Document:

exv10w2

 

Exhibit 10.2

EXECUTION VERSION

      

THIRD AMENDMENT TO

CREDIT AGREEMENT

dated as of

April 1, 2008

among

BAKER HUGHES INCORPORATED,

as Borrower,

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent,

and

The Lenders Party Hereto

 

J.P. MORGAN SECURITIES INC.

as Sole Lead Arranger and Sole Book Manager

 

 

 

THIRD AMENDMENT TO CREDIT AGREEMENT

     THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Third Amendment”) dated as of April 1,
2008, is among BAKER HUGHES INCORPORATED, a Delaware corporation, as the Borrower;
JPMORGAN CHASE BANK, N.A., as Administrative Agent, and the Lenders party hereto.

R E C I T A L S

     A. The Borrower, the Administrative Agent and the Lenders are parties to that certain Credit
Agreement dated as of July 7, 2005 (as amended by that certain First Amendment to Credit Agreement
dated June 7, 2006, as amended by that certain Second Amendment to Credit Agreement dated May 31,
2007, the “Credit Agreement”), pursuant to which the Lenders have agreed to make certain
loans to and extensions of credit for the account of the Borrower.

     B. The Borrower has requested and the Lenders have agreed to amend certain provisions of the
Credit Agreement.

     C. NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

     Section 1. Defined Terms. Each capitalized term used herein but not otherwise defined
herein has the meaning given such term in the Credit Agreement. Unless otherwise indicated, all
article and section references in this Third Amendment refer to articles and sections of the Credit
Agreement.

     Section 2. Amendments to Credit Agreement.

     2.1 Amendments to Section 1.01 — Definitions

          (a) The definition of “Credit Agreement” is hereby amended in its entirety to read as
follows:

     “Credit Agreement” means this Credit Agreement, as amended by the First
Amendment, the Second Amendment and the Third Amendment, as the same may from time
to time be amended, modified, restated, or replaced from time to time.

          (b) The definition of “Eligible Assignee” is hereby amended by deleting “a Default or”
in the fourth line.

          (c) The definition of “Funded Indebtedness” is hereby amended in its entirety to read
as follows:

     “Funded Indebtedness” of any Person means, without duplication, (a) all
obligations of such Person for borrowed money (excluding from this clause (a) and
clause (b) below intraday over advances and overnight overdrafts; provided that,
such obligations are not outstanding for more than two (2) Business Days),

 

 

(b) all obligations of such Person evidenced by bonds, debentures, notes or
similar instruments, or upon which interest payments are customarily made, (c) all
Contingent Obligations of such Person with respect to Funded Indebtedness of another
Person, (d) the principal portion of all obligations of such Person under (i)
capital lease obligations and (ii) any synthetic lease, tax retention operating
lease, off-balance sheet loan or similar off-balance sheet financing product of such
Person where such transaction is considered borrowed money indebtedness for tax
purposes but is classified as an operating lease in accordance with GAAP, and after
giving effect to any of the foregoing in this clause (d) to any third-party
indemnification, and (e) all obligations of such Person with respect to Redeemable
Preferred Stock. The Funded Indebtedness of any Person shall include the Funded
Indebtedness of any partnership or unincorporated joint venture for which such
Person is legally obligated. For the avoidance of doubt, Funded Indebtedness shall
exclude any actual fair value adjustment arising from any interest rate swap
transactions entered into in the ordinary course of business and not for investment
or speculative purposes.

