Second Amendment to Amended and Restated Employment Agreement between GlobalSantaFe Corporation and Robert E. Rose

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Summary

This agreement is a second amendment to the employment contract between GlobalSantaFe Corporation and Robert E. Rose. It extends the term of Mr. Rose's employment until March 31, 2004. All other terms of the original and first amended agreements remain unchanged. The amendment is effective as of July 29, 2003, and is signed by both parties.

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EX-10.1 3 h10252exv10w1.txt 2ND AMEND. TO EMPLOYEE AGMT. - ROBERT E. ROSE EXHIBIT 10.1 SECOND AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT WHEREAS, Global Marine, Inc., Global Marine Corporate Services, Inc. and Robert E. Rose (the "Executive") entered into an Amended and Restated Employment Agreement dated as of August 16, 2001 (the "Employment Agreement"); and WHEREAS, the Employment Agreement was subsequently amended to reflect the terms of an Agreement and Plan of Merger by and among Santa Fe International Corporation, Global Marine, Inc. and certain other parties whereby Santa Fe International Corporation, now known as GlobalSantaFe Corporation (the "Company") agreed to assume the obligations of Global Marine, Inc. under the Employment Agreement and the Executive agreed to relinquish his position as Chairman of the Board, President and Chief Executive Officer of Global Marine, Inc. and accept the position of executive Chairman of the Board of the Company (the "First Amendment"); and WHEREAS, the Executive and the Company wish to amend certain terms of the Employment Agreement (the "Second Amendment"); NOW, THEREFORE, effective as of the date hereof, the parties to this Second Amendment hereby agree as follows: 1. Section 3 of the Employment Agreement shall be amended to extend the term thereof until March 31, 2004. 2. Except as set forth in this Second Amendment, the terms of the Employment Agreement as amended by the First Amendment remain unchanged. IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment this 29th day of July 2003. GLOBALSANTAFE CORPORATION THE EXECUTIVE By: /s/ James L. McCulloch /s/ Robert E. Rose --------------------------------- ----------------------------------- James L. McCulloch Robert E. Rose Senior Vice President and General Counsel