Document:

<PAGE>

                                                                    EXHIBIT 10.9

     [Certain confidential information has been omitted from this Exhibit 10.9
                                                                  ------------
pursuant to a confidential treatment request filed separately with the
Securities and Exchange Commission. The omitted information is indicated by the
symbol "***" at each place in this Exhibit 10.9 where the omitted information
                                   ------------
appeared in the original.]

                                    [LOGO]

                           Master Services Agreement

This Services Agreement ("Agreement") made and entered into this 23rd day of
March, 2000 and effective March 23, 2000 by and between GartnerGroup, Inc., a
Delaware corporation having a principal place of business at 56 Top Gallant
Road, Stamford, CT  06904 its subsidiaries, affiliates ("Gartner" or "Client")
and LeadersOnline of 18401 Von Karman Avenue, Suite 500, Irvine, CA  92612
("Leaders!" or "Vendor") describes the terms and conditions and the Statement of
work under which LeadersOnLine will perform services ("Services").

Statement of Work
-----------------

GartnerGroup's initial requirements include the identification and recruiting of
candidates for an estimated 366 current openings in Key Groups as detailed
below:

<TABLE>
<CAPTION>
<S>                                   <C>                <C>          <C>                <C>

Research                              estimate =         ***;          Compensation:     $*** base plus ***% bonus
Channel Interactive                   estimate =         ***;          Compensation:     $*** base plus ***% bonus
Consultants (North America)           estimate =         ***;          Compensation:     $*** base plus ***% bonus
IS/T                                  estimate =         ***;          Compensation:     $*** base plus ***% bonus
Sales                                 estimate =         ***;          Compensation:     $*** base plus ***% bonus
                                                         ----
Total                                                     366
=====                                                     ===
</TABLE>

Understanding the criticality of recruiting top talent in the shortest possible
time in order to support Gartner's aggressive business growth strategy, Leaders!
is prepared to commit significantly to this relationship:

 .  Leaders! will commit *** (***) dedicated full-time e!Cruiters to the Gartner
   Group assignment. Our e!Cruiters will work from the Gartner offices in
   Stamford and San Jose and will work Gartner full-time standard office hours.
   Space and telephones will be provided at no cost to Leaders!. LeadersOnline
   will provide its e!Cruiting team with computer and related equipment. Karen
   Sanderson will be the Lead e!Cruiter for Gartner and your single point of
   contact for our e!Cruiting effort. We will also dedicate at least two full-
   time e!Search Associates to this project.

 .  Leaders! will develop a customized, web-based recruiting and recruiting
   management system to support your needs. Our industry-leading web
   "Opportunity Pages" will be constructed for each of the five groups of
   positions. Karen and our e!Cruiters and e!Search staff will meet with your HR
   and hiring managers immediately to develop position specifications, search
   strategies, and hiring processes.

___________
*** Omitted pursuant to a confidential treatment request filed separately.

<PAGE>

Master Services Agreement
March 23, 2000
Page 2 of 7

 .  Leaders! will initiate targeted traditional and web-based marketing and
   advertising to drive quality candidates to our Opportunity Pages. This
   significant customized marketing effort will include print advertising and
   Internet marketing through our various Partnership channels as well as other
   venues necessary to attract quality candidates.

Professional Fees
-----------------

We will base our fees upon ***% of the candidate's first annual compensation.
Total compensation is defined as base salary plus ***% of the target bonus
stated in each offer letter as our candidates are hired.  Estimated contract
value based on 366 positions is $10,053,000.

Terms of Payment
----------------

GartnerGroup agrees to pay Leaders! a retainer fee of $***.  $*** will be
invoiced upon the effective date of this contract and another $*** will be
invoiced 150 days from the effective date of this contract.  The remaining $***
retainer will begin to be invoiced in 180 days from the effective date of this
contract and will be invoiced in equal monthly installments over the duration of
the contract.  In addition, Leaders! will invoice a fee of ***% of the
candidate's first year's annual total compensation.  Annual total compensation
is defined as base salary plus ***% of the target bonus stated in each offer
letter as our candidates are hired.

Both parties understand that the total value of the contract could be more or
less than the estimated $10,053,000, depending on number of hires, potential
additional assignments.

Duration of Agreement
---------------------

It is acknowledged that the GartnerGroup and leadersOnline enter into this
agreement for a period of 18 months commencing on the effective date of this
Agreement and continuing until September 30, 2001.  Either party may cancel the
contract by giving thirty (30) days notice, in which case in the event of
contract cancellation by Garnter, Leaders! will charge only the prorata portion
of the Leaders! retainer fee ($***) plus expenses, up to the date notice of the
cancellation is received.  Prorata formula will be $*** divided by 18 months.

Leaders! will be entitled to be paid fees agreed to; which are invoiced pursuant
hereto prior to the effective date of cancellation and be reimbursed for all
direct expenses incurred prior to such date.

Expenses
--------

Leaders! will invoice Gardner for direct expenses.  These expenses include the
direct costs of travel, meals, hotel, etc., associated with the interviewing and
selection process and with visits to the client location.  Leaders e!Cruiters
will adhere to the Gartner travel and expense policy.  In addition, any
extraordinary expenses incurred at the written request of GartnerGroup will be
invoiced as direct expenses.

Timing
------

Immediately upon the effective date of this contract, Leaders! will assign a
SWAT Team to ensure rapid deployment of our resources.  Leaders! will begin the
actual recruiting effort no later than 30 days after your approval of
Opportunity Pages.  Opportunity Pages will be created in the first 30 days from
the effective date of this contract.  Leaders! will provide a minimum of ***
qualified and interested candidates within 150 days of the initiation of the
search effort.

___________
*** Omitted pursuant to a confidential treatment request filed separately.
<PAGE>

Master Services Agreement
March 23, 2000
Page 3 of 7

Adjustments
-----------

In the course of executing this assignment, our e!Cruiting team may determine
that market conditions indicate the need to make adjustments in targeted
compensation.  If this need arises, GartnerGroup agrees to work with Leaders! in
determining acceptable solutions.

