Document:

Exhibit

EXHIBIT 10.2

Execution Copy

September 25, 2017

Mr. Michael C. Kearney

Dear Mike:

Offer and Position
We are pleased to extend an offer of employment to you for the position of Chief Executive Officer and President (“Chief Executive Officer”) of Frank’s International, N.V., a limited liability company organized under the laws of the Netherlands (the “Company”) and of Frank’s International, LLC, a Texas limited liability company (the “Employer”).  Your employment is subject to the terms and conditions set forth in this letter (this “Offer Letter”).

Duties
In your capacity as Chief Executive Officer, you will perform duties and responsibilities that are commensurate with your position and such other duties as may be assigned to you from time to time. You will report directly to the Supervisory Board of Directors of the Company (the “Board”) and will serve as Chairman of the Board for no additional compensation.  You agree to devote your full business time, attention, and best efforts to the performance of your duties and to the furtherance of the Company’s and the Employer’s interests. Notwithstanding the foregoing, nothing in this Offer Letter shall preclude you from devoting reasonable periods of time to charitable and community activities, managing personal investment assets and, subject to Board approval which will not be unreasonably withheld, serving on boards of other companies (public or private) not in competition with the Company or the Employer, provided that none of these activities interferes with the performance of your duties hereunder or creates a conflict of interest.

Location
Your principal place of employment shall be at our U.S. headquarters in Houston, Texas, subject to business travel as needed to properly fulfil your employment duties and responsibilities.

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Start Date
Subject to satisfaction of all of the conditions described in this Offer Letter, the anticipated start date for your new role is immediately following 5:00 pm CST on September 26, 2017 (“Start Date”). 

Base Salary
In consideration of your services, you will be paid an initial annualized base salary of $750,000 per year, subject to review periodically by the Board (or a committee thereof) and payable in accordance with the standard payroll practices of the Employer, subject to all withholdings and deductions as required by law.

Short-Term Incentive (Annual Bonus) Awards
During your employment, you will be eligible to participate in the Company’s annual short-term incentive plan for executive officers, which shall provide you with an opportunity to receive an annual, calendar-year bonus, based on corporate and individual performance criteria determined in the discretion of the Board or a committee thereof.  Your target bonus opportunity will be 100% of your annualized base salary as in effect on the date of grant of the incentive award, with actual payment determined based on performance against the performance goals established by the Board or committee.  Except as noted below, you must remain continuously employed through the bonus payment date to be eligible to receive an annual bonus payment for a particular calendar year.  You will be eligible for a 2017 bonus, but the amount of your 2017 bonus will be prorated based on the number of days from the Start Date through December 31, 2017.

If an involuntary termination of employment by the Company other than for “cause” or a resignation by you for “good reason” (as such terms are defined herein) occurs, you will be entitled to an annual bonus payment, determined based on target levels of performance; provided, however, that the bonus payment will be prorated based on the number of days during the applicable calendar year that you were employed by the Company.

Long-Term Incentive Plan Equity-Based Awards
Notwithstanding anything to the contrary in any applicable award agreement, the treatment of outstanding equity-based long-term incentive awards upon a separation of your service with the Company will be determined in accordance with this Offer Letter.  

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During your employment, you will be eligible to receive annual grants of equity-based incentive awards, as determined by the Board (or a designated committee thereof) in its discretion, under the Company’s Long-Term Incentive Plan (“LTIP”).  It is expected that your annual LTIP awards will have an aggregate value on the grant date equal to three and one-half (3.5) times your base salary (such value determined without regard to vesting criteria), which may include performance-based vesting criteria in addition to a time-based vesting schedule.  

Initial LTIP Award.  For purposes of effectuating the above-referenced LTIP awards, concurrent with your Start Date, you will receive an initial LTIP award of restricted stock units (“RSUs”), with an aggregate value on the date of grant of $2,625,000, calculated based on the final closing price of a share of the Company’s common stock on the date immediately preceding the Start Date (the “Initial LTIP Award”).  Fifty percent (50%) of the Initial LTIP Award will be granted in the form of RSUs subject to time-based vesting requirements providing for vesting in three equal annual tranches on each anniversary of the Start Date over a three-year period, based on your continuous service through each applicable vesting date.  Fifty percent (50%) of the Initial LTIP Award will be granted in the form of RSUs subject to performance-based vesting requirements providing for vesting following the completion of a three-year performance period, based on performance criteria as included in the award agreement evidencing such performance-based LTIP award, and subject to your continuous service through the end of the performance period.  Except as otherwise provided in this Offer Letter, the Initial LTIP Award shall be subject to all other terms and conditions reflected in the LTIP awards previously granted to the Company’s other executive officers in February 2017. 

