Document:

Exhibit 10.35

 

COBALT INTERNATIONAL ENERGY, INC.

DEFERRED COMPENSATION PLAN

 

SECTION 1.  Purpose.  Cobalt International Energy, Inc. (the “Company”) hereby adopts and establishes the Cobalt International Energy, Inc. Deferred Compensation Plan (the “Plan”) under the Cobalt International Energy, Inc. Long Term Incentive Plan (the “LTIP”) to allow certain of its executives to defer receipt of a portion of their compensation and to encourage them to acquire additional shares of the Company’s common stock, thereby furthering the best interests of the Company and its shareholders.

 

SECTION 2.  Definitions.  Capitalized terms used but not defined herein shall have the meanings assigned to them in the LTIP.  As used herein, the following definitions shall apply:

 

(a)        “Annual Bonus” means the cash bonus, if any, awarded to a Participant by the Company for services rendered under any bonus or cash incentive plan maintained by the Company.

 

(b)        “Base Salary” means the base salary paid by the Company to or for the benefit of the Participant for services rendered.

 

(c)        “Eligible Employee” means an Employee who is selected by the Committee to participate in the Plan.

 

(d)        “Employee” means an employee of the Company or its Affiliates.

 

(e)        “Disability” means, with respect to a Participant, that such Participant is:

 

(i)            unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or

 

(ii)           by reason of any medically determinable physical or mental impairment, which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company.

 

(f)        “Participant” means an Eligible Employee who elects to participate in the Plan by filing an Election Form in accordance with Section 5(b) and any former Eligible Employee who continues to be entitled to a benefit under the Plan.

 

(g)        “Plan Year” means a calendar year; provided, however that if a newly-hired or promoted Employee first becomes eligible to participate in the Plan on a day other than the first day of the Plan Year, the initial Plan Year for

 

 

such Employee shall be the portion of the calendar year during which the Employee is first eligible to participate in the Plan.

 

(h)        “Separation from Service” means, with respect to a Participant, the (i) cessation of all services performed by such Participant for the Company or (ii) permanent decrease in the level of services performed by such Participant for the Company (whether as an employee or as an independent contractor) to no more than 20 percent of the average level of services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or the full period of services to the Company, if such Participant has been providing services to the Company for less than 36 months).

 

Part I
 Participation and Deferrals

 

SECTION 3.  Administration; Shares Available for Issuance.

 

(a)        The Plan shall be administered by the Committee.  Subject to the terms of the Plan and applicable law, the Committee shall have full power and authority to: (i) designate Eligible Employees; (ii) determine the terms and conditions of any deferral made under the Plan; (iii) interpret and administer the Plan and any instrument or agreement relating to, or deferral made under, the Plan; (iv) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (v) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.  All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company, its shareholders and the Participants and any Beneficiaries thereof.

 

(b)        The maximum number of Shares available for issuance under the Plan is subject to, and shall be counted against, the maximum number of Shares available for issuance under the LTIP.

 

SECTION 4.  Eligibility; Participation.  Participation in the Plan is limited to a select group of the Company’s key management or highly compensated employees.  Before the beginning of each Plan Year, the Committee shall select those Employees who shall be Eligible Employees for such Plan Year; provided, however, that the Committee may designate a newly-hired or promoted Employee as eligible to participate in the Plan at the time of his or her hire or promotion and in no event later than 30 days following such Employee’s employment commencement date or promotion date, as applicable.  In the event a Participant previously selected to participate in the Plan no longer meets the criteria for participation, such Participant shall become an inactive Participant, retaining all the rights described under the Plan, except the right to make any further deferrals, until such time that the Participant again becomes an active

 

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Participant.

 

SECTION 5.  Deferrals.

 

(a)        Base Salary and Annual Bonus.

 

(i)            Each Participant may elect to defer receipt of all or any portion of the Base Salary earned by such Participant for any Plan Year, subject to any applicable withholding (“Deferred Base Salary”).  Deferred Base Salary shall be credited to a Participant’s Share Account (as defined below) as of the date the Deferred Base Salary otherwise would have been paid (each such date, the “Base Salary Deferral Date”).

 

(ii)           Each Participant may elect to defer receipt of all or any portion of any Annual Bonus which may be earned by such Participant for any Plan Year, subject to any applicable withholding (“Deferred Annual Bonus”).  Deferred Annual Bonus shall be credited to a Participant’s Share Account as of the date the Deferred Annual Bonus otherwise would have been paid (each such date, the “Annual Bonus Deferral Date”).

 

(b)        Election Forms.  A Participant’s deferral election shall be made in the form of a document (an “Election Form”) established for such purpose by the Committee that is executed by such Participant and filed with the Secretary of the Company.  The Election Form will require such Participant to specify:

 

(i)            the amount or percentage of Base Salary and/or Annual Bonus to be deferred for a Plan Year; and

 

(ii)           the time at which the deferred amounts will be distributed to such Participant, which time may be (x) a specified date, (y) the Participant’s Separation from Service or (z) the earlier of a specified date and the Participant’s Separation from Service.

 

(c)        Timing of Elections.

 

(i)            Base Salary.  Subject to Section 5(c)(iii), an Election Form executed by a Participant shall apply to any Base Salary that is earned by such Participant at any time following the Plan Year in which such Election Form is executed.

 

(ii)           Annual Bonus.  Subject to Section 5(c)(iii), an Election Form executed by a Participant shall apply to any Annual Bonus that is earned by such Participant at any time following the Plan Year in which such Election Form is executed; provided that if the Annual Bonus qualifies as “performance-based compensation” under Code Section 409A, the Election Form executed by a Participant can be made up until June 30 of the Plan Year to which such Annual Bonus relates if the Committee

 

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determines that the performance goals applicable to such Annual Bonus are not readily ascertainable at the time of such election.

 

(iii)          An Election Form filed by a Participant within 30 days after such Participant becomes eligible to participate in the Plan shall apply to any Base Salary or Annual Bonus that is earned by such Participant on or following the date on which such Participant executes such Election Form.

