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EXHIBIT 10.14.3
AMENDMENT NO. 3
TO
CLIFFS DRILLING COMPANY
COMPENSATION DEFERRAL PLAN
THIS AGREEMENT by Cliffs Drilling Company, a Delaware Corporation (the
"Sponsor"),
WITNESSETH:
WHEREAS, the Sponsor has previously executed the Plan known as "Cliffs
Drilling Company Compensation Deferral Plan" (the "Plan");
WHEREAS, pursuant to Section 9.1 of the Plan, the Sponsor has the right
to amend the Plan; and
WHEREAS, the Sponsor has determined that the Plan should be amended in
the manner hereinafter set forth;
NOW, THEREFORE, the Sponsor agrees that the Plan is hereby amended as
follows:
Section 1.55 of the Plan is amended to read in its entirety
as follows:
1.55 RETIREMENT. "Retirement" shall mean Separation
of a Participant (i) after completion of 15 years of service and
attainment of age 55, (ii) after attainment of age 62, or (iii) only
in the case of a Participant who has not been an Employee at any time
during his participation in the Plan, at any time. For purposes of
this Section, years of service shall be determined under the rules
applied in determining years of service for purposes of vesting under
the Savings Plan. Additionally, any years of service required to be
credited for purposes of this Plan under a severance agreement between
the Sponsor and the Participant shall be considered years of service
for purposes of this Plan.
IN WITNESS WHEREOF, the Sponsor has executed this Agreement this 22nd day of
February, 1999, to be effective as of January 1, 1999.
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CLIFFS DRILLING COMPANY
By /s/ XXXXXXX X. XXXXXXX
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President
ATTEST:
/s/ XXXXXX X. XXXXXXX
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THE STATE OF TEXAS )
)
COUNTY OF XXXXXX )
This instrument was acknowledged before me on 22nd February, 1999, by
Xxxxxxx X. Xxxxxxx, president of Cliffs Drilling Company, a Delaware
Corporation, on behalf of said corporation.
/s/ XXXXXXXX X. XXXXX
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Notary Public in and for
the State of Texas
[NOTARY SEAL]
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