EXHIBIT 10.41.1
STATE OF MISSISSIPPI
LOWNDES COUNTY
EMPLOYMENT AGREEMENT
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THIS AGREEMENT,
made and entered into effective April 1, 2001, by and
between BLACK WARRIOR WIRELINE CORP. a
corporation organized and existing under
the laws of the State of Delaware
(hereinafter for convenience referred to as
the "Employer'), and Danny Ray Thornton
(hereinafter for convenience referred to
as the" Employee"), as follows:
WITNESSETH:
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WHEREAS,
in consideration of employment by the Employer, Employee is
willing to make certain agreements with the
Employer, which will restrict
Employee's right to engage in competition
with the Employer;
NOW,
THEREFORE, in consideration of the premises and the mutual
covenants
hereinafter set forth, faithfully to be
kept by the parties hereto, it is agreed
as follows:
1. Term.
The Employer will employ the Employee, and the Employee agrees
to
remain in the full-time employ of the
Employer, for an initial period of five
(5) years commencing April 1, 2001, subject
to the right of termination stated
elsewhere herein.
2. Duties.
Employee shall serve as Vice President of BLACK WARRIOR
WIRELINE CORP., working in the Employer's
Columbus, Mississippi office, and
Employee hereby accepts
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the employment, on the terms and conditions
as hereinafter set forth.
During the
continuation of his employment, the Employee shall devote the
whole of his time during business hours,
and at any other time when he is
reasonably needed under the circumstances,
for the benefit of the Employer,
working either directly for the Employer or
indirectly for its benefit by
devoting his time and attention to other
activities from which the Employer can
derive a material benefit. The Employee
shall use his best efforts to promote
the interest and welfare of the Employer in
every way. The Employee shall
exercise and carry out all such duties and
powers and shall reasonably observe
all such directions and restrictions as the
Board of Directors of the Employer,
from time to time, may reasonably confer or
impose upon him.
3.
Compensation. As compensation for his services, the Employee shall
be
entitled to the following:
3.1 A base
salary of $9583.34 per month, payable in arrears on the 1st and
15th day of each month in equal
installments; and
3.2 On the first
anniversary date of this agreement, i.e., at the end of
the first year of employment hereunder, and
every anniversary date of this
agreement thereafter, including those
anniversary dates for which this agreement
has been extended by mutual agreement of
the parties (hereinafter referred to as
a "renegotiation date"), the Employer and
the Employee shall, in good faith,
negotiate an increase in the Employee's
base salary, taking into account the
rate of inflation since the last adjustment
to said base salary, the overall
profitability and cash position of the
Employer, the performance and
profitability of the areas for which the
Employee is
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responsible, and other factors generally
affecting the Employee's base
compensation. After such good faith
negotiations, the base salary of the
Employee shall be adjusted as agreed;
effective as of the renegotiation date
shall remain in force until the next
renegotiation date. 3.3. As additional
compensation, in the event Employee is
stationed overseas for more than
forty-five days during any employment year
under this contract (said employment
year running from March 1 to April 31 of
each year hereunder), the Employee
shall receive additional compensation of
$200 per day For each day worked
overseas above forty-five (45) days during
said employment year.
4.
Non-Competition.
4.1. The
Employee agrees that for and during the duration of his
employment, he will not directly or
indirectly become employed by or associated
with, in any capacity, any other person,
firm or corporation which is or may be
in competition with the Employer's oilfield
service activities. Employee further
agrees that for and during a term running
From the date of his termination of
employment hereunder the Employer, through
two (2) years