 

(iv)          Each Election Form to defer Base Salary and/or Annual Bonus will remain in effect until superseded or revoked pursuant to this Section 5.

 

(d)        Subsequent Election Forms.  A Participant who has an Election Form on file with the Company may execute and file with the Secretary of the Company a subsequent Election Form at any time.  Such subsequent Election Form shall apply to any Base Salary or Annual Bonus that is earned by such Participant following the Plan Year in which such subsequent Election Form is executed.

 

(e)        Revoking Election Forms.  A Participant may revoke an Election Form at any time by providing written notice to the Secretary of the Company.  Such revocation shall apply to any Base Salary or Annual Bonus that is earned by such Participant following the Plan Year in which such notice is provided; provided that, if a revocation with respect to a Participant’s Annual Bonus is made not later than June 30 of a Plan Year and the Committee determines that the performance goals applicable to such Participant’s Annual Bonus for such Plan Year are not then readily ascertainable, such revocation shall apply also to such Annual Bonus.

 

(f)        Redeferrals.  Not later than 12 months prior to the date on which Deferred Base Salary or Deferred Annual Bonus is scheduled to be distributed to a Participant, such Participant may elect to redefer such Deferred Base Salary or Deferred Annual Bonus to a date that is not less than five years after such scheduled distribution date.

 

(g)        Vesting.  All Deferred Base Salary and Deferred Annual Bonus shall be fully vested and non-forfeitable at all times.

 

SECTION 6.  Timing and Form of Distribution.

 

(a)        Subject to this Section 6, distribution with respect to a Participant’s Deferred Base Salary or Deferred Annual Bonus shall be made to such Participant in a single installment of Shares at the time specified on the applicable Election Form and in accordance with Section 7.

 

(b)        The Committee, in its sole discretion, may accelerate the

 

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distribution of a Participant’s Deferred Base Salary or Deferred Annual Bonus if such Participant experiences an unforeseeable emergency or hardship, provided that such distribution complies with Code Section 409A.

 

(c)        All of a Participant’s Deferred Base Salary and Deferred Annual Bonus shall be distributed to such Participant upon such Participant’s death or Disability or upon the occurrence of a Change in Control; provided that the occurrence of a Change in Control also meets the definition of a “change in ownership or effective control” under Code Section 409A.

 

(d)        If the Committee reasonably anticipates that if a payment were made as scheduled under the Plan it would result in a loss of the Company’s tax deduction due to the application of Code Section 162(m), such payment may be delayed and paid (i) during the Company’s first taxable year in which the Committee reasonably anticipates that the Company’s tax deduction will not be limited or eliminated by the application of Code Section 162(m) or (b) during the period beginning with the Participant’s Separation from Service and ending on the later of the last day of the Company’s taxable year in which such Separation from Service occurs or the 15th day of the third month following the Participant’s Separation from Service.

 

(e)        If the Committee considers a Participant to be one of the Company’s “specified employees” under Code Section 409A at the time of such Participant’s Separation from Service, any distribution that otherwise would be made to such Participant as a result of such Separation from Service shall not be made until the date that is six months after such Separation from Service, except to the extent that earlier distribution would not result in such Participant’s incurring interest or additional tax under Code Section 409A.

 

SECTION 7.  Amount of Distribution.

 

(a)        All Deferred Base Salary and Deferred Annual Bonus shall be notionally invested in Shares from the applicable Base Salary Deferral Date or Annual Bonus Deferral Date through the applicable distribution date.  The initial number of such notional Shares shall be determined by dividing the amount of the Deferred Base Salary or Deferred Annual Bonus, as applicable, by the closing price of a Share on the Base Salary Deferral Date or Annual Bonus Deferral Date, as applicable.  Each Participant’s Deferred Base Salary and Deferred Annual Bonus shall be allocated to a separate bookkeeping account (a “Share Account”) established and maintained by the Committee to record the number of Shares in which such Deferred Base Salary and Deferred Annual Bonus are notionally invested.

 

(b)        A Participant’s Share Account shall be credited with any dividend (a “Dividend Equivalent”) that would have been paid on a number of outstanding Shares equal to the number of notional Shares credited to such account as of the

 

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dividend record date.  Any such Dividend Equivalent so credited shall be converted into that number of notional Shares equal to (x) in the case of a share dividend, the number of Shares that otherwise would have been paid to such Participant and (y) in the case of a cash dividend, the amount of the cash dividend that otherwise would have been paid to such Participant divided by the closing price of a Share on the dividend payment date.

 

(c)        On the distribution date applicable to a Participant’s Deferred Base Salary or Deferred Annual Bonus, such Participant shall receive a number of Shares equal to the number of notional Shares credited to the applicable Share Account as of such distribution date.

 

SECTION 8.  General Provisions Applicable to Deferrals.

 

(a)        Except as may be permitted by the Committee, (i) no deferral and no right under such deferral shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or pursuant to Section 8(b) and (ii) during a Participant’s lifetime, each deferral, and each right under such deferral, shall be exercisable only by such Participant or, if permissible under applicable law, by such Participant’s guardian or legal representative.  The provisions of this Section 8(a) shall not apply to any deferral that has been distributed to a Participant.

 

(b)        A Participant may designate a Beneficiary or change a previous Beneficiary designation at such times prescribed by the Committee by using forms and following procedures approved or accepted by the Committee for that purpose.

 

(c)        All certificates for Shares delivered upon the distribution of such Shares under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock market or exchange upon which such Shares or other securities are then quoted, traded or listed, and any applicable securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

 

SECTION 9.  Amendments and Termination.

 

(a)        The Committee, in its sole discretion, may amend, suspend or discontinue the Plan or any deferral at any time; provided that no such amendment, suspension or discontinuance shall reduce the accrued benefit of any Participant except to the extent necessary to comply with any provision of federal, state or other applicable law.  The Committee further has the right, without a Participant’s consent, to amend or modify the terms of the Plan and such Participant’s deferral to the extent that the Committee deems it necessary to avoid adverse or unintended tax consequences to such Participant under Code Section

 

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409A.

