Document:

Short Term Incentive Plan 2008

 Exhibit 10.20 
 TESCO CORPORATION 
 SHORT TERM INCENTIVE PLAN 
 2008 
 The Tesco Corporation Short Term Incentive Plan
(“STIP”) is a compensation plan designed to motivate participating employees of TESCO and its affiliates to work as a team to accomplish the overall profitability goals of TESCO, as well as provide incentive to each individual to meet his
or her business unit, business line and personal objectives. 
 The STIP is approved by the Board of Directors of TESCO and is reviewed annually and may be
modified or discontinued in the sole discretion of the Board of Directors. The STIP for calendar year 2008 has been approved by the Board of Directors as set forth below. 
 Plan Parameters 
 In order to reward employees for individual performance, taking into account Company financial
objectives, the STIP is structured with two specific areas to measure performance: 
  

	 	 •
	 	 Financial Objectives: Return on Capital Employed (“ROCE”)1 

  

	 	•	 	 Personal Objectives: Individual performance against established objectives 

 The following formula applies to employees covered by the 2008 STIP: 
  

	 	•	 	 The incentive is expressed as a percentage of base salary, with the targets and percentage allocations approved by the Board of Directors.

  

	 	•	 	 30% of the incentive is based on ROCE. No payout of financial objectives will be made if ROCE is equal to or less than 16%. At 23% ROCE there will be 100% payout of
the financial portion of STIP. 

  

	 	•	 	 70% of the incentive is based on achievement of personal objectives. The personal goals, if met, will be paid regardless of the Company’s financial objective
accomplishments. 

  

	 1
	 For purposes of these awards: 

 “Return On Capital Employed” or “ROCE,” for each calendar year shall be calculated as: Pre-tax Operating Income ÷ Invested Capital 
 “Pretax Operating Income” for each calendar year means Earnings Before Interest and Taxes (does not include interest income, interest expense, foreign exchange
gains or losses and other items of income or expense properly classified below the “operating income” line of the Company’s income statement). 
 “Invested Capital” for each calendar year shall be calculated as the average of: 
 (Shareholders’ Equity + Interest
Bearing Debt* - Cash) on January 1 
 and 
 (Shareholders’ Equity + Interest Bearing Debt* - Cash) on December 31 
  

	*	Including capital leases. 

 Executive Management Team (“EMT”) members who qualify will have an additional multiplier applied to their STIP
payout, based on an additional earnings-per-share (“EPS”) target. After calculating financial ROCE performance and personal objectives, a payout will be reached that is the sum of these two percentages. This will be multiplied by an
EPS-based factor between 1.0 and 2.0. If TESCO’s 2008 EPS is less than $1.00, the multiple will be 1.0. If TESCO’s 2008 EPS is equal to or greater than $1.50, the multiple will be 2.0. The multiple will be linearly interpolated for EPS
results between $1.00 and $1.50. 
 Objectives and Payout: 
  

	 	•	 	 Calculations are based on employee’s aggregate base salary earned during the program year. 

  

	 	•	 	 The Board of Directors will approve the payouts of each member of the EMT and review and approve the remaining STIP participant payouts as a group.

  

	 	•	 	 The incentive payout will be made in the payroll currency of the plan participant. 

  

	 	•	 	 Payout is made no later than March 15 of the following year. STIP payouts are based on audited financial results. 

 Employment Status 
  

	 	•	 	 Employees entering the plan during the year will have their STIP payout calculated using their aggregate base salary earned while in the plan.

  

	 	•	 	 Employees terminated for cause or resigning at any time prior to December 31, 2008 will not receive any payment under the STIP. 

 

	 	•	 	 Employees terminated at any time prior to September 30, 2008 will not receive any payout under the STIP. If terminated, except for cause, in the fourth
quarter, their payout will be calculated using their aggregate base salary earned while in the plan, dependent on all plan parameters being met. 

  

	 	•	 	 Employees terminated or resigning from the Company after December 31, 2008, but before the payout date, will receive their payout in accordance with the STIP
at the same time as other recipients. 

  

	 	•	 	 The Company reserves the right to modify responsibilities and positions as may be required from time to time. Such modifications may result in the future
ineligibility of an employee for participation in the STIP. In such cases, any earned incentive will be calculated using their aggregate base salary earned while in the plan. 

 Death, Disability and Retirement 
  

	 	•	 	 If an employee’s employment status changes due to death, disability or retirement (at normal retirement age) his or her STIP payment will be calculated using
their aggregate base salary earned while in the plan. 

  

