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AMENDMENT
TO
EXECUTIVE EMPLOYMENT AGREEMENT
WHEREAS ,
Strata Directional Technology LLC (the “Company”) and
David K. Bryan (the “Executive”) entered into that
certain Executive Employment Agreement dated as of July 1,
2007, (the “Agreement”); and
WHEREAS ,
the Company and the Executive desire to amend the Agreement to
comply with Internal Revenue Code (“Code”)
Section 409A and regulations issued thereunder;
NOW,
THEREFORE , the Agreement is hereby amended, effective as of
the original effective date of the Agreement, as
follows:
1. The second
sentence in Section 5(b) of the Agreement is hereby amended and
restated as follows:
“Such bonus
shall be paid annually within 30 days following
Allis-Chalmers’ release of its audited financial statements
for each year during the term hereof, but in no event earlier than
January 1 of, and no later than December 31 of, the calendar
year following the calendar year with respect to which such bonus
is earned.”
2. A new
Section 7(c) is hereby added to the Agreement as
follows:
“(c)
Section 409A Limits on Payment
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