Document:

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                                                                    EXHIBIT 10.2

                            SMITH INTERNATIONAL, INC.
                        STOCK PLAN FOR OUTSIDE DIRECTORS

                AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2005

      WHEREAS, the Company originally adopted the Plan effective as of April 28,
1992; and

      WHEREAS, the Plan was subsequently amended by the Company by Amendment No.
1 dated April 22, 1998, Amendment No. 2 dated May 1, 1998, Amendment No. 3 dated
December 6, 2000, Amendment No. 4 dated May 22, 2001, Amendment No. 5 dated
April 22, 2003, Amendment No. 6 dated February 4, 2004 and Amendment No. 7 dated
April 20, 2005 to be effective January 1, 2005; and

      WHEREAS, the Plan is now hereby amended and restated under the form of
this document effective as of January 1, 2005, as follows:

I.    Purposes

      The purpose of the Smith International, Inc. Stock Plan for Outside
Directors (the "Plan") are (i) to provide additional incentive for securing and
retaining qualified non-employee persons to serve on the Board of Directors of
the Company and (ii) to enhance the future growth of the Company by furthering
the Outside Directors' identification with the interests of the Company and its
shareholders.

II.   Definitions

      (a) In this Plan, except where the context otherwise indicates, the
following definitions apply:

            1. "AWARD" means an award of Common Stock pursuant to Article V or a
      Restricted Stock Award pursuant to Article VI.

            2. "AWARD DATE" means a date each year during the term of this Plan
      which shall be determined by the Company.(1)

            3. "BOARD" means the Board of Directors of the Company.

            4. "INTERNAL REVENUE CODE" means the Internal Revenue Code of 1986,
      as amended.

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(1) Clause II.(a)(1) - Amendment No. 2 dated 5/1/98.
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            5. "COMMON STOCK" means the common stock, $1.00 par value, of the
      Company.

            6. "COMPANY" means Smith International, Inc.

            7. "OUTSIDE DIRECTOR" means a person who as of any applicable date
      is a member of the Board of Directors of the Company, is not an officer of
      the Company or any subsidiary of the Company, and is not a full-time
      employee of the Company or any of its subsidiaries.

            8. "PARTICIPANT" means an Outside Director who is eligible to
      receive Common Stock or Restricted Stock granted hereunder.

            9. "RESTRICTED STOCK" means Shares of Common Stock issued or
      transferred to a Grantee pursuant to Article VI of the Plan.

            10. "RESTRICTED STOCK AGREEMENT" means the written agreement entered
      into between the Company and the Participant setting forth the terms and
      conditions pursuant to which a Restricted Stock Award is granted under the
      Plan.

            11. "RESTRICTED STOCK AWARD" means an authorization by the Board to
      issue or transfer Restricted Stock to a Participant.

            12. "RESTRICTION PERIOD" means the period of time determined by the
      Board and set forth in the Restricted Stock Agreement during which the
      transfer of Restricted Stock by the Participant is restricted.

            13. "SERVICE YEAR" means each period of one year during the term of
      this Plan that commences on the date after an Award Date and ends on the
      next succeeding Award Date.

            14. "SHARE" means a share of Common Stock that has been previously
      (i) authorized but unissued, or (ii) issued and reacquired by the Company.

            15. "TERMINATION OF DIRECTORSHIP" means the date upon which any
      Participant ceases to be an Outside Director for any reason whatsoever.
      The effective date of such Termination of Directorship shall be the actual
      date of such termination (by death, disability, retirement, resignation,
      non-election or otherwise).

III.  Shares of Common Stock Subject to the Plan

      Subject to the provisions of Article VII of the Plan, the aggregate number
of shares of Common Stock that may be issued under the Plan shall not exceed
120,000.(2) The number of Shares of Common Stock subject of Restricted Stock
Awards that are forfeited, expired, lapsed or terminated, or are settled in a
manner such that all or some of the Shares covered by the Restricted Stock Award
are not issued to a Participant, shall again immediately become available for
Awards hereunder. The Board may from time to time adopt and observe such
procedures concerning the counting of Shares against the Plan maximum as it may
deem appropriate.

