Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 30, 2009, Mr. Hans W. Schmidt retired from his position as a member of
the Company's Board of Directors and submitted his resignation accordingly.
On June 29, 2009, the Company and Nabors Industries, Inc. ("Nabors") entered
into an amendment to that certain executive employment agreement, dated
April 29, 2009, with Eugene M. Isenberg, the Company's Chairman and Chief
Executive Officer (the "Isenberg Employment Agreement"). The amendment provides
for a reduction of the annual rate of base salary payable under the Isenberg
Employment Agreement from $1.3 million per year to $1.17 million per year for
the period from June 29, 2009 to December 27, 2009.
On June 29, 2009, the Company and Nabors entered into an amendment to that
certain executive employment agreement, dated April 29, 2009, with Anthony G.
Petrello, the Company's Deputy Chairman, President and Chief Operating Officer
(the "Petrello Employment Agreement"). The amendment provides for a reduction of
the annual rate of base salary payable under the Petrello Employment Agreement
from $1.1 million per year to $990,000 per year for the period from June 29,
2009 to December 27, 2009.
The reductions in the base salaries of Messrs. Isenberg and Petrello are
commensurate with reductions implemented both in salaries throughout the
Company's subsidiaries and in cash retainers paid to nonemployee directors, as
part of an initiative to reduce costs in light of the current economic downturn.
The salary reductions do not affect the calculation or payment of any ancillary
benefits.
The Isenberg Employment Agreement and the Petrello Employment Agreement are
filed as Exhibits 10.1 and 10.2 respectively to our Form 8-K, dated April 29,
2009.
The foregoing descriptions of the amendments are qualified in their entirety by
reference to the amendments thereof, which are attached hereto as Exhibit 10.1
for Mr. Isenberg and Exhibit 10.2 for Mr. Petrello, and incorporated herein by
reference.
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