Document:

Exhibit 4.1

    
      

    

    EXHIBIT
      4.1

    

    

    

    BOOTS&
      COOTS INTERNATIONAL WELL CONTROL, INC.

    2006
      NON-EMPLOYEE DIRECTOR STOCK INCENTIVE PLAN

    (as
      amended through October 2006)

    

    ARTICLE
      I. ESTABLISHMENT AND PURPOSE

    

    1.1    
      Establishment. Boots&
      Coots International Well Control,Inc. (“Boots& Coots”) hereby establishes
      the Boots& Coots International Well Control,Inc. 2006 Non-Employee Director
      Stock Incentive Plan, as an amendment and restatement of the Boots& Coots
      International Well Control, Inc. Non-Employee Director Stock Option Plan,
      originally effective November24, 1997 and as thereafter amended (the “Superseded
      Plan”). Options granted pursuant to the Superseded Plan will continue to be
      governed by the terms of the Superseded Plan as in effect at the date of grant
      of such Options.

    

    1.2    
Purpose.
      The
      purposes of the Plan are to attract and retain highly qualified non-employee
      directors to perform services for Boots& Coots, to further align the
      interests of the non-employee directors with those of the stockholders of
      Boots& Coots, and closely link compensation with Boots& Coots
      performance. Boots& Coots is committed to creating stockholder value.
      Boots& Coots’ compensation philosophy is based on the belief that Boots&
Coots can best create stockholder value if non-employee directors act and are
      rewarded as business owners. Boots& Coots believes that an equity stake
      through equity compensation programs effectively aligns non-employee director
      and stockholder interests.

    

    1.3    
      Effectiveness and Term. This
      Plan
      shall become effective as of September 19, 2006 (the “Effective Date”), the date
      of approval of the Plan by the holders of at least a majority of the shares
      of
      Common Stock either (a)present or represented and entitled to vote at a special
      meeting of the stockholders of Boots& Coots duly held in accordance with
      applicable law or (b)by written action in lieu of a meeting in accordance with
      applicable law. Unless terminated earlier by the Board pursuant to Section13.1,
      this Plan shall terminate on the day prior to the tenth anniversary of the
      Effective Date.

    

    ARTICLE
      II. DEFINITIONS

    

    2.1     “Affiliate”
means
      (a)a “parent corporation” or a subsidiary corporation” of Boots& Coots as
      those terms are defined in Sections 424(e)and (f)of the Code, respectively,
      or
      (b)any other corporation, organization, association, partnership, or other
      type
      of entity with whom Boots& Coots would be considered a single employer under
      Section414(b)of the Code (controlled group of corporations) or Section414(c)of
      the Code (partnerships, proprietorships, etc., under common
      control).

    

    2.2    
      “Award”
means
      an award granted to a Participant in the form of Options, SARs, Restricted
      Stock, Restricted Stock Units, Stock Awards or Other Incentive Awards, whether
      granted singly or in combination.

    

    2.3     “Award
      Agreement”
means
      a
      written agreement between Boots& Coots and a Participant that sets forth the
      terms, conditions, restrictions and limitations applicable to an
      Award.

    

    2.4     “Board”
means
      the Board of Directors of Boots& Coots.

    

    2.5     “Boots&
      Coots”
means
      Boots& Coots International Well Control,Inc., a Delaware corporation, or any
      successor thereto.

    

    2.6     “Cash
      Dividend Right” means
      a
      contingent right, granted in tandem with a specific Restricted Stock Unit Award,
      to receive an amount in cash equal to the cash distributions made by Boots&
Coots with respect to a share of Common Stock during the period such Award
      is
      outstanding.

    

    2.7     “Cause”
means
      a
      finding by the Committee of acts or omissions constituting, in the Committee’s
      reasonable judgment, (a)a breach of duty by the Participant in the course of
      his
      service involving fraud, acts of dishonesty (other than inadvertent acts or
      omissions), disloyalty to Boots& Coots, or moral turpitude constituting
      criminal felony; (b)conduct by the Participant that is materially detrimental
      to
      Boots& Coots, monetarily or otherwise, or reflects unfavorably on Boots&
Coots or the Participant to such an extent that Boots& Coots’ best interests
      reasonably require the termination of the Participant’s service; (c)acts or
      omissions of the Participant materially in violation of his obligations under
      any written agreement between the Participant and Boots& Coots or at law; or
      (d)the Participant’s conviction of, or entry of a plea agreement or consent
      decree or similar arrangement with respect to a felony or any violation of
      federal or state securities laws.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.8     “Change
      of Control”
means
      (a)a “change in control” as that term is defined in the federal securities laws,
      (b)the acquisition by any person, after the Effective Date, of 50.1% or more
      of
      the shares of voting securities of Boots& Coots, (c)a majority of
      individuals who are nominated by the Board for election to the Board on any
      date
      fail to be elected as a result of a proxy fight or contested election for
      positions on the Board, or (d)the sale, lease, transfer or other disposition
      of
      all or substantially all of the assets of Boots& Coots (other than to a
      wholly-owned subsidiary of Boots& Coots).

    

    2.9     “Code”
means
      the Internal Revenue Code of 1986, as amended from time to time, including
      regulations thereunder and successor provisions and regulations.

    

    2.10           “Committee” means
      the
      Board.

    

    2.11          
      “Common
      Stock”
means
      the common stock of Boots& Coots, $0.00001 par value per share, or any stock
      or other securities of hereafter issued or issuable in substitution or exchange
      for the Common Stock.

    

    2.12         
       “Company”
means
      Boots& Coots and any Affiliate.

    

    2.13          
      “Dividend
      Unit Right”
means
      a
      contingent right, granted in tandem with a specific Restricted Stock Unit Award,
      to have an additional number of Restricted Stock Units credited to a Participant
      in respect of the Award equal to the number of shares of Common Stock that
      could
      be purchased at Fair Market Value with the amount of each cash distribution
      made
      by Boots& Coots with respect to a share of Common Stock during the period
      such Award is outstanding.

    

    2.14       
         “Effective
      Date”
means
      the date this Plan becomes effective as provided in Section1.3.

    

    2.15          
      “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended.

    

    2.16          
      “Fair
      Market Value”
means
      of a share of Common Stock on any date shall be (a)the closing sale price on
      that day of a share of Common Stock as reported on the principal securities
      exchange on which shares of Common Stock are then listed or admitted to trading
      or (b)if not so reported, the average of the closing bid and asked prices for
      a
      share of Common Stock on that day as quoted on the National Association of
      Securities Dealers Automated Quotation System (“NASDAQ”), or (c)if not quoted on
      NASDAQ, the average of the closing bid and asked prices for a share of Common
      Stock as quoted by the National Quotation Bureau’s “Pink Sheets” or the National
      Association of Securities Dealers’ OTC Bulletin Board System. If the price of a
      share of Common Stock shall not be so reported, the Fair Market Value of a
      share
      of Common Stock shall be determined by the Committee in its absolute discretion
      using a “reasonable application of a reasonable valuation method” within the
      meaning Section409A of the Code and the regulations thereunder.

    

    2.17          
      “Grant
      Date”
means
      the date an Award is determined to be effective by the Committee upon the grant
      of such Award.

    

    2.18          
      “Non-Employee
      Director”
means
      an individual who (a)is now, or hereafter becomes, a member of the Board of
      Directors of Boots& Coots, and (ii)is neither an employee nor an officer of
      Boots& Coots or of an Affiliate. For purposes of this Plan, “employee” means
      an individual whose wages are subject to the withholding of federal income
      tax
      under Section3401 of the Code, and “officer” means an individual elected or
      appointed by the Board or chosen in such other manner as may be prescribed
      in
      the Bylaws of Boots& Coots or an Affiliate to serve as
      such.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.19          
      “Option”
means
      an option to purchase shares of Common Stock granted to a Participant pursuant
      to ArticleVII. Options granted under the Plan shall be nonqualified stock
      options that are not intended to meet the requirements of Section422 of the
      Code.

    

    2.20          
      “Other
      Incentive Award”
means
      an incentive award granted to a Participant pursuant to ArticleXII.

