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EXHIBIT 10.29
XXXXXX PETROLEUM SERVICES CORP.
1996 NON-EMPLOYEE DIRECTOR STOCK PLAN
NON-QUALIFIED STOCK OPTION AGREEMENT
Xxxxxx Petroleum Services Corp. (the "Company") hereby grants to Al
Kite (the "Optionee") the option to purchase 10,000 shares of the Company's
Class A Common Stock, $.01 par value (the "Common Stock"), at a price of $6.50
for each share of Common Stock (the "Option"). This Option shall be granted
upon the terms and conditions substantially similar to those contained in the
Xxxxxx Petroleum Services Corp. 1996 Non-Employee Director Stock Option Plan
(the "Plan").
This Option shall be for a term commencing the date hereof and ending
on April 22, 2002, unless this Option is terminated earlier by reason of the
Optionee's termination of employment, as provided under the terms and
conditions of the Plan.
This Option shall become exercisable in full on the first anniversary
of the date hereof.
This Option is a non-qualified stock option which is not intended to be
governed by Section 422 of the Internal Revenue Code of 1986, as amended.
The Optionee, upon acceptance of this Option, accepts and agrees to be
bound by all the terms and conditions of this Agreement. Notwithstanding that
this Option is not granted pursuant to the Plan, the Optionee further agrees to
be bound by all the terms and conditions of the Plan applicable to non-qualified
stock options granted under the Plan.
Granted effective as of the 23rd day of April, 1997.
XXXXXX PETROLEUM SERVICES CORP.
By: /s/ XXXXX X. XXXX
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Xxxxx X. Xxxx
President and Chief Executive Officer
Accepted this 16th day of May, 1997.
/s/ X.X. XXXX
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Al Kite