Source of Candidates
--------------------

If a candidate is referred to or acquired by Gartner from a source other than
Leaders!, Gartner will refer the candidate to the Leaders! e!Cruiter for
screening and assessment.  Any candidate provided to Gartner by Leaders!,
regardless of source, will be considered a Leaders! candidate under the terms of
the agreement.

Referral Fees
-------------

For each employer that is referred to Leaders! by Gartner, Leaders! shall
calculate the aggregate amount of fees received (and no longer subject to
forfeiture) for each twelve (12) month period beginning on the date of the
Agreement.  Leaders! shall pay Gartner *** percent (***%) of such aggregated
hiring fees up to $***, *** percent (***%) of such aggregated hiring fees to the
extent they exceed $*** but are $*** or less, and *** percent (***%) of such
aggregated hiring fees in excess of $***.

     With respect to each candidate referred to Leaders! by Gartner ("Gartner
Candidate") that is placed by Leaders!, Leaders! shall pay Gartner as follows.
If the first year's total compensation to such Gartner Candidate is less than
$***, the fee of Gartner is $***.  If the first year's total compensation to
such Gartner Candidate is more than $*** but less than $***, the fee to Gartner
shall be $***.  If the first year's total compensation to such Gartner Candidate
is greater than $***, the fee to Gartner shall be $***.  These fees shall be
paid to Gartner only when Leaders! has received the applicable hiring fee and
the hiring fee is no longer subject to forfeiture.

                                      ***

Diligence
---------

Because we focus on identifying high quality, passive job seekers, it is
imperative that identified candidates be contacted promptly.  Therefore, in
order to maintain high candidate interest levels, GartnerGroup agrees to make
initial contact with all identified candidates within three (3) business days of
the initial presentation.

Training
--------

Leaders e!Cruiters will begin knowledge transfer/training of GG recruiting staff
as soon as they are on site at GG.  Bruce Lachenauer, VP fulfillment at Leaders!
will be responsible for managing this deliverable.  GG recruiters will
immediately be trained on "Competency Base Assessment" and "Heidrick & Struggles
Search Methodology Best Practices"

___________
*** Omitted pursuant to a confidential treatment request filed separately.
<PAGE>

Master Services Agreement
March 23, 2000
Page 4 of 7

Non-Disclosure Agreement
------------------------

Each Leaders! employee involved in this project will be required to sign a Non-
Disclosure Agreement as part of this overall contractual engagement:

Leaders! acknowledges that it or its employees may, in the course of performing
its responsibilities under this Agreement, be exposed to or acquire information
which is proprietary to or confidential to the GartnerGroup or its affiliates or
their clients or to third parties to whom the GartnerGroup owes a duty of
confidentiality.  Any and all non-public information of any form obtained by
Leaders! or its employees in the performance of this Agreement shall be deemed
to be confidential and proprietary information (singularly or collectively,
"Confidential Information").  Leaders! agrees to hold such Confidential
Information in strict confidence and not to copy, reproduce, sell, assign,
license, market, transfer or otherwise dispose of, give or disclose such
Confidential Information to third parties or to use such Confidential
Information for any purposes whatsoever other than the provision of Services to
the GartnerGroup contemplated by this Agreement and to advise each of its
employees who may be exposed to such Confidential Information of their
obligations to keep such information confidential.

Press Release
-------------

The GartnerGroup agrees to allow Leaders! to release a mutually acceptable press
release announcing the formation of this relationship and to refer to
GartnerGroup in client lists and reference documents.

Non-Competition.  LeadersOnLine shall retain the right to perform work for other
---------------
entities during the term of this Agreement.  However, during the term of this
Agreement and for a period of *** following GartnerGroup's final acceptance of
the Deliverables, LeadersOnLine shall no provide services that are similar to
the Services for the following direct competitors of GartnerGroup including,
without limitation, ***.

LeadersOnLine's Personnel.  (a) LeadersOnLine shall provide fully trained,
-------------------------
competent and skilled personnel for the tasks to which they are assigned in the
performance of Services.  LeadersOnLine shall bear sold responsibility for its
personnel, including, without limitation, the payment of compensation to its
personnel, payment and reporting of taxes, unemployment insurance, workers'
compensation coverage, and any other benefits such personnel are entitled to.
LeadersOnLine's personnel shall observe GartnerGroup's code of conduct (business
conduct guidelines) and conflicts of interest policy in connection with the
performance of the Services.

Continuity of Staff.  LeadersOnLine shall use its reasonable efforts to ensure
-------------------
the continuity of LeadersOnLine employees assigned to perform the Services.  In
the event that any of the LeadersOnLine's employees is unable to perform the
Services for any reason LeadersOnLine will promptly provide a qualified
replacement as soon as reasonably possible.  GartnerGroup shall not be charged
for any time spent by the replacement employee to learn about the Services until
the replacement employee is performing to the level of effectiveness and
productivity of the employee that was replaced.

___________
*** Omitted pursuant to a confidential treatment request filed separately.
<PAGE>

Master Services Agreement
March 23, 2000
Page 5 of 7

Unacceptability of Employee.  If any LeadersOnLine employee assigned to Services
---------------------------
is unacceptable to GartnerGroup for performance reasons, GartnerGroup shall
notify LeadersOnLine in writing and LeadersOnLine shall immediately take
appropriate corrective action.  GartnerGroup shall be reasonable in its
evaluation of LeadersOnLine employees, but is the sole judge as to performance
capability.  should the appropriate corrective action require removal of an
employee from performance under this Agreement, LeadersOnLine will promptly
provide a qualified replacement.  GartnerGroup shall not be charged for any time
spent by the replacement employee to learn about the Services until the
replacement employee is performing to the level of effectiveness and
productivity of the employee that was replaced.

Subcontractors.  None of the Services shall be provided by any personnel other
--------------
than LeadersOnLine's own employees, unless LeadersOnLine first obtained the
prior written consent of GartnerGroup, and any subcontractor approved by
GartnerGroup agrees a confidentiality and non-competition agreement that
contains terms substantially similar to the terms set forth herein for
LeadersOnLine.

