Document:

Document

EXHIBIT 10.4

March 5, 2021

Mr. Michael C. Kearney 

Dear Mike,

This Letter Agreement (this “Agreement”) is made and entered into as of March 3, 2021 by and between Frank’s International N.V, a limited liability company organized under the laws of the Netherlands (the “Company”), Franks’ International, LLC, a Texas limited liability company (the “Employer”), and you. Reference is made to that certain Employment Offer Letter dated as of September 25, 2017 between the parties hereto (the “Offer Letter”). This Agreement constitutes an amendment to the Offer Letter with respect to the following terms.
The paragraphs entitled “Treatment upon Termination of Employment” and “Treatment upon Total Cessation of Service Relationship” included in the Offer Letter shall be deleted, and the following shall be substituted therefor:
Cessation of Service as Chief Executive Officer. In the event of an involuntary or mutually agreed termination of employment as Chief Executive Officer (i.e., you are terminated without “cause” or resign for “good reason,” as such terms are defined below), 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 termination of employment as Chief Executive Officer, with vesting of performance-based awards based on actual performance through the date of your termination, provided you satisfy certain restrictive covenants during the remainder of the original vesting period under the award agreements; provided further, that in the event that such termination of employment occurs within the 24-month period following a Change in Control (as defined below), vesting under any performance-based awards shall be based on the greater of (i) actual performance through the date of your termination of employment, or (ii) a 100% target payout.
As modified by this Agreement, the Offer Letter will continue to be valid and enforceable in accordance with its terms. This Agreement, together with the Offer Letter, shall be construed and interpreted in accordance with the laws of the State of Texas (without regard to the conflicts of laws principles thereof) and applicable federal law. Further, this Agreement may be executed in multiple counterparts and may be amended only by a written instrument executed by you, the Company, and the Employer.

Please review this Agreement carefully and, if you agree with all the terms and conditions as specified above, please sign and date the Agreement in the space below. By signing below, you agree that this Agreement accurately reflets our mutual agreements with respect to the foregoing matters.

[Remainder of Page Intentionally Blank; Signature Page Follows]

FRANK’S INTERNATIONAL N.V.:

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

FRANK’S INTERNATIONAL, LLC (as Employer):

By:     /s/ Natalie E. Questell    

Name:   Natalie E. Questell    

Title:     VP HR                                        

MICHAEL C. KEARNEY

 /s/ Michael C. Kearney    

Date:  March 10, 2021Document

EXHIBIT 10.5

FIRST AMENDMENT TO THE
FRANK’S INTERNATIONAL N.V.
AMENDED AND RESTATED U.S. EXECUTIVE CHANGE-IN-CONTROL
SEVERANCE PLAN

WHEREAS, Frank’s International N.V. (the “Company”) has previously adopted the Frank’s International N.V. Executive Change in Control Severance Plan, initially effective as of May 20, 2015, which was amended and restated as the Frank’s International N.V. Amended and Restated U.S. Executive Change-in-Control Severance Plan, effective as of  January 21, 2019 (the “CIC Plan”); and 
WHEREAS, the Company’s Supervisory Board of Directors (the “Board”) has determined that it would be in the best interests of the Company to amend the CIC Plan to revise the treatment of performance-based equity awards upon a Covered Employee’s Involuntary Termination on or within 24 months following a Change in Control (each such capitalized term as defined in the CIC Plan); and
WHEREAS, the Board has the authority to amend the CIC Plan from time to time, subject to certain limitations included in the CIC Plan;
NOW, THEREFORE, the CIC Plan is hereby amended as follows, effective as of March 10, 2021 (this “Amendment”):
1.    Section 3(a)(iv) of the CIC Plan shall be deleted and the following shall be substituted therefor:
“(iv)    Accelerated vesting of any outstanding equity-based awards previously granted to the Covered Employee pursuant to the Company’s long-term incentive plan, with vesting of any such outstanding awards whose vesting is otherwise contingent upon performance metrics being based on the greater of (1) actual performance as of the date of the Involuntary Termination and (2) target performance at the 100% target payout level.” 

2.    The Board and each Covered Executive consenting to this Amendment hereby agree to waive the twelve-month restriction referenced in Section 7(e)(i) of the CIC Plan.

    As amended hereby, the CIC Plan is specifically ratified and reaffirmed.

EXECUTED this 10th day of March, 2021, effective for all purposes as provided above.  

