This Third Amendment to that certain Consulting Agreement entered into on April 12, 2006 (as amended by the First Amendment effective May 1, 2008 and by the Second Amendment effective May 1, 2009), between Robert L. Parker (Parker), an individual who resides in Tulsa, Oklahoma, and Parker Drilling Company, a Delaware corporation (the Company) is effective as of the 1st day of May 2010 (the Effective Date). |
WHEREAS, Parker is willing to extend the Consulting Agreement for one year in accordance with the terms contained in this Third Amendment; |
1. | Section 3 shall be amended to provide that the Consulting Term shall be extended for one (1) year through April 30, 2011, 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 of this Third Amendment. | ||
2. | Section 5 shall be amended to provide that the only payments and benefits payable to Parker, from and after the Effective Date of this Third Amendment until the termination of the Consulting Term, shall be a consulting fee of $10,000 per month, payable by the fifth (5th) calendar day of each month. | ||
3. | Section 27 shall be amended to reflect that notices to the Company shall be sent to: |
4. | Except as specifically amended by this Third Amendment, all other terms and conditions of the Agreement shall remain in full force and effect. |
PARKER DRILLING COMPANY | ROBERT L. PARKER | |||||||
By:
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/s/ David Mannon | /s/ Robert L. Parker | ||||||
David Mannon | Robert L. Parker | |||||||
President and Chief Executive Officer |