Second Amendment to BJ Services Company Supplemental Executive Retirement Plan (Effective March 1, 2007)

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment, effective March 1, 2007, modifies the BJ Services Company Supplemental Executive Retirement Plan. It updates the definitions of normal retirement and vesting rules for plan participants. For employees who joined before 2007, full vesting occurs at the later of age 55 or five years of service; for those joining after 2006, full vesting is at the later of age 55 or five years of plan participation. Immediate full vesting applies in cases of death, disability, or a change of control. The amendment is executed by BJ Services Company.

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EX-10.1 2 rrd160498_20378.htm SECOND AMENDMENT, EFFECTIVE MARCH 1, 2007, TO BJ SERVICES COMPANY SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

SECOND AMENDMENT TO

BJ SERVICES COMPANY

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

WHEREAS, BJ SERVICES COMPANY (the "Company") has heretofore adopted the BJ SERVICES COMPANY SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (the "Plan"); and

WHEREAS, the Company desires to amend the Plan in certain respects;

NOW, THEREFORE, the Plan shall be and hereby is amended as follows, effective as of March 1, 2007:

    1. Section 2.1(20) of the Plan shall be deleted and the following shall be substituted therefor:

      2. "(20) Normal Retirement. A Participant's Termination on or after the later of (i) his sixtieth birthday or (ii) the date he becomes vested pursuant to Article V."

    2. Article V of the Plan shall be deleted and the following shall be substituted therefor:

      3. "ARTICLE V

      Vesting

      With respect to an Eligible Employee who becomes a Participant prior to January 1, 2007, the Participant's Vested Percentage shall be zero percent prior to the later of (i) his fifty-fifth birthday or (ii) the date he completes five full Years of Service, and one hundred percent on or after such date; provided, however, that in the event of the Participant's death or disability (as defined in Section 4.7) or a Change of Control, the Participant's Vested Percentage shall be one hundred percent.

      With respect to an Eligible Employee who becomes a Participant after December 31, 2006, such Participant's Vested Percentage shall be zero percent prior to the later of (i) his fifty-fifth birthday or (ii) the date he completes five full years of participation in the Plan, and one hundred percent on or after such date; provided, however, that in the event of the Participant's death or disability (as defined in Section 4.7) or a Change of Control, the Participant's Vested Percentage shall be one hundred percent."

    3. As amended hereby, the Plan is specifically ratified and reaffirmed.

EXECUTED this 24th day of May, 2007.

BJ SERVICES COMPANY

By: /s/ Margaret B. Shannon

Name: Margaret B. Shannon

Title: Vice President, General Counsel

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