 

(b)        The Committee, in its sole discretion, may terminate the Plan at any time, as long as such termination complies with then applicable tax and other requirements.  Distributions of amounts deferred under the Plan as of the date on which the Plan is terminated will be made in a lump sum payment 12 months after such termination, unless the right to receive a distribution in accordance with the terms of the Plan would occur before the end of such 12-month period, in which case distribution will be made in accordance with the terms of the Plan.

 

(c)        Such other changes to deferrals shall be permitted and honored under the Plan to the extent authorized by the Committee and consistent with Code Section 409A.

 

SECTION 10.  Miscellaneous.

 

(a)        No Participant or other person shall have any claim to be entitled to make a deferral under the Plan, and there is no obligation for uniformity of treatment of Participants or Beneficiaries under the Plan.  The terms and conditions of deferrals under the Plan need not be the same with respect to each Participant.

 

(b)        The opportunity to make a deferral under the Plan shall not be construed as giving a Participant the right to be retained in the service of the Company.  A Participant’s deferral under the Plan is not intended to confer any rights on such Participant except as set forth in the Plan and the applicable Election Form.

 

(c)        Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases.

 

(d)        The Company shall be authorized to withhold from any distribution under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other property, net settlement, or any combination thereof) of applicable withholding taxes due in respect of such distribution and to take such other action (including providing for elective payment of such amounts in cash or Shares by such Participant) as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes.

 

(e)        If any provision of the Plan or any Election Form is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or deferral, or would disqualify the Plan or any deferral under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially

 

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altering the intent of the Plan or such Election Form, such provision shall be stricken as to such jurisdiction, person or deferral, and the remainder of the Plan and such Election Form shall remain in full force and effect.

 

SECTION 11. Claims Procedure.

 

(a)        Filing a Claim.  Any Participant or other person claiming an interest in the Plan (the “Claimant”) may file a claim in writing with the Committee.  The Committee shall review the claim itself or appoint an individual or entity to review the claim.

 

(b)        Claim Decision.  The Claimant shall be notified within ninety (90) days after the claim is filed whether the claim is approved or denied, unless the Committee determines that special circumstances beyond the control of the Plan require an extension of time, in which case the Committee may have up to an additional ninety (90) days to process the claim.  If the Committee determines that an extension of time for processing is required, the Committee shall furnish written or electronic notice of the extension to the Claimant before the end of the initial ninety (90) day period.  Any notice of extension shall describe the special circumstances necessitating the additional time and the date by which the Committee expects to render its decision.

 

(c)        Notice of Denial.  If the Committee denies the claim, it must provide to the Claimant, in writing or by electronic communication, a notice which includes:

 

(i)            the specific reason or reasons for the denial;

 

(ii)           specific reference to pertinent Plan provisions on which the denial is based;

 

(iii)          a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary; and

 

(iv)          appropriate information as to the steps to be taken in order to submit a claim for review.

 

(d)        Appeal Procedures.  A request for appeal of a denied claim must be made in writing to the Committee within sixty (60) days after receiving notice of denial.  The decision on appeal will be made within sixty (60) days after the Committee’s receipt of a request for appeal, unless special circumstances require an extension of time for processing, in which case a decision will be rendered not later than one hundred twenty (120) days after receipt of a request for appeal.  A notice of such an extension must be provided to the Claimant within the initial sixty (60) day period and must explain the special circumstances and provide an expected date of decision.  The reviewer shall afford the Claimant an opportunity

 

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to review and receive, without charge, all relevant documents, information and records and to submit issues and comments in writing to the Committee.  The reviewer shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim regardless of whether the information was submitted or considered in the initial benefit determination.

 

(e)        Notice of Decision on Appeal.  If the Committee denies the appeal, it must provide to the Claimant, in writing or by electronic communication, a notice which includes:

 

(i)            the specific reason(s) for the denial;

 

(ii)           specific references to the pertinent Plan provisions on which such denial is based;

 

(iii)          a statement that the Claimant may receive on request all relevant records at no charge;

 

(iv)          a description of the Plan’s voluntary procedures and deadlines, if any; and

 

(v)           a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA.

 

SECTION 12.  Effective Date of the Plan.  The Plan shall be effective as of the date on which the Plan is adopted by the Committee.

 

SECTION 13.  Unfunded Status of the Plan.  The Plan is unfunded.  The Plan, together with the applicable Election Form, shall represent at all times an unfunded and unsecured contractual obligation of the Company.  Each Participant and Beneficiary will be an unsecured creditor of the Company with respect to all obligations owed to them under the Plan.  Amounts payable under the Plan will be satisfied solely out of the general assets of the Company subject to the claims of its creditors.  No Participant or Beneficiary will have any interest in any fund or in any specific asset of the Company of any kind, nor shall such Participant or Beneficiary or any other person have any right to receive any payment or distribution under the Plan except as, and to the extent, expressly provided in the Plan and the applicable Election Form.  The Company will not segregate any funds or assets to provide for any distribution under the Plan.  Any reserve or other asset that the Company may establish or acquire to assure itself of the funds to provide payments required under the Plan shall not serve in any way as security to any Participant or Beneficiary for the Company’s performance under the Plan.

 

SECTION 14.  Code Section 409A.  With respect to deferrals that are subject to Code Section 409A, the Plan is intended to comply with the requirements of Code Section 409A, and the provisions of the Plan and any Election Form shall be interpreted in a manner that satisfies the requirements of

 

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Code Section 409A, and the Plan shall be operated accordingly.  If any provision of the Plan or any term or condition of any Election Form would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict.

 

SECTION 15.  Governing Law.  The Plan and each Election Form shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.

 

10Exhibit 10.36

 

 

AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

 

by and among

 

COBALT INTERNATIONAL ENERGY, INC.

 

and

 

THE STOCKHOLDERS THAT ARE SIGNATORIES HERETO

 

Dated as of February 21, 2013

 

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE I.   DEFINITIONS
    	
1
    
	
 
    	
 
    	
 
    
	
Section 1.1.
    	
