Document:

Letter Agreement

 Exhibit 10.24 
 P2020 RIG CO.  
 c/o Vantage Drilling Company 

777 Post Oak Blvd 
 Suite 800 

Houston, Texas 77056 
 USA 

Attention: Chris Edward Celano 
 WAYZATA
OPPORTUNITIES FUND II, L.P.  
 701 East Lake Street 
 Suite 300 
 Wayzata, Minnesota 55391 
 USA 
 Attention: Raphael T. Wallander 
 VANTAGE DRILLING COMPANY 
 777 Post Oak Blvd 

Suite 800 
 Houston, Texas 77056 

USA 
 Attention: Chris Edward Celano 

28 February 2011 
 Dear Sirs 

P2020 Rig Co. – US$100,000,000 Term Facility Agreement dated 26 August 2009 between, amongst others, P2020 Rig Co. as Borrower, Wayzata
Investment Partners LLC as Administrative Agent, Wayzata Opportunities Fund II, L.P. as Lender and Vantage Drilling Company as Guarantor (the “Facility Agreement”) 

 

	1.	Unless otherwise defined herein, capitalised terms used in this letter shall have the meaning given to them in the Facility Agreement or, if not defined therein, the
other Finance Documents (as defined in the Facility Agreement), as applicable. 

  

	2.	As notified to us, as Administrative Agent, in the letter from the Borrower and Guarantor dated January 19, 2011 and supplemented by further letter dated
February 28, 2011 (collectively and along with the appendices attached thereto, the “Waiver Request”), the Borrower has requested that we waive certain requirements relating to a Rig Drilling Contract with Petronas Carigali
(the “Petronas Contract”). A true and correct copy of the Waiver Request is attached hereto as Exhibit A. A true and correct copy of the Petronas Contract is attached hereto as Exhibit B. 

 

	3.	Attached to the Waiver Request as Appendix A and Appendix B were a list of specific items in the Petronas Contract that did not comply with the requirements set forth
in the Facility Agreement and Schedule 4 thereto for which you have requested this waiver. 

  
 - 1 -

	4.	In response to the Borrower’s request, we (on behalf of the Lender) agree to waive, with effect from the date of the last countersignature of this letter,
non-compliance by the Borrower with those requirements under the Facility Agreement in relation to the Petronas Contract as set out in the Waiver Request. For the avoidance of doubt, this waiver only relates to the Petronas Contract and does not
constitute a waiver of the Administrative Agent or the Lender’s rights with respect to any other Rig Drilling Contracts or, with respect to the Petronas Contract, to any provisions not specifically addressed in the Waiver Request.

  

	5.	This letter is provided without prejudice to the Borrower’s continuing obligations under the Finance Documents and such continuing obligations shall remain in full
force and effect. The Lender reserves any right or remedy it may have now or in the future. 

  

	6.	Except the specific waivers set out in this letter, nothing in this letter shall be deemed to be a further waiver by us of, or consent by us to, any breach or potential
breach (present or future) of any provision of the Transaction Documents. 

  

	7.	In addition to the amendment costs referred to at paragraph 9 below and in consideration of the Lender providing this waiver, a waiver fee in the amount of US$2,000,000
(the “Waiver Fee”) shall be paid by the Guarantor to the Lender upon countersignature of this letter to the following account: 

 Account Name: Wayzata Opportunities Fund II, L.P. 
 Account Bank: JP Morgan Chase
New York 
 Account No: 304990833 
 Bank ABA: 021000021 
 Currency: USD 

For the avoidance of doubt, no funds available to the Borrower or standing to the credit of the Accounts shall be applied in or towards
payment of the Waiver Fee. 
  

