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Amendment to Consulting
Agreement
First Amendment
effective as of the 1st day of May, 2008 (the “Effective
Date”), to that certain Consulting Agreement (the
“Agreement”) entered on April 12, 2006, between
Robert L. Parker (“Parker”), an individual who resides
in Tulsa, Oklahoma, and Parker Drilling Company, a Delaware
corporation (the “Company”) (the
“Amendment”).
WHEREAS,
management has determined that it is in the best interests of the
Company to amend the Agreement as provided in this Amendment,
including the extension of the term, due to the valuable services
that Parker provides to the Company through his service on the
US-Kazakhstan Business Council and by promoting the business of the
Company with major and national oil companies; and
WHEREAS, Parker
is willing to amend the Agreement in accordance with the terms
contained in this Amendment;
NOW, THEREFORE,
in consideration of the covenants and conditions contained herein,
the parties hereby agree to amend the Agreement as
follows:
1.
Section 3 shall be amended to provide that the Consulting Term
shall be from May 1, 2006 through April 30, 2009, subject
to earlier termination as provided in paragraph 2 below. As
compensation for providing consulting services, the Company shall
pay Parker the amounts specified in paragraph 2 below from and
after the Effective Date.
2.
Section 5 shall be amended to provide that the only payments
and benefits
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