Attached files
| file | filename |
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| EX-10.1 - TESCO 2010 STIP - TESCO CORP | exh10-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): 11/18/2009
Tesco
Corporation
(Exact
name of registrant as specified in its charter)
|
Alberta
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76-0419312
|
|
(State
or Other Jurisdiction of
Incorporation
or Organization)
|
(I.R.S.
Employer
Identification
No.)
|
|
3993
West Sam Houston Parkway North
Suite
100
Houston,
Texas
|
77043-1221
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
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713-359-7000
(Registrant’s
telephone number, including area code)
Commission
File Number: 0-28778
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
5.02. Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
On
November 18, 2009, the Compensation Committee of Tesco Corporation (the
“Company”) approved the Company’s 2010 Short Term Incentive Plan, which applies
to the Chief Executive Officer, Chief Financial Officer and other named
executive officers of the Company. The plan provides that 30% of each
participant’s annual cash incentive compensation shall be based upon a target of
“Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization,” which
is defined as earnings (net income or loss) available to common stockholders
before interest expense, income tax expense, non-cash stock compensation,
non-cash impairments, depreciation and amortization and other non-cash items.
The plan further provides that 70% of each participant’s annual cash incentive
compensation shall be based upon individual targets that will be determined by
the Compensation Committee, and which will be based on Company performance
goals. Payments under the plan may be increased by a multiplier based upon an
earnings per share target approved by the Compensation Committee.
A copy of
the Tesco Corporation 2010 Short Term Incentive Plan is attached hereto as
Exhibit 10.1.
Item
9.01. Financial
Statements and Exhibits
(d) Exhibits
Exhibit
10.1 Tesco
Corporation 2010 Short Term Incentive Plan.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
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TESCO
CORPORATION
|
||
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Date: November
24, 2009
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By:
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/s/
James A. Lank
|
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James
A. Lank,
Senior
Vice President,
General
Counsel and Corporate Secretary
|
||
EXHIBIT
INDEX
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Exhibit
No.
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Description
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10.1
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Tesco
Corporation 2010 Short Term Incentive
Plan.
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