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(2) Clause III -  Amendment  No. 1 (shares  increased  from  20,000 to 40,000)
dated  4/22/98.  Amendment  No. 4 (shares  increased  from 40,000 to 60,000)
dated  5/22/01.  Amendment  No. 5 (shares  adjusted to 120,000 to effect the
2-1 stock split that occurred on June 20, 2002) dated April 22, 2003.

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IV.   Eligibility

      Awards of Common Stock and Restricted Stock Awards under this Plan may be
granted only to individuals who are Outside Directors.

V.    Stock Award

      Each Outside Director shall receive an award of shares of Common Stock on
each Award Date with respect to service rendered through the respective Award
Date. The number of shares to be issued will be a number of shares to give
equity compensation to each Outside Director of approximately $75,000.(3) Upon
initial election or appointment to the Board, each Outside Director shall
receive an award of shares of Common Stock in such amount as to give equity
compensation to such Outside Director of approximately $75,000.(4) Such shares
shall be authorized but unissued shares or shares of Common Stock previously
issued by the Company that have been purchased by or on behalf of the Company in
open market transactions or otherwise, or that have otherwise been acquired by
the Company. Certificates representing the shares of Common Stock awarded
hereunder shall be delivered to the Outside Director within thirty (30) days
after each respective Award Date. The provisions of this Section may not be
amended more than once every six (6) months other than to comport with changes
in the Internal Revenue Code, as amended, or the rules thereunder.

VI.   Restricted Stock Awards

      In its discretion, the Board shall from time to time designate those
Outside Directors to be granted Restricted Stock Awards under the Plan, the
number of Shares subject to each Restricted Stock Award, and the other terms or
conditions relating to the Restricted Stock as it deems appropriate. An Outside
Director who has been granted a Restricted Stock Award may, if otherwise
eligible, be granted additional Restricted Stock Awards at any time.

      Restricted Stock Awards may be granted with such restrictions during the
Restriction Period as the Board designates in its discretion, any of which
restrictions may differ with respect to any particular Participant or group of
similarly situated Participants. The terms and conditions of each Restricted
Stock Award shall be evidenced by a Restricted Stock Agreement.

      Unless otherwise specified in the Participant's Restricted Stock
Agreement, each Restricted Stock Award shall constitute an immediate transfer of
the record and beneficial ownership of the Shares of Restricted Stock to the
Participant in consideration of the performance of services as an Outside
Director, entitling such Participant to all voting and other ownership rights in
such Shares subject to the restrictions thereon.

      As determined by the Board, Shares awarded pursuant to a grant of
Restricted Stock may be issued in the name of the Participant and held, together
with a stock powers endorsed by the Participant in blank, by the Board or the
Secretary of the Company (or their delegates) as a depository for safekeeping
until such time as the forfeiture restrictions and restrictions on transfer have
lapsed. All such terms and conditions shall be set forth in the particular
Participant's Restricted Stock Agreement. The Board (or its delegate) shall
issue to the Participant a receipt evidencing the certificates held by it which
are registered in the name of the Participant.

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(3) Clause V - Amendment No. 2, dated 5/1/98.  Amendment No. 3 dated 12/6/00
increased the number of shares from 200 to 400.  Amendment No. 5 dated April 22,
2003 changed the shares to be issued from 400 to a number of shares to give each
Outside Directory equity compensation of approximately $45,000.  Amendment No. 6
dated February 4, 2004 increased the equity compensation amount to approximately
$65,000.  Amendment No. 7 effective January 1, 2005 increased the equity
compensation amount to approximately $75,000.

(4)  Clause V - Amendment No. 7 effective January 1, 2005 granted a stock award
upon initial election or appointment to the Board.

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      Restricted Stock Awards may be subject to the following restrictions until
the expiration of the Restriction Period: (i) a restriction that constitutes a
"substantial risk of forfeiture" (as defined in Section 83 of the Internal
Revenue Code), or a restriction on transferability under Section 83, and (ii)
any other restrictions that the Board determines are appropriate. Any such
restrictions shall be set forth in the Participant's Restricted Stock Agreement.