          (d) The definition of “Indebtedness” is hereby amended in its entirety to read as follows:

     “Indebtedness” of any Person means, without duplication, (a) all
obligations of such Person for borrowed money (excluding from this clause (a) and
clause (b) below intraday over advances and overnight overdrafts; provided that,
such obligations are not outstanding for more than two (2) Business Days), (b) all
obligations of such Person evidenced by bonds, debentures, notes or similar
instruments, or upon which interest payments are customarily made, (c) all
obligations of such Person under conditional sale or other title retention
agreements relating to property purchased by such Person to the extent of the value
of such property (other than customary reservations or retentions of title under
agreements with suppliers entered into in the ordinary course of business), (d) all
obligations, other than intercompany items, of such Person issued or assumed as the
deferred purchase price of property or services purchased by such Person which would
appear as liabilities on a balance sheet of such Person, (e) all Indebtedness of
others secured by (or for which the holder of such Indebtedness has an existing
right, contingent or otherwise, to be secured by) any Lien on, or payable out of the
proceeds of production from, property owned or acquired by such Person, whether or
not the obligations secured thereby have been assumed, (f) all Contingent
Obligations of such Person, (g) the principal portion of all obligations of such
Person under (i) capital lease obligations and (ii) any synthetic lease, tax
retention operating lease, off-balance sheet loan or similar off-balance sheet
financing product of such Person where such transaction is considered borrowed money
indebtedness for tax purposes but is classified as an operating lease in accordance
with GAAP, and after giving effect in any of the foregoing in this clause (g) to any
third-party indemnification, (h) all obligations of such Person with respect to
Redeemable Preferred Stock, (i) the Swap Termination Value (including both debit and
credit values) in respect of any Swap Contract of such Person and (j) the maximum
amount of all bid, performance and standby letters of credit issued or bankers’
acceptances facilities created for the account of

2

 

such Person and, without duplication, all drafts drawn thereunder (to the
extent unreimbursed). The Indebtedness of any Person shall include the Indebtedness
of any partnership or unincorporated joint venture for which such Person is legally
obligated.

          (e) The definition of “Third Amendment” is hereby added to Section 1.01 in proper
alphabetic order which definition shall read as follows:

     “Third Amendment” means the Third Amendment to Credit Agreement dated as of
April 1, 2008 among the Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent and the
Lenders party thereto.

     2.2 Amendment to Section 2.05. Section 2.05 is hereby amended by deleting “a Default
or” in the thirteenth line.

     2.3
Amendment to Section 8.02. Section 8.02 is hereby amended by deleting “Default
or” in the fourth line.

     2.4 Amendment to Article XI. Article XI is hereby amended by adding the following as
Section 11.19:

     Section 11.19. No Fiduciary Duty. Each of the Administrative Agent,
each Lender and their Affiliates (collectively, solely for purposes of this
paragraph, the “Lenders”), may have economic interests that conflict with those of
the Borrower. The Borrower agrees that nothing in the Credit Documents or otherwise
will be deemed to create an advisory, fiduciary or agency relationship or fiduciary
or other implied duty between the Lenders and the Borrower, its stockholders or its
Affiliates. The Borrower acknowledges and agrees that (i) the transactions contemplated by the
Credit Documents are arm’s-length commercial transactions between the Lenders, on
the one hand, and the Borrower, on the other, (ii) in connection therewith and with
the process leading to such transaction each of the Lenders is acting solely as a
principal and not the agent or fiduciary of the Borrower, its management,
stockholders, creditors or any other person, (iii) no Lender has assumed an advisory
or fiduciary responsibility in favor of the Borrower with respect to the
transactions contemplated hereby or the process leading thereto (irrespective of
whether any Lender or any of its affiliates has advised or is currently advising the
Borrower on other matters) or any other obligation to the Borrower except the
obligations expressly set forth in the Credit Documents and (iv) the Borrower has
consulted its own legal and financial advisors to the extent it deemed appropriate.
The Borrower further acknowledges and agrees that it is responsible for making its
own independent judgment with respect to such transactions and the process leading
thereto. The Borrower agrees that it will not claim that any Lender has rendered
advisory services of any nature or respect, or owes a fiduciary or similar duty to
the Borrower, in connection with such transaction or the process leading thereto.