Progress Reports and Meetings.  (a) Meetings.  At either party's reasonable
-----------------------------       --------
request from time to time during the term of this Agreement, and in no event
less frequently than once per month, the Project Director and the Project
Manager and any other personnel which either party may designate shall meet to
review the progress of the Services and the relationship in general.  At each
such meeting, LeadersOnLine shall provide GartnerGroup with a Written Status
Report (described in clause (b) below).  Written minutes of each meeting will be
kept by LeadersOnLine and distributed to GartnerGroup prior to the next meeting.

          (b) Written Status Reports.  Each Written Status Report shall specify
              ----------------------
in reasonable detail accomplishments during the previous period, items to be
done in the next period, the status of the Schedule, any problem or circumstance
encountered by LeadersOnLine during the preceding month, setting forth the
reason, in LeadersOnLine's reasonable judgment, underlying such problem and the
specific steps taken or proposed to be taken to remedy such problem.  Submission
by LeadersOnLine to GartnerGroup of the specific reports shall not affect
LeadersOnLine's obligations hereunder.

Limitations.  NEITHER PARTY SHALL BE LIABLE FOR THE OTHER FOR INDIRECT, SPECIAL
-----------
OR CONSEQUENTIAL DAMAGES, OR FOR LOST PROFITS ARISING OUT OF THIS AGREEMENT OR
THE PROVISION OF THE SERVICES BY LEADERSONLINE.

Indemnification.  LeadersOnLine shall indemnify and hold GartnerGroup harmless
from and against all loss, liability, costs, charges, claims or damages to any
person or property, arising out of this Agreement or the provision of the
Services, to the extent caused by this fault or negligence of Contractor, or its
employees, officers, contractors, representatives or agents.  Contractor shall
also indemnify and hold GartnerGroup harmless from and against all loss,
liability, costs, charges, claims or damages for death, personal injury, or
property damage caused by LeadersOnLine, its employees, officers, contractors,
representatives or agents in connection with this Agreement.

<PAGE>

Master Services Agreement
March 23, 2000
Page 6 of 7

Insurance.  During the term of this Agreement LeadersOnLine shall maintain the
---------
following insurance coverage:

               (i)   Insurance for its employees including, but not limited to,
                     workmen's compensation, disability, unemployment insurance,
                     and any other insurance required by law, covering all its
                     operations in all locations of GartnerGroup at which
                     Services will be performed by LeadersOnLine under this
                     Agreement;

               (ii)  Comprehensive General Liability insurance, including Broad-
form Property Damage Insurance. Minimum coverage must be at least $1,000,000 for
each occurrence and $2,000,000 aggregates for damage to property and injury to
or death of persons.

               (iii) Errors and Omissions Insurance which covers professional
errors and omissions of LeadersOnLine and all professionals who are employees or
contractors of LeadersOnLine and are engaged to furnish professional services in
connection with the Services.

LeadersOnLine shall provide GartnerGroup evidence of insurance indicating the
foregoing coverages and naming GartnerGroup as a LOSS payee as its interest may
appear.

Notices.  Any notices to be given hereunder by either party to the other may be
-------
effected by personal delivery in writing, by facsimile or by mail, registered or
certified, postage prepaid with return receipt requested.  Notices shall be
addressed to the parties at the address appearing in this Agreement, but each
party may change such address by written notice in accordance with this
paragraph.  Notices delivered personally will be deemed communicated as of the
date of actual receipt.  Mailed and faxed notices (if confirmation of receipt of
such faxed notices have been received) will be deemed communicated as of 2 days
after mailing.

Entire Agreement; Amendments.  This agreement supersedes any other agreements,
----------------------------
either oral or written, between the parties hereto with respect to the Services,
and contains all the covenants and agreements between the parties with respect
to the rendering of the services described therein.  Any modification of this
Agreement will be effective only if it is in writing signed by the party to be
charged.

Severability.  If any provision of this Agreement is held by a court of
------------
competent jurisdiction to be invalid, void or unenforceable, the remaining
provisions will nevertheless continue in full force without being impaired or
invalid in any way, and the invalid provisions will be reduced in scope, if
possible, so as to become valid.

Force Majeure.  Neither party shall be in default or otherwise liable for any
-------------
delays in or failure to its performance under this Agreement where such delay or
failure arise by reason of any act of nature, or of any government or
governmental body, strikes, or labor disputes, civil unrest or dispute, embargo
blockade, work stoppage, protest, delay or other cause beyond the control of
such party.

Assignment and Delegation.  Except as expressly provided in this Agreement,
-------------------------
LeadersOnLine shall not assign any rights or delegate any obligations under this
Agreement without the prior written consent of GartnerGroup.  GartnerGroup may
assign any rights and delegate any obligations under this Agreement to any
subsidiary.

<PAGE>

Master Services Agreement
March 23, 2000
Page 7 of 7

Equitable Relief.  Because LeadersOnLine shall have access to and become
----------------
acquainted GartnerGroup's Confidential Information and proprietary information,
LeadersOnLine acknowledges that LeadersOnLine's breach of the confidentiality or
non-compete provisions of this Agreement may result in irreparable harm to
GartnerGroup, and agrees that GartnerGroup shall have the right to enforce such
provisions by injunction, specific performance or other equitable relief,
without prejudice to any other rights and remedies GartnerGroup may have.

Warranties.  Company shall perform the Services in a professional manner in
----------
accordance with industry standards.  Company shall also perform the Services in
a manner, which substantially meets the Requirements Document.

Non-Solicitation.  During the term of this Agreement and for a period of 1 year
----------------
thereafter, each party agrees that without the prior written consent of the
other, that it will not engage as an employee (either directly or indirectly)
any person who is employed or has been employed by the other and who was
involved with the performance of the Services, with in the 6 month period
immediately preceding such hiring.  Such restriction shall not apply to
employees who respond to a published advertisement.

Survival.  Any terms or conditions of this Agreement which by their express
--------
terms extend beyond termination of this Agreement or which by their nature
should so extend shall survive and continue in full force and effect after any
termination of this Agreement.  Further, Articles for Confidentiality,
Liability, Equitable Relief, Warranties and Non solicitation survive termination
of this Agreement.