First Annual LTIP Award.   Subject to your continued employment through the date of grant, your first annual LTIP award following the Start Date (the “First Annual LTIP Award”) will be granted to you at the time of and pursuant to the Company’s next typical annual LTIP award grant cycle, with the amount of the First Annual LTIP Award being prorated based on the number of days from the Start Date through the date of grant of the First Annual LTIP Award.  Except as otherwise provided in this Offer Letter, all other terms of the First Annual LTIP Award (as well as all terms under successive annual LTIP awards granted in 2019 and thereafter) will be determined pursuant to and consistently with the Company’s annual grant process for its executive officers.  

LTIP Awards Received as Director.  Outstanding LTIP awards that you previously received in your capacity as a non-employee director of the Company (a “Director”) prior to the Start Date (“Director LTIP Awards”) shall continue to vest pursuant to the original vesting schedule so long as you remain in continuous service with the Company or any subsidiary as an executive officer, employee, director, or otherwise.

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Treatment upon Termination of Employment.  All LTIP awards granted to you in your capacity as Chief Executive Officer will continue to vest following your involuntary or mutually agreed termination of employment, provided that you continue to be willing to provide services to the Company or its subsidiaries in any other capacity (e.g., as a Director).  

Treatment upon Total Cessation of Service Relationship.  In the event of an involuntary and complete separation from service in any and all capacities with the Company and the Employer (i.e., you are terminated without “cause” or resign for “good reason,” as such terms are defined below, and any director service is also involuntarily terminated), any unvested portion of your LTIP grants (including your Director LTIP Awards, your Initial LTIP Award, your First Annual LTIP Award, and your regular annual LTIP grants) shall become 100% vested upon such separation from service, with vesting of performance-based awards based on actual performance through the date of your involuntary separation, provided you satisfy certain restrictive covenants during the remainder of the original vesting period under the award agreements.  For purposes of the foregoing, for any period in which your service to the Company is being provided as a Director, an “involuntary separation” shall be deemed to occur if you cease serving as a Director due to the Company’s failure to nominate you to the Board for a successive term.  However, nothing in this Offer Letter shall be construed as requiring that the Company nominate you to the Board or cause you to be re-elected to the Board for any term.

Legal Fees
The Company shall reimburse you for the reasonable legal fees incurred in negotiating and drafting this Offer Letter up to a maximum of $10,000, provided that before any such reimbursement is made, you must provide the Company with a request for reimbursement no later than 60 days following the Start Date and any such reimbursement payment shall be made on or before March 15 of the calendar year immediately following the Start Date.

Benefits and Perquisites
Except as otherwise provided in this Offer Letter, you will be eligible to participate in the employee benefit plans and programs generally available to the Company's senior executives, including but not limited to group medical, dental, vision, and life insurance, disability benefits, retirement plans, and an employee stock purchase plan, in each case, subject to the terms and conditions of such plans and programs.  You will be entitled to four weeks of paid vacation annually. You will also be entitled to the fringe benefits and perquisites that are made available to other senior executives of the Company, each in accordance with and subject to the eligibility and other provisions of such plans and programs. The Company and the Employer reserve the right to amend, modify, or terminate any benefit plans or programs at any time and for any reason.

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Stock Ownership Guidelines
As the Chief Executive Officer of the Company, you will be required to comply with the Company's Stock Ownership Guidelines applicable to executive officers, which requires our Chief Executive Officer to maintain a stock ownership level equal to five times your annualized base salary, such level to be reached within five years of your appointment as Chief Executive Officer.  

Term of Employment
Your employment with the Employer will be for no specific period of time. Rather, your employment will be at-will, meaning that you or the Employer may terminate the employment relationship at any time, with or without cause, and with or without notice and for any reason or no particular reason. Although your compensation and benefits may change from time to time, the at-will nature of your employment may only be changed by an express written agreement signed by an authorized officer of the Employer. 

