Common use of Standard Severance Plan Clause in Contracts

Standard Severance Plan. If Executive is terminated involuntarily (i.e., without the consent of Executive) by Tuboscope for any reason other than for Cause (and such termination is not pursuant to a Change of Control) the Executive shall receive the following compensation and benefits from Tuboscope: A. Tuboscope shall pay to Executive when otherwise due Executive's Termination Base Salary through the Date of Termination. B. Effective as of the Date of Termination, Tuboscope shall continue to pay to Executive (the "Severance Pay") the Termination Base Salary, payable on a regular payroll basis, for a period of eighteen (18) months following the Date of Termination (such period to be herein referred to as the "Severance Payout Period"), subject to reduction as follows: (i) If Executive is re-employed during the Severance Payout Period, Executive shall receive throughout the remainder of the Severance Payout Period following the effective date of such re-employment, 50% of the Severance Pay otherwise due and payable to Executive after such date of re-employment; (ii) In addition, if Executive is re-employed during the Severance Payout Period at an annual base salary that is less than the Termination Base Salary, in addition to the payment required by clause (i) above, Executive shall receive on a monthly basis throughout the remainder of the Severance Payout Period following the effective date of such re-employment the difference between (x) the salary actually received by Executive on a monthly basis from such re-employment and (y) the Termination Base Salary expressed as a monthly payment.

Standard Severance Plan. If Executive is terminated involuntarily (i.e., without the consent of Executive) by Tuboscope for any reason other than for Cause (and such termination is not pursuant to a Change of Control) the Executive shall receive the following compensation and benefits from Tuboscope: A. Tuboscope shall pay to Executive when otherwise due Executive's Termination Base Salary through the Date of Termination. B. Effective as of the Date of Termination, Tuboscope shall continue to pay to Executive (the "Severance Pay") the Termination Base Salary, payable on a regular payroll basis, for a period of eighteen twenty-four (1824) months following the Date of Termination (such period to be herein referred to as the "Severance Payout Period"), subject to reduction as follows: (i) If Executive is re-employed during the Severance Payout Period, Executive shall receive throughout the remainder of the Severance Payout Period following the effective date of such re-employment, 50% of the Severance Pay otherwise due and payable to Executive after such date of re-employment; (ii) In addition, if Executive is re-employed during the Severance Payout Period at an annual base salary that is less than the Termination Base Salary, in addition to the payment required by clause (i) above, Executive shall receive on a monthly basis throughout the remainder of the Severance Payout Period following the effective date of such re-employment the difference between (x) the salary actually received by Executive on a monthly basis from such re-employment and (y) the Termination Base Salary expressed as a monthly payment.

Standard Severance Plan. If Executive is terminated involuntarily (i.e., without the consent of Executive) by Tuboscope the Company for any reason other than for Cause (and such termination is not pursuant to a Change of Control) the Executive shall receive the following compensation and benefits from Tuboscopethe Company: A. Tuboscope The Company shall pay to Executive when otherwise due Executive's Termination Base Salary through the Date of Termination. B. Effective as of the Date of Termination, Tuboscope the Company shall continue to pay to Executive (the "Severance Pay") the Termination Base Salary, payable on a regular payroll basis, for a period of eighteen (18) months following the Date of Termination (such period to be herein referred to as the "Severance Payout Period"), subject to reduction as follows: (i) If Executive is re-employed during the Severance Payout Period, Executive shall receive throughout the remainder of the Severance Payout Period following the effective date of such re-employment, 50% of the Severance Pay otherwise due and payable to Executive after such date of re-employment; (ii) In addition, if Executive is re-employed during the Severance Payout Period at an annual base salary that is less than the Termination Base Salary, in addition to the payment required by clause (i) above, Executive shall receive on a monthly basis throughout the remainder of the Severance Payout Period following the effective date of such re-employment the difference between (x) the salary actually received by Executive on a monthly basis from such re-employment and (y) the Termination Base Salary expressed as a monthly payment. C. The Company shall pay to Executive as a bonus an amount equal to fifty percent (50%) of Executive's Termination Base Salary in lieu of participation in the Company's Management Incentive Bonus Plan or a similar or successor plan for the year in which the Date of Termination occurs. Such bonus shall be due and payable on the normal distribution date for bonuses for participants in such plan.

Standard Severance Plan. If Executive is terminated involuntarily (i.e., without the consent of Executive) by Tuboscope the Company for any reason other than for Cause (and such termination is not pursuant to a Change of Control) the Executive shall receive the following compensation and benefits from Tuboscopethe Company: A. Tuboscope The Company shall pay to Executive when otherwise due Executive's Termination Base Salary through the Date of Termination. B. Effective as of the Date of Termination, Tuboscope the Company shall continue to pay to Executive (the "Severance Pay") the Termination Base Salary, payable on a regular payroll basis, for a period of eighteen twenty-four (1824) months following the Date of Termination (such period to be herein referred to as the "Severance Payout Period"), subject to reduction as follows: (i) If Executive is re-employed during the Severance Payout Period, Executive shall receive throughout the remainder of the Severance Payout Period following the effective date of such re-employment, 50% of the Severance Pay otherwise due and payable to Executive after such date of re-employment; (ii) In addition, if Executive is re-employed during the Severance Payout Period at an annual base salary that is less than the Termination Base Salary, in addition to the payment required by clause (i) above, Executive shall receive on a monthly basis throughout the remainder of the Severance Payout Period following the effective date of such re-employment the difference between (x) the salary actually received by Executive on a monthly basis from such re-employment and (y) the Termination Base Salary expressed as a monthly payment. C. The Company shall pay to Executive as a bonus an amount equal to sixty percent (60%) of Executive's Termination Base Salary in lieu of participation in the Company's Management Incentive Bonus Plan or a similar or successor plan for the year in which the Date of Termination occurs. Such bonus shall be due and payable on the normal distribution date for bonuses for participants in such plan.

