Nabors Industries Ltd 8-K, filed Jan 6, 2022
Nabors Industries Ltd (NBR)
About this 8-K
Nabors Industries Ltd filed this 8-K on January 6, 2022, reporting on events of January 1, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 1, 2022 Nabors Industries Ltd. (“Nabors”) and its indirect wholly-owned subsidiary, Nabors Industries, Inc. (“NII”) entered into a second amendment to the executive employment agreement with William Restrepo, the Chief Financial Officer of each of Nabors and NII (the “Second Amendment”). The Second Amendment increases the annual rate of base salary payable under Mr. Restrepo’s employment agreement from $650,000 per year to $750,000 per year.
The foregoing description of the Second Amendment is qualified in its entirety by reference to the Second Amendment, which is included as Exhibit 10.1to this Form 8-K and is incorporated in this Item 5.02 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. |
Description | |
| 10.1 | Second Amendment to Amended and Restated Executive Employment Agreement, dated January 1, 2022, among Nabors Industries Ltd., Nabors Industries, Inc. and William Restrepo. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NABORS INDUSTRIES LTD. | |||
| Date: January 6, 2022 | By: | /s/ Mark D. Andrews | |
| Name: | Mark D. Andrews | ||
| Title: | Corporate Secretary | ||
Exhibit 10.1
SECOND AMENDMENT TO
AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT
WHEREAS, Nabors Industries Ltd. and Nabors Industries, Inc. (collectively, the “Company”) and William Restrepo (“Executive”), entered into an Amended and Restated Executive Employment Agreement (the “Agreement”) effective as of January 2, 2020 and as amended effective as of April 6, 2020; and
WHEREAS, the Executive and the Company have agreed to certain modifications to the Agreement which they now desire to memorialize effective with this amendment (this “Second Amendment”) as follows:
| 1. | Section 3.1(a) of the Agreement is amended by removing and replacing with the following: |
“(a) Base Salary. Nabors Bermuda and Nabors Delaware shall pay Executive an annualized base salary, payable in accordance with the regular payroll practices of the Company, of Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000), less applicable withholdings and authorized deductions (the “Base Salary”). The Base Salary shall be reviewed no less frequently than annually for increase in the discretion of the Nabors Bermuda Board and the Compensation Committee.”
As amended by paragraph 1 above, the Agreement remains in full force and effect. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original but which taken together shall constitute one and the same instrument.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of January 1, 2022.
| COMPANY: | ||
| Nabors Industries Ltd. | ||
| By: | /s/ Mark D. Andrews | |
| Its Corporate Secretary | ||
| Nabors Industries, Inc. | ||
| By: | /s/ Michael Rasmuson | |
| Its Senior Vice President and General Counsel | ||
| EXECUTIVE: | ||
| /s/ William Restrepo | ||
| William Restrepo | ||