Document:

Exhibit

CAMERON INTERNATIONAL CORPORATION

                EXECUTIVE SEVERANCE PROGRAM
 
                
Revised/reissued October 13, 2015

I.  General

1.    PURPOSE

To establish a severance program (the “Program”) for executive level employees of Cameron International Corporation (“Company”) that recognizes (i) the relatively more difficult employment transition that occurs upon the termination of employment of higher paid individuals; and (ii) that most executive level employees serve at the pleasure of the Company and are decidedly “at will” – meaning that the Company may terminate the employment relationship at any time for any reason without liability to the employee.

2.      SCOPE

This Program applies to any Company employee designated as a Tier 1, Tier 2 or Tier 3 Executive (“Covered Executive”) for compensation purposes.  This Program is intended to be a “top hat” plan such that eligibility is primarily limited to a select group of management or highly compensated employees. 

3.      ELIGIBILITY FOR PLAN BENEFITS

		
	(a)
	Any Covered Executive whose employment is terminated by the Company for reasons other than cause, as determined in its sole discretion by the Company, (“Termination”), and who executes and delivers the Waiver and Release as provided for in Section 10 hereof shall be eligible for the separation benefits provided for by this Program, subject to the terms and conditions of this Program.

		
	(b)
	If the business in which the Covered Executive is employed is sold, merged or consolidated with another entity or business not affiliated with the Company, whether in a stock or asset transaction, any Covered Executive who continues employment or is offered continued employment with a new owner of the business in the same or reasonably comparable position, will not be eligible for benefits under this Program.  Similarly, if the Company establishes a joint venture and the Covered Executive is offered the same or a reasonably comparable position with the joint venture, the Covered Executive will not be eligible for benefits under this Program.  The Company’s Vice President, Human Resources will make the determination, in his/her sole discretion on behalf of the Company, as to the comparability of any such position.

II. Separation Benefits

		
	4.
	SALARY CONTINUATION PAYMENTS

Following Termination, provided that the Covered Executive complies with the Waiver and Release requirement of Section 10, hereof, as well as other conditions of this Program, the Covered Executive will receive the following payments as defined below:

		
	•
	Tier 1 Executives – Covered Executive will receive salary continuation payments for a period of twelve (12) months.  No later than the second pay cycle following receipt of such payments for 

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said (12) twelve-month salary continuation period, the Covered Executive will receive a one-time payment equivalent to his/her base salary as of the date of Termination. 

		
	•
	Tier 2 Executives - Covered Executive will receive salary continuation payments for a period of twelve (12) months.  No later than the second pay cycle following receipt of such payments for said (12) twelve-month salary continuation period, the Covered Executive will receive a one-time lump payment equivalent to 50% of his/her base salary as of the date of Termination.

		
	•
	Tier 3 Executives - Covered Executive will receive salary continuation payments for a period of twelve (12) months.  

These above-referenced salary continuation payments will be based on the Covered Executive’s base salary rate at the time of Termination and will be paid through the Company’s normal payroll cycle.  Salary continuation payments will begin with the Company’s first payroll cycle that occurs after the expiration of the required 7 day revocation period following the Covered Executive’s execution and return of the attached Waiver and Release, assuming the Covered Executive does not revoke said Waiver and Release.  

		
	5.
	BENEFITS

		
	(a)
	A Covered Executive’s participation in all employee benefit plans ends on and as of the date of Termination.  No payments made pursuant to this Program and no payout for unused vacation or under the MICP or LTIP grants are deferrable under any Company Plan including the Cameron Retirement Savings Plan or the Cameron Nonqualified Compensation Plan, nor are they considered for purposes of employer contributions or accruals under such plans or any other similar plan sponsored by the Company.

		
	(b)
	Following Termination, the Covered Executive will receive a one-time lump sum payment equal to the estimated cost of 12 months’ COBRA premium benefits.  This lump sum will be subject to all applicable taxes.  THE COVERED EXECUTIVE IS RESPONSIBLE FOR HIS / HER OWN COBRA ELECTION.  

		
	(c)
	Information regarding conversion privileges or portability of the Cameron Supplemental Life Insurance will be communicated on or prior to the date of Termination.  Eligibility for distributions under any Cameron sponsored retirement plan will be subject to, and any such distribution will be made in accordance with, the provisions of the specific plan. 

6.    MANAGEMENT INCENTIVE COMPENSATION PLAN

A Covered Executive’s participation in MICP will be prorated through his or her last date of employment based on the number of days worked in the applicable plan year and the amount of any award to be paid will be determined by the actual performance against the goals and objectives established for the applicable plan year as set out in the Covered Executive’s MICP award letter for the applicable year.  Payment of the MICP bonus for the final year of participation will be made at the same time as payments for that year are made for active employees with respect to such year, provided, however, that in any event such payment will be made prior to March 15th of the year following the plan year for which it was earned.  No further MICP entitlements will be earned during the severance period.

7.       LONG-TERM INCENTIVE PLAN

The terms of the Company’s Long-Term Incentive Plans and the specific provisions of the applicable award agreement(s) will govern awards granted to the Covered Executive. The length of time to exercise any vested long-term incentive award shall be governed by the terms of such agreement(s) or any resolution of or amendment to an award agreement expressly providing otherwise for the Covered Executive as may be approved by the Compensation Committee of the Company’s Board of Directors.  

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8.       OUTPLACEMENT SERVICES

In addition to salary continuation as provided above, outplacement services for a period of up to 12 months will be made available through a provider chosen by the Company.  

9.    REDUCTION IN SEPARATION BENEFITS FOR OTHER SEVERANCE RIGHTS

To the extent any Covered Executive under this Program is entitled to receive benefits for severance pursuant to statutory or regulatory requirements or an employment contract or arrangement, including but not limited to a change in control agreement (“other severance benefits”), the benefits hereunder, which are not intended to duplicate such other severance benefits, will be reduced automatically by the amount of such other severance benefits to avoid any such duplication.  The determination of the reduction is the responsibility of the Company’s Vice President of Human Resources whose decision will be final and binding on both the Company and the Covered Executive.