	8.	A new clause 7.4(c) shall be inserted in the Facility Agreement as follows: 

 

	 	“(c)	Provided that (in the sole opinion of the Lender) no Default is then continuing on the proposed prepayment date, at any time between 28 February 2011 and
31 August 2011, the Borrower may, if it gives the Administrative Agent not less than seven (7) Business Days’ prior written notice (or such shorter period as the Lender may in its sole discretion agree), prepay and discharge the
outstanding Loan (including any PIK Interest Amount owed in relation thereto) by paying to the Lender an amount equal to all accrued and unpaid Cash Interest Payments due and owing as at the proposed prepayment date, plus the amount specified below
for the period in which the proposed prepayment date falls: 

  
 - 2 -

			
	Period (all dates inclusive):	 	Amount:
		
	On 28 February 2011	 	One hundred and thirty six million, two hundred and fifty thousand Dollars (US$136,250,000)
		
	From 1 March 2011 until 31 March 2011	 	One hundred and thirty five million Dollars (US$135,000,000)
		
	From 1 April 2011 until 30 April 2011	 	One hundred and thirty three million, seven hundred and fifty thousand Dollars (US$133,750,000)
		
	From 1 May 2011 until 31 May 2011	 	One hundred and thirty two million, five hundred thousand Dollars (US$132,500,000)
		
	From 1 June 2011 until 30 June 2011	 	One hundred and thirty one million, two hundred and fifty thousand Dollars (US$131,250,000)
		
	From 1 July 2011 until 31 July 2011	 	One hundred and thirty million Dollars (US$130,000,000)
		
	From 1 August 2011 until 31 August 2011	 	One hundred and twenty eight million, seven hundred and fifty thousand Dollars (US$128,750,000)”

 

	9.	In accordance with clause 15.2 (Amendment Costs) of the Facility Agreement, where an amendment, waiver or consent to or in respect of any Finance Document is
requested by an Obligor, the Borrower shall, within three Business Days of demand, reimburse the Administrative Agent for the amount of all costs and expenses reasonably incurred by the Finance Parties in responding to, evaluating, negotiating or
complying with the request. In accordance with this provision we will contact you shortly with a request for reimbursement. 

  

	10.	The Guarantor agrees by its countersignature below that its obligations as Guarantor shall remain in full force and affect in respect of the Facility Agreement as
varied by this letter. 

  

	11.	This letter is designated a Finance Document under the Facility Agreement. 

 

	12.	This letter and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be
governed by, and construed in accordance with, the law of England and Wales. 

  

	13.	Please sign and return this letter to us within three Business Days of the date of this letter to confirm your agreement with its terms. 

  
 - 3 -

	14.	If we do not receive a fully countersigned copy of this letter and payment of the Waiver Fee within three Business Days of the date of this letter, the waivers set out
in this letter will lapse. Borrower shall remit the Waiver Fee on the same Business Day it executes this letter. Borrower’s failure to cause the payment of the Waiver Fee on or before the Business Day on which it executes this letter
constitutes an Event of Default under the Facility Agreement 

  

	15.	This letter may be countersigned in any number of counterparts. The countersignature of more than one counterpart shall have the same effect as if each of the
signatures on each of the counterparts were on a single copy of this letter. 

  

	
	Yours sincerely,
	
	/s/ Mary I. Burns
	
	Wayzata Investment Partners LLC

 We acknowledge
and confirm our agreement to the terms of this letter. 
  

			
	Signed  	 	/s/ Christopher G. DeClaire
	
	P2020 Rig Co. (as Borrower)
		
	Date	 	February 28, 2011
		
	Signed  	 	/s/ Blake M. Carlson

 Wayzata Opportunities Fund II, L.P. (as Lender) 

			
		
	Date	 	February 28, 2011
		
	Signed  	 	/s/ Christopher G. DeClaire
	
	Vantage Drilling Company (as Guarantor)
		
	Date	 	February 28, 2011

  
 - 4 -Annual Incentive Award Agreement

 Exhibit 10.65 
 OFFICEMAX INCORPORATED 
 2010 Annual Incentive Award Agreement

 This potential Annual Incentive Award (the “Award”) is granted on November 8,
2010 (the “Award Date”), by OfficeMax Incorporated (the “Company”) to Ravichandra Saligram (“Awardee” or “you”) pursuant to the 2003 OfficeMax Incentive and Performance Plan, as may be amended from
time to time (the “Plan”), and the following terms and conditions of this agreement (the “Agreement”): 
  

	1.	 Terms and Conditions. The Award is subject to all the terms and conditions of the Plan. All capitalized terms not defined in this Agreement
shall have the meaning stated in the Plan. If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control unless this Agreement expressly states that an exception to the Plan is being
made. 