Severance Benefits; Termination in Connection With a Change-in-Control
If an involuntary termination of employment by the Company other than for “cause” or a resignation by you for “good reason” (as such terms are defined herein) occurs on or within 24 months following a “Change in Control” (as defined under the LTIP), then, subject to your delivery and nonrevocation of a release of claims as reasonably requested by the Company, you shall be entitled to receive the following, provided you have remained continuously employed as the Chief Executive Officer through the applicable date: (i) a lump sum cash severance payment equal to (A) 1x your annualized base salary if your involuntary termination occurs prior to the first anniversary of the Start Date or (B) 0.5x your annualized base salary if your termination occurs on or following the first anniversary of the Start Date but prior to the second anniversary of the Start Date; (ii) 18 months of continued coverage under the Company’s group health plan on the same basis as similarly situated employees; and (iii) continued or accelerated vesting of awards granted to you under the LTIP, as described above in the “Long-Term Incentive Plan Equity-Based Awards” section of this Term Sheet.  Eligibility for these change-in-control payments and benefits is provided in lieu of any participation in the Company’s Executive Change-in-Control Severance Plan.  For the sake of clarity, you will not be entitled to participate in the Company’s Executive Change-in-Control Severance Plan.

No severance payments shall be payable upon a termination of employment that does not meet the requirements described in the foregoing paragraph.  However, outstanding LTIP awards shall be subject to treatment as described in the “Long-Term Incentive Plan Equity-Based Awards” section of this Offer Letter, and your short-term incentive program award for the year of termination shall be subject to treatment as described in the “Short-Term Incentive (Annual Bonus) Awards” section above.  

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Release
Any severance payment or benefit or any favorable vesting treatment under your LTIP awards following a separation from service provided under this Offer Letter shall be subject to your execution and nonrevocation of a standard release of claims 

Clawback
Any amounts payable hereunder are subject to any policy established by the Company or statutory or other legal requirements applicable to senior executives providing for clawback or recovery of amounts that were paid to you. The Company will make any determination for clawback or recovery in accordance with any applicable law or regulation. For the avoidance of doubt, the Company: (1) currently contemplates legally required clawbacks in the Change-in-Control Severance Plan and in the form of LTIP award agreement; and (2) shall not be unilaterally or subjectively entitled to demand a clawback of any compensation awarded to you if not so required under applicable law.
Governing Law
This Offer Letter shall be governed by the laws of Texas, without regard to conflict of law principles.

Definitions 
For purposes of this Offer Letter, “Cause” means: a determination by the Board that your (i) have engaged in gross negligence, incompetence, or misconduct in the performance of your duties with respect to the Company, the Employer or any of their affiliates; (ii) have failed to materially perform your duties and responsibilities to the Company, the Employer or any of their affiliates; (iii) have breached any material provision of any written agreement or corporate policy or code of conduct established by the Company, the Employer or any of their affiliates; (iv) have engaged in conduct that is, or could reasonably expected to be, materially injurious to the Company, the Employer or any of their affiliates; (v) have committed an act of theft, fraud, embezzlement, misappropriation, or breach of a fiduciary duty to the Company, the Employer or any of their affiliates; or (vi) have been convicted of, pleaded no contest to, or received adjudicated probation or deferred adjudication in connection with a crime involving fraud, dishonesty, or moral turpitude or any felony (or a crime of similar import in a foreign jurisdiction).

For purposes of this Offer Letter, “Good Reason” means the occurrence, without your express written consent, of: (i) a material reduction in your authority, duties, or responsibilities (including a change in your duty to report solely and directly to the Board); (ii) a material reduction in your annual rate of base salary or target annual bonus opportunity; (iii) a relocation of your principal place of employment to a location more than 50 miles from the Company’s existing offices in Houston, Texas; (iv) any material breach by the Company or the Employer of their obligations under this Offer Letter; or (v) the failure of any successor or assigns of the Company or the Employer, as applicable, to assume the obligations of the Company or the Employer under this Offer Letter; provided, however, that Good Reason will not exist unless (A) you have provided the Employer with written notice of the condition giving rise to the Good Reason within 45 days of the initial existence of the condition, (B) the condition specified in the notice 

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remains uncorrected for 30 days after the Employer’s receipt of the notice, and (C) the date of your termination of employment occurs within 90 days following the date on which you first learn of the condition.