III.  Non-Compete, Waiver & Release

10.     REQUIRED WAIVER AND RELEASE

IT IS A CONDITION OF ELIGIBILITY TO RECEIVE BENEFITS UNDER THIS PLAN that a Covered Executive (A) immediately return all Company property, documents and computer records, and any related materials that the Covered Executive may possess prior to the date of Termination, and (B) execute and deliver to the company the “Waiver and Release” attached as Exhibit “A” to this Program in a timely manner, and not revoke the Waiver and Release during the time provided to do so.    If the Covered Executive elects not to execute and deliver the Waiver and Release, or elects to revoke the Waiver and Release, no benefits pursuant to the  Program will be payable.   The Waiver and Release includes an understanding and agreement that should the Covered Executive (1) become employed by a company that: competes with the Company (other than employment with a subsidiary or division of such competitor that is not in any of the markets or product lines as the Company) or otherwise engage in an enterprise that involves competition with the Company for a period of 12 months following termination; or (2) directly or indirectly participate in the solicitation or recruitment of any Company employees for a period of 12 months following termination, then the Covered Executive will cease to be entitled to receive any further separation benefits under the Program.  
    

IV.  Applicability and Impact of Section 409a of the Internal Revenue Code

		
	11.  
	SECTION 409A COMPLIANCE

		
	(a)
	It is intended that this Executive Severance Program be interpreted and administered consistent with Section 409A of the Internal Revenue Code and the regulations issued thereunder.

		
	(b)
	Under the requirements of Section 409A of the Internal Revenue Code, because the Company is publicly traded, if a Covered Executive is a “specified employee” for Section 409A purposes and the total amount of separation allowance payments payable in the first six months following the Covered Executive’s Termination  under this and any other program, policy, plan or agreement with the Company and/or any of its affiliates exceeds an applicable limit then the Company is required to delay any payment that would cause the applicable limit to be exceeded and the payments will resume, without interest, beginning with the first regular payroll cycle that is six months following Termination.  The applicable limit under Section 409A is an amount equal to the lesser of (A) two times the Covered Executive’s base annual rate of salary during the calendar year immediately preceding the year of his or her Termination and (B) $ two times the applicable 

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limit on includible compensation set forth in Section 401(a)(17) of the Internal Revenue Code (2 x $265,000 for 2015), subject to adjustment for later years under the Internal Revenue Code.  

		
	(c)
	The Company’s Vice President of Human Resources will identify the Covered Executives who are “specified employees” for Section 409A purposes in accordance with any method permitted under Section 409A and will advise a Covered Executive if any applicable delay applies to him or her.  

		
	(d)
	For purposes of Section – 409A, Termination under this program will have the same meaning as a “separation from service” under Section 409A of the Internal Revenue Code.  For example, if a Covered Executive will be providing significant post-termination consulting services to the Company or any of its affiliates, his or her Termination may not be considered to occur for purposes of this Program until the consulting arrangement ends.  Further, for purposes of Section 409A of the Internal Revenue Code, installments of salary continuation payments and one-time lump sum payments, if any, will be treated as separate payments.

		
	(e)
	A Covered Executive will be notified in writing that he/she is eligible to receive benefits pursuant to this Program; an application for benefits does not need to be submitted.  A written notice of termination will specify the Covered Executive’s date of Termination, and will be accompanied by a Waiver and Release and a deadline for executing it and submitting it, which will be not later than the 60th day following such Covered Executive’s date of Termination.  No Covered Executive will be required or permitted to perform any substantial services following his/her date of Termination, and any payments due to be paid to the Covered Executive hereunder will be withheld until a properly executed Waiver and Release has been submitted and is no longer capable of being rescinded or revoked.   Any Covered Executive not executing and submitting the Waiver and Release, in accordance with its terms and at least seven (7) days prior to the specified deadline, and any Covered Executive who revokes a release after it is submitted and within the seven (7) day revocation period, will automatically cease to be eligible for any benefits hereunder.    

V.   Administration

12.    PROGRAM AMENDMENT AND TERMINATION
The Company reserves the right to amend, modify, suspend or terminate this Program, in whole or in part, at any time.  The Company does not promise the continuation of any program.  Circumstances which might cause the Company to amend or terminate the Executive Severance Program include, but are not limited to, changes in law mandating that this Program be revised in certain respects, a determination by the Company that the Program’s provisions or some of them may no longer be suitable as a result of changes in the circumstances of Cameron or of its employees or changes in financial circumstances or significant adverse changes in Cameron's financial circumstances. 

13.    RESPONSIBILITIES

The general administration of this Program is the responsibility of the Company’s Vice President of  Human Resources who has final and binding authority to administer, and the overall responsibility to effectuate the terms and conditions of and for the day-to-day administration of this Program in accordance with its stated terms.  These responsibilities may be delegated to other person or persons including group personnel where appropriate, and such delegation to be effectuated must be in writing.

14.    CLAIMS PROCEDURES

Claims for Program benefits and reviews of appeals of Program benefit claims which have been denied or modified will be processed in accordance with the written Program claims procedures established by the Company’s Vice-President of Human Resources, which procedures are attached hereto as Exhibit “A” and hereby incorporated by reference as a part of the Program.  For all purposes pertaining to such claims procedures, the Company’s Vice-President of Human Resources shall be deemed the “Committee” as that term is defined in Exhibit “A”. Notwithstanding any provisions of such claims procedures, no claim shall 

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be accepted or processed if such claim is submitted more than two years after the claimant’s termination of employment upon which the claim is based.
 

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EXHIBIT “A” to the Cameron International Corporation Executive Severance Program