  

	2.	 Definitions. For purposes of this Award, the following terms shall have the meanings stated below. 

 

	 	2.1.	 “Award Period” means the Company’s fiscal year ending in 2010. 

 

	 	2.2.	 “Base Salary” means your annual pay rate in effect at the end of the Award Period, (a) including any amounts deferred pursuant to an
election under any 401(k) plan, pre-tax premium plan, deferred compensation plan, or flexible spending account sponsored by the Company or any Subsidiary, (b) but excluding any incentive compensation, employee benefit, or other cash benefit
paid or provided under any incentive, bonus or employee benefit plan sponsored by the Company or any Subsidiary, and/or any excellence award, gains upon stock option exercises, restricted stock grants or vesting, moving or travel expense
reimbursement, imputed income, or tax gross-ups, without regard to whether the payment or gain is taxable income to you. 

  

	 	2.3.	 “EBIT” means the Company’s earnings from continuing operations before interest and taxes for the Award Period, as calculated by the
Company in its sole and complete discretion. 

  

	 	2.4.	 “Net Sales” means the Company’s gross sales or revenues less returns, allowances, rebates, and coupons for the Award Period, as
calculated by the Company in its sole and complete discretion. 

  

	 	2.5.	 “Return on Sales” means the ratio of the Company’s operating profit to Net Sales, expressed as a percentage, for the Award Period, as
calculated by the Company in its sole and complete discretion. 

  

	 	2.6.	 “Same Location Sales Growth” means the percentage change in overall Net Sales for the Company during the Award Period, adjusted for store
closures, store openings, business acquisitions, business divestitures, changes in fiscal periods, and excluding the impact of foreign exchange rates, all as calculated by the Company in its sole and complete discretion.

  

	3.	 Target Award. You are hereby awarded a target Award of 100% of your Base Salary, pro rated based on the number of days during the Award
Period that you were employed with the Company and were eligible to participate in the Plan divided by the total number of days in the Award Period (referred to herein as your “Target Award”), subject to the terms and conditions set forth
in the Plan and this Agreement. 

  

	4.	 Minimum Performance Measurement. As a condition of payment of the Award, both the Company’s net income from continuing operations
available to common shareholders excluding 

	 	 
special items for the Award Period, as disclosed and discussed in the earnings release, must be positive and the Company must achieve a minimum EBIT threshold of $63.0M. If both of the above
minimum performance measurements are achieved, you may be eligible to receive up to 225% of your Target Award. The actual amount of your Award will be determined pursuant to and in accordance with paragraph 5. 

 

	5.	 Award Calculation. Your Award will be calculated as follows: 

 

	 	5.1	 Based on the Company’s EBIT, Return on Sales, and Same Location Sales Growth, as weighted below, a payout amount will be determined using the
chart below: 

  
  

 

							
	 Global – 100%
	  	 
	 EBIT

(millions)
	  	 Return on Sales

(ROS)

Percentage
	  	 Same Location

Sales Growth

(SLSG)

Percentage
	  	 Payout

	 Weight: 33.4%
	  	 Weight: 33.3%
	  	 Weight: 33.3%
	  
	 Perf.
	  	 Perf.
	  	 Perf.
	  
	 $171.5
	  	2.3%	  	1.86%	  	225%
	 $84.5 - $91.5
	  	1.1% - 1.2%	  	0.50%	  	100%
	 $63.0
	  	0.9%	  	0.00%	  	25%
	 <$63.0
	  	<0.9%	  	<0.00%	  	0%

  

	 	*	 The applicable percentage is separately applied to each weighted performance measurement. 

