Document:

exv10w1

EXHIBIT 10.1

SECOND AMENDMENT

TO EMPLOYMENT AGREEMENT BETWEEN NATIONAL OILWELL VARCO L.P.,

NATIONAL OILWELL VARCO, INC. AND MERRILL A. MILLER, JR.

          This Second Amendment To Employment Agreement (this “Second Amendment”) between
National Oilwell Varco L.P., a Delaware limited partnership (the “Company”), National Oilwell
Varco, Inc., a Delaware corporation (“NOI”), and Merrill A. Miller, Jr. (the “Executive”) entered
into as of January 1, 2002 (the “Original Agreement”), and subsequently amended on December 22,
2008 (the “First Amendment”) is executed by the Company, NOI and the Executive on this 31st day of
December 2009, to be effective as of such date. (The Original Agreement, as amended by the First
Amendment, is referred to herein as the “Agreement.”)

WITNESSETH:

          Whereas, the Company, NOI and the Executive desire to amend the Agreement to comply
with new Internal Revenue Service guidance contained in Revenue Ruling 2008-13, 2008-10 I.R.B. 518
(Mar. 10, 2008) (“Revenue Ruling 2008-13”);

          Whereas, the Agreement must be amended on or before December 31, 2009 to comply with
Revenue Ruling 2008-13; and

          Now, Therefore, in consideration of the premises and the mutual covenants and
agreements herein contained, the parties hereto agree as follows:

	1.	 	Subclauses (A), (B) and (C) of Section 4(a)(i) of the Agreement are hereby amended and
restated in their entirety to provide as follows:

     (A) the sum of (1) the Executive’s Annual Base Salary in effect for the year of
Termination (the “Termination Base Salary”) through the Date of Termination to the
extent not theretofore paid, (2) 50% of Executive’s Termination Base Salary; and (3)
any accrued vacation pay, in each case to the extent not theretofore paid (the sum
of the amounts described in clauses (1), (2) and (3) shall be hereinafter referred
to as the “Accrued Obligations”), and

     (B) an amount equal to 3.5 times Executive’s Termination Base Salary, and

     (C) an amount equal to the maximum amount of employer matching contributions
that could have been credited to the Executive under the Company’s 401(k) Savings
Plan (without regard to any applicable nondiscrimination tests), any other excess or
supplemental retirement plan in which the Executive participates or any other
deferred compensation plan during the twelve (12) month period immediately preceding
the month of the Executive’s Date of Termination multiplied by three, such amount to
be grossed up so that the amount the Executive actually receives after payment of
any federal or state taxes payable thereon equals the amount first described above.

	2.	 	The last word of clause (vii) of Section 4(a) of the Agreement shall be deleted, the period
at the end of clause (viii) of Section 4(a) of the Agreement shall be deleted and a semicolon
and the word “and” shall be substituted at the end of such clause (viii) in lieu of the
deleted period.

50257788.2 

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	3.	 	A new clause (ix) shall be added to Section 4(a) of the Agreement immediately following
clause (viii) to provide as follows:

     (ix) No amounts shall be payable to Executive under any bonus plan maintained
by the Company or NOI (or a similar or successor plan) for the year in which the
Date of Termination occurs.

	4.	 	This Second Amendment shall be binding on each party hereto only when it has been executed by
all of the parties hereto, and when so executed, shall, unless otherwise provided by a
specific provision of this Second Amendment, be and become effective.

	5.	 	All references to “Agreement” contained in the Agreement shall be deemed to be a reference to
the Agreement, as amended by this Second Amendment. Certain capitalized terms used herein
that are not otherwise defined are defined in the Agreement and the terms defined in this
Second Amendment shall be incorporated in the Agreement with the same meanings as set forth
herein.

	6.	 	The validity, interpretation, construction and enforceability of this Second Amendment shall
be governed by the laws of the State of Texas, without reference to principles of conflict of
laws.

	7.	 	Except as amended by this Second Amendment, the Agreement shall remain in full force and
effect.

	8.	 	This Second Amendment may be executed in one or more counterparts, and by the parties hereto
in separate counterparts, each of which when executed shall be deemed to be an original but
all of which shall constitute one and the same agreement.

Signature Page to Follow

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          In Witness Whereof, the Company, NOI and the Executive have executed this Second
Amendment to be effective as set forth herein.

	 	 	 	 	 
	 	NATIONAL OILWELL VARCO L.P.

By Its General Partner, NOW Oilfield Services,

Inc.

 	 
	 	By:  	/s/ Raymond Chang
 	 
	 	 	Name:  	Raymond Chang  	 
	 	 	Title:  	Vice President 	 
	 
	 	NATIONAL OILWELL VARCO, INC.

 	 
	 	By:  	/s/ Raymond Chang
 	 
	 	 	Name:  	Raymond Chang  	 
	 	 	Title:  	Vice President 	 
	 
	 	EXECUTIVE

 	 
	 	/s/ Merrill A. Miller, Jr.
 	 