WAIVER AND RELEASE

In consideration of CAMERON INTERNATIONAL CORPORATION'S (the “Company’s”) agreement to provide me with separation benefits under its Executive Severance Program,   (the Program), and subject to the terms and conditions of the  Program, I hereby waive and release Cameron International Corporation, its past, present, and future owners, parents, subsidiaries, and affiliates, and their respective past, present, and future directors, shareholders, officers, employees, agents, insurance carriers, administrators, legal representatives and all benefit plans sponsored by any of them (except for benefits under the Plan and any pension plan), past or present (individually and collectively, the “Released Parties”), from liability for any and all claims, damages, actions, rights, demands and causes of action of any kind that I now have or may have against the Released Parties, including without limitation all claims related to my employment or the termination of my employment by the Company, whether known or unknown, arising under any federal, state or local fair employment or discrimination laws, including but not limited to, AGE DISCRIMINATION IN EMPLOYMENT ACT (including as amended by the Older Workers Benefit Protection Act of 1990), Title VII of the Civil Rights Act of 1964, the Lilly Ledbetter Fair Pay Act of 2009, the Civil Rights Acts of 1866 and 1871, the Civil Rights Act of 1991, the Age Discrimination in Employment Act, the Employee Retirement Income Security Act, the Family Medical Leave Act, the Americans With Disabilities Act (“ADEA”), the ADA Amendments Act of 2008, Executive Order 11246,  the Worker Adjustment and Retraining Notification Act, the Rehabilitation Act of 1973, the Occupational Health and Safety Act of 1970, the Equal Pay Act, the Genetic Information Nondiscrimination Act of 2008, the Sarbanes-Oxley Act, the Genetic Information Nondiscrimination Act, and any applicable state’s or locality’s fair employment statutes, any other local, state or federal wage and hour law.  I further waive and release any claims or demands arising under any other federal, state or local law, including but not limited to, common law claims relating to breach of contract, wrongful or constructive discharge, violation of public policy, and common law tort.  This Waiver and Release (also referred to as this “Agreement”) excludes any claims for medical or income replacement benefits for work-related injuries currently pending or permitted by law and further excludes any pension or unemployment compensation benefits to which I may be otherwise entitled.  This Agreement does not apply to any rights or claims that may arise after its effective date.  In addition, nothing in this Agreement prevents me from filing any non-legally waivable claim (including a challenge to the validity of this agreement) with the Equal Employment Opportunity Commission (“EEOC”) or comparable state or local agencies or participating in any investigation or proceeding conducted by the EEOC or comparable state or local agencies; however, I understand and agree that I am waiving any and all rights to recover any monetary or personal relief or recovery as a result of such EEOC or comparable state or local agency proceeding or subsequent legal actions.

I acknowledge that this Agreement is not intended to indicate that such claims exist or that, if they do exist, they are meritorious.  Rather, it is simply an agreement that, in return for the severance benefits as stated in the Program, any and all potential claims of this nature that I may have against any of the Released Parties, regardless of whether they actually exist, regardless of whether they are known or unknown to me at this time, are expressly settled, compromised, and waived.

I understand that I and the Company may be required to report, as may be required by law for income tax purposes, the payment and/or receipt of the Agreement’s severance benefit.  Each party shall bear their respective tax liabilities, if any, arising from this Agreement.  I acknowledge that the Company has made no representations regarding the tax consequences of any amount received by me pursuant to the terms of this Agreement. I agree to defend, indemnify and hold forever harmless the Company against any claim, demand, dispute, costs or expenses of whatever kind or character that may result from any allegation that the appropriate amount of taxes were not paid with respect to the severance benefits payable under this Agreement. By signing this agreement, I am, and I understand and agree that I am, bound by it.  Anyone who succeeds to my rights and responsibilities, such as heirs or the executor of my estate, is also bound by this agreement.  This release also applies to any claims brought by any person or agency or class action under which I may have a right or benefit.  I represent and warrant that no other person or entity has any interest in or been assigned any interest in claims or causes of action, if any, I may have against any of the Released Parties and which I am now releasing in their entirety. 

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I agree and acknowledge that the only benefits to which I am entitled in association with the termination of my employment with the Company and any of its affiliates are the benefits stated in the Program and that I am not entitled to any additional benefits under any other policy, plan or agreement of the Company or any Released Party in connection with my termination, including but not limited to any employment or severance agreement between me and any Released Party or any other benefits under any other severance, retention, bonus or incentive plan of the Company or any of its affiliates, shareholders or predecessors (except for benefits under the Program, any written exceptions to equity and/or incentive plans, and any Company pension plan).  I further acknowledge that I have received reimbursement for all reimbursable business expenses I incurred on behalf of the Company or any of its affiliates.  I also acknowledge that I have been paid all wages owed to me by any Released Party up until the day that I signed this Agreement and that I have been provided all leaves (paid and unpaid) to which I was entitled during the term of my employment.
I have signed this agreement voluntarily and without coercion or duress.  I understand the final and binding effect of this agreement and agree to each of its terms.  I acknowledge that the only promises made to me to sign this agreement are those stated in the Program and that no other understanding concerning the subject matter of this agreement, whether oral or written, exists.  I have been advised to consult with an attorney prior to executing this agreement and I have been given at least twenty-one (21) days to consider this agreement before signing (or forty-five (45) days in the case of any employment termination program offered to a group or class of employees).  If I sign this agreement, I understand that I have seven (7) days after the date I sign to revoke, in writing, this agreement.  Any such revocation must be delivered to my Human Resources Representative to be effective.  This agreement will not become effective or enforceable until this seven (7) day period has expired.  I further acknowledge that I have carefully read the Program and this agreement, understand their terms, and I am voluntarily accepting the Company’s offer of benefits under that Program.  I understand that the severance benefits provided under the Program are valuable consideration to which I would not otherwise be entitled, but are solely in return for the waiver of rights and claims stated in this agreement.  

Covered Executive specifically covenants and agrees not to, directly or indirectly, make or cause to be made to anyone any statement, orally or in writing, criticizing or disparaging the Company or any Released Party with respect to Covered Executive’s employment with the Company.  Covered Executive specifically covenants and agrees not to, directly or indirectly, make or cause to be made to anyone any statement, orally or in writing, criticizing or disparaging the Company or any Released Party, or commenting in a negative fashion on the operations or business reputation of the Company.  Each Party agrees that this non-disparagement provision is an important part of this Agreement and that any violation of this non-disparagement provision shall be considered a material breach of this Agreement.

Covered Executive agrees that neither Covered Executive nor her representatives will disclose, disseminate or publicize, or cause or permit to be disclosed, disseminated, or publicized, any of the terms of this Agreement, to any person, corporation, association, governmental agency, or other entity, other than Covered Executive’s spouse, legal counsel, and tax advisor, except (i) to the extent necessary to report income to the appropriate taxing authorities, or (ii) in response to an order or subpoena of a court or governmental agency of competent jurisdiction, provided, however, that notice of receipt of such order or subpoena shall be immediately communicated in writing to the Company’s general counsel, so that the Company shall have an opportunity to intervene and assert what rights it has to nondisclosure prior to Covered Executive’s response to such order or subpoena.  Each Party agrees that this confidentiality provision is an important part of this Agreement and that any violation of this confidentiality provision shall be considered a material breach of this Agreement.
    
