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EXHIBIT 4.3
1996 EMPLOYEE
STOCK OPTION PLAN AMENDMENT
The 1996 Employee Stock Option Plan (the "Plan") of Grey Wolf, Inc.
(the "Company") is hereby amended as follows effective May 4, 1999.
1. The first paragraph of Section 2 is amended to read as follows
in its entirety:
2. Amount of Stock. The total number of shares of Common Stock
to be subject to options granted pursuant to this Plan may not exceed
10,000,000 shares. This total number of shares will be subject to
appropriate increase or decrease under Section 13 of this Plan in the
event of a stock dividend, or upon a subdivision, split-up, combination
or reclassification of, the shares purchasable under such options. In
the event that options granted under this Plan lapse or terminate
without being exercised, additional options may be granted covering the
shares not purchased under such options.
