Document:

FIRST AMENDMENT TO THE AGREEMENT OF GEORGE BOYADJIEFF

 Exhibit 10.13.1 
  
 FIRST AMENDMENT TO THE 
 AGREEMENT OF 
 GEORGE BOYADJIEFF 
  
 This First Amendment (“Amendment”) to the Agreement between Varco International, Inc., a Delaware
corporation (“Varco”), and George Boyadjieff (the “Executive”) dated as of November 29, 2002 (the “Agreement”), effective as of December 19, 2003. 
  
 Capitalized terms used in this Amendment shall have the meanings assigned to
them in the Agreement. 
  
 RECITALS 
  
 WHEREAS, the Agreement provides that the employment of the executive
shall terminate on December 31, 2004; and 
  
 WHEREAS, the
Executive and Varco desire to extend the term of the Executive’s employment under the Agreement until February 28, 2005. 
  
 NOW, THEREFORE, in consideration of the foregoing premises and mutual agreements set forth in the Agreement and this Amendment, the parties hereto agree
as follows: 
  
 AMENDMENT 
  

	 	A.	Section 1. of the Agreement is hereby deleted and restated in its entirety as follows: 

  
 “1. Term of Agreement. 
  
 This Agreement shall commence on the Effective Date and shall continue, in effect, unless terminated earlier as otherwise set forth herein through
February 28, 2005 (except for Sections 2E and 2F, which shall continue through the end of the respective periods described therein, Section 7, which shall continue in perpetuity and Section 8, which shall remain in effect until February 28,
2007.)” 
  

	 	B.	Section 5.A. of the Agreement is hereby deleted and restated in its entirety as follows: 

  
 “A. Term. Unless terminated earlier pursuant to this Agreement, Executive’s employment shall terminate February
28, 2005.” 
  

	 	C.	All other references to “December 31, 2004” in the Agreement shall be replaced and restated with “February 28, 2005. 

  

	 	D.	Except as expressly amended hereby, the Agreement remains in full force and effect in accordance with its terms. 

  

	 	E.	 No provision of this Amendment may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the
Executive and 

	 	 
an executive officer of Varco (excluding the Executive). No waiver by either party hereto at any time of any breach by the other party hereto of, or
compliance with, any condition or provision, of this Amendment to be performed by such other party shall be deemed a waiver or similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or
representations, oral or otherwise, express or implied, with respect to the subject matter hereof, have been made by either party which are not expressly set forth in this Amendment. The validity, interpretation, construction and performance of this
Amendment shall be governed by the laws of the State of Texas. 

  

	 	F.	Any dispute or controversy arising under or in connection with this Amendment shall be settled exclusively by arbitration in Harris County, Texas in accordance with the rules of the
American Arbitration Association then in effect and judgment may be entered on the arbitrator’s award in any court having jurisdiction thereof. Any such arbitration shall be before three (3) arbitrators, one (1) each appointed by the parties
and one (1) appointed by those two arbitrators. 

  

	 	G.	The invalidity or unenforceability of any provision of this Amendment shall not affect the validity or enforceability of any other provision of this Amendment or the Agreement,
which shall remain in full force and effect. 

  

	 	H.	This Amendment may be executed in multiple counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

  
 IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to the Agreement to be duly executed as of the day and year first above written. 
  

					
	 VARCO INTERNATIONAL, INC.,

	 a Delaware corporation

		
	 By:
	 	  

	 	 	 Name:
	 	  

	 	 	 Title:
	 	  

	
	
 George BoyadjieffFORM OF DEFERRED STOCK UNIT AWARD

 Exhibit 10.15 
  
 [TO BE REPRINTED ON VARCO LETTERHEAD] 
  
 [Name of Recipient] 
 [Address] 
 [City, State ZIP] 
  
 Re: Your 20    
Award of Deferred Stock Units 
  
 Dear [Name]: 
  
 This letter sets forth the terms and
conditions of the award of Deferred Stock Units to you (your “20     Award”) as an independent director of Varco International, Inc. (the “Company”). Your 20     Award has
been granted under The 2003 Equity Participation Plan of Varco International, Inc. (the “Plan”) and represents the right to receive shares of common stock of the Company, par value $0.01 per share (the “Common Stock”), on a
deferred basis subject to certain terms and conditions set forth herein and in the Plan. 
  
 Your 20     Award is governed by the terms of the Plan and this letter (“Award Letter”). The Company’s Board of Directors is the Administrator of the Plan for purposes
of your 20     Award. A copy of the Plan prospectus is enclosed for your information. You are encouraged to read the Plan and the Plan prospectus carefully. A copy of the Plan is available upon request. Unless otherwise
defined herein, the capitalized terms in this Award Letter are defined in the Plan. YOU ARE ENCOURAGED TO CONSULT A TAX ADVISOR AS TO THE TAX CONSEQUENCES OF YOUR 20     AWARD AND SUBSEQUENT DISTRIBUTION OF COMMON STOCK.