    

    2.21          
      “Participant”
means
      a
      Non-Employee Director who performs services for Boots& Coots that has been
      granted an Award; provided, however, that no Award that may be settled in Common
      Stock may be issued to a Participant that is not a natural person.

    

    2.22          
      “Permitted
      Transferee”
shall
      have the meaning given such term in Section14.4.

    

    2.23          
      “Plan”
means
      the Boots& Coots International Well Control,Inc. 2006 Non-Employee Director
      Stock Incentive Plan, as in effect from time to time.

    

    2.24          
      “Restricted
      Period”
means
      the period established by the Committee with respect to an Award of Restricted
      Stock or Restricted Stock Units during which the Award remains subject to
      forfeiture.

    

    2.25          
      “Restricted
      Stock”
means
      a
      share of Common Stock granted to a Participant pursuant to ArticleIX that is
      subject to such terms, conditions, and restrictions as may be determined by
      the
      Committee.

    

    2.26          
      “Restricted
      Stock Unit”
means
      a
      fictional share of Common Stock granted to a Participant pursuant to ArticleX
      that is subject to such terms, conditions, and restrictions as may be determined
      by the Committee.

    

    2.27          
      “Rule16b-3”
means
      Rule16b-3 promulgated by the SEC under the Exchange Act, or any successor ruleor
      regulation that may be in effect from time to time.

    

    2.28          
      “SEC”
means
      the United States Securities and Exchange Commission, or any successor agency
      or
      organization.

    

    2.29          
      “Securities
      Act”
means
      the Securities Act of 1933, as amended.

    

    2.30          
      “Stock
      Appreciation Right”
      or “SAR”
means
      a
      right granted to a Participant pursuant to ArticleVIII with respect to a share
      of Common Stock to receive upon exercise cash, Common Stock or a combination
      of
      cash and Common Stock, equal to the appreciation in value of a share of Common
      Stock.

    

    2.31          
      “Superseded
      Plan”
means
      the Boots& Coots International Well Control,Inc. Non-Employee Director Stock
      Option Plan, effective November24, 1997, as in effect prior to the Effective
      Date.

    

    ARTICLE
      III. PLAN ADMINISTRATION

    

    3.1    
Plan
      Administrator and Discretionary Authority. The
      Plan
      shall be administered by the Committee. The Committee shall have total and
      exclusive responsibility to control, operate, manage and administer the Plan
      in
      accordance with its terms. The Committee shall have all the authority that
      may
      be necessary or helpful to enable it to discharge its responsibilities with
      respect to the Plan. Without limiting the generality of the preceding sentence,
      the Committee shall have the exclusive right to: (a)interpret the Plan and
      the
      Award Agreements executed hereunder; (b)decide all questions concerning
      eligibility for, and the amount of, Awards granted under the Plan; (c)construe
      any ambiguous provision of the Plan or any Award Agreement; (d)prescribe the
      form of Award Agreements; (e)correct any defect, supply any omission or
      reconcile any inconsistency in the Plan or any Award Agreement; (f)issue
      administrative guidelines as an aid to administering the Plan and make changes
      in such guidelines as the Committee from time to time deems proper; (g)make
      regulations for carrying out the Plan and make changes in such regulations
      as
      the Committee from time to time deems proper; (h)determine whether Awards should
      be granted singly or in combination; (i)to the extent permitted under the Plan,
      grant waivers of Plan terms, conditions, restrictions and limitations;
      (j)accelerate the exercise, vesting or payment of an Award when such action
      or
      actions would be in the best interests of the Company; (k)require Participants
      to hold a stated number or percentage of shares of Common Stock acquired
      pursuant to an Award for a stated period; and (l)take any and all other actions
      the Committee deems necessary or advisable for the proper operation or
      administration of the Plan. The Committee shall have authority in its sole
      discretion with respect to all matters related to the discharge of its
      responsibilities and the exercise of its authority under the Plan, including
      without limitation its construction of the terms of the Plan and its
      determination of eligibility for participation in, and the terms of Awards
      granted under, the Plan. The decisions of the Committee and its actions with
      respect to the Plan shall be final, conclusive and binding on all persons having
      or claiming to have any right or interest in or under the Plan, including
      without limitation Participants and their respective Permitted Transferees,
      estates, beneficiaries and legal representatives.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.2    
Liability;
      Indemnification. No
      member
      of the Committee shall be personally liable for any action, interpretation
      or
      determination made in good faith with respect to the Plan or Awards granted
      hereunder, and each member of the Committee shall be fully indemnified and
      protected by Boots& Coots with respect to any liability he may incur with
      respect to any such action, interpretation or determination, to the maximum
      extent permitted by applicable law.

    

    ARTICLE
      IV. SHARES SUBJECT TO THE PLAN

    

    4.1    
Available
      Shares.

    

    (a) 
       Subject to adjustment as provided in Section4.2, the maximum number of
      shares of Common Stock that shall be available for grant of Awards under the
      Plan shall be (i)750,000 shares of Common Stock, plus (ii)145,250 shares of
      Common Stock that as of the Effective Date remain available for grant of options
      under the Superseded Plan. Shares of Common Stock available for issuance under
      the Plan shall be increased by any shares of Common Stock subject to outstanding
      options granted under the Superseded Plan that later cease to be subject to
      such
      options for any reason other than such options having been exercised, subject
      to
      adjustment as provided in Section4.2, which shares of Common Stock shall, as
      of
      the date such shares cease to be subject to such options, cease to be available
      for grant under the Superseded Plan, but shall be available for issuance under
      the Plan.

    

    (b) 
       Shares of Common Stock issued pursuant to the Plan may be original issue
      or treasury shares or a combination of the foregoing, as the Committee, in
      its
      sole discretion, shall from time to time determine. During the term of this
      Plan, Boots& Coots will at all times reserve and keep available such number
      of shares of Common Stock as shall be sufficient to satisfy the requirements
      of
      the Plan.

    

    4.2    
Adjustments
      for Recapitalizations and Reorganizations. Subject
      to Article XIII, if there is any change in the number or kind of shares of
      Common Stock outstanding (a) by reason of a stock dividend, spin-off,
      recapitalization, stock split, or combination or exchange of shares, (b) by
      reason of a merger, reorganization, or consolidation, (c) by reason of a
      reclassification or change in par value, or (d) by reason of any other
      extraordinary or unusual event affecting the outstanding Common Stock as a
      class
      without Boots & Coots’
      receipt
      of consideration, or if the value of outstanding shares of Common Stock is
      reduced as a result of a spin-off or Boots & Coots’
      payment
      of an extraordinary cash dividend, or distribution or dividend or distribution
      consisting of any assets of Boots & Coots other than cash, the maximum
      number and kind of shares of Common Stock available for issuance under the
      Plan,
      the maximum number and kind of shares of Common Stock for which a Participant
      may receive all Awards in a calendar year, the number and kind of shares of
      Common Stock covered by outstanding Awards, and the price per share or the
      applicable market value or performance target of such Awards shall be equitably
      and proportionately adjusted by the Committee to reflect any increase or
      decrease in the number of, or change in the kind or value of, issued shares
      of
      Common Stock to preclude, to the extent practicable, the enlargement or dilution
      of rights under such Awards; provided, however, that any fractional shares
      resulting from such adjustment shall be eliminated.

    

    4.3    
Adjustments
      for Awards. The
      Committee shall have sole discretion to determine the manner in which shares
      of
      Common Stock available for grant of Awards under the Plan are counted. Without
      limiting the discretion of the Committee under this Section4.3, unless otherwise
      determined by the Committee, the following rulesshall apply for the purpose
      of
      determining the number of shares of Common Stock available for grant of Awards
      under the Plan:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (a) 
       Options,
      Restricted Stock and Stock Awards. The
      grant
      of Options, Restricted Stock or Stock Awards shall reduce the number of shares
      of Common Stock available for grant of Awards under the Plan by the number
      of
      shares of Common Stock subject to such an Award.

