Amendment to Employment Agreement between Core Laboratories N.V. and Lawrence V. Bruno (Effective January 1, 2020)
Core Laboratories N.V. and Lawrence V. Bruno have agreed to amend their existing employment agreement, originally dated March 1, 2019. The amendment, effective January 1, 2020, increases the maximum annual bonus that Mr. Bruno can receive from 180% to 200% of his annual base salary, with the actual amount to be determined by the company's committee. All other terms of the original agreement remain unchanged and are reaffirmed by both parties.
Exhibit 10.1
AMENDMENT TO
EMPLOYMENT AGREEMENT
(Dated March 1, 2020)
WHEREAS, Core Laboratories N.V. and Lawrence V. Bruno have heretofore entered into that certain Employment Agreement (Dated March 1, 2019) (the “Agreement”); and
WHEREAS, the parties desire to amend the Agreement as provided herein;
NOW, THEREFORE, the Agreement is amended hereby effective as of January 1, 2020 (the “Effective Date”), as follows:
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| 1. | Section 2.2 is amended by changing the stated percentage from 180% to 200% such that the section would now read as follows: |
“Executive shall be eligible to receive a maximum annual bonus of up to 200% of Executive’s annual base salary with the amount of such bonus to be determined by the Committee based upon criteria established from time to time by the Committee.”
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| 2. | As amended hereby, the Agreement is specifically ratified and reaffirmed. |
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the 1st day of March, 2020, effective for all purposes as of the Effective Date.
CORE LABORATORIES N.V.
By Core Laboratories International B.V.,
its sole managing director
By:
| /s/Jacobus Schouten |
| Jacobus Schouten |
| Managing Director of Core Laboratories |
| International B.V. |
| /s/Lawrence V. Bruno |
| Lawrence V. Bruno |