Employment Requirements
On your Start Date, you will be required to execute certain agreements with the Company and/or Employer, including an Executive Confidentiality and Restrictive Covenant Agreement (enclosed with this Offer Letter), as well as certifications acknowledging various company policies, such as our Anti-Bribery Policy, Code of Business Conduct and Ethics, Conflicts of Interest Policy, Financial Code of Ethics, Insider Trading Policy, Global Travel and Entertainment Policy, and the Policy for Employee Complaint Procedures for Accounting and Compliance Matters.  Your employment with the Employer requires your certifications acknowledging these policies.  

Representations
By accepting this offer, you represent that you are able to accept this job and carry out the work that it would involve without breaching any legal restrictions on your activities, such as non-competition, non-solicitation, or other work-related restrictions imposed by a current or former employer.  You also represent that you will inform the Employer about any such restrictions and provide the Employer with as much information about them as possible, including any agreements between you and your current or former employer describing such restrictions on your activities. You further confirm that you will not remove or take any documents or proprietary data or materials of any kind, electronic or otherwise, with you from your current or former employer to the Company or the Employer without written authorization from your current or former employer, nor will you use or disclose any such confidential information during the course and scope of your employment with the Employer. If you have any questions about the ownership of particular documents or other information, you should discuss such questions with your former employer before removing or copying the documents or information.

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We look forward to you joining our team. If you have any questions about the above details, please call me immediately. If this Offer Letter correctly sets forth the terms of our agreement, please sign and return this Offer Letter.  Upon execution of this Offer Letter by all parties hereto, it shall become our binding agreement. 

We look forward to hearing from you.

Sincerely,

/s/ Robert W. Drummond
Robert W. Drummond
Supervisory Director and Chairman of the Compensation Committee
Frank’s International N.V.  

FRANK’S INTERNATIONAL, LLC (as Employer)

By:    /s/ Alejandro Cestero
Alejandro (Alex) Cestero
Senior Vice President, Secretary, General Counsel and Chief Compliance Officer

Acceptance of Offer
I have read, understood and accept all the terms of the offer of employment as set forth in the foregoing Offer Letter. I have not relied on any agreements or representations, express or implied that are not set forth expressly in the foregoing Offer Letter. This Offer Letter, along with the Director LTIP Awards, constitutes the entire agreement and understanding of the parties hereto concerning my service with the Company following the Start Date and the compensation and benefits applicable thereto and supersedes and replaces all other prior and contemporaneous understandings, agreements, Board resolutions, representations and warranties, both written and oral, with respect to the subject matter of this Offer Letter or my compensation as a Director, including but not limited to any agreements or understandings entered into during my service as a Director.

/s/ Michael C. Kearney                    September 26, 2017
Michael C. Kearney                        DATE

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EXHIBIT 10.3
SEPARATION AGREEMENT
This SEPARATION AGREEMENT (this “Agreement”) is entered into by and amongst Douglas G. Stephens (“Executive”), Frank’s International, LLC (the “Company”), and Frank’s International N.V. (“FINV”) (the Company and FINV, collectively, with all of FINV’s subsidiaries and affiliated companies and entities, the “FINV Entities”).  The Company, FINV,  and Executive are referred to herein individually as a “Party” and collectively as the “Parties.”
WHEREAS, the Company and/or FINV and Executive are parties to (a) that certain Offer Letter dated November 11, 2016 (the “Offer Letter”), (b) a Restricted Stock Unit award agreement dated November 15, 2016, including Exhibit A thereto (the “2016 RSU Award”); (c) a Restricted Stock Unit award agreement dated February 20, 2017 reflecting time-based vesting requirements only and including Exhibit A thereto (the “2017 RSU Award” and collectively with the 2016 RSU Award, the “RSU Awards”), (d) a Restricted Stock Unit Award agreement dated February 20, 2017 reflecting performance-based vesting requirements and including Exhibits A and B thereto (the “2017 PSU Award” and collectively with the RSU Awards, the “LTIP Awards”); and (e) the Frank’s International N.V. Employee Stock Purchase Plan (the “ESPP”); and
WHEREAS, other than as set forth above, pursuant to the qualified retirement plan of FINV, or in other miscellaneous general policies of applicable FINV Entities, there are no other material agreements or understandings amongst the Parties regarding Executive’s employment status, compensation, or benefits; and 
WHEREAS, as of the Separation Date (as defined below), Executive is no longer employed by the Company or any of the FINV Entities; and
WHEREAS, the Parties wish for Executive to receive certain severance payments, which payments are conditioned upon Executive’s entry into and compliance with this Agreement and Exhibit A hereto in the time provided to do so and Executive’s non-revocation of his entry into Exhibit A in the time provided to do so.
NOW, THEREFORE, in consideration of the promises set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Executive, the Company, and FINV, the Parties hereby agree as follows:
1.     Separation from Employment.  The Parties acknowledge and agree that Executive’s employment with the Company has ended or will end as of 5:00 pm CDT, September 26, 2017 (the “Separation Date”) and that, as of the Separation Date, Executive will no longer be employed by any FINV Entity. Effective as of the Separation Date, Executive will resign from and will be removed from all positions, posts, offices and assignments with the Company, FINV, and all other FINV Entities.  Executive acknowledges that, from and after the Separation Date, he shall have no authority to, and shall not, act as an employee or agent of, or in any other capacity with respect to any FINV Entity.  

