Document:

Limited Waiver and Amend. #1 to 2nd Amended & Restated Loan and Security Agrmt

  
 Exhibit 10.1

  
 LIMITED WAIVER AND AMENDMENT NO. 1 TO SECOND AMENDED AND

 RESTATED LOAN AND SECURITY AGREEMENT AND THE OTHER FINANCING 
 AGREEMENTS 
  
 This LIMITED WAIVER AND AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT AND THE OTHER FINANCING AGREEMENTS (this “Amendment”) dated as of September 1, 2004 is by and among Remy International, Inc.
(f/k/a Delco Remy International Inc.), a Delaware corporation (“Parent”), the following Subsidiaries of Parent: Remy Inc. (f/k/a Delco Remy America, Inc.), a Delaware corporation, Remy Sales, Inc. (f/k/a DR Sales, Inc.), a Delaware
corporation, Franklin Power Products, Inc., an Indiana corporation, HSG I, Inc, a Delaware corporation, HSG II, Inc, a Delaware corporation, International Fuel Systems, Inc., an Indiana corporation, JAX Reman, L.L.C., a Delaware limited liability
company, M. & M. Knopf Auto Parts, L.L.C., a Delaware limited liability company, Nabco, Inc., a Michigan corporation, Powrbilt Products, Inc., a Texas corporation, Remy Logistics, L.L.C., a Delaware limited liability company, Remy Reman, L.L.C.,
a Delaware limited liability company, Williams Technologies, Inc., a South Carolina corporation, World Wide Automotive, L.L.C., a Virginia limited liability company (each individually, together with the Parent, a “Borrower” and
collectively, the “Borrowers”), Congress Financial Corporation (Central), an Illinois corporation, as agent for Lenders referenced below (in such capacity and as US Collateral Agent, as defined in the Loan Agreement referenced
below, the “Agent”), and the financial institutions (each individually, a “Lender” and collectively, the “Lenders”) party to that certain Second Amended and Restated Loan and Security Agreement,
dated as of April 23, 2004 (as amended or otherwise modified prior to the date hereof, the “Loan Agreement”). Capitalized terms used and not defined herein shall have the meanings assigned to them in the Loan Agreement. 

 
 R E C I T A L S: 
  
 WHEREAS, Parent and Reman Holdings, L.L.C., a Delaware limited liability
company (“Reman Holdings”), as sellers, and Caterpillar Inc., a Delaware corporation, as buyer (the “Buyer”), have entered into a Stock Purchase Agreement, dated as of August 13, 2004 (as in effect on the date
hereof, the “Stock Purchase Agreement”) pursuant to which Parent and Reman Holdings agreed to sell, and the Buyer agreed to buy, all of the outstanding shares of capital stock or other equity interest in Williams Technologies, Inc.,
a South Carolina corporation (“Williams Technologies”) and JAX Reman, L.L.C., a Delaware limited liability company (“JAX”) and pursuant to which Williams Technologies agreed to acquire all of the outstanding shares
of capital stock or other equity interest in JAX immediately prior to the closing of such sale (such sale by Parent and Reman Holdings and such acquisition by Williams Technologies are herein collectively referred to as the “Williams-JAX
Sale”); 
  
 WHEREAS, Borrowers have requested that Agent
and Lenders agree to certain amendments to the Loan Agreements and the Financing Agreements as set forth herein; and 
  
 WHEREAS, Agent and Lenders have agreed to such amendments upon the terms and conditions contained herein. 
  

 NOW, THEREFORE, in consideration of the premises contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  
 Section 1 Limited Waiver (Williams-JAX Sale). Immediately upon the satisfaction of each of the conditions precedent set forth in Section 3
below, Agent and Lenders hereby waive Section 9.7(b) of the Loan Agreement, but subject to clause (viii) thereof as amended hereby, to the extent, and solely to the extent, necessary to permit Parent and Reman Holdings to enter into an agreement to
sell the equity interests in Williams Technologies and JAX pursuant to the Stock Purchase Agreement and to consummate the Williams-JAX Sale pursuant to and in accordance with the Stock Purchase Agreement. 
  
