Exhibit 10.2
Munawar H. Hidayatallah
c/o Allis-Chalmers Energy Inc.
5075 Westheimer, Suite 890
Houston, Texas 77056
March 9, 2009
Allis-Chalmers Energy Inc.
5075 Westheimer, Suite 890
Houston, TX 77056
Attention: Management of Allis-Chalmers Energy Inc.
Re: Waiver of 2009
Bonus
To the Management of
Allis-Chalmers Energy Inc.:
Reference is made to that certain Employment
Agreement dated effective as of April 1, 2007, as amended,
between Allis-Chalmers Energy Inc. (the “Company”) and
Munawar H. Hidayatallah (the “Employment Agreement”).
Capitalized terms used, but not otherwise defined, in this letter
agreement, shall have the meanings ascribed to such terms in my
Employment Agreement.
Section 5(b) of my Employment Agreement
provides, in relevant part:
(i) Executive shall be eligible to receive
an annual bonus equal to 100% of Executive’s salary if the
Company’s Compensation Committee determines that the Company
has met the performance goals established by the Compensation
Committee. Such performance goals shall be established no later
than ninety days after the first day of the performance year
(provided that the outcome is substantially uncertain at the time
the criteria are established). The annual bonus (other than a bonus
for the final year of the term of this Agreement) shall be subject
to Executive’s continued employment on the date of payment
(other than by reason of death or Disability), and shall be paid as
soon as practicable after the Compensation Committee determines
that the performance goals were satisfied but in no event later
than two-and-one-half months following the applicable performance
year. Such bonus shall be paid in cash or, at the option of
Executive, made by written election filed by Executive with the
Company Secretary by the last day of the performance year in shares
of the Company’s Common Stock (for such purpose the shares
shall be valued at “Fair Market Value” (as defined in
the Incentive Plan) at the payment date).
(ii) In addition, Executive shall be
entitled to receive such other incentive bonuses as may be provided
in management incentive bonus plans adopted from time to time by
Company.
1
By
this letter, I hereby waive my right to any bonus described in
Section 5(b) of my Employment Agreement for calendar year
2009.
The
waiver provided here is for any bonus due to me under my Employment
Agreement for the calendar year 2009 only and does not constitute a
waiver of any other compensation for which I am eligible under my
Employment Agreement, including any benefits or awards pursuant to
any benefit plan of the Company.
This
waiver shall be governed by the laws of the State of Texas without
reference to its conflicts of law principles. This waiver may be
executed by facsimile or email transmission and in one or more
counterparts, each of which shall constitute an original and which,
together, shall constitute on instrument.
Sincerely,
/s/ Munawar H. Hidayatallah
Munawar H. Hidayatallah
Accepted and Agreed:
Allis-Chalmers Energy
Inc.
/s/ Theodore F. Pound
III
Theodore F. Pound III
General Counsel and Secretary
2
Victor M. Perez
c/o Allis-Chalmers Energy Inc.
5075 Westheimer, Suite 890
Houston, TX 77056
March 9, 2009
Allis-Chalmers Energy Inc.
5075 Westheimer, Suite 890
Houston, TX 77056
Attention: Management of Allis-Chalmers Energy Inc.
Re: Waiver of 2009
Bonus
To the Management of
Allis-Chalmers Energy Inc.:
Reference is made to that certain Employment
Agreement dated effective as of April 3, 2007 between
Allis-Chalmers Energy Inc. (the “Company”) and Victor
M. Perez (the “Employment Agreement”). Capitalized
terms used, but not otherwise defined, in this letter agreement,
shall have the meanings ascribed to such terms in my Employment
Agreement.
Section 5(b) of my Employment Agreement
provides, in relevant part:
Executive shall be entitled to receive a bonus
equal to a maximum of 50% of his Salary based upon the achievement
of goals set forth in Schedule A attached hereto (which shall
be amended each year in the discretion of the Company). Such bonus
shall be paid annually within 30 days after the completion of
the Company’s audited financial statements for each year.
Executive shall also be eligible to receive from Company such
annual management incentive bonuses as may be provided in
management incentive bonus plans adopted from time to time by
Company.
By
this letter, I hereby waive my right to any bonus described in
Section 5(b) of my Employment Agreement for calendar year
2009.
The
waiver provided here is for any bonus due to me under my Employment
Agreement for the calendar year 2009 only and does not constitute a
waiver of (a) any increase to my Salary for calendar year 2009
or any subsequent years that my Employment Agreement is in effect
or (b) any other compensation for which I am eligible under my
Employment Agreement, including any benefits or awards pursuant to
any benefit plan of the Company.
3
This
waiver shall be governed by the laws of the State of Texas without
reference to its conflicts of law principles. This waiver may be
executed by facsimile or email transmission and in one or more
counterparts, each of which shall constitute an original and which,
together, shall constitute on instrument.
Sincerely,
/s/ Victor M. Perez
Victor M. Perez
Accepted and Agreed:
Allis-Chalmers Energy
Inc.
/s/ Theodore F. Pound
III
Theodore F. Pound III
General Counsel and Secretary
4
Theodore F. Pound III
c/o Allis-Chalmers Energy Inc.
5075 Westheimer, Suite 890
Houston, TX 77056
March 9, 2009
Allis-Chalmers Energy Inc.
5075 Westheimer, Suite 890
Houston, TX 77056
Attention: Management of Allis-Chalmers Energy Inc.
Re: Waiver of 2009
Bonus
To the Management of
Allis-Chalmers Energy Inc.:
Reference is made to that certain Employment
Agreement dated effective as of December 3, 2007, between
Allis-Chalmers Energy Inc. (the “Company”) and Theodore
F. Pound III (the “Employment Agreement”). Capitalized
terms used, but not otherwise defined, in this letter agreement,
shall have the meanings ascribed to such terms in my Employment
Agreement.
Section 5(b) of my Employment Agreement
provides, in relevant part:
Executive shall be entitled to receive a cash
bonus equal to 50% of his Salary on an annual b