GOVERNING LAW; CONSENT TO JURISDICTION.  THIS AGREEMENT SHALL BE GOVERNED BY AND
--------------------------------------
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CONNECTICUT WITHOUT REGARD
TO ITS PRINCIPLES OF CONFLICT OF LAWS.  LEADERSONLINE AND GARTNERGROUP EACH
CONSENT IN ADVANCE TO THE JURISDICTION OF THE COURTS OF THE STATE OF
CONNECTICUT.

Costs and Attorneys Fees.  If any action is necessary to enforce any of the
------------------------
terms and conditions of this Agreement, the prevailing party shall be entitled
to receive from the other party all costs and expenses, including reasonable
attorneys' fees in connection therewith.
<TABLE>
<CAPTION>
ACCEPTED:
<S>                       <C>                        <C>                       <C>
/s/  Regina Paolillo      Date  2/23/00              /s/  Michael T. Christy   Date  2/24/00
--------------------            -------              -----------------------         -------

Name:       Regina Paolillo                          Name:       Michael T. Christy
Title:      EVP & CFO                                Title:      President
GartnerGroup                                         LeadersOnLine!
</TABLE>

<PAGE>

                                 ATTACHMENT A
                                 ------------

                         GartnerGroup Retainer Billing

                    CLIENT INVOICING SCHEDULE PER CONTRACT

                       March 23, 2000 - August 23, 2001

<TABLE>
<CAPTION>
      Invoice No.                Date of Invoice                   Billing Amount
-----------------------------------------------------------------------------------------
      <S>                        <C>                               <C>

        92C100                     Mar 23, 2000                          $***
        92C101                     Aug 23, 2000                          $***
        92C102                     Sep 23, 2000                          $***
        92C103                     Oct 23, 2000                          $***
        92C104                     Nov 23, 2000                          $***
        92C105                     Dec 23, 2000                          $***
        92C106                     Jan 23, 2001                          $***
        92C107                     Feb 23, 2001                          $***
        92C108                     Mar 23, 2001                          $***
        92C109                     Apr 23, 2001                          $***
        92C110                     May 23, 2001                          $***
        92C111                     Jun 23, 2001                          $***
        92C112                    July 23, 2001                          $***
        92C113                     Aug 23, 2001                          $***
-----------------------------------------------------------------------------------------
         TOTAL                                                           $***
-----------------------------------------------------------------------------------------
</TABLE>

Payment terms and schedule defined in March 23, 2000 executed Agreement between
                     GartnerGroup, Inc. and LeadersOnline.

                             REVISED April 13, 2000

___________
*** Omitted pursuant to a confidential treatment request filed separately.

<PAGE>

                                 ATTACHMENT B
                                 ------------

                         GartnerGroup Retainer Billing

                REVENUE RECOGNITION SCHEDULE BOOKED TO LEADERS
                          GENERAL LEDGER, PER SAB101

                       March 23, 2000 - August 23, 2001

<TABLE>
<CAPTION>
            Date                           Amount
-------------------------------------------------------------
            <S>                            <C>

         Mar 23, 2000                       $***
         Aug 23, 2000                       $***
         Sep 23, 2000                       $***
         Oct 23, 2000                       $***
         Nov 23, 2000                       $***
         Dec 23, 2000                       $***
         Jan 23, 2001                       $***
         Feb 23, 2001                       $***
         Mar 23, 2001                       $***
         Apr 23, 2001                       $***
         May 23, 2001                       $***
         Jun 23, 2001                       $***
        July 23, 2001                       $***
         Aug 23, 2001                       $***
-------------------------------------------------------------
                                            $***
-------------------------------------------------------------
</TABLE>

                             REVISED April 13, 2000

___________
*** Omitted pursuant to a confidential treatment request filed separately.<PAGE>

                                                                   Exhibit 10.29

                              EXECUTIVE AGREEMENT

     This Executive Agreement (this "Agreement") is made and entered into as of
the 22nd day of March, 2000 (the "Effective Date") between Varco International,
Inc., a California corporation (the "Company") and George Boyadjieff (the
"Executive").

WHEREAS, the Executive is employed as an Executive Officer of the Company; and

WHEREAS, the Company believes it to be in the best interests of its stockholders
to attract, retain and motivate key executive officers and ensure continuity of
management; and

WHEREAS, it is in the best interest of the Company and its stockholders if the
key executive officers can approach material business development decisions
objectively and without concern for their personal situation;

WHEREAS, the Company recognizes that the possibility of a Change of Control of
the Company may result in the departure of key executives to the detriment of
the Company and its stockholders;

     In consideration of Executive's continued employment as an executive
officer with the Company and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and
Executive agree as follows:

1.   Term of Agreement

     A.   This Agreement shall commence on the Effective Date and shall continue
          in effect, unless terminated earlier as otherwise set forth herein
          through December 31, 2002; provided, however, that unless so
          terminated earlier, the term of this Agreement shall automatically be
          extended for one or more additional terms of three (3) years;
          provided, however, this Agreement may be terminated at any time after
          the expiration of the original term upon the Company providing three
          (3) years written notice to the Executive.

     B.   The term of this Agreement shall terminate upon the expiration of the
          "Severance Payout Period" or "Change in Control Payout Period", as
          applicable, and all rights or benefits thereunder have been satisfied.

2.   Certain Definitions

     A.   "Cause".  "Cause" shall mean:
          -------

          (i)  Executive's conviction of a felony involving moral turpitude,
               dishonesty or a breach of trust as regards the Company;
<PAGE>

          (ii)   Executive's commission of any act of theft, fraud, embezzlement
                 or misappropriation against the Company that is materially
                 injurious to it regardless of whether a criminal conviction is
                 obtained;

          (iii)  Executive's willful and continued failure to devote
                 substantially all of his business time to the Company's
                 business affairs (excluding failures due to illness,
                 incapacity, vacations, incidental civic activities and
                 incidental personal time) which failure is not remedied within
                 a reasonable time after written demand is delivered by the
                 Company, which demand specifically identifies the manner in
                 which the Company, believes that Executive has failed to devote
                 substantially all of his business time to the Company's
                 business affairs; or

          (iv)   Executive's unauthorized disclosure of confidential information
                 of the Company that is materially injurious to the Company.

