Document:

First Amendment to Salary Continuation Agreement

 Exhibit 10.2 
 ATWOOD OCEANICS, INC. SALARY CONTINUATION PLAN 
 (Formerly the Restated
Executive Life Insurance Plan) 
 FIRST AMENDMENT 

WHEREAS, Atwood Oceanics, Inc., a Texas corporation (the “Company”), has adopted and maintains the Atwood Oceanics, Inc.
Restated Executive Life Insurance Plan (the “Plan”) for the benefit of the Company’s executive officers and other designated key employees; and 
 WHEREAS, pursuant to Section 4.1 of the Plan, the Company has reserved the right to change, modify, amend or terminate the Plan at any time; and 

WHEREAS, the Company desires to rename the Plan, to prospectively modify the terms of the Plan regarding participation in the Plan and to
update the definition of “Change of Control” for purposes of the Plan. 
 NOW, THEREFORE, the Company hereby amends
the Plan, effective as of May 24, 2012, as follows: 
 1. The Plan is hereby amended to change the name of the Plan to the
“Atwood Oceanics, Inc. Salary Continuation Plan”. 
 2. Section 2.1 of the Plan is hereby amended in its entirety
to read as follows: 
 “2.1 Eligibility and Benefits. Individuals who are eligible to participate in
the Plan are those listed on Exhibit A attached hereto. The Board of Directors of the Company (the ‘Board’) may, from time to time, designate additional full-time key employees as eligible participants in the Plan by delivery of
written notice to such employees and amendment of Exhibit A. Such individuals are eligible for benefits pursuant to the Plan and are referred to as ‘Executives’ for purposes of the Plan. Benefits shall be payable only in event of
the death of the Executive while the Executive is engaged in ‘active employment’ with the Company. For purposes of the Plan, ‘active employment’ means the Executive must be working for the Company or a subsidiary of the Company
at the time of death on a full-time basis and paid regular earnings.” 
 3. Section 2.5 of the Plan is hereby amended
in its entirety to read as follows: 
 “2.5 Change in Control. In the event of a termination of any
Executive’s Employment with the Company during the two and one-half year period immediately following a Change in Control, then any Salary Continuation Agreement between the Company and such Executive shall remain in effect, and the Company
and/or its successor shall be obligated to consider such Executive as having remained in active employment with the Company, and such Executive shall be deemed to remain in active employment with the Company for purposes of determining eligibility
for benefits under the Plan, until the earlier of (i) the death of such Executive (at which time the right of the estate or the designated beneficiaries of such Executive under the Plan and the related Salary Continuation Agreement shall have
been established), or (ii) the expiration of the two and one-half year period following the Change in Control. For purposes of this Plan, ‘Change in Control’ means each of the following: 

 a. the acquisition after the Effective Date by any ‘person’
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the ‘Exchange Act’)) (a ‘Person’) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 20% or more of the combined voting power of the then outstanding capital stock of the Company entitled to vote generally in the election of directors (the ‘Outstanding Company Voting Securities’); provided, however,
that the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any entity controlled by the Company, (iv) any acquisition approved by at least a majority of the members of the Incumbent Board (as such term is hereinafter defined) either prior to such acquisition or
within five business days after the Company has notice of such acquisition, provided that, after such acquisition, such Person does not beneficial own more than 50% of the combined voting power of the Outstanding Company Voting Securities, or
(v) any acquisition by any Person pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (c) of this Section 2.5; 

b. the first day on which individuals who, as of May 1, 2012, constitute the Board (the ‘Incumbent
Board’) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to May 1, 2012 whose election or appointment, or whose nomination for election by the
Company’s shareholders, was approved by at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for purposes of this definition,
any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on
behalf of a Person other than the Board; 
 c. the consummation of (x) a reorganization, share
exchange or merger involving the Company or (y) a sale of all or substantially all of the assets of the Company and its subsidiaries taken as a whole (other than by way of reorganization, share exchange or merger) to any Person other than a
subsidiary of the Company (a transaction referred to in clause (x) or (y) is referred to as a ‘Business Combination’), in each case, unless, following such Business Combination, (A) all or substantially all of the
individuals and entities who were the beneficial owners, respectively, of the outstanding shares of common stock of the Company (the ‘Outstanding Company Common Stock’) and Outstanding Company Voting Securities immediately prior to such
Business Combination 

