Document:

exv10w2

EXHIBIT 10.2

Execution Version

REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of October
23, 2009 by and among Seacoast Banking Corporation of Florida, a Florida corporation (the
“Company”), and CapGen Capital Group III LP, a Delaware limited partnership (the
“Investor”).

RECITALS

     WHEREAS, this Agreement is made pursuant to the Stock Purchase Agreement (the “Stock
Purchase Agreement”), dated as of October 23, 2009, by and among the Company and the Investor;

     WHEREAS, pursuant to the Stock Purchase Agreement, subject to the terms and conditions set
forth therein, (a) the Investor has agreed to purchase from the Company, pursuant to a private
placement by the Company, shares (the “Shares”) of the Company’s common stock, par value
$0.10 (“Common Stock”), and (b) the Company has agreed to issue and sell the Shares to the
Investor; and

     WHEREAS, as a condition to the consummation of the transactions contemplated by the Stock
Purchase Agreement, the Company has agreed to enter into this Agreement in order to grant certain
registration rights to the Investor, as set forth below.

     NOW, THEREFORE, in consideration of the foregoing promises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

SECTION 1. GENERAL

     1.1 Definitions. As used in this Agreement, the following terms shall have the
following respective meanings:

     “Affiliate” of any Person means any other Person controlling, controlled by or under
common control with such particular person or entity. The term “control” (including the terms
“controlling”, “controlled” and “under common control with”) as used with respect to any Person
means the possession, direct or indirect, 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.

     “Common Stock” has the meaning set forth in the recitals.

     “Effective Time” means the Closing as defined in the Stock Purchase Agreement.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, or similar
federal statute successor thereto, and the rules and regulations of the Commission promulgated
thereunder, as they each may, from time to time, be in effect at the time.

 

 

     “Form S-3” means a registration statement on Form S-3 under the Securities Act as in
effect on the date hereof or any successor or similar registration form under the Securities Act
subsequently adopted by the SEC which permits inclusion or incorporation of substantial information
by reference to other documents filed by the Company with the SEC.

     “Holder” or “holder” means the Investor and any transferee thereof, which
holds of record and following notice to the Company and a proper transfer of Shares, from time to
time, Registrable Securities.

     “New Stock” means Common Stock or securities convertible into or exchangeable for
Common Stock or which have voting rights or participation features with Common Stock, offered in a
public or nonpublic offering by the Company.

     “Person” means any individual, corporation, partnership, sole proprietorship, joint
venture, limited liability company, business trust, joint stock company, trust, association or
unincorporated organization or any government or any agency or political subdivision thereof.

     “Qualified Equity Offering” means a public or nonpublic offering of New Stock solely
for cash and not pursuant to a Special Registration; provided, however, that none of the following
offerings shall constitute a Qualified Equity Offering: (a) any offering pursuant to any stock
purchase plan, dividend reinvestment plan, stock ownership plan, stock option or equity
compensation or incentive plan or other similar plan where stock is being issued or offered to a
trust, other entity or otherwise, to or for the benefit of any employees, potential employees,
officers or directors of the Company, or (b) any offering made as consideration pursuant to an
acquisition or business combination (whether structured as a merger or otherwise), a partnership or
joint venture or strategic alliance or investment by the Company or similar non-capital raising
transaction (but not an offering to raise capital to fund such an acquisition).

     “Register,” “registered,” and “registration” shall refer to a registration
effected by preparing and filing a registration statement in compliance with the Securities Act,
and the declaration or ordering of effectiveness of such registration statement.

     “Registrable Securities” means (a) the Shares; (b) any other shares of Common Stock
held by the Holders and purchased from the Company directly or through an underwriter or placement
agents; and (c) any Common Stock of the Company issued as (or issuable upon the conversion or
exercise of any warrant, right, preferred stock or other security which is issued after the
Effective Time hereof as) a dividend, stock split or other distribution or in connection with a
combination of shares, recapitalization, merger, consolidation or other reorganization with respect
to, or in exchange for or in replacement of, the Common Stock held by the Holders, provided,
however, that Registrable Securities shall not include any shares of Common Stock which have been
sold to the public by a Holder either pursuant to a registration statement or Rule
144, or which have been sold in a private transaction in which the transferor’s rights under
this Agreement are not assigned.

     “Registrable Securities then outstanding” shall be the number of shares determined by
calculating the total number of shares of the Company’s Common Stock that are Registrable

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Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to
exercisable or convertible securities.

     “Registration Expenses” shall mean all fees and expenses incurred by the Company
relating to any registration, qualification or compliance pursuant to this Agreement (including any
Mandatory Registration or Shelf Registration), including, without limitation, all registration and
filing fees, exchange listing fees, transfer agent’s and registrar’s fees, cost of distributing
prospectuses in preliminary and final form as well as any supplements thereto, printing expenses,
fees and disbursements of counsel for the Company, blue sky fees and expenses, Financial Industry
Regulatory Authority fees, expenses of the Company’s independent accountants, and fees and
expenses of underwriters (excluding discounts and commissions) and any other Persons retained by
the Company, but shall not include Selling Expenses and the compensation of regular employees of
the Company, which shall be paid in any event by the Company. Notwithstanding the foregoing,
Registration Expenses shall include the reasonable, documented, fees and expenses of one counsel
chosen by the holders of a majority of the Registrable Securities covered by such registration for
such counsel rendering services customarily performed by counsel for selling stockholders that are
submitted to the Company in writing.

     “SEC” or “Commission” means the Securities and Exchange Commission or any
successor agency.

     “Securities Act” shall mean the Securities Act of 1933, as amended, or similar federal
statute successor thereto, and the rules and regulations of the Commission promulgated thereunder,
as they each may, from time to time, be in effect.

     “Selling Expenses” shall mean all underwriting discounts, selling commissions and
stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of
counsel for any Holder (other than the fees and disbursements of counsel included in Registration
Expenses).

     “Shares” has the meaning set forth in the recitals.

     “Special Registration” means the registration of (a) equity securities and/or options
or other rights in respect thereof solely registered on Form S-4 or Form S-8 (or any successor or
similar registration form under the Securities Act) or (b) shares of equity securities and/or
options or other rights in respect thereof to be offered to directors, management, employees,
potential employees, consultants, customers, lenders or vendors of the Company or its direct or
indirect subsidiaries or in connection with dividend reinvestment or stock purchase plans.

SECTION 2. REGISTRATION

     2.1 Demand Registration and Shelf Registration.

          (a) Subject to the conditions of this Section 2.1 so long as the Holders hold at least
25% of the Shares purchased pursuant to the Stock Purchase Agreement or resulting from such Shares
by virtue of a stock split, stock dividend or distribution in respect of such purchase by the
Holders as of the date hereof, if the Company shall receive a written request from the Holders that
the Company file a registration statement under the Securities Act covering the

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registration of at
least 25% of the Registrable Securities then outstanding or a lesser percent if the anticipated
aggregate offering price based on the then-current market prices, net of underwriting discounts and
commissions, would exceed $3,000,000 and the lock-up period (the “Lock-Up”) in connection
with the public offering of Common Stock priced on August 14, 2009 (the “Public Offering”)
has expired by its terms at the end of the day on November 12, 2009, then the Company shall, within
10 days of the receipt thereof, give written confirmation of such request to the Holders, and
subject to the limitations of this Section 2.1, effect, as expeditiously as reasonably
possible, the registration under the Securities Act of all Registrable Securities that the Holders
request to be registered.

          (b) The Company shall use its reasonable best efforts to file by April 15, 2010 with the SEC a
registration statement on the applicable SEC form with respect to the resale from time to time,
whether underwritten or otherwise, of the Registrable Securities by the Holders, unless the Shares
may then be sold without volume limitations under Rule 144 promulgated under the Securities Act
(“Rule 144”). The Company shall use its reasonable best efforts to promptly respond to all
SEC comments related to such registration statement but in any event within two weeks of the
receipt thereof, and shall use its reasonable best efforts to obtain all such qualifications and
compliances as may be so requested and as would permit or facilitate the sale and distribution of
all of the Holders’ Registrable Securities, including causing such registration statement to be
declared effective by the SEC as soon as practicable after filing. The Company shall use its
reasonable best efforts to maintain the effectiveness of the registration effected pursuant to this
Section 2.1(b) at all times. The registration contemplated by this Section 2.1(b)
is referred to herein as the “Mandatory Registration.” The Mandatory Registration shall be
filed with the SEC in accordance with and pursuant to Rule 415 promulgated under the Securities Act
(or any successor rule then in effect) (a “Shelf Registration”). So long as any such Shelf
Registration is effective as required herein and in compliance with the Securities Act and is
usable for resale of Registrable Securities, the Holders shall be entitled to demand any number of
takedowns (including underwritten takedowns, provided that (i) the Registrable Securities requested
to be included in such underwritten takedown constitute at least 25% of the Registrable Securities
then outstanding or (ii) the anticipated aggregate offering price based on the then-current market
prices, net of underwriting discounts and commissions, would exceed $3,000,000 from the Shelf
Registration. In connection with any such takedown, the Company shall take all customary and
reasonable actions that the Company would take in connection with an underwritten registration
pursuant to Section 2.1(a) or Section 2.3 (including, without limitation, all
actions referred to in Section 2.5 necessary to effectuate such sale in the manner
determined by the holders of at least a majority of the Registrable Securities to be included in
such underwritten takedown). The Company shall use its reasonable best efforts to cause the
registration statement or statements filed on Form S-3 or any similar short-form registration
statement as the Company may elect to remain effective until such date (the “Shelf
Termination Date”) that is the earlier of (i) the date on which all Registrable Securities
included in the registration statement shall have been sold or shall have otherwise ceased to be
Registrable Securities and (ii) the date on which all remaining Registrable Securities may be sold
during any 90 day period without any volume restriction pursuant to Rule 144, after taking into
account any Holder’s status as an affiliate of the Company as determined by the counsel to the
Company. In the event the Mandatory Registration must be effected on Form S-1 or any similar
long-form registration as the Company may elect or is required to use, such registration shall
nonetheless be filed as a Shelf Registration and the Company shall use its reasonable best efforts
to keep such

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registration current and effective, including by filing periodic post-effective
amendments to update the financial statements contained in such registration statement in
accordance with Regulation S-X promulgated under the Securities Act until the Shelf Termination
Date. The Company shall not include in the Mandatory Registration any securities which are not
Registrable Securities without the prior written consent of the holders of at least a majority of
the Registrable Securities included in such registration.

