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DRQ » Topics » Amended and Restated Employment Agreement

This excerpt taken from the DRQ 8-K filed Dec 19, 2008.

Amended and Restated Employment Agreement

On December 15, 2008, Dril-Quip, Inc. (the “Company”) entered into a new employment agreement (an “Employment Agreement”) with each of Larry Reimert, Gary Smith and Mike Walker, the Company’s Co-Chairmen and Co-Chief Executive Officers, in order to modify their prior employment agreements to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (“Section 409A”). Except for revisions to certain provisions regarding the timing of payments made with respect to annual bonuses, reimbursement of expenses and obligations of the Company upon termination, the benefits and terms of the Employment Agreement are substantially similar in all material respects to the benefits and terms of the prior employment agreements, which have been previously disclosed by the Company. The Employment Agreements will be effective as of December 31, 2008.

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