 
beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding capital stock entitled to vote generally in the election of directors (or comparable
governing persons) of the Company or an entity that, as a result of such Business Combination, owns, directly or indirectly through one or more wholly owned subsidiaries, the Company or all or substantially all of its assets (the ‘Resulting
Entity’; such capital stock is referred to as the ‘Outstanding Successor Voting Securities’), (B) no Person (excluding any employee benefit plan (or related trust) of the Company or the Resulting Entity and excluding any Person
that beneficially owns 20% or more of the combined voting power of the Outstanding Company Voting Securities prior to such Business Combination, provided that such Person’s percentage ownership of the combined voting power of the Outstanding
Successor Voting Securities does not increase as a result of such Business Combination) will beneficially own, directly or indirectly, 20% or more of the combined voting power of the then Outstanding Successor Voting Securities, and (C) at
least a majority of the members of the board of directors (or comparable governing body) of the Resulting Entity were members of the Incumbent Board immediately prior to consummation of such Business Combination; or 

d. the adoption of a plan relating to the complete liquidation or dissolution of the Company.” 

4. Section 4.1 of the Plan is hereby amended by deleting the parenthetical therein. 

5. The Plan is hereby amended to add a new Exhibit A to the Plan in the form attached hereto as Addendum 1 to this First Amendment.

 6. All other provisions of the Plan shall remain the same and are hereby ratified. 

IN WITNESS WHEREOF, Atwood Oceanics, Inc. has executed this First Amendment to the Atwood Oceanics, Inc. Restated Executive Life
Insurance Plan this 29th day of May, 2012, to be effective May 24, 2012. 
  

					
	ATWOOD OCEANICS, INC.
		
	By:	 	 /s/ Walter A. Baker

		 	Name:	 	Walter A. Baker
		 	Title:	 	Vice President, General Counsel and Corporate SecretaryForm of Salary Continuation Agreement

 Exhibit 10.3 
 [ATWOOD OCEANICS, INC. LETTERHEAD] 

            , 2012 
 [Name] 
 [Address] 
 [Address] 
  

	 	Re:	SALARY CONTINUATION AGREEMENT 

 Dear
            : 
 As a full-time key employee of Atwood Oceanics,
Inc. (the “Company”), the Board of Directors of the Company has designated you as an “Executive” eligible for deferred compensation in accordance with the terms and conditions of the Atwood Oceanics, Inc. Salary
Continuation Plan (the “Plan”). The Plan provides for payments of deferred compensation in the event of your death while actively employed, all in accordance with the terms and conditions of the Plan and this Salary Continuation
Agreement, which is being entered into to memorialize your eligibility for a benefit under the Plan. This Salary Continuation Agreement supersedes any previous salary continuation agreement between you and the Company and supersedes any other oral
or written agreement or understanding regarding your participation in the Plan. 
 The following is a summary of certain terms
applicable to you under the Plan, and you are the “Executive” for purposes of the summary. Please sign a copy of the Salary Continuation Agreement to acknowledge receipt, and please execute the attached Beneficiary Designation Form. Then
return a signed copy of both to the Company. 
 1. Salary Continuation Upon Death. The Company hereby agrees to
pay Executive deferred compensation in the following amount: 
 a. Two and one-half (2 1/2) times the Executive’s annual salary at the
time of death, excluding bonuses and other additional compensation, upon the death of the Executive prior to age 70 during active employment with the Company, if the death is due to other than accidental causes; or 

b. Five (5) times the Executive’s annual salary at the time of death, excluding bonuses and other additional
compensation, upon the death of the Executive prior to age 70 during active employment with the Company, if the death is due to accidental causes. 
 2. Payment of Deferred Compensation. The deferred compensation shall be paid in thirty (30) equal monthly installments in the event of death due to other than accidental causes, or in
sixty (60) equal monthly installments in the event of death due to accidental causes, beginning on the last day of the month following the month during which the death of Executive occurs. The deferred compensation paid by the Company hereunder
shall be subject to federal withholding, FICA, Medicare and, other applicable taxes. 