          (c) If a Holder intends to distribute the Registrable Securities covered by its request by
means of an underwriting or any underwritten takedown off the Shelf Registration statement filed on
Form S-3 or any similar short-form registration statement pursuant to the Mandatory Registration,
it shall so advise the Company as a part of its request made pursuant to this Section 2.1
or any request pursuant to Section 2.3 and the Company shall include such information in
the written confirmation or written notice referred to in Section 2.1(a) or Section
2.1(b), as applicable. In such event, the right of any Holder to include such Holder’s
Registrable Securities in such registration or underwritten takedown off the registration statement
filed pursuant to the Mandatory Registration shall be conditioned upon such Holder’s participation
in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting
to the extent provided herein. All Holders proposing to distribute their securities through such
underwriting shall enter into an underwriting agreement in customary form with the underwriter or
underwriters selected for such underwriting by the Company with the consent of the initiating
Holder and reasonably acceptable to the Company; provided that no holder of Registrable Securities
included in any underwritten registration or underwritten takedown off the registration statement
filed pursuant to the Mandatory Registration shall be required to make any representations or
warranties to the Company or the underwriters (other than representations and warranties regarding
such holder, such holder’s title to the securities and such holder’s intended method of
distribution) or, without the consent of the Holder, to undertake any indemnification obligations
to the Company or the underwriters with respect thereto, except as otherwise provided in
Section 2.9 below.

     Notwithstanding any other provision of this Section 2.1 or Section 2.3, if the
managing underwriter advises the Company that marketing factors require a limitation of the number
of securities to be underwritten (including Registrable Securities), then the Company shall so
advise the holders of Registrable Securities which would otherwise be included in such underwritten
registration or takedown off the registration statement, and the number of shares of Registrable
Securities that may be included in the underwriting shall be allocated to the holders of such
Registrable Securities on a pro rata basis based on the number of Registrable Securities held by
all such holders. Any Registrable Securities excluded or withdrawn from such underwriting shall be
withdrawn from the registration.

          (d) The Company shall not be required to effect a registration pursuant to this Section
2.1 other than any Mandatory Registration required pursuant to Section 2.1(b) above:
(i) prior to the first anniversary date of the Closing Date (as defined in the Stock Purchase
Agreement); (ii) after the Company has effected three registrations pursuant to this Section
2.1, and such registration statements have been declared or ordered effective and kept
effective by the Company as required by Section 2.5(a) and at least 50% of the Registrable
Securities thereby are sold; (iii) during the period starting with the date 30 days prior to the
Company’s good faith estimate of the date of filing of, and ending on a date 90 days after the
effective date of, a

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Company-initiated registration; provided that the Company is actively
employing in good faith all reasonable best efforts to cause such registration statement to become
effective; (iv) if the Company shall furnish to the Holders requesting a registration statement
pursuant to this Section 2.1, a certificate signed by the Chairman of the Board of
Directors of the Company stating that in the good faith and reasonable judgment of the Board of
Directors of the Company, it would be seriously detrimental to the Company and its shareholders for
such registration statement to be effected at such time (but excluding any detriment to the Company
and its shareholders solely as a result of its effect on the share price), in which event the
Company shall have the right to defer the filing of such registration statement for a period of not
more than 90 days after receipt of the request by the Holders; provided that such right to delay a
request shall be exercised by the Company not more than twice in any 12 month period; or (v) if the
Holders propose to dispose of shares of Registrable Securities that may be immediately registered
on Form S-3 pursuant to a request made pursuant to Section 2.3 below. Notwithstanding the
foregoing, any expenses in connection with such registration or attempted registration shall be
Registration Expenses.

          (e) The Company may include in any registration pursuant to this Section 2.1 other securities
for sale for its own account or for the account of any other Person; provided that, if the managing
underwriter for the offering shall determine that the number of shares proposed to be offered in
such offering would be reasonably likely to adversely affect such offering, then the securities to
be sold by the Holders shall be included in such registration before any securities proposed to be
sold for the account of the Company or any other Person.

     2.2 Piggyback Registrations.

          (a) Subject to the terms and conditions of the Lock-Up, the Company shall notify each Holder
who holds Registrable Securities in writing at least 10 days prior to the filing of any
registration statement under the Securities Act for purposes of a public offering of securities of
the Company (whether in connection with a public offering of securities by the Company, a public
offering of securities by shareholders of the Company, or both, but excluding any registration
relating to an offering excluded from a Qualified Equity Offering or which is a Special
Registration, or a registration on any registration form that does not permit secondary sales) and
shall afford each such Holder an opportunity to include in such registration statement all or part
of the Registrable Securities held by such Holder. Each Holder desiring to include in any such
registration statement all or any part of the Registrable Securities held by such Holder shall,
within five days after receipt of the above-described notice from the Company, so notify the
Company in writing. Such notice shall state such Holder’s desire to include all or a part of the
Registrable Securities held by such Holder. If a Holder decides not to include all of its
Registrable Securities in any registration statement thereafter filed by the Company, such Holder
shall nevertheless continue to have the right to include any Registrable Securities in any
subsequent registration statement or registration statements as may be filed by the Company
with respect to offerings of its securities, all upon the terms and conditions set forth herein.

          (b) Underwriting. If the registration statement under which the Company gives notice
under this Section 2.2 is for an underwritten offering, the Company shall so advise in such
notice the Holders who hold Registrable Securities. In such event, the right of any such Holder to
be included in a registration pursuant to this Section 2.2 shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of the Registrable Securities

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such
Holder desires to include in such registration in the underwriting. All Holders proposing to
distribute their Registrable Securities through such underwriting shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such underwriting by
the Company.

          Notwithstanding any other provision of this Agreement, if the managing underwriter determines
in good faith that marketing factors require a limitation of the number of shares to be
underwritten in a registration statement pursuant to this Section 2.2, the number of shares that
may be included in such underwriting shall be allocated first to the Company; second, to all
Holders who are entitled to participate and who have elected to participate in the offering
pursuant to the terms of this Agreement, on a pro rata basis based upon the total number of shares
held by each such participating Holder that are subject to piggyback registration rights pursuant
hereto; and third, to any other shareholder of the Company on a pro rata basis.

          If any Holder disapproves of the terms of any such underwriting, such Holder may elect to
withdraw therefrom by written notice to the Company and the managing underwriter, delivered at
least 10 calendar days prior to the effective date of the registration statement or in the case of
a registration statement on Form S-3 or similar short-form registration statement, by the close of
business on the first business day after the public notice of an offering or if the offering is
publicly announced at the beginning of a business day, 4:00 P.M. Eastern Time on such day.

          (c) Right to Terminate Registration. The Company shall have the right to terminate or
withdraw any registration initiated by it under this Section 2.2 prior to the effectiveness
of such registration whether or not any Holder has elected to include securities in such
registration. The Registration Expenses of such withdrawn registration shall be borne by the
Company in accordance with Section 2.4.

          (d) The Company shall not grant to any other Person the right to request the Company to
register any shares of Common Stock in a piggyback registration unless such rights are consistent
with the provisions hereof.

     2.3 Form S-3 Registration. In case the Company shall receive at any time after the
expiration of the Lock-Up from the Investor, so long as the Investor and its Affiliates hold at
least 25% of the Shares held by the Investor and its Affiliates as of the date hereof, a written
request or requests that the Company effect a registration on Form S-3 or any similar short-form
registration statement with respect to all or a part of the Registrable Securities owned by the
Holders, and provided the Company is then eligible to use Form S-3 or similar short-form
registration statement, the Company will:

          (a) promptly give written notice of the proposed registration, and any related qualification
or compliance, to all Holders holding Registrable Securities; and

          (b) as soon as practicable, (i) file such registration statement, if the Company is then
eligible to use Form S-3 or any similar short-form registration statement and use its commercially
reasonable best efforts to have such registration statement declared effective, (ii) promptly
respond to all SEC comments related to such registration statement but in any event

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within two
weeks of the receipt thereof, (iii) obtain all such qualifications and compliances as may be so
requested and as would permit or facilitate the sale and distribution of all or such portion of the
Holders’ Registrable Securities as are specified in a written request timely given after receipt of
the written notice from the Company given pursuant to Section 2.3(a), including causing such
registration statement to be declared effective by the SEC as soon as practicable, and (iv)
maintain the effectiveness of the registration statement effected pursuant to this Section 2.3 at
all times, subject only to the limitations on effectiveness set forth in Section 2.5; provided,
however, that the Company shall not be obligated to effect any such registration, qualification or
compliance pursuant to this Section 2.3: (i) prior to the first anniversary date of the
Closing Date (as defined in the Stock Purchase Agreement); (ii) if Form S-3 is not available for
such offering by the Holders; (iii) if the Holders, together with the holders of any other
securities of the Company entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) at an anticipated aggregate offering price to the
public of less than three million dollars ($3,000,000); or (iv) if the Company shall furnish to the
Holders a certificate signed by the Chairman of the Board of Directors of the Company stating that
in the good faith and reasonable judgment of the Board of Directors of the Company, it would be
seriously detrimental to the Company and its shareholders for such Form S-3 registration to be
effected at such time (but excluding any detriment to the Company and its shareholders solely as a
result of its effect on the share price), in which event the Company shall have the right to defer
the filing of the Form S-3 registration statement for a period of not more than 90 days after
receipt of the request of the Holders or the under this Section 2.3; provided, that such
right to delay a request shall be exercised by the Company not more than once in any 12 month
period; or (iv) after the Company has effected two registrations on Form S-3 pursuant to this
Section 2.3 and such registrations have been declared effective. Notwithstanding the
foregoing, any expenses in connection with such registration or attempted registration shall be
Registration Expenses.

