Document:

exv4w1

Exhibit 4.1

TOTAL CAPITAL

Officer’s Certificate

Pursuant to Sections 102 and 301 of the Indenture

I, Jérôme Schmitt, the Président-Directeur Général of Total Capital, a French société anonyme (the
“Company”), hereby certify that:

1. on
November 17, 2009, I, as duly appointed Président-Directeur Général of the Company, acting
in accordance with article L. 228-40 of the French Code de commerce and pursuant to the resolution
of the Board of Directors of the Company dated September 1, 2009, decided the issuance by the
Company of the US$300,000,000 principal amount of 3.125% Guaranteed Notes Due 2015 (the “Notes”), the terms of which
are in conformity with the provisions set forth in the Indenture dated October 2, 2009, among the
Company, TOTAL S.A. and The Bank of New York Mellon, as trustee (the “Indenture”), and consist of
the following:

(a) the Notes are consolidated and form a single series with the $1,000,000,000
3.125% Guaranteed Notes Due 2015 (the “Original Notes”) issued on October 2, 2009
and have the same terms as the Original Notes in all respects;

(b) the Company may issue Securities of the same series as the Notes without the
consent of the holders of the Notes; any Securities so issued will have the same terms
as the Notes in all respects, except for the original interest accrual date and the first
interest payment date, as the case may be, so that such Securities will be consolidated
 and form a single series with the Notes; and

(c) the Notes shall have such other terms and provisions as are provided in the form
thereof set forth in Annex A hereto, and shall be issued in substantially such form.

2. all conditions precedent provided for in the Indenture (including any covenants compliance with
which constitutes a condition precedent) relating to the authentication and delivery of the Notes,
as requested in the accompanying Company Order of even date herewith, have been complied with.

The following statements are made pursuant to the provisions of Section 102 of the Indenture:

	(a)	 	the undersigned has read the provisions of the Indenture setting forth the covenants and
conditions relating to the authentication and delivery of the Notes and in respect of
compliance with which this certificate is being delivered, and the definitions in the
Indenture relating thereto;

 

 

	(b)	 	the undersigned has examined the resolutions of the Board of Directors of the Company, such
other corporate records of the Company, and such other documents deemed necessary as a basis
for the opinion hereinafter expressed;
	 
	(c)	 	in the opinion of the undersigned, such examination is sufficient to enable me to express an
informed opinion as to whether or not the covenants and conditions referred to above have been
complied with; and
	 
	(d)	 	the undersigned is of the opinion that such covenants and conditions have been complied with.

Capitalized terms used herein and not otherwise defined herein shall have the meanings given to
them in the Indenture.

IN WITNESS WHEREOF, I have hereunto signed my name.

	 	 	 	 	 
	 	 	 
	Dated: November 24, 2009 	/s/ Jérôme Schmitt
 	 
	 	Name:  	Jérôme Schmitt 	 
	 	Title:  	Chairman and Chief Executive Officer 	 

 

 

Annex A

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS GLOBAL SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS
NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS
SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

Total Capital.

3.125% Guaranteed Note Due 2015

			
	 	 	 
	No. [___]
	 	U.S.$ [___]
	 	 	CUSIP 89152U AA0
	 	 	ISIN US89152UAA07

Total Capital, a société anonyme duly organized and existing under the laws of the
Republic of France with a capital of €300,000 having its registered office at 2, place Jean
Millier, La Défense, 92400 Courbevoie, France, for a term that will expire on December 15, 2098,
with the Registry of Commerce and Companies (Registre du commerce et des sociétés) of Nanterre
under No. 428 292 023 (herein called the “Company”, which term includes any successor or substitute
corporation under the Indenture hereinafter referred to), for value received, hereby promises to
pay to Cede & Co., or registered assigns, the principal sum of [___] (U.S.$ [___])
on October 2, 2015, and to pay interest thereon from October 2, 2009 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, semi-annually on April
2 and October 2 in each year, commencing April 2, 2010, at the rate of 3.125% per annum, until the
principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be
paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest, which shall be
the March 18 or September 17 (whether or not a Business Day), as the case may be, next preceding
such

 

 

Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture.