  

					
	[Addressee]	 		 	[Date]

 3. Designation of Beneficiary. The deferred compensation payable hereunder shall be paid by
the Company to the beneficiary designated by the Executive. The beneficiary designation or any request for change of the beneficiary must be filed in writing with the Company on the form attached hereto as Exhibit A or on any such other form
as may be deemed acceptable to the Company. Any request for a change of beneficiary will take effect as the date a new beneficiary designation signed by the Executive is filed with the Company. The consent of the beneficiary will not be required to
change any beneficiary designation. 
 4. Automatic Termination. This eligibility for benefits granted hereunder
shall terminate automatically without any further action on the part of the Company or the Executive in the event that, for any reason whatsoever (other than as described in Section 6 hereof) prior to the death of the Executive, the Executive
ceases to be engaged in active employment with the Company. For purposes hereof, “active employment” means the Executive must be working for the Company or subsidiary of the Company at the time of death on a permanent full-time basis and
paid regular earnings. 
 5. Change in Control. In the event of a termination of the Executive’s Employment
with the Company during the two and one-half year period immediately following a Change in Control (as defined in the Plan), then this Salary Continuation Agreement shall remain in effect, and the Company and/or its successor shall be obligated to
consider the Executive as having remained in active employment with the Company, and the Executive shall be deemed to remain in active employment with the Company for purposes of determining eligibility for benefits under the Plan, until the earlier
of (i) the death of the Executive (at which time the right of the estate or the designated beneficiaries of the Executive under the Plan this Salary Continuation Agreement shall have been established), or (ii) the expiration of the two and
one-half period following the Change in Control. 
 6. Insurance Proceeds. The Executive acknowledges and agrees
that the Company may, but shall not be obligated to, fund the deferred compensation payable hereunder with the proceeds of insurance maintained by the Company on the life of the Executive. Executive agrees to (a) furnish any and all information
reasonably requested by the Company or the insurer to facilitate the issuance of a life insurance policy or policies, including any adjustment to any such policy or policies, and (b) take such physical examinations as are required by any
prospective insurer. Notwithstanding the foregoing, the benefits under the Plan are not contingent upon Executive’s eligibility for life insurance coverage. No property of the Company is or shall be, by reason hereof, held in trust for the
Executive, nor shall the Executive or his heirs, successor or assigns have any interest in or any lien or prior claim upon any property of the Company by reason hereof or the Company’s obligations to make payments herein under. 

  
 -2-

					
	[Addressee]	 		 	[Date]

 7. Limitations. The terms and provisions hereof are in all respects subject to and limited
by the terms and provisions of the Plan, specifically including without limitation, Article IV thereof, which addresses the Company’s ability to change, modify, amend or terminate the Plan. 

8. Miscellaneous. 
 a. Notices. All notices, requests, consents and other communications hereunder shall be in writing and shall be deemed to have been given if personally delivered, telecopied or mailed, first
class, registered or certified mail, postage prepaid and addressed as follows: 
 If to the Company: 

 

	 	(i)	Atwood Oceanics, Inc. 

 15835 Park Ten Place Drive 
 Houston, Texas 77084 

Attention: General Counsel 
 Telephone: (281) 749-7800 
  

	 	(ii)	If to the Executive: 

 [Name] 
 [Address] 

[Address] 
 Telephone:                  
 or at such other address as shall be given in writing by any party to the other party hereto. 
 b. Headings. Section and paragraph headings contained herein are for reference purposes only and shall not affect in any way the meaning or interpretation of this Salary Continuation
Agreement. 
 c. Successors and Assigns. The rights and obligations hereunder shall bind and inure
to the benefit of the parties and their respective heirs, successors and assigns. 
 d. Entire
Agreement. This Salary Continuation Agreement and the related Atwood Oceanics, Inc. Salary Continuation Plan constitutes the entire understanding and agreement between the parties hereto with respect to the subject matter hereof, and there
are no agreements, understandings, restrictions, representations warranties between such parties other than those set forth herein, all other agreements and understanding being superseded hereby. 

