SEC Contract Filing

Filing Date: 2020-04-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex102piontekamendment.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<div><a name="s331e8ff17cc44bcf932dfa11bb750bae"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXHIBIT 10.2</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Gregg Piontek</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Amendment to Employment Agreement and Change in Control Agreement</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">April 6, 2020</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Amendment is entered into between Gregg Piontek (&#8220;Executive&#8221;) and Newpark </font><font style="font-family:inherit;font-size:11pt;">Resources, Inc</font><font style="font-family:inherit;font-size:12pt;">. (&#8220;Company&#8221;) and amends that certain Employment Agreement dated effective October&#160;18,&#160;2011, as previously amended, between the Company and the Executive (&#8220;Employment Agreement&#8221;) as well as that certain Change in Control Agreement dated effective January 7, 2008 between the Company and the Executive (the &#8220;Change in Control Agreement&#8221;). </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Due to the current economic situation, Executive and the Company mutually agree that Executive&#8217;s current annualized Base Salary of Four Hundred Thirty-Eight Thousand Three Hundred Dollars and No Cents ($438,300.00) established pursuant to Section 1.2(a) of Executive&#8217;s Employment Agreement will be temporarily reduced by 15% to Three Hundred Seventy-Two Thousand Five Hundred Fifty-Five Dollars and No Cents ($372,555.00). This temporary 15% reduction to Executive&#8217;s annualized Base Salary will take effect on April 1, 2020 and will continue in effect until a date to be mutually agreed in writing by and between the Executive and the Company (the &#8220;End Date&#8221;, and the period from the Effective Date until the End Date, the &#8220;Reduction Period&#8221;).</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Executive&#8217;s Base Salary for purposes of calculating incentive compensation payments contemplated by Section 1.2(b) of the Employment Agreement will likewise be adjusted effective as of April 1, 2020 to reflect this temporary 15% reduction in Executive&#8217;s annualized Base Salary.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Executive and the Company agree that this temporary 15% reduction in Executive&#8217;s annualized Base Salary and the corresponding adjustment to Executive&#8217;s incentive compensation are being made with the full knowledge and consent of Executive. Executive and the Company further agree that this temporary 15% reduction in Executive&#8217;s annualized Base Salary and the corresponding adjustment to Executive&#8217;s incentive compensation do not constitute &#8220;Good Reason&#8221; for any purpose under the Employment Agreement including, without limitation, Section 2.1 and Section 2.3 of the Employment Agreement, or a termination by the Company.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Executive and the Company agree that if Executive&#8217;s employment is terminated at any time during the Reduction Period pursuant to Section 2.3 of Executive&#8217;s Employment Agreement, Executive&#8217;s &#8220;lump sum payment&#8221; provided for in Section 2.3(i)(A) or 2.3(i)(B) will be calculated based upon Executive&#8217;s annualized Base Salary immediately prior to the Reduction Period and not on Executive&#8217;s Base Salary at the time of termination.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Executive and the Company agree that if Executive&#8217;s employment is terminated at any time during the Reduction Period, pursuant to Section 2.2 of the Change in Control Agreement as a result of a Change in Control (as defined in the Change in Control Agreement) or a Potential Change in Control (as defined in the Change in Control Agreement), Executive&#8217;s Termination