Document:

Letter Agreement regarding Offer of Employment

 Exhibit 10.1 
 

 
 January 30, 2007 
 Mr. Leduvy Gouvea 
 Delivered via email 
 PERSONAL & CONFIDENTIAL 
 Dear Leduvy: 
 RE: Revised Offer of Employment 
 We are pleased to offer you the position of Sr. Vice President, Operations temporarily based
out of Canada with Tesco Corporation starting on or before March 1, 2007. This position reports to the President and C.E.O. 
 The intent is to relocate
you to the US Corporate office based out of Houston, Texas in October 2007. 
 This offer is conditional on Board approval and work permit approval. Tesco
Corporation will cover costs associated with work permit approvals. 
 Compensation, Benefits & Insurance 
 We are pleased to offer you the following: 
  

	•	 	 An annual salary of $260,000 USD, paid bi-weekly. 

  

	•	 	 Participation in TESCO’s Short Term Incentive Plan. The targeted payout for your position is 40% of base salary with a maximum payout of 80% of base salary.
The incentive program is reviewed by management and approved by the Board every year. 

  

	•	 	 On March 1, 2007 we will pay you a sign on bonus of $200,000 USD. TESCO will be responsible for the Canadian statutory withholding taxes.

  

	•	 	 On January 1, 2008 we will pay you a bonus of $50,000 USD. You will be responsible for the US statutory withholding taxes. 

  

	•	 	 On January 1, 2009 we will pay you a bonus of $50,000 USD. You will be responsible for the US statutory withholding taxes. 

  

	•	 	 Each of these bonus payments must be reimbursed by you within 10 days, if you voluntarily leave TESCO within a year of that payment. 

 

	•	 	 Subject to approval of the TESCO Board of Directors, you will be issued 50,000 stock options pursuant to the Company’s Stock Option Plan. The exercise price
will be equal to the closing market price on the last trading day prior to approval by the Board of Directors, and all other details shall be governed by TESCO’s Stock Option Plan. This will be your sole Long Term Incentive Plan grant for 2007
though you will, of course, be eligible for LTIP participation immediately upon your first day of employment. 

  

	•	4 weeks vacation per year, accrued monthly. 

  

	•	 	 An employment agreement including 24 months severance if released without cause within the first 2 years of employment. Effective your third year of employment the
employment agreement will change to a 12 month severance if released without cause. 

  

	•	 	 A Change of Control Agreement 

  Page
 2
 
 Leduvy Gouvea 
 January 30, 2007 
  

	•	 	 Temporary Housing costs for you in Calgary and your family in London until relocation to Houston If required TESCO will cover the costs of temporary housing in
Houston while waiting to move into your house. 

  

	•	 	 If required, TESCO will cover reasonable school expenses for the remainder of the school year in the UK. If this is necessary TESCO requires that you provide the
cost prior to full commitment. 

  

	•	 	 TESCO will pay two years of schooling costs in the Houston International School or another school of your choice. All reasonable efforts will be taken to ensure
schooling cost is the same as the International School. 

  

	•	 	 TESCO will pay for a round trip full coach fare from Houston to Brazil once per year for you and your family. 

  

	•	 	 TESCO will cover the costs associated with moving personal affects from London to Houston. 

  

	•	 	 TESCO will sponsor your application for a visa authorizing you to work for Tesco in the United States. TESCO’s immigration advisors will assist you in
preparing the necessary visa application documents. If you wish to retain your own legal counsel or immigration advisors in connection with the applications, you must do so at your own expense. In the event you are discharged for cause or
voluntarily terminate your employment after making application for permanent resident status, you agree to repay to TESCO the fees and expenses incurred by TESCO associated with the application for permanent resident status in the twelve months
prior to your departure. 

  

	•	 	 When relocated to Houston you will have the opportunity to participate in our 401(k) retirement plan. As an executive there is no company match to the 401(k) plan;
the company match is in the Employee Stock Savings Plan (ESSP). 

  

	•	 	 Group coverage for major medical, dental, vision, long-term and short-term disability, basic life, and accidental death and dismemberment insurance.