      Coincident with or promptly after the grant date of a Restricted Stock
Award, the Company shall cause to be issued a stock certificate, registered in
the name of the Participant to whom such Restricted Stock was granted,
evidencing such Shares; provided, however, the Company shall not cause to be
issued such a stock certificate unless it has received a stock power duly
endorsed in blank by the Participant with respect to such Shares. Each such
stock certificate shall bear the following legend or any other legend approved
by the Company:

            THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK
            REPRESENTED HEREBY ARE SUBJECT TO THE RESTRICTIONS, TERMS AND
            CONDITIONS (INCLUDING FORFEITURE AND RESTRICTIONS AGAINST TRANSFER)
            CONTAINED IN THE SMITH INTERNATIONAL, INC. STOCK PLAN FOR OUTSIDE
            DIRECTORS AND A RESTRICTED STOCK AGREEMENT DATED JANUARY 28, 1999
            BETWEEN THE REGISTERED OWNER OF SUCH SHARES AND SMITH INTERNATIONAL,
            INC. RESTRICTIONS ON THE RIGHT TO OWN OR TRANSFER THE SHARES OF
            STOCK REPRESENTED BY THIS CERTIFICATE HAVE BEEN IMPOSED PURSUANT TO
            SAID RESTRICTED STOCK AGREEMENT. A COPY OF THE RESTRICTED STOCK
            AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL
            BE FURNISHED WITHOUT CHARGE TO THE HOLDER OF THIS CERTIFICATE UPON
            RECEIPT BY THE COMPANY AT ITS PRINCIPAL PLACE OF BUSINESS OR
            REGISTERED OFFICE OF A WRITTEN REQUEST FROM THE HOLDER REQUESTING
            SUCH COPY.

      Such legend shall not be removed from the certificate evidencing such
Shares of Restricted Stock until such Shares vest pursuant to the terms of the
Restricted Stock Agreement.

      The Board, in its discretion, shall have the authority to remove any or
all of the restrictions on the Restricted Stock if it determines that, by reason
of a change in applicable law or another change in circumstance arising after
the grant date of the Restricted Stock Award, such action is appropriate.

      Subject to any applicable withholding taxes, a stock certificate
evidencing the Shares of Restricted Stock with respect to which the restrictions
in the Restricted Stock Agreement have lapsed shall be delivered to the
Participant (or other appropriate recipient) free of restrictions.

      Each Participant to whom a Restricted Stock Award is granted shall be
required to enter into a Restricted Stock Agreement with the Company in such a
form as is provided by the Board. The Restricted Stock Agreement shall contain
specific terms as determined by the Board, in its discretion, with respect to
the Participant's particular Restricted Stock Award. The Restricted Stock
Agreement may include, without limitation, vesting and forfeiture provisions.

      Nothing in the Plan or in any instrument executed pursuant hereto shall
create any rights with respect to continued service as an Outside Director.

      The Company shall not be obligated to cause to be issued or delivered any
certificates evidencing Shares unless and until the Company is advised by its
legal counsel that the issuance and delivery of such certificates is in
compliance with all applicable laws, regulations of governmental authorities,
and the requirements of any securities exchange on which Shares are traded.

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VII.  Adjustment

      If as a result of recapitalization (or other adjustment in the stated
capital of the Company), or as a result of a stock split, merger, consolidation,
or other reorganization, the Common Stock of the Company is increased, reduced,
or otherwise changed, the number of shares available to be awarded hereunder in
the aggregate and on each Award Date, shall be appropriately adjusted.

VIII. Termination of Directorship

      If Termination of Directorship occurs as to an Outside Director prior to
the expiration of a Service Year, such Outside Director shall be entitled to
receive such number of Shares of Common Stock as equal the nearest whole number
of Shares obtained by multiplying 200 by a fraction, the numerator of which is
the number of days of such Service Year up to and including the date of the
Termination of Directorship and the denominator of which is the number of days
in such Service Year. Such shares shall be delivered to such Outside Director
within thirty (30) days following the date of Termination of Directorship.

IX.   Restriction on Resale

      Shares delivered to Participants under the Plan shall be subject to such
restrictions on transferability and disposition as shall be required by Rule
16b-3 of the Securities Exchange Act of 1934 ("Exchange Act") or any successor
rule. Each Participant shall not sell or transfer any shares awarded or any
shares or other securities issued on account of the shares awarded for at least
six (6) months after acquisition except as permitted under the provisions of the
Exchange Act or Rule 16b-3 promulgated thereunder.

