EXHIBIT 10.66
August 5, 1997
Xx. Xxxxx X. Xxxxxx
00000 Xxxxx Xxxxxxxxx Xxxxx
Xxxxxxx, Xxxxx 00000
Re: STOCK OPTION AGREEMENT DATED AS OF APRIL 24, 1997 BETWEEN XXXXX X.
XXXXXX AND READING & XXXXX CORPORATION - OPTIONS WITH RESPECT TO 100,000
SHARES OF THE COMMON STOCK OF READING & XXXXX CORPORATION
Dear Xxxxx:
Reading & Xxxxx Corporation (the "Company") requests you agree to a
rescission of the stock options awarded pursuant to the above-referenced
agreement, subject to: (a) completion of the transaction described in that
Agreement and Plan of Merger dated as of July 10, 1997 among, inter alia,
Falcon Drilling Company, Inc. and the Company and (b) such merger being
accounted for on a "pooling of interests" basis. If the transaction, as
described in such agreement, is not completed or is completed thereunder and
accounted for on any basis other than a "pooling of interests", the Company
agrees such rescission shall be of no legal effect, and the above-referenced
stock options and award agreement shall be restored to full force and effect,
as if this letter agreement had never existed.
If the foregoing is acceptable to you, please indicate your agreement in the
space provided below, and return one fully executed copy of this letter to us
for our files.
Very truly yours,
READING & XXXXX CORPORATION
By:
Xxxx X. Xxxx, Xx.
Its: Chairman and Chief Executive Officer
Agreed this day of August, 1997.
Xx. Xxxxx X. Xxxxxx