 Section 2 Amendments to the Loan Agreement and the other Financing
Agreements. Immediately upon the satisfaction of each of the conditions precedent set forth in Section 3 below, the Loan Agreement is hereby amended as follows: 
  
 (a) all references in the Financing Agreements to Williams Technologies, Inc., a South Carolina corporation
and JAX Reman, L.L.C., a Delaware limited liability company are hereby deleted. 
  
 (b) Clause (viii) of Section 9.7(b) of the Loan Agreement is hereby amended by amending and restating clause (C) thereof to read in its
entirety as follows: 
  
 “(C) such amounts in the Blocked
Account (or such other account) shall be released from time to time provided that (1) Agent shall have received, prior to the 360th day after receipt of the Net Available Cash, a certificate from Parent stating that Parent or the applicable
Restricted Subsidiary has invested (or has entered into a binding commitment to invest; provided that such commitment shall be subject only to customary conditions (other than financing) and such investment shall be consummated within 365
days after the end of such 360-day period) all such amounts released from the Blocked Account in Additional Assets (as defined in the Indentures) within the 360-day period after receipt of the Net Available Cash and (2) such amounts are released
from the Blocked Account (or such other account) solely to make such investment or investments or” 
  
 (c) The definition of “EBITDA” set forth in Section 1 of the Loan Agreement is amended by deleting the word “and”
before paragraph (vi) of clause (b) thereof and by adding the word “and” and a new paragraph (vii) at the end paragraph (vi) of clause (b) thereof, which paragraph (vii) shall read in its entirety as follows: 
  

	 	“(vii)	 any gain or loss from the sale of the outstanding shares of capital stock or other equity interest in Williams Technologies, Inc., a South Carolina corporation and
JAX 

  

 2 

	 	 
Reman, L.L.C., a Delaware limited liability company to Caterpillar Inc., a Delaware corporation;” 

  
 (d) Section 9.17 of the Loan Agreement is hereby amended by
deleting the EBITDA Levels for the months of August 31,2004 through and including March 31,2006 and replacing them with new EBITDA Levels for such months as follows and by adding EBITDA Levels for each month after March 31, 2006 as follows:

  

			
	 Month Ended

	  	EBITDA

	 August 31,2004
	  	96,000,000
	 September 30, 2004
	  	96,000,000
	 October 31,2004
	  	99,000,000
	 November 30, 2004
	  	99,000,000
	 December 31, 2004
	  	99,000,000
	 January 31, 2005
	  	100,000,000
	 February 28, 2005
	  	100,000,000
	 March 31, 2005
	  	100,000,000
	 April 30, 2005
	  	101,000,000
	 May 31, 2005
	  	101,000,000
	 June 30, 2005
	  	101,000,000
	 July 31, 2005
	  	102,000,000
	 August 31, 2005
	  	102,000,000
	 September 30, 2005
	  	102,000,000
	 October 31, 2005
	  	102,000,000
	 November 30, 2005
	  	102,000,000
	 December 31, 2005
	  	102,000,000
	 January 31, 2006
	  	117,000,000
	 February 28, 2006
	  	117,000,000
	 March 31,2006 and
 each month thereafter
	  	117,000,000

  
 (e)
All references in the Financing Agreements (i) to Delco Remy International, Inc., a Delaware corporation shall be deemed to be references to Remy International, Inc., a Delaware corporation, (ii) to Remy International, Inc., a Delaware corporation
shall be deemed to be references to Remy International Holdings, Inc., a Delaware corporation, (iii) to Delco Remy America, Inc., a Delaware corporation shall be deemed to be references to Remy Inc., a Delaware corporation, (iv) to DR Sales, Inc, a
Delaware corporation shall be deemed to be references to Remy Sales, Inc., a Delaware corporation, and (iv) to DR Alternators, Inc., a Delaware corporation shall be deemed to be references to Remy Alternators, Inc., a Delaware corporation.