          (c) Subject to the foregoing, the Company shall file a Form S-3 registration statement
covering the Registrable Securities and other securities so requested to be registered as soon as
reasonably practicable after receipt of the request or requests of the Holders. Registrations
effected pursuant to this Section 2.3 shall not be counted as a demand for registration or
registrations effected pursuant to Sections 2.1 or 2.2, respectively.

          (d) The Company shall not grant to any other Person the right to request the Company to
register any shares of Common Stock in a registration on Form S-3 or similar short-form
registration statement unless such rights are consistent with the provisions hereof, except in the
case of a registration statement on Form S-3 or similar short-form registration statement filed to
register any shares of Common Stock issued in connection with a Special Registration or in
connection with an offering excluded from a Qualified Equity Offering.

          (e) It is understood and agreed that as of the date hereof, the Company is ineligible to use
Form S-3 and this Section 2.3 shall not apply unless and until the Company becomes eligible
to use Form S-3. The Company will use its reasonable best efforts to become eligible to use Form
S-3 as soon as practicable.

     2.4 Expenses of Registration. Except as specifically provided herein, all
Registration Expenses incurred in connection with any registration, qualification or compliance
hereunder

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shall be borne by the Company. The obligation of the Company to bear Registration
Expenses shall apply irrespective of whether a registration, once properly demanded or requested
becomes effective or is withdrawn or suspended. All Selling Expenses incurred in connection with
any registrations hereunder, shall be borne by the holders of the securities so registered pro rata
on the basis of the number of shares so registered. Notwithstanding the foregoing, the Company
shall not, however, be required to pay for expenses of any registration proceeding begun pursuant
to Section 2.1 or Section 2.3, the request of which has been subsequently withdrawn
by the Holders unless (a) the Company has requested the Holders to withdraw such request or the
Company and the Holders jointly determine that such request should be withdrawn, (b) the withdrawal
is based upon material adverse information concerning the Company that the Company had not publicly
revealed at least forty-eight (48) hours prior to the request for registration or that the Company
had not otherwise notified the Holders of at the time of such request for registration or (c) the
Holders of a majority of Registrable Securities, as the case may be, agree to forfeit their right
to one requested registration pursuant to Section 2.1 or Section 2.3, as
applicable, in which event such right shall be forfeited.

     If the Holders are required to pay the Registration Expenses, such expenses shall be borne by
the Holder of securities (including Registrable Securities) requesting such registration in
proportion to the number of shares for which registration was requested and effected. If the
Company is required to pay the Registration Expenses of a withdrawn offering pursuant to clause (a)
above, then the Holders shall not forfeit their rights pursuant to Section 2.1 or
Section 2.3.

     2.5 Obligations of the Company. In the case of a Mandatory Registration and whenever
required to effect the registration of any Registrable Securities, the Company shall, as
expeditiously as practicable:

          (a) In the case of a Mandatory Registration, prepare and file with the SEC a registration
statement, and all amendments and supplements thereto and related prospectuses and issuer free
writing prospectuses as may be necessary to comply with applicable securities laws, with respect to
such Registrable Securities and use its reasonable best efforts to cause such registration
statement to become effective, provided that before filing a registration statement or prospectus
or any amendments or supplements thereto and issuer free writing prospectuses, the Company shall
furnish to the one counsel selected by the Holders of a majority of the Registrable Securities
covered by such registration statement copies of all such documents proposed to be filed and give
such counsel a reasonable opportunity to review and comment on such documents before they are filed
and the opportunity to object to any information pertaining to the Holders that is contained
therein, and the Company shall make any changes with respect to information regarding the Holders
reasonably requested by such counsel to such documents prior to filing.

          (b) Prepare and file with the SEC a registration statement, and all amendments and supplements
thereto and related prospectuses and issuer free writing prospectuses as may be necessary to comply
with applicable securities laws, with respect to such Registrable Securities and use all reasonable
best efforts to cause such registration statement to become effective, provided that, before filing
a registration statement or prospectus or any amendments or supplements thereto and issuer free
writing prospectuses, the Company shall furnish to the counsel selected by the holders of a
majority of Registrable Securities covered by such registration statement copies of all such
documents proposed to be filed and give such counsel a

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reasonable opportunity to review and comment
on such documents before they are filed and the opportunity to object to any information pertaining
to the Holders that is contained therein, and the Company shall make any changes reasonably
requested by such counsel to such documents prior to filing, notify in writing each holder of the
effectiveness of each registration statement filed hereunder, and, upon the request of the holders
of a majority of the Registrable Securities registered thereunder, keep such registration statement
effective for up to 180 days or, if earlier, until the holder or holders have completed the
distribution related thereto, or, a period ending on the earlier of (i) the date on which all
Registrable Securities included in the registration statement shall have been sold or shall have
otherwise ceased to be Registrable Securities and (ii) the date on which all remaining Registrable
Securities may be sold during any 90 day period without any volume restriction pursuant to Rule
144, after taking into account any holder’s status, if any, as an affiliate of the Company as
determined by the Company.

          (c) Furnish to the selling Holders such number of copies of a prospectus, including a
preliminary prospectus, and each amendment and supplement thereto, in conformity with the
requirements of the Securities Act, and such other documents as they may reasonably request in
order to facilitate the disposition of Registrable Securities owned by them.

          (d) Use its reasonable best efforts to register and qualify the securities covered by such
registration statement under such other securities or Blue Sky laws of such jurisdictions as shall
be reasonably requested by the selling Holders; provided that the Company shall not be required in
connection therewith or as a condition thereto to qualify to do business or to file a general
consent to service of process in any such jurisdictions.

          (e) In the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the managing underwriter of such
offering. Each Holder participating in such underwriting shall also enter into and perform its
obligations under such an agreement.

          (f) Promptly notify each Holder who holds Registrable Securities covered by such registration
statement at any time when a prospectus relating thereto is required to be delivered under the
Securities Act of the happening of any event as a result of which the prospectus included in such
registration statement, as then in effect, includes an untrue statement of a material fact or omits
to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances under which they were made and, at the request of the
holders of a majority of the Registrable Securities covered by such registration statement, the
Company shall promptly prepare and furnish to each such Holder a reasonable number of copies of a
supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of
such Registrable Securities, such prospectus shall not
contain an untrue statement of a material fact or omit to state any fact necessary to make the
statements therein not misleading in light of the circumstances under which they were made.

          (g) Use its reasonable best efforts to furnish, on the date that such Registrable Securities
are delivered to the underwriters for sale, if such securities are being sold through underwriters,
(i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of
such registration, in form and substance as is customarily given to underwriters in an underwritten
public offering, addressed to the underwriters, if any, and (ii) a “comfort”

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letter dated as of
such date, from the independent registered public accountants of the Company, in form and substance
as is customarily given by independent registered public accountants to underwriters in an
underwritten public offering addressed to the underwriters.

          (h) Promptly notify each Holder who holds Registrable Securities covered by such registration
statement in the event of the issuance of any stop order suspending the effectiveness of a
registration statement, or any order suspending or preventing the use of any related prospectus or
suspending the qualification of any equity securities included in such registration statement for
sale in any jurisdiction, and use its reasonable best efforts promptly to obtain the withdrawal of
such order.

     2.6 Suspension of Sales. Upon receipt of written notice from the Company that a
registration statement or prospectus contains an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances under which they were made (a “Misstatement”),
each Holder who holds Registrable Securities shall forthwith discontinue disposition of Registrable
Securities until such Holder has received copies of the supplemented or amended prospectus that
corrects such Misstatement, or until such Holder is advised in writing by the Company that the use
of the prospectus may be resumed, and, if so directed by the Company, such Holder shall deliver to
the Company (at the Company’s expense) all copies, other than permanent file copies then in such
Holder’s possession, of the prospectus covering such Registrable Securities current at the time of
receipt of such notice. The total number of days that any such suspension may be in effect in any
180 day period shall not exceed 45 days.

     2.7 Termination of Registration Rights. A Holder’s registration rights shall expire
if all Registrable Securities held by such Holder (and its Affiliates, partners, members and former
members) may be sold without any volume restriction under Rule 144 during any 90 day period after
taking into account any Holders’ status as an affiliate of the Company as determined by the
Company.

     2.8 Delay of Registration; Furnishing Information.

          (a) No Holder shall have any right to obtain or seek an injunction restraining or otherwise
delaying any such registration as the result of any controversy that might arise with respect to
the interpretation or implementation of this Section 2.

          (b) It shall be a condition precedent to the obligations of the Company to take any action
pursuant to Sections 2.1, Section 2.2 or Section 2.3 that the selling
Holders shall furnish to the Company such information regarding themselves, the Registrable
Securities held
by them and the intended method of disposition of such securities as shall be required to
effect the registration of their Registrable Securities.

          (c) The Company shall have no obligation with respect to any registration requested pursuant
to Section 2.1 or Section 2.3 (except that any expenses in connection with such
registration or attempted registration shall be Registration Expenses) if the number of shares or
the anticipated aggregate offering price of the Registrable Securities to be included in the
registration does not equal or exceed the number of shares or the anticipated aggregate

11

 

offering
price required to originally trigger the Company’s obligation to initiate such registration as
specified in Section 2.1 or Section 2.3, whichever is applicable.

     2.9 Indemnification. In the event any Registrable Securities are included in a
registration statement under this Section 2:

          (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder,
any underwriter (as defined in the Securities Act) or placement agent for such Holder and each
Person, if any, who controls such Holder, underwriter or placement agent within the meaning of the
Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or
several) to which they may become subject under the Securities Act, or the Exchange Act or other
federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following statements, omissions or
violations (collectively, a “Violation”): (i) any untrue statement or alleged untrue
statement of a material fact provided contained in such registration statement, including any
preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto except any information provided by or on behalf of any Holder, or underwriter or placement
agent or for which any Holder or underwriter or placement agent was responsible, (ii) the omission
or alleged omission to state therein a material fact required to be stated therein, or necessary to
make the statements therein not misleading, except for any omission or alleged omission in
information provided by or on behalf of a Holder, underwriter or placement agent or for which any
Holder, underwriter or placement agent was responsible or (iii) any violation or alleged violation
by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or
regulation promulgated under the Securities Act, the Exchange Act or any state securities law; and
the Company will pay to each such Holder, underwriter, placement agent or controlling person, as
accrued, any legal or other expenses reasonably incurred by them in connection with investigating
or defending any such loss, claim, damage, liability, or action; provided, however, that the
indemnity agreement contained in this Section 2.9(a) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability, or action if such settlement is effected
without the prior written consent of the Company.

