Document:

exv10w2

 

Exhibit 10.2

RESTRICTED STOCK AGREEMENT

     THIS RESTRICTED STOCK AGREEMENT (this “Agreement”) is made and entered into by and between
Grey Wolf, Inc., a corporation organized under the laws of the State of Texas (the “Company”) and
__________________, an individual (“Grantee”) on the ___day of _________, 2003 (the “Grant
Date”), pursuant to the Grey Wolf, Inc. 2003 Incentive Plan (effective as of March 26, 2003) (the
“Plan”). The Plan is incorporated by reference herein in its entirety. Capitalized terms not
otherwise defined in this agreement shall have the meaning given to such terms in the Plan.

     WHEREAS, Grantee is an employee of the Company, and in connection therewith, the Company
desires to grant to Grantee ___shares of the Company’s common stock, par value $0.10 per
share (the “Common Stock”), subject to the terms and conditions of this Agreement and the Plan,
with a view to increasing Grantee’s interest in the Company’s welfare and growth; and

     WHEREAS, Grantee desires to have the opportunity to be a holder of shares of the Company’s
Common Stock subject to the terms and conditions of this Agreement and the Plan.

     NOW, THEREFORE, in consideration of the premises, mutual covenants and agreements contained
herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

     1. Grant of Common Stock and Administration. Subject to the restrictions, forfeiture
provisions and other terms and conditions set forth herein (i) the Company grants to Grantee
___(___) shares of Common Stock (“Restricted Shares”), and (ii) Grantee shall have and
may exercise all rights and privileges of ownership of such shares, including, without limitation,
the voting rights of such shares and the right to receive any dividends declared in respect
thereof. The Company may require Grantee to reimburse the Company for, or the Company may withhold
from any amounts which it may owe Grantee, all amounts required by applicable federal, state and
local law in respect of the issuance or vesting of the Restricted Shares. This Agreement and its
grant of Restricted Shares is subject to the terms and conditions of the Plan, and the terms and
conditions of the Plan shall control except to the extent otherwise permitted or authorized in the
Plan and specifically addressed in this Agreement. The Plan and this Agreement shall be
administered by the Committee pursuant to the Plan.

     2. Transfer Restrictions.

     (a) Generally. Grantee shall not sell, assign, transfer, exchange, pledge, encumber, gift,
devise, hypothecate or otherwise dispose of (collectively, “Transfer”) any Restricted Shares. The
transfer restrictions imposed by this Section 2 shall lapse as to ___percent (___%) of
the Restricted Shares on each anniversary of ___, 200___until all Restricted Shares are
fully vested in ___(___) years; provided, however, that, subject to Section 3, Grantee
then is, and continuously since the Grant Date has been, an employee of the Company. The Restricted Shares
as to which such restrictions so lapse are referred to as “Vested Shares.”

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     (b) Dividends, etc. If the Company (i) declares a dividend or makes a distribution on Common
Stock in shares of Common Stock, (ii) subdivides or reclassifies outstanding shares of Common Stock
into a greater number of shares of Common Stock or (iii) combines or reclassifies outstanding
shares of Common Stock into a smaller number of shares of Common Stock, then the number of shares
of Grantee’s Common Stock subject to the transfer restrictions of this Section 2 shall be
proportionately increased or reduced so as to prevent the enlargement or dilution of Grantee’s
rights and duties hereunder. The determination of the Company’s Board of Directors regarding such
adjustments shall be final and binding.

     (c) Extraordinary Transactions. If there is a Change in Control of the Company (as defined in
the Plan), the transfer restrictions of this Section 2 shall automatically cease as of the
effective date of such Change in Control, and all the Restricted Shares shall thereafter be 100%
vested.

     3. Forfeiture. If Grantee’s employment with the Company is terminated by the Company or
Grantee for any reason, then Grantee shall immediately forfeit all Restricted Shares which are not
Vested Shares unless the Committee, in its discretion, determines that any or all of such
Restricted Shares shall not be so forfeited. Any certificate(s) representing Restricted Shares
which include forfeited shares shall only represent that number of Restricted Shares which have not
been forfeited hereunder. Upon the Company’s request, Grantee agrees for himself and any other
holder(s) to tender to the Company any certificate(s) representing Restricted Shares which include
forfeited shares for a new certificate representing the unforfeited number of Restricted Shares.