  
 (f) The definition of “Eligible
Accounts” is hereby amended by adding the phrase “Advance Stores Company, Incorporated” immediately after the phrase “AutoZone, Inc.” in the last paragraph thereof. 
  

 3 

 Section 3 Conditions to Effectiveness. The effectiveness of the waiver set forth in Section
1 above and the amendments set forth in Section 2 above are subject to the satisfaction of each of the following conditions: 
  
 (a) Agent shall have received a duly executed counterpart of this Amendment from Borrowers and the Lenders; 
  
 (b) Agent shall have received a reaffirmation of guaranty
from each guarantor of the Obligations in form and substance satisfactory to the Agent; 
  
 (c) Agent shall have received a duly executed Williams-JAX paydown letter agreement in the form of Exhibit A attached hereto and
the Williams-JAX Paydown Amount under and as defined therein; 
  
 (d) Agent shall have received a certificate of Parent to the effect that attached thereto are true, correct and complete copies of the Stock Purchase Agreement and all other agreements, documents and instruments
executed and/or delivered in connection therewith (including all exhibits, attachments and schedules attached to any of the foregoing) requested by Agent; and 
  

(e) The Williams-JAX Sale shall have been consummated in accordance with the terms of the Stock Purchase Agreement. 
  
 Section 4 Representations, Warranties and Covenants. In order to
induce Agent and Lenders to enter into this Amendment, Borrowers represent, warrant and covenant to Agent and Lenders, upon the effectiveness of this Amendment, which representations, warranties and covenants shall survive the execution and delivery
of this Amendment that: 
  
 (a) No Default;
etc. No Default or Event of Default has occurred and is continuing after giving effect to this Amendment or would result from the execution or delivery of this Amendment or the consummation of the transactions contemplated hereby. 
  
 (b) Corporate or Limited Liability Company Power and
Authority; Authorization. Each Borrower has the power and authority to execute and deliver this Amendment and to carry out the terms and provisions of the Financing Agreements, each as amended by this Amendment, to which it is a party and the
execution and delivery by such Borrower of this Amendment, and the performance by such Borrower of its obligations hereunder have been duly authorized by all requisite action by such Borrower. 
  
 (c) Execution and Delivery. Each Borrower has duly
executed and delivered this Amendment. 
  
 (d)
Enforceability. This Amendment and the Financing Agreements, each as amended by this Amendment, constitute the legal, valid and binding obligations of each Borrower, enforceable against each Borrower in accordance with their respective terms,
except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ right generally, and by general principles of equity. 
  

 4 

 (e) Representations and Warranties. All of the representations and warranties
contained in the Financing Agreements (other than those which speak expressly only as of a different date) are true and correct as of the date hereof after giving effect to this Amendment and the transactions contemplated hereby. 
  
 Section 5 Miscellaneous. 
  
 (a) Effect; Ratification. Borrowers acknowledge that
all of the reasonable legal expenses incurred by U.S. Collateral Agent in connection herewith shall be reimbursable under Section 9.21 of the Loan Agreement. The amendments and consent set forth herein are effective solely for the purposes set forth
herein and shall be limited precisely as written, and shall not be deemed to (i) be a consent to any amendment, waiver or modification of any other term or condition of any Financing Agreement or (ii) prejudice any right or rights that any Lender
may now have or may have in the future under or in connection with any Financing Agreement. Each reference in the Financing Agreements to “this Agreement”, “herein”, “hereof” and words of like import shall mean such
Financing Agreement and Foreign Financing Agreement as amended hereby. This Amendment shall be construed in connection with and as part of the Financing Agreements and all terms, conditions, representations, warranties, covenants and agreements set
forth in the Financing Agreements, except as herein amended or waived are hereby ratified and confirmed and shall remain in full force and effect. 
  
 (b) Counterparts; etc. This Amendment may be executed in any number of counterparts, each such counterpart constituting an original
but all together one and the same instrument. Delivery of an executed counterpart of this Amendment by fax shall have the same force and effect as the delivery of an original executed counterpart of this Amendment. Any party delivering an executed
counterpart of this Amendment by fax shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability or binding effect of this Amendment. 
  
