Fifth Amendment to Executive Employment Agreement between Nabors Industries Ltd., Nabors Industries, Inc., and Anthony G. Petrello
This amendment updates the employment agreement between Nabors Industries Ltd., Nabors Industries, Inc., and Anthony G. Petrello. Effective October 15, 2018, it changes the retirement age referenced in the agreement from 65 to 70. All other terms of the original agreement remain unchanged. The amendment is signed by representatives of the companies and Mr. Petrello.
Exhibit 10.3
FIFTH AMENDMENT TO
EXECUTIVE EMPLOYMENT AGREEMENT
WHEREAS, Nabors Industries Ltd. and Nabors Industries, Inc. (collectively, the “Company”) and Anthony G. Petrello (“Executive”), entered into an Executive Employment Agreement (the “Agreement”) effective as of January 1, 2013, and amended effective as of January 1, 2015 (the “First Amendment”), July 1, 2015 (the “Second Amendment”), January 1, 2016 (the “Third Amendment”) and July 1, 2016 (the “Fourth Amendment); and
WHEREAS, the Company and Executive desire to amend the Agreement in certain respects;
NOW, THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained herein, the Company and Executive agree to amend the Agreement as follows, effective October 15, 2018:
1.Section 3.1(c)(iii)(B) of the Agreement is amended by replacing the reference therein to age “sixty-five (65)” with “seventy (70).”
2.As amended by paragraph 1 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.
[Remainder of Page Intentionally Blank;
Signature Page Follows]
IN WITNESS WHEREOF, the Parties hereto have executed this amendment on the 15th day of October, 2018.
COMPANY:
Nabors Industries Ltd.
By:/s/Mark Andrews
Corporate Secretary
Nabors Industries, Inc.
By:/s/Joseph G. Walker
Its Secretary
EXECUTIVE:
/s/Anthony G. Petrello
Anthony G. Petrello
