Document:

Fifth Amended and Restated Investors Agreement

 Exhibit 4.4 
  

 FIFTH AMENDED AND RESTATED
INVESTORS AGREEMENT 
 AMONG 
 SWITCH & DATA FACILITIES COMPANY, INC., 
 SWITCH AND & DATA, INC., 
 AND 
 CERTAIN SECURITYHOLDERS THEREOF 
 FEBRUARY 13, 2007 
  

 FIFTH AMENDED AND RESTATED 
 INVESTORS AGREEMENT 
 This FIFTH AMENDED AND RESTATED INVESTORS AGREEMENT (as amended and restated from time to time, this “Agreement) is entered into as of this 13th day of February, 2007 by and among Switch & Data Facilities Company, Inc., a Delaware corporation (the “Corporation“), Switch and Data, Inc., a Delaware corporation (the
“Successor”) and the Securityholders and will be effective immediately prior to the consummation of the Merger. 
 RECITALS 
 WHEREAS, the Successor filed a registration statement on Form S-1 (file number 333-137607, as it may be
amended from time to time, the “Initial Registration Statement“) with the SEC to effect an initial public offering of Common Stock (the “Initial IPO“); 
 WHEREAS, in order to facilitate the Initial IPO, the Successor and the Corporation agreed to affect a merger (the
“Merger“), whereby the Corporation will merge with and into the Successor, with the Successor being the surviving corporation; 
 WHEREAS, the Corporation and certain of the Securityholders are a party to that certain Fourth Amended and Restated Investors Agreement, as amended (the “Prior Agreement“), which
established certain rights and obligations with respect to the ownership, voting, registration rights, and transfer of capital stock of the Corporation and certain other matters related thereto; 
 WHEREAS, in connection with the Merger and in order to facilitate the Initial IPO, a requisite percentage of the Securityholders to the Prior
Agreement have agreed to amend and restate the Prior Agreement and in its entirety as set forth in place, this Agreement; and 
 NOW,
THEREFORE, for and in consideration of the premises and other mutual benefits, the sufficiency of which are hereby acknowledged and confessed, the signatories hereto, being the requisite percentage of the Securityholders to the Prior Agreement
that have the power to amend and restate the Prior Agreement, agree as follows: 
 AGREEMENTS 
 ARTICLE 1 
 DEFINITIONS

 1.1 Defined Terms; Glossary. In addition to terms defined in the body of this Agreement, capitalized terms used
herein shall have the meanings given to them in Exhibit A. The Glossary, which follows the Table of Contents, sets forth the location in this Agreement of the definition for each capitalized term used herein. 
 1.2 Construction. Unless the context requires otherwise: (a) the gender (or lack of gender) of all words used in this Agreement
includes the masculine, feminine, and neuter; (b) references to Articles and Sections refer to articles and sections of this Agreement; 
  

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(c) references to Exhibits and Schedules are to exhibits and schedules attached to this Agreement, each of which is made a part of this Agreement for
all purposes; (d) references to money refer to legal currency of the United States of America; and (e) the word “including” means “including without limitation.” 
 ARTICLE 2 
 REPRESENTATIONS AND WARRANTIES 
 2.1 Representations and Warranties. Each of the Securityholders (as to itself only) represents and warrants to the Corporation, the
Successor and the other Securityholders that: 
 (a) such Person, if such Person is an Entity, is duly organized, validly existing and in good
standing under the Laws of the jurisdiction of its organization; 
 (b) such Person has full power and authority to execute and deliver this
Agreement and to perform its obligations hereunder, and the execution, delivery, and performance by such Person of this Agreement have been duly authorized by all necessary action; 
 (c) this Agreement has been duly and validly executed and delivered by such Person and constitutes the binding obligation of such Person enforceable
against such Person in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy and other Laws of general application relating to creditor’s rights or general principles of equity; 
 (d) the execution, delivery and performance by such Person of this Agreement will not, with or without the giving of notice or the lapse of time, or
both, (i) violate any provision of Law to which such Person is subject, (ii) violate any order, judgment or decree applicable to such Person or (iii) conflict with, or result in a breach or default under, any term or condition of its
certificate of incorporation or by-laws, certificate of limited partnership or partnership agreement, certificate of formation or limited liability company agreement, as applicable, or any agreement or other instrument to which such Person is a
party; and 
 (e) such Person understands that the Registrable Securities shall, without any further action on the part of the Corporation or
such Person, be subject to the terms, conditions and restrictions contained in this Agreement. 
 ARTICLE 3 
 REGISTRATION RIGHTS 
 3.1
Registrations Rights. 
 (a) Initial Demand Registrations. Each Securityholder that at the effective time of this
Agreement is a holder of Series D-1 Preferred Stock of the Corporation and is set forth on Schedule I (each, a “Demand Rights Holder“) may make a written request for registration and the filing of a registration
statement (a “Registration Statement“) under the Securities Act of all or a portion of the Registrable Securities owned by them (each, an “Initial Demand Registration“); provided that Initial
Demand Registrations shall be granted on not more than four occasions, and only after the date which is six months after the closing of the Initial IPO. Following the Corporation’s receipt of such a request, the Corporation shall give written
notice of such request to all of the Demand Rights Holders 

  

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and such Demand Rights Holders shall have 10 Business Days to notify the Corporation of their desire to participate in the registration. The Corporation
shall include in the registration in respect of which such notice has been given all Registrable Securities with respect to which the Corporation has received timely written requests from the Demand Rights Holders for inclusion therein.
Notwithstanding the foregoing, the Demand Rights Holders acknowledge and agree that their rights to Initial Demand Registrations set forth in this Section 3.1(a) will terminate once the Corporation is eligible to register securities on Form S-3
(or any successor form) under the Securities Act. 
 (b) Subsequent Demand Registrations. Following the Initial IPO and during such
period as the Corporation is subject to periodic reporting requirements of Section 13 or 15(d) of the Exchange Act, the Corporation shall use commercially reasonable efforts to qualify and remain qualified to register securities on Form S-3 (or
any successor form) under the Securities Act. After the Corporation is eligible to register securities on Form S-3 (or any successor form), all Demand Rights Holders shall have unlimited rights to request registrations with respect to their
Registrable Securities (the “Subsequent Demand Registrations“, referred to collectively, with the Initial Demand Registrations, as the “Demand Registrations“), including registrations for the sale of
such Registrable Securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act. Following the Corporation’s receipt of a request for a Subsequent Demand Registration, the Corporation shall give written notice of such
request to all other Demand Rights Holders and such other Demand Rights Holders shall have 10 Business Days to notify the Corporation of their desire to participate in the registration. The Corporation shall include in the registration in respect of
which notice has been given all Registrable Securities with respect to which the Corporation has received timely written requests from the Demand Rights Holders for inclusion therein. 
 (c) Limitations on Demand Registrations. Notwithstanding the foregoing, (i) in no event shall the Corporation be required to file more than
one Registration Statement in any six-month period in response to the exercise of Subsequent Demand Registrations initiated by the request of one or more Demand Rights Holders, (ii) the Corporation need not register any Registrable Securities
pursuant to a Demand Registration, unless the good faith estimated size of the offering is (A) greater than $10 million with respect to any Initial Demand Registration or (B) greater than $2.5 million with respect to any Subsequent
Demand Registration and (iii) all parties granted registration rights will be subject to the customary lock-up provisions set forth in Section 3.5 below that would restrict the sales of Registrable Securities during specified periods
(including sales pursuant to the exercise of demand rights). 
 (d) Effecting a Demand Registration. Any request for a Demand
Registration will specify the aggregate number of Registrable Securities proposed to be sold by the Demand Rights Holders exercising their respective registration rights under Section 3.1(a) or Section 3.1(b) (the “Requesting
Holders“) and will also specify the intended method of disposition thereof (including whether such offering shall be a firm commitment underwritten offering). A registration will not count as a Demand Registration until it has become
effective. Should a Demand Registration not become effective due to the failure of a Requesting Holder to perform its obligations under this Agreement or, if an underwritten offering, the inability of the Requesting Holders to reach agreement with
the underwriters for the proposed sale on price or other customary terms for such transaction, or in the event the Requesting Holders withdraw or do not pursue the request for the Demand Registration (in each of the foregoing cases, provided that

  

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at such time the Corporation is in compliance in all material respects with its obligations under this Agreement), then, subject to Section 3.1(e), such
Demand Registration shall be deemed to have been effected (provided that (i) if the Demand Registration does not become effective because an adverse change has occurred, or is reasonably likely to occur, in (A) the condition
(financial or otherwise), business, assets or results of operations of the Corporation and its Subsidiaries taken as a whole subsequent to the date of the written request made by the Requesting Holders or (B) if it is an underwritten offering,
in the market conditions generally such that the managing underwriter of such offering, determines in good faith that an underwritten offering is not possible, (ii) if the Corporation withdraws the Demand Registration for any reason or preempts
the request for the Demand Registration, (iii) if, after the Demand Registration has become effective, an offering of Registrable Securities pursuant to a registration is interfered with by any stop order, injunction or other order or
requirement of the SEC or other governmental agency or court or (iv) if the Demand Registration is withdrawn at the request of the Requesting Holders pursuant to Section 3.1(g) or Section 3.2(a)(i), then the Demand Registration shall
not be deemed to have been effected and will not count as a Demand Registration). 
 (e) Withdrawal. If the Requesting Holders
withdraw or do not pursue a request for a Demand Registration and, pursuant to Section 3.1(d) hereof, such Demand Registration is deemed to have been effected, then the Requesting Holders may reinstate such Demand Registration (such that the
withdrawal or failure to pursue a request will not count as a Demand Registration hereunder) if the Requesting Holders reimburse the Corporation for any and all Registration Expenses incurred by the Corporation in connection with such request for a
Demand Registration that was withdrawn or not pursued. 
 (f) Preemption. The Corporation will have the right to preempt any Demand
Registration with a primary registration by delivering written notice (within seven Business Days after the Corporation has received a request for such Demand Registration) of such intention to the Requesting Holders indicating that the Corporation
has identified a specific business need and use for the proceeds of the sale of such securities and had contemplated such sale of securities prior to receiving the Requesting Holders’ notice, in which case the Corporation shall use its
commercially reasonable efforts to effect a primary registration within 90 days of such notice. In the ensuing primary registration, the Requesting Holders will have such Piggyback Registration rights as are set forth in Section 3.1(i) hereof.
Upon the Corporation’s preemption of a requested Demand Registration, such requested registration will not count as a Demand Registration. If the Corporation thereafter decides to abandon its intention to pursue such sale of securities, it
shall give notice thereof to any preempted Requesting Holders within two Business Days following the Corporation’s decision. The Corporation may exercise the right to preempt a Demand Registration only once in any 360-day period;
provided, that during any 360-day period the Corporation shall use its commercially reasonable efforts to permit a period of at least 180 consecutive days during which the Requesting Holders may effect a Demand Registration. 
 (g) Underwritten Offering. Common Stock to be sold for the account of any Person (including the Corporation) other than a Requesting Holder shall
not be included in a Demand Registration if the managing underwriter or underwriters shall advise the Corporation and the Requesting Holder in writing that the inclusion of such securities should be limited due to market conditions. 