 (c) Governing Law. This Amendment shall be governed
by, and construed and interpreted in accordance with the internal laws of the State of New York but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws
of the State of New York. 
  
 [Signature Pages
Follow] 
  

 5 

 IN WITNESS WHEREOF, Agent, Lenders, and Borrowers have caused these presents to be duly executed as of
the day and year first above written. 
  

									
	 BORROWERS
	 	 	 	 
			
	REMY INTERNATIONAL, INC. (f/k/a Delco Remy International Inc.), as President and Chief Executive Officer	 	 	 	 FRANKLIN POWER PRODUCTS, INC., as
 Vice
President and General Manager

			
	 M. & M. KNOPF AUTO PARTS, L.L.C., as
 Vice Chairman
	 	 	 	 INTERNATIONAL FUEL SYSTEMS, INC., as
 Vice
President and General Manager

			
	NABCO, INC., as Assistant Secretary	 	 	 	 POWRBILT PRODUCTS, INC., as
 Vice
President and General Manager

	 	 

  

									
	 REMY REMAN, L.L.C., as
 Assistant
Secretary
	 	 	 	 
	 	 	 	 	 	 	By:	 	/s/    DAVID C. KEY        
	 	 	 	 	 	 	 	 	David C. Key

  

									
	 WILLIAMS TECHNOLOGIES, INC., as
 Vice President
	 	 	 	 
					
	By:	 	/s/    THOMAS J.
SNYDER        	 	 	 	 	 	 
	 	 	Thomas J. Snyder	 	 	 	 	 	 

  

									
	 REMY INC. (f/k/a Delco Remy America, Inc.), as President
	 	 	 	 JAX REMAN, L.L.C., as Vice President,
 Finance and Secretary

			
	 REMY SALES, INC.(f/k/a DR SALES, INC.), as President
	 	 	 	 REMY LOGISTICS, L.L.C., as Vice
 President, Treasurer and Assistant Secretary

					
	By:	 	/s/    RICHARD L. STANLEY         	 	 	 	By:	 	/s/    ALLEN R. WILKIE         
	 	 	Richard L. Stanley	 	 	 	 	 	Allen R. Wilkie

  

									
	 HSG I, INC., as President and Assistant Secretary
	 	 	 	 WORLD WIDE AUTOMOTIVE, L.L.C., as
 Assistant Secretary

			
	 HSG II, INC., as President and Assistant Secretary
	 	 	 	 
					
	By:	 	/s/    RODERICK ENGLISH        	 	 	 	By:	 	/s/    ANDREW P. GASSER        
	 	 	Roderick English	 	 	 	 	 	Andrew P. Gasser

  
 [Signature Page to
Amendment No. 1 to 
 Second Amended and Restated Loan and Security Agreement] 
  

									
	 	 	 	 	 AGENT

			
	 	 	 	 	 CONGRESS FINANCIAL CORPORATION (Central), as
 Administrative Agent and US Collateral Agent

					
	 	 	 	 	 	 	 By:
	 	/s/    ANTHONY VIZGIRDA        
					
	 	 	 	 	 	 	 Title:
	 	First Vice President

  

									
	 LENDERS
	 	 	 	 LENDERS

			
	 THE CIT GROUP/BUSINESS CREDIT, INC.
	 	 	 	 WACHOVIA BANK, NATIONAL ASSOCIATION

					
	By:	 	/s/    BARBARA F. PERICH        	 	 	 	By:	 	/s/    MARK FAGNIANI        
					
	Title:	 	Vice President	 	 	 	Title:	 	Executive Vice President

  

									
			
	 FLEET CAPITAL CORPORATION
	 	 	 	 GMAC BUSINESS CREDIT, LLC

					
	By:	 	/s/    DAVID LEHNER        	 	 	 	By:	 	/s/    DANIEL J. MANELLA        
					
	Title:	 	Vice President	 	 	 	Title:	 	Senior Vice President

  