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2.     Severance Payments.  Provided that Executive (x) executes and delivers to the Company, care of Alejandro Cestero (Senior Vice President, General Counsel, Secretary and Chief Compliance Officer), an executed copy of this Agreement so that it is received by Mr. Cestero no later than 5:00 pm CST on October 6, 2017; (y) executes and delivers to Mr. Cestero the General Release of Claims attached hereto as Exhibit A (the “Release”) no earlier than the Separation Date, returns a copy of the Release that has been executed by him to Mr. Cestero so that it is received by Mr. Cestero no later than the close of business on October 17, 2017 (the “Release Delivery Deadline”), and does not revoke such acceptance in the manner provided for in the Release; and (z) otherwise complies with his obligations under this Agreement, the Release, and any other agreements with the FINV Entities, then:
(a)    Cash Severance.  The Company shall pay to Executive a lump sum cash payment equal to $651,000, which represents an amount equal to (i) six (6) months of Executive’s annual base salary ($325,000), plus (ii) a prorated portion (through September 30, 2017) of Executive’s short-term incentive award for 2017, calculated at approximately 67% of target ($326,000) (the “Severance Payment”).  The Severance Payment shall be paid, less applicable taxes, in a lump sum as soon as administratively feasible following the effectiveness of the Release and no later than 60 days following the Separation Date.
 (b)    Long-Term Incentive Plan Awards.  With respect to the LTIP Awards, the Parties agree that, notwithstanding the terms of the LTIP Award agreements or any other agreement between Executive and any FINV Entity, effective on the Separation Date, one-third of the restricted stock units granted under such LTIP Awards will vest and become non-forfeitable, with the remaining two-thirds of such restricted stock units being forfeited to FINV without consideration.  For purposes of the preceding sentence, the number of restricted stock units subject to the 2017 PSU Award shall be determined based on the target performance level thereunder.
(c)    Outplacement Benefits.  The Company will provide outplacement assistance to Executive, provided the total value of such assistance shall not exceed fifteen thousand dollars ($15,000), and all such assistance shall be provided within twelve (12) months after the Separation Date. If Executive elects to receive such outplacement assistance, the Company will reimburse Executive for such expense, subject to the limits contained in the preceding sentence, provided Executive shall be required to submit requests for reimbursement to the Company no later than thirty (30) days after the end of the calendar year in which the expenses are incurred, and any such reimbursement shall be paid by the Company within thirty (30) days following the receipt of the reimbursement request, which shall be sent to Company at its corporate headquarters, care of the Corporate Secretary, and shall reference this Agreement.  Executive’s right to this reimbursement payment shall not be subject to liquidation or exchange for any other payment or benefit.

