SECOND AMENDMENT TO
This Amendment, dated as of July 17, 2002, by and among Nabors Industries, Inc. ("Nabors Delaware"),
Nabors Industries Ltd. ("Nabors Bermuda") and Eugene M. Isenberg (the "Executive" and, collectively with
Nabors Delaware and Nabors Bermuda, the "Parties").
WHEREAS, Nabors Delaware and the Executive entered into an Employment Agreement effective as of
October 1, 1996, that amended and restated a prior agreement and that was amended on June 24, 2002 to
include Nabors Bermuda as a party, among other things (as so amended, the "Employment Agreement");
WHEREAS, it is anticipated that the Executive will be allocating a portion of his time to the business of Nabors
Bermuda and will continue to allocate the bulk of his time to his duties with respect to Nabors Delaware and its
WHEREAS, the parties desire to clarify the portion of the Executive's remuneration that will be paid by Nabors
Bermuda and Nabors Delaware, respectively, and to address certain other matters;
NOW, THEREFORE, in consideration of the foregoing, subject to the consummation of the Inversion, the
Employment Agreement is amended as follows:
1. Section 4 of the Employment Agreement is hereby amended in its entirety to read as follows:
"4. Base Salary. The Executive shall be paid an annualized base salary, payable in accordance with the regular
payroll practices of the Company, of $297,000. The Base Salary shall be reviewed no less frequently than
annually for increase in the discretion of the Board and its Compensation Committee."
2. For services in his capacity as a director of Nabors Bermuda, Executive shall be compensated directly by
Nabors Bermuda on the same terms as the outside directors of Nabors Bermuda, as the Board of Directors of
Nabors Bermuda shall from time to time establish.
3. The amounts payable under the Employment Agreement shall be for all services rendered by Executive to
Nabors Bermuda in his capacity as an officer only and to