          For purposes of this definition, no act, or failure to act, on
     Executive's part shall be deemed "willful" unless done, or omitted to be
     done, by Executive not in good faith and without reasonable belief that
     Executive's action or omission was in the best interest of the Company.

     B.   "Change in Control" means (i) any person or persons acting in concert
          -------------------
          becoming the beneficial owner, directly or indirectly, of securities
          of the Company representing forty (40%) percent or more of the total
          voting power of all of its then outstanding voting securities, (ii) a
          merger or consolidation of the Company in which (x) the voting
          securities of the Company immediately prior to the merger or
          consolidation do not represent, or are not converted into, securities
          that represent, a majority of the voting power of all voting
          securities of the surviving entity immediately after the merger or
          consolidation or (y) individuals who were directors of the Company
          immediately prior to the effectiveness of such merger or consolidation
          do not constitute a majority of the Board of Directors of the
          surviving entity immediately after the merger or consolidation, (iii)
          a sale of substantially all of the assets of the Company (other than a
          sale to one or more subsidiaries of the Company), (iv) a liquidation
          or dissolution of the Company, or (v) individuals who, as of the
          Effective Date, constitute the Board of Directors (the "Incumbent
          Board") cease (for any reason other than death) to constitute at least
          a majority of such Board; provided that any individual who becomes a
          director of the Company subsequent to the Effective Date, whose
          election, or nomination for election by the Company's stockholders,
          was approved by the vote of at least a majority of the directors then
          in office shall be deemed a member of the Incumbent Board.

     C.   "Date of Termination" shall mean the date specified in the Notice of
          ---------------------
          Termination relating to termination of Executive's employment with
          Company; provided that such date shall not be less than 20 days nor
          more than 45 days following: (i) involuntary termination, not for
          cause, pursuant to Section 4 hereof, or (ii) the

                                       2
<PAGE>

          date within the Protective Period that Executive voluntarily
          terminates his employment for good reason as governed by Section 5
          hereof.

     D.   "Executive" shall mean the named Executive Officer who is a party to
          -----------
          this Agreement and in the event of the Executive's death after a
          "qualifying" termination pursuant to Section 4 hereof or a Change of
          Control pursuant to Section 5 hereof, then the term "Executive" shall
          include his estate.

     E.   "Good Reason" shall mean:
          -------------

          (i)   failure to re-elect or appoint the Executive to any corporate
                office or directorship held at the time of the Change of Control
                or a material reduction in Executive's authority, duties or
                responsibilities (including status, offices, titles and
                reporting requirements) or if Executive is assigned duties or
                responsibilities inconsistent in any material respect from those
                of Executive at the time of the relevant Change in Control all
                on the basis of which Executive makes a good faith determination
                that the terms of his employment have been detrimentally and
                materially affected.

          (ii)  a material reduction of Executive's compensation or benefits,
                including annual base salary, annual bonus, intermediate or
                long-term cash or equity incentive opportunities or plans from
                those in effect prior to the Change in Control;

          (iii) the Company fails to obtain a written agreement satisfactory to
                Executive from any successor or assigns of the Company to assume
                and perform this Agreement as provided in Section 9 hereof;

          (iv)  the Company requires Executive to be based at any office located
                more than fifty (50) miles from the Company's current offices
                without Executive's consent.

     F.   "Notice of Termination" shall mean a written notice delivered to the
          -----------------------
          other party indicating the specific termination provision in this
          Agreement relied upon for termination of Executive's employment and
          shall set forth in reasonable detail the facts and circumstances
          claimed to provide a basis for termination of Executive's employment
          under the provision so indicated.

     G.   "Option Plans" shall mean the Company's stock option plans, incentive
          --------------
          plans, equity participation plans, or other similar plans, and any
          stock option agreements or other agreements used in connection
          therewith.

     H.   "Termination Base Salary" shall mean Executive's base salary at the
          -------------------------
          rate in effect at the time the Notice of Termination is given or, for
          purposes of a Change of Control, if a greater amount, Executive's base
          salary at the rate in effect immediately prior to the Change of
          Control.

                                       3
<PAGE>

     I.   "Tuboscope Change in Control" means a Change in Control as a result of
          -----------------------------
          merger or combination of the Company and Tuboscope Inc.

3.   Termination for Cause. The Company may terminate Executive for Cause at any
     time, including following a Change of Control, upon written notice to
     Executive.

4.   Standard Severance Plan. If Executive is terminated involuntarily (i.e.,
     without the consent of Executive) by the Company for any reason other than
     for Cause (and such termination is not pursuant to a Change of Control) the
     Executive shall receive the following compensation and benefits from the
     Company:

     A.   The Company shall pay to Executive when otherwise due Executive's
          Termination Base Salary through the Date of Termination.

     B.   Effective as of the Date of Termination, the Company shall continue to
          pay to Executive (the "Severance Pay") the Termination Base Salary,
          payable on a regular payroll basis, for a period of twenty-four (24)
          months following the Date of Termination (such period to be herein
          referred to as the "Severance Payout Period"), subject to reduction as
          follows:

          (i)   If Executive is re-employed during the Severance Payout Period,
                Executive shall receive throughout the remainder of the
                Severance Payout Period following the effective date of such re-
                employment, 50% of the Severance Pay otherwise due and payable
                to Executive after such date of re-employment;

          (ii)  In addition, if Executive is re-employed during the Severance
                Payout Period at an annual base salary that is less than the
                Termination Base Salary, in addition to the payment required by
                clause (i) above, Executive shall receive on a monthly basis
                throughout the remainder of the Severance Payout Period
                following the effective date of such re-employment the
                difference between (x) the salary actually received by Executive
                on a monthly basis from such re-employment and (y) the
                Termination Base Salary expressed as a monthly payment.

     C.   The Company shall pay to Executive as a bonus an amount equal to sixty
          percent (60%) of Executive's Termination Base Salary in lieu of
          participation in the Company's Management Incentive Bonus Plan or a
          similar or successor plan for the year in which the Date of
          Termination occurs. Such bonus shall be due and payable on the normal
          distribution date for bonuses for participants in such plan.