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(d)    Health Care Coverage.   The Company will provide continued coverage to Executive and his qualifying dependents under its medical benefit plans pursuant to COBRA for up to eighteen (18) months following the Separation Date at active employee rates (the “COBRA Subsidy”); provided that Executive’s receipt of the COBRA Subsidy will be subject to Executive’s timely election to continue coverage consistent with the requirements of COBRA.  Notwithstanding the foregoing, the Company’s obligations under this Section 2(d) shall cease prior to the end of the 18-month period described in the foregoing sentence should either of the following occur: (i) Executive becomes no longer eligible to receive COBRA continuation coverage under the Company’s medical benefit plans; or (ii) Executive becomes eligible to receive substantially similar coverage from another employer, which eligibility Executive must report to the Company in writing within three (3) business days following the date that Executive becomes eligible for such coverage.  
Executive acknowledges that the payments and benefits described in this Section 2 are consideration over and above that to which Executive otherwise would be entitled upon his separation and are paid in consideration for his acceptance of this Agreement.  Executive understands and acknowledges that any payments under this Section 2 which are classified as “nonqualified deferred compensation” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) shall be subject to the provisions of Section 10 below.
3.     Non-Disparagement.  Executive shall refrain from any criticisms or disparaging comments about any of the FINV Entities or its officers, directors, or employees; provided, however, that this obligation shall be subject to Section 5 below and shall not apply to or restrict the communication of information by Executive to any state or federal law enforcement agency or testimony or disclosure compelled or required by law or regulation or process of law.  The Company agrees to instruct its human resources and executive officers to refrain from any criticisms or disparaging comments about Executive; provided, however, that the parties understand that it would be impracticable for the Company to monitor all statements or commentary by its global workforce. Furthermore, the parties agree that obligation shall not apply to or restrict the communication of information to any state or federal law enforcement agency or testimony or disclosure compelled or required by law or regulation or process of law. The rights afforded under this Section 3 are in addition to any and all rights and remedies otherwise afforded by applicable law.
4.    Non-Disclosure of Confidential Information. Executive acknowledges that he has had access to confidential information, training, and goodwill of the Company and the other FINV Entities while employed by the Company, including without limitation, any information obtained by Executive during the course of Executive’s employment with the Company concerning the business or affairs of the Company and its affiliates or that of its or its affiliates’ customers, suppliers, contractors, subcontractors, agents or representatives.  Executive affirms he will adhere to all terms regarding non-disclosure and protection of such confidential information as set forth in (a) Exhibit A of the Participation Agreement entered into under FINV’s Executive Change-in-Control 

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Severance Plan (the “Participation Agreement”), (b) Exhibit A of the RSU Awards, (c) Exhibit B of the 2017 PSU Award, (d) the Executive Confidentiality and Restrictive Covenant Agreement dated November 11, 2016, and (e) any other agreement with the Company or any other FINV Entity relating to confidentiality or other restrictive covenants (collectively, the “Restrictive Covenant Agreements”). 
5.    Protected Disclosures, Reporting to Government Agencies. Nothing in this Agreement shall prevent Executive from filing a charge or complaint or making a disclosure or report of possible unlawful activity, including a challenge to the validity of this Agreement, with any governmental agency, including but not limited to the Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”), or the Securities and Exchange Commission (“SEC”), the Occupational Safety and Health Administration (“OSHA”), or any other self-regulatory organization or any other federal or state regulatory authority (collectively, “Government Agencies”). Nothing in this Agreement (or any other agreement between Executive and an FINV Entity) will prevent Executive from: (a) making a good faith report of possible violations of applicable law to any Government Agency or (b) making disclosures to any Government Agency that are protected under the whistleblower provisions of applicable law, in each case, without notice to any FINV Entity.  Nothing in this Agreement limits Executive’s right, if any, to receive an award for information provided to the SEC or any other Government Agency.  Further, nothing herein shall prevent Executive from making a disclosure of a trade secret that: (i) is made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Further, an individual who files a lawsuit for retaliation by an employer of reporting a suspected violation of law may disclose a trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (1) files any document containing the trade secret under seal and (2) does not disclose the trade secret, except pursuant to court order.  This Agreement does not impose any condition precedent (such as prior disclosure to the Company), any penalty, or any other restriction or limitation adversely affecting Executive’s rights regarding any governmental agency disclosure, report, claim or investigation. For the avoidance of doubt, Executive understands that nothing in this Agreement shall be construed as prohibiting truthful testimony in any formal or informal interviews or proceedings with law enforcement officials.
6.    Non-Competition/Non-Solicitation/Non-Interference. Executive acknowledges that except as stated in this Section 6, following the Separation Date, he will remain subject to the promises not to compete with the Company or its affiliates, and not to solicit or interfere with the Company’s or its affiliates’ relationships with its customers and employees as reflected in the Restrictive Covenant Agreements.  For the avoidance of doubt, the term “planned (future) bids, projects, contracts, and relationships with its customers and potential customers” in Section 3.1 of 