									
			
	 NATIONAL CITY BANK
	 	 	 	 UPS CAPITAL CORPORATION

					
	By:	 	/s/    THOMAS R. GROH        	 	 	 	By:	 	/s/    JOHN P. HOLLOWAY        
					
	Title:	 	S.V.P.	 	 	 	Title:	 	Director of Portfolio Management

  

					
	RZB FINANCE LLC	 	 
			
	By:	 	/s/    CHRISTOPH HOEDL        	 	/s/    JOHN A. VALISKA        
	 	 	CHRISTOPH HOEDL	 	John A. Valiska,
	Title:	 	Vice President	 	Group Vice President

  
 [Signature Page to
Amendment No. 1 to 
 Second Amended and Restated Loan and Security Agreement]Schlumberger Limited 2004 Stock Deferral Plan for Non-Employee Directors.

 Exhibit 10.1 
  
 SCHLUMBERGER LIMITED 
 2004 STOCK AND DEFERRAL PLAN 
 FOR NON-EMPLOYEE DIRECTORS 
 (As Established Effective April 14, 2004) 
  
 ARTICLE I 
 PURPOSES OF PLAN AND
DEFINITIONS 
  
 1.1 Purpose. Schlumberger
Limited established this 2004 Stock and Deferral Plan for Non-Employee Directors (the “Plan”) for the purpose of providing non-employee directors of the Company with regular grants of shares of the common stock of the Company (or units
representing such shares) and the opportunity to defer a portion of their compensation, in order to provide greater incentives for those Directors to attain and maintain the highest standards of performance, to attract and retain Directors of
outstanding competence and ability, to stimulate the active interest of such persons in the development and financial success of the Company, to further the identity of interests of such Directors with those of the Company’s stockholders
generally, and to reward such Directors for outstanding performance. The Plan has been established effective April 14, 2004, subject to the approval of the stockholders of the Company at the April 2004 annual meeting. 
  
 1.2 Definitions. 
  
 “Annual Director Award Date” means the last day of
the calendar month in which occurs the first Board meeting following the regular annual general meeting of the stockholders of the Company. 
  
 “Board of Directors” or “Board” means the Board of Directors of the Company. 
  
 “Committee” means such committee as is designated
by the Board to administer the Plan in accordance with Article II, or if no such committee is designated, the Board. 
  
 “Common Stock” means the Common Stock, par value $.01 per share, of the Company. 
  
 “Company” means Schlumberger Limited, a
Netherlands Antilles corporation. 
  
 “Determination Date” means the date on which delivery of a Participant’s deferred Stock Awards is made or commences, as determined in accordance with Section 5.1. 
  
 “Director” means an individual who is serving as a member of the Board. 
  
 “Effective Date” means April 14, 2004. 

 
 “Eligible Director” means each Director who is
not an employee of the Company or of any of its subsidiaries. 
  
 “Participant” means an Eligible Director who is granted Stock Awards pursuant to Article III. 
  
 “Stock Account” means the bookkeeping account maintained for each Participant to record certain amounts deferred by the
Participant in accordance with Article IV hereof. 
  
 “Stock Award” means an award of shares of Common Stock, restricted Common Stock or restricted Stock Units pursuant to Article III. 
  
 “Stock Unit” means a unit which represents the right to receive one share of Common Stock under such terms and conditions as may
be prescribed by the Committee and this Plan. 
  
 ARTICLE II

 ADMINISTRATION OF THE PLAN 
  
 2.1 Committee. This Plan shall be administered by the Committee. 
  
 2.2 Committee’s Powers. Subject to the provisions hereof, the Committee shall have full and exclusive power and
authority to administer this Plan and to take all actions which are specifically contemplated hereby or are necessary or appropriate in connection with the administration hereof. The Committee shall also have full and exclusive power to interpret
this Plan and to adopt such rules, regulations, and guidelines for carrying out this Plan as it may deem necessary or proper, all of which powers shall be exercised in the best interests of the Company and in keeping with the objectives of this
Plan. The Committee shall also have the full and exclusive power to adopt rules, 

 procedures, guidelines and sub-plans to this Plan relating to the operation and administration of the Plan to accommodate
the specific requirements of local laws and procedures in foreign jurisdictions. The Committee may, in its discretion, determine the eligibility of individuals to participate herein, determine the amount of Stock Awards a Participant may elect to
defer, or waive any restriction or other provision of this Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in this Plan in the manner and to the extent the Committee deems necessary or desirable to
carry it into effect. 
  
