SEC Contract Filing

Filing Date: 2021-04-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>2
<FILENAME>ois_20210331xex103.htm
<DESCRIPTION>EX-10.3
<TEXT>
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<title>Document</title></head><body><div id="i34f10d7082ff4b978a4bc687775e97c9_1"></div><div style="min-height:45pt;width:100%"><div style="text-align:right"><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">EXHIBIT 10.3</font></div></div><div style="margin-bottom:18pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">PERFORMANCE AWARD AGREEMENT</font></div><div style="margin-bottom:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">THIS AGREEMENT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%"> is made on __________ (&#8220;Grant Date&#8221;) between Oil States International, Inc., a Delaware corporation (the &#8220;Company&#8221;), and __________ (&#8220;Employee&#8221;).</font></div><div style="margin-bottom:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">To carry out the purposes of the Oil States International, Inc. 2018 Equity Participation Plan (as amended from time to time, the &#8220;Plan&#8221;), by affording Employee the opportunity to acquire cash and shares of common stock of the Company (&#8220;Stock&#8221;), and in consideration of the mutual agreements and other matters set forth herein and in the Plan, the Company and Employee hereby agree as follows&#58;</font></div><div style="margin-bottom:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">1.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%;text-decoration:underline">Grant of Award</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">. The Company grants to Employee on the Grant Date a performance award (&#8220;Performance Award&#8221;) comprised of two separate components&#58; (a)&#160;a target cash award, the payout of which is based on relative total shareholder return (the &#8220;TSR Component&#8221;)&#59; and (b)&#160;a target number of deferred Stock units equal to a target number of shares of Stock, the payout of which is based on the Company&#8217;s three year cumulative EBITDA (the &#8220;EBITDA Component&#8221;), each as set forth in the Notice of Performance Award Conditions (&#8220;Notice&#8221;), attached as Exhibit&#160;A, which Notice is incorporated herein by reference as a part of this Agreement. Subject to Section&#160;2, the maximum amount of such cash award and the maximum number of such shares of Stock that Employee may earn pursuant to this Performance Award is determined by the applicable schedule set forth in the Notice. Employee acknowledges receipt of a copy of the Plan, and agrees that this Performance Award shall be subject to all of the terms and conditions set forth herein and in the Plan, including future amendments thereto, if any, pursuant to the terms thereof, which Plan is incorporated herein by reference as a part of this Agreement. In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan shall govern.</font></div><div style="margin-bottom:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">2.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%;text-decoration:underline">Vesting</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">.</font></div><div style="margin-bottom:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">(a)&#160;&#160;&#160;&#160;If Employee remains continuously employed by the Company from the Grant Date through December&#160;31, 2023, this Performance Award shall vest in Employee on such date at the levels set forth in the Notice based upon achievement of the Company performance objectives set forth in the Notice (&#8220;Performance Objectives&#8221;) during the period commencing on January&#160;1, 2021 and ending December&#160;31, 2023 (the &#8220;Performance Period&#8221;). As soon as administratively practicable after the end of the Performance Period (or such earlier date as set forth in Sections 2(b), (c), (d) or (e)), the Compensation Committee of the Board (&#8220;Committee&#8221;) shall affirm in writing the extent to which the Performance Objectives have been achieved and the cash and the number of units of deferred Stock that are vested in Employee as a result of such achievement.</font></div><div style="margin-bottom:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">(b)&#160;&#160;&#160;&#160;If on or after the eighteen-month anniversary of the Grant Date and prior to the end of the Performance Period (i)&#160;a &#8220;Change of Control&#8221; (as defined in Treasury Regulation Section 1.409A-3(i)(5) that also meets the definition of &#8220;Change of Control&#8221; under the Plan) of the Compan