Definitions
    	
1
    
	
Section 1.2.
    	
Other Interpretive Provisions
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE II.   REPRESENTATIONS AND WARRANTIES
    	
4
    
	
 
    	
 
    	
 
    
	
Section 2.1.
    	
Existence; Authority; Enforceability
    	
4
    
	
Section 2.2.
    	
Absence of Conflicts
    	
4
    
	
Section 2.3.
    	
Consents
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE III.   GOVERNANCE
    	
5
    
	
 
    	
 
    	
 
    
	
Section 3.1.
    	
Information; Duties
    	
5
    
	
Section 3.2.
    	
Freedom to Pursue Opportunities
    	
5
    
	
 
    	
 
    	
 
    
	
ARTICLE IV.   GENERAL PROVISIONS
    	
6
    
	
 
    	
 
    	
 
    
	
Section 4.1.
    	
Further Assurances
    	
6
    
	
Section 4.2.
    	
Assignment; Benefit
    	
6
    
	
Section 4.3.
    	
Termination
    	
6
    
	
Section 4.4.
    	
Other Activities
    	
6
    
	
Section 4.5.
    	
Severability
    	
6
    
	
Section 4.6.
    	
Entire Agreement
    	
6
    
	
Section 4.7.
    	
Amendment
    	
6
    
	
Section 4.8.
    	
Waiver
    	
7
    
	
Section 4.9.
    	
Counterparts
    	
7
    
	
Section 4.10.
    	
Notices
    	
7
    
	
Section 4.11.
    	
Governing Law
    	
8
    
	
Section 4.12.
    	
Jurisdiction
    	
8
    
	
Section 4.13.
    	
Waiver of Jury Trial
    	
8
    
	
Section 4.14.
    	
Specific Performance
    	
8
    
	
Section 4.15.
    	
Marketing Materials
    	
8
    
	
Section 4.16.
    	
Notice of Events
    	
8
    
	
Section 4.17.
    	
Adjustments
    	
9
    
	
Section 4.18.
    	
No Third Party Beneficiaries
    	
9
    

 

 

AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

 

THIS AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, this “Agreement”), dated as of February 21, 2013, is made by and among Cobalt International Energy, Inc., a Delaware corporation (the “Company”), and the stockholders that are signatories hereto (each a “Stockholder” and collectively, the “Stockholders”).

 

RECITALS

 

WHEREAS, the Company and the Stockholders (or their respective Affiliates) are parties to that certain Stockholders Agreement, dated as of December 15, 2009 (the “Original Stockholders Agreement”), entered in connection with the Company’s initial public offering;

 

WHEREAS, as a result of the Stockholders’ sale of certain Company Shares (as defined below) pursuant to a registered underwritten offering which closed on January 18, 2013, as of the date hereof the Stockholders beneficially own in the aggregate less than a majority of the outstanding Company Shares; and

 

WHEREAS, subject to the terms and conditions herein, the Stockholders and the Company desire to enter into this Agreement to amend and restate the Original Stockholders Agreement to provide for the rights and obligations of the Stockholders and the Company stated herein.

 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the Parties, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

ARTICLE I.
 DEFINITIONS

 

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

 

“Affected Stockholder” has the meaning set forth in Section 4.7.

 

“Affiliate” means (a) with respect to any GSCP Party, any C/R Party and any FR Party, any Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person, and includes any private equity investment fund the primary investment advisor to which is the primary investment advisor (or an Affiliate thereof) to such specified Person, (b) with respect to any of the KERN Parties, any Person directly or indirectly controlling or controlled by or under direct or indirect common control with KERN Partners Ltd. and (c) with respect to any other Person, any Person directly or indirectly controlling or controlled by or under direct or indirect common control with such Person.  It being understood and agreed that, for purposes hereof, (i) each GSCP Party shall be deemed to be an Affiliate of every other GSCP Party, (ii) each C/R Party shall be deemed to be an Affiliate of every other C/R Party, (iii) each FR Party shall be deemed to be an Affiliate of every other FR Party, (iv)

 

 

neither the Company nor any subsidiary of the Company shall be deemed to be an Affiliate of any Stockholder, (v) except as set forth in clauses (i) through (iii) above, no Stockholder shall be deemed to be an Affiliate of any other Stockholder and (vi) neither the Board of Trustees of Leland Stanford Junior University nor Caisse de Depot et Placement du Quebec or any of their Affiliates shall be deemed to be Affiliates of KERN Cobalt Co-Invest Partners AP LP, KERN Partners Ltd. or any KERN Party.

 

“Agreement” has the meaning set forth in the preamble.

 

“Board of Directors” means the board of directors of the Company.

 

“Company” has the meaning set forth in the preamble.

 

“Company Shares” means common stock of the Company, par value $0.01 per share, and any and all securities of any kind whatsoever of the Company that may be issued by the Company after the date hereof in respect of, in exchange for, or in substitution of, Company Shares, pursuant to any stock dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof.

 

“C/R Parties” means, collectively, C/R Cobalt Investment Partnership, L.P., C/R Energy Coinvestment II, L.P., Riverstone Energy Coinvestment III, L.P., Carlyle Energy Coinvestment III, L.P., C/R Energy III Cobalt Partnership, L.P. and Carlyle/Riverstone Global Energy and Power Fund III, L.P.

 

“Directed Opportunity” has the meaning set forth in Section 3.2.

 

“Director” means a member of the Board of Directors.

 

“FR Parties” means, collectively, First Reserve Fund XI, L.P. and FR XI Onshore AIV, L.P.

 

“Governing Documents” means the certificate of incorporation of the Company, as amended or modified from time to time, and the by-laws of the Company, as amended or modified from time to time.

 

“GSCP Parties” means, collectively, GSCP V Cobalt Holdings, LLC, GSCP V Offshore Cobalt Holdings, LLC, GSCP V GMBH Cobalt Holdings, LLC, GSCP VI Cobalt Holdings, LLC, GSCP VI Offshore Cobalt Holdings, LLC, GSCP VI GMBH Cobalt Holdings, LLC, GS Capital Partners V Institutional, L.P. and GS Capital Partners VI Parallel, L.P.

