Waiver of Loan Extension under Amended Employment Agreement – Anthony G. Petrello and Nabors Industries, Inc.

Contract Categories: Business Finance › Waiver Agreements
Summary

Anthony G. Petrello has agreed not to seek any further extension of repayment for a $2,881,915 loan provided under his Employment Agreement with Nabors Industries, Inc. The loan, originally due by September 30, 2006, will be repaid as scheduled, regardless of any extension rights in the Employment Agreement. This waiver is effective as of September 27, 2002.

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EX-10.1 3 h00903exv10w1.txt WAIVER OF AMENDED EMP. AGMT. - ANTHONY G. PETRELLO EXHIBIT 10.1 WAIVER I, Anthony G. Petrello, hereby agree that my loan in the amount of $2,881,915 made pursuant to Section 9.[c] Reimbursement of Business and Other Expenses: Perquisites. and Schedule 9.[c] of my Employment Agreement effective the 1st day of October, 1996, as amended, by an between Nabors Industries, Inc., a Delaware Company and Anthony G. Petrello, [the "Employment Agreement"] which is currently due on or before September 30, 2006, shall not be further extended, notwithstanding the provisions of my Employment Agreement. /s/ Anthony G. Petrello ----------------------------------- Anthony G. Petrello Dated: September 27, 2002