FRANK’S INTERNATIONAL N.V.
By:                         
Name:                         
Title:                        

ACKNOWLEDGED AND CONSENTED TO 
BY THE COVERED EXECUTIVE:
By:                         
Name:                         
Title:Document

EXHIBIT 10.6

AMENDMENT TO 
FRANK’S INTERNATIONAL N.V. 
EMPLOYEE RESTRICTED STOCK UNIT (RSU) AGREEMENT
(2013 LONG-TERM INCENTIVE PLAN)

THIS AMENDMENT (this “Amendment”), is dated as of March 9, 2021 (the “Effective Date”) and amends those certain performance-based Restricted Stock Unit Agreements granted pursuant to the Frank’s International N.V. 2013 Long-Term Incentive Plan (the “Plan”), which were executed between [EMPLOYEE] (“Participant”) and FRANK’S INTERNATIONAL N.V. (the “Company”), and which are outstanding as of the Effective Date (the “Agreements). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Agreements or in the Plan.
RECITALS
WHEREAS, the Company has previously granted to the Participant certain performance-based Restricted Stock Units pursuant to the Agreements;
WHEREAS, pursuant to Section 10(c) of the Plan, the conditions and rights under the Agreements may generally be amended by the Committee, subject to certain limitations, and in some circumstances, with the consent of the affected participant of the Plan; and
WHEREAS, the Company desires to amend the Agreements as set forth herein, effective as of the Effective Date.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
1.Section 3(c)(3) of the Agreements shall be amended and restated in its entirety as follows:  
“(3)    Change in Control.  If a Change in Control occurs and Employee is a participant in the Executive Severance Plan (as such plan may be amended from time to time), then the terms of Section 3 of such plan are hereby incorporated by reference into this Agreement.  If a Change in Control occurs and Employee is not a participant in the Executive Severance Plan, then upon such Employee’s Involuntary Termination that occurs on or within twenty-four (24) months following a Change in Control and subject to the Employee’s entry into a release of all claims against the Company in a form acceptable to the Company, the Forfeiture Restrictions shall lapse with respect to the greater of (i) the number of Restricted Stock Units determined based on the Company’s attainment of the Performance Criteria described on Exhibit A, as measured through the date of such Employee’s Involuntary Termination, or (ii)  the number of Restricted Stock Units determined based on a 100% of Target Level Payout Percentage.”  
-1-

2.    The first sentence of Section 3(c)(4) of the Agreements shall be amended and restated as follows:
“(4)    Involuntary Termination.  If Employee’s employment with the Company is terminated due to an Involuntary Termination occurring other than as provided in clause (3) of this Section 3(c), then, unless otherwise determined by the Compensation Committee in its sole discretion, which shall be treated as an exercise of negative discretion for purposes of Code Section 162(m), the Company shall enter into a Special Vesting Agreement with Employee pursuant to which the Forfeiture Restrictions shall not lapse upon such termination of employment and that this Award shall continue to remain outstanding and Employee will be treated, solely for purposes of satisfying the requirements for a lapse of Forfeiture Restrictions under Section 3(b), as continuing in the employment of the Company throughout the period during which he/she continuously satisfies the obligations set forth in Exhibit B attached hereto and incorporated herein by reference as part of this Agreement.
3.    This Amendment shall only serve to amend and modify the Agreements to the extent specifically provided herein.  All terms, conditions, provisions and references of and to the Agreements which are not specifically modified, amended and/or waived herein shall remain in full force and effect and shall not be altered by any provisions herein contained.  All prior agreements, promises, negotiations and representations, either oral or written, relating to the subject matter of this Amendment not expressly set forth in this Amendment are of no force or effect.
4.This Amendment shall not be amended, modified or supplemented except by a written instrument signed by a duly authorized officer of the Company.  The failure of a party to insist on strict adherence to any term of this Amendment on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Amendment.  No waiver of any provision of this Amendment shall be construed as a waiver of any other provision of this Amendment.  Any waiver must be in writing.
5.This Amendment shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of Participant, and the successors and assigns of the Company. 
6.This Amendment may be executed and delivered (including by facsimile, “pdf” or other electronic transmission) in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement.

IN WITNESS WHEREOF, the Company and the Participant have executed this Amendment as of the Effective Date.

-2-

			
	FRANK’S INTERNATIONAL N.V.

By:                              
Name:                        
Title:                            
Date:                             
                    

	
	PARTICIPANT
By:                              
Name:                        
Title:                            
Date:                             
                    

-3-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]