    

    (b) 
       SARs.
      The
      grant
      of SARs that may be paid or settled (i)only in Common Stock or (ii)in either
      cash or Common Stock shall reduce the number of shares available for grant
      of
      Awards under the Plan by the number of shares subject to such an Award;
      provided, however, that upon the exercise of SARs, the excess of the number
      of
      shares of Common Stock with respect to which the Award is exercised over the
      number of shares of Common Stock issued upon exercise of the Award shall again
      be available for grant of Awards under the Plan. The grant of SARs that may
      be
      paid or settled only for cash shall not affect the number of shares available
      for grant of Awards under the Plan.

    

    (c) 
       Restricted
      Stock Units. The
      grant
      of Restricted Stock Units (including those credited to a Participant in respect
      of a Dividend Unit Right) that may be paid or settled (i)only in Common Stock
      or
      (ii)in either cash or Common Stock shall reduce the number of shares available
      for grant of Awards under the Plan by the number of shares subject to such
      an
      Award; provided, however, that upon settlement of the Award, the excess, if
      any,
      of the number of shares of Common Stock that had been subject to such Award
      over
      the number of shares of Common Stock issued upon its settlement shall again
      be
      available for grant of Awards under the Plan. The grant of Restricted Stock
      Units that may be paid or settled only for cash shall not affect the number
      of
      shares available for grant of Awards under the Plan.

    

    (d) 
       Other
      Incentive Awards. The
      grant
      of an Other Incentive Award in the form of Common Stock or that may be paid
      or
      settled (i)only in Common Stock or (ii)in either Common Stock or cash shall
      reduce the number of shares available for grant of Awards under the Plan by
      the
      number of shares subject to such an Award; provided, however, that upon
      settlement of the Award, the excess, if any, of the number of shares of Common
      Stock that had been subject to such Award over the number of shares of Common
      Stock issued upon its settlement shall again be available for grant of Awards
      under the Plan. The grant of an Other Incentive Award that may be paid or
      settled only for cash shall not affect the number of shares available for grant
      of Awards under the Plan.

    

    (e) 
       Cancellation,
      Forfeiture and Termination. If
      any
      Award referred to in Sections 4.3(a), (b), (c), or (d)(other than an Award
      that
      may be paid or settled only for cash) is canceled or forfeited, or terminates,
      expires or lapses, for any reason, the shares then subject to such Award shall
      again be available for grant of Awards under the Plan.

    

    (f) 
       Payment
      of Exercise Price and Withholding Taxes. If
      previously acquired shares of Common Stock are used to pay the exercise price
      of
      an Award, the number of shares available for grant of Awards under the Plan
      shall be increased by the number of shares delivered as payment of such exercise
      price. If previously acquired shares of Common Stock are used to pay withholding
      taxes payable upon exercise, vesting or payment of an Award, or shares of Common
      Stock that would be acquired upon exercise, vesting or payment of an Award
      are
      withheld to pay withholding taxes payable upon exercise, vesting or payment
      of
      such Award, the number of shares available for grant of Awards under the Plan
      shall be increased by the number of shares delivered or withheld as payment
      of
      such withholding taxes.

    

    ARTICLE
      V. ELIGIBILITY

    

    The
      Committee shall select Participants from the Non-Employee Directors. Once a
      Participant has been selected for an Award by the Committee, the Committee
      shall
      determine the type and size of Award to be granted to the Participant and shall
      establish in the related Award Agreement the terms, conditions, restrictions
      and
      limitations applicable to the Award, in addition to those set forth in the
      Plan
      and the administrative guidelines and regulations, if any, established by the
      Committee. All Non-Employee Directors are eligible to participate in the
      Plan.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
      VI. FORMOF AWARDS

    

    6.1    
Formof
      Awards. Awards
      may be granted under the Plan, in the Committee’s sole discretion, in the form
      of Options pursuant to ArticleVII, SARs pursuant to ArticleVIII, Restricted
      Stock pursuant to ArticleIX, Restricted Stock Units pursuant to ArticleX, and
      Stock Awards and Other Incentive Awards pursuant to ArticleXI, or a combination
      thereof. All Awards shall be subject to the terms, conditions, restrictions
      and
      limitations of the Plan. The Committee may, in its sole discretion, subject
      any
      Award to such other terms, conditions, restrictions and/or limitations
      (including without limitation the time and conditions of exercise, vesting
      or
      payment of an Award and restrictions on transferability of any shares of Common
      Stock issued or delivered pursuant to an Award), provided they are not
      inconsistent with the terms of the Plan. Awards under a particular Articleof
      the
      Plan need not be uniform, and Awards under more than one Articleof the Plan
      may
      be combined in a single Award Agreement. Any combination of Awards may be
      granted at one time and on more than one occasion to the same Participant.
      Subject to compliance with applicable tax law, an Award Agreement may provide
      that a Participant may elect to defer receipt of income attributable to the
      exercise or vesting of an Award.

    

    6.2    
No
      Repricing
      or Reload Rights. Except
      for adjustments made pursuant to Section4.2, no Award may be repriced, replaced,
      regranted through cancellation or otherwise modified without stockholder
      approval, if the effect would be to reduce the exercise price for the shares
      underlying such Award. The Committee may not cancel an outstanding Option that
      is under water for the purpose of granting a replacement Award of a different
      type.

    

    ARTICLE
      VII. OPTIONS

    

    7.1    
General.
      Awards
      may be granted in the form of Options.

    

    7.2    
Terms
      and
      Conditions of Options. An
      Option
      shall be exercisable in whole or in such installments and at such times as
      may
      be determined by the Committee. The price at which a share of Common Stock
      may
      be purchased upon exercise of an Option shall be determined by the Committee,
      but such exercise price shall not be less than 100% of the Fair Market Value
      per
      share of Common Stock on the Grant Date unless the Option was granted through
      the assumption of, or in substitution for, outstanding awards previously granted
      to a Participant as a result of a merger, consolidation, acquisition, or other
      corporate transaction involving the Company and complies with Section409A of
      the
      Code. Except as otherwise provided in Section7.3, the term of each Option shall
      be as specified by the Committee; provided, however, that no Options shall
      be
      exercisable later than ten years after the Grant Date. Options may be granted
      with respect to Restricted Stock or shares of Common Stock that are not
      Restricted Stock, as determined by the Committee in its sole
      discretion.

    

    7.3    
Exercise
      of
      Options.

    

    (a) 
       Subject to the terms and conditions of the Plan, Options shall be
      exercised by the delivery of a written notice of exercise to Boots& Coots
      setting forth the number of whole shares of Common Stock with respect to which
      the Option is to be exercised, accompanied by full payment for such
      shares.

    

    (b) 
       Upon exercise of an Option, the exercise price of the Option shall be
      payable to Boots& Coots in full either: (i)in cash or an equivalent
      acceptable to the Committee, or (ii)in the sole discretion of the Committee
      and
      in accordance with any applicable administrative guidelines established by
      the
      Committee, by tendering one or more previously acquired nonforfeitable,
      unrestricted shares of Common Stock that have been held by the Participant
      for
      at least six months having an aggregate Fair Market Value at the time of
      exercise equal to the total exercise price, or (iii)in a combination of the
      forms of payment specified in clauses (i)and (ii)above.

    

    (c) 
       During such time as the Common Stock is registered under Section12 of the
      Exchange Act, to the extent permissible under applicable law, payment of the
      exercise price of an Option may also be made, in the absolute discretion of
      the
      Committee, by delivery to Boots& Coots or its designated agent of an
      executed irrevocable option exercise form together with irrevocable instructions
      to a broker-dealer to sell or margin a sufficient portion of the shares with
      respect to which the Option is exercised and deliver the sale or margin loan
      proceeds directly to Boots& Coots to pay the exercise price and any required
      withholding taxes.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (d) 
       As soon as reasonably practicable after receipt of written notification of
      exercise of an Option and full payment of the exercise price and any required
      withholding taxes, Boots& Coots shall (i)deliver to the Participant, in the
      Participant’s name or the name of the Participant’s designee, a stock
      certificate or certificates in an appropriate aggregate amount based upon the
      number of shares of Common Stock purchased under the Option, or (ii)cause to
      be
      issued in the Participant’s name or the name of the Participant’s designee, in
      book-entry form, an appropriate number of shares of Common Stock based upon
      the
      number of shares purchased under the Option.