5.   Change in Control Severance Plan. In the event that within the "Protective
     Period" (24 months following the effective date of a Change of Control)
     either (a) Executive voluntarily terminates employment for Good Reason or
     (b) the Company terminates Executive's employment other than for Cause, the
     Executive shall receive the following compensation and benefits from the
     Company:

                                       4
<PAGE>

     A.   The Company shall pay to Executive when otherwise due Executive's
          Termination Base Salary through the Date of Termination.

     B.   Effective as of the Date of Termination, the Company shall continue to
          pay to Executive the Termination Base Salary, payable on a regular
          payroll basis, for a period of thirty-six (36) months following the
          Date Termination (such period to be herein referred to as the "Change
          in Control Payout Period").

     C.   Effective as of the Date of Termination, the Company shall pay to
          Executive an amount equal to three (3) times (i.e., the 36 months set
          forth in B above) sixty percent (60%) of Executive's Termination Base
          Salary in lieu of participation in the Company's Management Incentive
          Bonus Plan or a similar or successor plan. Payment shall be made in
          installments consistent with payment of the Executive's Termination
          Base Salary on a regular payroll basis.

     D.   Executive shall become and be fully vested in Executive's accrued
          benefits under all qualified pension, nonqualified pension, profit
          sharing, 401(k), deferred compensation and supplemental plans
          maintained by the Company for Executive's benefit, except to the
          extent that the acceleration of vesting of such benefits would violate
          any applicable law or require the Company to accelerate the vesting of
          the accrued benefits of all participants in such plan or plans, in
          which case the Company shall pay Executive a lump sum payment, within
          30 days following the Date of Termination, in an amount equal to the
          present value of such unvested accrued benefits. In addition, if such
          a lump sum payment is payable, the Company shall make an additional
          gross-up payment to Executive in an amount such that the net amount of
          the lump sum payment and such additional gross-up payment retained by
          Executive, after the calculation and deduction of all federal, state
          and local income tax and employment tax (including any interest or
          penalties imposed with respect to such taxes) on such lump sum payment
          and additional gross-up payment, and taking into account any lost or
          reduced tax deductions on account of such gross-up payment, shall be
          equal to such lump sum payment.

6.   Additional Benefits.

     A.   For the term of the Severance Payout Period or Change in Control
          Payout Period, as applicable, the Company shall continue to provide
          Executive and Executive's eligible family members, based on the cost
          sharing arrangement between Executive and the Company on the Date of
          Termination, with medical and dental health benefits and disability
          coverage and benefits at least equal to those which would have been
          provided to Executive if Executive's employment had not been
          terminated or, if more favorable to Executive, as in effect generally
          at any time during such Severance Payout Period or Change in Control
          period, as applicable. Notwithstanding the foregoing, if Executive
          becomes re-employed and is eligible to receive medical, dental and
          disability benefits under another employer's plans, the Company's
          obligations under this Section 6A shall be reduced to the extent
          comparable benefits are actually received by Executive during the
          Severance

                                       5
<PAGE>

          Payout Period or Change in Control Payout Period, as applicable, and
          any such benefits actually received by Executive shall be promptly
          reported by Executive to the Company. In the event Executive is
          ineligible under the terms of the Company's benefit plans or programs
          to continue to be so covered, the Company shall provide Executive with
          substantially equivalent coverage through other sources or will
          provide Executive with a lump sum payment in such amount that, after
          all taxes on that amount, shall be equal to the cost to Executive of
          providing Executive such benefit coverage. The lump sum shall be
          determined on a present value basis using the interest rate provided
          in Section 1274(b)(2)(B) of the Internal Revenue Code of 1986, as
          amended (the "Code") on the Date of Termination. In addition, if such
          a lump sum payment is payable, the Company shall make an additional
          gross-up payment to Executive in an amount such that the net amount of
          the lump sums payment and such additional gross-up payment retained by
          Executive, after the calculation and deduction of all federal, state
          and local income tax and employment tax (including any interest or
          penalties imposed with respect to such taxes) on such lump sum payment
          and additional gross-up payment, and taking into account any lost or
          reduced tax deductions on account of such gross-up payment, shall be
          equal to such lump sum payment.

     B.   Outplacement Benefits. Throughout the term of the Severance Payout
          ---------------------
          Period or Change in Control Payout Period, as applicable, Executive
          shall be entitled to receive outplacement services, payable by the
          Company, with an aggregate cost not to exceed 15% of Executive's
          Termination Base Salary, with an executive outplacement service firm
          reasonably acceptable to the Company and Executive.

     C.   Automobile Benefits. Throughout the Severance Payout Period or Change
          -------------------
          in Control Payout Period, as applicable, the Company shall continue to
          provide Executive with a company car comparable to the company car
          provided to Executive at the Date of Termination.

7.   Accelerated Vesting of Options Upon a Change of Control.

     Notwithstanding any provisions to the contrary of any of the Option Plans
     or Option Agreements, upon a Change in Control (other than a Tuboscope
     Change in Control) all outstanding unvested stock options, if any, granted
     to Executive under any of the Option Plans (or options substituted therefor
     covering the stock of a successor corporation) shall be and become fully
     vested and exercisable as to all shares of stock covered thereby effective
     as of the date of the Change in Control.

8.   Mitigation.

     Executive shall not be required to mitigate the amount of any payment
     provided for in this Agreement by seeking other employment or otherwise
     nor, except as provided in Section 4B and Section 6A, shall the amount of
     any payment or benefit provided for in this Agreement be reduced by any
     compensation earned or benefit received by Executive as the result of
     employment by another employer or self-employment, by retirement

                                       6
<PAGE>

     benefits, by offset against any amount claimed to be owed by Executive to
     the Company or otherwise.

9.   Successor Agreement.

     The Company will require any successor (whether direct or indirect, by
     purchase, merger, consolidation or otherwise) to all or substantially all
     of the business and/or assets of the Company to assume expressly and agree
     to perform this Agreement in the same manner and to the same extent that
     the Companies would be required to perform if no succession had taken
     place.  Failure of the successor to so assume shall constitute a breach of
     this Agreement and entitle Executive to the benefits hereunder as if
     triggered by a termination not for Cause.

