Employment Letter Agreement between Flotek Industries, Inc. and John W. Chisholm (March 5, 2012)
This agreement confirms that Flotek Industries, Inc. will employ John W. Chisholm to assist with the company's international operations. Mr. Chisholm will receive a monthly salary of $4,000 and is not eligible for standard employee benefits unless otherwise agreed. His employment will continue until the termination of related service agreements with his affiliated companies. Mr. Chisholm also agrees to abide by certain obligations from a referenced service agreement. The agreement is effective as of March 5, 2012.
Exhibit 10.2
March 5, 2012
John W. Chisholm
Re: Employment
Dear Mr. Chisholm:
The purpose of this letter agreement is to confirm the agreement of Flotek Industries, Inc., a Delaware corporation (the “Company”) to employ John Chisholm (“Chisholm”) pursuant to the following terms:
(1) Term. The employment of John Chisholm pursuant to the terms hereof shall be effective as of the date hereof and shall terminate on the date of the termination of the engagement of Protechnics II, Inc. and Chisholm Management, Inc. (and/or its successors and assigns) by the Company pursuant to that certain Third Amended and Restated Service Agreement dated effective the date hereof (the “Service Agreement”).
(2) Duties. The duties of Chisholm as an employee of the Company shall be to provide assistance with respect to the international activities and operations of the Company and its subsidiaries.
(3) Compensation. The Company hereby agrees to pay Chisholm a monthly salary of $4,000, subject to such tax and other withholdings as may be required by law.
(4) Benefits. Unless otherwise agreed, Chisholm shall not be eligible to participate in any employee benefits provided by the Company to its employees, such as health insurance, club memberships, or automobile expenses allowances or reimbursements, or cellular telephone expense reimbursements.
(5) Covenants. Chisholm hereby agrees to be bound by the obligations of the Chisholm Companies (as defined in the Service Agreement) pursuant to Sections 7, 9, and 18 of the Service Agreement, to the same extent and for the same time periods as Protechnics is bound by such provisions.
John W. Chisholm
March 5, 2012
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If the foregoing sets forth the terms of our legally binding agreement, please execute this letter where indicated below.
| Sincerely,
Flotek Industries, Inc. | ||
| By: | ||
| Print Name: | ||
| Title: | ||
| ACCEPTED AND AGREED: |
| John W. Chisholm |