  

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Furthermore, if the managing underwriter or underwriters shall advise the Corporation and the Requesting Holders that even after exclusion of all securities
of other Persons (including the Corporation) pursuant to the immediately preceding sentence, the amount of Registrable Securities proposed to be included in such Demand Registration by such Requesting Holders should be limited due to market
conditions, then the Registrable Securities of the Requesting Holders to be included in such Demand Registration shall equal the number of Registrable Securities which the Corporation and the Requesting Holders are advised is satisfactory by such
underwriters, and such Registrable Securities shall be allocated pro rata among such Requesting Holders on the basis of the number of Registrable Securities requested to be included in such registration by each such Requesting Holder. 
 (h) Selection of Underwriters. The managing underwriters (including the book running lead managing underwriters) and any additional investment
bankers and managers to be used in connection with the offering shall be selected, in the case of an Initial Demand Registration or Subsequent Demand Registration, by a majority in interest (based on the number of shares requested to be registered)
of the Demand Rights Holders, considered together as a single class, requesting such Demand Registration; provided that the lead managing underwriter must be reasonably satisfactory to the Corporation. 
 (i) Piggyback Registration Rights. Securityholders shall have the right to piggyback on any Registration Statement (except with respect to
Registration Statements on Form S-4, S-8 or another form not available for registering the shares for sale to the public), filed by the Corporation on behalf of the Corporation or any Securityholder (a “Piggyback
Registration“). If at any time or times after the date hereof the Corporation shall seek to register capital stock of the Corporation for its own account or on the account of others, the Corporation will promptly give written notice
thereof to all Securityholders that hold Registrable Securities. Each Securityholder will have 10 Business Days after receipt of any such notice to notify the Corporation as to whether it wishes to participate in a Piggyback Registration (which
notice shall not be deemed to be a request for a Demand Registration); provided that should a Securityholder fail to provide timely notice to the Corporation, such Securityholder will forfeit any rights to participate in the Piggyback
Registration with respect to such proposed offering. The Corporation shall use commercially reasonable efforts to include the requested Registrable Securities to be registered. However, to the extent the managing underwriter determines in good faith
that the number of Registrable Securities requested to be included in the registration should be limited due to market conditions, then the amount of Registrable Securities to be included in such Piggyback Registration shall equal the number of
Registrable Securities which the Corporation and the Securityholders are advised is satisfactory by such underwriters, and then Registrable Securities to be registered for the Corporation’s account, if any, shall first be included and
thereafter Registrable Securities shall be allocated pro rata among such Securityholders (i) first to the Demand Rights Holders pro rata on the basis of the aggregate number of Registrable Securities which were requested to be included in such
registration by each such Demand Rights Holder and (ii) then to each other Securityholder, pro rata among such Securityholders on the basis of the number of Registrable Securities requested to be included in such registration by each such
Securityholder. If the Corporation or the Demand Rights Holders for whose account such offering is being made shall determine in its (or their) sole discretion not to register or to delay the proposed offering, then the Corporation shall provide
written notice of such determination to the Securityholders and (A) in the case of a determination not to effect the proposed 

  

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offering, shall thereupon be relieved of the obligation to register such Registrable Securities in connection therewith and (B) in the case of a
determination to delay a proposed offering, shall thereupon be permitted to delay registering such Registrable Securities for the same period as the delay in respect of the proposed offering. The Corporation shall be entitled to select the
underwriters in connection with any Piggyback Registration. 
 (j) Participation in Underwritten Registrations. No Person may
participate in any underwritten registered offering contemplated hereunder unless such Person (a) agrees to sell its Registrable Securities on the basis provided in any underwriting arrangements approved by the Corporation, (b) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and this Agreement and (c) furnishes in writing to the
Corporation such information regarding such Person, the plan of distribution of the Registrable Securities and other information as the Corporation may from time to time request or as may be legally required in connection with such registration,
including, without limitation, opinions of counsel and a custody agreement; provided, however, that no such Person shall be required to make any representations, warranties or indemnities in connection with any such registration other than
representations, warranties and indemnities as to (i) such Person’s ownership of his or its Registrable Securities to be sold or Transferred free and clear of all liens, claims and encumbrances, (ii) such Person’s right, power
and authority to effect such Transfer, (iii) ),each document delivered by or on behalf of such Person having been duly and validly authorized, executed and delivered by or on behalf of such Person and being enforceable against such Person,
(iv) the execution, delivery and performance of each document delivered by or on behalf of such Person not conflicting with other agreements, regulations or orders binding such Person or such Person’s property and (v) such matters
pertaining to compliance with securities Laws as may be reasonably requested; provided further, however, that the obligation of such Person to indemnify pursuant to any such underwriting agreements shall be several, not joint and several,
among such Persons selling Registrable Securities and the liability of each such Person will be in proportion to, and provided further that such liability will be limited to, the net amount received by such Person from the sale of such
Person’s Registrable Securities pursuant to such registration. 
 3.2 Registration Procedures. 
 (a) In connection with the registration of Registrable Securities pursuant to Section 3.1 of this Agreement, the Corporation will use its
commercially reasonable efforts to effect the registration of such Registrable Securities (the “Registration Shares“) as promptly as is reasonably practicable, and in connection with any such request: 
 (i) The Corporation will expeditiously prepare and file with the SEC a Registration Statement under the Securities Act on any form for
which the Corporation then qualifies and which counsel for the Corporation shall deem appropriate and available for the sale of the Registration Shares to be registered thereunder in accordance with the intended method of distribution thereof, and
such amendments and supplements thereto and the prospectus used in connection therewith, as may be necessary to keep such Registration Statement, and use its commercially reasonable efforts to cause such filed Registration Statement to become and
remain, effective with respect to any Demand Registration or Piggyback 

  

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Registration, for such period, not to exceed 180 days, as may be necessary to effect the sale of such securities and comply with the provisions of the
Securities Act with respect to the sale of Registration Shares covered by such Registration Statement for such period; provided that if the Corporation shall furnish to each Securityholder who is selling Registration Shares pursuant to a
public offering registered hereunder (a “Selling Holder“) a certificate signed by the Corporation’s Chairman, President or any Executive Vice-President or Vice-President stating that the Board has determined in good
faith that it would be detrimental or otherwise disadvantageous to the Corporation or its Securityholders for such a Registration Statement to be filed as expeditiously as possible because the sale of Registration Shares covered by such Registration
Statement or the disclosure of information in any related prospectus or prospectus supplement would materially interfere with any acquisition, financing or other material event or transaction which is then intended or the public disclosure of which
at the time would be materially prejudicial to the Corporation, the Corporation may postpone the filing or effectiveness of a Registration Statement for a period of not more than 120 days in any 12 month period; provided that if (y) the
effective date of any Registration Statement filed pursuant to a Demand Registration would otherwise be at least 45 calendar days, but fewer than 90 calendar days, after the end of the Corporation’s fiscal year, and (z) the Securities Act
requires the Corporation to include audited financials as of the end of such fiscal year, then the Corporation may delay the effectiveness of such Registration Statement for such period as is reasonably necessary to include therein its audited
financial statements for such fiscal year. If the Corporation exercises its right to postpone the filing or effectiveness of a Registration Statement, then the applicable Securityholders shall be entitled to withdraw their request for such Demand
Registration and it shall not count as a Demand Registration. 
 (ii) Anything in this Agreement to the contrary
notwithstanding, it is understood and agreed that the Corporation shall not be required to keep any shelf registration effective or useable for offers and sales of the Registration Shares, file a post effective amendment to a shelf Registration
Statement or prospectus supplement or to supplement or amend any Registration Statement if the Corporation is then involved in discussions concerning, or otherwise engaged in, any material financing or investment, acquisition or divestiture
transaction or other material business purpose and the Corporation determines in good faith that the making of such a filing, supplement or amendment at such time would materially interfere with such transaction or purpose. The Corporation shall
promptly give the Selling Holders written notice of such postponement containing a general statement of the reasons for such postponement and an approximation of the length of the anticipated delay. Upon receipt by a Selling Holder of notice of an
event of the kind described in this Section 3.2(a)(ii), such Selling Holder shall forthwith discontinue such Selling Holder’s disposition of Registration Shares until such Selling Holder’s receipt of notice from the Corporation that
such disposition may continue and of any supplemented or amended prospectus indicated in such notice. The Corporation shall use its commercially reasonable efforts to permit sales of 

  

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Registration Shares on such shelf Registration Statement for at least 180 days during any 360-day period. If the Corporation shall give notice of an event of
the kind described in this Section 3.2(a)(ii), then the Corporation shall extend the period during which the applicable Registration Statement shall be maintained effective as provided in Section 3.2(a)(i) by the number of days during the
period from and including the date of the giving of such notice to the date when the Corporation shall give notice to the Selling Holders that such dispositions of such Registration Shares may continue and shall have made available to the Selling
Holders any such supplemented or amended prospectus. 
 (iii) The Corporation will, if requested, prior to filing a
Registration Statement or any amendment or supplement thereto, furnish to the Selling Holders, and each applicable managing underwriter, if any, copies thereof, and thereafter furnish to the Selling Holders and each such underwriter, if any, such
number of copies of such Registration Statement, amendments and supplements thereto (in each case including all exhibits thereto and documents incorporated by reference therein) and each prospectus used in connection therewith (including each
preliminary prospectus) as the Selling Holders or each such underwriter may reasonably request in order to facilitate the sale of the Registration Shares by the Selling Holders. 
 (iv) After the filing of the Registration Statement, the Corporation will promptly notify the Selling Holders of any stop order issued or,
to the Corporation’s knowledge, threatened to be issued by the SEC and take all reasonable actions required to prevent the entry of such stop order or to remove it if entered. 
 (v) The Corporation will use its commercially reasonable efforts to register or qualify the Registration Shares for offer and sale under
such other securities or blue sky Laws of such jurisdictions in the United States as the Selling Holders reasonably request; keep each such registration or qualification (or exemption therefrom) effective during the period in which such Registration
Statement is required to be kept effective; and do any and all other acts and things which may be reasonably necessary or advisable to enable each Selling Holder to consummate the disposition of the Registration Shares owned by such Selling Holder
in such jurisdictions; provided that the Corporation will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3.2(a)(v),
(B) subject itself to taxation in any such jurisdiction where it would not otherwise be subject to taxation but for this Section 3.2(a)(v) or (C) consent to general service of process in any such jurisdiction. 
 (vi) The Corporation will immediately notify the Selling Holders, at any time when a prospectus relating to the sale of the Registration
Shares is required by Law to be delivered in connection with sales by an underwriter or dealer, of the occurrence of any event as a result of which such prospectus contains an untrue statement of a material fact or omits to 

  