By accepting the Severance Payment and as partial consideration, Covered Executive agrees to the confidentiality and non-disparagement provisions of this Agreement.  In an effort to assure compliance with such confidentiality and non-disparagement provisions, and in an effort to partially compensate the Company with respect to damages by reason of any failure by Covered Executive to comply with such provisions, Covered Executive hereby agrees as follows:

IF COVERED EXECUTIVE FAILS TO COMPLY WITH THE CONFIDENTIALITY AND NON-DISPARAGEMENT PROVISIONS HEREIN, COVERED EXECUTIVE SHALL PAY TO THE COMPANY LIQUIDATED DAMAGES IN THE AMOUNT OF $______.00 USD. SUCH LIQUIDATED DAMAGES ARE IMPOSED BY AGREEMENT OF THE PARTIES, DUE TO THE IMPOSSIBILITY OR IMPRACTICALITY OF DETERMINING ACTUAL DAMAGES BY 

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REASON OF VIOLATION OF SUCH CONFIDENTIALITY AND NON-DISPARAGEMENT PROVISIONS -- AND NOT AS A PENALTY OR FORFEITURE BY COVERED EXECUTIVE.I further understand and agree that my entitlement to separation benefits provided under the Program is contingent on my choice to not: (1) become employed by a company that  competes with the Company (other than employment with a subsidiary or division of such competitor that is not in any of the markets or product lines as the Company) or otherwise engage in an enterprise that involves competition with the Company for a period of 12 months following termination; and/or (2) directly or indirectly, participate in the solicitation or recruitment of any Company employees for the 12-month period following termination.  I expressly acknowledge and agree that if I choose not to follow either or both of these restrictions, I will cease to be entitled to receive any further separation benefits under this Program. 

Based upon the signing of this agreement, I further agree not to commence any lawsuit against any Released Party for matters covered by this agreement, nor to participate in any such action other than as required by law (except as necessary to protect my rights under this agreement).  I represent that, as of the effective date of this agreement, I have not brought or joined any lawsuit or filed any charge or claim against any Released Party in any court or before any government agency.  Should any provision of this agreement be declared invalid by a court of competent jurisdiction, the remaining provisions will remain in full force and effect.  The Company and I agree that the noncompetition restrictions provided above is reasonable and necessary to protect the proprietary information of Company and its affiliates.  Nevertheless, if that restriction is found by a court of competent jurisdiction to be unreasonable, or overly broad as to geographic area or time, or otherwise unenforceable, the court will modify the restrictions so as to be reasonable and enforceable and, as so modified by the court, to be fully enforced.

This agreement will be governed by and construed in accordance with the laws of the State of Texas, without regard to conflicts of law principles thereof.

Signed by:             ______________________________________________

Printed Name:            ______________________________________________

Dated:                 ______________________________________________

Company Representative:    _______________________________________________

Dated:                 _______________________________________________
 

8Exhibit

    

INDEMNIFICATION AND WAIVER AGREEMENT

THIS INDEMNIFICATION AND WAIVER AGREEMENT (the “Agreement”) is effective as of February 25, 2015, by and among Cameron International Corporation, a Delaware corporation (the “Company” or “Cameron”), and Brent J. Smolik (the “Indemnitee”). 
WHEREAS, the Indemnitee has been asked to serve on the Board of Directors of Cameron (the “Board”)
WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify persons serving it in a directors of Cameron to the fullest extent permitted by applicable law so that they will serve or continue to serve as directors of Cameron free from undue concern that they will not be so indemnified;
WHEREAS, the Indemnitee is willing to serve and continue to serve on the Board on the condition that she be so indemnified; and
WHEREAS, to the extent permitted by law, this Agreement is a supplement to and in furtherance of the provisions of the Restated Certificate of Incorporation of the Company (the “Certificate”) and the provisions of the Bylaws of the Company (the “Bylaws”) or resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of the Indemnitee thereunder;
NOW THEREFORE, in consideration of the premises and the covenants contained herein, the Company and the Indemnitee do hereby covenant and agree as follows:
Section 1.Services by the Indemnitee.  The Indemnitee agrees to serve at the request of Cameron as a director of Cameron (including, without limitation, service on one or more committees of the Board).  Notwithstanding the foregoing, the Indemnitee may at any time and for any reason resign from any such position.
Section 2.    Indemnification - General.  The Company shall indemnify, and advance Expenses (as hereinafter defined) to, the Indemnitee (i) as provided in this Agreement and (ii) to the fullest extent permitted by applicable law in effect on the date hereof and to such greater extent as applicable law may thereafter from time to time permit.  The rights of the Indemnitee provided under the preceding sentence shall include, but shall not be limited to, the rights set forth in the other Sections of this Agreement.  The Company expressly acknowledges and agrees that its indemnification obligation hereunder could involve indemnification for Indemnitee negligence or under theories of strict liability.

Section 3.    Advancement of Expenses.  (a) The Company shall advance all Expenses incurred by or on behalf of the Indemnitee in connection with any Proceeding (as hereinafter defined), within 10 days after the receipt by the Company of a statement or statements from the Indemnitee requesting such advance or advances from time to time, whether prior to or after the final disposition of such Proceeding.  Such statement or statements shall reasonably evidence the Expenses incurred by or on behalf of the Indemnitee.  All amounts advanced to the Indemnitee by the Company pursuant to this Section 3 shall be without interest.  The Company shall make all advances pursuant to this Section 3 without regard to the financial ability of the Indemnitee to make repayment, without bond or other security and without regard to the prospect of whether the Indemnitee may ultimately be found to be entitled to indemnification under the provisions of this Agreement.  
(b)    The Indemnitee hereby expressly undertakes to repay such amounts advanced only if, and to the extent that, it shall ultimately be determined by a final, non-appealable adjudication or arbitration decision that the Indemnitee is not entitled to be indemnified against such Expenses.  Any required reimbursement of Expenses by the Indemnitee shall be made by the Indemnitee to the Company within 30 days following the entry of the final, non-appealable adjudication or arbitration decision pursuant to which it is determined that the Indemnitee is not entitled to be indemnified against such Expenses.
Section 4.    Indemnification In Proceedings Other Than Proceedings by or in the Right of the Company.  The Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by reason of her status as a director of Cameron, she is, or is threatened to be made, a party to or participant in any threatened, pending or completed Proceeding, other than a Proceeding by or in the right of the Company.  Pursuant to this Section 4, the Company shall indemnify the Indemnitee against Expenses, judgments, penalties, fines and amounts paid in settlement (as and to the extent permitted hereunder) actually and reasonably incurred by her or on her behalf in connection with such Proceeding or any claim, issue or matter therein, if she acted in good faith and in a manner she reasonably believed to be in, and/or not opposed to, the best interests of the Company as a director of Cameron, and, with respect to any criminal Proceeding, if she also had no reasonable cause to believe her conduct was unlawful.
Section 5.    Proceedings by or in the Right of the Company.  The Indemnitee shall be entitled to the rights of indemnification provided in this Section 5 if, by reason of her status as a director of Cameron, she is, or is threatened to be made, a party to or participant in any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor.  Pursuant to this Section 5, the Company shall indemnify the Indemnitee against Expenses actually and reasonably incurred by her or on her behalf in connection with such Proceeding if she acted in good faith and in a manner she reasonably believed to be in, or not opposed to the best interests of the Company. Notwithstanding the foregoing, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which the Indemnitee shall have been adjudged to be liable to the Company or if applicable law prohibits such indemnification, provided, however, that if applicable law so permits, indemnification against Expenses shall nevertheless be made by the Company in such event if and to the extent that the court in which such Proceeding shall have been brought or is pending, shall so determine.

