LONE STAR TECHNOLOGIES INC
EX-10.5
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<DESCRIPTION>EX-10.5
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.5</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LONE
STAR TECHNOLOGIES, INC. <br>
FORM OF EMPLOYEE RESTRICTED STOCK AGREEMENT</font></b></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Restricted
Stock<br>
Granted Pursuant to the<br>
2004 Long-Term Incentive Plan</font></b></p>

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Date of Grant</font></u></b>.&#160; This grant of restricted stock is made on <b><font style="font-weight:bold;">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></b>,
20<b><font style="font-weight:bold;">[&nbsp;&nbsp;&nbsp;&nbsp;]</font></b> (the &#147;<b><font style="font-weight:bold;">Date of Grant</font></b>&#148;) pursuant to and subject to the terms hereof
and all of the terms and conditions of the 2004 Long-Term Incentive Plan (the &#147;<b><font style="font-weight:bold;">Plan</font></b>&#148;) of Lone Star Technologies, Inc. (&#147;<b><font style="font-weight:bold;">LST</font></b>&#148;)</p>

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Grant</font></u></b>.&#160; LST hereby grants to <b><font style="font-weight:bold;">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></b>
(the &#147;<b><font style="font-weight:bold;">Participant</font></b>&#148;) <b><font style="font-weight:bold;">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></b>
shares (the &#147;<b><font style="font-weight:bold;">Shares</font></b>&#148;) of Common Stock, $1.00
par value per share, of LST (&#147;<b><font style="font-weight:bold;">Common Stock</font></b>&#148;)
subject to the restrictions and upon the terms and conditions hereinafter
stated.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Restrictions on Transferability</font></u></b>.&#160; The Shares shall not be sold, assigned,
transferred, disposed of, pledged or otherwise hypothecated by Participant
other than to LST until they are vested in accordance with the terms hereof.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">General and Accelerated Vesting</font></u></b>.&#160; Unless vesting is accelerated in accordance
with this Section or Section 5 hereof, Participant&#146;s ownership of the Shares
not previously forfeited shall vest with respect to <b><font style="font-weight:bold;">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
</font></b>shares on each of the dates which are 24 months, 36 months, 48
months, 60 months, and 72 months, respectively, after the Date of Grant.&#160; Non-vested Shares not previously forfeited
shall immediately vest in Participant if Participant&#146;s employment terminates by
reason of Participant&#146;s death, retirement after age 65 or retirement with the
consent of LST (subject, in the case of retirement, to such other conditions as
LST may impose).&#160; In addition, if there
is a Change in Control (within the meaning of Section 9(d) of the Plan) and,
within two years after the Change in Control, Participant&#146;s employment is
terminated by the Company without Cause (within the meaning of Section 5(e)(ii)
of the Plan) or is terminated by Participant as a result of a reduction of his
compensation or any material change in location, authority, duties or other
working conditions of his employment, all of the Shares not then vested and not
previously forfeited shall immediately vest in Participant upon the date of
such termination.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Performance-Based Vesting</font></u></b>.&#160; Non-vested Shares not previously forfeited
will become vested in accordance with the performance matrix set forth in
Schedule A annexed hereto. For the purposes of Schedule A, the &#147;<b><font style="font-weight:bold;">200[X] Objective</font></b>&#148; is the income before taxes (&#147;<b><font style="font-weight:bold;">IBT</font></b>&#148;) of LST presented in its Base Action Plan (&#147;<b><font style="font-weight:bold;">BAP</font></b>&#148;) for 200[X]; the &#147;<b><font style="font-weight:bold;">200[Y] Objective</font></b>&#148;
is LST&#146;s IBT presented in its 200[Y] BAP; and the &#147;<b><font style="font-weight:bold;">2004
Objective Shortfall</font></b>&#148; is the excess, if any, of the 200[X] Objective
over LST&#146;s IBT for the year ended December 31, 200[X]. If any Shares become
vested under Row E of Schedule A, then Row D shall become inapplicable. If any
Shares become vested under this Section 5, then Section 4 shall cease to apply
and future vesting, if any, will be determined under this Section 5 (subject to
acceleration under the second and third sentences of Section 4 above).&#160; Determinations as to whether the 200[X] Objective
or</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the 200[Y]
Objective has been achieved, or whether the 200[Y] IBT equals or exceeds the
sum of the 200[Y] Objective and the 200[X] Objective Shortfall, shall be made
by the Human Resources Committee based on audited financial statements for the
appropriate year.&#160; Any vesting of Shares
for a particular year shall become effective as of the date of the applicable
determination by the Human Resources Committee of LST (the &#147;<b><font style="font-weight:bold;">Human Resources Committee</font></b>&#148;).&#160;
Any decision of the Human Resources Committee as to any question with
respect to the Shares granted hereunder shall be final and conclusive on all
persons.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Forfeiture</font></u></b>. The Participant shall
forfeit any unvested Shares upon the termination of the Participant&#146;s
employment with LST (other than a termination of employment that results in the
vesting of Participant&#146;s Shares pursuant to the provisions hereof).</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Stock Certificates</font></u></b>.&#160; LST shall retain physical possession of the
certificate(s) evidencing the Shares until the Shares become vested or the
Shares are forfeited. Participant shall deliver to LST stock powers, endorsed
in blank, relating to the Shares as soon as practical after the Date of Grant.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Voting and Dividends</font></u></b>.&#160; All voting rights with respect to the Shares
shall be exercisable by Participant notwithstanding the restrictions imposed on
the Shares herein.&#160; Any cash dividends
paid on the Shares shall be remitted to Participant, subject to applicable
withholding.&#160; Stock distributed in connection
with a stock split or stock dividend with respect to the Shares shall be
subject to the restrictions and risk of forfeiture to the same extent as the
Shares.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Tax Withholding</font></u></b>.&#160; When the restrictions imposed on any of the
Shares lapse, the Participant shall pay to LST in cash, or in Shares, or make other
arrangements satisfactory to LST regarding the payment of, any federal, state
or local taxes required by law to be withheld with respect to the Shares, and
LST and its subsidiaries shall, to the extent permitted by law, have the right
to deduct from any payment otherwise due to Participant any federal, state or
local tax required by law to be withheld with respect to the Shares.
Notwithstanding the foregoing, if Participant elects, within 30 days of the
Date of Grant, to include in taxable income the fair market value of the
Shares, Participant shall promptly pay to LST in cash any federal, state or
local taxes required to be withheld with respect to the Shares.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Rights of Participant</font></u></b>.&#160; Nothing herein contained shall confer on
Participant any right with respect to the continuation of employment or
interfere with the right of LST to terminate such employment.</p>

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Provisions of the Plan Control</font></u></b>.
This restricted stock grant is subject to all the terms, conditions and
provisions of the Plan, a copy which has been furnished or made available to
Participant, and to such rules, regulations and interpretations as may be
established or made by the Human Resources Committee acting within the scope of
its authority and responsibility under the Plan. The applicable provisions of
the Plan shall govern in any situation where this instrument is silent or where
the applicable provisions of this instrument are contrary to or not
reconcilable with such Plan provisions.</p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Miscellaneous</font></u></b>.&#160; LST shall have the right to offset against
its obligation to deliver any of the Shares any outstanding amounts owed by
Participant to LST at the time those Shares would otherwise be delivered. This
restricted stock grant shall be governed by and construed in accordance with
the laws of the State of Delaware, without regard to its principles of conflict
of laws. The terms of this award may not be amended, except as provided in the
Plan or by a written instrument executed by LST and Participant.</p>

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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LONE STAR TECHNOLOGIES, INC.</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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