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state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading and promptly prepare and make available to the Selling Holders and to the underwriters any such supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registration Shares, such
prospectus will not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading. Upon receipt of any notice of the occurrence of any event of the kind described in the
preceding sentence, Selling Holders will forthwith discontinue the offer and sale of Registration Shares pursuant to the Registration Statement covering such Registration Shares until receipt by the Selling Holders and the underwriters of the copies
of such supplemented or amended prospectus and, if so directed by the Corporation, the Selling Holders will deliver to the Corporation all copies, other than permanent file copies then in the possession of Selling Holders, of the most recent
prospectus covering such Registration Shares at the time of receipt of such notice. If the Corporation shall give such notice, then the Corporation shall extend the period during which such Registration Statement shall be maintained effective as
provided in Section 3.2(a)(i) hereof by the number of days during the period from and including the date of the giving of such notice to the date when the Corporation shall make available to the Selling Holders such supplemented or amended
prospectus. 
 (vii) The Corporation will enter into customary agreements (including an underwriting agreement in customary
form) and take such other actions (including participation in road shows and investor conference calls) as are required in order to expedite or facilitate the sale of such Registration Shares. 
 (viii) At the request of any underwriter in connection with an underwritten offering, the Corporation will furnish (A) an opinion of
counsel, addressed to the underwriters, covering such customary matters as the managing underwriter may reasonably request and (B) a comfort letter or comfort letters from the Corporation’s independent public accountants covering such
customary matters as the managing underwriter may reasonably request. 
 (ix) If requested by the managing underwriter or any
Selling Holder, the Corporation shall promptly incorporate in a prospectus supplement or post effective amendment such information as the managing underwriter or any Selling Holder reasonably requests to be included therein, including with respect
to the Registration Shares being sold by such Selling Holder, the purchase price being paid therefor by the underwriters and with respect to any other terms of the underwritten offering of the Registration Shares to be sold in such offering, and
promptly make all required filings of such prospectus supplement or post effective amendment. 
 (x) The Corporation shall
promptly make available for inspection by any Selling Holder or underwriter participating in any disposition pursuant to any Registration Statement, and any attorney, accountant or other agent or representative 

  

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retained by any such Selling Holder or underwriter (collectively, the “Inspectors“), all financial and other records, pertinent
corporate documents and properties of the Corporation (collectively, the “Records“), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Corporation’s officers,
directors and employees to supply all information requested by any such Inspector in connection with such Registration Statement; provided, however, that unless the disclosure of such Records is necessary to avoid or correct a misstatement or
omission in the Registration Statement or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Corporation shall not be required to provide any information under this
Section 3.2(ix) if (A) the Corporation believes, after consultation with counsel for the Corporation, that to do so would cause the Corporation to forfeit an attorney-client privilege that was applicable to such information or (B) if
either (1) the Corporation has requested and been granted from the SEC confidential treatment of such information contained in any filing with the SEC or documents provided supplementally or otherwise or (2) the Corporation reasonably
determines in good faith that such Records are confidential and so notifies the Inspectors in writing, unless, in each case, prior to furnishing any such information with respect to (A) or (B), such Selling Holder requesting such information
agrees to enter into a confidentiality agreement in customary form and subject to customary exceptions; provided further, however, that each Selling Holder agrees that it will, upon learning that disclosure of such Records is sought in a
court of competent jurisdiction, give notice to the Corporation and allow the Corporation, at its expense, to undertake appropriate action and to prevent disclosure of the Records deemed confidential. 
 (xi) The Corporation, upon or immediately after the effectiveness of a registration, shall cause all Registration Shares included in any
Registration Statement to be (A) listed on each securities exchange, if any, on which similar securities issued by the Corporation are then listed or (B) authorized to be quoted and/or listed (to the extent applicable) on the Nasdaq
National Market if similar securities issued by the Corporation are then quoted. 
 (xii) The Corporation shall provide a
CUSIP number for the Registration Shares included in any Registration Statement not later than the effective date of such Registration Statement. 
 (xiii) The Corporation shall cooperate with each Selling Holder and each underwriter participating in the disposition of such Registration Shares and their respective counsel in connection with any filings required to
be made with the National Association of Securities Dealers, Inc. 
 (xiv) The Corporation shall during the period when the
prospectus is required to be delivered under the Securities Act, timely file all documents required to be filed with the SEC pursuant to the Securities Act and Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act. 
  

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 (xv) The Corporation will make generally available to its Securityholders, as soon as
reasonably practicable, an earnings statement covering a period of 12 months, beginning within three months after the effective date of the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the
Securities Act and the rules and regulations of the SEC thereunder. 
 (xvi) The Corporation shall use its commercially
reasonable efforts to comply with the securities Laws of the United States and other applicable jurisdictions and all applicable rules and regulations of the SEC and comparable governmental agencies in other applicable jurisdictions. 
 (b) The Selling Holders shall promptly furnish in writing to the Corporation such information regarding such Selling Holders, the plan of distribution of
the Registration Shares and other information as the Corporation may from time to time reasonably request or as may be legally required in connection with such registration. 
 3.3 Indemnification. 
 (a) Indemnification by the Corporation. The Corporation agrees to indemnify and hold harmless each Selling Holder and its Affiliates and their respective officers, directors, partners, shareholders, members, managers, employees,
agents and representatives and each Person (if any) which controls a Selling Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (a “Controlling Person“) from and
against any and all losses, claims, damages, liabilities and expenses arising out of or based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or prospectus relating to the
Registration Shares or any preliminary prospectus, or any amendment or supplement to such Registration Statement or prospectus; (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading; (iii) any violation or alleged violation by the Corporation of the Securities Act, the Exchange Act or any state securities Law or (iv) any failure to register or qualify the Registration Shares
in any state where the Corporation or its agents have affirmatively undertaken or agreed in writing that the Corporation (the undertaking of any underwriter being attributed to the Corporation) will undertake such registration or qualification on
the Selling Holder’s behalf (provided that in such instance the Corporation shall not be so liable if it has undertaken its commercially reasonable efforts to so register or qualify the Registration Shares), or any blue sky application or other
document executed by the Corporation specifically for that purpose or based upon written information furnished by the Corporation filed in any state or other jurisdiction in order to qualify any or all of the Registration Shares under the securities
Laws thereof, except insofar as such losses, claims, damages or liabilities are caused by or based upon information furnished in writing to the Corporation by or on behalf of such Selling Holder or Controlling Person expressly for use therein or by
such Selling Holder’s failure to deliver a copy of the Registration Statement or prospectus or any amendments or supplements thereto after the Corporation has furnished the Selling Holder with copies of the same, which failure creates liability
for such Selling Holder under applicable securities Laws; provided, however, that the Corporation shall have no obligation to indemnify under this sentence to the extent any such losses, claims, damages or liabilities have been finally and
non-appealably determined by a court to have resulted from such Selling Holder’s 

  

 Switch & Data Facilities Company, Inc. 
 Fifth Amended and Restated Investors Agreement 

 
willful misconduct or gross negligence. The Corporation also agrees to indemnify any underwriters of the Registration Shares, their officers and directors
and each Person who controls such underwriters on substantially the same basis as that of the indemnification of the Selling Holders provided in this Section 3.3(a), except insofar as such losses, claims, damages or liabilities are caused by or
based upon any specific information furnished in writing to the Corporation by or on behalf of such underwriter expressly for use therein; provided, however, that the Corporation shall have no obligation to indemnify under this sentence to
the extent any such losses, claims, damages or liabilities have been finally and non-appealably determined by a court to have resulted from any such underwriter’s willful misconduct or gross negligence. 
 (b) Indemnification by Selling Holders. Each Selling Holder agrees to indemnify and hold harmless the Corporation, its officers, directors,
shareholders, employees, agents and representatives, each Controlling Person of the Corporation, and any other Selling Holder (including their Affiliates and their respective officers, directors, partners, shareholders, members, managers, employees,
agents and representatives, and any Controlling Persons thereof) from and against any and all losses, claims, damages, liabilities and expenses arising out of or based upon (i) any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement or prospectus relating to the Registration Shares or any preliminary prospectus, or any amendment or supplement to such Registration Statement or prospectus, or (ii) any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case, to the extent (and only to the extent) that such losses, claims, damages, liabilities and expenses are caused by or
based upon information relating to such Selling Holder furnished to the Corporation in writing by or on behalf of such Selling Holder expressly for use therein; provided, however, that no Selling Holder shall have any obligation to indemnify
under this sentence to the extent any such losses, claims, damages or liabilities have been finally and non-appealably determined by a court to have resulted from the Corporation’s willful misconduct or gross negligence. Each Selling Holder
also agrees to indemnify and hold harmless any underwriters of the Registration Shares, their officers and directors and each Person who controls such underwriters on substantially the same basis as that of the indemnification of the Corporation and
the other Selling Holders provided in this Section 3.3(b), but only with reference to information furnished in writing by or on behalf of such Selling Holder expressly for use in any Registration Statement or prospectus relating to the
Registration Shares, or any amendment or supplement thereto, or any preliminary prospectus; provided, however, that no Selling Holder shall have any obligation to indemnify under this sentence to the extent any such losses, claims, damages or
liabilities have been finally and non-appealably determined by a court to have resulted from any such underwriter’s willful misconduct or gross negligence. Each such Selling Holder’s liability under this Section 3.3 shall be limited
to an amount equal to the net proceeds (after deducting the underwriting discount and expenses) received by such Selling Holder from the sale of such Registration Shares by such Selling Holder. The obligation of each Selling Holder shall be several
and not joint. 
 (c) Conduct of Indemnification Proceedings. In case any proceeding (including any governmental investigation) shall
be instituted involving any Person by which indemnity may be sought pursuant to Section 3.3(a) or Section 3.3(b), such Person (the “Indemnified Party“) shall promptly notify the Person against whom such indemnity
may be sought (the “Indemnifying Party“) in 

  

 Switch & Data Facilities Company, Inc. 
 Fifth Amended and Restated Investors Agreement 

 
writing, and the Indemnifying Party shall have the right to assume the defense of such proceeding and retain counsel reasonably satisfactory to such
Indemnified Party to represent such Indemnified Party and any others the Indemnifying Party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any Indemnified
Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the
retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the Indemnified Party and the Indemnifying Party and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It is understood that the Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses
of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the
Indemnified Parties, such firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, which consent shall not be unreasonably
withheld. 
 (d) Contribution. If the indemnification provided for in this Section 3.3 is unavailable to an Indemnified Party in
respect of any losses, claims, damages, liabilities or expenses referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a
result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and the Indemnified Party on the other hand. The relative fault of the
Indemnifying Party and the Indemnified Party shall be determined by reference to, among other things, whether the basis for such losses, claims, damages, liabilities or expenses relates to information supplied or other actions or omissions by such
party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent the actions or omissions forming such basis. 
 The Corporation and the Selling Holders agree that it would not be just and equitable if contribution pursuant to this Section 3.3(d) were determined by pro rata allocation or by any other method of allocation
that does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages or liabilities referred to in the
immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim.
No Selling Holder shall be required to contribute any amount in excess of the amount by which the net proceeds of the offering (after deducting expenses) received by such Selling Holder exceeds the amount of any damages which such Selling Holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
  

 Switch & Data Facilities Company, Inc. 
 Fifth Amended and Restated Investors Agreement 