     4. Issuance of Certificate.

     (a) The Restricted Shares may not be Transferred until they become Vested Shares. Further,
the Restricted Shares may not be transferred and the Vested Shares may not be sold or otherwise
disposed of in any manner which would constitute a violation of any applicable federal or state
securities laws, any rules of the national securities exchange or the NASDAQ on which the Company’s
securities are traded, listed or quoted, or violation of Company policy. The Company shall cause
to be issued a stock certificate, registered in the name of the Grantee, evidencing the Restricted
Shares upon receipt of a stock power duly endorsed in blank with respect to such shares. Each such
stock certificate shall bear the following legend:

THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK
REPRESENTED HEREBY ARE SUBJECT TO THE RESTRICTIONS, TERMS AND
CONDITIONS (INCLUDING FORFEITURE AND RESTRICTIONS AGAINST TRANSFER)
CONTAINED IN THE GREY WOLF, INC. 2003 INCENTIVE PLAN THE
RESTRICTED STOCK AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER
OF SUCH SHARES AND GREY WOLF, INC. A COPY OF THE PLAN AND AGREEMENT
ARE ON FILE IN THE OFFICE OF THE SECRETARY OF GREY WOLF, INC., 10370
RICHMOND AVENUE, SUITE 600, HOUSTON, TEXAS 77042-4136.

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Such legend shall not be removed from the certificate evidencing Restricted Shares until such time
as the restrictions imposed by Section 2 hereof have lapsed.

     (b) The certificate issued pursuant to this Section 4, together with the stock powers
relating to the Restricted Shares evidenced by such certificate, shall be held by the Company. The
Company shall issue to the Grantee a receipt evidencing the certificates held by it which are
registered in the name of the Grantee.

     5. Tax Requirements.

     (a) Tax Withholding. The Company shall have the power and the right to deduct or withhold, or
require the Grantee to remit to the Company, an amount sufficient to satisfy federal, state, and
local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any
taxable event arising as a result of the Plan and this Agreement.

     (b) Share Withholding. With respect to tax withholding required upon any taxable event
arising as a result of this Agreement, Grantee may elect, subject to the approval of the Committee
in its discretion, to satisfy the withholding requirement, in whole or in part, by having the
Company withhold Shares having a Fair Market Value on the date the tax is to be determined equal to
the statutory total tax which could be imposed on the transaction. All such elections shall be
made in writing, signed by the Grantee, and shall be subject to any restrictions or limitations
that the Committee, in its discretion, deems appropriate. Any fraction of a Share required to
satisfy such obligation shall be disregarded and the amount due shall instead be paid in cash by
the Grantee.

     6. Miscellaneous.

     (a) Certain Transfers Void. Any purported Transfer of shares of Common Stock or Restricted
Shares in breach of any provision of this Agreement shall be void and ineffectual, and shall not
operate to Transfer any interest or title in the purported transferee.

     (b) No Fractional Shares. All provisions of this Agreement concern whole shares of Common
Stock. If the application of any provision hereunder would yield a fractional share, such
fractional share shall be rounded down to the next whole share if it is less than 0.5 and rounded
up to the next whole share if it is 0.5 or more.

     (c) Not an Employment or Service Agreement. This Agreement is not an employment agreement,
and this Agreement shall not be, and no provision of this Agreement shall be construed or
interpreted to create (i) any employment or services relationship between Grantee and the
Company or any of its Affiliates or (ii) any agreement by the Company or any of its Affiliates
to continue the directorship of the Grantee for any time period.

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     (d) Notices. Any notice, instruction, authorization, request or demand required hereunder
shall be in writing, and shall be delivered either by personal delivery, by telegram, telex,
telecopy or similar facsimile means, by certified or registered mail, return receipt requested, or
by courier or delivery service, addressed to the Company at the address indicated beneath its
signature on the execution page of this Agreement, and to Grantee at his address indicated on the
Company’s stock records, or at such other address and number as a party shall have previously
designated by written notice given to the other party in the manner hereinabove set forth. Notices
shall be deemed given when received, if sent by facsimile means (confirmation of such receipt by
confirmed facsimile transmission being deemed receipt of communications sent by facsimile means);
and when delivered and receipted for (or upon the date of attempted delivery where delivery is
refused), if hand-delivered, sent by express courier or delivery service, or sent by certified or
registered mail, return receipt requested.

     (e) Amendment and Waiver. This Agreement may be amended, modified or superseded only by
written instrument executed by the Company and Grantee. Any waiver of the terms or conditions
hereof shall be made only by a written instrument executed and delivered by the party waiving
compliance. Any waiver granted by the Company shall be effective only if executed and delivered by
a duly authorized executive officer of the Company other than Grantee. The failure of any party at
any time or times to require performance of any provisions hereof, shall in no manner effect the
right to enforce the same. No waiver by any party of any term or condition, or the breach of any
term or condition contained in this Agreement in one or more instances shall be deemed to be, or
construed as, a further or continuing waiver of any such condition or breach or a waiver of any
other condition or the breach of any other term or condition.

