HYDRIL CHANGE IN CONTROL EXTENSION AGREEMENT HYDRIL COMPANY 3300 North Sam Houston Parkway East Houston, Texas 77032

Exhibit 10.1

HYDRIL CHANGE IN CONTROL EXTENSION AGREEMENT

HYDRIL COMPANY

3300 North Sam Houston Parkway East

Houston, Texas 77032

June     , 2005

[Name of Executive]

Hydril Company

3300 North Sam Houston Parkway East

Houston, Texas 77032

Dear [Name of Executive]:

Hydril Company (the “Corporation”) considers it essential to the best interests of its stockholders to foster the continuous employment of key management personnel. In connection with this, the Corporation’s Board of Directors (the “Board”) recognizes that, as is the case with many corporations, the possibility of a change in control of the Corporation may exist and that such possibility, uncertainty, and questions that it may raise among management, could result in the departure or distraction of management personnel to the detriment of the Corporation and its stockholders.

The Board previously had decided to reinforce and encourage the continued attention and dedication of members of the Corporation’s management, including yourself, to their assigned duties without distraction arising from the possibility of a change in control of the Corporation and had entered into a letter agreement with you dated January 15, 2002, concerning certain benefits to be paid to you upon severance from employment with the Corporation following a change of control (the “Prior Agreement”). The Prior Agreement was renewed on January 1, 2005 (the “Renewal Agreement”) to extend its effectiveness through June 30, 2005.

The Corporation has now determined to offer to extend the effectiveness of the Prior Agreement (the “Extension Agreement”) beyond June 30, 2005. In order to induce you to remain in its employ, the Corporation hereby agrees that after this Extension Agreement has been fully executed, you shall receive the severance benefits set forth in the Prior Agreement in the event your employment with the Corporation or one or more of its subsidiaries is terminated under certain circumstances described in the Prior Agreement subsequent to a “Change of Control” (as defined in Section 2 of the Prior Agreement). Furthermore, after execution of this Extension Agreement in full, you and the Corporation agree to be subject to all of the other rights and obligations set forth in the Prior Agreement (excluding Section 1 thereof). This Extension Agreement shall expire on December, 31, 2005.

Agreed to this      day of                    , 2005