 3.4 Rule 144. The Corporation covenants that it will file any reports required to be
filed by it under the Securities Act and the Exchange Act and that it will take such further action as the Selling Holders may reasonably request to the extent required from time to time to enable the Selling Holders to sell Registration Shares
without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC.
Within 15 days of a written request of any Selling Holder, the Corporation will deliver to such Selling Holder a written statement as to whether it has complied with such reporting requirements. 
 3.5 Market-Stand-Off Agreement. Each Securityholder agrees that, if requested by the Corporation and its underwriters, such
Securityholder will enter into a lock-up or similar agreement not to sell or offer to sell any securities of the Corporation during the 180-day period following the effective date of a registration statement of the Corporation filed under the
Securities Act provided that all employees owning in excess of 1% of the outstanding capital stock of the Corporation and officers and directors of the Corporation enter into similar agreements. 
 3.6 Miscellaneous. 
 (a)
Registration Expenses. In connection with any Demand Registration or any Piggyback Registration, the Corporation shall pay all Registration Expenses. 
 (b) Other Registration Rights Agreements. Without the prior written consent of a majority in interest of the Demand Rights Holders, voting, for purposes of this Section 3.6(b), as a single class, the
Corporation will neither enter into any new registration rights agreements that conflict with the terms of this Agreement nor permit the exercise of any other registration rights in a manner that conflicts with the terms of the registration rights
granted hereunder. 
 ARTICLE 4 
 GENERAL PROVISIONS 
 4.1 Offset. Whenever the Corporation is to pay any sum to any Securityholder, any
amounts that such Securityholder, in its capacity as a Securityholder, owes the Corporation may be deducted from that sum before payment. 
 4.2 Termination. This Agreement shall terminate with respect to any Securityholder when such Securityholder no longer owns any Registrable Securities. 
 4.3 Notices. Except as expressly set forth to the contrary in this Agreement, all notices, requests or consents provided for or
permitted to be given under this Agreement must be in writing and must be delivered to the recipient in Person, by courier or mail or by facsimile, or similar transmission, and a notice, request or consent given under this Agreement is effective on
receipt by the Person to receive it. Notices given by telecopy shall be deemed to have been received (a) on the day on which the sender receives answer back confirmation if such confirmation is received before or during normal business hours of
any Business Day or (b) on the next 

  

 Switch & Data Facilities Company, Inc. 
 Fifth Amended and Restated Investors Agreement 

 
Business Day after the sender receives answer back confirmation if such confirmation is received (i) after normal business hours on any Business Day or
(ii) on any day other than a Business Day. All notices, requests and consents to be sent to a Securityholder must be sent to or made at the addresses given for that Securityholder on the Corporation’s stock records, or such other address
as that Securityholder may specify by notice to the other Securityholders Whenever any notice is required to be given by Law, the Certificate of Incorporation or this Agreement, a written waiver thereof, signed by the Person entitled to notice,
whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. 
 4.4 Entire
Agreement; Supersedure. This Agreement and other agreements expressly mentioned herein constitute the entire agreement of the Securityholders and their respective Affiliates relating to the Corporation and supersede all prior contracts or
agreements with respect to the matters set forth herein, whether oral or written, including, without limitation, the Prior Agreement. Each of the parties hereto acknowledge and agree that as of the date of this Agreement, the Prior Agreement shall
be of no further force and effect. 
 4.5 Effect of Waiver or Consent. A waiver or consent, express or implied, to or of
any breach or default by any Person in the performance by that Person of its obligations with respect to the Corporation is not a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other
obligations of that Person. Failure on the part of a Person to complain of any act of any Person or to declare any Person in default, irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with
respect to that default until the applicable statute-of-limitations period has run. The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies that any party may otherwise have at Law or in equity. The
rights and remedies of any party based upon, arising out of or otherwise in respect of any breach of any provision of this Agreement shall in no way be limited by the fact that the act, omission, occurrence or other state of facts upon which any
claim of any such breach is based may also be the subject matter of any other provision of this Agreement (or of any other agreement between the parties) as to which there is no breach. 
 4.6 Amendment or Restatement. Neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than
by an instrument in writing, signed by, the holders of a majority of the Registrable Securities and the Corporation. 
 4.7
Binding Effect. This Agreement shall be binding on the Corporation, the signatories hereto and each of the Securityholders that were parties to or bound by the Prior Agreement (each of which is listed on Schedule II) and, this
Agreement is binding on and inures to the benefit of the respective heirs, legal representatives, successors and permitted assigns of the Corporation and the Securityholders. Each of the parties hereto acknowledge and agree that following the
Merger, this Agreement will be binding upon the Successor and all of the Securityholders as if all references to the Corporation were references to the Successor. 
 4.8 Governing Law; Severability. THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, EXCLUDING ANY CONFLICT-OF-LAWS RULE OR PRINCIPLE THAT
MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF THIS AGREEMENT TO THE LAWS 

  

 Switch & Data Facilities Company, Inc. 
 Fifth Amended and Restated Investors Agreement 

 
OF ANOTHER JURISDICTION. In the event of a direct conflict between the provisions of this Agreement and (a) any provision of the Certificate of
Incorporation or (b) any mandatory, non-waivable provision of the Act, such provision of the Certificate of Incorporation or the Act shall control. If any provision of the Act provides that it may be varied or superseded in the agreement of a
Corporation (or otherwise by agreement of the stockholders or directors of a corporation), such provision shall be deemed superseded and waived in its entirety if this Agreement contains a provision addressing the same issue or subject matter. If
any provision of this Agreement or the application thereof to any Person or circumstance is held invalid or unenforceable to any extent, the remainder of this Agreement and the application of that provision to other Persons or circumstances is not
affected thereby and that provision shall be enforced to the greatest extent permitted by Law. 
 4.9 Further
Assurances. In connection with this Agreement and the transactions contemplated hereby, each Securityholder shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or
appropriate to effectuate and perform the provisions of this Agreement and those transactions. 
 4.10 Directly or
Indirectly. Where any provision of this Agreement refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such
Person, including actions taken by or on behalf of any Affiliate of such Person. 
 4.11 Counterparts. This Agreement
may be executed in any number of counterparts, including facsimile counterparts, with the same effect as if all signing parties had signed the same document. All counterparts shall be construed together and constitute the same instrument.

 [SIGNATURES BEGIN ON NEXT PAGE] 
  

 Switch & Data Facilities Company, Inc. 
 Fifth Amended and Restated Investors Agreement 

 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first set forth
above. 
  

			
	SWITCH & DATA FACILITIES
COMPANY, INC.
		
	By:	 	 /s/ Keith Olsen

		 	Keith Olsen, Chief Executive Officer
	Date:	 	  

	
	SWITCH AND DATA, INC.
		
	By:	 	 /s/ Keith Olsen

		 	Keith Olsen, Chief Executive Officer
	Date:	 	  

  

 Switch & Data Facilities Company, Inc. 
 Fifth Amended and Restated Investors Agreement 

					
	CAPSTREET PARALLEL II, L.P.
		
	By:	 	The CapStreet Group, LLC,
		 	its general partner
			
		 	By:	 	 /s/ Katherine L. Kohlmeyer

		 	Name:	 	Katherine L. Kohlmeyer
		 	Title:	 	Chief Financial Officer
		 	Date:	 	February 5, 2007
	
	CAPSTREET CO-INVESTMENT II-A, L.P.
		
	By:	 	The CapStreet Group, LLC,
		 	its general partner
			
		 	By:	 	 /s/ Katherine L. Kohlmeyer

		 	Name:	 	Katherine L. Kohlmeyer
		 	Title:	 	Chief Financial Officer
		 	Date:	 	February 5, 2007
	
	CAPSTREET II, L.P.
		
	By:	 	CapStreet GP II, L.P.
		 	its general partner
		
	By:	 	The CapStreet Group, LLC,
		 	its general partner
			
		 	By:	 	 /s/ Katherine L. Kohlmeyer

		 	Name:	 	Katherine L. Kohlmeyer
		 	Title:	 	Chief Financial Officer
		 	Date:	 	February 5, 2007
	
	THE CAPSTREET GROUP, LLC
			
		 	By:	 	 /s/ Katherine L. Kohlmeyer

		 	Name:	 	Katherine L. Kohlmeyer
		 	Title:	 	Chief Financial Officer
		 	Date:	 	February 5, 2007

  

 Switch & Data Facilities Company, Inc. 
 Fifth Amended and Restated Investors Agreement 

											
	CEA CAPITAL PARTNERS USA, LP
		
	By:	 	Seaport Associates, LLC,
		 	its authorized representative
					
		 	By:	 		 		 	 /s/ William K. Luby

		 	Name:	 		 		 	William K. Luby
		 	Title:	 		 		 	  

		 	Date:	 		 		 	  

	
	CEA CAPITAL PARTNERS USA CI, LP
		
	By:	 	Seaport Associates, LLC,
		 	its authorized representative
					
		 	By:	 		 		 	 /s/ William K. Luby

		 	Name:	 		 		 	William K. Luby
		 	Title:	 		 		 	  

		 	Date:	 		 		 	  

	
	SEAPORT INVESTMENTS, LLC
					
		 	By:	 		 		 	 /s/ William K. Luby

		 	Name:	 		 		 	William K. Luby
		 	Title:	 		 		 	  

		 	Date:	 		 		 	  

	
	SEAPORT CAPITAL PARTNERS II, LP
		
	By:	 	CEA Investment Partners II, LLC,
		 	its general partner
					
		 	By:	 		 		 	Seaport Associates, LLC,
		 		 		 		 	its Member and authorized representative
						
		 		 		 		 	By:	 	 /s/ William K. Luby

		 		 		 		 	Name:	 	William K. Luby
		 		 		 		 	Title:	 	  

		 		 		 		 	Date:	 	  

  

 Switch & Data Facilities Company, Inc. 
 Fifth Amended and Restated Investors Agreement 

			
	BANCBOSTON VENTURES, INC.
		
	By:	 	 /s/ Mathew G. Frazier

	Name:	 	Mathew G. Frazier
	Title:	 	Vice President
	Date:	 	February 7, 2007

  

 Switch & Data Facilities Company, Inc. 
 Fifth Amended and Restated Investors Agreement 

					
	A.G. EDWARDS PRIVATE EQUITY PARTNERS QP,
L.P. AND A.G. EDWARDS PRIVATE EQUITY
PARTNERS, L.P., JOINTLY
		
	By:	 	A.G. Edwards Capital, Inc.,
		 	their General Partner
			
		 	By:	 	 /s/ Christopher B. Redmond

		 	Name:	 	Christopher B. Redmond
		 	Title:	 	Vice President
		 	Date:	 	February 5, 2007

  

 Switch & Data Facilities Company, Inc. 
 Fifth Amended and Restated Investors Agreement 

					
	ALTAR ROCK FUND L.P.
		
	By:	 	Tudor Investment Corporation,
		 	its General Partner
			
		 	By:	 	 /s/ Richard J. Ganong, Jr.

		 	Name:	 	Richard J. Ganong, Jr.
		 	Title:	 	Managing Director
		 	Date:	 	February 5, 2007

  

 Switch & Data Facilities Company, Inc. 
 Fifth Amended and Restated Investors Agreement 

			
	RAPTOR GLOBAL FUND, L.P.
		
	By:	 	 /s/ Richard J. Ganong, Jr.

