Document:

Exhibit

Exhibit 10.9.1

AMENDMENT NO. 1 TO PROMISSORY NOTE
THIS AMENDMENT NO. 1 TO PROMISSORY NOTE (this “Amendment”) is entered into as of January 27, 2017, by and among SandRidge Realty, LLC, an Oklahoma limited liability company (“Borrower”), Fir Tree E&P Holdings II, LLC, a Delaware limited liability company (“Fir Tree”), and SOLA LTD, a Cayman Islands exempted company (“Solus”; and together with Fir Tree and certain other co-lenders from time to time, together with their successors and assigns, collectively, “Lender”). 

BACKGROUND
WHEREAS, reference is made to that certain Promissory Note, dated as of October 4, 2016, executed by Borrower and payable to Lender (the “Note”);
WHEREAS, Borrower and Lender have agreed to modify the Note on the terms and conditions set forth herein; 
NOW, THEREFORE, the parties hereto hereby agree as follows:
1.    Definitions.  All capitalized terms not otherwise defined herein shall have the meanings given to them in the Note.
2.    Amendments.  
(a)  Section 8 of the Note is hereby amended and restated as follows:  
“This Note shall not be prepayable except upon Lender’s prior written consent or as provided in Section 5 above.  Notwithstanding the foregoing, commencing on the earlier of the date on which (i) all of the Indebtedness and other sums owing and/or payable under the First Lien Credit Agreement and/or the other First Lien Credit Documents have been paid in full and no re-borrowing or further credit is available thereunder, and all commitments thereunder have been cancelled, or (ii) the First Lien Credit Agreement has been refinanced, Borrower may prepay this Note in whole or in part at any time, at par, and from time to time during the term hereof upon ten (10) days’ prior written notice to Lender, without any prepayment premium or penalty, subject to the application of payments provisions set forth in Section 6 above.”
3.    Governing Law.  THIS AMENDMENT WAS NEGOTIATED, EXECUTED AND DELIVERED IN THE STATE OF NEW YORK, IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, AND THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS). TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY RIGHT TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AMENDMENT, AND THIS 

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AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

4.    Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.
5.    Counterparts; Facsimile.  This Amendment may be executed by the parties hereto in one or more counterparts (including by facsimile transmission or in portable document format (PDF)), each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement.  
6.    References.  Any reference to the Note contained in any notice, request, certificate or other document executed concurrently with or after the execution and delivery of this Amendment shall be deemed to include this Amendment unless the context shall otherwise require.
7.    Other Provisions.  All other provisions of the Note not specifically amended by this Amendment shall remain in full force and effect.

[Signature Page Follows.]

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first written above.
BORROWER:

SANDRIDGE REALTY LLC, 
		
	an Oklahoma limited liability company 
 
 
By:
	/s/ Julian Bott 
Name:    Julian Bott     
Title:    Executive Vice President and Chief 

Financial Officer
    

LENDER:

FIR TREE E&P HOLDINGS II, LLC, 
a Delaware limited liability company 
 
 
By:    /s/ Brian Meyer     
Name:    Brian Meyer     
Title:    Authorized Person    

 
SOLA LTD, 
a Cayman Islands exempted company 
 
 
By:    /s/ Joshua Sock         
Name:    Joshua Sock     
Title:    Authorized SignatoryExhibit

    
Exhibit 10.23
TESCO CORPORATION
2017 SHORT TERM INCENTIVE PROGRAM

The Tesco Corporation Short Term Incentive Program (“STIP”) is a compensation program 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 objectives on a yearly basis.

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 2017 has been approved by the Board of Directors as set forth below.  The parameters set for the Executive Management Team (the executive officers of Tesco Corporation, the parent corporation), are approved by, and can only be modified by, the Board of Directors. The program parameters for all other employee participants are proposed as general guidelines for management to implement but that may be modified as management deems appropriate. It is the expectation of the Board of Directors that management will use proper judgment to write goals for individuals within the spirit of these parameters, but consistent with the emphasis that management wishes to put on each employee:

Plan Parameters

In order to reward employees for Company safety and service quality performance, and taking into account Company financial objectives, the STIP is structured with two (2) specific areas to measure performance:

		
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	Financial Objectives (90%): Comprised of two metrics that collectively represent 90% of the total STIP target. These are an Adjusted Incremental EBITDA ($) metric based on either a global or a combination of a global and P&L specific targets (65%) and an Incremental Cash Conversion Cycle (Days) metric based on a global target (25%).  

		
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	Other Objectives (10%): Comprised of two metrics that collectively represent 10% of the total STIP target. These are Quality (5%) and HSE (5%) performance metrics, based on either global, hemispherical or country specific targets.

Members of the Executive Management Team and certain Vice Presidents of the subsidiaries (Levels 6 and 5) have the ability to earn up to a 2.0 factor on each Objective. Each Objective will have an entry point (“Entry”), a Target, and a maximum payout point (“Max”). Entry is a 0% payout with linear progression to Target, which provides a 100% payout.  From Target, there is a linear progression to Max, which results in a 200% payout on that Objective.

Directors of the TESCO organization (Level 4) have the ability to earn up to a 1.5 factor on each Objective. Each Objective will have an Entry, a Target, and a Max. Entry is a 0% payout with linear progression to Target, which provides a 100% payout.  From Target, there is a linear progression to Max, which results in a 150% payout on that Objective.

All other participants (Level 3) will earn payouts from Entry up to Target as details above. Level 3 employee payouts are capped at Target (100%). 

Objectives and Payout:

		
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	2017 STIP payout will be funded by Incremental Adjusted EBITDA. If there is no Incremental Adjusted EBITDA at the global consolidated level, there will be no payments to any STIP participant. If 2017 Incremental Adjusted EBITDA earnings are > $0 but < calculated payouts, a proportional global reduction (haircut) shall be applied to STIP payouts such that the total payouts will = Incremental Adjusted EBITDA. If 2017 Incremental Adjusted EBITDA earnings are > calculated payouts, then STIP payouts will be paid as calculated.

		
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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 Level 6 and 5 Named Executive Officer and all other executive officers of Tesco Corporation, and review and approve the remaining STIP participant payouts as a group. 

		
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	For non-NEOs and non-executive officers of Tesco Corporation, Management reserves the right to adjust individual awards +/- 25% at its discretion to address factors not addressed in the STIP program.

		
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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 15 days following the filing of Form 10K the plan year. 

		
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	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. In order to participate in STIP the employee must enter the plan prior to October 1, 2017.  

		
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	Employees terminated or resigning at any time prior to December 31, 2017 will not receive any payment under the STIP.

		
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	Employees terminated or resigning from TESCO or its affiliates after December 31, 2017, 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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	TESCO and its affiliates reserve 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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	In the event of a position change which requires the modification of objectives, the calculations will be pro-rated between both sets of objectives for the 2nd and 3rd quarters.  For changes occurring in the 1st or 4th quarter, the objectives in place for the majority of the year will be used to calculate the full year’s award.

		
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	Situations not covered above will be resolved by the President and Chief Executive Officer of Tesco Corporation, 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.

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