Document:

Letter Agreement dated as of February 16, 2007

 Exhibit 10.29 
 February 16, 2007 
 Mr. D. Gordon Strickland 
 Chairman 
 Medical Resources, Inc. 
 11330 Lakefield
Drive 
 Building #2, Suite 200 
 Duluth, GA 30097 
 Dear Gordon, 
 On behalf of Ampex Corporation (the “Company”), it
gives me great pleasure to inform you that our Board of Directors (the “Board”) has approved this offer to you to join Ampex as Chief Executive Officer, on the following terms: 
 1. Positions: You will be elected as a Director, President and Chief Executive Officer of the Company, reporting to the Board. You will have such duties, responsibilities and authorities of an executive and
administrative character as the Board shall from time to time assign to you. You will devote your best efforts and abilities to the performance of your duties and the advancement of the interests of the Company. 
 2. Effective Date: Your employment will begin on February 16, 2007. 
 3. Base Salary: You will be paid a base salary for your services at an annual rate of $325,000, less taxes and other withholdings, which shall be paid bi-weekly in accordance with the Company’s regular payroll practices. Your
salary will be reviewed annually, and adjusted in the discretion of the Compensation Committee of the Board. 
 4. Bonus Opportunity: You will be
eligible to earn incentive compensation in the form of a cash bonus payable annually, in January of each year, commencing in January 2008, based upon the attainment of specific goals and objectives established by the Compensation Committee after
discussions with you. Your target bonus amount for 2007 will be up to $300,000, with 50% of such amount to be guaranteed. Except as stated in the preceding sentence, the amount of your bonus will be determined solely in 

 Mr. D. Gordon Strickland 
 February 16, 2007 
 Page 2 
 the discretion of the
Compensation Committee, and no portion of the discretionary bonus shall be deemed vested, earned or accrued prior to the grant thereof. 
 5. Stock
Options: You will be entitled to a grant of 25,000 non-qualified stock options under the Company’s Stock Incentive Plan. The options will be priced at the first meeting of the Compensation Committee after your hire date and will expire
unless exercised on the third anniversary of the grant date. Upon receiving this grant, you will enter into an option agreement in the Company’s standard form which specifies the exercise price, vesting schedule, expiration date and other terms
of the option grant in accordance with the Stock Incentive Plan. 
 6. Benefit Plans: You may be eligible to participate in certain employee health
and other benefit plans to the extent that you are not covered by your current employer and wish to participate. Additional information is available from the Company’s Human Resources Department. 
 7. Severance: You will be entitled to Salary Continuation (as defined below) in the event you are involuntarily terminated by the Company other than for Cause (as
defined below) as follows: (i) if you are terminated during the year ending December 31, 2007, for 12 months following the date of termination, and (ii) if you are terminated in any subsequent year, for the six months following the
date of termination. “Salary Continuation” shall mean continuation of your bi-weekly salary payments at the annual base salary rate in effect at the date of termination, subject to taxes and other withholdings. “Cause” shall mean
your conviction of a crime (other than traffic violations and similar minor offenses) or the breach of any of the terms of this agreement or of any of your other duties or obligations to the Company which, in the reasonable judgment of the Board,
has had or is reasonably likely to have, a material adverse effect on the business, affairs or reputation of the Company. Except as may be expressly required by law, it is understood that your employment is at will, and you shall not be entitled to
any other compensation (including incentive compensation) or benefits in the event of the termination of your employment, with or without Cause. 
 8.
Employment Verification: Pursuant to federal law, this offer of employment is conditioned on your ability to provide satisfactory proof of your eligibility to work in the United States within three days of your first day of employment.

 9. Indemnification and Other Agreements: The Company will enter into an Indemnification Agreement with you in the Company’s standard form for
members of its Board. In addition you will execute the Company’s standard form Non-Disclosure Agreement and any other agreements or instruments normally executed by senior executives upon commencement of employment with the Company. 

10. Expenses: The Company will reimburse you for reasonable expenses related to its business actually incurred and paid by you in the performance of your
duties in 

 Mr. D. Gordon Strickland 
 February 16, 2007 
 Page 3 
 accordance with the
Company’s policies and your presentation of supporting documentation required by the Company. Any air travel coast to coast or overseas for business purposes will be business or first class, but other domestic air travel shall be coach or
economy. 
 11. Other Directorships: The Board has approved your continuing to serve as a Director or advisor of Hancock Capital Management, Medical
Resources, Inc. and Outlook Group so long as such activities do not conflict with the adequate performance of your duties and responsibilities to the Company. Any additional directorships or advisory activities you wish to accept shall be discussed
in advance with the Board. 
 12. Miscellaneous: This letter sets forth the entire agreement of the parties regarding the subject matter hereof, and
may not be altered, amended or waived in whole or in part except by written instrument signed by both parties. This letter shall be governed by the laws of the State of Delaware (without giving effect to conflict of laws rules thereof). This letter
may be signed in multiple counterparts, each of which shall be deemed an original. Any executed counterpart returned by facsimile shall be deemed an original executed counterpart. 
 If you agree to the forgoing, please sign this letter in the space provided below and return the original executed copy. 
 AMPEX CORPORATION 
  