 2.3 Committee Determinations
Conclusive. Any decision of the Committee in the interpretation and administration of this Plan shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned. 
  
 2.4 Committee Liability. No member of the Committee or officer of the
Company to whom the Committee has delegated authority in accordance with the provisions of Section 2.5 of this Plan shall be liable for anything done or omitted to be done by him or her, by any member of the Committee or by an officer of the Company
in connection with the performance of any duties under this Plan, except for his or her own willful misconduct or as expressly provided by statute. 
  
 2.5 Delegation of Authority. The Committee may delegate to the Chief Executive Officer and to other senior officers of the Company its duties under
this Plan (other than its granting authority described in Article III) pursuant to such conditions or limitations as the Committee may establish. 
  
 ARTICLE III 
 STOCK AWARDS

  
 3.1 Shares Available. There shall be
available for Stock Awards during the term of this Plan an aggregate of 150,000 shares of Common Stock. Shares of Common Stock will be made available from either the Company’s authorized but unissued shares or treasury shares that have been
issued but reacquired by the Company. 
  
 3.2 Annual
Grants. On each Annual Director Award Date, each Eligible Director shall automatically be granted a Stock Award with respect to 2,000 shares of Common Stock in the form of a number of shares of Common Stock, restricted Common Stock or restricted
Stock Units, with the form of such Stock Award to be determined by the Committee; provided, however, that no more than 30,000 shares of Common Stock, restricted Common Stock or restricted Stock Units may be awarded in any calendar year. The Stock
Award shall be subject to such terms, conditions and restrictions (including vesting) as the Committee may determine in its discretion in connection with such award. In the event that on any Annual Director Award Date there are an insufficient
number of shares reserved to make the automatic grants contemplated by this section, the number of shares subject to the Stock Awards made to each Eligible Director shall be reduced on a pro rata basis. 
  
 ARTICLE IV 
 DEFERRAL ELECTION AND ACCOUNTS 
  
 4.1 Deferral Election. A Director, at the discretion of the Committee, may irrevocably elect to defer the receipt of all or part of a Stock Award by submitting a Deferral Election in the manner specified
by the Committee. The Deferral Election (i) shall specify the number of shares of Common Stock the receipt of which the Participant elects to defer, (ii) shall designate the period of deferral among the choices provided in Section 5.1, and (iii) may
not be revoked or modified without the prior written approval of the Committee. 
  
 4.2 Timing of Elections. For the initial grants of Stock Awards in 2004 pursuant to Section 3.2, Deferral Elections must be made no later than April 13, 2004. For annual grants of Stock Awards pursuant to
Section 3.2 after 2004, Deferral Elections must be made no later than the last day of the calendar year preceding the Annual Director Award Date. For newly appointed directors, Deferral Elections must be completed no later than the date 15 days
after commencement of services as a Director. The Committee shall be authorized to adopt such other rules and limitations as it shall determine are necessary or appropriate with respect to the timing of elections to defer Stock Awards under the
Plan. 
  
 4.3 Establishment of Accounts. The Company shall
also set up an appropriate record (hereinafter called the “Stock Account”) which will from time to time reflect the name of each Participant and the number of restricted Stock Units and, if applicable, dividend equivalents credited to such
Participant pursuant to Section 4.4. 
  