     Section 3. Conditions Precedent. This Third Amendment shall not become effective
until the date (the “Effective Date”) on which (i) the Administrative Agent shall have
received

3

 

from the Required Lenders and the Borrower, counterparts (in such number as may be requested
by the Administrative Agent) of this Third Amendment signed on behalf of such Person and (ii) the
Borrower shall deliver to the Administrative Agent a certificate of the Borrower (in sufficient
copies for each Lender) signed by a Responsible Officer of the Borrower certifying that, (A) before
and after giving effect to this Third Amendment, the representations and warranties contained in
Article VI of the Credit Agreement made by it (other than those made in Section 6.08) are true and
correct on and as of the execution date of this Third Amendment, except to the extent that such
representations and warranties specifically refer to an earlier date, (B) no Default exists or will
exist as of the execution date of this Third Amendment, and (C) no Material Adverse Effect (except
as may have arisen in connection with the matters covered in Section 6.08) has occurred since the
date of the most recently filed Form 10-K or 10-Q through the execution date of this Third
Amendment.

     Section 4. Miscellaneous.

     4.1 Confirmation. The provisions of the Credit Agreement, as amended by this Third
Amendment, shall remain in full force and effect following the effectiveness of this Third
Amendment.

     4.2 Ratification and Affirmation; Representations and Warranties. The Borrower hereby
(a) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued
obligations under, each Loan Document to which it is a party and agrees that each Loan Document to
which it is a party remains in full force and effect, except as expressly amended hereby and (b)
represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms
of this Third Amendment: (i) before and after giving effect to this Third Amendment, the
representations and warranties contained in Article VI of the Credit Agreement made by it (other
than those made in Section 6.08) are true and correct on and as of the execution date of this Third
Amendment, except to the extent that such representations and warranties specifically refer to an
earlier date and (ii) no Default exists or will exist as of the execution date of this Third
Amendment and no Material Adverse Effect (except as may have arisen in connection with the matters
covered in Section 6.08) has occurred since the date of the most recently filed Form 10-K or 10-Q
through the date hereof.

     4.3 Loan Document. This Third Amendment is a “Credit Document” as defined and
described in the Credit Agreement and all of the terms and provisions of the Credit Agreement
relating to Credit Documents shall apply hereto.

     4.4 Counterparts. This Third Amendment may be executed by one or more of the parties
hereto in any number of separate counterparts, and all of such counterparts taken together shall be
deemed to constitute one and the same instrument. Delivery of this Third Amendment by facsimile
transmission shall be effective as delivery of a manually executed counterpart hereof.

     4.5 NO ORAL AGREEMENT. THIS THIRD AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER
CREDIT DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG
THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,

4

 

CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL
AGREEMENTS BETWEEN THE PARTIES.

     4.6 GOVERNING LAW. THIS THIRD AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY
AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK.

[SIGNATURES BEGIN NEXT PAGE]

5

 

     IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed as
of the date first written above.

	 	 	 	 	 	 	 
	 	 	BAKER HUGHES INCORPORATED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Peter A. Ragauss 	 	 
	 

	 	Name:	 	 
Peter A. Ragauss
	 	 
	 

	 	Title:	 	Senior Vice President and 
Chief Financial Officer 	 	 

Signature Page to Third Amendment to Baker Hughes Incorporated Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.,

as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Kevin J. Utsey	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Kevin J. Utsey	 	 
	 

	 	Title:	 	Vice President	 	 

Signature Page to Third Amendment to Baker Hughes Incorporated Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.,

as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Kevin J. Utsey	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Kevin J. Utsey	 	 
	 

	 	Title:	 	Vice President	 	 

Signature Page to Third Amendment to Baker Hughes Incorporated Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Shelley A. McGregor	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Shelley A. McGregor	 	 
	 

	 	Title:	 	Senior Vice President 	 	 

Signature Page to Third Amendment to Baker Hughes Incorporated Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	BARCLAYS BANK PLC, as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Sydney Dennis	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Sydney Dennis	 	 
	 

	 	Title:	 	Director	 	 

Signature Page to Third Amendment to Baker Hughes Incorporated Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	CITIBANK, N.A., as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Amy Pincu 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Amy Pincu	 	 
	 

