SEC Contract Filing

Filing Date: 2015-04-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101-eustaceagreement.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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 <title>Exhibit 10.1 - Eustace Agreement</title>
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<a name="sfdb5183e27d54b31a2df304c14a74e42"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:right;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:120%;text-align:center;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">PIONEER DRILLING SERVICES, LTD. KEY EXECUTIVE SEVERANCE PLAN</font></div><div style="line-height:120%;text-align:center;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WAIVER AND RELEASE</font></div><div style="line-height:120%;text-align:center;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:24px;text-indent:72px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Pioneer Drilling Services, Ltd. has offered to pay me certain benefits (as described in </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:11pt;">, the &#8220;Benefits&#8221;) pursuant to the Pioneer Drilling Services, Ltd. Key Executive Severance Plan (the &#8220;Plan&#8221;). The Benefits are offered to me subject to my agreement, among other things, to waive any and all of my claims against and release Pioneer Drilling Services, Ltd. and its predecessors, successors and assigns (collectively referred to as the &#8220;Company&#8221;), all of the affiliates (including parents and subsidiaries) of the Company (collectively referred to as the &#8220;Affiliates&#8221;), and the Company&#8217;s and Affiliates&#8217; directors and officers, employees and agents, counsel, insurers, employee benefit plans and the fiduciaries and agents of said plans (collectively, with the Company and Affiliates, referred to as the &#8220;Corporate Group&#8221;) from any and all claims, demands, actions, liabilities and damages arising out of or relating in any way to my employment with or separation from the Company or any Affiliate; </font><font style="font-family:inherit;font-size:11pt;font-style:italic;">provided, however</font><font style="font-family:inherit;font-size:11pt;">, that this Waiver and Release shall not apply to (i) any claim or cause of action to enforce or interpret any provision contained in the Plan or (ii) any claims for indemnification under any charter documents or bylaws of the Company or any Affiliate. I have read this Waiver and Release and the Plan (which, together, are referred to herein as the "Plan Materials") and the Plan is incorporated herein by reference. The provision of the Benefits is voluntary on the part of the Company and is not required by any legal obligation other than the Plan. I choose to accept this offer.</font></div><div style="line-height:120%;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:24px;text-indent:72px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">I understand that signing this Waiver and Release is an important legal act. I acknowledge that the Company has advised me to consult an attorney before signing this Waiver and Release. I understand that, in order to be eligible for the Benefits, I must sign (and return to Human Resources Manager, Pioneer Energy Service Corp.</font><font style="font-family:inherit;font-size:11pt;">, </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">1250 N.E. Loop 410, Suite 1000, San Antonio, Texas 78209) this Waiver and Release by 5:00 p.m. on April 30, 2015. I acknowledge that I have been given at least 21 days to consider whether to sign and execute this Waiver and Release.</font></div><div style="line-height:120%;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:24px;text-indent:66px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In exchange for the payment to me of Benefits, I (1) agree not to sue in any local, state and/or federal court regarding or relating in any way to my employment with or separation from the Company or any Affiliate and (2) knowingly and voluntarily waive all claims and release the Corporate Group from any and all claims, demands, actions, liabilities and damages, whether known or unknown, arising out of or relating in any way to my employment with or separation from the Company or any Affiliate, except to the extent that my rights are vested under the terms of employee benefit plans sponsored by the Company or any Affiliate and except with respect to such rights or claims as may arise after the date this Waiver and Release is executed. The claims subject to this Waiver and Release include, but are not limited to, claims and causes of action under: Title VII of the Civil Rights Act of 1964, as amended ("Title VII"); the Age Discri