Second Amendment to BJ Services Company 2003 Incentive Plan
This amendment updates the BJ Services Company 2003 Incentive Plan by revising the definition of "retirement" for plan participants. Under the new definition, retirement occurs when an employee leaves the company or its affiliates at age 60 or older, or when a non-employee director leaves after at least three years of service, provided the departure is not due to death, disability, or cause. The amendment also allows the committee to impose forfeiture conditions on awards for retirees. The changes apply to awards made on or after November 15, 2006.
Exhibit 10.5
SECOND AMENDMENT TO
BJ SERVICES COMPANY 2003 INCENTIVE PLAN
WHEREAS, BJ Services Company (the “Company”) has heretofore adopted the BJ Services Company 2003 Incentive Plan (the “Plan”);
WHEREAS, the Plan has heretofore been amended by one amendment adopted on July 28, 2005; and
WHEREAS, the Company desires to amend the Plan in certain additional respects;
NOW THEREFORE, the Plan shall be amended as follows, effective for Awards made on or after November 15, 2006:
The definition of the term “retirement” in Article I, Section 2 of the Plan is hereby amended to read in its entirety as follows:
“‘Retirement’ shall mean (i) the termination of an Employee’s Employment with the Company, or its Affiliates, on or after an Employee reaches age 60 (provided that without limiting any powers conferred on the Committee or the Board under the Plan, Awards granted to such persons may be subject to forfeiture upon conditions imposed by the Committee in its discretion) or (ii) the termination of service of a Non-Employee Director following a period of service on the Board of at least three years, in each case for reasons other than death, Disability or Cause.’”