	Name:	 	Richard J. Ganong, Jr.
	Title:	 	Managing Director
	Date:	 	February 5, 2007

  

 Switch & Data Facilities Company, Inc. 
 Fifth Amended and Restated Investors Agreement 

					
	TUDOR VENTURES II, L.P.
		
	By:	 	Tudor Ventures Group L.P.,
		 	its General Partner
			
		 	By:	 	 /s/ Richard J. Ganong, Jr.

		 	Name:	 	Richard J. Ganong, Jr.
		 	Title:	 	Managing Director
		 	Date:	 	February 5, 2007

  

 Switch & Data Facilities Company, Inc. 
 Fifth Amended and Restated Investors Agreement 

 EXHIBIT A 
 DEFINED TERMS 
 As used in the Agreement, the following terms shall have the respective meanings set
forth below: 
 “Act“ means the Delaware General Corporation Law and any successor
statute, as amended from time to time. 
 “Affiliate“ means, (a) with respect to any Person, any other Person
directly or indirectly controlling, controlled by or under common control with such Person and (b) with respect to any Person who is a natural person, any immediate family member of such Person; provided, that no Securityholder of the
Corporation shall be deemed an Affiliate of any other Securityholder solely by reason of any investment in the Corporation. For the purpose of this definition, the term “controll” (including with correlative meanings, the
terms “controlling”, “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Beneficially Own“ shall have the meaning set forth in Rule 13d-3 of the Exchange Act. 
 “Board“ means the board of directors of the Corporation. 
 “Business Day“ means any
day except a Saturday, Sunday or other day on which commercial banks in Houston, Texas, New York, New York or Tampa, Florida are authorized or required by Law to close. 
 “Certificate of Incorporation“ means the Certificate of Incorporation of the Successor, as further amended or restated from time to time. 
 “Common Stock“ means the common stock, par value $0.0001 per share, of the Successor. 
 “Entity“ means any Person other than a natural person. 
 “Exchange Act“ means the Securities Exchange Act of 1934, as amended. 
 “Law“ means any applicable constitutional provision, statute, act, code (including the Internal Code of 1986, as amended),
law, regulation, rule, ordinance, order, decree, ruling, proclamation, resolution, judgment, decision, declaration, or interpretative or advisory opinion or letter of a governmental authority. 
 “Person“ means an individual, corporation, limited liability company, partnership, association, trust or other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof. 
  

 Exhibit A-1 
 Defined Terms 

 “Registrable Securities“ means all shares of Common Stock, including all shares
of Common Stock issued or issuable with respect to any Common Stock by way of exercise or conversion, a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization (it
being understood that for purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities whenever such Person has the right to then acquire or obtain from the Corporation any Registrable Securities, whether or not such
acquisition has actually been effected) held by the Securityholders immediately following the consummation of the Initial IPO contemplated by the Initial Registration Statement; provided, however, that notwithstanding anything to the contrary
contained herein, “Registrable Securities” shall not at any time include any securities (i) registered and sold pursuant to the Securities Act, (ii) sold pursuant to Rule 144 promulgated under the Securities Act, and
(iii) which could then be sold in their entirety pursuant to Rule 144(k) without volume or holding period limitations or restrictions. 
 “Registration Expenses“ means (a) all registration and filing fees, (b) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel in connection
with blue sky qualifications of the securities registered), (c) printing expenses, (d) internal expenses of the Corporation (including all salaries and expenses of its officers and employees performing legal or accounting duties),
(e) reasonable fees and disbursements of counsel for the Corporation and customary fees and expenses for independent certified public accountants retained by the Corporation (including expenses relating to any comfort letters or costs
associated with the delivery by independent certified public accountants of a comfort letter), (f) the reasonable fees and expenses of any special experts retained by the Corporation in connection with such registration, (g) reasonable
fees and expenses of up to one counsel for the Securityholders participating in the offering chosen by a majority of the Securityholders, (h) fees and expenses in connection with any review of underwriting arrangements by the National
Association of Securities Dealers, Inc. including fees and expenses of any “qualified independent underwriter” and (i) fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but shall not include
any underwriting fees, discounts or commissions attributable to the sale of Registrable Securities, or any out-of-pocket expenses (except as set forth in clause (g) above) of the applicable selling Securityholders or any fees and expenses of
underwriter’s counsel. 
 “SEC“ means the Securities and Exchange Commission. 
 “Securities Act“ means the Securities Act of 1933, as amended. 
 “Securityholder“ means each Person who is or becomes a party to this Agreement, whether in connection with the execution and
delivery hereof, by operation of law or the Prior Agreement, or otherwise, in each case, so long as such Person shall Beneficially Own any Registrable Securities. 
 “Subsidiary“ means, with respect to any Person, (a) any entity whose securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or
other persons performing similar functions (such as managers or managing members of a limited liability company) are at the time directly or indirectly owned by such Person and (b) any limited partnership a general partner of which falls within
the meaning of clause (a) preceding. 
  

 Exhibit A-2 
 Defined Terms 

 “Transfer“ including the correlative terms “Transferring“
or “Transferred“ means any direct or indirect transfer, assignment, sale, gift, pledge, hypothecation or other encumbrance, or any other disposition (whether voluntary, involuntary or by operation of law) of Common Stock,
including derivative or similar transactions or arrangements whereby a portion or all of the economic interest in, risk of loss or opportunity for gain with respect to, or voting or other rights of any Common Stock are transferred or shifted to
another Person. 
  

 Exhibit A-3 
 Defined Terms 

 SCHEDULE I 
 HOLDERS OF SERIES D-1 PREFERRED STOCK 
 A.G. Edwards Private Equity Partners QP, L.P. and A.G. Edwards Private Equity
Partners, L.P., Jointly 
 ALTAR Rock Fund L.P. 
 Frances Armour

 James Armour 
 Vernon Kelley Armour 
 Nate Blair 
 CapStreet II, L.P. 
 CapStreet Capital Co-Investment II-A, L.P 
 CapStreet Parallel II, L.P

 CEA Capital Partners USA, LP 
 CEA Capital Partners USA CI, LP

 FBO Sheila L. Peterson, IRA #7146-1731, UTA Charles Schwab & Co., Inc. 
 John Howell 
 Brian Kelly 
 Christine Kelly 
 George W. Kelly 
 Madeline F. Kelly

 Robert Kelly 
 Sara A. Kelly 
 Stephen B. Kelly 
 Daniel Lavin 
 Robert A. Marmon 
 Sheila Peterson 
 Raptor Global Fund, L.P. 
 Seaport Capital Partners II, L.P. 
 Seaport Investments, LLC 
 Marc Shapiro 
 The Peter Rieman and Deborah Rieman Living Trust Agreement 
 THK Private
Equities 
 Tudor Ventures II, L.P. 
  

 Schedule I 
 Holders of Series D-1 Preferred Stock 

 SCHEDULE II 
 SECURITYHOLDERS 
 A.G. Edwards Private Equity Partners QP, L.P. and A.G. Edwards Private Equity Partners, L.P.,
Jointly 
 AIG Annuity Insurance Company 
 ALTAR Rock Fund L.P.

 Anne Emily Armour 
 Charlotte Armour 
 Frances Armour 
 Gordon F. Armour 
 James Armour 
 Pamela Kelley Armour 
 Robinson James Armour 
 Tobias Armour 
 Vernon Kelley Armour 
 BancBoston Ventures, Inc. 
 Nate Blair 
 CapStreet II, L.P. 
 CapStreet Capital Co-Investment II-A, L.P 
 The CapStreet Group, LLC

 CapStreet Parallel II, L.P 
 CEA Capital Partners USA, LP

 CEA Capital Partners USA CI, LP 
 Jeff Christman 
 FBO Sheila L. Peterson, IRA #7146-1731, UTA Charles Schwab & Co., Inc. 
 Four Partners 
 John Howell 
 Marty L. Jimmerson

 Deborah Kamioner 
 Brian Kelly 
 Christine Kelly 
 George W. Kelly 
 George W. Kelly 1996 Trust 
 George W. Kelly 1988 Trust 
 Linda Kelly 
 Madeline F. Kelly 
 Madeline F. Kelly 1996 Trust 
 Madeline F. Kelly 1988 Trust 
 Robert Kelly 
 Sara A. Kelly 
 Sara A. Kelly 1996 Trust 
 Sara A. Kelly 1988 Trust 
 Stephen B. Kelly 
  

 Schedule II 
 Securityholders 

 Daniel Lavin 
 James F. Lavin

 Thomas Lavin 
 Frank McQuilkin 
 Robert A. Marmon 
 Robert A. Marmon & Toby A. Marmon, JT-TEN

 MidOcean Capital Investors, L.P. 
 Sari Miller 
 Jack Pendergrast 
 Sheila Peterson 
 Private Equity Portfolio Fund II, LLC 
 Raptor Global Fund, L.P. 

Mark Rubin 
 Andrew Schonzeit 
 Seaport Capital Partners II, L.P. 
 Seaport Investments, LLC 
 Marc Shapiro 
 Thomas Steinberg 
 Steinberg Family Trust 
 Hindy Taub 
 Reuben Taub 
 Techcap, Ltd. 
 The Peter Rieman and Deborah Rieman Living Trust Agreement 
 The Variable
Annuity Life Insurance Company 
 THK Private Equities 
 Three
Partners 
 Tudor Ventures II, L.P. 
 UnionBanCal Equities, Inc.

  

 Schedule II 
 SecurityholdersExecutive Employment Agreement

 Exhibit 10.1 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 This EXECUTIVE EMPLOYMENT AGREEMENT (this
“Agreement”) is entered into as of the 13th day of March, 2007 (the “Effective Date”) by and between HERCULES OFFSHORE, INC., a Delaware corporation (the “Company”), and Lisa W.
Rodriguez (the “Executive”). 
 WHEREAS, the Board of Directors of the Company (the “Board”),
upon the recommendation of the Nominating, Governance and Compensation Committee of the Board (the “NGC Committee”), has determined that it is advisable and in the best interests of the Company and its
stockholders to assure that the Company will have the continued dedication of the Executive, and to provide the Executive with compensation and benefits arrangements which are competitive with those of other similarly situated corporations;

 WHEREAS, the Board also believes it is imperative to diminish the inevitable distraction of the Executive by virtue of the personal
uncertainties and risks created by a pending or threatened Change of Control (hereinafter defined) and to encourage the Executive’s full attention and dedication to the Company currently and in the event of any threatened or pending Change of
Control; 
 WHEREAS, the Company desires to employ the Executive, and the Executive is willing to accept such employment, all upon the terms
and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises, the terms and provisions set forth herein, the mutual
benefits to be gained by the performance thereof and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: 
 1. Certain Definitions. 
 (a)
“Affiliate” shall have the meaning ascribed to such term under Rule 12(b)-2 under the Securities Exchange Act of 1934 (the “Exchange Act”). 
 (b) “Associate” shall mean, with reference to any Person, (i) any corporation, firm, partnership, association,
unincorporated organization or other entity (other than the Company or a subsidiary of the Company) of which such Person is an officer or general partner (or officer or general partner of a general partner) or is, directly or indirectly, the
beneficial owner of 10% or more of any class of equity securities, (ii) any trust or other estate in which such Person has a substantial beneficial interest or as to which such Person serves as trustee or in a similar fiduciary capacity and
(iii) any relative or spouse of such Person, or any relative of such spouse, who has the same home as such Person. 
 (c) The
“Employment Period” shall mean the period commencing on the Effective Date and ending on February 28, 2009, unless extended pursuant to this paragraph. If neither party shall provide written notice of termination at
least one year prior to the scheduled expiration of the then current term of this Agreement (each such date by which such notice must be provided, a “Renewal Date”), the Employment Period shall automatically be extended for
two additional years. Upon a Change of Control the Employment Period shall be automatically extended to the third anniversary of the Change of Control. 
  