  
 -3-

					
	[Addressee]	 		 	[Date]

 e. Governing Law. The rights and obligations of the parties hereunder shall
be construed and enforced in accordance with and governed by the laws of the State of Texas, without regard to any conflict of laws provisions thereof. 
 f. Severability. Whenever possible, each provision hereof shall be interpreted in such matter as to be effective and valid under applicable law but if any provision hereof shall be
prohibited by or invalid under applicable law, such provision shall be ineffective to the extend of such provision or invalidity, without invalidating the remainder of such provision or the remaining provisions hereof. 

g. Section 409A of the Internal Revenue Code. For purposes of Section 409A of the Internal
Revenue Code and related regulations and guidance (“Section 409A”), the Plan and this Salary Continuation Agreement are not “nonqualified deferred compensation plans”, within the meaning of Treasury Regulation
Section 1.409A-1(a), and are exempt from Section 409A as a plan that provides solely for a death benefit. 
  

			
	ATWOOD OCEANICS, INC.
		
	By:	 	 
		 	        [Name]
		 	        [Title]

 Acknowledge and agreed to this 
             day of             , 2012. 

 

	
	  

	[Name]

  
 -4-

 Exhibit A 
 BENEFICIARY DESIGNATION FORM 

  
 A-1

 ATWOOD OCEANICS, INC. 

SALARY CONTINUATION PLAN 
 Beneficiary Designation Form 
 In the event of Executive’s death, Executive
hereby designates the Beneficiary(ies) identified below to receive the benefit (if any) payable under the Salary Continuation Plan. Executive reserves the full right to revoke or modify this designation at any time by a subsequent written
designation in the manner described below. 
  

							
	 PRIMARY BENEFICIARY.
	  		  		  	
	 Name
	  	Relationship	  	Percent	  	Social Security Number
	 1
	  		  		  	
	 2
	  		  		  	
	 3
	  		  		  	

 If no Primary Beneficiary survives Executive, Executive hereby designates the following to be the Beneficiary or
Beneficiaries. 
  

							
	 CONTINGENT BENEFICIARY.
	  		  		  	
	 Name
	  	Relationship	  	Percent	  	Social Security Number
	 1
	  		  		  	
	 2
	  		  		  	
	 3
	  		  		  	

 This Beneficiary Designation Form is effective until Executive files another such designation and that Beneficiary
Designation Form is acknowledged and accepted by Atwood Oceanics, Inc. (the “Company”). Upon acknowledgment and acceptance by the Company, all previous Beneficiary Designation Forms are hereby revoked. 

Executive acknowledges that any change of Beneficiary will not be effective until acknowledged and accepted by the Company’s most senior human
resources employee, or his or her designee. 
 If Executive elects more than one Primary or Contingent Beneficiary and one of the Primary or
Contingent Beneficiaries predeceases Executive, that person’s share will be allocated pro rata to Executive’s other surviving Primary or Contingent Beneficiaries, as applicable. Payment may be made to the executor or the administrator of
the Executive’s estate if the Executive dies without having designated a beneficiary or if no designated beneficiary survives the Executive. The Beneficiary Designation Form on file with the Company will control, consequently, Executive should
be aware that if Executive’s circumstances change through divorce, re-marriage or other event, Executive should consider execution of a new Beneficiary Designation Form. 

 

							
	  
	 		 	  

				
	Executive’s Name (Printed)	 		 	Signature of Executive	 	Date
				
	ACKNOWLEDGMENT	 		 		 	
			
		 		 	  

		 		 	For the Company	 	Date

  
 A-2

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