10.  Indemnity.

     In any situation where under applicable law the Company has the power to
     indemnify, advance expenses to and defend Executive in respect of any
     judgements, fines, settlements, loss, cost or expense (including attorneys
     fees) of any nature related to or arising out of Executive's activities as
     an agent, employee, officer or director of the Company or in any other
     capacity on behalf of or at the request of the Company, then the Company
     shall promptly on written request, indemnify Executive, advance expenses
     (including attorney's fees) to Executive and defend Executive to the
     fullest extent permitted by applicable law, including but not limited to
     making such findings and determinations and taking any and all such actions
     as the Company may, under applicable law, be permitted to have the
     discretion to take so as to effectuate such indemnification, advancement or
     defense.  Such agreement by the Company shall not be deemed to impair any
     other obligation of the Company respecting Executive's indemnification or
     defense otherwise arising out of this or any other agreement or promise of
     the Company under any statute.

11.  Notice.

     For the purpose of this Agreement, notices and all other communications
     provided for in this Agreement shall be in writing and delivered by United
     States certified or registered mail (return receipt requested, postage
     prepaid) or by courier guaranteeing overnight delivery or by hand delivery
     (with signed receipt required), addressed to the respective addresses set
     forth below, and such notice or communication shall be deemed to have been
     duly given two days after deposit in the mail, one day after deposit with
     such overnight carrier or upon delivery with hand delivery.  The addresses
     set forth below may be changed by a writing in accordance herewith.

                                       7
<PAGE>

     The Company:                            Executive:

     Varco International, Inc.               George Boyadjieff
     743 North Eckhoff Street                18772 Colony Circle
     Orange, California  92868               Villa Park, California  92861
     Attn:  Chief Executive Officer

12.  Dispute Resolution.

     If any dispute arises out of this Agreement, the "complaining party" shall
     give the "other party" written notice of such dispute.  The other party
     shall have ten (10) business days to resolve the dispute to the complaining
     party's satisfaction.  If the dispute is not resolved by the end of such
     period, the complaining party may by written notice (the "Notice") demand
     arbitration of the dispute as set out below, and each party hereto
     expressly agrees to submit to, and be bound by, such arbitration.

     (a)  Each party will, within ten (10) business days of the Notice, nominate
          an arbitrator.  Each nominated arbitrator must be someone experienced
          in dispute resolution and of good character without moral turpitude
          and not within the employ or direct or indirect influence of the
          nominating party.  The two nominated arbitrators will, within ten (10)
          business days of nomination, agree upon a third arbitrator.  If two
          (2) appointed arbitrators cannot agree on a third arbitrator within
          such period, the parties may seek such an appointment through any
          permitted court proceeding or by the American Arbitration Association
          ("AAA").  The three arbitrators will set the rules and timing of the
          arbitration, but will generally follow the rules of the AAA and this
          Agreement where same are applicable and shall provide for written fact
          findings.

     (b)  The arbitration hearing will in no event take place more than ninety
          (90) days after the appointment of the third arbitrator.

     (c)  The arbitration will take place in Orange, California unless otherwise
          unanimously agreed to by the parties.

     (d)  The results of the arbitration and the decision of the arbitrators
          will be final and binding on the parties and each party agrees and
          acknowledges that these results shall be enforceable in a court of
          law.

13.  Governing Law.

     This Agreement will be governed by and construed in accordance with the
internal substantive laws, and not the choice of law rules, of the State of
California.

14.  Excise Taxes and Gross-Up Payments.

     A.   The benefits of this Section 14 shall only apply if the aggregate
          payments and distributions to Executive or for Executive's benefit
          (whether paid or payable or distributed or distributable) pursuant to
          the terms of this Agreement (the

                                       8
<PAGE>

          "Payment") exceeds 2.99 multiplied by the Executive's "base amount"
          (as defined under Section 280G(b)(3) of the Code) by 12.5% or greater.
          Only if the Payment to Executive satisfies or exceeds such threshold,
          then Executive (i) shall be entitled to the benefits and payments set
          forth in this Section 14, and (ii) shall be referred to in this
          Section 14 as "Tax Eligible Executive".

     B.   If it shall be determined that Executive is a Tax Eligible Executive
          and any or all of the Payment would be subject to the excise tax
          imposed by Section 4999 of the Code (the "Excise Tax"), then Tax
          Eligible Executive shall be entitled to receive from the Company an
          additional payment (the "Gross-Up Payment") in an amount such that the
          net amount of the Payment and the Gross-Up Payment retained by Tax
          Eligible Executive after the calculation and deduction of all Excise
          Taxes (including any interest or penalties imposed with respect to
          such taxes) on the Payment and all federal, state and local income
          tax, employment tax and Excise Tax (including any interest or
          penalties imposed with respect to such taxes) on the Gross-Up Payment
          provided for in this Section 14, and taking into account any lost or
          reduced tax deductions on account of the Gross-Up Payment, shall be
          equal to the Payment.

     C.   All determinations required to be made under this Section 14,
          including whether Executive is a Tax Eligible Executive and whether
          and when the Gross-Up Payment is required and the amount of such
          Gross-Up Payment, and the assumptions to be utilized in arriving at
          such determinations (consistent with the provisions of the Section
          14), shall be made by the Company's independent certified public
          accountants (the "Accountants"). The Accountants shall provide Tax
          Eligible Executive and the Company with detailed supporting
          calculations with respect to such Gross-Up Payment within fifteen (15)
          business days of the receipt of notice from Executive or the Company
          that Executive has received or will receive a Payment. In the event
          that the Accountants are also serving as accountant or auditor for the
          individual, entity or group effecting the Change in Control, Tax
          Eligible Executive shall appoint another nationally recognized public
          accounting firm to make the determinations required hereunder (which
          accounting firm shall then be referred to as the Accountants
          hereunder). All fees and expenses of the Accountants shall be borne
          solely by the Company. All determinations by the Accountants shall be
          binding upon the Company and Tax Eligible Executive.

