First Amendment to Employment/Non-Competition/Confidentiality Agreement between Pride International, Inc. and Mario Kricorian

Summary

This amendment updates the employment agreement between Pride International, Inc. and Mario Kricorian, originally dated April 8, 2004. The change specifically revises the section related to what constitutes a change in control, clarifying that it includes the sale, transfer, or exchange of all or substantially all of the company's assets, or those of its Latin American division if Mr. Kricorian is primarily assigned there. The amendment is effective as of August 11, 2004, and is signed by both parties.

EX-10.42 5 h23494exv10w42.htm 1ST AMEND. TO EMPLOYMENT AGREEMENT - MARIO KRICORIAN exv10w42

EXHIBIT 10.42

EMPLOYMENT/NON-COMPETITION/
CONFIDENTIALITY AGREEMENT

FIRST AMENDMENT

WHEREAS, Pride International, Inc. (the “Company”) and Mario Kricorian (“Employee”) are parties to the Employment/Non-Competition/Confidentiality Agreement (the “Agreement”) dated April 8, 2004; and

WHEREAS, the Company and Employee desire to amend the Agreement to make certain changes with regard to Change in Control provisions; and

WHEREAS, Section 6.07 of the Agreement provides that the Agreement may be amended only by the written agreement of the parties.

NOW, THEREFORE, the parties agree to amend the Agreement, effective August 11, 2004, as set forth below:

Section 2.05(e) of the Agreement is amended in its entirety to read as follows:

“e.

the Company shall have (i) sold, transferred or exchanged all, or substantially all, of its assets to another corporation or other entity or person or (ii) sold, transferred or exchanged all, or substantially all, of its assets associated with the Company’s Latin American division to another corporation or other entity or person while Employee is primarily assigned to perform services for such division.”

IN WITNESS WHEREOF, Employee has hereunto set his hand and the Company has caused these presents to be executed in its name and on its behalf.


		EMPLOYEE

		/s/ Mario Kricorian

		Mario Kricorian

		PRIDE INTERNATIONAL, INC.

		By:		/s/ Paul Bragg

				Paul Bragg
				Chief Executive Officer