 

“independent director” means a Director who qualifies, as of the date of such Director’s election or appointment to the Board of Directors and as of any other date on which the determination is being made, as an “independent director” pursuant to SEC rules and applicable listing standards, as amended from time to time, as determined by the Board of Directors without the vote of such Director.

 

“Investor Director” means any Director employed by or affiliated with an Investor or any of its Affiliates.

 

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“Investor Party” means any Investor and any of their respective officers, directors, agents, stockholders, members, partners, Affiliates and subsidiaries (other than the Company and its subsidiaries), and any Investor Director.

 

“Investors” means the GSCP Parties, the C/R Parties, the FR Parties and the KERN Parties.

 

“KERN Parties” means KERN Cobalt Co-Invest Partners AP LP.

 

“Management Rights Agreements” means the management rights agreements between the Company and each of First Reserve Fund XI, L.P., FR XI Onshore AIV, L.P., C/R Cobalt Investment Partnership, L.P., Carlyle/Riverstone Global Energy and Power Fund III, L.P., GS Capital Partners V Institutional, L.P. and GS Capital Partners VI Parallel, L.P. as such agreements may be amended from time to time in accordance therewith.

 

“Party” means the Company and the Stockholders party to this Agreement.

 

“Person” means an individual, partnership, limited liability company, corporation, trust, other entity, association, estate, unincorporated organization or a government or any agency or political subdivision thereof.

 

“Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of the date of the Original Stockholders Agreement, by and among the Company, the Stockholders and the other parties that are signatories thereto, as such agreement may be amended from time to time in accordance therewith.

 

“Reorganization Agreement” means that certain Reorganization Agreement, dated as of the date of the Original Stockholders Agreement, by and among the Company, the Stockholders and the other parties that are signatories thereto, as such agreement may be amended from time to time in accordance therewith.

 

“SEC” means the Securities and Exchange Commission.

 

“Securities Act” means the United States Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time.

 

“Stockholder” and “Stockholders” have the meaning set forth in the preamble.

 

“Stockholder Majority” means the consent or approval of the Stockholders (including, if applicable, the Stockholder(s) requesting a consent or approval) then owning a majority of the Company Shares then owned by all of the Stockholders.

 

“Tag-Along Agreement” means that certain Tag-Along Agreement, dated as of the Original Stockholders Agreement, by and among the Stockholders and the other parties that are signatories thereto, as such agreement may be amended from time to time in accordance therewith.

 

3

 

Section 1.2.                                 Other Interpretive Provisions.

 

(a)                                 The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)                                 The words “hereof,” “herein,” “hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and Section references are to this Agreement unless otherwise specified.

 

(c)                                  The term “including” is not limiting and means “including without limitation.”

 

(d)                                 The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement.

 

(e)                                  Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

 

ARTICLE II.
 REPRESENTATIONS AND WARRANTIES

 

Each of the Parties hereby represents and warrants, solely with respect to itself, to each other Party that:

 

Section 2.1.                                 Existence; Authority; Enforceability.  Such Party has the power and authority to enter into this Agreement and to carry out its obligations hereunder.  Such Party is duly organized and validly existing under the laws of its jurisdiction of organization, and the execution of this Agreement, and the performance of its obligations hereunder, have been authorized by all necessary action, and no other act or proceeding on its part is necessary to authorize the execution of this Agreement or the performance of its obligations hereunder.  This Agreement has been duly executed by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms except as the same may be affected by bankruptcy, insolvency, moratorium or similar laws, or by legal or equitable principles relating to or limiting the rights of contracting parties generally.

 

Section 2.2.                                 Absence of Conflicts.  The execution and delivery by such Party of this Agreement and the performance of its obligations hereunder does not (a) conflict with, or result in the breach of any provision of the constitutive documents of such Party; (b) result in any violation, breach, conflict, default or event of default (or an event which with notice, lapse of time, or both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any additional payment obligation, under the terms of any contract, agreement or permit to which such Party is a party or by which such Party’s assets or operations are bound or affected; or (c) violate any law applicable to such Party, except, in the case of clause (b), as would not have a material adverse effect on such Party’s ability to perform its obligations hereunder.

 

Section 2.3.                                 Consents.  Other than as has already been obtained, no consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or

 

4

 

obtained by such Party in connection with the execution, delivery or performance of this Agreement, except in each case, as would not have a material adverse effect on such Party’s ability to perform its obligations hereunder.

 

ARTICLE III.
 GOVERNANCE

 

Section 3.1.                                 Information; Duties.

 

(a)                                 The Company and the Stockholders agree that any Investor Director may share confidential, non-public information about the Company with his or her respective Investor Parties, in each case only to the extent reasonably necessary in connection with their investment in the Company, provided that such Investor Parties, as the case may be, agree to keep such information confidential (except as may be required by law or applicable listing standards then in effect) and agree to comply with all applicable securities laws in connection therewith.

 

(b)                                 The Company and the Stockholders agree that, notwithstanding anything to the contrary in any other agreement or at law or in equity, when any of the Stockholders (in their capacity as Stockholders) takes any action under this Agreement to give or withhold its consent, such Person shall, to the fullest extent permitted by law, have no duty to consider the interests of the Company or the other Stockholders or any other stockholders of the Company and may act exclusively in its and its Affiliates own interests; provided, however, that the foregoing shall in no way affect the obligations of the Parties to comply with the provisions of this Agreement.