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 (d) The term “group” is used as it is defined for purposes of the Exchange Act.

 (e) “Person” means an individual, entity or group. 
 (f) “Subsidiary” shall mean (i) in the case of a corporation, any corporation of which the Company directly or indirectly
owns shares representing 50% or more of the combined voting power of the shares of all classes or series of capital stock of such corporation that have the right to vote generally on matters submitted to a vote of the stockholders of such
corporation and (ii) in the case of a partnership or other business entity not organized as a corporation, any such business entity of which the Company directly or indirectly owns 50% or more of the voting, capital or profits interests
(whether in the form of partnership interests, membership interests or otherwise). 
 2. Change of Control. For the purpose of this
Agreement, a “Change of Control” shall mean (i) the consummation of a reorganization, merger, consolidation or other transaction, in any case, with respect to which Persons who were stockholders (or
members) of the Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own equity interests representing at least 51% of the total combined voting power of the Company or the resulting reorganized,
merged or consolidated entity, as applicable, (ii) the sale, lease, transfer or other disposition of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole (other than to one or more Subsidiaries of the
Company), or (iii) the occurrence of (A) the consummation of a transaction or series of related transactions in which the Company issues, as consideration for the acquisition (through a merger, reorganization, stock purchase, asset
purchase or otherwise) of the assets or capital stock of an unaffiliated third party, equity in the Company representing more than 35% of the outstanding equity of the Company calculated as of the consummation of such transaction or transactions, in
conjunction with (B) a change in the composition of the Board, as a result of which fewer than 50% of the incumbent directors are directors who had been directors of the Company at the time of the approval by the Board of the issuance of such
equity in the Company. 
 3. Employment Agreement. The Company hereby agrees to continue the Executive in its employ, and Executive
agrees to remain in the employ of the Company in accordance with the terms and conditions of this Agreement, for the Employment Period. 
 4.
Terms of Employment. 
 (a) Position and Duties. 
 (i) During the Employment Period, (A) the Executive’s position (including status, offices, titles and reporting requirements), authority, duties and responsibilities shall be (x) prior to a Change of
Control, at least commensurate in all material respects with the most significant of those held, exercised and assigned at any time during the 90-day period immediately preceding the later of the Effective Date or the most recent Renewal Date and
(y) upon and after a Change of Control, the Executive’s position shall be at least commensurate in all respects (disregarding any change or changes that are in the aggregate de minimis) with the most significant of those held,
exercised and assigned at any time during the 180-day period immediately preceding the Applicable Date and (B) the Executive’s services shall be performed at the location where the 

  

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Executive was employed immediately preceding the Applicable Date or any office which is the headquarters of the Company and is less than 50 miles from such
location. For purposes of this Agreement, “Applicable Date” shall mean, at any time of determination, the latest to have occurred of the Effective Date, the most recent Renewal Date, or any date on which a Change of Control
has occurred. 
 (ii) During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled,
the Executive agrees to devote her full attention and time during normal business hours to the business and affairs of the Company. During the Employment Period it shall not be a violation of this Agreement for the Executive to (A) serve on
corporate, civic or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions or (C) manage personal investments, in each such case, so long as such activities do not
significantly interfere with the performance of the Executive’s responsibilities as an employee of the Company in accordance with this Agreement; provided, however, the Executive may not serve on the board of a publicly traded for profit
corporation or similar body of a publicly traded for profit business organized in other than corporate form without the consent of the NGC Committee. It is expressly understood and agreed that to the extent that any such activities have been
conducted by the Executive prior to the Applicable Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Applicable Date shall not thereafter be deemed to interfere with
the performance of the Executive’s responsibilities to the Company. 
 (b) Compensation. 
 (i) Base Salary. During the Employment Period, the Executive shall receive an annual base salary in the amount of not less than $300,000
(“Annual Base Salary”). During the Employment Period, the Annual Base Salary shall be reviewed at least once in any fiscal year of the Company and may be increased at any time and from time to time as shall be substantially
consistent with increases in base salary generally awarded in the ordinary course of business to other executives of the Company and its affiliated companies. As used in this Agreement, the term “affiliated companies” shall
include any company controlled by, controlling or under common control with the Company. 
 (ii) Annual Bonus. In addition to Annual
Base Salary, the Executive shall be awarded for any fiscal year ending during the Employment Period, a bonus of up to 110% of Annual Base Salary (target of 55%) depending upon meeting goals agreed upon with the Board. During the Employment Period,
the annual target bonus as a percentage of Annual Base Salary may be increased, but not decreased, from time to time by the Board. 
 (iii)
Incentive, Savings and Retirement Plans. During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other executives of
the Company and its affiliated companies. Such plans, practices, policies and programs shall provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that
such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, equal to such plans, practices, policies and programs provided by the Company and its affiliated companies for similarly situated senior
executives of the Company and its affiliated companies. 
  

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 (iv) Welfare Benefit Plans. During the Employment Period, the Executive and/or the
Executive’s dependents, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and its affiliated companies (including,
without limitation, medical, prescription, dental, disability, salary continuance, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to similarly situated senior
executives of the Company and its affiliated companies. Such plans, practices, policies and programs shall provide the Executive with benefits which are equal, in the aggregate, to such plans, practices, policies and programs provided by the Company
and its affiliated companies for similarly situated senior executives of the Company and its affiliate companies. 
 (v) Expenses.
During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for all reasonable and documented expenses incurred by the Executive in accordance with the policies, practices and procedures of the Company and its
affiliated companies in effect for similarly situated senior executives of the Company and its affiliated companies. All reimbursable expenses shall be appropriately documented in reasonable detail by the Executive upon submission of any request for
reimbursement and in a format and manner consistent with the Company’s expense reporting policy. 
 (vi) Fringe Benefits. During
the Employment Period, the Executive shall be entitled to fringe benefits in accordance with the plans, practices, programs and policies of the Company and its affiliated companies in effect for similarly situated senior executives of the Company
and its affiliated companies. 
 (vii) Vacation. During the Employment Period, the Executive shall be entitled to five weeks paid
vacation per year, or such greater amount as is afforded to similarly situated senior executives of the Company or its affiliated companies. 
 (viii) Equity Awards. In addition to Annual Base Salary and annual bonus, the Executive may be awarded an equity award at the discretion of the Company for any fiscal year ending during the Employment Period. 
 5. Termination of Employment. 
 (a)
Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during
the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 15(c) of this Agreement of its intention to terminate the Executive’s employment. In
such event, the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the “Disability Effective Date”), provided that, within the 30 days after
such receipt, the Executive shall not have returned to full-time performance of the Executive’s duties. For purposes of this Agreement, 

  

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“Disability” shall mean the absence of the Executive from the Executive’s duties with the Company on a full-time basis for 120
consecutive calendar days, and the Executive (i) is unable to engage in any substantial gainful activity on behalf of the Company by reason of any medically determinable physical or mental impairment which can be expected to result in death or
can be expected to last for a continuous period of not less than 12 months or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Company. All determinations to be made with respect to clauses (i) and
(ii) above shall be made by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal representative (such agreement as to acceptability not to be withheld unreasonably). 
 (b) Cause. The Company may terminate the Executive’s employment during the Employment Period for Cause. For purposes of this Agreement,
“Cause” shall mean (i) a material violation by the Executive of the Executive’s obligations under Section 4(a) of this Agreement (other than as a result of incapacity due to physical or mental illness) which is
either willful and deliberate on the Executive’s part or is committed in bad faith or without reasonable belief that such violation is in the best interests of the Company (ii) the Executive’s gross negligence in performance, or
intentional non-performance (continuing for 10 days after receipt of written notice of need to cure from the Company), of any of the Executive’s duties and responsibilities under this Agreement, or reasonable instructions of the Board or the
officer(s) of the Company to whom the Executive reports within the scope of the Executive’s employment by the Company, (iii) the Executive’s dishonesty, fraud or misconduct with respect to the business or affairs of the Company,
(iv) the Executive’s violation of the Company’s drug policy or anti-harassment policy (v) the Executive’s violation of the Company’s ethics policy which is willful or deliberate on the Executive’s part or is
committed in bad faith or (vi) the final and non-appealable conviction by a court of competent jurisdiction of the Executive of a felony involving moral turpitude or the entering of a guilty plea or a plea of nolo contendere to such crime by
the Executive. 
 (c) Good Reason; Other Terminations. The Executive’s employment may be terminated by the Executive
(i) during the Employment Period for Good Reason, or (ii) during the Employment Period other than for Good Reason. 
 For purposes
of this Agreement, “Good Reason” shall mean: 
 (i) the assignment to the Executive of any duties inconsistent with
the Executive’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 4(a) of this Agreement, or any other action by the Company which results in a
diminution in such position, authority, duties or responsibilities excluding for this purpose an insubstantial or inadvertent action which is remedied by the Company promptly after receipt of notice thereof given by the Executive; 
 (ii) any failure by the Company to comply with any of the provisions of Section 4(b) of this Agreement, other than an insubstantial or inadvertent
failure which is remedied by the Company promptly after receipt of notice thereof given by the Executive; 
 (iii) the Company’s
requiring the Executive to be based at any office or location other than that described in Section 4(a)(i)(B) hereof; 
  

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 (iv) any purported termination by the Company of the Executive’s employment otherwise than as
expressly permitted by this Agreement; or 
 (v) any failure by the Company to comply with and satisfy Section 14(c) of this Agreement.

 (vi) within a 24 month period following a Change of Control, any failure to allow Executive to participate in bonus (in cash and/or
property) and equity compensation programs at a level at least equal to the participation levels of similarly situated senior executives of the Company and its affiliated companies. 
 Notwithstanding anything herein to the contrary, the interim assignment of Executive’s position, authority, duties, or responsibilities to any
Person while Executive is absent from her duties during any of the 120 business days set forth under the definition of Disability in Section 5(a) shall not constitute a Good Reason for Executive to terminate her employment with the Company.

