EXHIBIT 10.30
February 15, 2002
Mr. C. Xxxxxxx Xxxxx
GlobalSantaFe Corporation
000 X. Xxxxxxxx Xxxxxxx
Xxxxxxx, Xxxxx 00000-0000
Dear Xx. Xxxxx:
You previously entered into a letter employment agreement dated May 6, 1999
(the "Agreement"), by and among Global Marine Inc. ("GMI"), Global Marine
Corporate Services Inc. (now, by change of name, GlobalSantaFe Corporate
Services Inc. ("GSFCSI")) as the employer, and you as the employee.
GlobalSantaFe Corporation ("GSF") has subsequently assumed all rights and
obligations of GMI under the Agreement. This letter will serve as evidence of an
amendment to the Agreement (the "First Amendment").
GSF and GSFCSI agree to amend the Agreement by extending the expiration of
the term of your employment thereunder from (a) the earlier of the time of GSF's
annual meeting of shareholders in 2002 or May 31, 2002, to (b) August 31, 2002.
In the event your employment or the Agreement as amended by this First Amendment
is terminated without your consent for reasons other than Cause prior to August
31, 2002, GSF and GSFCSI will continue your salary until August 31, 2002. During
this period, your group insurance benefits will also be continued for you until
similar benefits are provided through other employment, and all stock options
granted to you by GMI will remain exercisable in accordance with their terms.
The Agreement as amended by this First Amendment supersedes any and all
prior employment agreements, plans, policies and other arrangements between you
and GMI, GSFCSI or GSF regarding the terms and conditions of your employment
with GMI, GSFCSI or GSF and any salary, bonus or severance payments to which you
may be entitled in respect of such employment, but it shall not affect your
entitlement to any other compensation or benefits to which you may be entitled
in respect of such employment.
Capitalized terms used in this First Amendment and not defined herein are
used as they are defined in the Agreement. Except as expressly amended by this
First Amendment, the Agreement shall remain in full force and effect and is
hereby ratified and confirmed in all respects.
GLOBALSANTAFE CORPORATION GLOBALSANTAFE CORPORATE
SERVICES INC.
By: /s/ C. Xxxxxxx Xxxxxx, Xx. By: /s/ Xxxxx X. XxXxxxxxx
-------------------------- -----------------------------
C. Xxxxxxx Xxxxxx, Xx. Xxxxx X. XxXxxxxxx
President and CEO Vice President
Accepted and Agreed:
/s/ C. Xxxxxxx Xxxxx
C. Xxxxxxx Xxxxx