  

	•	 	 Voluntary life insurance for an employee’s spouse and dependents, as well as additional life insurance for employees (premiums paid by employee)

 Employee Stock Savings Plan 
 Effective three months from your start date, you will be eligible to participate in: 
  

	•	 	 The Employee Stock Savings Plan—you are eligible to contribute up to 7.5% of your gross salary to purchase TESCO shares. Tesco will match your contribution to
a maximum of 4%. 

 All new Tesco employees are required to attend an Employee and Safety Orientation. Details of the delivery of the
orientation sessions will be determined upon acceptance of the offer. Prior to relocating to Houston a drug screening will be required. 
 In addition to the
terms stated in this letter, your employment will be governed by policies generally applicable to employees of Tesco Corporation. Please see the attached Policy Agreement each employee is required to read and sign as a condition of employment with
Tesco Corporation. 
 Enclosed for your reference is a draft copy of the employment agreement as well as copies of Tesco’s stock option program and
change of control policy. 

  Page
 3
 
 Leduvy Gouvea 
 January 30, 2007 
  

 To accept this offer, please sign two copies and return in confidence to Cathy Robinson, C.H.R.P., Director, Human
Resources for final execution. 
 We look forward to welcoming you to Tesco Corporation. 
  
  

					
	Yours truly,	 		 	
	TESCO CORPORATION	 		 	
			
	 /s/ Julio M. Quintana
	 		 	 /s/ Leduvy Gouvea

	Julio M. Quintana	 		 	Leduvy Gouvea
	President and C.E.O.	 		 	
		 		 	February 2, 2007
		 		 	DatePolicy Agreement

 Exhibit 10.2 
 

 
 POLICY AGREEMENT 
 TESCO CORPORATION 
 Its corporate subsidiaries, affiliates, divisions, successors and assigns

 (hereinafter referred to as “Tesco” or collectively as “Company”) 
 OF THE FIRST PART 
 -and- 
 Leduvy Gouvea 
 (hereinafter referred to as
the “Employee”) 
 OF THE SECOND PART 
 WHEREAS 
 This Agreement is made between the Employee and Tesco Corporation, the parent company, and all subsidiaries and divisions of Tesco,
including those currently existing and those formed in the future. 
 AND 
 In consideration of the employment or continued employment of the Employee with any such Subsidiary or Division, Employee agrees as follows: 
  

	1.	Confidential Information 

 Company’s
records, papers, devices, processes, price lists, methods, business plans and intentions, and commercial and technical information received from suppliers or partners are considered by Company to be proprietary and confidential. Except as is
required during the normal course of performing his or her job with the Company, the Employee is prohibited from revealing information concerning such matters (either during or after the Employee’s term of employment) to any party without
written authorization from the General Manager of the part of the Company in which he or she is employed. The Employee agrees not to disclose such information to third parties or to use such information for personal financial gain. 
  

	2.	Inventions  

 The Employee shall disclose promptly
and fully to the Company all inventions, improvements or discoveries which the Employee makes, conceives, tests or first puts into writing during the term of his or her employment with the Company related to or directly connected with any of the
matters which are from time to time the subject of the business or investigations of the Company. The Employee also agrees to, and does hereby assign to the Company whatever right, title and interest that the Employee may have in any such invention
or process. 

	3.	Conflicts of Interest  

 The Employee agrees not to
become involved in any business related situation or circumstance which actually or potentially places his or her private or personal interest in competition with or in opposition to that of the Company. The Employee agrees to seek approval from the
General Manager of the part of the Company in which he or she is employed before accepting any secondary employment or undertaking self employment of any sort, and specifically agrees that he or she will not participate in any way in any business
which would in the ordinary course have dealings with the Company. 
  

	4.	Entertainment and Gifts 

 The Employee agrees
not to accept any entertainment or gift from any supplier of the Company unless such entertainment occurs in the normal course of business or such gifts are of nominal value. The Employee also agrees that if the Employee is required to entertain
customers or other business contacts, that gifts or entertainment provided at the Company’s expense be provided only as a matter of generally accepted business practice; be in accordance with applicable law, and be of the kind or sort which
would not prove embarrassing to the Company if subject to public disclosure. 
  

