First Amendment to Amended and Restated Employment Agreement, dated April 6, 2020, among Nabors Industries Ltd., Nabors Industries, Inc., and William Restrepo
FIRST AMENDMENT TO
AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT
WHEREAS, Nabors Industries Ltd. and Nabors Industries, Inc. (collectively, the “Company”) and William Restrepo (“Executive”), entered into an Amended and Restated Executive Employment Agreement (the “Agreement”) effective as of January 2, 2020; and
WHEREAS, the Executive and the Company have agreed to certain modifications to the Agreement which they now desire to memorialize effective with this amendment (this “Amendment”) as follows:
1. Section 3.1(a) of the Agreement is amended by adding after the first sentence: “However, on an interim basis as set forth herein the amount of base salary due and payable for purposes of biweekly payroll administration only shall be based on a salary, determined on an annualized basis, as set forth below:
(a) For the payroll period commencing on March 23, 2020 and ending on April 5, 2020, an amount equal to eighty percent (80%) of Base Salary;
(b) For the two (2) payroll periods commencing on April 6, 2020 and ending on May 3, 2020, an amount equal to fifty percent (50%) of the amount calculated in accordance with clause (a) above; and
(c) For the payroll period commencing on May 4, 2020 and ending at the end of the last payroll period of fiscal 2020, an amount equal to ninety percent (90%) of the amount calculated in accordance with clause (a) above.
Notwithstanding the foregoing, for all other purposes under this Agreement, the term “Base Salary” or “base salary” shall be construed in accordance with the first sentence of this Section 3.1(a) as if the preceding section’s modification had not occurred.”
2. Executive agrees and acknowledges that Section 1.11(d) of the Agreement shall not apply with respect to this Amendment.
3. As amended by paragraphs 1 and 2 above, the Agreement remains in full force and effect. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original but which taken together shall constitute one and the same instrument.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of April 6, 2020.
|Nabors Industries Ltd.|
|By:||/s/Mark D. Andrews|
|Its Corporate Secretary|
|Nabors Industries, Inc.|
|Its Senior Vice President and General Counsel|