							
	By:	 	 /s/ Joel D. Talcott
	 		 	
		 	Joel D. Talcott	 		 	
		 	Vice President and Secretary	 		 	
				
		 		 		 	Accepted and Agreed to:
				
		 		 		 	 /s/ D. Gordon Strickland

		 		 		 	D. Gordon StricklandAmendment No. 1 to Rights Agreement

 Exhibit 4.1 
 Amendment No. 1 To Rights Agreement 
 This Amendment No. 1 to Rights Agreement between TODCO, a
Delaware Corporation (the “Company”) and Bank of New York, a New York banking corporation (the “Rights Agent”) is entered into and effective as of this 18th day of March, 2007. 
 WHEREAS, the Company entered into a Rights Agreement, dated as of February 4, 2004 (the “Rights Agreement”), with Bank of New York as
Rights Agent; 
 WHEREAS, the Company has determined to enter into an Agreement and Plan of Merger among Hercules Offshore, Inc., a Delaware
Corporation (“Hercules”), Merger LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of Hercules (“Merger Sub”), and the Company, substantially in the form of Exhibit A hereto (the “Merger
Agreement”); 
 WHEREAS, the execution and delivery of the Merger Agreement by Hercules and Merger Sub could be construed as a
Triggering Event under the Rights Agreement; 
 WHEREAS, the Rights Agreement provides that at any time when the Rights are redeemable, the
Company may, in its sole and absolute discretion, and the Rights Agent shall, if the Company so directs, supplement or amend any provision of the Rights Agreement in any respect without the approval of any holders of Rights or holders of the
Company’s Common Stock; 
 WHEREAS, as of the date of this Amendment No. 1 to Rights Agreement (“Amendment No. 1”),
the Rights are redeemable under the terms of the Rights Agreement; 
 WHEREAS, the Board of Directors desires to amend the Rights Agreement
to assure that the transactions contemplated by the Merger Agreement will not constitute a Triggering Event under the Rights Agreement; 
 WHEREAS, capitalized terms used and not otherwise defined in this Amendment No. 1 have the meanings set forth in the Rights Agreement; and 
 WHEREAS, the board of directors of the Company has determined it advisable and in the best interest of its stockholders to enter into this Amendment No. 1 to enable the Company to enter into the Merger Agreement
and consummate the transactions contemplated thereby. 
 NOW, THEREFORE, pursuant to pursuant to the Company’s authority set forth in
Section 27 of the Rights Agreement, the Rights Agreement hereby is amended as follows: 
 Section 1. Amendments 
 Definition of “Acquiring Person.” The definition of “Acquiring Person” set forth in Section 1 of the Rights Agreement is
hereby amended to add the following sentence at the end of the second full paragraph of such definition: 

 “Neither Hercules, Merger Sub nor any of their respective Affiliates shall become an Acquiring
Person as a result of (i) the execution and delivery by the parties thereto of the Merger Agreement or (ii) the consummation of any of the transactions contemplated by the Merger Agreement.” 
 Definition of “Beneficial Owner.” The definition of “Beneficial Owner” set forth in Section 1 of the Rights Agreement is
hereby amended to add the following sentence as the last paragraph of such definition: 
 “Notwithstanding anything in this Agreement to
the contrary, neither Hercules, Merger Sub nor any of their respective Affiliates shall become a Beneficial Owner as a result of (i) the execution and delivery by the parties thereto of the Merger Agreement or (ii) the consummation of any
of the transactions contemplated by the Merger Agreement.” 
 Definition of “Triggering Event.” The definition of
“Triggering Event” set forth in Section 1 of the Rights Agreement is hereby amended to add the following sentence at the end of such definition: 
 “Notwithstanding anything in this Agreement to the contrary, neither (i) the execution and delivery of the Merger Agreement, or (ii) the consummation of any of the transactions contemplated by the
Merger Agreement, shall constitute a Triggering Event.” 
 Section 2. Execution. 
 Pursuant to Section 27 of the Rights Agreement, the Rights Agent is hereby directed to execute this Amendment No. 1. 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly executed as of the day
and year first above written. 
  

			
	TODCO
		
	By:	 	/s/ Jan Rask
	
	THE BANK OF NEW YORK
		
	By:	 	/s/ Steven Myers
		 	Steven Myers, Vice President

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