     (f) Governing Law and Severability. This Agreement shall be governed by the internal laws,
and not the laws of conflict, of the State of Texas. The invalidity of any provision of this
Agreement shall not affect any other provision of this Agreement, which shall remain in full force
and effect.

     (g) Successors and Assigns. Subject to the limitations which this Agreement imposes upon
transferability of shares of Common Stock, this Agreement shall bind, be enforceable by and inure
to the benefit of the Company and its successors and assigns, and Grantee, and Grantee’s permitted
assigns and upon death, estate and beneficiaries thereof (whether by will or the laws of descent
and distribution), executors, administrators, agents, legal and personal representatives.

     (h) Community Property. Each spouse individually is bound by, and such spouse’s interest, if
any, in any Shares is subject to, the terms of this Agreement. Nothing in this Agreement shall
create a community property interest where none otherwise exists.

     (i) Entire Agreement. This Agreement together with the Plan supersede any and all other prior
understandings and agreements, either oral or in writing, between the parties with respect to the
subject matter hereof and constitute the sole and only agreements between the parties
with respect to the said subject matter. All prior negotiations and agreements between the
parties with respect to the subject matter hereof are merged into this Agreement. Each party to
this Agreement acknowledges that no representations, inducements, promises, or agreements, orally
or

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otherwise, have been made by any party or by anyone acting on behalf of any party, which are not
embodied in this Agreement or the Plan and that any agreement, statement or promise that is not
contained in this Agreement or the Plan shall not be valid or binding or of any force or effect.

     7. Counterparts. This Agreement may be executed in multiple original counterparts, each of
which shall be deemed an original, but all of which together shall constitute but one and. the same
instrument.

     8. Grantee’s Acknowledgments. The Grantee acknowledges receipt of a copy of the Plan and
represents that he or she is familiar with the terms and provisions thereof, and hereby accepts
this Agreement subject to all the terms and provisions of the Plan and this Agreement. The Grantee
hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the
Committee or the Board, as appropriate, upon any questions arising under the Plan or this
Agreement.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date first
above written.

	 	 	 	 	 
	 	COMPANY:

GREY WOLF, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	Address:  	Grey Wolf, Inc.

10370 Richmond Avenue, Suite 600

Houston, Texas  77042-4136 	 
	 
	 	Telecopy No.:	(___) ___-___________	 
	 	Attention: Chief Financial Officer
		 
	 
	 	GRANTEE
	 
	 	GREY WOLF, INC.
	 	 
	 	 
	 	Signature	 
	 	 
	 	 
	 	Printed Name	 
	 	Address:	 
	 	 	 	 
	 	 	 	 

6<PAGE>

                                                                    EXHIBIT 10.7

                        ADMINISTAFF, INC. INCENTIVE PLAN

                        INCENTIVE STOCK OPTION AGREEMENT

      THIS AGREEMENT between Administaff, Inc., a Delaware corporation
("Company"), and __________ ("Optionee").

                                   WITNESSETH:

      WHEREAS, the Compensation Committee of the Board of Directors of the
Company has approved the grant of Options to employees of the Company and its
subsidiaries pursuant to the Administaff, Inc. 1997 Incentive Plan ("Plan"); and

      WHEREAS, the Optionee is an employee of the Company or one of its
subsidiaries and has been selected to receive Options under the Plan;

      NOW, THEREFORE, in consideration of the above premises, the Company and
the Optionee agree as follows:

                       I. GRANT OF INCENTIVE STOCK OPTIONS

      Subject to the terms and conditions set forth herein, the Optionee is
hereby awarded _______ Options to purchase ________ shares of Common Stock of
the Company. For purposes of this Agreement, the Date of Grant of the Options is
_________.

                                II. OPTION PRICE

      Each Option granted above shall have an Option Price of ___________
($_____), which is equal to the Market Value per Share of a share of Common
Stock as of the Date of Grant.

                             III. RESTRICTED RIGHTS

      Options covered by this Agreement may not be exercised after the earlier
of (a) ten (10) years after the Date of Grant, or (b) three months following the
date the Optionee's employment with the Company and its subsidiaries terminates
for any reason, (except for death or disability, in which case "one year" shall
be substituted for "three months" (the "Expiration Date"). For purposes of this
Article III, disability shall mean a physical or mental impairment (a) which
causes a Participant to be unable to perform the normal duties for an Employer
as determined by the Committee in its sole discretion; and (b) which is expected
either to result in death (or blindness) or to last for a continuous period of
at least twelve (12) months. The Committee may require that the Participant be
examined by a physician or physicians selected by the Committee. In any case,
the term of

                                      -1-

<PAGE>

the Option cannot extend for a period longer than that permitted for the Option
to qualify as an "Incentive Stock Option" under Section 422 of the Internal
Revenue Code.