  
 Terms and Conditions of your 20     Award.

  
 A. Award Date. The Award Date for your
20     Award is January     , 20     (i.e., the last Wednesday in January, 20    ). 
  
 B. Number of Shares. The number of shares of Common Stock underlying
your 20     Award is                     
(            ). The number of shares of Common Stock underlying your 20     Award is equal to forty-five thousand dollars ($45,000) divided by
             (            ), the closing price for a share of Common Stock on the Award Date (as reported on the
New York Stock Exchange), rounded up to the nearest whole share of Common Stock. 
  
 C. Vesting Schedule. Subject to the terms and conditions of this Award Letter and the Plan, the shares of Common Stock underlying your 20     Award shall fully vest upon the earlier
of: 
  
 (i) the first anniversary of the Award
Date (the “Vesting Date”), conditioned upon your continuation as a director of the Company on such date; or 

 (ii) the date upon which you incur a Termination of Directorship by reason of your death
or disability (as determined by the Administrator, in its sole discretion); or 
  
 (ii) the date upon which you incur a Termination of Directorship by reason of your retirement (as determined by the Administrator, in its
sole discretion). 
  
 D. Form and Time of Payment. Your
vested 20     Award shall be distributed to you in the form of shares of the Company’s Common Stock. You are not entitled to any shares of Common Stock if your 20     Award has not vested.
Notwithstanding that your 20     Award may have vested, you are not entitled to any shares of Common Stock until your Distribution Date (as defined below). The shares of Common Stock underlying your vested
20     Award shall be distributed to you on the date (the “Distribution Date”) elected by you in writing within 30 days following the Award Date on a form acceptable to the Administrator. You may not elect a
Distribution Date that is earlier than the Vesting Date for your 20     Award. If you have not elected a Distribution Date within the required time period, you shall automatically be deemed to have elected the date of your
Termination of Directorship as your Distribution Date. 
  
 E.
Transferability. Your rights under your 20     Award and this Award Letter are not assignable or transferable, except by will or the laws of descent and distribution or pursuant to a DRO, as further described in the
Plan, except that upon the prior consent of the Administrator, you may transfer your 20     Award to a “family member” (as defined under the instructions to use of Form S-8). Any such transfer must be made in
accordance with the terms of Section 11.1(b) of the Plan and any other terms and conditions prescribed by the Administrator, in its sole discretion.  
  
 F. Rights as a Stockholder. You shall not be, nor have any of the rights or privileges of a stockholder of the Company, including no right to vote
or to receive dividends or other distributions, in respect of the shares of Common Stock underlying your 20     Award unless and until the shares of Common Stock are issued to you on the Distribution Date. 
  
 G. The Plan. This Award Letter is subject to all the provisions of the
Plan and the Plan’s provisions are hereby made a part of this Award Letter. This Award Letter is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the
Plan. In the event of any conflict between the provisions of this Award Letter and the Plan, the provisions of the Plan shall control. 
  
 If you have any questions or comments, please contact Ken Nibling at (281) 953-2222. 
  
  

	
	 Sincerely,

	 
	
	
 [Name]

	 [Title]

  

 2 

 THE 2003 EQUITY PARTICIPATION PLAN 
 OF 
 VARCO INTERNATIONAL, INC. 
  
 DEFERRED STOCK UNITS  
 DISTRIBUTION ELECTION FORM 
  

			
	 Name:
                                        
                                        
               
	  	 Social Security No.:
                                        
                        

  
 In connection with your receipt of a
20     Award of Deferred Stock Units under The 2003 Equity Participation Plan of Varco International, Inc. (the “Plan”), you have the option of selecting the timing of the payment, if any, of your
20     Award. Your 20     Award is expected of be granted as of January     , 20    . 
  
 Please complete this election form and return it to Ken Nibling, the Company’s Vice
President Human Resources and Administration. This form must be submitted no later than 30 days following the date upon which your 20     Award has been granted. 
  
 ************************ 
  
 I elect the following Distribution Date with respect to the shares of Common Stock underlying
my 20     Award of Deferred Stock Units (check one): 
  

	1)	 ̈ Upon the one year anniversary of the date of grant of the
20     Award; or 

  

	2)	 ̈ Upon the five year anniversary of the date of grant of the
20     Award; or 

  

	3)	 ̈ Upon my Termination of Directorship. 

  
 I understand that if I have not elected a Distribution Date within 30 days following the
date upon which my award was granted, I will automatically be deemed to have elected the date of my Termination of Directorship as my Distribution Date. 
  
 ************************ 
  
 Please retain a copy of this Distribution Election Form for your records. 
  

					
	  

	  	 	  	  

	 Signature
	  	 	  	 Date Signed

  

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