	 	Title:	 	Vice President	 	 

Signature Page to Third Amendment to Baker Hughes Incorporated Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Linda Terry	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Linda Terry	 	 
	 

	 	Title:	 	Vice President and Manager	 	 

Signature Page to Third Amendment to Baker Hughes Incorporated Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	ABN AMRO BANK N.V., as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jim Moyes	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Jim Moyes	 	 
	 

	 	Title:	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Liz Lary	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Liz Lary	 	 
	 

	 	Title:	 	Director	 	 

Signature Page to Third Amendment to Baker Hughes Incorporated Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK, as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Hussam S. Alsahlani	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Hussam S. Alsahlani	 	 
	 

	 	Title:	 	Vice President	 	 

Signature Page to Third Amendment to Baker Hughes Incorporated Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	UBS LOAN FINANCE LLC, as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Irja R. Otsa	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Irja R. Otsa	 	 
	 

	 	Title:	 	Associate Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Mary E. Evans	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Mary E. Evans	 	 
	 

	 	Title	 	Associate Director	 	 

Signature Page to Third Amendment to Baker Hughes Incorporated Credit Agreementexv10w1

 

Exhibit 10.1

AMENDMENT TO

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     This Amendment to Amended and Restated Employment Agreement (this “Agreement”) is entered into
as of March 1, 2008 by and between Grey Wolf, Inc., a Texas corporation (the “Company”) and
                     (the “Executive”). The Company and the Executive desire to amend the existing
Employment Agreement dated as of                      by and between the Company and the Executive, as
previously amended on                      and                      (the “Employment Agreement”) on the terms
and conditions of this Agreement.

     Executive and the Company hereby amend and modify the Employment Agreement as follows:

     1. Section 2.2. Bonuses. Section 2.2 of the Employment Agreement shall be amended to
add the following as the new last sentence to Section 2.2:

“Any such Incentive Bonus shall be paid on or after January 1 and on or before March
15 of the calendar year following the calendar year in which the bonus relates.”

     2. Section 2.6. Company Car and Cellular Telephone. Section 2.6 of the Employment
Agreement shall be amended to add the following as the new last sentence to Section 2.6:

“The payment or reimbursement of the expenses described in this Section 2.6 shall be
subject to the provisions of Section 2.8.”

     3. Section 2.7.5. New Section 2.7.5 shall be added to read as follows:

     “2.7.5 Notwithstanding anything to the contrary in the foregoing provisions of
this Section 2.7, in no event shall payment of any Gross-Up Payment or any
Underpayment be made later than December 31 of the year next following the year in
which the Excise Tax is remitted to the taxing authority. Reimbursement of any
costs or expenses incurred by the Executive due to a tax audit or litigation
described in this Section 2.7 above shall be made by December 31 of the year
following the year in which the taxes that are the subject of the audit or
litigation are remitted to the taxing authority, or where as a result of such audit
or litigation no taxes are remitted, by December 31 of the year following the year
in which the audit is completed or there is a final and nonappealable settlement or
other resolution of the litigation. The Executive’s right to payment or
reimbursement pursuant to this Section 2.7.5 shall not be subject to liquidation or
exchange for any other benefit.”

 

 

     4. Section 2.8. Section 409A-Related Reimbursement Provisions. New Section 2.8 shall
be added to read as follows:

     “2.8 Section 409A-Related Reimbursement Provisions. The amount of
expenses to be paid or reimbursed pursuant to Sections 2.5 and 2.6 shall be made
promptly after they are incurred, but no later than December 31 of the calendar year
following the calendar year in which the expenses are incurred. The amount of such
expenses eligible for payment or reimbursement during any calendar year shall not
affect the amount of expenses eligible for payment or reimbursement in any other
calendar year and the Executive’s right to payment or reimbursement of such expenses
shall not be subject to liquidation or exchange for any other benefit.”

