Restricted Stock Grant at any time during the Restriction Period if it is contrary to law or modify this Restricted Stock Grant to bring it into compliance with any valid and mandatory law or government
regulation. Upon request in writing by NIL, the Grantee will tender any certificates for amendment of the legend or for change in the number of shares of Common Stock issued or transferred as NIL deems necessary in light of the amendment of this
Restricted Stock Grant. In the event of revocation of this Restricted Stock Grant pursuant to the foregoing, NIL may give notice to the Grantee that the shares of Common Stock are to be assigned, transferred and delivered to NIL as though the
Grantee’s employment with NIL terminated on the date of the notice. 

  
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 SECTION 14. Governing Law & Severability. The Plan and all rights and
obligations thereunder shall be construed in accordance with and governed by the laws of the State of Delaware. If any provision of this Agreement should be held invalid, the remainder of this Agreement shall be enforced to the greatest extent
permitted by applicable law, it being the intent of the parties that invalid or unenforceable provisions are severable. 

SECTION 15. Entire Agreement. This Agreement, together with the Plan, contains the entire agreement between the parties with
respect to the subject matter and supersedes any and all prior understandings, agreements or correspondence between the parties. 
 SECTION 16. Dispute. Any dispute, controversy or claim arising out of, or relating to, this Agreement or the breach, termination or invalidity thereof, shall be settled by arbitration before a
single arbitrator in accordance with the rules of the American Arbitration Association. The place of arbitration shall be at Houston, Texas. Nothing herein shall preclude either party from seeking injunctive relief or other provisional remedy in aid
of arbitration or arbitration panel in case of any such breach, without limiting any other relief to which such party may be entitled at law or equity or under this Agreement by the Subsidiary. The losing party shall bear all the costs of any
proceeding including reasonable attorney fees. 
 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of
the day and year first written above. 
  

			
	NABORS INDUSTRIES, INC.
		
	By:	 	  

	
	GRANTEE
	
	  

	«NAME»

  
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