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Section 6.    Indemnification for Expenses of a Party Who is Wholly or Partly Successful. (a) Notwithstanding any provision herein to the contrary, and in addition to the Indemnitee’s rights under Section 3, 4 and 5 hereof, to the extent that the Indemnitee is, by reason of her status as a director of Cameron, a party to and is successful, on the merits or otherwise, in any Proceeding, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by her or on her behalf in connection therewith.  If the Indemnitee is not wholly successful in defense of any Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify the Indemnitee against all Expenses actually incurred by her or on her behalf in connection with each such claim, issue or matter as to which the Indemnitee is successful, on the merits or otherwise.  For purposes of this Section 6(a), the term “successful, on the merits or otherwise,” shall include, but shall not be limited to, (i) the termination of any claim, issue or matter in a Proceeding by withdrawal or dismissal, with or without prejudice, (ii) termination of any claim, issue or matter in a Proceeding by any other means without any express finding of liability or guilt against the Indemnitee, with or without prejudice, (iii) the expiration of 120 days after the making of a claim or threat of a Proceeding without the institution of the same and without any promise or payment made to induce a settlement or (iv) the settlement of any claim, issue or matter in a Proceeding pursuant to which the Indemnitee pays less than $200,000.  The provisions of this Section 6(a) are subject to Section 6(b) below.
(b)    In no event shall the Indemnitee be entitled to indemnification under Section 6(a) above with respect to a claim, issue or matter to the extent applicable law prohibits such indemnification.
Section 1.    Indemnification for Expenses as a Witness.  Notwithstanding any provisions herein to the contrary, to the extent that the Indemnitee is, by reason of her status as a director of Cameron, a witness in any Proceeding, the Company shall indemnify the Indemnitee against all Expenses actually incurred by or on behalf of the Indemnitee in connection therewith.
Section 2.    Procedure for Determination of Entitlement to Indemnification. (a) To obtain indemnification under this Agreement, the Indemnitee shall submit to the Secretary of the Company a written request therefor, along with such documentation and information as is reasonably available to the Indemnitee and reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification.  The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that the Indemnitee has requested indemnification. 
(b) Upon written request by the Indemnitee for indemnification pursuant to the first sentence of Section 8(a) hereof, a determination, if required by applicable law, with respect to the Indemnitee’s entitlement thereto shall be made in the specific case: (i) by the Board by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined); or (ii) if a quorum of the Board consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel (as hereinafter defined), as selected pursuant to Section 8(d), in a written opinion to the Board (which opinion may be a “more likely than not” opinion), a copy of which shall be delivered to the Indemnitee.  If it is so determined 

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that the Indemnitee is entitled to indemnification, the Company shall make payment to the Indemnitee within 10 days after such determination.  The Indemnitee shall cooperate with the Person or Persons making such determination with respect to the Indemnitee’s entitlement to indemnification, including providing to such Person or Persons upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination.  Subject to the provisions of Section 10 hereof, any costs or expenses (including reasonable attorneys’ fees and disbursements) incurred by the Indemnitee in so cooperating with the Person or Persons making such determination shall be borne by the Company, and the Company hereby agrees to indemnify and hold the Indemnitee harmless therefrom.
(c) Notwithstanding the foregoing, if a Change of Control has occurred, the Indemnitee may require a determination with respect to the Indemnitee’s entitlement to indemnification to be made by Independent Counsel, as selected pursuant to Section 8(c), in a written opinion to the Board (which opinion may be a “more likely than not” opinion), a copy of which shall be delivered to the Indemnitee.
(d) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 8(a) or (b) hereof, the Independent Counsel shall be selected as provided in this Section 8(c).  If a Change of Control shall not have occurred, the Independent Counsel shall be selected by the Board (including a vote of a majority of the Disinterested Directors if obtainable), and the Company shall give written notice to the Indemnitee advising her of the identity of the Independent Counsel so selected.  If a Change of Control shall have occurred, the Independent Counsel shall be selected by the Indemnitee (unless the Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply), and approved by the Company (which approval shall not be unreasonably withheld).  If (i) an Independent Counsel is to make the determination of entitlement pursuant to Section 8(a) or (b) hereof, and (ii) within 20 days after submission by the Indemnitee of a written request for indemnification pursuant to Section 8(a) hereof, no Independent Counsel shall have been selected, either the Company or the Indemnitee may petition the appropriate court of the State (as hereafter defined) or other court of competent jurisdiction for the appointment as Independent Counsel of a Person selected by such court or by such other Person as such court shall designate.  The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 8(a) or (b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 8(c), regardless of the manner in which such Independent Counsel was selected or appointed.  Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 10(a)(iv) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).
Section 3.    Presumptions and Effect of Certain Proceedings; Construction of Certain Phrases. (a) In making a determination with respect to whether the Indemnitee is entitled to indemnification hereunder, the reviewing party making such determination shall presume that the Indemnitee is entitled to indemnification under this Agreement if the Indemnitee has submitted a request for indemnification in accordance with Section 8(a) of this Agreement, and anyone seeking 