     5. Section 4.2 Termination With Cause. Section 4.2 shall be deleted in its entirety
and new Section 4.2 shall be added to read as follows (new language in italics):

     “Section 4.2 Termination With Cause. The Company has the right, at
any time during the Term, subject to all of the provisions hereof, exercisable by
serving notice, effective on or after the date of service of such notice as
specified therein, to terminate the Executive’s employment under this Agreement and
discharge the Executive with Cause. If such right is exercised, the Company’s
obligation to the Executive shall be limited solely to the lump sum cash payment on
the Date of Termination of unpaid Annual Salary accrued, together with earned but
unpaid Incentive Bonus, if any, and Benefits vested up to the effective date
specified in the Company’s notice of termination payable pursuant to the terms of
the applicable benefit plans. As used in this Agreement, the term “Cause” shall
mean and include (i) chronic alcoholism or controlled substance abuse as determined
by a doctor mutually acceptable to the Company and the Executive; (ii) an act of
proven fraud or dishonesty on the part of the Executive with respect to the Company
or its subsidiaries; (iii) knowing and material failure by the Executive to comply
with material applicable laws and regulations relating to the business of the
Company or its subsidiaries; (iv) the Executive’s material and continuing failure to
perform (as opposed to unsatisfactory performance) his duties hereunder or a
material breach by the Executive of this Agreement except, in each case, where such
failure or breach is caused by the illness or other similar incapacity or disability
of the Executive; or (v) conviction of a crime involving moral turpitude or a
felony. Prior to the effectiveness of termination for Cause under subclause (i),
(ii), (iii) or (iv) above, the Executive shall be given thirty (30) days prior
notice from the Board specifically identifying the reasons which are alleged to
constitute Cause for any termination hereunder and an opportunity to be heard by the
Board in the event the Executive disputes such allegations.”

     6. Section 4.3.1 Severance Payments. The first sentence of Section 4.3.1 shall be
deleted in its entirety and the following first sentence shall be added to read as follows (new
language in italics):

2

 

     “4.3.1 Severance Payments. The Company shall pay to the Executive, in
a lump sum in cash within thirty (30) days after the Date of Termination except as
otherwise deferred in accordance with the provisions of Section 4.8, the aggregate
of the following amounts:”

     7. Section 4.3.2 Extension of Medical Benefits. The following phrase shall be added
between the term “Effective Date” and the word “for” in clauses 4.3.2(i) and (ii):

“, (which includes a lifetime maximum payment of not less than $5,000,000)”

and the following sentence shall be added as the new last sentence of Section 4.3.2:

“Reimbursement of such medical and dental expenses shall be made on or before the
last day of the year following the year in which such expenses were incurred.”

     8. Section 4.7. Section 409A Separation from Service. Section 4.7 shall be deleted
in its entirety and new Section 4.7 added to read as follows:

     “4.7 Section 409A Separation from Service. Notwithstanding any
provision in this Agreement to the contrary, no payment or benefit shall be paid
pursuant to this Section 4 that would be considered “deferred compensation” under
Section 409A of the Code until the Executive has incurred a “separation from
service” (as such term is defined under Section 409A of the Code), unless the
payment is made by reason of another permitted payment event described in Section
409A(a)(2)(A) of the Code.”

     9. Section 4.8. Section 409A Delayed Payment Provisions. New Section 4.8 shall be
added to read as follows:

     “4.8 Section 409A Delayed Payment Provisions. Notwithstanding any
other provision contained in this Agreement to the contrary, no payments that are
considered to be “deferred compensation” under Section 409A of the Code may be made
to the Executive as a result of the Executive’s separation from service to the
Company until the date that is six months after the date of the separation from
service (or, if earlier, the death of the Executive) if the Executive is a
“specified employee” as described in Section 409A(a)(2)(B)(i) of the Code at the
time of the Executive’s separation from service or other time deemed applicable by
the Company. The provisions of this Section 4.8 shall only apply to the minimum
extent required to avoid the Executive’s incurrence of taxes imposed under Section
409A of the Code.”