          (b) To the extent permitted by law and provided that such Holder is not entitled to
indemnification pursuant to Section 2.9(a) above with respect to such matter, each selling
Holder (severally and not jointly) will indemnify and hold harmless the Company, each of its
directors, each of its officers who has signed the registration statement, each Person, if any, who
controls the Company within the meaning of the Securities Act or the Exchange Act, any underwriter,
placement agent and any other Holder selling securities in such registration statement and any
controlling Person of any such underwriter, placement agent or other Holder, against any losses,
claims, damages, or liabilities to which any of the foregoing persons may
become subject under the Securities Act, the Exchange Act or other federal or state law,
insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out
of or are based upon any (i) untrue statement or alleged untrue statement of a material fact
regarding such Holder and provided in writing by such Holder which is contained in such
registration statement, including any preliminary prospectus or final prospectus contained therein
or any amendments, supplements or free writing prospectuses thereto or (ii) the 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
untrue statement or

12

 

alleged untrue statement or omission or alleged omission was made in such
registration statement, preliminary or final prospectus, amendment, supplement or free writing
prospectuses thereto, in reliance upon and in conformity with written information furnished by such
Holder expressly for use in connection with such registration statement; and each such Holder will
pay such underwriter, placement agent, other Holder or controlling Person, as accrued, any legal or
other expenses reasonably incurred by them in connection with investigating or defending any such
loss, claim, damage, liability, or action as a result of such Holder’s untrue statement or
omission; provided, however, that the indemnity agreement contained in this Section 2.9(b)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Holders unless such settlement by the
claimant releases the Holders from any further loss, claim, damage, liability or action arising
from the matters giving rise to the claim or action; provided, that, (x) the indemnification
obligations in this Section 2.9(b) shall be individual and several not joint for each
Holder and (y) in no event shall the aggregate of all indemnification payments by any Holder under
this Section 2.9(b) exceed the net proceeds from the offering received by such Holder.

          (c) Promptly after receipt by an indemnified party under this Section 2.9 of notice of
the commencement of any claim or action (including any governmental action), such indemnified party
will, if a claim in respect thereof is to be made against any indemnifying party under this
Section 2.9, deliver to the indemnifying party a written notice of the commencement thereof
and the indemnifying party shall have the right to participate in, and, to the extent the
indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to
assume the defense thereof with counsel mutually satisfactory to the parties; provided, however,
that an indemnified party (together with all other indemnified parties which may be represented
without conflict by one counsel) shall have the right to retain one separate counsel, with the
reasonable fees and expenses of such counsel to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the indemnifying party would be
inappropriate due to actual or potential differing interests between such indemnified party and any
other party represented by such counsel in such proceeding. The failure to deliver written notice
to the indemnifying party within a reasonable time of the commencement of any such action shall not
relieve such indemnifying party of any liability to the indemnified party under this Section
2.8, except to the extent such failure to give notice has a material adverse effect on the
ability of the indemnifying party to defend such action.

          (d) If the indemnification provided for in this Section 2.9 is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to any loss,
liability, claim, damage or expense referred to therein, then the indemnifying party, in lieu of
indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such loss, liability, claim, damage, or expense in such
proportion as is appropriate to reflect the relative fault of the indemnifying party on the
one hand and of the indemnified party on the other in connection with the statements or omissions
that resulted in such loss, liability, claim, damage, or expense as well as any other relevant
equitable considerations. The relative fault of the indemnifying party and of the indemnified
party shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties’ relative intent,
knowledge, access to information, and opportunity to correct or prevent such statement or omission.

13

 

Notwithstanding the foregoing, the amount any Holder will be obligated to contribute pursuant to
this Section 2.9(d) will be limited to an amount equal to the per share offering price
(less any underwriting discount and commissions) multiplied by the number of shares sold by such
Holder pursuant to the registration statement which gives rise to such obligation to contribute
(less the aggregate amount of any damages which such Holder has otherwise been required to pay in
respect of such loss, liability, claim, damage, or expense or any substantially similar loss,
liability, claim, damage, or expense arising from the sale of such Registrable Securities). No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) will be entitled to contribution hereunder from any person who was not guilty of
such fraudulent misrepresentation.

          (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection with the
underwritten public offering are in conflict with the foregoing provisions, the provisions in the
underwriting agreement shall control; provided that the indemnification provisions of the Holders
in any underwriting agreement may not conflict with the provisions of this Section 2.9
without the consent of the Holders.

          (f) The obligations of the Company and the Holders under this Section 2.9 shall
survive the completion of any offering of shares of Common Stock in a registration statement under
this Section 2, and otherwise.

     2.10 “Market Stand-Off’ Agreement; Agreement to Furnish Information. Each Holder
hereby agrees that such Holder shall not sell, transfer, make any short sale of, grant any option
for the purchase of, or enter into any hedging or similar transaction with the same economic effect
as a sale of, any Common Stock (or other securities) of the Company held by such Holder (other than
those included in the registration) for a period specified by the representative of the
underwriters of Common Stock (or other securities) of the Company not to exceed 10 days prior to
and 90 days following the effective date of a registration statement of the Company filed under the
Securities Act that includes any Registrable Securities of the Holders; provided that the executive
officers and directors of the Company enter into similar agreements and only if such Persons remain
subject thereto (and are not released from such agreement) for such 90 day period. Each Holder
agrees to execute and deliver such other agreements as may be reasonably requested by the Company
or the underwriter which are consistent with the foregoing or which are necessary to give further
effect thereto.

     In addition, if requested by the Company or the representative of the underwriters of Common
Stock (or other securities) of the Company, each Holder shall provide, within 10 days of such
request, such information as may be required by the Company or such representative in
connection with the completion of any public offering of the Company’s securities pursuant to
a registration statement filed under the Securities Act.

     The obligations described in this Section 2.10 shall not apply to a registration
relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be
promulgated in the future, or a registration relating solely to a Rule 145 transaction on Form S-4
or similar forms that may be promulgated in the future. The Company may impose stop-transfer

14

 

instructions with respect to the shares of Common Stock (or other securities) subject to the
foregoing restriction until the end of said 90 day period.

     2.11 Rule 144 Reporting. With a view to making available to the Holders the benefits
of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities
to the public without registration, the Company agrees to use its reasonable best efforts to:

          (a) make and keep public information available, as those terms are understood and defined in
Rule 144 or any similar or analogous rule promulgated under the Securities Act, at all times after
the effective date of this Agreement;

          (b) file with the SEC, in a timely manner, all reports and other documents required of the
Company under the Exchange Act; and

          (c) so long as a Holder owns any Registrable Securities, furnish to such Holder promptly upon
request: a written statement by the Company as to its compliance with the reporting requirements of
Rule 144, and of the Exchange Act; a copy of the most recent annual or quarterly report of the
Company; and such other reports and documents as a Holder may reasonably request in availing itself
of any rule or regulation of the SEC allowing it to sell any such securities without registration.

SECTION 3. MISCELLANEOUS

     3.1 Successors and Assigns. Except as otherwise provided herein, the terms and
conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties (including any transferees of any shares of Registrable
Securities). In addition, whether or not any express assignment shall have been made, the
provisions of this Agreement which are for the benefit of the Holders as such shall be for the
benefit of, and enforceable by, any subsequent Holder. Nothing in this Agreement, express or
implied, is intended to, as shall confer upon any Person other than the parties hereto or their
respective successors and assigns (including any transferees of any shares of Registrable
Securities) or any subsequent Holder any rights, remedies, obligations, or liabilities under or by
reason of this Agreement, except as expressly provided in this Agreement.

     3.2 Governing Law. This Agreement shall be governed by and construed under the laws
of the State of New York without regard to its conflicts of laws rules.

     3.3 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

     3.4 Titles and Subtitles. The titles and subtitles used in this Agreement are used
for convenience only and are not to be considered in construing or interpreting this Agreement.

     3.5 Notices. Unless otherwise provided, any notice required or permitted under this
Agreement shall be given in writing and shall be deemed effectively given upon personal delivery to
the party to be notified or upon deposit with the United States Post Office, by

15

 

registered or
certified mail, postage prepaid and addressed to the party to be notified at the address indicated
for such party on the signature page hereof, or at such other address as such party may designate,
or by delivery with a reliable overnight delivery service by three (3) days’ advance written notice
to the other parties.

     3.6 Amendments and Waivers. Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written consent of the Company,
and the Holders as long as the Holders hold Registrable Securities. Any amendment or waiver
effected in accordance with this paragraph shall be binding upon each holder of any Registrable
Securities then outstanding and the Company.

     3.7 Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, such provision shall be excluded from this Agreement and the
balance of the Agreement shall be interpreted as if such provision were so excluded and shall be
enforceable in accordance with its terms.

     3.8 Aggregation of Stock. All shares of Registrable Securities held or acquired by
any Holders which are Affiliates shall be aggregated together for the purpose of determining the
availability of any rights under this Agreement.

     3.9 Entire Agreement. This Agreement constitutes the full and entire understanding
and agreement between the parties with regard to the subject matter hereof.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

16

 

     IN WITNESS WHEREOF, the parties hereto have caused and this Agreement to be executed by their
respect undersigned officers thereunder duly authorizing as of the date set forth in the first
paragraph hereof.