    

    7.5    
Termination
      of Service. Each
      Award Agreement embodying the Award of an Option shall set forth the extent
      to
      which the Participant shall have the right to exercise the Option following
      termination of the Participant’s Board service. Such provisions shall be
      determined by the Committee in its absolute discretion, need not be uniform
      among all Options granted under the Plan and may reflect distinctions based
      on
      the reasons for termination of service. In the event a Participant’s Award
      Agreement embodying the award of an Option does not set forth such termination
      provisions, the following termination provisions shall apply with respect to
      such Award:

    

    (a) 
       Termination
      Other Than For Cause. If
      the
      service of a Participant shall terminate for any reason other than Cause, each
      outstanding Option held by the Participant may be exercised, to the extent
      then
      vested, until the earlier of (i)the expiration of one year from the date of
      such
      termination of service or (ii)the expiration of the term of such
      Option.

    

    (b) 
       Termination
      for Cause. Notwithstanding
      paragraphs (a)above, if the service of a Participant shall terminate for Cause,
      each outstanding Option held by the Participant may be exercised, to the extent
      then vested, until the earlier of (i)the expiration of 30 days from the date
      of
      such termination of service or (ii)the expiration of the term of such
      Option.

    

    ARTICLE
      VIII. STOCK APPRECIATION RIGHTS

    

    8.1    
      General.
      The
      Committee may grant Awards in the form of SARs in such numbers and at such
      times
      as it shall determine. SARs shall vest and be exercisable in whole or in such
      installments and at such times as may be determined by the Committee. The price
      at which SARs may be exercised shall be determined by the Committee but shall
      not be less than 100% of the Fair Market Value per share of Common Stock on
      the
      Grant Date unless the SARs were granted through the assumption of, or in
      substitution for, outstanding awards previously granted to individuals as a
      result of a merger, consolidation, acquisition, or other corporate transaction
      involving the Company and comply with Section409A of the Code. The term of
      each
      SAR shall be as specified by the Committee; provided, however, that no SARs
      shall be exercisable later than ten years after the Grant Date. At the time
      of
      an Award of SARs, the Committee may, in its sole discretion, prescribe
      additional terms, conditions, restrictions and limitations applicable to the
      SARs, including without limitation rulespertaining to the termination of service
      (by reason of death, permanent and total disability, or otherwise) of a
      Participant prior to exercise of the SARs, as it determines are necessary or
      appropriate, provided they are not inconsistent with the Plan.

    

    8.2    
Exercise
      of
      SARs.
      SARs
      shall be exercised by the delivery of a written notice of exercise to Boots&
Coots setting forth the number of whole shares of Common Stock with respect
      to
      which the Award is being exercised. Upon the exercise of SARs, the Participant
      shall be entitled to receive an amount equal to the excess of the aggregate
      Fair
      Market Value of the shares of Common Stock with respect to which the Award
      is
      exercised (determined as of the date of such exercise) over the aggregate
      exercise price of such shares. Such amount shall be payable to the Participant
      in cash or in shares of Common Stock, as provided in the Award
      Agreement.

    

    ARTICLE
      IX. RESTRICTED STOCK

    

    9.1    
      General.
      Awards
      may be granted in the form of Restricted Stock in such numbers and at such
      times
      as the Committee shall determine. The Committee shall impose such terms,
      conditions and restrictions on Restricted Stock as it may deem advisable,
      including without limitation providing for vesting upon the achievement of
      specified performance goals pursuant to a Performance Award and restrictions
      under applicable Federal or state securities laws. A Participant shall not
      be
      required to make any payment for Restricted Stock unless required by the
      Committee pursuant to Section9.2.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    9.2    
Purchased
      Restricted Stock. The
      Committee may in its sole discretion require a Participant to pay a stipulated
      purchase price for each share of Restricted Stock.

    

    9.3    
Restricted
      Period.
      At the
      time an Award of Restricted Stock is granted, the Committee shall establish
      a
      Restricted Period applicable to such Restricted Stock. Each Award of Restricted
      Stock may have a different Restricted Period in the sole discretion of the
      Committee.

    

    9.4    
Other
      Terms
      and Conditions.
      Restricted Stock shall constitute issued and outstanding shares of Common Stock
      for all corporate purposes. Restricted Stock awarded to a Participant under
      the
      Plan shall be registered in the name of the Participant or, at the option of
      Boots& Coots in the name of a nominee of Boots& Coots and shall be
      issued in book-entry form or represented by a stock certificate. Subject to
      the
      terms and conditions of the Award Agreement, a Participant to whom Restricted
      Stock has been awarded shall have the right to receive dividends thereon during
      the Restricted Period, to vote the Restricted Stock and to enjoy all other
      stockholder rights with respect thereto, except that (a)Boots& Coots shall
      retain custody of any certificates evidencing the Restricted Stock during the
      Restricted Period, and (b)the Participant may not sell, transfer, pledge,
      exchange, hypothecate or otherwise dispose of the Restricted Stock during the
      Restricted Period. A breach of the terms and conditions established by the
      Committee pursuant to the Award of the Restricted Stock may result in a
      forfeiture of the Restricted Stock. At the time of an Award of Restricted Stock,
      the Committee may, in its sole discretion, prescribe additional terms,
      conditions, restrictions and limitations applicable to the Restricted Stock,
      including without limitation rulespertaining to the termination of service
      (by
      reason of death, permanent and total disability, resignation, cause or
      otherwise) of a Participant prior to expiration of the Restricted
      Period.

    

    9.5    
      Miscellaneous.
      Nothing
      in this Articleshall prohibit the exchange of shares of Restricted Stock
      pursuant to a plan of merger or reorganization for stock or other securities
      of
      Boots& Coots or another corporation that is a party to the reorganization,
      provided that the stock or securities so received in exchange for shares of
      Restricted Stock shall, except as provided in ArticleXII, become subject to
      the
      restrictions applicable to such Restricted Stock. Any shares of Common Stock
      received as a result of a stock split or stock dividend with respect to shares
      of Restricted Stock shall also become subject to the restrictions applicable
      to
      such Restricted Stock.

    

    ARTICLE
      X. RESTRICTED STOCK UNITS

    

    10.1   General.
      Awards
      may be granted in the form of Restricted Stock Units in such numbers and at
      such
      times as the Committee shall determine. The Committee shall impose such terms,
      conditions and restrictions on Restricted Stock Units as it may deem advisable,
      including without limitation prescribing the period over which and the
      conditions upon which a Restricted Stock Unit may become vested or be forfeited,
      and providing for vesting upon the achievement of specified performance goals
      pursuant to a Performance Award. Upon the lapse of restrictions with respect
      to
      each Restricted Stock Unit, the Participant shall be entitled to receive from
      Boots& Coots one share of Common Stock or an amount of cash equal to the
      Fair Market Value of one share of Common Stock, as provided in the Award
      Agreement. A Participant shall not be required to make any payment for
      Restricted Stock Units.

    

    10.2   Restricted
      Period.
      At the
      time an Award of Restricted Stock Units is granted, the Committee shall
      establish a Restricted Period applicable to such Restricted Stock Units. Each
      Award of Restricted Stock Units may have a different Restricted Period in the
      sole discretion of the Committee.

    

    10.3   Cash
      Dividend
      Rights and Dividend Unit Rights.
      To the
      extent provided by the Committee in its sole discretion, a grant of Restricted
      Stock Units may include a tandem Cash Dividend Right or Dividend Unit Right
      grant. A grant of Cash Dividend Rights may provide that such Cash Dividend
      Rights shall be paid directly to the Participant at the time of payment of
      related dividend, be credited to a bookkeeping account subject to the same
      vesting and payment provisions as the tandem Award (with or without interest
      in
      the sole discretion of the Committee), or be subject to such other provisions
      or
      restrictions as determined by the Committee in its sole discretion. A grant
      of
      Dividend Unit Rights may provide that such Dividend Unit Rights shall be subject
      to the same vesting and payment provisions as the tandem Award or be subject
      to
      such other provisions and restrictions as determined by the Committee in its
      sole discretion.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    10.4   Other
      Terms and
      Conditions.
      At the
      time of an Award of Restricted Stock Units, the Committee may, in its sole
      discretion, prescribe additional terms, conditions, restrictions and limitations
      applicable to the Restricted Stock Units, including without limitation
      rulespertaining to the termination of service (by reason of death, permanent
      and
      total disability, resignation, cause or otherwise) of a Participant prior to
      expiration of the Restricted Period.