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the Executive Confidentiality and Restrictive Covenant Agreement pertains to (a) any new business line that had been, or was being, reviewed on or before the Separation Date as part of the Company’s strategic plan, including but not limited to any plans relating to the Company’s TRS, tubular products and fabrication, drilling tools, or Blackhawk tools and/or services or (b) any planned or future bids, projects, contracts, or relationships for which Executive had any responsibilities or duties or about which Executive received or obtained any Confidential Information, and in each case with respect to clauses (a) and (b), which the Company or any of its affiliates has decided to pursue, or in which the Company or any of its affiliates has made material plans or taken demonstrable steps to engage.  Effective as of the Effective Date (as defined in the Release), the Restrictive Covenant Agreements will be modified to provide that the “Restricted Period” (as defined in the LTIP Awards and the Executive Confidentiality and Restrictive Covenant Agreement) and the “Prohibited Period” (as defined in the Participation Agreement), as such terms apply to the covenants not to compete, shall mean the term beginning on the date Executive became employed by the Company and ending on the date that is six (6) months after the Separation Date, subject to any suspension or tolling provisions thereunder.  All other terms of the Restrictive Covenant Agreements, including but not limited to the Restricted Period or Prohibited Period, as applicable, to covenants not to solicit officers, employees, customers, contractors, vendors, or suppliers, will remain unchanged.
7.    Withholding of Taxes and Other Employee Deductions.  The Company may withhold from all payments made pursuant to this Agreement all federal, state, local, and other taxes and withholdings as may be required pursuant to any law or governmental regulation or ruling.
8.    Affiliate.  As used in this Agreement, the term “affiliate” or “affiliated,” as used with respect to a particular person or entity, shall mean any other person or entity which owns or controls, is owned or controlled by, or is under common ownership or control with, such particular person or entity.
9.    Entire Agreement.  This Agreement and the Release constitute the entire agreement and understanding concerning Executive’s separation from service and termination of employment with the Company or any other FINV Entity, and the other subject matters addressed herein amongst the Parties, and supersedes and replaces all prior negotiations and all agreements proposed or otherwise, whether written or oral, concerning the subject matters hereof, including but not limited to the Offer Letter, FINV’s equity-based compensation plan and any award agreement entered into thereunder (except for Exhibit A of the RSU Awards, Exhibit B of the 2017 PSU Award, and the Participation Agreement), and FINV’s short-term incentive program and any award thereunder; provided, however, that this Agreement does not replace or alter in any way (other than as expressly provided under Section 6 of this Agreement) any obligations Executive owes to the Company under applicable laws, or owed under any agreements regarding confidentiality, non-disclosure, non-solicitation, non-competition, duties of loyalty or fiduciary duty, to the extent that such obligations are not in conflict with, or inconsistent with, Executive’s obligations under this Agreement. 

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Applicable laws may include, but are not limited to, state laws protecting company trade secrets or other confidential information; provided, further, that this Agreement does not supersede nor replace any of the Company’s and/or one of more FINV Entities’ tax qualified retirement plans, nor the ESPP, all of which shall remain in full force and effect in accordance with their terms and conditions.  
10.    Section 409A Compliance. It is intended that the severance benefits and other payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A and as provided under Treasury Regulations sections 1.409A-1(b)(4), 1.409A- 1(b)(5), and 1.409A-(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions. To the extent any amount paid under this Agreement is subject to Section 409A, the commencement of payment or provision of any payment or benefit under this Agreement shall be deferred to the minimum extent necessary to prevent the imposition of any excise taxes or penalties on the Company or Executive. Although the Company shall use its good faith best efforts to avoid the imposition of taxation, interest, and penalties under Section 409A, the tax treatment of the benefits provided under this Agreement is not warranted or guaranteed.  Neither the Company, its affiliates, nor their respective directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by Executive or other taxpayer as a result of the Agreement.
11.    Return of Company Property. Executive agrees that he has returned to the Company all property (including property purchased or paid for by the Company that is in Executive’s possession, custody or control) which belongs to the Company, including any keys, access cards, computers, cell phones, pagers, or other equipment and any Company records, files, data, and documents (whether on a work or personal computer, in electronic format or otherwise, unaltered and unmodified, and whether confidential in nature or not). Executive shall immediately report to the Company any passwords for Executive’s computer or other access codes for anything associated with Executive’s employment with Company.
12.    Post-Employment Cooperation. Executive agrees to make reasonable efforts to assist the Company and the other FINV Entities after his separation from employment, including but not limited to: assisting with transition of Executive’s duties, assisting with issues that arise after separation from employment, and assisting with any legal proceeding, governmental inquiry, investigation, lawsuit, or claim involving matters occurring during his employment with the Company. These duties include responding to inquiries from the Company and its designees, providing relevant information or documents, as well as providing truthful testimony at interviews, depositions, or hearings, as requested by the Company or required by subpoena. 
13.    No Admission. Executive understands this Agreement is not and shall not be deemed or construed to be an admission by Company of any wrongdoing of any kind or of any breach of any contract, law, obligation, policy, or procedure of any kind or nature.
14.    Injunctive Relief.  Because of the difficulty of measuring economic losses to the Company and other FINV Entities as a result of a breach of the covenants in Sections 3, 4, or 6, and because of the immediate and irreparable damage that would be caused to the Company or other FINV Entities for which they would have no other adequate remedy, Executive agrees that 