 - 2 -Form of Director Stock Option Grant Agreement

 EXHIBIT 10.45 
 

 
 May 15, 2007 
 Name 

Address 1 
 Address 2 
 Dear Name: 
 I am pleased to inform you that Regions Financial Corporation,
on April 24, 2007, granted you options to purchase a total of «TotalShares» shares of its Stock at the option price of $35.135 per share, which was the Fair Market Value of each share of Regions common stock on the date of grant.
This grant is made pursuant to a uniform plan of compensation for Non-Employee Directors. The value of the options will be determined by the amount of any appreciation in the price of Regions common stock in the future, which in turn is dependent
upon our ability to continue performing well as a company. 
 This Award was granted to you under the Regions Financial Corporation 2006 Long Term Incentive
Plan (the Plan). This document sets out some of the specific terms of your award and constitutes the Award Agreement required by the Plan. The terms and conditions of the Plan are incorporated in this Award Agreement by reference as if fully set
forth herein. Unless otherwise defined herein, capitalized terms in this Award Agreement have the same definitions as set forth in the Plan. In the event of any conflict or inconsistency between the provisions of this Award Agreement and the terms
and conditions of the Plan, the terms and conditions of the Plan will control. A copy of the Plan document is enclosed. 
 Your Award consists of
Non-Qualified Stock Options. Exercising a Non-Qualified Stock Option is a taxable event. A copy of the prospectus for the Plan is enclosed and you may refer to it for an explanation of certain federal income tax consequences. Since tax laws often
change, you should consult your tax advisor to obtain current information at any given time in the future and to determine how the taxable consequences of exercising your options will affect you. 
 You should retain this Award Agreement, the Plan document and the prospectus for future reference. 
 Your options will become exercisable over the next three years, beginning on April 24, 2008, as follows: 
  

			
	                    Date                  
  	  	Number of Options Becoming
Exercisable
	April 24, 2008	  	«NQO1»
	April 24, 2009	  	«NQO2»
	April 24, 2010	  	«NQO3»
	Total
	  	«TOT_NQO»

  

 «Name» 
 Page 2

 Certain circumstances, as set forth in this paragraph, will affect your options. Your options will become immediately exercisable in full if your service
on the Board ceases by reason of death, Disability, or retirement from the Board at or after age 65. If your service on the Board ceases for reasons that constitute cause, your unexercised options, whether exercisable or unexercisable, will
automatically and immediately lapse and be forfeited. 
 The last day any of these options can be exercised (assuming they are exercisable at the time in
accordance with the other terms and conditions of this Award Agreement and the Plan) is April 23, 2017. This period of time from April 24, 2007 to April 23, 2017 is known as the “option period”. The option period can end
before April 23, 2017 in certain circumstances. The amount of time you have to exercise your exercisable options after certain events is set forth in the following table. 
  

											
	 	  	EVENT
	 	  	Service ceases by reason of
	 	  	Death	  	Disability	  	Retirement at or   after age 65  	  	 Other
 cessation of service
	  	Cessation of service for cause
	 LENGTH OF TIME
 TO EXERCISE FROM
 DATE OF EVENT
	  	1 year	  	1 year	  	By close of stock   market on 4/23/2017  	  	3 months	  	0 days

 If you die during the one year period applicable to Disability or the three month period applicable to other
cessation of service, then the options will be exercisable for one year following the date of your death. After death or Disability, the options may be exercised by your representative or beneficiary. 
 You may exercise the exercisable portion of your options in whole or part by submitting a completed stock option exercise form (enclosed) to the Regions Human Resources
Division at the address shown on the exercise form. If the options are exercised by a person other than you, such person may also be required to provide appropriate proof of his or her right to exercise the options. You may pay the option price due
at exercise (i) in cash or by check, (ii) by tendering previously owned unrestricted shares of Regions common stock having an aggregate fair market value at the time of exercise equal to the total option price if you have held such shares
for at least six months, or (iii) by a combination of (i) and (ii). You may also make cashless exercises (a simultaneous exercise and sale). However, your ability to make cashless exercises may be affected by the federal securities laws.
For example, because a cashless exercise involves a sale of Regions securities on your behalf, such a transaction would not be permissible if at the time of the transaction you were in possession of undisclosed, material information concerning
Regions. Please consult with the Law Department if you have any questions concerning your ability under the securities laws to make a cashless exercise at any time. Upon exercise of the options, you may elect to satisfy any federal tax withholding
requirements in whole or in part by having shares withheld that you would otherwise receive, to the extent and in the manner allowed by the Plan. 
 If at
any time the Committee shall determine in its discretion, that listing, registration or qualification of the shares of stock covered by the options upon any securities exchange or under any state or federal law, or the consent or approval of any
governmental regulatory body, is necessary or desirable as a condition to the exercise of the options, the options may not be exercised in whole or in part unless and until such listing, registration, qualification, consent or approval shall have
been effected or obtained free of any conditions not acceptable to the Committee. 
 By signing this Award Agreement, you accept the Award on the terms and
subject to the conditions set forth in this Award Agreement and you further acknowledge and agree that, subject to the terms of the Plan, (1) this Award Agreement contains the entire agreement of Regions and you relating to the subject matter
of this Award 
  

 «Name» 
 Page 3

 Agreement and supersedes and replaces all prior agreements and understandings with respect to such subject matter; (2) that Regions and you have made
no agreements, representations or warranties relating to the subject matter of this Award Agreement which are not set forth in this Award Agreement; (3) that no provision of this Award Agreement may be amended, modified or waived unless such
amendment, modification or waiver is authorized by the Compensation Committee of the Board of Directors and is agreed to in writing and is signed by an officer of the Company actually authorized to do so, and (4) that this Agreement is binding
on the Company’s and your successors and assigns. 
 If you have any questions, please call XXXXXX, XXXXXX, or XXXXXXX at 205-264-XXXX. Please sign the
duplicate copy of this letter and return it in the enclosed envelope. 
 Thank you for your service to Regions! 
 Sincerely, 
 

 
 C. Dowd Ritter 
 President &
Chief Executive Officer 
  
 Received and accepted this _______ day of
______________________, 2007 
  
 Signature:_____________________________________________________________ 
                 (Name)

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