Standard Severance Plan. If Executive is terminated involuntarily (i.e., without the consent of Executive) by Tuboscope for any reason other than for Cause (and such termination is not pursuant to a Change of Control) the Executive shall receive the following compensation and benefits from Tuboscope: A. Tuboscope shall pay to Executive when otherwise due Executive's Termination Base Salary through the Date of Termination. B. Effective as of the Date of Termination, Tuboscope shall continue to pay to Executive (the "Severance Pay") the Termination Base Salary, payable on a regular payroll basis, for a period of eighteen twelve (1812) months following the Date of Termination (such period to be herein referred to as the "Severance Payout Period"), subject to reduction as follows: (i) If Executive is re-employed during the Severance Payout Period, Executive shall receive throughout the remainder of the Severance Payout Period following the effective date of such re-employment, 50% of the Severance Pay otherwise due and payable to Executive after such date of re-employment; (ii) In addition, if Executive is re-employed during the Severance Payout Period at an annual base salary that is less than the Termination Base Salary, in addition to the payment required by clause (i) above, Executive shall receive on a monthly basis throughout the remainder of the Severance Payout Period following the effective date of such re-employment the difference between (x) the salary actually received by Executive on a monthly basis from such re-employment and (y) the Termination Base Salary expressed as a monthly payment.

Standard Severance Plan. If Executive is terminated involuntarily (i.e., without the consent of Executive) by Tuboscope the Company for any reason other than for Cause (and such termination is not pursuant to a Change of Control) the Executive shall receive the following compensation and benefits from Tuboscopethe Company: A. Tuboscope The Company shall pay to Executive when otherwise due Executive's Termination Base Salary through the Date of Termination. B. Effective as of the Date of Termination, Tuboscope the Company shall continue to pay to Executive (the "Severance Pay") the Termination Base Salary, payable on a regular payroll basis, for a period of eighteen twelve (1812) months following the Date of Termination (such period to be herein referred to as the "Severance Payout Period"), subject to reduction as follows: (i) If Executive is re-employed during the Severance Payout Period, Executive shall receive throughout the remainder of the Severance Payout Period following the effective date of such re-employment, 50% of the Severance Pay otherwise due and payable to Executive after such date of re-employment; (ii) In addition, if Executive is re-employed during the Severance Payout Period at an annual base salary that is less than the Termination Base Salary, in addition to the payment required by clause (i) above, Executive shall receive on a monthly basis throughout the remainder of the Severance Payout Period following the effective date of such re-employment the difference between (x) the salary actually received by Executive on a monthly basis from such re-employment and (y) the Termination Base Salary expressed as a monthly payment. C. The Company shall pay to Executive as a bonus an amount equal to forty percent (40%) of Executive's Termination Base Salary in lieu of participation in the Company's Management Incentive Bonus Plan or a similar or successor plan for the year in which the Date of Termination occurs, pro-rated through and including the Date of Termination (on the basis of a 365 day year). Such bonus shall be due and payable on the normal distribution date for bonuses for participants in such plan.

Standard Severance Plan. If Executive is terminated involuntarily (i.e., without the consent of Executive) by Tuboscope the Company for any reason other than for Cause (and such termination is not pursuant to a Change of Control) the Executive shall receive the following compensation and benefits from Tuboscopethe Company: A. Tuboscope The Company shall pay to Executive when otherwise due Executive's Termination Base Salary through the Date of Termination. B. Effective as of the Date of Termination, Tuboscope the Company shall continue to pay to Executive (the "Severance Pay") the Termination Base Salary, payable on a regular payroll basis, for a period of eighteen twenty-four (1824) months following the Date of Termination (such period to be herein referred to as the "Severance Payout Period"), subject to reduction as follows: (i) If Executive is re-employed during the Severance Payout Period, Executive shall receive throughout the remainder of the Severance Payout Period following the effective date of such re-re- employment, 50% of the Severance Pay otherwise due and payable to Executive after such date of re-employment; (ii) In addition, if Executive is re-employed during the Severance Payout Period at an annual base salary that is less than the Termination Base Salary, in addition to the payment required by clause (i) above, Executive shall receive on a monthly basis throughout the remainder of the Severance Payout Period following the effective date of such re-employment the difference between (x) the salary actually received by Executive on a monthly basis from such re-employment and (y) the Termination Base Salary expressed as a monthly payment. C. The Company shall pay to Executive as a bonus an amount equal to sixty percent (60%) of Executive's Termination Base Salary in lieu of participation in the Company's Management Incentive Bonus Plan or a similar or successor plan for the year in which the Date of Termination occurs. Such bonus shall be due and payable on the normal distribution date for bonuses for participants in such plan.