     D.   For the purposes of determining whether any of the Payments will be
          subject to the Excise Tax and the amount of such Excise Tax, such
          Payments will be treated as "parachute payments" within the meaning of
          Section 280G of the Code, and all "parachute payments" in excess of
          the "base amount" (as defined under Section 280G(b)(3) of the Code)
          shall be treated as subject to the Excise Tax, unless and except to
          the extent that in the opinion of the Accountants such payment (in
          whole or in part) either do not constitute "parachute payments" or
          represent reasonable compensation for services actually rendered
          (within the meaning of Section 280G(b)(4) of the Code) in excess of
          the "base amount" or such "parachute payments" are otherwise not
          subject to such Excise Tax. For purposes of

                                       9
<PAGE>

          determining the amount of the Gross-Up Payment, Tax Eligible Executive
          shall be deemed to pay federal income taxes at the highest applicable
          marginal rate of federal income taxation for the calendar year in
          which the Gross-Up Payment is to be made and to pay any applicable
          state and local income taxes at the highest applicable marginal rate
          of taxation for the calendar year in which the Gross-Up Payment is to
          be made, net of the maximum reduction in federal income taxes that
          could be obtained from the deduction of such state or local taxes if
          paid in such year (determined without regard to limitations on
          deductions based upon the amount of Tax Eligible Executive's adjusted
          gross income); and to have otherwise allowable deductions for federal,
          state and local income tax purposes at least equal to those disallowed
          because of the inclusion of the Gross-Up Payment in Tax Eligible
          Executive's adjusted gross income.

     E.   To the extent practicable, any Gross-Up Payment with respect to any
          Payment shall be paid by the Company at the time Tax Eligible
          Executive is entitled to receive the Payment and in no event will any
          Gross-Up Payment be paid later than thirty (30) days after the receipt
          by Tax Eligible Executive of the Accountant's determination. As a
          result of uncertainty in the application of Section 4999 of the Code
          at the time of the initial determination by the Accountants hereunder,
          it is possible that the Gross-Up Payment made will have been an amount
          less than the Company should have paid pursuant to this Section 14
          (the "Underpayment"). In the event that the Company exhausts its
          remedies pursuant to Section 14 and Tax Eligible Executive is required
          to make a payment of any Excise Tax, the Underpayment shall be
          promptly paid by the Company to or for Tax Eligible Executive's
          benefit.

     F.   Executive shall notify the Company in writing of any claim by the
          Internal Revenue Service that, if successful, would require the
          payment by the Company of the Gross-Up Payment. Such notification
          shall be given as soon as practicable after Executive is informed in
          writing of such claim and shall apprise the Company of the nature of
          such claim and the date on which such claim is requested to be paid.
          Tax Eligible Executive shall not pay such claim prior to the
          expiration of the thirty (30) day period following the date on which
          Tax Eligible Executive gives such notice to the Company (or such
          shorter period ending on the date that any payment of taxes, interest
          and/or penalties with respect to such claim is due). If the Company
          notifies Tax Eligible Executive in writing prior to the expiration of
          such thirty (30) day period that it desires to contest such claim, Tax
          Eligible Executive shall:

          (i)   give the Company any information reasonably requested by the
                Company relating to such claim

          (ii)  take such action in connection with contesting such claim as the
                Company shall reasonably request in writing from time to time,
                including, without limitation, accepting legal representation
                with respect to such claim by an attorney reasonably selected by
                the Company;

                                       10
<PAGE>

          (iii)  cooperate with the Company in good faith in order to
                 effectively contest such claim; and

          (iv)   permit the Company to participate in any proceedings relating
                 to such claims; provided, however, that the Company shall bear
                 and pay directly all costs and expenses (including additional
                 interest and penalties) incurred in connection with such
                 contest and shall indemnify Tax Eligible Executive for, advance
                 expenses to Tax Eligible Executive for, defend Tax Eligible
                 Executive against and hold Tax Eligible Executive harmless
                 from, on an after-tax basis, any Excise Tax or income tax
                 (including interest and penalties with respect thereto) imposed
                 as a result of such representation and payment of all related
                 costs and expenses. Without limiting the foregoing provisions
                 of this Section 14, the Company shall control all proceedings
                 taken in connection with such contest and, at its sole option,
                 may pursue or forego any and all administrative appeals,
                 proceedings, hearings and conferences with the taxing authority
                 in respect of such claim and may, at its sole option, either
                 direct Tax Eligible Executive to pay the tax claimed and sue
                 for a refund or contest the claim in any permissible manner,
                 and Tax Eligible Executive agrees to prosecute such contest to
                 a determination before any administrative tribunal, in a court
                 of initial jurisdiction and in one or more appellate courts, as
                 the Company shall determine; provided, however, that if the
                 Company directs Tax Eligible Executive to pay such claim and
                 sue for a refund, the Company shall advance the amount of such
                 payment to Tax Eligible Executive, on an interest-free basis,
                 and shall indemnify Tax Eligible Executive for, advance
                 expenses to Tax Eligible Executive for, defend Tax Eligible
                 Executive against and hold Tax Eligible Executive harmless
                 from, on an after-tax basis, any Excise Tax or income tax
                 (including interest or income penalties with respect thereto)
                 imposed with respect to such advance or with respect to any
                 imputed income with respect to such advance (including as a
                 result of any forgiveness by the Company of such advance);
                 provided, further, that any extension of the statute of
                 limitations relating to the payment of taxes for the taxable
                 year of Tax Eligible Executive with respect to which such
                 contested amount is claimed to be due is limited solely to such
                 contested amount. Furthermore, the Company's control of the
                 contest shall be limited to issues with respect to which a
                 Gross-Up Payment would be payable hereunder and Tax Eligible
                 Executive shall be entitled to settle or contest, as the case
                 may be, any other issue raised by the Internal Revenue Service
                 or any other taxing authority.

                                       11
<PAGE>

     IN WITNESS WHEREOF, the Company and the Executive have executed this
Amendment to be effective the date first above written.

EXECUTIVE                                    THE COMPANY

                                             VARCO INTERNATIONAL, INC.

/s/ GEORGE BOYADJIEFF                        By /s/ WALLACE K. CHAN
 George Boyadjieff                              Wallace K. Chan
                                                Vice President-Finance and
                                                Chief Financial Officer

                                       12

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