 An extension of the Employment Period pursuant to Section 1(c) will not, in itself, impair or render invalid or defective a Notice
of Termination given in connection with termination of employment for Good Reason based on whole or in part on facts or circumstances occurring prior to the extension. 
 (d) Notice of Termination. Any termination by the Company for Cause, or by the Executive for any reason (including without limitation Good Reason), shall be communicated by Notice of Termination to the other
party hereto given in accordance with Section 15(c) of this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this
Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated and (iii) if
the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than thirty days after the giving of such notice). The failure by the Executive or the Company
to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company hereunder or preclude the Executive or the Company from asserting
such fact or circumstance in enforcing the Executive’s or the Company’s right hereunder. 
 (e) Date of Termination.
“Date of Termination” means (i) if the Executive’s employment is terminated by the Company for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified
therein, as the case may be, (ii) if the Executive’s employment is terminated by the Company other than for Cause, the Date of Termination shall be the date on which the Company notifies the Executive of such termination, (iii) if the
Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be, (iv) if the Executive’s employment is
terminated by the Executive other than for Good Reason, the date of the receipt of the Notice of Termination or any later date specified therein, and (v) if the Executive’s employment is terminated on account of the death of the Executive
or Executive’s Disability, the Date of Termination shall be the date of such death or the Disability Effective Date, respectively. 
  

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 6. Obligations of the Company upon Termination and Upon Change of Control. 
 (a) Prior to a Change of Control: Good Reason or Other than for Cause. If, during the Employment Period, the Company shall terminate the
Executive’s employment other than for Cause, or the Executive shall terminate employment for Good Reason: 
 (i) the Company shall pay
to the Executive, in a lump-sum in cash within 30 days after the Date of Termination (unless other payment terms are specified in this Section 6(a)(i)), the aggregate of the following amounts: 
 A. the sum of (1) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid, (2) any
compensation previously deferred by the Executive, to the extent permitted by the plan under which such deferral was made (together with any accrued interest or earnings thereon), and any accrued vacation pay, in each case to the extent not
theretofore paid (the sum of the amounts described in clauses (1) and (2) shall be hereinafter referred to as the “Accrued Obligations”); and 
 B. the amount (such amount shall be hereinafter referred to as the “Severance Amount”) equal to the sum of: 
 (1) one and one-half times the amount of the Executive’s Annual Base Salary, and 
 (2) one and one-half times the bonus (as a percentage of Annual Base Salary) described in Section 4(b)(ii) paid or payable in respect of the most
recently completed fiscal year of the Company or, if no such bonus has been paid or is payable in respect of such year, any bonus described in Section 4(b)(ii) paid or payable in respect of the next preceding fiscal year. 
 The Severance Amount shall be reduced by the present value (determined as provided in Section 280G(d)(4) of the Internal Revenue Code of 1986, as
amended (the “Code”)) of any other amount of severance relating to salary or bonus continuation to be received by the Executive upon termination of employment of the Executive under any severance plan, severance policy or
severance arrangement of the Company. The amount payable under this Section 6(a)(i)B shall be paid in a lump sum in cash on the first business day after the six month anniversary of the Date of Termination; and 
 C. a separate sum equal to the amount of any earned but unpaid bonus awarded to the Executive; 
 (ii) for a period of the longer of 18 months from the Date of Termination or the remaining term of the Employment Period, or such longer period as any
plan, program, practice or policy may provide, the Company shall continue benefits to the Executive and/or the Executive’s dependents at least equal to those which would have been provided to them in accordance with the plans, programs,
practices and policies described in Section 4(b)(iv) of this Agreement if the Executive’s employment had not been terminated in accordance with the most favorable plans, practices, programs or policies of the Company and its affiliated
companies as in effect and applicable generally to other executives and their dependents during the 90-day period immediately preceding the Applicable Date, provided, however, that if the Executive becomes 

  

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reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other
welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility; and provided further, however, that with respect to health and medical benefits, to the extent such coverage
cannot be extended or provided, the Company will pay during the period described above the applicable premium under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended associated with such benefits (such continuation of such
benefits for the applicable period herein set forth shall be hereinafter referred to as “Welfare Benefit Continuation”); and 
 (iii) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive and/or the Executive’s dependents any other amounts or benefits required to be paid or provided or
which the Executive and/or the Executive’s dependents is eligible to receive pursuant to this Agreement and under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies as in effect and
applicable generally to other executives and their dependents during the 90-day period immediately preceding the Applicable Date (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).

 (b) Following a Change of Control: Good Reason or Other than for Cause. If, during the Employment Period, the Company shall
terminate the Executive’s employment other than for Cause following a Change of Control, or the Executive shall terminate employment for Good Reason following a Change of Control, then the Company shall pay or provide to the Executive all the
amounts and benefits set forth in Section 6(a) above; provided however, that: 
 (i) instead of the Severance Amount calculated pursuant
to Section 6(a)(i)(B) above, a Severance Amount equal to the product of: 
 (1) two and 
 (2) the sum of 
 (x) the Executive’s
Annual Base Salary, 
 (y) the highest bonus (as a percentage of Annual Base Salary) described in Section 4(b)(ii) paid or payable in
respect of any of the two most recently completed fiscal years of the Company. The Severance Amount calculated under this Section shall be reduced (if applicable) and paid as set forth in Section 6(a)(i)(b); and 
 (ii) if the Date of Termination occurs within 24 months following a Change of Control, then effective as of the Date of Termination, each and every
stock option, restricted stock award, restricted stock unit award and other equity-based award and performance award that is outstanding as of the Date of Termination shall immediately vest and/or become exercisable and any contractual restrictions
on sale or transfer of any such award (other than any such restriction arising by operation of law) shall immediately terminate. 
 (c)
Death. If the Executive’s employment is terminated by reason of the Executive’s death during the Employment Period, this Agreement shall terminate without further obligations to the Executive’s legal representatives under this
Agreement, other than for (i) payment of Accrued Obligations (which shall be paid to the Executive’s estate or beneficiary, as applicable, 

  

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in a lump-sum in cash within 30 days of the Date of Termination) and the timely payment or provision of the Welfare Benefit Continuation and Other Benefits
and (ii) payment to the Executive’s estate or beneficiary, as applicable, in a lump-sum in cash within 30 days of the Date of Termination of an amount equal to the Severance Amount payable under Section 6(a)(i)(B). 
 (d) Disability. If the Executive’s employment is terminated by reason of the Executive’s Disability during the Employment Period, this
Agreement shall terminate without further obligations to the Executive, other than for (i) payment of Accrued Obligations (which shall be paid to the Executive in a lump-sum in cash within 30 days of the Date of Termination) and the timely
payment or provision of the Welfare Benefit Continuation and Other Benefits (excluding, in each case, Disability Benefits (as defined below)), and (ii) payment to the Executive in a lump-sum in cash within 30 days of the Date of Termination of
an amount equal to the greater of (A) the Severance Amount under Section 6(a)(i)(B) and (B) the present value (determined as provided in Section 280G(d)(4) of the Code) of any cash amount to be received by the Executive as a
disability benefit pursuant to the terms of any long term disability plan, policy or arrangement of the Company and its affiliated companies (“Disability Benefits”), but not including any proceeds of disability
insurance covering the Executive to the extent paid for on a contributory basis by the Executive (which shall be paid in any event as an Other Benefit). 
 (e) Cause; By the Executive Other than for Good Reason. If the Executive’s employment shall be terminated for Cause during the Employment Period or if the Executive terminates employment during the
Employment Period, excluding a termination for Good Reason, this Agreement shall terminate without further obligations to the Executive other than the obligation (i) to pay to the Executive her Annual Base Salary through the Date of Termination
plus the amount of any compensation previously deferred by the Executive, in each case to the extent theretofore unpaid and (ii) provide any benefits required by applicable law. Any deferred compensation payable pursuant to the terms of this
Section 6(e) shall be paid in accordance with the terms and conditions, if any, of the plan or arrangement under which such deferred compensation is due and, if the plan or arrangement does not specify a date for payment, then on the first
business day after the six month anniversary of the Date of Termination. 
 (f) Change of Control Benefit. Upon the occurrence of a
Change of Control, each and every stock option, restricted stock award, restricted stock unit award and other equity-based award and performance award that is outstanding as of the date of the occurrence of a Change of Control shall immediately vest
and/or become exercisable and any contractual restrictions on sale or transfer of any such award (other than any such restriction arising by operation of law) shall immediately terminate. 
 7. Non-exclusivity of Rights. Except as provided in Section 6(a)(ii), 6(b)(iii), 6(c) and 6(d) of this Agreement, nothing in this Agreement
shall prevent or limit the Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company or any of its affiliated companies and for which the Executive may qualify, nor shall anything herein
limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its affiliated companies. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any
plan, policy, practice or program of or any contract or agreement with the Company or any of its affiliated companies at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract
or agreement except as explicitly modified by this Agreement. 
  

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 8. Full Settlement; Resolution of Disputes. 
 (a) Except where the Executive’s employment is terminated by the Company for Cause or is terminated by the Executive other than for Good Reason, the
Company’s obligation to make payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company
may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and,
except as provided in Section 6(a)(ii), 6(b)(iii), 6(c) and 6(d) of this Agreement, such amounts shall not be reduced whether or not the Executive obtains other employment. If there is any contest by the Company concerning the Payments or
benefits to be provided to the Executive or her dependents hereunder whether through litigation, arbitration or mediation, or with respect to the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of
performance thereof, and the Executive or her spouse is the prevailing party, the Company agrees to pay promptly upon conclusion of the contest all legal fees and expenses which the Executive may reasonably have incurred. 
 (b) If there shall be any dispute between the Company and the Executive (i) in the event of any termination of the Executive’s employment by
the Company, whether such termination was for Cause, or (ii) in the event of any termination of employment by the Executive, whether Good Reason existed, then, unless and until there is a final, nonappealable judgment by a court of competent
jurisdiction declaring that such termination was for Cause or that Good Reason did not exist, the Company shall pay all amounts, and provide all benefits, to the Executive and/or the Executive’s family or other beneficiaries, as the case may
be, that the Company would be required to pay or provide pursuant to Section 6(a) or 6(b) hereof as though such termination were by the Company without Cause or by the Executive with Good Reason; provided, however, that the Company shall not be
required to pay any disputed amounts pursuant to this paragraph except upon receipt of an undertaking (which need not be secured) by or on behalf of the Executive to repay all such amounts to which the Executive is ultimately adjudged by such court
not to be entitled. 
 9. Certain Additional Payments by the Company. 
 (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment or distribution by the Company to or
for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (including, without limitation, payments or distributions made pursuant to any deferred compensation or
supplemental retirement plan), but determined without regard to any additional payments required under this Section 9) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code (or any
successor provision thereto), by reason of being considered “contingent on a change in ownership or control” of the Company, within the meaning of Section 280G of the Code (or any successor provision thereto), or any interest or
penalties are incurred by the Executive with respect to such excise tax (such tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then the Executive shall be
entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after 

  

