Fifth Amendment to Ocean Energy, Inc. Long-Term Incentive Plan for Nonexecutive Employees
This amendment, made by the Board of Directors of Ocean Energy, Inc., modifies the company's Long-Term Incentive Plan for Nonexecutive Employees. For the calendar year 2001, the maximum number of shares available under Section 4(a) of the plan is increased from 2,500,000 to 2,750,000. After 2001, the limit reverts to 2,500,000. All other terms of the plan remain unchanged and are reaffirmed by the Board.
TO THE
OCEAN ENERGY, INC.
LONG-TERM INCENTIVE PLAN
FOR NONEXECUTIVE EMPLOYEES
WHEREAS, there is reserved to the Board of Directors of Ocean Energy, Inc. (the "Board") in Section 7 of the Ocean Energy, Inc. Long-Term Incentive Plan for Nonexecutive Employees (the "Plan") the right to amend the Plan;
WHEREAS, the Board desires to amend the Plan;
NOW, THEREFORE, Section 4(a) of the Plan is hereby amended effective for calendar year 2001 by substituting “2,750,000” for “2,500,000” in all places in said section; for calendar years after 2001, “2,750,000” shall revert to “2,500,000” in all places in said section.
As amended hereby, the Plan is specifically ratified and reaffirmed.