4

to overcome this presumption shall have the burden of proof and the burden of persuasion, by clear and convincing evidence. 
(a)    Subject to the terms of Section 16 below, the termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of the Indemnitee to indemnification or create a presumption that the Indemnitee did not act in good faith and in a manner which she reasonably believed to be in or not opposed to the best interests of the Company, or with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that her conduct was unlawful.
(a)    For purposes of any determination of the Indemnitee’s entitlement to indemnification under this Agreement, the Indemnitee shall be deemed to have acted in good faith and in a manner she reasonably believed to be in or not opposed to the best interests of the Company, or with respect to a criminal Proceeding, to have also had no reasonable cause to believe her conduct was unlawful, if the Indemnitee’s action is based on the records or books of account of the Company, including financial statements, or on information supplied to the Indemnitee by the officers of the Company in the course of their duties, or on the advice of legal or financial counsel for the Company or the Board (or any committee thereof), or on information or records given or reports made by an independent certified public accountant or by an appraiser or other expert selected by the Company or the Board (or any committee thereof).  The provisions of this Section 9(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.  In addition, the knowledge and/or actions, or failure to act, of any other director, trustee, partner, managing member, fiduciary, officer, agent or employee of the Company shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this Agreement.  Whether or not the foregoing provisions of this Section 9(c) are satisfied, it shall in any event be presumed that the Indemnitee has acted in good faith and in a manner she reasonably believed to be in, or not opposed to, the best interests of the Company and, with respect to a criminal Proceeding, that she also had no reasonable cause to believe her conduct was unlawful.  Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion, by clear and convincing evidence.
(b)    For purposes of this Agreement, references to “fines” shall include any excise taxes assessed on the Indemnitee with respect to an employee benefit plan. 
Section 4.    Remedies of the Indemnitee. (a) In the event that (i) a determination is made pursuant to Section 8 of this Agreement that the Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 3 of this Agreement, (iii) the determination of entitlement to indemnification is to be made by the Board pursuant to Section 8 of this Agreement and such determination shall not have been made and delivered to the Indemnitee in writing within twenty (20) days after receipt by the Company of the request for indemnification, (iv) the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 8 of this Agreement and such determination shall not have been made in a written opinion to the Board and a copy delivered to the Indemnitee within 

5

forty-five (45) days after receipt by the Company of the request for indemnification, (v) payment of indemnification is not made pursuant to Section 7 of this Agreement within 10 days after receipt by the Company of a written request therefor or (vi) payment of indemnification is not made within 10 days after a determination has been made that the Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 8 or 9 of this Agreement, the Indemnitee shall be entitled to an adjudication in an appropriate court of the State of her entitlement to such indemnification or advancement of Expenses.  Alternatively, the Indemnitee, at her sole option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the rules of the American Arbitration Association.  The Indemnitee shall commence such Proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which the Indemnitee first has the right to commence such Proceeding pursuant to this Section 10(a); provided, however, that the foregoing clause shall not apply in respect of a Proceeding brought by the Indemnitee to enforce his rights under Section 5 of this Agreement.
(a)    In the event that a determination is made pursuant to Section 8 of this Agreement that the Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 10 shall be conducted in all respects as a de novo trial or a de novo arbitration (as applicable) on the merits, and the Indemnitee shall not be prejudiced by reason of that adverse determination.  In any judicial proceeding or arbitration commenced pursuant to this Section 10, the Company shall have the burden of proving that the Indemnitee is not entitled to indemnification, and the Company shall be precluded from referring to or offering into evidence a determination made pursuant to Section 8 of this Agreement that is adverse to the Indemnitee’s right to indemnification.  If the Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 10, the Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 7 until a final determination is made with respect to the Indemnitee’s entitlement to indemnification (as to which rights of appeal have been exhausted or lapsed).
(b)    If a determination is made or deemed to have been made pursuant to Section 8 or 9 of this Agreement that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 10, absent (i) a misstatement by the Indemnitee of a material fact, or an omission by the Indemnitee of a material fact necessary to make the Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.
(c)    The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 10 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all of the provisions of this Agreement.
(d)    In the event that the Indemnitee, pursuant to this Section 10, seeks a judicial adjudication or an award in arbitration to enforce her rights under, or to recover damages for breach of, this Agreement, the Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against, any and all Expenses actually incurred by her in such judicial adjudication or arbitration, unless the court or arbitrator determines that each of the Indemnitee’s 

6

claims in such Proceeding were made in bad faith or were frivolous.  In the event that a Proceeding is commenced by or in the right of the Company against the Indemnitee to enforce or interpret any of the terms of this Agreement, the Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against, any and all Expenses actually and reasonably incurred by her in such Proceeding (including with respect to any counter-claims or cross-claims made by the Indemnitee against the Company in such Proceeding), unless the court or arbitrator determines that each of the Indemnitee’s material defenses in such Proceeding were made in bad faith or were frivolous.
(e)    Any judicial adjudication or arbitration determined under this Section 10 shall be final and binding on the parties.
Section 5.    Defense of Certain Proceedings.  In the event the Company shall be obligated under this Agreement to pay the Expenses of any Proceeding against the Indemnitee in which the Company is a co-defendant with the Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by the Indemnitee, which approval shall not be unreasonably withheld, upon the delivery to the Indemnitee of written notice of its election to do so.  After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by the Company, the Indemnitee shall nevertheless be entitled to employ or continue to employ her own counsel in such Proceeding.  Employment of such counsel by the Indemnitee shall be at the cost and expense of the Company unless and until the Company shall have demonstrated to the reasonable satisfaction of the Indemnitee and the Indemnitee’s counsel that there is complete identity of issues and defenses and no conflict of interest between the Company and the Indemnitee in such Proceeding, after which time further employment of such counsel by the Indemnitee shall be at the cost and expense of the Indemnitee.  In all events, if the Company shall not, in fact, have timely employed counsel to assume the defense of such Proceeding, then the fees and Expenses of the Indemnitee’s counsel shall be at the cost and expense of the Company.
Section 6.    Exception to Right of Indemnification or Advancement of Expenses.  Notwithstanding any other provision of this Agreement, the Indemnitee shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding, or any claim therein, brought or made by the Indemnitee against:  
(i)     the Company, except for (x) any claim or Proceeding in respect of this Agreement and/or the Indemnitee’s rights hereunder, (y) any claim or Proceeding to establish or enforce a right to indemnification under any statute or law and (z) any counter-claim or cross‐claim brought or made by her against the Company in any Proceeding brought by or in the right of the Company against her; or
(ii)     any other Person, except for Proceedings or claims approved by the Board.
Section 7.    Contribution. (a) If, with respect to any Proceeding, the indemnification provided for in this Agreement is held by a court of competent jurisdiction to be unavailable to the Indemnitee for any reason other than that the Indemnitee did not act in good faith and in a manner she reasonably believed to be in, or not opposed to, the best interests of the Company or, with respect to a criminal Proceeding, that the Indemnitee had reasonable cause to believe her conduct was 

