Exhibit 10.1
FIRST AMENDMENT TO
EXECUTIVE CHANGE OF CONTROL AGREEMENT
WHEREAS, Atwood Oceanics, Inc., a Texas corporation (the “Company”), and [ ] (the “Executive”) are party to that certain Executive Change of Control Agreement effective as of May 24, 2012 (the “Agreement”); and
WHEREAS, in connection with the promotion of the Executive, the Company desires to amend the terms of the Agreement to increase the potential severance payment thereunder; and
WHEREAS, pursuant to Section 7.4 of the Agreement, the Agreement may be amended by a written instrument signed by the parties thereto; and
WHEREAS, the Executive hereby consents to the amendment of the Agreement as provided herein (the “Amendment”);
NOW, THEREFORE, the Agreement is hereby amended, effective as of January 1, 2015, as follows:
| 1. | Section 3.3(a)(ii) of the Agreement is hereby amended to read as follows: |
“(ii) in lump sum on the sixtieth (60th) day after the Date of Termination, an amount equal to [2.5/2.75] times the sum of (1) the Executive’s Annual Salary, plus (2) the Executive’s Target Annual Bonus.”
| 2. | All other provisions of the Agreement shall remain the same and are hereby ratified. |
| EXECUTIVE | ATWOOD OCEANICS, INC. | |||||
| By: |
| ||||
| [Name] | [Name] | |||||
| [Title] | ||||||