	 	 	 	 	 
	 	SEACOAST BANKING CORPORATION OF FLORIDA

 	 
	 	By:  	/s/ Dennis S. Hudson, III
 	 
	 	 	Name:  	Dennis S. Hudson, III 	 
	 	 	Title:  	Chairman and Chief Executive Officer 	 

	 	 	 	 	 
	 	 	Address:  	815 Colorado Avenue

Stuart, Florida  34994

Attention:  Dennis S. Hudson, III 	 
	 

	 	 	 	 	 
	 	CAPGEN CAPITAL GROUP III LP

CAPGEN CAPITAL GROUP III LLC,

THE GENERAL PARTNER OF CAPGEN

CAPITAL GROUP III LP

 	 
	 	By:  	/s/ John P. Sullivan
 	 
	 	 	Name:  	John P. Sullivan 	 
	 	 	Title:  	Managing Director
 	 

	 	 	 	 	 
	 	 	Address:  	280 Park Avenue

40th Floor West

New York, New York 10017

Attention:  John P. SullivanExhibit 10.1

Exhibit 10.1

AMENDMENT NO. 1 TO CREDIT AGREEMENT

This Amendment No. 1 to Credit Agreement, dated as of October 27, 2009, (this
“Amendment”), is entered into by KEY ENERGY SERVICES, INC., a Maryland corporation (the
“Borrower”), the lenders party to the Credit Agreement described below, BANK OF AMERICA,
N.A., as Paying Agent, Co-Administrative Agent, Swing Line Lender and L/C Issuer, and Wells Fargo
Bank, National Association, as Co-Administrative Agent, Swing Line Lender and L/C Issuer.

INTRODUCTION

Reference is made to the Credit Agreement dated as of November 29, 2007 (as modified from time
to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party
thereto (collectively, the “Lenders” and individually, a “Lender”), Bank of
America, N.A., as Paying Agent, Co-Administrative Agent, Swing Line Lender and L/C Issuer, Wells
Fargo Bank, National Association, as Co-Administrative Agent, Swing Line Lender and L/C Issuer and
Banc of America Securities LLC (“BAS”) and Wells Fargo Securities, LLC, as successor to
Wells Fargo Bank, National Association, as Joint Lead Arrangers and Joint Book Managers.

The Borrower has requested, and the Lenders have agreed, and the Paying Agent has acknowledged
such agreement, on the terms and conditions set forth herein, to make certain amendments to the
Credit Agreement.

THEREFORE, in connection with the foregoing and for other good and valuable consideration, the
Borrower and the Lenders hereby agree, and the Paying Agent hereby acknowledges such agreement, as
follows:

Section 1. Definitions; References. Unless otherwise defined in this Amendment, each
term used in this Amendment that is defined in the Credit Agreement has the meaning assigned to
such term in the Credit Agreement.

Section 2. Amendment of Credit Agreement

(a) Section 1.01 of the Credit Agreement is hereby amended by inserting the following
definitions in appropriate alphabetical order:

“Adjusted Total Capitalization” means, as of any date of determination, the
sum of (i) Consolidated Funded Indebtedness as of such date plus (ii)
Consolidated Net Worth as of such date plus $110,000,000.

“Consolidated Senior Secured Debt” means all Consolidated Funded
Indebtedness that is secured by a Lien on any Property.

 

 

 

“Consolidated Senior Secured Leverage Ratio” means, as of any date of
determination, the ratio of (a) Consolidated Senior Secured Debt as of such date to
(b) Consolidated EBITDA of the Borrower and its Subsidiaries on a consolidated basis
from the most recently completed Measurement Period. For purposes of calculating
the Consolidated Senior Secured Leverage Ratio as of any
date, Consolidated EBITDA shall be calculated on a pro forma basis (as certified by
the Borrower to the Co-Administrative Agents and as reasonably approved by the
Co-Administrative Agents) assuming that (i) all Acquisitions made, and any
Indebtedness incurred or repaid in connection therewith, during the most recently
completed Measurement Period and (ii) all Dispositions of any Subsidiary or of all
or substantially all the assets of any Subsidiary or of any line of business or
division of the Borrower or any Subsidiary completed, and any Indebtedness incurred
or repaid in connection therewith, during such Measurement Period have been made or
incurred or repaid on the first day of such Measurement Period (but without any
adjustment to Consolidated EBITDA for projected cost savings or other synergies
other than cost savings or synergies realized within, or to be realized within, 180
days following the consummation of such Acquisition or Disposition, as applicable,
as demonstrated to and as approved by the Co-Administrative Agents in their
reasonable discretion).

“First Amendment” means Amendment No. 1 to Credit Agreement dated as of
October 27, 2009 among the Borrower, the Lenders party thereto, the Paying Agent,
the Co-Administrative Agents, the Swing Line Lenders and the L/C Issuers.

“First Amendment Effective Date” means October 27, 2009.

“Foreign Investment Add-Back Amount” means, with respect to any asset the
acquisition of which is included as a Capital Expenditure for purposes of
calculating compliance with Section 7.12, if such asset is thereafter sold
to, or contributed or otherwise invested pursuant to Section 7.03(k)
in, a joint venture or Foreign Subsidiary for cash actually received by a Loan
Party in the United States or a promissory note payable to a Loan Party, an amount
equal to the lesser of (a) the cash so received or original principal amount of such
promissory note and (b) the amount included in the calculation of compliance with
Section 7.12 with respect to the acquisition of such asset.

“Insignificant Foreign Subsidiary” means any Foreign Subsidiary of the
Borrower designated as an “Insignificant Foreign Subsidiary” which had
assets having an aggregate book value not exceeding, as of the last day of the
fiscal quarter most recently ended for which financial statements have been
delivered by the Borrower pursuant to Section 6.01(a) or (b), as the case
may be, 5% of the consolidated total assets of the Borrower and its Subsidiaries;
provided that all Foreign Subsidiaries so designated as Insignificant Foreign
Subsidiaries may not have, in the aggregate, assets having an aggregate book value
exceeding, as of the last day of the fiscal quarter most recently ended for which
financial statements have been delivered by the Borrower pursuant to Section
6.01(a) or (b), as the case may be, 5% of the consolidated total assets of the
Borrower and its Subsidiaries. All of the Insignificant Foreign Subsidiaries as of
the First Amendment Effective Date are listed on Schedule 5.13 and
designated thereon as “Insignificant Foreign Subsidiaries”.

 

-2-

 

“Net Cash Proceeds” means, in connection with any issuance or sale of any
Equity Interest, or the incurrence or issuance of any debt securities or instruments
or the incurrence of loans, the cash proceeds received in connection with such
transactions, net of attorneys’ fees, investment banking fees, accountants’ fees,
underwriting discounts and commissions and other customary fees and expenses
actually incurred in connection therewith.

“Post-Amendment Equity Interest and Indebtedness Net Cash Proceeds Amount”
means an amount equal to the aggregate Net Cash Proceeds received by the Borrower
after the First Amendment Effective Date from the issuance of any Equity Interest or
any Indebtedness permitted by Section 7.02(k); provided, that
Borrower shall provide notice to the Paying Agent of each such issuance and its
intent to utilize such Net Cash Proceeds to increase the Post-Amendment Foreign
Investment Amount, Acquisition basket, or Capital Expenditure basket, as applicable,
and shall provide to the Paying Agent such information as the Paying Agent shall
reasonably request with respect to such issuance. Once any portion of the
Post-Amendment Equity Interest and Indebtedness Net Cash Proceeds Amount has been
used to increase the amount of Guarantees permitted to be incurred pursuant to
Section 7.02(e), Indebtedness of Foreign Subsidiaries permitted to be
incurred pursuant to Section 7.02(i), Investments in Foreign Subsidiaries
permitted to be made pursuant to Section 7.03(k), Acquisitions permitted to
be made pursuant to Section 7.02(h)(iv)(y), or Capital Expenditures
permitted to be made pursuant to Section 7.12, such portion shall no longer
be available to increase the amount of Guarantees, Indebtedness of Foreign
Subsidiaries, Investments in Foreign Subsidiaries, Acquisitions, or Capital
Expenditures that may be incurred or made pursuant to any such Section.

“Post-Amendment Foreign Investment Amount” means at any time (i) for any
fiscal year, $75,000,000 and (ii) in the aggregate since the First Amendment
Effective Date, the sum of (x) the greater of $200,000,000 and 25% of the Borrower’s
Consolidated Net Worth (as reflected on the consolidated balance sheet of the
Borrower most recently delivered to the Paying Agent pursuant to Section
6.01(a) or Section 6.01(b), as applicable), plus (y) any portion
of the Post-Amendment Equity Interest and Indebtedness Net Cash Proceeds Amount
utilized by the Borrower to increase the amount of Guarantees permitted to be
incurred pursuant to Section 7.02(e), Indebtedness of Foreign Subsidiaries
permitted to be incurred pursuant to Section 7.02(i), and Investments in
Foreign Subsidiaries permitted to be made pursuant to Section 7.03(k), as
notified to the Paying Agent.

“Property” means any right or interest in or to property of any kind
whatsoever, whether real, personal or mixed and whether tangible or intangible,
including, without limitation, Equity Interests.

“Wholly Owned Subsidiary” means as to any Person, any other Person all of
the Equity Interests of which (other than, in the case of a Foreign Subsidiary,
directors’ qualifying shares or shares required by applicable law to be held by a
Person other than the Borrower or a Subsidiary) is owned by such Person directly
and/or through other Wholly Owned Subsidiaries.

 

-3-

 

(b) Section 1.01 of the Credit Agreement is hereby amended by replacing the definition
of “Applicable Fee Rate” in its entirety with the following:

“Applicable Fee Rate” means, at any time, the applicable percentage per
annum set forth below determined by reference to the Consolidated Leverage Ratio as
set forth in the most recent Compliance Certificate received by the Paying Agent
pursuant to Section 6.02(b):

	 	 	 	 	 	 	 	 	 
	Applicable Fee Rate	 
	Pricing	 	Consolidated Leverage	 	 	 	 
	Level	 	Ratio	 	 	Commitment Fee	 
	1
	 	> 5.00:1	 	 	 	0.75	%
	2
	 	> 4.00:1 but < 5.00:1	 	 	 	0.75	%
	3
	 	> 3.00:1 but < 4.00:1	 	 	 	0.50	%
	4
	 	< 3.00:1	 	 	 	0.50	%

Any increase or decrease in the Applicable Fee Rate resulting from a change in the
Consolidated Leverage Ratio shall become effective as of the first Business Day
immediately following the date a Compliance Certificate is delivered pursuant to
Section 6.02(b); provided, however, that if a Compliance
Certificate is not delivered when due in accordance with such Section, then Pricing
Level 1 shall apply as of the first Business Day after the date on which such
Compliance Certificate was required to have been delivered.