 4.4 Crediting of
Deferred Stock Awards or Restricted Stock Unit Awards. Any Stock Awards deferred pursuant to a Deferral Election as described in Section 4.1 shall be credited to the Participant’s Stock Account as of the date the shares would otherwise have
been delivered pursuant to Article III in the form of a number of restricted Stock Units equal to the number of shares of Common Stock deferred, and any restricted Stock Units awarded pursuant to Section 3.2 shall also be credited to a
Participant’s Stock Account as of such date. No interest will be credited to a Participant’s Stock Account with respect to any restricted Stock Units. In the event that a dividend is paid on Common Stock during the period that restricted
Stock Units are credited to the Participant’s Stock Account, an amount equivalent to the amount of the dividend will be credited to the Participant’s Stock Account and the accumulated amount will be paid out without interest at the end of
the period of deferral. 

 4.5 Adjustments. 
  
 (a) Exercise of Corporate Powers. The existence of this Plan and any outstanding restricted Stock
Units credited hereunder shall not affect in any manner the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the capital stock of the Company or its
business or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stock (whether or not such issue is prior to, on a parity with or junior to the existing Common Stock) or the dissolution or
liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding of any kind, whether or not of a character similar to that of the acts or proceedings enumerated above.

  
 (b) Recapitalizations, Reorganizations and
Other Activities. In the event of any subdivision or consolidation of outstanding shares of Common Stock, declaration of a dividend payable in shares of Common Stock or other stock split, then (i) the number of restricted Stock Units relating to
such class of Common Stock; (ii) the appropriate fair market value and other price determinations for such restricted Stock Units; (iii) the number of shares reserved for issuance under this Plan in Section 3.1 and (iv) the limitation designated in
Section 3.2 of this Plan shall each be proportionately adjusted by the Board to reflect such transaction. In the event of any other recapitalization or capital reorganization of the Company, any consolidation or merger of the Company with another
corporation or entity, the adoption by the Company of any plan of exchange affecting any class of Common Stock or any distribution to holders of any class of Common Stock of securities or property (other than normal cash dividends or dividends
payable in Common Stock), the Board shall make appropriate adjustments to (i) the number of restricted Stock Units relating to such class of Common Stock; (ii) the appropriate fair market value and other price determinations for such restricted
Stock Units; (iii) the number of shares reserved for issuance under this Plan in Section 3.1 and (iv) the limitation designated in Section 3.2 of this Plan to give effect to such transaction; provided that such adjustments shall only be such as are
necessary to preserve, without increasing, the value of such items. In the event of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation, the Board shall be authorized to issue or assume
restricted Stock Units by means of substitution of new restricted Stock Units, as appropriate, for previously issued restricted Stock Units or an assumption of previously issued restricted Stock Units as part of such adjustment. 
  
 ARTICLE V 
 DELIVERY OF DEFERRED SHARES 
  
 5.1 Period of Deferral. With respect to (a) Stock Awards deferred pursuant to Section 4.1, a Participant may elect that delivery of deferred Stock Awards credited to the Participant under the Plan be
made or commence at (i) a date that is one year following the date of the termination of the Participant’s status as a Director of the Company, or (ii) the date of the termination of the Participant’s status as a Director of the Company,
and (b) restricted Stock Units granted pursuant to Section 3.2, the Committee shall determine the date or conditions as of which shares represented by such restricted Stock Units will be delivered (the date elected or selected by the Participant or
the Committee, as applicable, to be known as the “Determination Date”). Delivery of shares will be made within 60 days after the Determination Date. 
  

5.2 Delivery of Deferred Stock Awards. As of the Determination Date, the aggregate number of restricted Stock Units and, if applicable, dividend
equivalents credited to a Participant’s Stock Account as of such Determination Date shall be calculated. A Participant shall receive delivery of a number of shares of Common Stock equal to the aggregate number of restricted Stock Units and a
cash payment equal to the amount of the aggregate dividend equivalents. 
  
 5.3 Death Prior to Payment. In the event that a Participant dies prior to delivery of all shares and funds deliverable pursuant to the Plan, any remaining shares and funds shall be delivered to the Participant’s estate within 60
days following the Company’s notification of the Participant’s death. 
  
