Dril-Quip, Inc. 13550 Hempstead Hwy. Houston, Texas 77040 Gentlemen:Dril-Quip Inc • October 29th, 2004 • Oil & gas field machinery & equipment
In light of the current uncertainty surrounding stock option expensing, I hereby waive my right to receive an award of stock options in 2004 pursuant to Section 3.C of the Employment Agreement (the “Employment Agreement”) dated as of October 17, 1997 between myself and Dril-Quip, Inc. (the “Company”). Additionally, I hereby waive any right to terminate the Employment Agreement for Good Reason (as defined in the Employment Agreement) specifically caused by the Company’s failure to award such stock options in the year 2004 only. No other conditions or rights of the contract are waived and the right to receive an award of stock options is only waived for the year 2004.
Dril-Quip, Inc. 13550 Hempstead Hwy. Houston, Texas 77040 Gentlemen:Dril-Quip Inc • October 29th, 2004 • Oil & gas field machinery & equipment
In light of the current uncertainty surrounding stock option expensing, I hereby waive my right to receive an award of stock options in 2004 pursuant to Section 3.C of the Employment Agreement (the “Employment Agreement”) dated as of October 17, 1997 between myself and Dril-Quip, Inc. (the “Company”). Additionally, I hereby waive any right to terminate the Employment Agreement for Good Reason (as defined in the Employment Agreement) specifically caused by the Company’s failure to award such stock options in the year 2004 only. No other conditions or rights of the contract are waived and the right to receive an award of stock options is only waived for the year 2004.
Dril-Quip, Inc. 13550 Hempstead Hwy. Houston, Texas 77040 Gentlemen:Dril-Quip Inc • October 29th, 2004 • Oil & gas field machinery & equipment
In light of the current uncertainty surrounding stock option expensing, I hereby waive my right to receive an award of stock options in 2004 pursuant to Section 3.C of the Employment Agreement (the “Employment Agreement”) dated as of October 17, 1997 between myself and Dril-Quip, Inc. (the “Company”). Additionally, I hereby waive any right to terminate the Employment Agreement for Good Reason (as defined in the Employment Agreement) specifically caused by the Company’s failure to award such stock options in the year 2004 only. No other conditions or rights of the contract are waived and the right to receive an award of stock options is only waived for the year 2004.