	 	Merrill A. Miller, Jr. 	 
	 	 	 
	 

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EXHIBIT 10.2

THIRD AMENDMENT

TO

AMENDED AND RESTATED EXECUTIVE AGREEMENT BETWEEN

NATIONAL OILWELL VARCO L.P., NATIONAL OILWELL VARCO, INC. AND

CLAY C. WILLIAMS

          This Third Amendment To Amended and Restated Executive Agreement (this “Third
Amendment”) between Varco International, Inc., a Delaware corporation, and its subsidiaries and
Clay C. Williams (the “Executive”) is executed by National Oilwell Varco, Inc. (“NOI”), National
Oilwell Varco L.P. (“NOV”) and Executive on this 31st day of December 2009, to be effective as of
such date. (The Amended and Restated Executive Agreement, as amended by the First Amendment and
Second Amendment, is referred to herein as the “Agreement.”)

WITNESSETH:

          Whereas, NOI, NOV and the Executive desire to amend the Agreement to comply with new
Internal Revenue Service guidance contained in Revenue Ruling 2008-13, 2008-10 I.R.B. 518 (Mar. 10,
2008) (“Revenue Ruling 2008-13”);

          Whereas, the Agreement must be amended on or before December 31, 2009 to comply with
Revenue Ruling 2008-13; and

          Now, Therefore, in consideration of the premises and the mutual covenants and
agreements herein contained, the parties hereto agree as follows:

	1.	 	Paragraph N of Section 2 of the Agreement is hereby deleted and Paragraph O of Section 2 of
the Agreement is hereby renumbered as Paragraph N.
	 
	2.	 	Paragraphs C of Section 4 of the Agreement is hereby amended and restated in its entirety to
provide as follows:

	 	C.	 	The Company shall pay to Executive any awards actually earned under any and all
other incentive plans then in effect calculated through the last completed quarter
prior to the Date of Termination that Executive would have been entitled to receive for
such period if Executive had not been so terminated, payable in a lump-sum within
thirty days following such Date of Termination or, if the amount cannot be calculated
as of such Date of Termination, on the normal distribution date for payment of such
awards for all other participants, or, if applicable and later, the Section 409A
Payment Date.

	3.	 	The phrase “three (3) times” shall be deleted in Paragraph B of Section 5 of the Agreement
and the phrase “4.5 times” shall be inserted in lieu of such deleted phrase.
	 
	4.	 	Paragraph C of Section 5 of the Agreement is hereby deleted and Paragraphs D, E, F, G, H and
I of Section 5 of the Agreement are hereby renumbered as Paragraphs C, D, E, F, G and H,
respectively.

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	5.	 	The reference to Paragraph D in newly renumbered Paragraph C of Section 5 of the Agreement
shall be deleted and a reference to Paragraph C shall be inserted in lieu of such deleted
reference, and the phrase “the higher of (a) the Executive’s Target EV opportunity; or (b)” in
Paragraph D of Section 5 of the Agreement shall be deleted.

	6.	 	This Third Amendment shall be binding on each party hereto only when it has been executed by
all of the parties hereto, and when so executed, shall, unless otherwise provided by a
specific provision of this Third Amendment, be and become effective.

	7.	 	All references to “Agreement” contained in the Agreement shall be deemed to be a reference to
the Agreement, as amended by the First Amendment to the Agreement, dated as of March 10, 2005,
the Second Amendment to the Agreement, dated as of December 22, 2008 and this Third Amendment.
Certain capitalized terms used herein that are not otherwise defined are defined in the
Agreement and the terms defined in this Third Amendment shall be incorporated in the Agreement
with the same meanings as set forth herein.

	8.	 	The validity, interpretation, construction and enforceability of this Third Amendment shall
be governed by the laws of the State of Texas.

	9.	 	Except as amended by this Third Amendment, the Agreement shall remain in full force and
effect.

	10.	 	This Third Amendment may be executed in one or more counterparts, and by the parties hereto
in separate counterparts, each of which when executed shall be deemed to be an original but
all of which shall constitute one and the same agreement.

Signature Page to Follow

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          In Witness Whereof, NOI, NOV and the Executive have executed this Third Amendment on
the date first written above, which is effective as set forth herein.

	 	 	 	 	 
	 	NATIONAL OILWELL VARCO, INC.

 	 
	 	By:  	/s/ Raymond Chang
 	 
	 	 	Name:  	Raymond Chang 	 
	 	 	Title:  	Vice President 	 
	 
	 	 NATIONAL OILWELL VARCO L.P.

By Its General Partner, NOW Oilfield Services,

Inc.
	 
	 	 	 
	 	By:  	                                                  /s/ Raymond Chang
 	 
	 	 	Name:  	Raymond Chang 	 
	 	 	Title:  	Vice President 	 
	 
	 	EXECUTIVE

 	 
	 	/s/ Clay C. Williams
 	 
	 	Clay C. Williams 	 
	 	 	 
	 

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