X.    Effective Date and Term

      The Plan was originally effective on April 28, 1992, and was amended and
restated effective as of January 1, 1999, as of May 22, 2001, as of February 4,
2004 and as of January 1, 2005. Unless sooner terminated in accordance with its
terms, the Plan shall terminate on April 22, 2013.(5)

XI.   Requirements of Laws

      The Company shall not be required to issue any shares thereunder if the
issuance of such shares shall constitute or result in a violation by the
Participant or the Company of any provisions of any law, statute or regulation
of any governmental authority. Specifically, in connection with the Securities
Act of 1933, the Company shall not be required to issue such shares unless the
Company has received evidence satisfactory to it to the effect that the holder
of such Shares will not transfer such shares except pursuant to a registration
statement in effect under such Act or unless an opinion of counsel satisfactory
to the Company has been received by the Company to the effect that such
registration is not required. Any determination in this connection by the
Company shall be final, binding and conclusive. The Company may, but shall in no
event be obligated to, register any securities covered hereby pursuant to the
Securities Act of 1933. The Company shall not be obligated to take any other
affirmative action in order to cause the issuance of shares pursuant hereto to
comply with any law or regulation of any government authority.

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(5) Clause X - Amendment No. 2, dated 5/1/98, Amendment No. 3 dated 1/1/01,
Amendment No. 4 dated May 22, 2001 and Amendment No. 5 dated April 22, 2003.
<PAGE>

XII.  Restriction on Transfers

      Rights of Participants to receive Shares hereunder are not assignable or
transferable, except by will or by the laws of descent and distribution. Such
rights are not subject, in whole or in part, to attachment, execution or levy of
any kind but are subject to forfeiture pursuant to the terms of a Restricted
Stock Agreement. Upon the death of a Participant, Shares awarded as set forth in
Articles V and VI shall be delivered to such person as is entitled thereto by
will or by the laws of descent and distribution. Any such determination
regarding entitlement to Shares shall be made by the Board or its delegate.

XIII. Amendment and Termination

      Subject to Article V hereof, the Board of Directors may modify, revise or
terminate this Plan at any time and from time to time; provided, however, that
any such amendment to the Plan that would require the vote or approval of a
specified percentage of the Company's shareholders in order to assure that the
Plan complies with Rule 16b-3 promulgated by the Securities and Exchange
Commission, or any successor or similar provisions thereto, shall only be made
upon obtaining such required shareholder vote, or taking such other action in
connection with such amendment as the Board deems advisable to operate the Plan
in accordance with Rule 16b-3 or such successor or similar rule; provided
further that such action shall not adversely affect any Participant's rights
under Article V of the Plan related to Services rendered prior to such action.

      IN WITNESS WHEREOF, this amended and restated Plan is hereby approved and
executed by an authorized officer of the Company, effective as of January 1,
2005.

                                 SMITH INTERNATIONAL, INC.

                                 /s/ NEAL S. SUTTON
                                 --------------------------------------
                                 By: Neal S. Sutton
                                 Senior Vice President - Administration,
                                 General Counsel and Secretaryexv10w1

 

Exhibit 10.1

Description of Arrangement for Directors Fees

The following sets forth the amount of fees payable to outside directors of Webster Financial
Corporation for their services as Directors, effective April 21, 2005:

	 	 	 	 	 
	Event	 	 	Fee	 
	Annual Retainer

	 	 	$25,000 payable in the form
of shares of restricted stock
pursuant to the 2001
Directors Retainer Fees Plan.
	 
	 
	 	 	 	 
	Board Meeting Attended

	 	 	$1,250	 
	 
	 	 	 	 
	Committee Meeting Attended

	 	 	$1,250	 
	 
	 	 	 	 
	Telephonic Meeting

	 	 	$625	 
	 
	 	 	 	 
	Telephonic Committee Meeting

	 	 	$625	 
	 
	 	 	 	 
	Separate Webster Financial Corporation and
Webster Bank Board Meetings Held on the
Same Day

	 	 	$1,750	 
	 
	 	 	 	 
	Annual Retainer for the Chairman of the
Audit Committee

	 	 	$15,000	 
	 
	 	 	 	 
	Annual Retainer for the Chairman of the
Compensation Committee

	 	 	$5,000	 
	 
	 	 	 	 
	Annual Retainer for Lead Director*

	 	 	$20,000	 

	* Includes annual retainer for Chairman of the Nominating and Corporate Governance Committee.

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