     10. Section 7. Other Provisions. Section 7.1 Certain Definitions shall be
deleted in its entirely and the following Section 7.1 added to read as follows:

     “7.1 Certain Definitions. As used in this Agreement, the following
words and phrases shall have the following meanings unless the context otherwise
requires:

3

 

     (i) “Affiliate” with respect to the Company means any other person
controlled by or under common control with the Company but shall not include
any stockholder or director of the Company, as such.

     (ii) “Change of Control” for the purposes hereof, a “Change of Control”
of the Company shall be deemed to have occurred if (i) any “Person” (as such
term is used in Sections 13(d) and 14(d) of the Act) is or becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Act, directly or
indirectly, of securities of the Company representing thirty-five percent
(35%) or more of the combined voting power of the Company’s then outstanding
securities; (ii) there occurs a proxy contest or a consent solicitation, or
the Company is a party to a merger, consolidation, sale of assets, plan of
liquidation or other reorganization, as a consequence of which members of
the Board in office immediately prior to such transaction or event
constitute less than a majority of the Board thereafter; or (iii) during any
period of two consecutive years, other than as a result of an event
described in clause (ii) hereof, individuals who at the beginning of such
period constituted the Board (including for this purpose any new director
whose election or nomination for election by the Company’s stockholders was
approved by a vote of at least a majority of the directors then still in
office who were directors at the beginning of such period) cease for any
reason to constitute at least a majority of the Board.

     (iii) “Code” means the Internal Revenue Code of 1986, as amended, and
any successor statute. Reference in this Agreement to any section of the
Code shall be deemed to include any amendments or successor provisions to
such section and any Treasury regulations promulgated under such section.

     (iv) “Date of Termination” means for purposes of (i) Section 4.1,
within thirty (30) days after the date of Executive’s death; (ii) Sections
4.2, 4.3, and 4.5, the date specified in the Company’s notice of termination
to Executive; and (iii) Section 4.4, the date specified in Executive’s
notice of voluntary resignation or retirement; and (iv) Section 4.6, the
first day following the expiration of the cure period described in Section
4.6 during which the Company did not cure the grounds for termination
specified in Executive’s notice to the Company.

     (v) “Effective Date” means March 1, 2008.

     (vi) “person” means any individual, corporation, partnership, firm,
joint Company, association, joint-stock company, trust, unincorporated
organization, governmental or regulatory body or other entity.

4

 

     (vii) “subsidiary” means any corporation 50% or more of the voting
securities of which are owned directly or indirectly by the Company.”

     11. Section 7.3. Entire Agreement. Section 7.3 shall be deleted in its entirety and
the following Section 7.3 shall be added to read as follows (new language in italics):

     “7.3 Entire Agreement. This Agreement contains the entire agreement
between the parties with respect to the subject matter hereof and supersedes all
prior agreements, written or oral, with respect thereto, including, without
limitation, the Employment Agreement dated                     , as previously amended on
                     and                      by and between the Company and the Executive.”

     12. Section 7.10. Validity Contest. Section 7.10 shall be amended to add the
following as the new last sentence to Section 7.10:

“Reimbursement of such expenses shall be made promptly and in no event later than
December 31 of the year following the year in which such expenses were incurred, and
the amount of such expenses eligible for reimbursement in any year shall not affect
the amount of such expenses eligible for reimbursement in any other year.”

     13. Section 7.13. New Section 7.13 shall be added to read as follows:

     “7.13 Section 409A Compliance. The Parties intend that this Agreement
and the benefits provided hereunder be interpreted and construed to comply with
Section 409A of the Code to the extent applicable thereto.”

     IN WITNESS WHEREOF, the parties have executed this Agreement on March 28, 2008 to be effective
as of the Effective Date.

	 	 	 
	 
	EXECUTIVE:
	 
	 	 
	 

	 	 
	 
	 	 
	 
	 	 
	 

	COMPANY:
	 
	 	 
	 

	GREY WOLF, INC.
	 
	 	 
	 

	By	 
	 

	 	 
	 
	 	 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]