Notwithstanding anything to the contrary contained in this definition, the
determination of the Applicable Fee Rate for any period shall be subject to the
provisions of Section 2.10(b).

(c) Section 1.01 of the Credit Agreement is hereby amended by replacing the last
sentence of the definition of “Applicable Percentage” in its entirety with the following:

The Applicable Percentage of each Lender as of the First Amendment Effective Date is
set forth opposite the name of such Lender on Schedule 2.01.

(d) Section 1.01 of the Credit Agreement is hereby amended by replacing the definition
of “Applicable Rate” in its entirety with the following:

“Applicable Rate” means the applicable percentage per annum set forth below
determined by reference to the Consolidated Leverage Ratio as set forth in the most
recent Compliance Certificate received by the Paying Agent pursuant to Section
6.02(b):

 

-4-

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Applicable Rate	 
	 	 	 	 	 	 	Eurodollar	 	 	 	 
	 	 	 	 	 	 	Rate/	 	 	 	 
	Pricing	 	Consolidated Leverage	 	 	Letters of	 	 	 	 
	Level	 	Ratio	 	 	Credit	 	 	Base Rate	 
	1
	 	> 5.00:1	 	 	 	4.50	%	 	 	3.50	%
	2
	 	> 4.00:1 but < 5.00:1	 	 	 	4.00	%	 	 	3.00	%
	3
	 	> 3.00:1 but < 4.00:1	 	 	 	3.75	%	 	 	2.75	%
	4
	 	< 3.00:1	 	 	 	3.50	%	 	 	2.50	%

Any increase or decrease in the Applicable Rate resulting from a change in the
Consolidated Leverage Ratio shall become effective as of the first Business Day
immediately following the date a Compliance Certificate is delivered pursuant to
Section 6.02(b); provided, however, that if a Compliance
Certificate is not delivered when due in accordance with such Section, then Pricing
Level 1 shall apply as of the first Business Day after the date on which such
Compliance Certificate was required to have been delivered.

Notwithstanding anything to the contrary contained in this definition, the
determination of the Applicable Rate for any period shall be subject to the
provisions of Section 2.10(b).

(e) Section 1.01 of the Credit Agreement is hereby amended by replacing the definition
of “Defaulting Lender” in its entirety with the following:

“Defaulting Lender” means any Lender that, as determined by the Paying
Agent, (a) has failed to perform its obligation to fund any portion of its Loans (or
participations in respect of Letters of Credit or Swing Line Loans) within three
Business Days of the date required to be funded by it hereunder, unless such
obligation is the subject of a good faith dispute, (b) has notified the Borrower,
the Paying Agent or any Lender in writing that it does not intend to comply with any
of its funding obligations under this Agreement or has made a public statement that
it does not intend to comply with its funding obligations under this Agreement or
generally under other agreements in which it commits to extend credit, (c) has
failed, within three Business Days after written request by the Paying Agent, to
confirm in a manner satisfactory to the Paying Agent, the L/C Issuers and the Swing
Line Lenders that it will comply with the terms of this Agreement relating to its
obligations to fund prospective Loans (or participations in respect of Letters of
Credit or Swing Line Loans), (d) otherwise has failed to pay over to the Paying
Agent or any other Lender any other amount required to be paid by it hereunder
within three Business Days of the date when due, unless the subject of a good faith
dispute, or (e) has, or has a direct or indirect parent company that has, (i) become
the subject of a proceeding under any Debtor Relief Laws, or (ii) had a receiver,
conservator, trustee, administrator, assignee for the benefit of creditors or
similar Person charged with reorganization or liquidation of its business or a
custodian appointed for it, or (iii) taken any action in furtherance of, or
indicating its consent to, approval of or acquiescence in any such
proceeding or appointment; provided that a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any equity interest in
such Lender or direct or indirect parent company thereof by a Governmental
Authority.

 

-5-

 

(f) Section 1.01 of the Credit Agreement is hereby amended by replacing the definition
of “Revolving Credit Facility” in its entirety with the following:

“Revolving Credit Facility” means, at any time, the aggregate amount of the
Lenders’ Revolving Credit Commitments at such time. As of the First Amendment
Effective Date, the amount of the Revolving Credit Facility is $300,000,000.

(g) Section 1.01 of the Credit Agreement is hereby amended by replacing the definition
of “Security Documents” in its entirety with the following:

“Security Documents” means, collectively, the Security Agreement, vessel
mortgages, collateral assignments, security agreement supplements, security
agreements, pledge agreements or other similar agreements delivered to the Paying
Agent pursuant to Section 6.12, and each of the other agreements,
instruments or documents that creates or purports to create a Lien in favor of the
Paying Agent for the benefit of the Secured Parties, and shall expressly include any
arrangements entered into by any L/C Issuer with the Borrower pursuant to
Section 2.03(a)(iii)(F).

(h) Section 2.04(a) of the Credit Agreement is hereby amended by replacing the first
sentence of such Section in its entirety with the following:

Subject to the terms and conditions set forth herein, and if an AutoBorrow Agreement
is in effect with respect to any Swing Line Lender, subject to the terms and
conditions of such AutoBorrow Agreement, each Swing Line Lender may, in its sole
discretion, in reliance upon the agreements of the other Lenders set forth in this
Section 2.04, make loans (each such loan, a “Swing Line Loan”) to
the Borrower from time to time on any Business Day during the Availability Period in
an aggregate amount not to exceed at any time outstanding the amount of its Swing
Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated
with the Applicable Percentage of the Outstanding Amount of Revolving Credit Loans
and L/C Obligations of either Lender acting as Swing Line Lender, may exceed the
amount of such Lender’s Revolving Credit Commitment; provided,
however, that after giving effect to any Swing Line Loan, (i) the Total
Outstandings shall not exceed the Revolving Credit Facility at such time, and (ii)
the aggregate Outstanding Amount of the Revolving Credit Loans of any Lender at such
time, plus such Lender’s Applicable Percentage of the Outstanding Amount of
all L/C Obligations at such time, plus such Lender’s Applicable Percentage
of the Outstanding Amount of all Swing Line Loans at such time shall not exceed such
Lender’s Revolving Credit Commitment, and
provided further that the Borrower shall not use the proceeds of any
Swing Line Loan to refinance any outstanding Swing Line Loan.

 

-6-

 

(i) Section 6.02(j) of the Credit Agreement is hereby amended by replacing such Section in its
entirety with the following:

(j) as soon as available, but in any event within 30 days after the end of each
fiscal year of the Borrower, a report supplementing Schedule 5.13 containing
a description of all changes in the information included in such Schedules as may be
necessary for such Schedules to be accurate and complete, each such report to be
signed by a Responsible Officer of the Borrower and to be in a form reasonably
satisfactory to the Paying Agent; provided that the Borrower may also, at
its discretion, submit additional reports from time to time to update selected
portions of the information included in Schedule 5.13, each such additional
discretionary report, if any, to be signed by a Responsible Officer of the Borrower
and to be in a form reasonably satisfactory to the Paying Agent;

(j) Section 7.02(e) of the Credit Agreement is hereby amended by replacing such
Section in its entirety with the following:

(e) Guarantees of the Borrower or any Subsidiary in respect of obligations
otherwise permitted hereunder of (i) the Borrower or any other Guarantor and (ii)
any Foreign Subsidiary, but in the case of this clause (ii), solely to the extent
that such Guarantees incurred after the First Amendment Effective Date, together
with the aggregate amount of any Indebtedness of Foreign Subsidiaries permitted
under Section 7.02(i), and Investments in Foreign Subsidiaries made pursuant
to Section 7.03(k), in each case, incurred or made after the First Amendment
Effective Date, do not exceed in the aggregate the Post-Amendment Foreign Investment
Amount;

(k) Section 7.02(g) of the Credit Agreement is hereby amended by correcting the
reference therein from “Section 7.03(i)” to “Section 7.03(h)”.

(l) Section 7.02(i) of the Credit Agreement is hereby amended by replacing such
Section in its entirety with the following:

(i) Indebtedness of Foreign Subsidiaries; provided that any such
Indebtedness incurred after the First Amendment Effective Date owed to the Borrower
or any other Subsidiary of the Borrower (other than another Foreign Subsidiary)
shall not exceed in an aggregate amount, together with the aggregate amount of any
obligations in respect of Guarantees with respect to Foreign Subsidiaries permitted
under Section 7.02(e), and Investments made in Foreign Subsidiaries pursuant
to Section 7.03(k), in each case, incurred or made after the First Amendment
Effective Date, the Post-Amendment Foreign Investment Amount;

 

-7-

 

(m) Section 7.02(k) of the Credit Agreement is hereby amended by replacing such
Section in its entirety with the following:

(k) unsecured Indebtedness that (A) has no maturity earlier than twelve months
after the Maturity Date, (B) does not require any scheduled repayment, defeasance,
or redemption of any principal amount thereof prior to maturity, and (C) is subject
to covenants, terms, and conditions which are no more restrictive than the
covenants, terms, and conditions of this Agreement; provided that the
aggregate principal amount of Indebtedness that may be incurred pursuant to this
clause (k) after the First Amendment Effective Date shall not exceed $100,000,000
if, immediately after giving effect to such incurrence (and the application of the
proceeds thereof), on a pro forma basis (y) the Consolidated Leverage Ratio would be
greater than 3.50 to 1.00, or (z) the Borrower would not be in pro forma compliance
with the provisions of Section 7.11(a); provided, further
that the determinations to be made pursuant to clauses (y) and (z) shall be made on
a pro forma basis with respect to the most recently completed Measurement Period and
giving effect to the incurrence of such Indebtedness (and the application of the
proceeds thereof);

(n) Section 7.03(h) of the Credit Agreement is hereby amended by replacing such
Section in its entirety with the following:

