First Amendment to Employment Agreement between Tesco Corporation and Dean Ferris

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between Dean Ferris and Tesco Corporation, originally dated August 3, 2010. It corrects an error regarding payment timing in Section 7(i)(v) and adds new requirements to Section 7(f) to comply with updated IRS guidance. Specifically, certain deferred compensation payments will now be delayed until 60 days after termination if they are subject to IRS Code Section 409A. The amendment is effective as of December 31, 2010, and is signed by both parties.

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EX-10.24 8 tesco1024.htm 1ST AMNDMT TO EMPLOYMENT AGREEMENT WITH DEAN FERRIS tesco1024.htm
Exhibit 10.24


FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
 
WHEREAS, Dean Ferris (“Executive”) and Tesco Corporation entered into the Employment Agreement dated August 3, 2010 (the “Agreement”); and
 
WHEREAS, Section 7(i)(v) of the Agreement has an error with respect to the timing of payment and no amount is vested thereunder and the parties desire to amend Section 7(f) of the Agreement to add requirements under new guidance from the Internal Revenue Service;
 
NOW, THEREFORE in consideration of mutual covenants herein contained, it is agreed that the Agreement shall be amended as follows:
 
1.  
Section 7(f) shall be amended to add the following at the end thereof:
 
“Notwithstanding anything herein to the contrary, to the extent any amounts payable under Sections 7(c), (d) or (e) are deferred compensation and not otherwise exempt from the requirements of Code Section 409A, no payment will be paid or commence to be paid hereunder until the date which is the 60th day after the Date of Termination.”
 
2.  
Section 7(i)(v) shall be amended so that the word “second” shall be replaced with the word “first” in each place in which it occurs.
 
This First Amendment may be executed by portable document format (pdf) or facsimile signature which signature shall be binding on the parties hereto.
 
WHEREAS, the parties have executed this First Amendment effective as of December 31, 2010.
 
EXECUTIVE                                                                                     TESCO CORPORATION

DEAN FERRIS


/s/ Dean Ferris                                                                By: /s/ Julio M. Quintana 
Dean Ferris                                                                                     Julio M. Quintana
President and CEO

 
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