 

Section 3.2.                                 Freedom to Pursue Opportunities.  To the fullest extent permitted by applicable law, the Company hereby, on behalf of itself and its subsidiaries, renounces any interest, duty or expectancy of the Company and its subsidiaries in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to any Investor Party even if the opportunity is one that the Company or its subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so and each Investor Party shall have no duty to communicate or offer such business opportunity to the Company and to the fullest extent permitted by applicable law, shall not be liable to the Company or any of its subsidiaries for breach of any fiduciary or other duty, as a Director or otherwise, by reason of the fact that such Investor Party pursues or acquires such business opportunity, directs such business opportunity to another Person or fails to present such business opportunity, or information regarding such business opportunity, to the Company or its subsidiaries.  Notwithstanding the foregoing, an Investor Director who is offered a business opportunity in his or her capacity as a Director (a “Directed Opportunity”) shall be obligated to communicate such Directed Opportunity to the Company, provided, however, that all of the protections of this Section 3.2 shall otherwise apply to the Investor Party with respect to such Directed Opportunity, including, without limitation, the ability of the Investor Party to pursue or acquire such Directed Opportunity or to direct such Directed Opportunity to another Person.

 

5

 

ARTICLE IV.
 GENERAL PROVISIONS

 

Section 4.1.                                 Further Assurances.  The Parties shall take all necessary action in order to give full effect to this Agreement and every provision hereof.  Each Party shall do and perform or cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and documents as any other Party reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement.

 

Section 4.2.                                 Assignment; Benefit.  The rights and obligations hereunder shall not be assigned without the prior written consent of the Company and the Stockholder Majority.  Any assignment of rights or obligations in violation of this Section 4.2 shall be null and void.  This Agreement shall be binding upon and shall inure to the benefit of the Parties, and their respective successors and permitted assigns.

 

Section 4.3.                                 Termination.  This Agreement shall terminate (i) with respect to each Stockholder, on the first day that such Stockholder’s respective Investor holds less than five percent of the outstanding Company Shares, and (ii) with respect to the Company, on the first date that no Investor holds five percent or more of the outstanding Company Shares; provided that termination of this Agreement shall not relieve any Party for liability for any breach of this Agreement prior to such termination.

 

Section 4.4.                                 Other Activities.  Notwithstanding anything in this Agreement to the contrary, none of the provisions of this Agreement shall in any way limit Goldman, Sachs & Co. or any of its Affiliates (other than any Stockholder, as expressly set forth in this Agreement) from engaging in any brokerage, investment advisory, financial advisory, anti-raid advisory, principaling, merger advisory, financing, asset management, trading, market making, arbitrage, investment activity and other similar activities conducted in the ordinary course of their business.

 

Section 4.5.                                 Severability.  In the event that any provision of this Agreement shall be invalid, illegal or unenforceable, such provision shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby.

 

Section 4.6.                                 Entire Agreement.  This Agreement, the Registration Rights Agreement, the Reorganization Agreement, the Tag-Along Agreement, the Management Rights Agreement and the other agreements referenced herein and therein constitute the entire agreement among the Parties with respect to the subject matter hereof, and supersede any prior agreement or understanding among them with respect to the matters referred to herein.

 

Section 4.7.                                 Amendment.  This Agreement may not be amended, modified, supplemented, waived or terminated (other than pursuant to Section 4.3) except with the written consent of the Stockholder Majority; provided that, any amendment, modification, supplement, waiver or termination that (a) materially and adversely affects the rights of any Stockholder under this Agreement disproportionately vis-à-vis any other Stockholder (each an “Affected Stockholder”) will require both (i) the written consent of the Stockholder Majority and (ii) the

 

6

 

written consent of Affected Stockholders holding a majority of the then outstanding Company Shares then held by all Affected Stockholders and (b) adversely affects the rights of the Company under this Agreement, imposes additional obligations on the Company, or amends or modifies Article IV, and any corresponding definitions in Article I, will require both (i) the written consent of the Stockholder Majority and (ii) the written consent of the Company with the approval of the “independent directors” of the Company who are not Investor Directors.

 

Section 4.8.                                 Waiver.  Except as set forth in Section 4.7, no waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is expressly made in writing and executed and delivered by the Party against whom such waiver is claimed.  Waiver by any Party of any breach or default by any other Party of any of the terms of this Agreement shall not operate as a waiver of any other breach or default, whether similar to or different from the breach or default waived.  No waiver of any provision of this Agreement shall be implied from any course of dealing between the Parties or from any failure by any Party to assert its or his or her rights hereunder on any occasion or series of occasions.

 

Section 4.9.                                 Counterparts.  This Agreement may be executed in any number of separate counterparts each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement.

 

Section 4.10.                          Notices.  Unless otherwise specified herein, all notices, consents, approvals, reports, designations, requests, waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be given, made or delivered (and shall be deemed to have been duly given, made or delivered upon receipt) by personal hand-delivery, by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery, addressed to the Company at the address set forth below or to the applicable Stockholder at the address indicated on Annex A hereto (or at such other address for a Stockholder as shall be specified by like notice):

 

(a)               if to the Company, to:

 

Cobalt International Energy, Inc.

Cobalt Center

920 Memorial City Way, Suite 100

Houston TX 77024 
 Attention: Joseph H. Bryant
 Facsimile No.: (713) 579-9184
 E-mail: joe.bryant@cobaltintl.com

 

with a copy to:

 

Davis Polk & Wardwell LLP
 450 Lexington Avenue
 New York, New York 10017
 Attention:       Richard D. Truesdell, Jr.

 

7

 

	
Facsimile   No.:
    	
(212) 701-5674
    
	
E-mail:
    	
richard.truesdell@davispolk.com
    

 

Section 4.11.                          Governing Law.  This Agreement is governed by and will be construed in accordance with the laws of the State of Delaware, excluding any conflict-of-laws rule or principle (whether of Delaware or any other jurisdiction) that might refer the governance or the construction of this Agreement to the law of another jurisdiction.

 

Section 4.12.                          Jurisdiction.  Each of the Parties (a) consents to submit itself to the personal jurisdiction of the Court of Chancery of the State of Delaware in the event any dispute arises out of this Agreement, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court and (c) agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the Court of Chancery of the State of Delaware.  Each Party hereby agrees that, to the fullest extent permitted by law, service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 4.10 shall be effective service of process for any suit or proceeding in connection with this Agreement.

