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ESV > SEC Filings for ESV > Form 8-K on 30-Jun-2009All Recent SEC Filings

Show all filings for ENSCO INTERNATIONAL INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for ENSCO INTERNATIONAL INC


30-Jun-2009

Change in Directors or Principal Officers, Financial Statements and Exhib


Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.

(b) On June 29, 2009, Phillip J. Saile announced that he will retire from his position as Senior Vice President - Operations of ENSCO International Incorporated (the "Company") on July 31, 2009.

(e) In connection with Mr. Saile's retirement, the Company and Mr. Saile entered into a Separation Agreement dated June 29, 2009 (the "Separation Agreement"). The Separation Agreement provides for payment of one year base salary of $402,750 in a lump sum and a severance bonus amount of $119,875, less required withholdings. The Company will also provide COBRA and outplacement benefits. In addition, all of Mr. Saile's unvested shares of restricted stock granted under the Company's long-term incentive plans will be accelerated and vested, other than the restricted stock award made in June 2009, which will be forfeited. The Separation Agreement includes certain customary waivers and releases and a one year non-competition agreement.

The foregoing description of the Separation Agreement is qualified in its entirety by reference to the terms of the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

    Exhibit No.        Description



    10.1             Separation Agreement dated June 29, 2009 between Phillip J.
                     Saile and ENSCO International Incorporated.

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