    

    ARTICLE
      XI. STOCK AWARDS AND OTHER INCENTIVE AWARDS

    

    11.1   Stock
      Awards.
Stock
      Awards may be granted to Participants upon such terms and conditions as the
      Committee may determine. Shares of Common Stock issued pursuant to Stock Awards
      may be issued for cash consideration or for no cash consideration. The Committee
      shall determine the number of shares of Common Stock to be issued pursuant
      to a
      Stock Award.

    

    11.2   Other
      Incentive
      Awards. Other
      Incentive Awards may be granted in such amounts, upon such terms and at such
      times as the Committee shall determine. Other Incentive Awards may be granted
      based upon, payable in or otherwise related to, in whole or in part, shares
      of
      Common Stock if the Committee, in its sole discretion, determines that such
      Other Incentive Awards are consistent with the purposes of the Plan. Each grant
      of an Other Incentive Award shall be evidenced by an Award Agreement that shall
      specify the amount of the Other Incentive Award and the terms, conditions,
      restrictions and limitations applicable to such Award. Payment of Other
      Incentive Awards shall be made at such times and in such form, which may be
      cash, shares of Common Stock or other property (or a combination thereof),
      as
      established by the Committee, subject to the terms of the Plan.

    

    ARTICLE
      XII. CHANGE OF CONTROL

    

    12.1   Accelerated
      Vesting. Except
      as
      provided otherwise in an Award Agreement at the time an Award is granted,
      notwithstanding any provision of this Plan to the contrary, upon a Change of
      Control of Boots& Coots, any time periods, conditions or contingencies
      relating to the exercise or realization of, or lapse of restrictions under,
      any
      Award shall be automatically accelerated or waived so that:

    

    (a) 
       if no exercise of the Award is required, the Award may be realized in full
      at the time of the occurrence of the Change of Control (the “Change Effective
      Time”), or

    

    (b) 
       if exercise of the Award is required, the Award may be exercised in full
      at the Change Effective Time;

    

    provided,
      however, that with respect to an Award that consists of deferred compensation
      under Section409A of the Code, in the event of a Change of Control that does
      not
      satisfy the requirements for a change in the ownership or effective control
      of
      Boots& Coots or a change in the ownership of a substantial portion of the
      assets of Boots& Coots within the meaning of Section409A of the Code and
      Treasury guidance and regulations related to Section409A of the Code, including
      but not limited to Notice 2005-1 and such other Treasury guidance or regulations
      issued thereunder, then delivery of payment with respect to such Award as
      provided herein shall be delayed until payment may be made to the Participant
      without negative tax consequences to the Participant under Section409A of the
      Code.

    

    12.2   Assumption
      of
      Awards. Upon
      a
      Change of Control where Boots& Coots is not the surviving corporation (or
      survives only as a subsidiary of another corporation), unless the Committee
      determines otherwise, all outstanding Options and SARs that are not exercised
      before the Change of Control will be assumed by or replaced with comparable
      options or rights in the surviving corporation (or a parent of the surviving
      corporation) in accordance with Section409A of the Code and the regulations
      thereunder, and other outstanding Awards will be converted into similar awards
      of the surviving corporation (or a parent of the surviving corporation);
      provided that such assumed or replacement awards shall provide for automatic
      acceleration or waiver as provided in Section12.1.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    12.3   Cancellation
      of
      Awards. Notwithstanding
      the foregoing, on or prior to the date of a Change of Control, the Committee
      may
      take any of the following actions with respect to any outstanding Award, without
      the consent of any Participant: (a)the Committee may require that Participants
      surrender their outstanding Options and SARs, whether or not vested, in exchange
      for payment by Boots& Coots, in cash, Common Stock, the securities of
      another company, or a combination thereof, as determined by the Committee,
      in an
      amount equal to the amount, if any, by which the then Fair Market Value of
      the
      shares of Common Stock subject to the Participant’s unexercised Options and
      SARs, whether or not vested, exceeds the exercise price or grant price, and
      (b)with respect to Participants holding Restricted Stock Units, Performance
      Awards, Stock Awards or Other Incentive Awards, and related Cash Dividend Rights
      and Dividend Unit Rights (if applicable), the Committee may determine that
      such
      Participants shall receive payment in settlement of such Awards (and dividend
      rights), in an amount equivalent to the value of such Awards (and dividend
      rights) at the time of such settlement, assuming acceleration of vesting and
      waiver of restrictions as provided in Section12.1 and that all performance
      criteria and other conditions to payment of such Awards are achieved or
      fulfilled to the maximum extent possible. Payments made upon a Change of Control
      pursuant to this Sectionshall be made no later than the date on which the Change
      of Control occurs; provided, however, that with respect to an Award that
      consists of deferred compensation under Section409A of the Code, in the event
      of
      a Change of Control that does not satisfy the requirements for a change in
      the
      ownership or effective control of Boots& Coots or a change in the ownership
      of a substantial portion of the assets of Boots& Coots within the meaning of
      Section409A of the Code and Treasury guidance and regulations related to
      Section409A of the Code, including but not limited to Notice 2005-1 and such
      other Treasury guidance or regulations issued thereunder, then delivery of
      payment with respect to such Award as provided herein shall be delayed until
      payment may be made to the Participant without negative tax consequences to
      the
      Participant under Section409A of the Code.

    

    ARTICLE
      XIII. AMENDMENT AND TERMINATION

    

    13.1   Plan
      Amendment and
      Termination.
      The
      Board may at any time suspend, terminate, amend or modify the Plan, in whole
      or
      in part; provided, however, that no amendment or modification of the Plan shall
      become effective without the approval of such amendment or modification by
      the
      holders of at least a majority of the shares of Common Stock if (a)such
      amendment or modification increases the maximum number of shares subject to
      the
      Plan (except as provided in ArticleIV) or changes the designation or class
      of
      persons eligible to receive Awards under the Plan, or (b)counsel for Boots&
Coots determines that such approval is otherwise required by or necessary to
      comply with applicable law or the listing requirements of any exchange or
      association on which the Common Stock is then listed or quoted. An amendment
      to
      the Plan shall not require stockholder approval if it curtails rather than
      expands the scope of the Plan, nor if it is made to conform the Plan to
      statutory or regulatory requirements, such as, without limitation, changes
      to
      Code Section409A, or regulations issued thereunder. Upon termination of the
      Plan, the terms and provisions of the Plan shall, notwithstanding such
      termination, continue to apply to Awards granted prior to such termination.
      Except as otherwise provided herein, no suspension, termination, amendment
      or
      modification of the Plan shall adversely affect in any material way any Award
      previously granted under the Plan, without the consent of the Participant (or
      the Permitted Transferee) holding such Award. Notwithstanding the foregoing,
      Boots& Coots may amend the Plan or an Award Agreement (i)to cause an Award
      to be exempt from Code Section409A or to comply with the requirements of Code
      Section409A or (ii)to modify any provision that causes an Award that is intended
      to be classified as an “equity instrument” under FAS 123R to be classified as a
      liability on Boots& Coots’ financial statements.

    

    13.2         
      Award Amendment and Cancellation.
      The
      Committee may amend the terms of any outstanding Award granted pursuant to
      the
      Plan, but except as otherwise provided herein, no such amendment shall adversely
      affect in any material way the Participant’s (or a Permitted Transferee’s)
      rights under an outstanding Award without the consent of the Participant (or
      the
      Permitted Transferee) holding such Award.

    

    ARTICLE
      XIV. MISCELLANEOUS

    

    14.1   Award
      Agreements.
      After an
      Award is granted under the Plan to a Participant, Boots& Coots and the
      Participant shall enter into an Award Agreement setting forth the terms,
      conditions, restrictions and limitations applicable to the Award and such other
      matters as the Committee may determine to be appropriate. The Committee may
      permit or require a Participant to defer receipt of the payment of cash or
      the
      delivery of shares of Common Stock that would otherwise be due to the
      Participant in connection with any Award. Awards that are not paid currently
      shall be recorded as payable on Boots& Coots’ records for the Plan. The
      terms and provisions of the respective Award Agreements need not be identical.
      All Award Agreements shall be subject to the provisions of the Plan, and in
      the
      event of any conflict between an Award Agreement and the Plan, the terms of
      the
      Plan shall govern.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    14.2        
       Listing; Suspension.