(h) any Acquisition, if the following conditions would be satisfied after
giving effect thereto (such Acquisition being a “Permitted Acquisition”):

(i) any such newly-created or acquired Subsidiary shall comply with the
requirements of Section 6.12;

(ii) the Person to be (or the property of which is to be) so purchased or
otherwise acquired shall be engaged in substantially the same lines of business as
one or more of the businesses of the Borrower and its Subsidiaries or in a business
or businesses reasonably related thereto;

(iii) immediately before giving effect to such Acquisition, no Event of Default
shall have occurred and be continuing, and immediately after giving effect to such
Acquisition, on a pro forma basis, no Default shall have occurred and be continuing;

(iv) either (A) the Acquisition Consideration for such Acquisition consists
entirely of Equity Interests; or (B) if the Acquisition Consideration for such
Acquisition does not consist entirely of Equity Interests, then immediately after
giving effect to such Acquisition, on a pro forma basis, either:

(x) if the pro forma Consolidated Leverage Ratio is 2.75 to 1.00 or less, (1)
the aggregate amount of the unused Revolving Credit Commitments shall be at least
$25,000,000, and (2) the Borrower shall be in pro forma compliance with the
provisions of Section 7.11(a); or

 

-8-

 

(y) if the pro forma Consolidated Leverage Ratio is greater than 2.75 to 1.00,
(1) the aggregate amount of the unused Revolving
Credit Commitments shall be at least $25,000,000, (2) the Borrower shall be in
pro forma compliance with the provisions of Section 7.11(a), and (3) the
aggregate amount of Acquisition Consideration consisting of cash or cash equivalents
for all Acquisitions during any fiscal year of the Borrower shall not exceed
$25,000,000 (exclusive of any Acquisitions consummated prior to the First Amendment
Effective Date); provided, that upon written notice from the Borrower to the
Paying Agent and the provision to the Paying Agent of all information reasonably
requested by the Paying Agent in connection therewith, the $25,000,000 limit
contained in clause (h)(iv)(B)(y)(3) may be increased by (i) any portion of the
Post-Amendment Equity Interest and Indebtedness Net Cash Proceeds Amount utilized by
the Borrower to increase such limit as notified to the Paying Agent and (ii)
unutilized amounts then available for Capital Expenditures in accordance with
Section 7.12;

The determinations of the Consolidated Leverage Ratio and compliance with
Section 7.11(a) to be made pursuant to clauses (h)(iv)(B)(x) and
(h)(iv)(B)(y) above shall be made on a pro forma basis with respect to the most
recently completed Measurement Period and assuming that such Acquisition (and all
other Acquisitions which, in accordance with the provisions of the definition of the
term “Consolidated Leverage Ratio,” are to be given pro forma effect or which have
been made since the last day of such Measurement Period and prior to the date of
determination), and any Indebtedness incurred or repaid in connection therewith, had
been made, incurred or repaid on the first day of such Measurement Period (but
without any adjustment for projected cost savings or synergies other than cost
savings and synergies realized within, or to be realized within, 180 days following
the consummation of such Acquisition, as demonstrated to and as approved by the
Co-Administrative Agents in their reasonable discretion);

(v) with respect to any Acquisition for which the Acquisition Consideration
equals or exceeds $50,000,000, the Borrower shall have delivered to the Paying Agent
and each Lender, at least five Business Days prior to the date on which such
Acquisition is to be consummated, a certificate of a Responsible Officer, in form
and substance reasonably satisfactory to the Paying Agent, certifying that all of
the requirements set forth in this paragraph (h) have been satisfied or will be
satisfied on or prior to the consummation of such Acquisition;

(o) Section 7.03(k) of the Credit Agreement is hereby amended by replacing such
Section in its entirety with the following:

(k) Investments by the Loan Parties in any Foreign Subsidiary or any joint
venture (regardless of the type of entity used to form such joint venture) formed to
operate or provide services in a jurisdiction outside of the United States;
provided that the aggregate amount of such Investments made after the First
Amendment Effective Date, together with the aggregate amount of any Guarantees with
respect to Foreign Subsidiaries permitted by Section 7.02(e), and
Indebtedness of Foreign Subsidiaries permitted by Section 7.02(i), in each
case,
incurred or made after the First Amendment Effective Date, shall not exceed the
Post-Amendment Foreign Investment Amount;

 

-9-

 

(p) Section 7.06(d) of the Credit Agreement is hereby amended by replacing such
Section in its entirety with the following:

(d) the Borrower may purchase, redeem, or otherwise acquire its common Equity
Interests in an aggregate amount not to exceed $200,000,000 so long as, giving pro
forma effect to any repurchase and related incurrence of Indebtedness (i) the
Borrower’s Consolidated Funded Indebtedness is less than 50% of Borrower’s Total
Capitalization and (ii) the Borrower’s Consolidated Leverage Ratio (based on the
most recent twelve month period for which financial statements are available) is not
greater than 2.0 to 1.0;

(q) Section 7.11 of the Credit Agreement is hereby amended by replacing such Section
in its entirety with the following:

(a) Consolidated Interest Coverage Ratio. Permit the Consolidated
Interest Coverage Ratio as of the end of any fiscal quarter of the Borrower to be
less than the following amount for each of the following corresponding periods:

	 	 	 	 	 
	Period	 	Ratio	 
	From the fiscal quarter ending September 30, 2009, through and including the fiscal quarter ending June 30, 2010
	 	 	1.75 to 1.00	 
	 
	 	 	 	 
	For the fiscal quarter ending September 30, 2010
	 	 	2.00 to 1.00	 
	 
	 	 	 	 
	For the fiscal quarter ending December 31, 2010
	 	 	2.50 to 1.00	 
	 
	 	 	 	 
	Thereafter
	 	 	3.00 to 1.00	 

(b) Consolidated Funded Indebtedness to Total Capitalization Ratio.
Permit the Borrower’s Consolidated Funded Indebtedness to be greater than 45% of
Borrower’s Adjusted Total Capitalization at any time.

(c) Consolidated Senior Secured Leverage Ratio. Permit the
Consolidated Senior Secured Leverage Ratio as of the end of any fiscal quarter of
the Borrower to be greater than the following amount for each of the following
corresponding periods:

	 	 	 	 	 
	Period	 	Ratio	 
	From the fiscal quarter ending September 30, 2009, through and including the fiscal quarter ending September 30, 2010
	 	 	2.50 to 1.00	 
	 
	 	 	 	 
	Thereafter
	 	 	2.00 to 1.00	 

 

-10-

 

(r) Section 7.12 of the Credit Agreement is hereby amended by replacing such Section
in its entirety with the following:

7.12 Capital Expenditures. Make or become legally obligated to make any
Capital Expenditure, except for Capital Expenditures in the ordinary course of
business that, in the case of the Borrower, its Domestic Subsidiaries and its
Foreign Subsidiaries that are Wholly Owned Subsidiaries, do not exceed, in the
aggregate for the Borrower, its Domestic Subsidiaries and its Foreign Subsidiaries
that are Wholly Owned Subsidiaries during each fiscal year set forth below, the
amount set forth opposite such fiscal year:

	 	 	 	 	 
	Fiscal Year	 	Amount	 
	2008
	 	$	250,000,000	 
	2009
	 	$	250,000,000	 
	2010
	 	$	250,000,000	 
	2011
	 	$	250,000,000	 
	2012
	 	$	250,000,000	 

; provided, however, that so long as no Default has occurred and is
continuing or would result from such expenditure, if any portion of any amount set
forth above is not expended in the fiscal year for which it is permitted above, up
to 50% of any such portion may be carried over for expenditure in the next following
fiscal year; and provided, further, if any such amount is so carried
over, it will be deemed used in the applicable subsequent fiscal year before the
amount set forth opposite such fiscal year above; provided, further,
that if, as of any measurement date, the Borrower’s Consolidated Leverage Ratio is
greater than 3.50 to 1.00, then the Borrower shall not, and shall not permit any
Domestic Subsidiary or Foreign Subsidiary that is a Wholly Owned Subsidiary to, make
or become legally obligated to make Capital Expenditures in an amount exceeding in
the aggregate for the Borrower, its Domestic Subsidiaries and its Foreign
Subsidiaries that are Wholly Owned Subsidiaries, (i) $135,000,000 during fiscal year
2009 and $120,000,000 during any subsequent fiscal year of the Borrower plus
(ii) so long as no Default has occurred and is continuing or would result from such
expenditure, if any portion of any amount set forth in clause (i) above is not
expended in the fiscal year for which it is permitted, up to $33,750,000 of such
portion from fiscal year 2009, and up to $30,000,000 of such portion for any
subsequent fiscal year, may be carried over for expenditure in the next following
fiscal year and any such amount so carried over will be deemed used in the
applicable subsequent fiscal year before the amount set forth in clause (i) above;
provided, further, that upon written notice from the Borrower to the
Paying Agent and the provision to the Paying Agent of all information reasonably
requested by the Paying Agent in connection therewith, such Capital Expenditures
limits may be increased by (i) any portion of the Post-Amendment Equity Interest and
Indebtedness Net Cash Proceeds Amount, and (ii) the Foreign Investment Add-Back
Amount utilized by the Borrower to increase such limits as notified to the Paying
Agent, if any. Such Capital Expenditure limits shall be decreased by
unutilized amounts applied to increase the Permitted Acquisition basket in
accordance with Section 7.03(h)(iv)(B)(y).

 

-11-

 

(s) Section 7.14(a) of the Credit Agreement is hereby amended by replacing such
Section in its entirety with the following:

(a) accounting policies or reporting practices, except as required by GAAP or
consistent with GAAP and agreed to by the Borrower’s independent public accountants,

(t) Section 7.18 of the Credit Agreement is hereby amended by replacing such Section
in its entirety with the following:

7.18 Assets Located Outside the United States. The book value of assets (other
than Equity Interests) of the Loan Parties located outside of the United States,
exclusive of assets that were located outside of the United States on the First
Amendment Effective Date, shall not exceed in the aggregate at any time the greater
of (a) $150,000,000, or (b) 17.5% of the Borrower’s Consolidated Net Worth (as
reflected on the consolidated balance sheet of the Borrower most recently delivered
to the Paying Agent pursuant to Section 6.01(a) or Section 6.01(b),
as applicable).