 

Section 4.13.                          Waiver of Jury Trial.  EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF.  The Company or any Stockholder may file an original counterpart or a copy of this Section 4.13 with any court as written evidence of the consent of any of the Parties to the waiver of their rights to trial by jury.

 

Section 4.14.                          Specific Performance.  It is hereby agreed and acknowledged that it will be impossible to measure the money damages that would be suffered if the Parties fail to comply with any of the obligations imposed on them by this Agreement and that, in the event of any such failure, an aggrieved Party will be irreparably damaged and will not have an adequate remedy at law.  Each Party shall, therefore, be entitled (in addition to any other remedy to which such Party may be entitled at law or in equity) to seek injunctive relief, including specific performance, to enforce such obligations, without the posting of any bond, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the Parties shall raise the defense that there is an adequate remedy at law.

 

Section 4.15.                          Marketing Materials.  The Company grants each of the Investors and their respective Affiliates permission to use the Company’s name and logo in marketing materials of such Investor or any of its Affiliates.  The Investors and their respective Affiliates, as applicable, shall include a trademark attribution notice giving notice of the Company’s ownership of its trademarks in the marketing materials in which the Company’s name and logo appear.

 

Section 4.16.                          Notice of Events.  Except as otherwise would require early disclosure under applicable law or regulation, unless the applicable Investor notifies the Company that it does not want to receive information pursuant to this Section 4.16, the Company shall notify

 

8

 

each of the Investor on a reasonably current basis, of any events, discussions, notices or changes with respect to any criminal or regulatory investigation or action involving the Company or any of its subsidiaries, and shall reasonably cooperate with such Investor and its Affiliates in efforts to mitigate any adverse consequences to such Investor or its Affiliates which may arise (including by coordinating and providing assistance in meeting with regulators).

 

Section 4.17.                          Adjustments.  All references in this Agreement to Company Shares shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof.

 

Section 4.18.                          No Third Party Beneficiaries.  Except as specifically provided in Section 4.2 and as otherwise provided herein, this Agreement is not intended to confer upon any Person, except for the Parties, any rights or remedies hereunder.

 

*   *   *

 

9

 

IN WITNESS WHEREOF, the parties set forth below have duly executed this Agreement as of the day and year first above written.

 

 

	
COBALT   INTERNATIONAL ENERGY, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Joseph H. Bryant
    	
 
    
	
 
    	
Name:
    	
Joseph   H. Bryant
    	
 
    
	
 
    	
Title:
    	
Chairman   of the Board and Chief Executive Officer
    	
 
    

 

 

	
 
    	
C/R   COBALT INVESTMENT PARTNERSHIP, L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
CARLYLE/RIVERSTONE ENERGY PARTNERS II, L.P.,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
C/R   ENERGY GP II, LLC,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Pierre F. Lapeyre, Jr.
    
	
 
    	
 
    	
Name:
    	
Pierre   F. Lapeyre, Jr.
    
	
 
    	
 
    	
Title:
    	
Authorized   Person
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
C/R   ENERGY COINVESTMENT II, L.P.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
CARLYLE/RIVERSTONE ENERGY PARTNERS II, L.P.,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
C/R   ENERGY GP II, LLC,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Pierre F. Lapeyre, Jr.
    
	
 
    	
 
    	
Name:
    	
Pierre   F. Lapeyre, Jr.
    
	
 
    	
 
    	
Title:
    	
Authorized   Person
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
RIVERSTONE   ENERGY COINVESTMENT III, L.P.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
RIVERSTONE COINVESTMENT GP, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
RIVERSTONE HOLDINGS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Pierre F. Lapeyre, Jr.
    
	
 
    	
 
    	
Name:
    	
Pierre   F. Lapeyre, Jr.
    
	
 
    	
 
    	
Title:
    	
Authorized   Person
    

 

 

	
 
    	
CARLYLE   ENERGY COINVESTMENT III, L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
CARLYLE ENERGY COINVESTMENT III GP, L.L.C.,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
TCG   HOLDINGS, L.L.C.
    
	
 
    	
 
    	
its   sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Daniel A. D’Aniello
    
	
 
    	
 
    	
Name:
    	
Daniel   A. D’Aniello
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
C/R   ENERGY III COBALT PARTNERSHIP, L.P.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
CARLYLE/RIVERSTONE ENERGY PARTNERS III, L.P.,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
C/R   ENERGY GP III, LLC,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Pierre F. Lapeyre, Jr.
    
	
 
    	
 
    	
Name:
    	
Pierre   F. Lapeyre, Jr.
    
	
 
    	
 
    	
Title:
    	
Authorized   Person
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CARLYLE/RIVERSTONE GLOBAL ENERGY   AND POWER FUND III, L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
CARLYLE/RIVERSTONE ENERGY PARTNERS III, L.P.,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
C/R ENERGY GP III, LLC,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Pierre F. Lapeyre, Jr.
    
	
 
    	
 
    	
Name:   
    	
Pierre   F. Lapeyre, Jr.
    
	
 
    	
 
    	
Title:
    	
Authorized   Person
    

 

 

	
 
    	
GSCP   V COBALT HOLDINGS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GS CAPITAL PARTNERS V FUND, L.P.,
    
	
 
    	
 
    	
its   sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GSCP V ADVISORS, L.L.C.,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kenneth A. Pontarelli
    
	
 
    	
 
    	
Name:   
    	
Kenneth   A. Pontarelli
    
	
 
    	
 
    	
Title:
    	
Authorized   Person
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
GSCP   V OFFSHORE COBALT HOLDINGS, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GSCP V OFFSHORE COBALT HOLDINGS, L.P.,
    
	
 
    	
 
    	
its   sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GS CAPITAL PARTNERS V OFFSHORE FUND, L.P.,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GSCP V OFFSHORE ADVISORS, L.L.C.,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kenneth A. Pontarelli
    
	
 
    	
 
    	
Name:
    	
Kenneth   A. Pontarelli
    
	
 
    	
 
    	
Title:
    	
Authorized   Person
    
	
 
    	
 
    	
 
    

 

 

	
 