      The Optionee may exercise only those Options which are vested. Options
granted under this Agreement become vested on each anniversary of the Date of
Grant in accordance with the following table:

<TABLE>
<CAPTION>
                                       Total                       Total
Vesting Date                         % Vested                  Number Vested
------------                         --------                  -------------
<S>                                  <C>                       <C>

</TABLE>

      Subject to the terms of the Plan, in the event the Optionee shall cease to
be an employee of the Company and its subsidiaries for any reason, including
death, no further Options will become vested after the date the Optionee ceased
to be an employee and all Options that are not vested on the date the Optionee
ceases to be an employee shall be automatically forfeited and canceled on such
date. The Optionee may exercise any vested Options prior to the Expiration Date.

      In the event the Optionee dies, the legal representative of the Optionee's
estate or beneficiary, as the case may be, may exercise the vested Options prior
to the Expiration Date.

      Neither the Optionee nor any other person entitled to exercise the Options
under the terms of the Plan shall be, or have any of the rights or privileges
of, a stockholder of the Company in respect of any shares of Common Stock
issuable on exercise of the Option, unless and until the Option Price for such
shares has been paid in full.

                            IV. EXERCISE AND PAYMENT

      Subject to the limitations set forth in this Agreement, the Optionee may
exercise the Options by delivering written notice to the Company stating the
number of shares being purchased (but not less than ten (10) shares), and the
notice shall be accompanied by payment in full of the purchase price for such
shares, which payment may be (1) in cash or by check payable and acceptable to
the Company; (2) by tendering to the Company shares of Stock owned by the
Optionee for at least six months, if acquired pursuant to a Company stock
option, and having an aggregate Market Value Per Share as of the date of
exercise and tender that is not greater than the full Option Price for the
shares with respect to which the Option is being exercised and by paying any
remaining amount of the Option Price as provided in (1) above, provided that the
Committee may, upon confirming that the Optionee owns the number of shares being
tendered, authorize the issuance of a new certificate for the number of shares
being acquired pursuant to the exercise of the Option less the number of shares
being tendered upon the exercise and return to the Optionee (or not require
surrender of) the certificate for the shares being tendered upon the exercise;
(3) by the Optionee delivering to the Company a properly executed exercise
notice together with irrevocable instructions to a broker to promptly deliver to
the Company cash or a check payable and acceptable to the Company to pay the
Option Price and any required tax withholding amounts; provided that in the
event the Optionee chooses to pay the Option Price and withholding taxes as
provided above, the Optionee and the broker shall comply with

                                      -2-

<PAGE>

such procedures and enter into such agreements as the Committee may prescribe as
a condition of such payment procedure; or (4) by a combination of such methods
of payment.

      Promptly after the Company's receipt of the written notice of election to
exercise provided for in this Article IV, and Optionee's payment in full of the
Option Price (and satisfaction of any applicable withholding taxes), the Company
shall deliver or cause to be delivered to the Optionee certificates for the
whole number of shares with respect to which the Option is being exercised by
the Optionee. Shares shall be registered in the name of the Optionee. If any law
or regulation of the Securities and Exchange Commission or of any other federal
or state governmental body having jurisdiction shall require the Company or the
Optionee to take any action prior to issuance to the Optionee of the shares of
Common Stock specified in the written notice of election to exercise, or if any
listing agreement between the Company and any national securities exchange
requires such shares to be listed prior to issuance, the date for the delivery
of such shares shall be adjourned until the completing of such action and/or
such listing.

      In no event shall the Company be required to issue fractional shares upon
the exercise of any portion of the Option.

                            V. DISPOSITIONS OF STOCK

      The Optionee shall be required to promptly notify the Company if the
Optionee disposes of any Common Stock acquired through the exercise of an Option
granted hereunder either (a) within two (2) years from the Date of Grant or (b)
within one (1) year after the transfer of such Common Stock to the Optionee. The
Optionee shall also be required to disclose in his notice to the Company the
amount of consideration realized upon such disposition.

                                   VI. GENERAL

      ADMINISTRATION: Administration of this Agreement will be governed by the
terms and conditions set forth in the Plan. That document is incorporated in
this Agreement in its entirety. In the event of any conflict between the Plan
and this Agreement, the terms of the Plan shall control.

