Attached files
file | filename |
---|---|
8-K - FORM 8-K - PARKER DRILLING CO /DE/ | h84440e8vk.htm |
EX-10.1 - EX-10.1 - PARKER DRILLING CO /DE/ | h84440exv10w1.htm |
EX-10.4 - EX-10.4 - PARKER DRILLING CO /DE/ | h84440exv10w4.htm |
EX-10.3 - EX-10.3 - PARKER DRILLING CO /DE/ | h84440exv10w3.htm |
Exhibit 10.2
EMPLOYMENT AGREEMENT
First Amendment
WHEREAS, Parker Drilling Company, a Delaware corporation (the Company) and David C. Mannon
(the Executive) have entered into an Employment Agreement, effective as of October 23, 2009 (the
Employment Agreement);
WHEREAS, the Company and the Executive desire to enter into this amendment to the Employment
Agreement to extend the term of the Employment Agreement and shorten the notice requirement with
regard to automatic renewal of the term of the Employment Agreement.
NOW, THEREFORE, in consideration of Executives employment with the Company, and the mutual
promises and agreements contained herein, the parties hereto agree as follows:
1. Section 4 of the Employment Agreement is hereby replaced in its entirety, effective as of
August 29, 2011, with the following:
Executives initial term of employment with the Company under the
Agreement shall be for the period from the Effective Date through
December 31, 2011 (the Initial Term of
Employment). Unless notice
is given by either the Company or Executive to the other Party at
least 90 days prior to December 31, 2011 that the term of employment
will not be renewed, the Initial Term of Employment shall be
automatically extended for one four-month period commencing on
January 1, 2012 and ending on April 30, 2012. Unless notice is
given by either the Company or Executive to the other Party at least
60 days prior to April 30, 2012 that the term of employment will not
be renewed, the Initial Term of Employment shall be automatically
extended for a one-year period commencing on May 1, 2012 and ending
on April 30, 2013. Thereafter, the Initial Term of Employment shall
be automatically extended repetitively for an additional one-year
period commencing on May 1, 2013 and each anniversary thereof,
unless notice is given by either the Company or Executive to the
other Party at least 60 days prior to the end of such extended
Initial Term
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of Employment, or any subsequent one-year extension thereof, as
applicable, that the term of employment will not be renewed. The
Initial Term of Employment and any extension of the Initial Term of
Employment hereunder shall each be referred to herein as a Term of
Employment. The Term of Employment shall also be extended upon a
Change in Control as provided in Section 7, but shall not
thereafter be extended under this Section 4. The Term of
Employment shall automatically end in the event of the death or
Disability of Executive. The Company and Executive shall each have
the right to give Notice of Termination (pursuant to Section
8) at will, with or without cause, at any time, subject however
to the terms and conditions of the Agreement regarding the rights
and duties of the Parties upon termination of employment. The
period from the Effective Date through the earlier of the date of
Executives termination of employment for whatever reason or the end
of the Term of Employment shall be referred to herein as the
Employment Period.
2. Except as otherwise set forth in paragraph 1 above, the terms of the Employment Agreement
shall continue in effect.
[Signatures on next page]
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IN WITNESS WHEREOF, the parties have executed this amendment, which may be sufficiently
evidenced by any executed copy hereof, on this 29th day of August, 2011, but effective
as of the date set forth above.
PARKER DRILLING COMPANY |
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By: | ||||
W. Kirk Brassfield | ||||
Sr. Vice President & Chief Financial Officer | ||||
EXECUTIVE |
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David C. Mannon |
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