Civeo enters retention agreement with SVP Canada Allan Schoening through June 2024 with enhanced severance

Civeo Corp

Agreement provides lump sum base salary (CAD $510k) through June 30, 2024 if terminated without cause before that date.
Also includes lump sum target bonuses (70% of base) for remaining periods and pro-rata 2024 bonus, plus accelerated equity vesting.
Performance-based equity awards remain outstanding and vest based on actual performance over full period.
If terminated after June 30, 2024, may enter consulting role; termination without cause triggers full equity acceleration.
Letter cites 'strategic initiatives' and importance of Schoening's contributions in coming months.

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