      NO TRANSFER: The Options are not transferable by the Optionee other than
by will or the laws of descent and distribution and, during the Optionee's
lifetime may be exercised only by the Optionee.

      NOTICES: Every notice or other communication relating to the Agreement
shall be in writing, and shall be mailed to or delivered to the party for whom
it is intended at such address as may from time to time be designated by such
party. Unless and until some other address is so designated, all notices or
communications by the Optionee to the Company shall be mailed to Administaff,
Inc., 19001 Crescent Springs Drive, Kingwood, Texas 77339-3802, Attention:
President. All notices by the Company to the Optionee may be delivered to the
Optionee personally or may be mailed to the Optionee at the address shown on the
records of the Company.

      ENTIRE AGREEMENT; BINDING EFFECT: This Agreement contains the entire
understanding between the parties with respect to the subject matter hereof, and
supersedes any and all prior written or oral agreements between the parties with
respect to the subject matter hereof. There are no representations, agreements,
arrangements, or understanding, either written or oral, between or among the
parties with respect to the subject matter hereof which

                                      -3-

<PAGE>

are not set forth in this Agreement. This Agreement is binding upon the
Optionee's spouse, heirs, executors and personal representatives with respect to
all provisions hereof.

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

      WITHHOLDING: The Company shall deduct from any payment of any kind due to
the Optionee, any federal, state or local taxes of any kind required by law to
be withheld with respect to the exercise of the Options or require the Optionee
to remit an additional amount in cash or its equivalent to pay for such
withholding.

      INTERPRETATION: This Agreement is subject in all respects to the terms of
the Plan, and in the event that any provision of the Agreement shall be
inconsistent with the terms of the Plan, then the terms of the Plan shall
govern. Any question of interpretation arising under this Agreement shall be
determined by the Committee and its determinations shall be final and conclusive
upon all parties in interest.

      SEVERABILITY: If any term, provision, covenant, or condition of this
Agreement is held by a court of competent jurisdiction to be invalid, illegal,
or unenforceable for any reason, such as invalidity, illegality, or
unenforceability shall not affect any of the other terms, provisions, covenants,
or conditions of this Agreement, each of which shall be binding and enforceable.

      DEFAULT: In the event that an Option granted hereunder is subsequently
determined not to satisfy the requirements of Section 422 of the Code, then such
Option(s) shall remain in effect as a non-qualified stock option(s) under the
Plan.

      COUNTERPARTS: This Agreement may be executed in one or more counterparts,
each counterpart of which will be regarded for all purposes as an original.

      TERMS: All terms used herein that are defined in the Plan shall have the
meanings set forth in the Plan unless otherwise provided herein.

                                                  ADMINISTAFF, INC.

                                                  By: __________________________
                                                      Paul J. Sarvadi, President

                                                  Date: ________________________

      OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO
THIS AGREEMENT IS EARNED ONLY BY CONTINUING EMPLOYMENT AT THE WILL OF THE
COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED OPTIONS OR ACQUIRING
SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS
AGREEMENT SHALL CONFER UPON OPTIONEE ANY RIGHT WITH RESPECT TO CONTINUATION OF
EMPLOYMENT OR CONSULTANCY BY THE COMPANY, NOR SHALL IT

                                      -4-

<PAGE>

INTERFERE IN ANY WAY WITH OPTIONEE'S RIGHT OR THE COMPANY'S RIGHT TO TERMINATE
OPTIONEE'S EMPLOYMENT OR CONSULTANCY AT ANY TIME, WITH OR WITHOUT CAUSE.

      Optionee hereby accepts this Agreement subject to all of the terms and
provisions thereof. Optionee has reviewed this Agreement in its entirety, has
had an opportunity to obtain the advice of counsel prior to executing this
Agreement and fully understands all provisions of the Agreement. Optionee hereby
agrees to accept as binding, conclusive and final all decisions or
interpretations of the Chief Executive Officer upon any questions arising under
this Agreement. Optionee further agrees to notify the Company upon any change in
his/her residence address as reflected in the Company's records.

                                                  OPTIONEE:

                                                  Date: ________________________

Please PRINT the information requested below. This information is needed for
statement and tax documentation mailings.

Home Address:           ________________________________________________________
                        (Street)                             (Apt.)
                        ________________________________________________________
                        (City)                (State)        (Zip Code)

Telephone No.:          __________________________
                        (Area Code and Number)

Social Security No:     __________________________

                                      -5-

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