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payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income
taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments, it being understood and
agreed, anything in this Agreement to the contrary notwithstanding, that in no event shall the Executive be entitled to any payment pursuant to this Section 9 other than in respect of payments made pursuant to Section 6(b). 
 (b) Subject to the provisions of Section 9(c), all determinations required to be made under this Section 9, including whether and when any
Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by the Company’s then current independent public accountants (the “Accounting
Firm”) which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the receipt of notice from the Executive that there has been a Payment, or such earlier time as is requested by
the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change of Control, the Executive shall appoint another nationally recognized accounting firm to make the
determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to
this Section 9, shall be paid by the Company to the Executive within five days of the receipt of the Accounting Firm’s determination. The Accounting Firm shall furnish the Executive with a written opinion that reporting the Excise Tax, or
the failure to report the Excise Tax, as applicable, on the Executive’s applicable federal income tax return in accordance with the determination made by the Accounting Firm pursuant to this Section 9(b) should not result in the imposition
of a negligence or similar penalty. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial
determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Company should have been made (“Underpayment”), consistent with the calculations required to be made
hereunder. In the event that the Company exhausts its remedies pursuant to Section 9(c) and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has
occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive. 
 (c) The Executive shall
notify the Company in writing of any claims by the Internal Revenue Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business
days after the Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the
30-day period following the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Executive in writing prior to the
expiration of such period that it desires to contest such claim, the Executive shall: 
 (i) give the Company any information reasonably
requested by the Company relating to such claim, 
  

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 (ii) take such action in connection with contesting such claim as the Company shall reasonably request
in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company and reasonably acceptable to the Executive, 
 (iii) cooperate with the Company in good faith in order effectively to contest such claim, and 
 (iv) permit the Company to participate in any proceedings relating to such claim; 
 provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in
connection with such contest and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment
of costs and expenses. Without limitation on the foregoing provisions of this Section 9(c), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forego any and all administrative
appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner,
and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company
directs the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Executive, on an interest-free basis and shall indemnify and hold the Executive harmless, on an after-tax basis, from any
Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of
limitations relating to payment of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall
be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing
authority. 
 (d) If, after the receipt by the Executive of an amount advanced by the Company pursuant to Section 9(c), the Executive
becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Company’s complying with the requirements of Section 9(c)) promptly pay to the Company the amount of such refund (together with any
interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Executive of an amount advanced by the Company pursuant to Section 9(c), a determination is made that the Executive shall not be entitled to any
refund with respect to such claim and the Company does not notify the Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance shall be forgiven and shall not
be required to be repaid and the amount of such advance shall be offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
 10. Confidential Information. The Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies, and
their respective businesses, which shall have been 

  

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obtained by the Executive during the Executive’s employment by the Company or any of its affiliated companies and which shall not be or become public
knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement). After termination of the Executive’s employment with the Company, the Executive shall not, without the prior written consent of
the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In no event shall an asserted violation of the
provisions of this Section 10 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement. 
 11. Non-Competition; No Solicitation. 
 (a) The Executive recognizes that the Company’s
willingness to enter into this Agreement is based in material part on the Executive’s agreement to the provisions of this Section 11, and that the Executive’s breach of the provisions of this Section could materially damage the
Company. The Company shall provide confidential and trade secret information to the Executive immediately upon execution of this Agreement and thereafter, and the Executive agrees not to disclose or use such information for any reason other than the
Executive’s employment with Company without the express, prior, written consent of Company. Therefore, in consideration of the Company’s promise to provide the Executive with its confidential information and trade secrets, the Executive
agrees that she will not, during the period of the Executive’s employment by or with the Company, and for a period of one year immediately following the termination of the Executive’s employment with the Company under this Agreement for
any reason other than termination by the Executive for Good Reason (the “Non-Compete Period”), for any reason whatsoever, directly or indirectly, for herself or on behalf of or in conjunction with any other person, persons,
company, partnership, corporation, limited liability company or business of whatever nature accept employment with, serve as an officer, director, member, manager, agent or joint venturer of, be an owner, controlling stockholder or partner of, act
as a consultant to or contractor for, or otherwise actively participate or assist any person, or compete against the Company or any of its subsidiaries or affiliates, directly or indirectly, with or without compensation, in the offshore drilling or
liftboat businesses (or any other business in which the Company or any of its subsidiaries or affiliates is then engaged) in those states of the United States (including the state or federal waters offshore such states), or in those countries in the
world (and the territorial waters thereof), where the business of the Company is engaged. 
 (b) The Executive agrees that she shall not
during the Non-Compete Period, for any reason whatsoever, directly or indirectly, for herself or on behalf of or in conjunction with any other person, persons, company, partnership, corporation, limited liability company or business of whatever
nature induce or encourage any employee of the Company to terminate employment with the Company or hire or offer employment to, or procure the making of an offer of employment to, any employee of the Company or any of its subsidiaries or affiliates
who was so employed at any time during the 12 months prior to the date of termination of the Executives’ employment with the Company. 
 (c) The Executive agrees that she shall not during the Non-Compete Period, for any reason whatsoever, directly or indirectly, (i) team or join with other employees of the Company who were employees of the Company or any of its
subsidiaries or affiliates during the 12 months prior to the date of termination of the Executive’s employment with the Company in any business 

  

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like or related to the offshore drilling business or liftboat business (or any other business in which the Company or any of its subsidiaries or affiliates
is then engaged) or (ii) cause, induce or encourage any customer of the Company or any of its subsidiaries or affiliates to terminate or change adversely any business relationship with the Company or any of its subsidiaries or affiliates.

 (d) Because of the difficulty of measuring economic losses to the Company as a result of a breach of the foregoing covenants, and because
of the immediate and irreparable damage that could be caused to the Company for which it would have no other adequate remedy, the Executive agrees that the foregoing covenants may be enforced by the Company by injunctions, restraining orders and
other equitable actions, without showing any actual damage or that monetary damages would not provide an adequate remedy and without any bond or other security being required. 
 (e) Executive agrees that the limitations set forth in this Section 11 on her rights to compete with the Company and its subsidiaries and affiliates
are reasonable and necessary in order to protect the goodwill, confidential information and trade secrets, and other legitimate interests of the Company, its subsidiaries and affiliates during the Non-Compete Period. Executive specifically agrees
that, in view of the nature of the current and proposed business of the Company, the limitations as to period of time and geographic area, as well as all other restrictions on his activities specified in Section 11, are reasonable and necessary
for the protection of the Company and its subsidiaries and affiliates. 
 (f) The covenants in this Section 11 are severable and
separate, and the unenforceability of any specific covenant shall not affect the provisions of any other covenant. Moreover, in the event any court of competent jurisdiction shall determine that the scope, time or territorial restrictions set forth
in this Section 11 are unreasonable and therefore unenforceable, then it is the intention of the parties that such restrictions be enforced to the fullest extent which the court deems reasonable, and this Agreement shall thereby be reformed.

 (g) The Executive hereby agrees that the period during which the agreements and covenants of the Executive made in this Section 11
shall be effective shall be computed by excluding from such computation any time during which the Executive is in violation of any provision of this Section 11. 
 12. Return of Company Property. All records, designs, patents, business plans, financial statements, manuals, memoranda, lists and other property delivered to or compiled by the Executive by or on behalf of the
Company, or any of its affiliated companies or the representatives, vendors or customers thereof that pertain to the business of the Company or any of its affiliated companies shall be and remain the property of the Company or any such affiliated
company, as the case may be, and be subject at all times to the discretion and control thereof. Likewise, all correspondence, reports, records, charts, advertising materials and other similar data pertaining to the business, activities or future
plans of the Company or its affiliated companies that are collected or held by the Executive shall be delivered promptly to the Company or its affiliated companies, as the case may be, without request by such party, upon termination of the
Executive’s employment, without regard to the cause or reasons for such termination. 
 13. Inventions. The Executive shall
disclose promptly to the Company any and all significant conceptions and ideas for inventions, improvements and valuable discoveries, whether 

  

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patentable or not, which are (a) conceived or made by the Executive, solely or jointly with another, during the period of employment or within one year
thereafter, (b) directly related to the business or activities of the Company or its affiliated companies, and (c) conceived by the Executive as a result of the Executive’s employment by the Company. Executive hereby assigns and
agrees to assign all the Executive’s interests in any such invention, improvement or valuable discovery to the Company or its nominee. Whenever requested to do so by the Company, the Executive shall execute any and all applications, assignments
or other instruments that the Company shall deem necessary to apply for and obtain Letters Patent of the United States or any foreign country or to otherwise protect the Company’ interest in any such invention, improvement or valuable
discovery. 
 14. Successors. 
 (a) This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the
benefit of and be enforceable by the Executive’s legal representatives. 
 (b) This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns. 
 (c) The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and
agrees to perform this Agreement by operation of law, or otherwise. If a Business Combination is consummated that would have resulted in a Change of Control but for the satisfaction of the conditions specified in clauses (i), (ii) and
(iii) of Section 2(c) and if the parent corporation resulting from the Business Combination is other than the Company (hereinafter a “New Parent”), then, as a condition to consummation of this Business Combination,
the New Parent shall be considered a successor for purposes of this Section 14. 
 15. Miscellaneous. 
 (a) Unfunded Obligation. This Agreement shall be an unfunded obligation of the Company. 
 (b) Governing Law; Headings; Amendments. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas,
without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by (i) a written agreement
executed by the parties hereto or their respective successors and legal representatives, or (ii) as otherwise specified in Section 15(h) below. 
 (c) Notices. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage
prepaid, addressed as follows: 
  

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	If to the Executive:	 	Lisa W. Rodriguez
		 	3106 Greenridge Drive
		 	Missouri City, TX 77459
		
	If to the Company:	 	Hercules Offshore, Inc.
		 	Attn: General Counsel
		 	11 Greenway Plaza, Suite 2950
		 	Houston, Texas 77046

 or to such other address as either party shall have furnished to the other in writing in accordance herewith.
Notice and communications shall be effective when actually received by the addressee. 
 (d) Severability. The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
 (e) Withholding. The Company may withhold from any amounts payable under this Agreement such Federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 (f) Waivers. The Executive’s or the Company’s failure to insist upon strict compliance with any provision hereof or any other provision
of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason pursuant to Section 5(c)(i)-(vi) of
this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 
 (g)
Entire Agreement. This Agreement embodies the entire agreement and understanding of the parties hereto, and supersedes all prior agreements or understandings (whether written or oral) with respect to the subject matter hereof. Without
limiting the generality of the foregoing, this Agreement supersedes the Employment Agreement between Company and the Executive dated as of October 11, 2004 and any amendments thereto and extensions thereof, which shall no longer be of any force
or effect. 
 (h) 409A Compliance. Notwithstanding anything in this Agreement to the contrary, if the Board determines, upon advice of
counsel, that any provision of this Agreement does not, in whole or in part, satisfy the requirements of Section 409A of the Code, the Board, in its sole discretion, may unilaterally modify this Agreement in such manner as it deems appropriate
to comply with such Code section and any regulations or guidance issued thereunder; provided, that in making any such modifications, the Board shall seek to minimize any adverse economic consequences to the Executive. 
 (i) No Third Party Beneficiaries. Except as otherwise provided herein, nothing contained herein shall confer upon any Person, or any
representative or beneficiary thereof, any rights or remedies under this Agreement. 
  

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 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the
authorization from its Board, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 
  

			
	EXECUTIVE
	
	 /S/ LISA W. RODRIGUEZ
  

	LISA W. RODRIGUEZ
	
	HERCULES OFFSHORE, INC.
		
	By:	 	 /S/ RANDALL D. STILLEY
  

	Name:	 	 Randall D. Stilley
  

	Title:	 	 President and Chief Executive Officer
  

  

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