7

unlawful, the Company shall contribute to the amount of Expenses, judgments, penalties, fines and amounts paid in settlement actually incurred by the Indemnitee or on her behalf in connection with such Proceeding or any claim, issue or matter therein in such proportion as is appropriate to reflect the relative benefits received by the Indemnitee and the relative fault of the Indemnitee versus the other defendants or participants in connection with the action or inaction which resulted in such Expenses, judgments, penalties, fines and amounts paid in settlement, as well as any other relevant equitable considerations.
(a)    The Company and the Indemnitee agree that it would not be just and equitable if contribution pursuant to this Section 13 were determined by pro rata or per capita allocation or by any other method of allocation which does not take into account the equitable considerations referred to in Section 13(a) above.
(b)    No Person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act of 1933) shall be entitled to contribution from any Person who was not found guilty of such fraudulent misrepresentation.
Section 8.    Officer and Director Liability Insurance. (a) The Company shall use all commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the directors and officers of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement.  In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.  Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain such insurance if the Company determines in good faith that the Indemnitee is covered by such insurance maintained by a subsidiary of the Company.
(a)    To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors or officers of any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise which the Indemnitee serves at the request of the Company, the Indemnitee shall be named as an insured under and shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for the most favorably insured director or officer under such policy or policies.
(b)    In the event that the Company is a named insured under any policy or policies of insurance referenced in either Section 14(a) or (b) above, the Company hereby covenants and agrees that it will not settle any claims or Proceedings that may be covered by such policy or policies of insurance and in which the Indemnitee has or may incur Expenses, judgments, penalties, fines or amounts paid in settlement without the prior written consent of the Indemnitee.
Section 9.    Security.  Upon reasonable request by the Indemnitee, the Company shall provide security to the Indemnitee for the Company’s obligations hereunder through an irrevocable bank letter of credit, funded trust or other similar collateral.  Any such security, once provided to 

8

the Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee, which consent shall be unreasonably withheld.
Section 10.    Settlement of Claims.  The Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected without the Company’s written consent, which consent shall not be unreasonably withheld.
Section 11.    Duration of Agreement.  This Agreement shall be unaffected by the termination of the Indemnitee as a director of Cameron and shall continue for so long as the Indemnitee may have any liability or potential liability by virtue of her status as a director of Cameron, including, without limitation, the final termination of all pending Proceedings in respect of which the Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any Proceeding commenced by the Indemnitee pursuant to Section 10 of this Agreement relating thereto, whether or not she is acting or serving in such capacity at the time any liability or Expense is incurred for which indemnification can be provided under this Agreement.  This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.
Section 12.    Remedies of the Company.  The Company hereby covenants and agrees to submit any and all disputes relating to this Agreement that the parties are unable to resolve between themselves to binding arbitration pursuant to the rules of the American Arbitration Association and waives all rights to judicial adjudication of any matter or dispute relating to this Agreement except where judicial adjudication is requested or required by the Indemnitee.
Section 13.    Covenant Not to Sue, Limitation of Actions and Release of Claims.  No legal action shall be brought and no cause of action shall be asserted by or on behalf of the Company (or any of its subsidiaries) against the Indemnitee, her spouse, heirs, executors, personal representatives or administrators after the expiration of two (2) years from the date on which the status of the Indemnitee as a director of Cameron is terminated (for any reason), and any claim or cause of action of the Company (or any of its subsidiaries) shall be extinguished and deemed released unless asserted by filing of a legal action within such two-year period; provided, however, that the foregoing shall not apply to any action or cause of action brought or asserted by the Company pursuant to or in respect of this Agreement and shall not constitute a waiver or release of any of the Company’s rights under this Agreement.
Section 14.    Limitation of Liability.  Notwithstanding any other provision of this Agreement, neither party shall have any liability to the other for, and neither party shall be entitled to recover from the other, any consequential, special, punitive, multiple or exemplary damages as a result of a breach of this Agreement.
Section 15.    Subrogation.  In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, 

9

including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.
Section 16.    No Multiple Recovery.  The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that the Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.
Section 17.    Definitions.  For purposes of this Agreement:
(a)    “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person.  For purposes hereof, “control” (including, with correlative meaning, the terms “controlling”, “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of such Person, by contract or otherwise.
(b)    “Change of Control” shall mean a change in control of the Company occurring after the date of this Agreement of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement.  Without limiting the foregoing, such a Change in Control shall be deemed to have occurred if, after the date of this Agreement, (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors without the prior approval of at least two-thirds of the members of the Board in office immediately prior to such person attaining such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets or other reorganization, or a proxy contest, as a consequence of which members of the Board in office immediately prior to such transaction or event constitute less than a majority of the Board thereafter; (iii) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board (including for this purpose any new director whose election or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of such period) cease for any reason to constitute at least a majority of the Board; or (iv) approval by the shareholders of the Company of a liquidation or dissolution of the Company.
(c)    “Company” means Cameron International Corporation, a Delaware corporation.
(d)    “Disinterested Director” means a director of the Company who is not and was not a party to, or otherwise involved in, the Proceeding for which indemnification is sought by the Indemnitee.
(e)    “Exchange Act” means the Securities Exchange Act of 1934, as amended.

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(f)    “Expenses” shall include all reasonable:  attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating or being or preparing to be a witness in a Proceeding.
(g)    “Independent Counsel” means a law firm or a member of a law firm that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Company or the Indemnitee in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any Person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement.
(h)    “Person” means a natural person, firm, partnership, joint venture, association, corporation, company, limited liability company, trust, business trust, estate or other entity.
(i)    “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding whether civil, criminal, administrative or investigative.
(j)    “State” means the State of Texas.
Section 18.    Non-Exclusivity.  The Indemnitee’s rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which the Indemnitee may at any time be entitled under applicable law, the Certificate, the Bylaws, any agreement, a vote of stockholders, a resolution of directors, constitutional documents of any employee benefit plan or otherwise.
Section 19.    Remedies Not Exclusive.  No right or remedy herein conferred upon the Indemnitee is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative of and in addition to the rights and remedies given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy of the Indemnitee hereunder or otherwise shall not be deemed an election of remedies on the part of the Indemnitee and shall not prevent the concurrent assertion or employment of any other right or remedy by the Indemnitee.
Section 20.    Changes in Law.  In the event that a change in applicable law after the date of this Agreement, whether by statute, rule or judicial decision, expands or otherwise increases the right or ability of a Delaware corporation to indemnify a member of its board of directors or an officer, the Indemnitee shall, by this Agreement, enjoy the greater benefits so afforded by such change.  In the event that a change in applicable law after the date of this Agreement, whether by statute, rule or judicial decision, narrows or otherwise reduces the right or ability of a Delaware corporation to indemnify a member of its board of directors or an officer, such change shall have 

