Document:

Exh 10.23 Foster Amendment

Exhibit 10.23

Third Amendment to Employment Agreement
WHEREAS, Jeffery L. Foster (“Executive”) and Tesco Corporation (“Employer”) entered into the Employment Agreement dated December 31, 2007 which was amended on March 15, 2009 and on December 31, 2010 (collectively, the “Agreement”); and
WHEREAS, the parties desire to amend the Agreement pursuant to this third amendment effective July 15, 2011, and to otherwise leave the Agreement in full force and effect (“Third Amendment”).
NOW, THEREFORE, in consideration of mutual covenants and other consideration herein contained, it is agreed the Agreement shall be amended as follows:
		
	1.
	The first sentence of Section 4 shall be amended to provide as follows:

“Commencing on July 15, 2011, Executive shall diligently render his services to Employer as Senior Vice President, Top Drive and Surface Products in a manner customary for such offices or equivalent positions that are in accordance with the Employer's directive and shall use his best efforts and good faith in fulfilling such responsibilities in accomplishing such directive, and Executive shall report to the Chief Operating Officer of the Employer or such other person(s) as determined by the Employer in its sole discretion.”
		
	2.
	The following shall be added as the end of Section 5(c):

“Executive will participate in the LTIP in a similar manner as other business line heads.”
		
	3.
	Release of Claims by Executive

For and in consideration of the mutual covenants contained herein and $20,000, the receipt and sufficiency of which is hereby acknowledged, by Executive, on behalf of himself, his heirs, dependents, successors and assigns, hereby irrevocably and unconditionally RELEASES, WAIVES, AND FOREVER DISCHARGES, AND SHALL PROTECT, INDEMNIFY AND HOLD HARMLESS, the Employer and its partners, parents, subsidiaries, affiliates, and related entities and any predecessors thereto, and its and their present and former agents, employees, officers, directors, owners, stockholders, and their agents, successors and assigns, whether in their individual or official capacities (collectively, the “Released Parties”), from and against any and all claims, demands, actions, causes of action, costs, fees, and all liability whatsoever, whether known or unknown, fixed or contingent, which Executive has, had or may have against the Released Parties, or any of them, relating to or arising out of his employment with the Employer or his change of duties, authority and responsibilities as described herein on or prior to July 15, 2011, including without limitation, any rights under the Agreement, and any other events or transactions involving the Employer, up to and including the date of his execution of this release (“Release”).  This Release includes, but is not  limited to (a) any statutory claims under the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, the Civil Rights Acts of 1870, 1964 and 1991, 42 U.S.C. § 1981, the Age Discrimination in Employment Act, the Older Workers' Benefit Protection Act, the Employee Retirement Income Security Act of 1974, as amended, the Sarbanes Oxley Act, Texas Commission on Human Rights Act, Texas Labor Code, Texas Pay Day Law or arising from any other federal, state, or local statute, ordinance or regulation; (b) any common law, tort or contract claims; (c) any claims, matters, or actions related in any way to Executive's employment with and change in status with the Employer; and (d) any claims for fees, costs, taxes, penalties, and disbursements of any kind, including attorneys' fees.  Executive represents and warrants that he has not 

filed or lodged, and has no outstanding claims, including any lawsuits or administrative proceedings, against any of the Released Parties.
(b)    In connection with this waiver, Executive understands and agrees that: 
(i)    He is waiving rights or claims in exchange for consideration that is in addition to anything of value to which he is already entitled. 
(ii)    He has 21 days to consider this Release and consult with his attorney.
(iii)    He has had ample opportunity to consult with an attorney prior to executing this Agreement.  The Employer advised Executive and encouraged Executive in writing herein to consult with an attorney prior to signing this Agreement.  
(iv)    He has carefully read and fully understands all of the provisions and effects of this Agreement and he knowingly and voluntarily (of his own free will) entered into all of the terms set forth in this Agreement.   
(v)    He knowingly and voluntarily intends to be legally bound by all of the terms set forth in this Agreement.  
(vi)    He relied solely and completely upon his own judgment or the advice of his attorney in entering into this Agreement.
(vii)    He has 7 days to revoke this Release after executing it by providing notice of his revocation in writing to: Fernando R. Assing, Senior Vice-President and Chief Operating Officer, TESCO, at 3993 W. Sam Houston Parkway N., Suite 100, Houston, Texas  77043-1211.  If Executive does not revoke this Release within the 7 day revocation period, this Release will become final and binding.
Except as expressly provided herein, the terms and conditions of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Third Amendment on October 10, 2011, but effective as provided herein.

EXECUTIVE                        TESCO CORPORATION
/s/ Jeffrey L. Foster                    By    /s/ Dean Ferris                
Jeffery L. Foster                        Dean Ferris, 
SVP and General CounselExh. 10.24 Assing Letter Agreement

Exhibit 10.24

Tesco Corporation
3993 W. Sam Houston Parkway N., Suite 100
Houston, Texas 77043-1211 USA

Julio_Quintana@tescocorp.com
(713) 359-7101

Julio M. Quintana
President and Chief Executive Officer

Fernando R. Assing

Re: Promotion to Senior Vice President and Chief Operating Officer

Dear Fernando:

We are pleased to offer you the following promotion as approved by resolution of the Board of Directors at its August 10, 2011 meeting. Your new position is Senior Vice President and Chief Operating Officer. In that role, you report directly to me, Julio M. Quintana, President and Chief Executive Officer. The effective start date of this promotion shall be July 15, 2011.

Compensation

		
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	Annual Base Salary - $325,000

		
	•
	2011 Short-Term Incentive Plan (STIP) - Target Award of 70% of Annual Base Salary and a Maximum Target of 140% of Annual Base Salary

Employment Agreement

This Letter Agreement, as of July 15, 2011, amends your existing employment agreement to reflect these changes to your position and compensation. All other terms and conditions of your existing employment agreement remain unchanged and in full effect. 

To accept this offer, please sign and return in confidence to Guy Bennett, Vice President, Human Resources of Tesco Corporation (US).

Sincerely,                        Employee

/s/ Julio M. Quintana                    /s/ Fernando R. Assing                
Julio M. Quintana                    Fernando R. Assing
President and Chief Executive Officer            Date: February 23, 2012Exh. 10.32 2012 STIP Plan

    

Exhibit 10.32

TESCO CORPORATION
2012 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 2012 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 2012 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, 2012, 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, 2012 will not receive any payment under the STIP.

		
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	Employees terminated at any time prior to September 30, 2012 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, 2012, 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.

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