Director Cash Award Agreement between Nabors Industries Ltd. and Director
This agreement is between Nabors Industries Ltd. and a director, granting the director a cash award of $250,000. The award vests at the company's next annual general meeting, provided the director remains in service, or earlier if the director dies or becomes disabled. If the director leaves before vesting, the award is forfeited. The director is responsible for all taxes on the award. The agreement is governed by Delaware law and includes provisions for arbitration in case of disputes, with performance and venue in Harris County, Texas.
Exhibit 10.2
DIRECTOR CASH AWARD AGREEMENT
This Director Cash Award Agreement (this “Award Agreement”) is effective the _________ day of ________________, _________ (the “Date of Grant”) between Nabors Industries Ltd. (“NIL” or the “Company”) and ________________ (the “Grantee”).
RECITALS
The Board of Directors (the “Board”) has determined the form of this Award and selected the Grantee, an Eligible Recipient, to receive this cash award (this “Award”). Capitalized terms used but not defined herein shall have the meanings set forth in the appendix to this Award Agreement.
CASH AWARD
The Board has made this Award and will grant to the Grantee cash upon the following terms and conditions:
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the parties hereto have duly executed this Award Agreement as of the day and year first written above.
NABORS INDUSTRIES LTD.
GRANTEE
[NAME]