    	
GS   CAPITAL PARTNERS V INSTITUTIONAL, L.P.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
GS   ADVISORS V, L.L.C.,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kenneth A. Pontarelli
    
	
 
    	
 
    	
Name:
    	
Kenneth   A. Pontarelli
    
	
 
    	
 
    	
Title:
    	
Authorized   Person
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GSCP   V GMBH COBALT HOLDINGS, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
GSCP   V GmbH Cobalt Holdings, L.P.,
    
	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GSCP   V GmbH Cobalt Holdings,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kenneth A. Pontarelli
    
	
 
    	
 
    	
Name:
    	
Kenneth   A. Pontarelli
    
	
 
    	
 
    	
Title:
    	
Authorized   Person
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GSCP   VI COBALT HOLDINGS, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
GS   CAPITAL PARTNERS VI FUND, L.P.,
    
	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GSCP   VI ADVISORS, L.L.C.,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kenneth A. Pontarelli
    
	
 
    	
 
    	
Name:
    	
Kenneth   A. Pontarelli
    
	
 
    	
 
    	
Title:
    	
Authorized   Person
    

 

 

	
 
    	
GSCP   VI OFFSHORE COBALT HOLDINGS, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
GSCP   VI OFFSHORE COBALT HOLDINGS, L.P.,
    
	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GS   CAPITAL PARTNERS VI OFFSHORE FUND, L.P.,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GSCP   VI OFFSHORE ADVISORS, L.L.C.,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kenneth A. Pontarelli
    
	
 
    	
 
    	
Name:
    	
Kenneth   A. Pontarelli
    
	
 
    	
 
    	
Title:
    	
Authorized   Person
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GS   CAPITAL PARTNERS VI PARALLEL, L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
GS   ADVISORS VI, L.L.C.,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kenneth A. Pontarelli
    
	
 
    	
 
    	
Name:
    	
Kenneth   A. Pontarelli
    
	
 
    	
 
    	
Title:
    	
Authorized   Person
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
GSCP   VI GMBH COBALT HOLDINGS, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
GSCP   VI GmbH Cobalt Holdings, L.P.,
    
	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GSCP   VI GmbH Cobalt Holdings,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kenneth A. Pontarelli
    
	
 
    	
 
    	
Name:
    	
Kenneth   A. Pontarelli
    
	
 
    	
 
    	
Title:
    	
Authorized   Person
    

 

 

	
 
    	
KERN   COBALT CO-INVEST PARTNERS AP LP
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
KERN   Cobalt Group Management Ltd.,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   D. Jeff van Steenbergen
    
	
 
    	
 
    	
Name:
    	
D.   Jeff van Steenbergen
    
	
 
    	
 
    	
Title:
    	
Director
    

 

 

	
 
    	
FIRST   RESERVE FUND XI, L.P.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
First   Reserve GP XI, L.P.,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
First   Reserve GP XI, Inc.,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael France
    
	
 
    	
 
    	
Name:
    	
Michael   France
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FR XI   ONSHORE AIV, L.P.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
First   Reserve GP XI, L.P.,
    
	
 
    	
 
    	
its manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
First   Reserve GP XI, Inc.,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael France
    
	
 
    	
 
    	
Name:
    	
Michael   France
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

 

ANNEX A

 

If to the GSCP Parties, to:

 

Goldman Sachs Capital Partners

c/o Goldman Sachs & Co.

85 Broad Street

New York, NY 10004

Attention:        Ken Pontarelli

David Thomas

Tel: 212-902-0353

Fax: 212-357-5505

Email:  Ken.Pontarelli@gs.com

David.Thomas@gs.com

 

with a copy (which shall not constitute notice) to:

 

Fried, Frank, Harris, Shriver & Jacobson

One New York Plaza

New York, NY 10004

Attention:        Robert C. Schwenkel

David L. Shaw

Tel: 212-859-8000

Fax: 212-859-4000

Email:  Robert.Schwenkel@friedfrank.com

David.Shaw@friedfrank.com

 

If to the C/R Parties, to:

 

Riverstone Holdings LLC

712 Fifth Avenue, 51st Floor

New York, NY 10019

Attn:  N. John Lancaster

Email:  john@riverstone.com

 

with a copy (which shall not constitute notice) to:

 

Fried, Frank, Harris, Shriver & Jacobson

One New York Plaza

New York, NY 10004

Attention:        Robert C. Schwenkel

David L. Shaw

Tel: 212-859-8000

Fax: 212-859-4000

Email:  Robert.Schwenkel@friedfrank.com

David.Shaw@friedfrank.com

 

 

If to the F/R Parties, to:

 

c/o First Reserve Corporation

One Lafayette Place

Greenwich, CT  06830

Attn:  Alan G. Schwartz

Email:  aschwartz@firstreserve.com

 

with a copy (which shall not constitute notice) to:

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017-3954

Attention:        Barrie B. Covit

Tel: 212- 455-3141

Fax: 212- 455-2502

Email:  bcovit@stblaw.com

 

If to the KERN Parties, to:

 

c/o KERN Partners Ltd.

200 Doll Block

116-8th Avenue

Calgary, Alberta, Canada T26 0K4

Attn:  Jeff van Steenbergen

Email:  jvs@kernpartners.com

 

with a copy (which shall not constitute notice) to:

 

Fried, Frank, Harris, Shriver & Jacobson

One New York Plaza

New York, NY 10004

Attention:        Robert C. Schwenkel

David L. Shaw

Tel: 212-859-8000

Fax: 212-859-4000

Email:  Robert.Schwenkel@friedfrank.com

David.Shaw@friedfrank.com

 

and

 

Ropes & Gray LLP

One International Place

Boston, MA 02110-2624

Attention:        Richard E. Gordet

Tel: 617-951-7491

Fax: 617-235-0480

Email:  Rich.Gordet@ropesgray.com

 

 

and

 

Kaye Scholer LLP

425 Park Avenue

New York, NY  10022-3598

Attention:        Steven G. Canner

Tel: 212-836-8136

Fax:  212-836-8689

Email:  scanner@kayescholer.com

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