 

	 	5.2.	 General Terms. 

  

	 	5.2.1	 Payout multiples between the percentages and numbers indicated on the chart above will be calculated using straight-line interpolation, except that
no straight-line interpolation shall apply within the EBIT and Return on Sales ranges associated with a 100% of your Target Award payout. 

  

	 	5.2.2	 Any Award that is earned will be paid in cash as soon as practicable after the Award Period, but in no event later than March 15 of the year
following the year in which the Award Period ended. 

  

	6.	 Effect of Termination of Employment. If you terminate employment at any time on or after the Award Date and before the Award is paid, your
Award will be treated as follows: 

  

	 	6.1.	 If your termination of employment is a direct result of the sale or permanent closure of any facility or operating unit of the Company or any
Subsidiary, or a bona fide curtailment, or a reduction in workforce, as determined by the Company in its sole and complete discretion, and you execute a waiver/release in the form required by the Company, you will receive a pro rata Award, if an
Award is paid, based on the number of days during the Award Period that you were employed with the Company and were eligible to participate in the Plan divided by the total number of days in the Award Period that you were eligible to participate in
the Plan. 

  

	 	6.2.	 If your termination of employment is a result of your death or Disability (as defined in your Employment Agreement with the Company, dated
October 13, 2010 (the “Employment Agreement”), or your employment is terminated by the Company without Cause or by you for Good Reason (as such terms are defined in the Employment Agreement), you will receive a pro rata Award, if an
Award is paid, calculated as provided in paragraph 6.1. 

  
 2 

	 	6.3.	 If, at the time of your termination, you are at least age 55 and have completed at least 10 years of employment with the Company, as determined by
the Company in its sole and complete discretion, you will receive a pro rata Award, if an Award is paid, calculated as provided in paragraph 6.1. 

  

	 	6.4.	 Except to the extent expressly specified in the Employment Agreement or in this paragraph 6, you must be actively employed by the Company or its
Subsidiary on the date Awards are paid in order to be eligible to receive payment of an Award. You have no vested interest to the Award prior to the Award actually being paid to you by the Company. If you terminate employment with the Company for
any reason before the Award is paid, whether your termination is voluntary or involuntary, with or without cause, you will not be eligible to receive payment of any Award for the Award Period except to the extent expressly specified in the
Employment Agreement or in this paragraph 6. 

  

	7.	 Right of the Committee. The Committee reserves the right to reduce or eliminate the Award for any reason, regardless of the amount or level
of EBIT, Net Sales, Return on Sales, Same Location Sales Growth, and/or net income from continuing operations available to common shareholders excluding special items, as disclosed and discussed in the earnings release, that is achieved.

  

	8.	 Change in Control. In the event of a Change in Control prior to the end of the Award Period, the continuing entity may continue this Award.
Notwithstanding any provisions of this Agreement or the Plan to the contrary, if the continuing entity does not so continue this Award, this Award shall become immediately fully vested and 100% of your Target Award shall be payable as of the date of
such Change in Control. “Change in Control” shall mean a “change in control of the Company” as defined in the change in control letter agreement between you and the Company dated November 8, 2010.

 You must sign this Agreement and return it to OfficeMax’s Compensation Department on or before
November 30, 2010, or the Award will be forfeited. Return your executed Agreement to: Latrice Greyer, OfficeMax, Compensation Department, 263 Shuman Boulevard, Naperville, Illinois 60563. 

 

			
	 OfficeMax Incorporated
	  	 Awardee: Ravichandra Saligram

		
	 /s/ Bruce Besanko
	  	 /s/ Ravichandra Saligram

		  	 Signature

		  	
		
	 Bruce Besanko
	  	
	 Executive Vice President
	  	 Ravichandra Saligram

	 Chief Financial Officer and
	  	 Printed Name

	 Chief Administrative Officer
	  	
		  	

  
 3

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