Amendment No. 1 to Dresser-Rand Group Inc. 2005 Directors Stock Incentive Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment updates the vesting schedule for stock awards granted to directors under the Dresser-Rand Group Inc. 2005 Directors Stock Incentive Plan. It states that 50% of each annual stock grant vests after one year, with the remaining 50% vesting over the next two years, provided the director remains in office. Full vesting also occurs if the director dies, becomes disabled, reaches age 65, or if there is a change in control of the company. The amendment is effective January 1, 2007.

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EX-10.29 2 y48840exv10w29.htm EX-10.29: AMENDMENT NO. 1 TO 2005 DIRECTORS STOCK INCENTIVE PLAN EX-10.29  

Exhibit 10.29
 
Amendment Number 1 to the Dresser-Rand Group Inc. 2005 Directors Stock Incentive Plan
 
4.2 VESTING AND OTHER TERMS OF ANNUAL GRANT. 50% of each Annual Grant shall become vested on the first anniversary of the grant date and 25% shall become vested on each of the following two anniversaries of the grant date, subject to the Eligible Director remaining in office on each vesting date. Each Annual Grant shall also become vested upon the Eligible Director’s death or Disability, upon the Eligible Director reaching age 65 or upon a Change in Control. Each Annual Grant shall be evidenced by an Award agreement that shall specify whether the Annual Grant consists of Shares, the right to receive Shares or a combination thereof, and the other terms of the Annual Grant.


Effective date: January 1, 2007