    

    (a) 
       As long as the Common Stock is listed on a national securities exchange or
      system sponsored by a national securities association, the issuance of any
      shares of Common Stock pursuant to an Award shall be conditioned upon such
      shares being listed on such exchange or system. Boots& Coots shall have no
      obligation to issue such shares unless and until such shares are so listed,
      and
      the right to exercise any Option or other Award with respect to such shares
      shall be suspended until such listing has been effected.

    

    (b) 
       If at any time counsel to Boots& Coots or its Affiliates shall be of
      the opinion that any sale or delivery of shares of Common Stock pursuant to
      an
      Award is or may in the circumstances be unlawful or result in the imposition
      of
      excise taxes on Boots& Coots or its Affiliates under the laws of any
      applicable jurisdiction, Boots& Coots or its Affiliates shall have no
      obligation to make such sale or delivery, or to make any application or to
      effect or to maintain any qualification or registration under the Securities
      Act, or otherwise, with respect to shares of Common Stock or Awards, and the
      right to exercise any Option or other Award shall be suspended until, in the
      opinion of such counsel, such sale or delivery shall be lawful or will not
      result in the imposition of excise taxes on Boots& Coots or its
      Affiliates.

    

    (c)  
      Upon termination of any period of suspension under this Section, any Award
      affected by such suspension that shall not then have expired or terminated
      shall
      be reinstated as to all shares available before such suspension and as to shares
      that would otherwise have become available during the period of such suspension,
      but no such suspension shall extend the term of any Award unless otherwise
      determined by the Committee in its sole discretion.

    

    14.3   Additional
      Conditions.
      Notwithstanding anything in the Plan to the contrary: (a)the Committee may,
      if
      it shall determine it necessary or desirable in its sole discretion, at the
      time
      of grant of any Award or the issuance of any shares of Common Stock pursuant
      to
      any Award, require the recipient of the Award or such shares of Common Stock,
      as
      a condition to the receipt thereof, to deliver to Boots& Coots a written
      representation of present intention to acquire the Award or such shares of
      Common Stock for his own account for investment and not for distribution, (b)the
      certificate for shares of Common Stock issued to a Participant may include
      any
      legend that the Committee deems appropriate to reflect any restrictions on
      transfer, and (c)all certificates for shares of Common Stock delivered under
      the
      Plan shall be subject to such stop transfer orders and other restrictions as
      the
      Committee may deem advisable under the rules, regulations and other requirements
      of the SEC, any stock exchange or association upon which the Common Stock is
      then listed or quoted, any applicable federal or state securities law, and
      any
      applicable corporate law, and the Committee may cause a legend or legends to
      be
      placed on any such certificates to make appropriate reference to such
      restrictions.

    

    14.4   Transferability.

    

    (a) 
       All Awards granted to a Participant shall be exercisable during his
      lifetime only by such Participant, or if applicable, a Permitted Transferee
      as
      provided in subsection (c)of this Section; provided, however, that in the event
      of a Participant’s legal incapacity, an Award may be exercised by his guardian
      or legal representative. When a Participant dies, the personal representative,
      beneficiary, or other person entitled to succeed to the rights of the
      Participant may acquire the rights under an Award. Any such successor must
      furnish proof satisfactory to Boots& Coots of the successor’s entitlement to
      receive the rights under an Award under the Participant’s will or under the
      applicable laws of descent and distribution.

    

    (b) 
       Except as otherwise provided in this Section, no Award shall be subject to
      execution, attachment or similar process, and no Award may be sold, transferred,
      pledged, exchanged, hypothecated or otherwise disposed of, other than by will
      or
      pursuant to the applicable laws of descent and distribution. Any attempted
      sale,
      transfer, pledge, exchange, hypothecation or other disposition of an Award
      not
      specifically permitted by the Plan or the Award Agreement shall be null and
      void
      and without effect.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (c) 
       If provided in the Award Agreement, Options may be transferred by a
      Participant to a Permitted Transferee. For purposes of the Plan, “Permitted
      Transferee” means (i)a member of a Participant’s immediate family, (ii)any
      person sharing the Participant’s household (other than a tenant or employee of
      the Participant), (iii)trusts in which a person listed in (i)or (ii)above has
      more than 50% of the beneficial interest, (iv)a foundation in which the
      Participant or a person listed in (i)or (ii)above controls the management of
      assets, (v)any other entity in which the Participant or a person listed in
      (i)or
      (ii)above owns more than 50% of the voting interests, provided that in the
      case
      of the preceding clauses (i)through (v), no consideration is provided for the
      transfer, and (vi)any transferee permitted under applicable securities and
      tax
      laws as determined by counsel to Boots& Coots. In determining whether a
      person is a “Permitted Transferee,” immediate family members shall include a
      Participant’s child, stepchild, grandchild, parent, stepparent, grandparent,
      spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
      son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including
      adoptive relationships.

    

    (d) 
       Incident to a Participant’s divorce, the Participant may request that
      Boots& Coots agree to observe the terms of a domestic relations order which
      may or may not be part of a qualified domestic relations order (as defined
      in
      Code Section414(p)) with respect to all or a part of one or more Awards made
      to
      the Participant under the Plan. Boots& Coots’ decision regarding such a
      request shall be made by the Committee, in its sole and absolute discretion,
      based upon the best interests of Boots& Coots. The Committee’s decision need
      not be uniform among Participants. As a condition of participation, a
      Participant agrees to hold Boots& Coots harmless from any claim that may
      arise out of Boots& Coots’ observance of the terms of any such domestic
      relations order.

    

    14.5  
Withholding
      Taxes.
      Boots& Coots shall be entitled to deduct from any payment made under the
      Plan, regardless of the form of such payment, the amount of all applicable
      taxes
      required by law to be withheld with respect to such payment, may require the
      Participant to pay to Boots& Coots such withholding taxes prior to and as a
      condition of the making of any payment or the issuance or delivery of any shares
      of Common Stock under the Plan, and shall be entitled to deduct from any other
      compensation payable to the Participant any withholding obligations with respect
      to Awards. In accordance with any applicable administrative guidelines it
      establishes, the Committee may allow a Participant to pay the amount of taxes
      required by law to be withheld from or with respect to an Award by
      (a)withholding shares of Common Stock from any payment of Common Stock due
      as a
      result of such Award, or (b)permitting the Participant to deliver to Boots&
Coots previously acquired shares of Common Stock, in each case having an
      aggregate Fair Market Value equal to the amount of such required withholding
      taxes. No payment shall be made and no shares of Common Stock shall be issued
      pursuant to any Award unless and until the applicable tax withholding
      obligations have been satisfied.

    

    14.6   No
      Fractional
      Shares.
      No
      fractional shares of Common Stock shall be issued or delivered pursuant to
      the
      Plan or any Award granted hereunder, provided that the Committee in its sole
      discretion may round fractional shares down to the nearest whole share or settle
      fractional shares in cash.

    

    14.7   Notices.
      All
      notices required or permitted to be given or made under the Plan or pursuant
      to
      any Award Agreement (unless provided otherwise in such Award Agreement) shall
      be
      in writing and shall be deemed to have been duly given or made if (a)delivered
      personally, (b)transmitted by first class registered or certified United States
      mail, postage prepaid, return receipt requested, (c)sent by prepaid overnight
      courier service, or (d)sent by telecopy or facsimile transmission, with
      confirmation receipt, to the person who is to receive it at the address that
      such person has theretofore specified by written notice delivered in accordance
      herewith. Such notices shall be effective (a)if delivered personally or sent
      by
      courier service, upon actual receipt by the intended recipient, (b)if mailed,
      upon the earlier of five days after deposit in the mail or the date of delivery
      as shown by the return receipt therefor, or (c)if sent by telecopy or facsimile
      transmission, when the answer back is received. Boots& Coots or a
      Participant may change, at any time and from time to time, by written notice
      to
      the other, the address that it or such Participant had theretofore specified
      for
      receiving notices. Until such address is changed in accordance herewith, notices
      hereunder or under an Award Agreement shall be delivered or sent (a)to a
      Participant at his address as set forth in the records of Boots& Coots or
      (b)to Boots& Coots at the principal executive offices of Boots& Coots
      clearly marked “Attention: General Counsel.”