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the Company shall be entitled to enforce the foregoing covenants, in the event of a breach or threatened breach, by injunctions and restraining orders and that such enforcement shall not be the Company’s exclusive remedy for a breach but instead shall be in addition to all other rights and remedies available to the Company at law and equity.
16.    No Waiver. No failure by either Party at any time to give notice of any breach by the other Party of, or to require compliance with, any condition or provision of this Agreement shall (a) be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time or (b) preclude insistence upon strict compliance in the future.
17.    Applicable Law; Venue; Waiver of Jury Trial. This Agreement shall be governed by and interpreted under the laws of the State of Texas without regard to conflict of laws. The Parties agree that any dispute concerning this Agreement shall be brought only in a court of competent jurisdiction in Harris County, Texas, unless another forum or venue is required by law. BOTH THE COMPANY AND EXECUTIVE HEREBY EXPRESSLY ACKNOWLEDGE AND AGREE TO WAIVE THEIR RIGHTS TO A TRIAL BY JURY OF ANY OR ALL ISSUES ARISING UNDER OR CONNECTED WITH THIS AGREEMENT AND KNOWINGLY AND VOLUNTARILY CONSENT TO TRIAL BY A JUDGE.
18.    Severability; Modification.  To the extent permitted by applicable law, the Company, FINV,  and Executive hereby agree that any term or provision of this Agreement that renders such term or provision or any other term or provision hereof invalid or unenforceable in any respect shall be severable and shall be modified or severed to the extent necessary to avoid rendering such term or provision invalid or unenforceable, and such modification or severance shall be accomplished in the manner that most nearly preserves the benefit of the Parties’ bargain hereunder.
19.    Counterparts.  This Agreement may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.
20.    Third-Party Beneficiaries.  Each FINV Entity that is not a signatory hereto shall be a third-party beneficiary of Executive’s covenants, representations, and release of claims set forth in this Agreement, including Exhibit A hereto.
21.    Amendment.  This Agreement may not be changed orally but only by an agreement in writing agreed to and signed by all Parties; provided, however, that the Company may, with prospective or retroactive effect, amend this Agreement at any time (to the extent Executive is not adversely affected by such amendment), if determined to be necessary, appropriate or advisable in response to administrative guidance issued under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) or to comply with the provisions of Section 409A of the Code.
[Signatures begin on the following page]

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IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the dates set forth beneath their names below, effective for all purposes as of the Separation Date.
FRANK’S INTERNATIONAL LLC

By:    /s/ Alejandro Cestero    
Name: Alejandro Cestero
Title:   Senior Vice President, General Counsel, 
Secretary and Chief Compliance Officer

Date:      October 6, 2017                               

FRANK’S INTERNATIONAL N.V.

By:    /s/ Alejandro Cestero    
Name: Alejandro Cestero
Title:  Director, Board of Management Directors
Date:     October 6, 2017                                

EXECUTIVE

/s/ Douglas G. Stephens                                              
Douglas G. Stephens

Date:    October 5, 2017                                              

ACKNOWLEDGED BY:

BOARD OF SUPERVISORY DIRECTORS
FRANK’S INTERNATIONAL N.V. 
    

By:    /s/ Robert W. Drummond                                 
Name: Robert W. Drummond
		
	Title:
	Supervisory Director and Chairman of the Compensation Committee    

Board of Supervisory Directors
Date:     October 10, 2017

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