EX-10.3
from 8-K
2 pages
Mr. William Restrepo 3219 Oakmont Drive Sugar Land, Tx 77479 Dear William: It Is a Pleasure to Extend an Offer of Employment to You With Smith International, Inc. if You Choose to Accept Our Offer, the Terms of Your Employment Will Be as Follows: Job Title Senior Vice President, Chief Financial Officer and Treasurer Start Date on or Before October 16, 2009. Reporting Position Reports to John Yearwood, President & CEO of Smith International, Inc. Base Salary $37,500 Per Month Paid in Bi-Weekly Pay Periods (26 Pay Periods Per Annum). Equity Upon the Approval of the Compensation and Benefits Committee, You Will Be Awarded $750,000 of Time Based Performance Stock Units. Bonus Plan You Will Be Eligible to Participate in Smith’s Annual Incentive Program (Aip). the Aip Is Calculated and Paid Annually. the Bonus Target Will Be 65%. Additional Information Regarding This Program Will Be Provided Upon Your Employment. Benefits You Will Be Entitled to the Standard Benefit Package Offered to All Eligible Employees of Smith International, Inc. a Summary of Our Benefit Offering Has Been Provided
12/34/56
EX-10.1
from 8-K
4 pages
Personal & Confidential Margaret K. Dorman 2918 Freshmeadows Drive Houston, Tx 77063 Dear Margaret: We Wanted to Take This Opportunity to Thank You for Your Contributions to Smith International, Inc. (“Smith” or “The Company”) and to Summarize the Benefits You Will Be Eligible for Upon Your Retirement From the Company, Subject to the Terms of This Letter Agreement (The “Agreement”). Timing of Your Departure: Your Last Day of Employment Will Be October 16, 2009 (The “Retirement Date”). Special Severance Benefits: Contingent Upon Your Compliance With the Terms of This Agreement, Including, but Not Limited To, Your Timely Execution, Without Revocation, of the Attached General Release (The “Release”) and Your Ongoing Cooperation Pursuant to the Terms Below
12/34/56