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    14.8   Compliance
      with Law
      and Stock Exchange or Association Requirements. It
      is the
      intent of Boots& Coots that all Awards either be exempt from Code
      Section409A or, if not exempt, comply with the requirements of Section409A
      of
      the Code. To the extent that any legal requirement of Section16 of the Exchange
      Act or Section409A of the Code as set forth in the Plan ceases to be required
      under Section16 of the Exchange Act or Section409A of the Code, that Plan
      provision shall cease to apply. Any provision of this Plan to the contrary
      notwithstanding, the Committee may revoke any Award if it is contrary to law,
      governmental regulation, or stock exchange or association requirements or modify
      an Award to bring it into compliance with any government regulation or stock
      exchange or association requirements. The Committee may agree to limit its
      authority under this Section.

    

    14.9   Binding
      Effect.
      The
      obligations of Boots& Coots under the Plan shall be binding upon any
      successor corporation or organization resulting from the merger, consolidation
      or other reorganization of Boots& Coots or upon any successor corporation or
      organization succeeding to all or substantially all of the assets and business
      of Boots& Coots. The terms and conditions of the Plan shall be binding upon
      each Participant and his Permitted Transferees, heirs, legatees, distributees
      and legal representatives.

    

    14.10   
      Severability.
      If any
      provision of the Plan or any Award Agreement is held to be illegal or invalid
      for any reason, the illegality or invalidity shall not affect the remaining
      provisions of the Plan or such agreement, as the case may be, but such provision
      shall be fully severable and the Plan or such agreement, as the case may be,
      shall be construed and enforced as if the illegal or invalid provision had
      never
      been included herein or therein.

    

    14.11   No
      Restriction of
      Corporate Action.
      Nothing
      contained in the Plan shall be construed to prevent Boots& Coots or any
      Affiliate from taking any corporate action (including any corporate action
      to
      suspend, terminate, amend or modify the Plan) that is deemed by Boots& Coots
      or such Affiliate to be appropriate or in its best interest, whether or not
      such
      action would have an adverse effect on the Plan or any Awards made or to be
      made
      under the Plan. No Participant or other person shall have any claim against
      Boots& Coots or any Affiliate as a result of such action.

    

    14.12       
      Governing Law.
      The Plan
      shall be governed by and construed in accordance with the internal laws (and
      not
      the principles relating to conflicts of laws) of the State of Texas except
      as
      superseded by applicable federal law.

    

    14.13        No
      Right, Title or Interest in Company Assets.
      No
      Participant shall have any rights as a stockholder of Boots& Coots as a
      result of participation in the Plan until the date of issuance of Common Stock
      in his name and, in the case of Restricted Stock, unless and until such rights
      are granted to the Participant pursuant to the Plan. To the extent any person
      acquires a right to receive payments from Boots& Coots under the Plan, such
      rights shall be no greater than the rights of an unsecured general creditor
      of
      Boots& Coots, and such person shall not have any rights in or against any
      specific assets of Boots& Coots. All Awards shall be unfunded.

    

    14.14        Risk
      of Participation.
      Nothing
      contained in the Plan shall be construed either as a guarantee by Boots&
Coots or its Affiliates, or their respective stockholders, directors, officers
      or employees, of the value of any assets of the Plan or as an agreement by
      Boots& Coots or its Affiliates, or their respective stockholders, directors,
      officers or employees, to indemnify anyone for any losses, damages, costs or
      expenses resulting from participation in the Plan.

    

    14.15       
      No Guarantee of Tax Consequences.
      No
      person connected with the Plan in any capacity, including without limitation
      Boots& Coots and its Affiliates and their respective directors, officers,
      agents and employees, makes any representation, commitment or guarantee that
      any
      tax treatment, including without limitation federal, state and local income,
      estate and gift tax treatment, will be applicable with respect to any Awards
      or
      payments thereunder made to or for the benefit of a Participant under the Plan
      or that such tax treatment will apply to or be available to a Participant on
      account of participation in the Plan.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    14.16       
      Continued Service.
      Nothing
      contained in the Plan or in any Award Agreement shall confer upon any
      Participant the right to continue in the service of Boots& Coots, or
      interfere in any way with the rights of Boots& Coots to terminate a
      Participant’s service at any time, with or without cause. The loss of existing
      or potential profit in Awards will not constitute an element of damages in
      the
      event of termination of service for any reason, even if the termination is
      in
      violation of an obligation of Boots& Coots or an Affiliate to the
      Participant.

    

    14.17       
      Miscellaneous.
      Headings
      are given to the articles and sections of the Plan solely as a convenience
      to
      facilitate reference. Such headings shall not be deemed in any way material
      or
      relevant to the construction of the Plan or any provisions hereof. The use
      of
      the masculine gender shall also include within its meaning the feminine.
      Wherever the context of the Plan dictates, the use of the singular shall also
      include within its meaning the plural, and vice versa.

    

    IN
      WITNESS WHEREOF, this Plan has been executed as of the Effective
      Date.

     

    
      
        
           

            
              	 	
                      BOOTS&
                        COOTS INTERNATIONAL WELL CONTROL,INC.

                    
	 	
                      By:

                    	
                      /s/
                        JERRY WINCHESTER

                    
	 	 	
                      Name:

                    	
                      Jerry
                        Winchester

                    
	 	 	
                      Title:

                    	
                      Chief
                        Executive
                        OfficerExhibit 4.2

    
      

    

    EXHIBIT
      4.2

    NONQUALIFIED
      STOCK OPTION AGREEMENT

    BOOTS
      & COOTS INTERNATIONAL WELL CONTROL, INC.

    NONEMPLOYEE
      DIRECTOR STOCK OPTION PLAN

    

    
      	
              [         
                    , 20   ]

            	
              Option
                No. 

            

    

    

    THIS
      OPTION AGREEMENT (“Option Agreement”) dated and delivered to the holder on this
      day of , 20 , in Houston, Texas, is by and between BOOTS & COOTS
      INTERNATIONAL WELL CONTROL, INC., a Delaware corporation (hereinafter called
      the
“Company”),
      and                             
 (hereinafter called “Optionee”),

    

    RECITALS

    

    The
      Board
      of Directors (the “Board”) or the Committee, as appropriate, has determined that
      it would be in the best interests of the Company and its stockholders to grant
      the option provided for herein (the “Option”) to Optionee pursuant to the Boots
& Coots International Well Control, Inc. 2006 Non-Employee Director Stock
      Incentive Plan (the “Plan”) and the terms set forth herein as an inducement to
      serve as a director of the Company and to provide Optionee with a proprietary
      interest in the future of the Company;

    

    NOW
      THEREFORE, in consideration of the mutual covenants hereinafter set forth,
      the
      parties hereto agree as follows:

    

    1.     GRANT
      OF
      THE OPTION. The Company hereby grants to Optionee the right and option to
      purchase, on the terms and conditions hereinafter set forth, all or any part
      of
      an aggregate
      of             
shares of Common Stock. The purchase price of the Common Stock subject to this
      Option shall
      be             
 per share.

    

    2.     EXERCISE
      OF OPTION.

     

    (a)     Subject
      to Sections 2(d) and 2(e) hereof, this Option may be exercised in whole or
      in
      part, at any time or from time to time during the period commencing on the
      date
      of the Option Agreement and ending
      on            
 , 20   (five years from the date of grant) (the “Option
      Term”). The Option is not transferable or assignable by the Optionee other than
      by will or the laws of descent and distribution or pursuant to a Qualified
      Domestic Relations Order, as defined in the Plan. During the Optionee’s
      lifetime, this Option shall be exercisable only by the Optionee.