	5.	Political Contribution  

 The Company’s
financial or other resources shall not be used to make any contribution directly or indirectly to support or oppose any politician or political party. The Employee is at liberty to participate on his or her own time and expense in the political
activity of his or her choice. 
  

	6.	Equal Opportunity Policy 

 The Company’s
personnel policies and practices shall not discriminate in the hiring or promotion of employees on the basis of race, religious belief, colour, gender, physical disability, mental disability, marital status, age, ancestry or place of origin, family
status or source of income and will comply with affirmative action legislation where applicable. The Company recognizes, however, that physical capability is a requirement for certain jobs and it is not discrimination to reject an application for
such a job if it is clear that the applicant is physically incapable of performing the work required. 
  

	7.	Drugs and Alcohol  

 The Company’s policy is to
protect its Employees and customers in the workplace. As such, the Company prohibits the use, possession, purchase, sale or transportation of illegal drugs, or any other mind controlling substance and/or paraphernalia while the Employee is on the
job. The Employee further agrees that he or she will not engage in any business on the Company’s behalf while experiencing the effects, exhibiting signs, or retaining traces in his or her body of the drugs or other substances referred to above.

 Properly utilized prescription drugs are exempt from the above-noted policy unless those prescription drugs are capable of affecting the
job performance of the Employee. If there is such a potential, the Employee agrees to report the fact that he or she is taking such prescription drugs to his immediate Company supervisor before undertaking any Company work. 

 The Company prohibits, and the Employee agrees not to utilize, intoxicating beverages during working
hours without specific authorization from the Employee’s supervisor. The Employee agrees that he or she will not be present at the Company’s or any customer’s premises or workplace while experiencing impairment from alcohol. The
Company prohibits and the Employee agrees not to carry any intoxicating beverage in any Company owned or leased vehicle while on company time. The Company further reserves the right to dismiss the Employee if he is involved in an accident using
Company vehicles or Company equipment if that Employee has consumed any alcohol within four hours of the time of the accident. Finally, the Company reserves the right to dismiss any Employee whose job involves the operation of Company vehicles if
that Employee has been convicted of impaired driving, even if the conviction arises out of conduct occasioned during the Employee’s time off. The Employee agrees to any such dismissal without further notice or payment in lieu of notice.

  

	8.	Searches and Tests  

 In order to enforce the drug
and alcohol policy, the Company reserves the right at its sole discretion to have reasonable investigations and searches of any Employees or their person, their personal effects conducted by qualified personnel, and to have performed urinalysis
and/or blood tests on Employees with respect to conduct occasioned while the Employee is on the Company’s premises, on Company business or at the customer’s workplace or job site. All such searches will be conducted in accordance with
regulations in effect in the particular jurisdiction. The Employee consents to the reasonable conduct of such searches. 
  

	9.	General  

 Any violation of any of the policies set
forth in this Agreement may subject the responsible individual to reprimand, prohibition, suspension, with or without pay, reduction in salary, demotion or dismissal, at the discretion of Company management depending upon the severity of the
violation and the relevant circumstances. 
  

	10.	This Agreement is not intended to form the whole of the employment contract between the Company and the Employee, and the Employee hereby consents to be bound by the terms of
all policies of general application to employees of the Company. 

 This Agreement comes into force according to its terms upon execution and
in consideration for the continued employment of the Employee by the Company. The Agreement will remain in effect during the Employee’s term of employment. 
 This Agreement made this 2nd day of February, 2007. 
  

					
	 TESCO CORPORATION
	 		 	EMPLOYEE
	Per:	 		 	
			
	 /s/ Julio Quintana
	 		 	 /s/ Leduvy Gouvea

	Julio Quintana	 		 	Leduvy Gouvea
	President and C.E.O.	 		 	
		 		 	

		 		 	Witness to Employee’s Signature

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