Exhibit 10.65
_________________________
_________________________
_________________________
Re: Bonus Stock Grant
Dear :
Grant . I am pleased to inform you that the Executive Compensation Committee (the " Committee" ) of the Board of Directors of BJ Services Company (the " Company" ) has granted to you shares of Bonus Stock pursuant to the BJ Services Company 2000 Incentive Plan (the " Plan" ). The terms defined in the Plan are used in this Agreement with the same meaning.
Each share of Bonus Stock represents the right to receive one share of the Company' s Common Stock, as of the vesting dates specified below. The shares of Bonus Stock hereby granted to you are subject to vesting as described below.
No Rights as a Shareholder . Until actual shares of the Company' s Common Stock are issued to you, you will not possess any rights of a stockholder of the Company with respect to the Bonus Stock, including, but not limited to, the right to vote shares or receive dividends.
Vesting Dates . Subject to the vesting restrictions and provisions described below, one-quarter ( 1 / 4 ) of your Bonus Stock shares will become payable to you on each of March 31, 2007; June 30, 2007; September 30, 2007; and December 31, 2007 (each a " vesting date" ). However, all shares of Bonus Stock will vest and be immediately due and payable to you in the event of a Change of Control. Payment in shares will be made to you as soon as reasonably practicable following each vesting date.
Vesting . The Bonus Stock granted hereby shall only vest on a particular vesting date, including following termination by reason of death, disability or retirement, if the Company shall have earned a profit, exclusive of asset write downs, during the fiscal quarter ending on such vesting date equal to or greater than 80% of the Company' s profit, exclusive of asset writ ...
*End of Preview*
Click the 'Add to Cart' button to download the complete and formatted agreement.