 5.4 Delivery to Incompetents. To the extent allowed under applicable law, should the Participant become incompetent, the Company shall be authorized to deliver shares and funds deliverable pursuant to the Plan
to a guardian or legal representative of such incompetent, or directly to such incompetent, whichever manner the Committee shall determine in its sole discretion. 
  
 ARTICLE VI 
 MISCELLANEOUS 
  
 6.1 Unfunded Plan.
Nothing contained herein shall be deemed to create a trust of any kind or create any fiduciary relationship. This Plan shall be unfunded. To the extent that a Participant acquires a right to receive delivery of shares from the Company under the
Plan, such right shall not be greater than the right of any unsecured general creditor of the Company and such right shall be an unsecured claim against the general assets of the Company. 

 Although bookkeeping accounts may be established with respect to Participants, any such accounts shall be used merely as
a bookkeeping convenience. The Company shall not be required to segregate any assets that may at any time be represented by stock or rights thereto, nor shall this Plan be construed as providing for such segregation, nor shall the Company, the Board
or the Committee be deemed to be a trustee of any stock or rights thereto to be granted under this Plan. Any liability or obligation of the Company to any Participant with respect to stock or rights thereto under this Plan shall be based solely upon
any contractual obligations that may be created by this Plan, and no such liability or obligation of the Company shall be deemed to be secured by any pledge or other encumbrance on any property of the Company. Neither the Company nor the Board nor
the Committee shall be required to give any security or bond for the performance of any obligation that may be created by this Plan. 
  
 6.2 Title to Funds Remains with Company. Amounts credited to each Participant’s Stock Account shall not be specifically set aside or otherwise
segregated, but will be combined with corporate assets. Title to such amounts will remain with the Company and the Company’s only obligation will be to make timely delivery to Participants in accordance with the Plan. 
  
 6.3 Statement of Account. A statement will be furnished to each
Participant annually on such date as may be determined by the Committee stating the balance of Stock Account as of a recent date designated by the Committee. 
  
 6.4 Assignability. Except as provided in Section 5.3, no right to receive delivery of shares hereunder shall be transferable or assignable by a
Participant except by will or the laws of descent and distribution or pursuant to a qualified domestic relations order as defined by the U.S. Internal Revenue Code of 1986 or Title I of the Employee Retirement Income Security Act of 1974, as
amended, or the rules thereunder. Any attempted assignment of any benefit under this Plan in violation of this Section 6.4 shall be null and void. 
  
 6.5 Amendment, Modification, Suspension or Termination. The Board may amend, modify, suspend or terminate this Plan for the purpose of meeting or
addressing any changes in legal requirements or for any other purpose permitted by law, except that (i) no amendment, modification or termination shall, without the consent of the Participant, impair the rights of any Participant to the number of
restricted Stock Units credited to such Participant’s Stock Account as of the date of such amendment, modification or termination and (ii) no amendment or modification shall be effective prior to its approval by the stockholders of the Company
to the extent such approval is required by applicable legal requirements or the requirements of the securities exchange on which the Company’s Common Stock is listed. The Board may at any time and from time to time delegate to the Committee any
or all of this authority under this Section 6.5. 
  
 6.6
Governing Law. This Plan and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by mandatory provisions of the Code or the securities laws of the United States, shall be governed by and construed
in accordance with the laws of the State of New York. 
  
 6.7
Tax and Social Insurance. Participants are responsible for any and all tax or social insurance due on Stock Awards or restricted Stock Units under this Plan. Participants shall pay or make arrangements to satisfy all withholding obligations
of the Company related to this Plan. The Company has the authority to satisfy any withholding obligations from funds or shares of Common Stock deliverable pursuant to this Plan or other cash compensation due a Participant, if applicable. 

 
 6.8 Effect on Prior Plan’s Term. Effective as of the date of
stockholder approval of the Plan as contemplated in the last sentence of Section 1.1, the Schlumberger Limited Stock and Deferral Plan for Non-Employee Directors, as established effective April 19, 2001 (the “Prior Plan”), shall be frozen,
and no additional Stock Awards shall be made under the Prior Plan.

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