(u) Section 8.01(f) of the Credit Agreement is hereby amended by replacing such
Section in its entirety with the following:

(f) Insolvency Proceedings, Etc. Any Loan Party or any Subsidiary
thereof (other than an Insignificant Foreign Subsidiary) institutes or consents to
the institution of any proceeding under any Debtor Relief Law, or makes an
assignment for the benefit of creditors; or applies for or consents to the
appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer for it or for all or any material part of its
property; or any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer is appointed without the application or consent of
such Person and the appointment continues undischarged or unstayed for 60 calendar
days; or any proceeding under any Debtor Relief Law relating to any such Person or
to all or any material part of its property is instituted without the consent of
such Person and continues undismissed or unstayed for 60 calendar days, or an order
for relief is entered in any such proceeding; or

(v) Section 8.01(g) of the Credit Agreement is hereby amended by replacing such
Section in its entirety with the following:

(g) Inability to Pay Debts; Attachment. (i) Any Loan Party or any
Subsidiary thereof (other than an Insignificant Foreign Subsidiary) becomes unable
or admits in writing its inability or fails generally to pay its debts as they
become due, or (ii) any writ or warrant of attachment or execution or similar
process is issued or levied against all or any material part of the property of any
such Person and is not released, vacated or fully bonded within 30 days after
its issue or levy; or

 

-12-

 

(w) Exhibit D to the Credit Agreement is hereby amended by replacing such Exhibit in
its entirety with the Exhibit D attached hereto.

(x) Schedule 2.01 to the Credit Agreement is hereby amended by replacing such Schedule
in its entirety with the Schedule 2.01 attached hereto.

(y) Schedule 5.13 to the Credit Agreement is hereby amended by replacing such Schedule
in its entirety with Schedule 5.13 attached hereto.

Section 3. Representations and Warranties. The Borrower represents and warrants that
(a) the execution, delivery, and performance of this Amendment by each Loan Party are within the
corporate or equivalent power and authority of such Loan Party and have been duly authorized by all
necessary corporate or other organizational action, (b) this Amendment, and the Credit Agreement as
amended hereby, constitute legal, valid, and binding obligations of each Loan Party, enforceable
against each Loan Party in accordance with their terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws of
general applicability affecting the enforcement of creditors’ rights and the application of general
principles of equity (regardless of whether such enforceability is considered in a proceeding in
equity or law); (c) the representations and warranties of the Borrower and each other Loan Party
contained in each Loan Document are true and correct in all material respects as of the date of
this Amendment, except to the extent that such representations and warranties specifically refer to
an earlier date, in which case they shall be true and correct in all material respects as of such
earlier date; (d) no Default or Event of Default exists under the Loan Documents; and (e) the Liens
under the Security Documents are valid and subsisting.

Section 4. Effect on Credit Documents. Except as amended herein, the Credit Agreement
and all other Loan Documents remain in full force and effect as originally executed. Nothing
herein shall act as a waiver of any of the Paying Agent’s, either Co-Administrative Agent’s or any
Lender’s rights under the Loan Documents as amended, including the waiver of any default or event
of default, however denominated. The Borrower acknowledges and agrees that this Amendment shall in
no manner impair or affect the validity or enforceability of the Credit Agreement. This Amendment
is a Loan Document for the purposes of the provisions of the other Loan Documents. Without
limiting the foregoing, any breach of representations, warranties, and covenants under this
Amendment may be a default or event of default under the other Loan Documents.

Section 5. Reduction of Revolving Credit Commitments. On and effective as of the
First Amendment Effective Date, the Revolving Credit Commitments of the Lenders shall be ratably
reduced to the Revolving Credit Commitments set forth on Schedule 2.01 attached hereto.

 

-13-

 

Section 6. Effectiveness. This Amendment shall become effective, and the Credit
Agreement shall be amended as provided for herein, upon the satisfaction on or prior to November 3,
2009, of the following conditions:

(a) the Paying Agent (or its counsel) shall have received counterparts hereof duly executed
and delivered by a duly authorized officer of the Borrower, each Guarantor, and by the Lenders
whose consent is required to effect the amendments contemplated hereby;

(b) the Paying Agent (or its counsel) shall have received each of the items listed on the
Closing Documents List attached hereto as Exhibit A, each in form and substance reasonably
acceptable to the Paying Agent and, where applicable, duly executed and delivered by a duly
authorized officer of each applicable Loan Party; and

(c) the Paying Agent shall have received, or shall concurrently receive (i) for the account of
each Lender executing this Amendment by 3:00 p.m. (Central) on October 23, 2009, an amendment fee
equal to 50 basis points on the amount of such executing Lender’s Revolving Credit Commitment after
giving effect to this Amendment, and (ii) for the account of the applicable Person, payment of all
other fees payable in connection with this Amendment.

Section 7. Reaffirmation of Guaranty. By its signature hereto, each Guarantor
represents and warrants that such Guarantor has no defense to the enforcement of the Guaranty, and
that according to its terms the Guaranty will continue in full force and effect to guaranty the
Borrower’s obligations under the Credit Agreement and the other amounts described in the Guaranty
following the execution of this Amendment.

Section 8. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

Section 9. Miscellaneous. The miscellaneous provisions set forth in Article X
of the Credit Agreement apply to this Amendment. This Amendment may be signed in any number of
counterparts, each of which shall be an original, and may be executed and delivered electronically
and by telecopier.

Section 10. ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT
THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG THE PARTIES.

[signature page follows]

 

-14-

 

EXECUTED as of the first date above written.

	 	 	 	 	 
	 	KEY ENERGY SERVICES, INC.

 	 
	 	By:  	/s/  T.M.WHICHARD III
 	 
	 	 	Name:  	T. M. Whichard III 	 
	 	 	Title:  	Senior Vice President and Chief 

Financial
Officer 	 
	 
	 	KEY ENERGY SERVICES, LLC

KEY ENERGY PRESSURE PUMPING SERVICES, LLC

KEY ENERGY FISHING & RENTAL SERVICES, LLC

KEY ELECTRIC WIRELINE SERVICES, LLC

KEY ENERGY SERVICES (MEXICO), LLC

KEY ENERGY SHARED SERVICES, LLC

KEY ENERGY SERVICES MEXICO, INC.

MISR KEY ENERGY INVESTMENTS, LLC

MISR KEY ENERGY SERVICES, LLC

KEY MARINE SERVICES, LLC

KEY ENERGY MEXICO, LLC

KEY ENERGY SERVICES CALIFORNIA, INC.

 	 
	 	By:  	/s/  T.M.WHICHARD III
 	 
	 	 	Name:  	T. M. Whichard III 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Paying Agent and

Co-Administrative Agent

 	 
	 	By:  	/s/  ROSANNE PARSILL
 	 
	 	 	Name:  	Rosanne Parsill 	 
	 	 	Title:  	Assistant Vice President 	 
	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as
Co-Administrative Agent

 	 
	 	By:  	/s/  MICHAEL W. NYGREN
 	 
	 	 	Name:  	Michael W. Nygren 	 
	 	 	Title:  	Vice President 	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as a Lender, L/C Issuer

 and
Swing Line Lender

 	 
	 	By:  	/s/  GARY L. MINGLE
 	 
	 	 	Name:  	Gary L. Mingle 	 
	 	 	Title:  	Senior Vice - President 	 
	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender,

L/C Issuer and Swing Line Lender

 	 
	 	By:  	/s/  MICHAEL W. NYGREN
 	 
	 	 	Name:  	Michael W. Nygren 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

 

	 	 	 	 	 
	 	CAPITAL ONE, N.A., as a Lender and as

Co-Documentation Agent

 	 
	 	By:  	/s/  JOHN W. STAM
 	 
	 	 	Name:  	John W. Stam 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

 

	 	 	 	 	 
	 	FORTIS CAPITAL CORP, as a Lender and as

Co-Documentation Agent

 	 
	 	By:  	/s/  SVEIN ENGH
 	 
	 	 	Name:  	Svein Engh 	 
	 	 	Title:  	Managing Director 	 
	 
	 	By:  	                                              /s/  JOHN G. SULLIVAN
 	 
	 	 	Name:  	John G. Sullivan 	 
	 	 	Title:  	Managing Director 	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

 

	 	 	 	 	 
	 	AMEGY BANK NATIONAL ASSOCIATION, as a Lender

 	 
	 	By:  	/s/  SCOTT COLLINS
 	 
	 	 	Name:  	Scott Collins 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

 

	 	 	 	 	 
	 	MORGAN STANLEY BANK, as a Lender

 	 
	 	By:  	/s/  RYAN VETSCH
 	 
	 	 	Name:  	Ryan Vetsch 	 
	 	 	Title:  	Authorized Signatory 	 
	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

 

	 	 	 	 	 
	 	NATIXIS, as a Lender

 	 
	 	By:  	/s/  CARLOS QUINTEROS
 	 
	 	 	Name:  	Carlos Quinteros 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                                              /s/  TIMOTHY L. POLVADO
 	 
	 	 	Name:  	Timothy L. Polvado 	 
	 	 	Title:  	Senior Managing Director 	 
	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

 

	 	 	 	 	 
	 	COMPASS BANK, as a Lender

 	 
	 	By:  	/s/  PAYTON K. SWOPE
 	 
	 	 	Name:  	Payton K. Swope 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

 

	 	 	 	 	 
	 	CATERPILLAR FINANCIAL SERVICES 

CORPORATION, as a
Lender

 	 
	 	By:  	/s/  JJ FLANAGAN
 	 
	 	 	Name:  	JJ Flanagan 	 
	 	 	Title:  	Manager Capital Markets 	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

 

	 	 	 	 	 
	 	COMERICA BANK, as a Lender

 	 
	 	By:  	/s/  CYD DILLAHUNTY
 	 
	 	 	Name:  	Cyd Dillahunty 	 
	 	 	Title:  	Vice President — Texas Division 	 
	 

Signature Page to Amendment No. 1 to Credit Agreement

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