Document:

tesco1033.htm

Exhibit 10.33

TESCO CORPORATION

2011 SHORT TERM INCENTIVE PLAN

(EMT—Levels 5 and 6)

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 2011 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:

	
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Financial Objectives: Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“Adjusted EBIDTA”).. For purposes of this plan, “Adjusted EBITDA” consists of earnings (net income or loss) available to common stockholders before interest expense, income tax expense, non-cash stock compensation, non-cash impairments, depreciation and amortization and other non-cash items.

	
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Personal Objectives: Individual performance against established objectives

The following applies to employees covered by the 2011 STIP:

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

	
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50% of the incentive is based on an Adjusted EBITDA target approved by the Board of Directors.

	
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50% 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.

Executive Management Team (Levels 5 and 6; “EMT”) members who qualify may have an additional multiplier applied to their STIP payout, based on an additional earnings-per-share (“EPS”) target approved by the Board of Directors. After calculating financial Adjusted EBITDA 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.

Objectives and Payout:

	
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In the event that TESCO records negative net income for the year ending December 31, 2011, there will be no payments under the plan.

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

	
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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.

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

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

Employment Status

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

	
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Employees terminated for cause or resigning at any time prior to December 31, 2011 will not receive any payment under the STIP.

  

1

  

	
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Employees terminated at any time prior to September 30, 2011 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.

	
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Employees terminated or resigning from the Company after December 31, 2011, but before the payout date, will receive their payout in accordance with the STIP at the same time as other recipients.

	
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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.

	
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Situations not covered above will be resolved by the President and Chief Executive Officer, whose determination shall be final.

Death, Disability and Retirement

	
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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.

  

2Exhibit
4.1

 

	
  

  	
  By AUTHORIZED
  SIGNATURE THIS CERTIFIES THAT IS THE RECORD HOLDER OF CUSIP DATED
  COUNTERSIGNED AND REGISTERED: COMPUTERSHARE TRUST COMPANY, N.A. TRANSFER
  AGENT AND REGISTRAR, FULLY PAID AND NONASSESSABLE SHARES OF THE COMMON STOCK
  OF City National Corporation, transferable on the books of the Corporation in
  person or by duly authorized attorney upon surrender of this Certificate
  properly endorsed. This Certificate is not valid unless countersigned by the
  Transfer Agent and registered by the Registrar. Witness the facsimile seal of
  the Corporation and the facsimile signatures of its duly authorized officers.
  COMMON STOCK PAR VALUE $1.00 COMMON STOCK THIS CERTIFICATE IS TRANSFERABLE IN
  CANTON, MA AND NEW YORK, NY SEE REVERSE FOR CERTAIN DEFINITIONS Certificate
  Number Shares . CITY NATIONAL CORPORATION INCORPORATED UNDER THE LAWS OF THE
  STATE OF DELAWARE Chairman of the Board Chief Executive Officer &
  President Corporate Secretary 016570| 003590|127C|RESTRICTED||4|057-423
  178566 10 5 <<Month Day, Year>> * * 600620* * * * * * * * *
  600620* * * * * * * * * 600620* * * * * * * * * 600620* * * * * * * * *
  600620* * ** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
  Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Sample **** Mr. Sample
  **600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares***
  *600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****
  600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****6
  00620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****60
  0620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600
  620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares***600620**Shares****600620**Shares****60062
  0**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620
  **Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620*
  *Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**
  Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**S
  hares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Sh
  * * * SIX HUNDRED THOUSAND SIX HUNDRED AND TWENTY* * * MR. SAMPLE & MRS.
  SAMPLE & MR. SAMPLE & MRS. SAMPLE NNNNN ZQ 000000 Certificate Numbers
  1234567890/1234567890 1234567890/1234567890 1234567890/1234567890
  1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 Total
  Transaction Num/No. 123456 Denom. 123456 Total 1234567 MR A SAMPLE
  DESIGNATION (IF ANY) ADD 1 ADD 2 ADD 3 ADD 4 PO BOX 43004, Providence, RI 02940-3004
  CUSIP XXXXXX XX X Holder ID XXXXXXXXXX Insurance Value 1,000,000.00 Number of
  Shares 123456 DTC 12345678 123456789012345 

  

 

	
  

  	
  For value
  received, ________________________________hereby sell(s), assign(s) and
  transfer(s) unto _______________________________________________________________________________________________________________________________
  _______________________________________________________________________________________________________________________________
  _______________________________________________________________________________________________________________________________
  _______________________________________________________________________________________________________________________
  Shares _______________________________________________________________________________________________________________________
  Attorney Dated:
  __________________________________________20__________________ Signature:
  ____________________________________________________________ Signature:
  ____________________________________________________________ Notice: The
  signature(s) to this assignment must correspond with the name as written upon
  the face of the certificate, in every particular, without alteration or
  enlargement, or any change whatever. PLEASE INSERT SOCIAL SECURITY OR OTHER
  IDENTIFYING NUMBER OF ASSIGNEE (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
  INCLUDING POSTAL ZIP CODE, OF ASSIGNEE) of the common stock represented by
  the within Certificate, and do hereby irrevocably constitute and appoint to
  transfer the said stock on the books of the within named Corporation with
  full power of substitution in the premises. . CITY NATIONAL CORPORATION The
  Corporation shall furnish without charge to each stockholder who so requests
  a statement of the powers, designations, preferences and relative,
  participating, optional or other special rights of each class of stock of the
  Corporation or series thereof and the qualifications, limitations or
  restrictions of such preferences and/or rights. Such requests shall be made
  to the Corporation’s Secretary at the principal office of the Corporation.
  Signature(s) Guaranteed: Medallion Guarantee Stamp THE SIGNATURE(S) SHOULD BE
  GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks, Stockbrokers, Savings
  and Loan Associations and Credit Unions) WITH MEMBERSHIP IN AN APPROVED
  SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15. The
  following abbreviations, when used in the inscription on the face of this
  certificate, shall be construed as though they were written out in full
  according to applicable laws or regulations: TEN COM - as tenants in common
  UNIF GIFT MIN ACT - Custodian (Cust) (Minor) TEN ENT - as tenants by the
  entireties under Uniform Gifts to Minors Act (State) JT TEN - as joint tenants
  with right of survivorship UNIF TRF MIN ACT - Custodian (until age ) and not
  as tenants in common (Cust) under Uniform Transfers to Minors Act (Minor)
  (State) Additional abbreviations may also be used though not in the above
  list.

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