First Amendment to Smith International, Inc. Executive Officer Annual Incentive Plan (Effective January 1, 2006)

Summary

Smith International, Inc. has amended its Executive Officer Annual Incentive Plan, which provides bonus incentives to its executive officers. The amendment, effective January 1, 2006, was approved by the Compensation and Benefits Committee and clarifies or removes certain cross-references within the plan. The changes are administrative in nature and do not alter the core purpose of the incentive plan.

EX-10.15 8 h43966exv10w15.htm FIRST AMENDMENT TO EXECUTIVE OFFICER ANNUAL INCENTIVE PLAN exv10w15

EXHIBIT 10.15

FIRST AMENDMENT TO THE
SMITH INTERNATIONAL, INC.
EXECUTIVE OFFICER ANNUAL INCENTIVE PLAN
(Effective as of January 1, 2006)

W I T N E S S E T H

WHEREAS, Smith International, Inc. (the “Company”) maintains the Smith International, Inc. Executive Officer Annual Incentive Plan (the “Plan”) for the purpose of providing bonus incentives to executives officers of the Company; and

WHEREAS, pursuant to Article IX of the Plan, the Compensation and Benefits Committee of the Board of Directors of the Company (the “Compensation Committee”) has reserved the right to amend the Plan at any time; and

WHEREAS, the Compensation Committee now desires to amend the Plan to eliminate or clarify certain cross-references therein;

NOW, THEREFORE, effective as of January 1, 2006, the Plan is hereby amended by this First Amendment thereto, as follows:

	1.		Section 1.2 of the Plan is revised to completely eliminate and remove the reference therein to Section 8.3 of the Plan.

	2.		Section 1.7 of the Plan is revised to change the references therein to Section 1.6 to Section 1.7.

IN WITNESS WHEREOF, this First Amendment to the Plan is hereby executed on this 17th day of October, 2006, to be effective as of January 1, 2006.


ATTEST:		SMITH INTERNATIONAL, INC.

By:	/s/ PAMELA L. KUNKEMOELLER	By:	/s/ RICHARD E. CHANDLER, JR.


Name:	Pamela L. Kunkemoeller	Name:	Richard E. Chandler, Jr.
Title:	Senior Corporate Counsel and Assistant Secretary	Title:	Senior Vice President, General Counsel and Secretary

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