Xxxxxxxxxx Employment Agreement. The Company shall have executed and delivered to Xxxxxxxxxx an employment agreement between Xxxxxxxxxx and the Company substantially in the form attached hereto as Exhibit 9.2(h).
Xxxxxxxxxx Employment Agreement. Xxxxx Xxxxxxxxxx shall have delivered to LMC a duly executed counterpart of an Employment Agreement in substantially the form attached hereto as Exhibit C (the “Xxxxxxxxxx Employment Agreement”).
Xxxxxxxxxx Employment Agreement. THIS EMPLOYMENT AGREEMENT (as from time to time amended in accordance with the provisions hereof, this "Agreement"), is entered into as of the 2nd day of October, 2006, by and between XXX X. XXXXXXXXXX, whose address is , , Texas 77441 (the "Executive"), and KEY ENERGY SERVICES, INC., a Maryland corporation with executive offices at 0000 XxXxxxxx Xxxxxx, Suite 1800, Houston, Texas 77010 (the "Company").
Xxxxxxxxxx Employment Agreement continued
(h) The Executive shall be eligible to participate in any Company plan relating to the awarding of stock (including but not limited to restricted stock) or the awarding and granting of any options. Any awards to the Executive relating to the Company’s stock or stock options shall be totally at the discretion of the Company’s Board of Directors. Notwithstanding the foregoing, the Executive will be granted options (the “Value Increase Options”) representing three percent (3%) of the increase in the Company’s “equity value.” For purposes of calculating the Value Increase Options, equity value as of the date of this Agreement shall equal the $183 million. Stock option programs involving the Executive shall have (subject to the approval of the Company’s Board of Directors) the following provisions and elements:
(i) With respect to all options, they will vest over a five (5) year period on a cliff vesting basis with 20% vesting on the first anniversary date of the Executive’s employment and 20% vesting thereafter on each additional anniversary date of the Executive’s employment.
(ii) With respect to the Value Increase Options, the “option period” will commence on the date of employment of the Executive and the options granted will be valid for ten (10) years.
(i) In addition to the Base Salary, the Executive shall be eligible to receive a bonus during the Employment Period based upon the Executive’s performance and the Company’s operating results during such year, calculated and payable in accordance with any Company executive bonus plan. Currently the following formula is in effect with respect to the Executive’s bonus. If in any fiscal year the Company achieves EBITDA based on the budget approved by the Company’s Board of Directors for that fiscal year, the Executive’s bonus shall be 100% of Base Salary1. If EBITDA for that period of time is below 85% of budget, no bonus will be payable. If EBITDA is 115% of budget, the base bonus of 100% of Base Salary shall be increased by 50%, so that the total bonus will be 150% of Base Salary. If EBITDA is at or above 85% and below 115% of budget, then the bonus payable will be adjusted accordingly based on 1 In the current fiscal year, Executive is eligible for the full fiscal year bonus, not subject to pro-rating.
Xxxxxxxxxx Employment Agreement continued
Xxxxxxxxxx Employment Agreement. ProMedCo-SW and Xxxxxxx Xxxxxxxxxx shall have entered into a mutually agreeable employment agreement.
Xxxxxxxxxx Employment Agreement. The Employment Agreement between Inflatables and Xxxxx X. Xxxxxxxxxx in the form attached hereto as EXHIBIT A.
Xxxxxxxxxx Employment Agreement. The Company shall have entered into the Xxxxxxxxxx Employment Agreement.
Xxxxxxxxxx Employment Agreement. The Xxxxxxxxxx Employment Agreement shall have been entered into.
Xxxxxxxxxx Employment Agreement. The Company and Xxxxx Xxxxxxxxxx shall have amended that certain Employment Agreement dated June 21, 1996 between them to include the modifications set forth in Exhibit 5, such amendment to be in form satisfactory to Purchaser and its counsel.