11

no effect on this Agreement or any of the Indemnitee’s rights hereunder, except and only to the extent required by law.
Section 21.    Interpretation of Agreement.  The Company and the Indemnitee acknowledge and agree that it is their intention that this Agreement be interpreted and enforced so as to provide indemnification to the Indemnitee to the fullest extent now or hereafter permitted by law.
Section 22.    Severability.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; (b) such provision or provisions will be deemed reformed to the extent necessary to conform to applicable law and to give maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision or provisions held invalid, illegal or unenforceable.
Section 23.    Governing Law; Jurisdiction and Venue; Specific Performance.
(a)    The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.
(b)    ANY “ACTION OR PROCEEDING” (AS SUCH TERM IS DEFINED BELOW) ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE FILED IN AND LITIGATED OR ARBITRATED SOLELY BEFORE THE COURTS LOCATED IN OR ARBITRATORS SITTING IN HARRIS COUNTY IN THE STATE OF TEXAS, AND EACH PARTY TO THIS AGREEMENT:  (i) GENERALLY AND UNCONDITIONALLY ACCEPTS THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND ARBITRATORS AND VENUE THEREIN, AND WAIVES TO THE FULLEST EXTENT PROVIDED BY LAW ANY DEFENSE OR OBJECTION TO SUCH JURISDICTION AND VENUE BASED UPON THE DOCTRINE OF “FORUM NON CONVENIENS;” AND (ii) GENERALLY AND UNCONDITIONALLY CONSENTS TO SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING BY DELIVERY OF CERTIFIED OR REGISTERED MAILING OF THE SUMMONS AND COMPLAINT IN ACCORDANCE WITH THE NOTICE PROVISIONS OF THIS AGREEMENT.  FOR PURPOSES OF THIS SECTION, THE TERM “ACTION OR PROCEEDING” IS DEFINED AS ANY AND ALL CLAIMS, SUITS, ACTIONS, HEARINGS, ARBITRATIONS OR OTHER SIMILAR PROCEEDINGS, INCLUDING APPEALS AND PETITIONS THEREFROM, WHETHER FORMAL OR INFORMAL, GOVERNMENTAL OR NON‐GOVERNMENTAL, OR CIVIL OR CRIMINAL.  THE FOREGOING CONSENT TO JURISDICTION SHALL NOT CONSTITUTE GENERAL CONSENT TO SERVICE OF PROCESS IN THE STATE FOR 

12

ANY PURPOSE EXCEPT AS PROVIDED ABOVE, AND SHALL NOT BE DEEMED TO CONFER RIGHTS ON ANY PERSON OTHER THAN THE PARTIES TO THIS AGREEMENT.
(c)    The Company acknowledges that the Indemnitee may, as a result of the Company’s breach of its covenants and obligations under this Agreement, sustain immediate and long-term substantial and irreparable injury and damage which cannot be reasonably or adequately compensated by damages at law.  Consequently, the Company agrees that the Indemnitee shall be entitled, in the event of the Company’s breach or threatened breach of its covenants and obligations hereunder, to obtain equitable relief from a court of competent jurisdiction, including enforcement of each provision of this Agreement by specific performance and/or temporary, preliminary and/or permanent injunctions enforcing any of the Indemnitee’s rights, requiring performance by the Company, or enjoining any breach by the Company, all without proof of any actual damages that have been or may be caused to the Indemnitee by such breach or threatened breach and without the posting of bond or other security in connection therewith.  The Company waives the claim or defense therein that the Indemnitee has an adequate remedy at law, and the Company shall not allege or otherwise assert the legal position that any such remedy at law exists.  The Company agrees and acknowledges that:  (i) the terms of this Section 30(c) are fair, reasonable and necessary to protect the legitimate interests of the Indemnitee; (ii) this waiver is a material inducement to the Indemnitee to serve as a director of Cameron; and (iii) the Indemnitee relied upon this waiver in entering into this Agreement and will continue to rely on this waiver in its future dealings with the Company.  The Company represents and warrants that it has reviewed this provision with its legal counsel, and that it has knowingly and voluntarily waived its rights referenced in this Section 30 following consultation with such legal counsel.
Section 24.    Nondisclosure of Payments.  Except as expressly required by Federal securities laws, the Company shall not disclose any payments under this Agreement without the prior written consent of the Indemnitee.  Any payments to the Indemnitee that must be disclosed shall, unless otherwise required by law, be described only in the Company proxy or information statements relating to special and/or annual meetings of the Company’s shareholders, and the Company shall afford the Indemnitee a reasonable opportunity to review all such disclosures and, if requested by the Indemnitee, to explain in such statement any mitigating circumstances regarding the events reported.
Section 25.    Notice by the Indemnitee.  The Indemnitee agrees to promptly notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder.
Section 26.    Notices.  All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and received for by the party to whom said notice or other communication shall have been directed, or (b) mailed by U.S. certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:  (i) if to the Company: Cameron International Corporation, 1333 West Loop South, Suite 1700, Houston, Texas 77027, Attention:  Chief Executive Officer; and (ii) if to 

13

any other party hereto, including the Indemnitee, to the address of such party set forth on the signature page hereof; or to such other address as may have been furnished by any party to the other(s).
Section 27.    Modification and Waiver.  No supplement, modification or amendment of this Agreement or any provision hereof shall limit or restrict in any way any right of the Indemnitee under this Agreement with respect to any action taken or omitted by the Indemnitee in her role as a director of Cameron prior to such supplement, modification or amendment.  No supplement, modification or amendment of this Agreement or any provision hereof shall be binding unless executed in writing by both of the Company and the Indemnitee.  No waiver of any provision of this Agreement shall be deemed or shall constitute a wavier of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.
Section 28.    Headings.  The headings of the Sections or paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.
Section 29.    Identical Counterparts.  This Agreement may be executed in one or more counterparts (whether by original, photocopy or facsimile signature), each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement.  Only one such counterpart executed by the party against whom enforcement is sought must be produced to evidence the existence of this Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the day and year first above written.
INDEMNITEE                    CAMERON INTERNATIONAL
            CORPORATION

/s/ Brent J. Smolik                 /s/ Jack B. Moore            
	
			
	Name:   Brent J. Smolik
	Name:    Jack B. Moore
	 

	Title:      Member of the Board of Directors
	Title:   Chairman and 
      Chief Executive Officer
	 

	Address:   

	Address:   1333 West Loop South, 
   Suite 1700
   Houston, Texas 77027
	 

14

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