Second Amendment to Employment Agreement for Fernando R. Assing with Tesco Corporation

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement is between Tesco Corporation and Fernando R. Assing. It promotes Mr. Assing to Senior Vice President and Chief Operating Officer, effective July 15, 2011, with an annual base salary of $325,000 and eligibility for a short-term incentive plan. The letter amends his existing employment agreement only to update his position and compensation; all other terms remain unchanged. Mr. Assing must sign and return the agreement to accept the promotion.

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EX-10.24 3 exh1024assingletteragreeme.htm SECOND AMENDMENT TO THE EMPLOYMENT AGREEMENT OF FERNANDO ASSING Exh. 10.24 Assing Letter Agreement





Exhibit 10.24


Tesco Corporation
3993 W. Sam Houston Parkway N., Suite 100
Houston, Texas 77043-1211 USA

***@***
(713) 359-7101

Julio M. Quintana
President and Chief Executive Officer


Fernando R. Assing


Re: Promotion to Senior Vice President and Chief Operating Officer

Dear Fernando:

We are pleased to offer you the following promotion as approved by resolution of the Board of Directors at its August 10, 2011 meeting. Your new position is Senior Vice President and Chief Operating Officer. In that role, you report directly to me, Julio M. Quintana, President and Chief Executive Officer. The effective start date of this promotion shall be July 15, 2011.

Compensation

•
Annual Base Salary - $325,000
•
2011 Short-Term Incentive Plan (STIP) - Target Award of 70% of Annual Base Salary and a Maximum Target of 140% of Annual Base Salary

Employment Agreement

This Letter Agreement, as of July 15, 2011, amends your existing employment agreement to reflect these changes to your position and compensation. All other terms and conditions of your existing employment agreement remain unchanged and in full effect.

To accept this offer, please sign and return in confidence to Guy Bennett, Vice President, Human Resources of Tesco Corporation (US).



Sincerely,                        Employee

/s/ Julio M. Quintana                    /s/ Fernando R. Assing                
Julio M. Quintana                    Fernando R. Assing
President and Chief Executive Officer            Date: February 23, 2012