Tesco Corporation (NASDAQ:TESO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.>
Tesco Corporation (NASDAQ:TESO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Separation of Michael E. Irausquin
On January 31, 2017, Tesco Corporation (the “Company”) and Michael E. Irausquin ended their employment relationship on good terms. Mr. Irausquin served as Vice President, Western Hemisphere of the Company.
Separation and Release Agreement of Mr. Irausquin
On January 31, 2017, the Company and Mr. Irausquin executed a Separation and Release Agreement (the “Agreement”). For the consideration of a cash lump severance payment of $120,000, Mr. Irausquin (a) provides a general release of claims against the Company, its affiliates, and related parties, (b) shall continue to provide full and continued cooperation in good faith with the Company, its subsidiaries, and affiliates in connection with certain matters relating to the Company, its subsidiaries and affiliates, (c) shall be subject to a one-year non-solicitation period, and (d) bound by confidentiality commitments to the Company.
The foregoing description is not complete and is qualified in its entirety by the Agreement, attached as Exhibit 10.1 to this Current Report on Form 8-K, and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
10.1 Separation and Release Agreement dated January 31, 2017 between Tesco Corporation (US) and Michael E.
Irausquin.
About Tesco Corporation (NASDAQ:TESO)
Tesco Corporation is engaged in designing, assembly and service delivery of technology-based solutions for the upstream energy industry. The Company’s product and service offerings consist primarily of equipment sales and services to drilling contractors, and exploration and production companies around the world. The Company operates through four segments: Top Drives, Tubular Services, Research & Engineering, and Corporate and Other. The Company’s Top Drive segment includes top drive sales, top drive rentals and after-market sales and services. Its Tubular Services segment includes automated and conventional tubular services. Its Research and Engineering segment includes internal research and development activities related to its automated tubular services and top drive model development, as well as the Casing Drilling technology prior to the sale. Tesco Corporation (NASDAQ:TESO) Recent Trading Information
Tesco Corporation (NASDAQ:TESO) closed its last trading session up +0.10 at 8.60 with 211,063 shares trading hands.
Tesco Corporation is engaged in designing, assembly and service delivery of technology-based solutions for the upstream energy industry. The Company’s product and service offerings consist primarily of equipment sales and services to drilling contractors, and exploration and production companies around the world. The Company operates through four segments: Top Drives, Tubular Services, Research & Engineering, and Corporate and Other. The Company’s Top Drive segment includes top drive sales, top drive rentals and after-market sales and services. Its Tubular Services segment includes automated and conventional tubular services. Its Research and Engineering segment includes internal research and development activities related to its automated tubular services and top drive model development, as well as the Casing Drilling technology prior to the sale. Tesco Corporation (NASDAQ:TESO) Recent Trading Information
Tesco Corporation (NASDAQ:TESO) closed its last trading session up +0.10 at 8.60 with 211,063 shares trading hands.