    

    (b)     This
      Option may be exercised by written notice of intent to exercise the Option
      delivered to the Company at its principal office no fewer than five days in
      advance of the effective date of the proposed exercise. Such notice shall be
      accompanied by this Option Agreement, shall specify the number of shares of
      Common Stock with respect to which the Option is being exercised and shall
      specify the proposed effective date of such exercise. Such notice shall also
      be
      accompanied by payment in full to the Company at its principal office of the
      option price for the number of shares of the Common Stock with respect to which
      the Option is then being exercised. The payment of the Option price shall be
      payable the Company in the manner set forth in the Plan. 

    

    (c)     Upon
      the
      Company’s determination that the Option has been validly exercised as to any of
      the Common Stock, the Secretary of the Company shall issue a certificate or
      certificates in the Optionee’s name for the number of shares set forth in his
      written notice. However, the Company shall not be liable to the Optionee for
      damages relating to any delays in issuing the certificate(s) to him, any loss
      of
      the certificate(s), or any mistakes or errors in the issuance of the
      certificate(s) themselves.

    

    (d)     This
      Option shall vest in full on the earlier of (i) the [first] anniversary of
      the
      date of grant or (ii) the date of the annual meeting of stockholders in the
      succeeding calendar year [, provided, in each instance that the Participant
      has
      been in continuous service as a director of Company until such date].

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (e)     This
      Option may be exercised after the date of termination of Optionee’s service as a
      director of Company only in accordance with Section 7.5 of the Plan. In no
      event
      shall this Option be exercisable in whole or in part after the expiration of
      five (5) years from the date of this Option Agreement. This Option is intended
      to be a Nonqualified Stock Option.

    

    3.     NOTICES;
      DELIVERIES. Any notice or delivery required to be given under the terms of
      this
      Option Agreement shall be addressed to the Company in care of its Secretary
      at
      its principal office, and any notice or delivery to be given to Optionee shall
      be addressed to him a the address given by him beneath his signature hereto
      or
      such other address as either party hereto may hereafter designate in writing
      to
      the other. Any such notice or delivery shall be deemed to have been duly given
      when addressed as aforesaid, registered or certified mail, and deposited
      (postage or registration or certification fee prepaid) in a post office or
      branch post office regularly maintained by the United States.

    

    4.     DISPUTES.
      As a condition of the granting of the Option hereby, the Optionee and his heirs
      and successors agree that any dispute or disagreement which may arise hereunder
      shall be determined by the Board or Committee in its sole discretion and
      judgment, and that any such determination and any interpretation by the Board
      or
      Committee of the terms of this Option shall be final and shall be binding and
      conclusive, for all purposes, upon the Company, Optionee, his heirs and personal
      representatives.

    

    5.     LEGEND
      ON
      CERTIFICATES. The certificate(s) representing the shares of Common Stock
      purchased by exercise of this Option will be stamped or otherwise imprinted
      with
      a legend in such form as the Company or its counsel may require with respect
      to
      any applicable restrictions on the sale or transfer of such shares and the
      stock
      transfer records of the Company will reflect stop-transfer instructions with
      respect to such shares.

    

    6.     OPTION
      SUBJECT TO PLAN. This Option is subject to the Plan. In the event of a conflict
      between any term or provision contained herein and a term or provision of the
      Plan, the applicable terms and provisions of the Plan will govern and prevail.
      Capitalized terms used and not otherwise defined herein have the respective
      meanings given them in the Plan. 

    

    
      	 	
              7.

            	
              MISCELLANEOUS.

            

    

    

    (a)     All
      decisions of the Board or Committee upon any questions arising under the Plan
      or
      under this Option Agreement shall be conclusive.

    

    (b)     Optionee
      agrees to make appropriate arrangements with the Company for satisfaction of
      any
      applicable federal, state or local income tax withholding requirements or like
      requirements, including the payment to the Company at the time of exercise
      of
      the Option of all such taxes and requirements.

    

    (c)     Whenever
      the term “Optionee” is used herein under circumstances applicable to any other
      person or persons to whom this Option, in accordance with the provisions hereof,
      may be transferred, the word “Optionee” shall be deemed to include such person
      or persons.

    

    (d)     Notwithstanding
      any of the other provisions hereof, Optionee agrees that he will not exercise
      this Option and that the Company will not be obligated to issue any shares
      of
      Common Stock pursuant to this Option Agreement, if the exercise of the Option
      or
      the issuance of such shares of Common Stock would constitute a violation by
      the
      Optionee or by the Company of any provision of any law or regulation of any
      governmental authority or national securities exchange. Upon the acquisition
      of
      any Common Stock pursuant to the exercise of the Option herein granted, Optionee
      will enter into such written representations, warranties and agreements as
      the
      Company may reasonably request in order to comply with applicable securities
      laws or with this Option Agreement.

    

    (e)     This
      Option Agreement shall be binding upon and inure to the benefit of any successor
      or successors of the Company. The interpretation, performance and enforcement
      of
      this Option Agreement shall be governed by the laws of the State of Texas,
      except as superseded by applicable federal law. The exclusive forum for any
      action concerning this Agreement or the transactions contemplated hereby shall
      be in a court of competent jurisdiction in Harris County, Texas, with respect
      to
      a state court, or the United States District Court for the Southern District
      of
      Texas, Houston Division, with respect to a federal court. OPTIONEE HEREBY
      CONSENTS TO THE EXERCISE OF JURISDICTION OF A COURT IN THE EXCLUSIVE FORUM
      AND
      WAIVES ANY RIGHT HE OR SHE MAY HAVE TO CHALLENGE OR CONTEST THE REMOVAL AT
      ANY
      TIME BY THE COMPANY OR ANY OF ITS AFFILIATES TO FEDERAL COURT OF ANY SUCH ACTION
      HE OR SHE MAY BRING AGAINST IT IN STATE COURT.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Company has, as of the date and place first above written,
      caused this Option Agreement to be executed on its behalf by the Officer whose
      signature appears below and Optionee has hereunto set his hand as of the date
      and place first above written, which date is the date of grant of this
      Option.

    

      
        	
                BOOTS
                  & COOTS INTERNATIONAL

              	 	
                OPTIONEE

              	 
	
                WELL
                  CONTROL, INC.

              	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	 	 
	 	
                Name:
                  

              	 	 	 	
                Signature

              	 
	 	
                Title:
                  

              	 	 	 	 	 
	 	 	 	 	 
	 	 	 	
                Name
                  (Print)

              	 
	 	 	 	 	 
	 	 	 	
                Address

              	 
	 	 	 	 	 
	 	 	 	
                City
                  and State

              	 

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM
      OF ELECTION TO PURCHASE

    (To
      Be
      Executed Upon Exercise of this Option)

    

    To
      Boots
& Coots International Well Control, Inc.:

    

    The
      undersigned, the record holder of the attached Option (Option No. ), hereby
      irrevocably elects to exercise the right, represented by the attached Option,
      to
      purchase _______________________________
      of
      the
      Option Shares and herewith tenders payment for such Option Shares to the order
      of Boots & Coots International Well Control, Inc. of ___________
      representing the full purchase price for such shares at the price per share
      provided for in the attached Option and the delivery of any applicable taxes
      payable by the undersigned pursuant to such Option.

    The
      undersigned requests that certificates for such shares be issued in the name
      of:

    

    
      	 	 	
              PLEASE
                INSERT SOCIAL SECURITY OR TAX 

            
	 	 	
              IDENTIFICATION
                NUMBER

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              (Please
                print name and address)

            	 	 	 

    

    

    In
      the
      event that not all of the purchase rights represented by the attached Option
      are
      exercised, a new Option, substantially identical to the attached Option,
      representing the rights formerly represented by the attached Option which have
      not been exercised, shall be issued in the name of and delivered to

    

      
        	 	 	 	 
	 	 	
                (Please
                  print name)

              	 
	 	 	 	 
	 	 	 	 
	 	 	
                (Please
                  print address)

              	 
	 	 	 	 
	
                Dated:

              	 	 	
                Name
                  of Optionee (Print):

              	 	 
	 	 	
                By:    
                    

              	 	 
	 	 	
                Name: 
                  

              	 	 
	 	 	
                Title:

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