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TMCNet:  TESCO CORP FILES (8-K) Disclosing Change in Directors or Principal Officers

[April 01, 2014]

TESCO CORP FILES (8-K) Disclosing Change in Directors or Principal Officers

(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Indemnity Agreements Effective March 5, 2014, Tesco Corporation (the "Company") has entered into Indemnity Agreements with each of its two newest members of the Board of Directors, Messrs. John P. Dielwart and Elijio V. Serrano.


Each agreement has identical terms to the Indemnity Agreements in place with the other members of the Board of Directors. The Indemnity Agreements provide that the Company will indemnify the director to the fullest extent permitted by law for claims arising as a result of such individual serving as a director of the Company. The Company agrees to maintain insurance for such obligations, but its indemnity obligations are not limited by its insurance policies. The Company further agrees to advance funds for payment of certain expenses related to indemnified claims. The foregoing description is qualified in its entirety by reference to the Form of Director Indemnity Agreement filed April 6, 2009 as exhibit 10.1 to the Current Report on Form 8-K,which is incorporated by reference herein.

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