Amendment to Employment Agreement between William D. Moss and Newpark Resources, Inc.
EX-10.5 6 h66527exv10w5.htm EX-10.5 exv10w5
Exhibit 10.5
Amendment to Employment Agreement between
William D. Moss and Newpark Resources, Inc.
William D. Moss and Newpark Resources, Inc.
This is an Amendment to the Employment Agreement entered into between William D. Moss (Executive) and Newpark Resources, Inc. (Company) effective June 2, 2008 (Employment Agreement).
Due to the current economic situation, Executive and the Company mutually agree that Executives current annualized Base Salary of Two Hundred Seventy Thousand Dollars ($270,000.00) set forth in Section 1.2(a) of Executives Employment Agreement will be reduced by ten percent (10%) to Two Hundred Forty-Three Thousand Dollars ($243,000.00). This 10% reduction to Executives annualized Base Salary will take effect on May 1, 2009, and will continue in effect through December 31, 2009. Beginning on January 1, 2010, Executives annualized Base Salary will be Two Hundred Seventy Thousand Dollars and No Cents ($270,000.00).
Executives Base Salary for purposes of calculating the Target Award, maximum limitation, and minimum award under Section 1.2(c) of the Employment Agreement and the 2003 Executive Incentive Compensation Plan (EICP) will likewise be adjusted for the period May 1, 2009 through December 31, 2009 to reflect this 10% reduction in Executives annualized Base Salary.
Executive and the Company agree that this 10% reduction in Executives annualized Base Salary and the corresponding adjustment to Executives incentive compensation under the EICP are being made with the full knowledge and consent of Executive. Executive and the Company further agree that this 10% reduction in Executives annualized Base Salary and the corresponding adjustment to Executives incentive compensation under the EICP do not constitute Good Reason for termination by Executive, as defined in Section 2.3 and 3.10(b) of the Employment Agreement, or a termination by the Company.
Executive and the Company agree that if Executives employment is terminated between May 1, 2009 and December 31, 2009 pursuant to Section 2.3 of Executives Employment Agreement, Executives lump sum payment provided for in Section 2.3(i)(A) or 2.3(i)(B) will be calculated based upon Executives $270,000.00 annualized Base Salary and not on Executives current annual Base Salary of $243,000.00.
Executive and the Company agree that if Executives employment is terminated between May 1, 2009 and December 31, 2009 pursuant to Section 2.2 of Executives Change in Control Agreement with the Company dated June 2, 2008 as a result of a Change in Control (as defined in Executives Change in Control Agreement) or a Potential Change in Control (as defined in Executives Change in Control Agreement), Executives Termination Benefit provided for in Section 3.3 and Annex A of the Change in Control Agreement will be calculated based upon Executives $270,000.00 annualized Base Salary and not on Executives base salary at the time of termination of $243,000.00.
All other terms and provisions in the Employment Agreement and the Change in Control Agreement remain unchanged and in full force and effect.
Amendment to Employment Agreement between
William D. Moss and Newpark Resources, Inc.
William D. Moss and Newpark Resources, Inc.
AGREED and ACCEPTED on this 23rd day of April, 2009. | ||||
/s/ William D. Moss | ||||
William D. Moss (Executive) | ||||
/s/ Paul L. Howes | ||||
Paul L. Howes | ||||
President & Chief Executive Newpark Resources, Inc. | ||||