If any deduction or withholding for any present or future taxes, assessments or other governmental
charges of the jurisdiction (or any political subdivision or taxing authority thereof or therein)
in which the Company is incorporated, shall at any time be required by such jurisdiction (or any
such political subdivision or taxing authority thereof or therein) in respect of any amounts to be
paid by the Company of principal of or interest on a Security of any series, then the Company will
pay to the Holder of a Security of such series such additional amounts as may be necessary in order
that the net amounts paid to such Holder of such Security, after such deduction or withholding,
shall be not less than the amounts specified in such Security to which such Holder is otherwise
entitled; provided, however, that the Company shall not be required to make any payment of
additional amounts for or on account of:

(a) any tax, assessment or other governmental charge which would not have been imposed but for (i)
the existence of any present or former connection between such Holder (or between a fiduciary,
settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such
Holder is an estate, trust, partnership or corporation) and the taxing jurisdiction or any
political subdivision or territory or possession thereof or area subject to its jurisdiction,
including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member,
shareholder or possessor) being or having been a citizen or resident thereof or being or having
been present or engaged in trade or business therein or having or having had a permanent
establishment therein or (ii) the presentation of a Security of such series (where presentation is
required) for payment on a date more than 30 days after the date on which such payment became due
and payable or the date on which payment thereof is duly provided for, whichever occurs later;

(b) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or
other governmental charge;

(c) any tax, assessment or other governmental charge that is payable otherwise than by withholding
from payments of (or in respect of) principal of, or any interest on, the Securities of such
series;

(d) any tax, assessment or other governmental charge that is imposed or withheld by reason of the
failure by the Holder or the beneficial owner of the Security of such series (i) to provide
information concerning the nationality, residence or identity of the Holder or such beneficial
owner or (ii) to make any declaration or other similar claim or satisfy any information or
reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute,
treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to
exemption from all or part of such tax, assessment or other governmental charge;

 

 

(e) any tax, assessment or other governmental charge which such Holder would have been able to
avoid by presenting such Security to another Paying Agent;

(f) any tax, assessment or other governmental charge which is imposed on a payment pursuant to the
European Union Directive 2003/48/EC regarding the taxation of savings income or any other directive
amending, supplementing or replacing such directive, or any law implementing or complying with, or
introduced in order to conform to, such directive or directives; or

(g) any combination of items (a), (b), (c), (d), (e) and (f) above; nor shall additional amounts be
paid with respect to any payment of the principal of, or any interest on, any Security of such
series to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of
such payment to the extent such payment would be required by the laws of the jurisdiction (or any
political subdivision or taxing authority thereof or therein) to be included in the income for tax
purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership
or a beneficial owner who would not have been entitled to such additional amounts had it been the
Holder of such Security.

The foregoing provisions shall apply mutatis mutandis to any withholding or deduction in respect of
any amount to be paid by the Company of principal of or interest on a Security of any series (i)
for or on account of any present or future taxes, assessments or governmental charges of whatever
nature of any jurisdiction in which any successor or substitute Person to the Company is organized,
or any political subdivision or taxing authority thereof or therein; or (ii) if another Person
merges into or transfers its assets to the Company pursuant to Section 801, for or on account of
any taxes, assessments or governmental charges levied by the jurisdiction in which such other
Person is organized, or by any political subdivision or taxing authority thereof, as a result of
(x) the Company’s being treated as engaged in a trade or business, or having a permanent
establishment, in such jurisdiction and (y) the payment of principal or interest being allocable or
attributable to such trade or business or permanent establishment.

Payment of the principal of (and premium, if any) and interest on this Security will be made at the
Corporate Trust Office of the Trustee, as Paying Agent, in The City of New York, in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register.

Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

 

 

In Witness Whereof, the Company has caused this instrument to be duly executed.

Dated:
November 24, 2009

	 	 	 	 	 
	 	Total Capital

 	 
	 	By  	 	 
	 	 	Name:  	Jérôme Schmitt 	 
	 	 	Title:  	Chairman and Chief Executive Officer 	 

	 	 	 	 	 
	Attest:
	 	 	 	 
	 

	 	 

Name: Marielle de Coninck
	 	 
	 

	 	Title: Company Secretary	 	 

Trustee’s Certificate of Authentication

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

Dated: November 24, 2009

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON,

as Trustee

 	 
	 	By  	 	 
	 	 	 
	 	Authorized Signatory

 	 

 

 

Reverse of Security

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued outside France in one or more series under an Indenture,
dated as of October 2, 2009 (herein called the “Indenture”), among the Company, as issuer, TOTAL
S.A., as Guarantor (herein called the “Guarantor”), and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
the respective rights, limitation of rights, duties and immunities thereunder of the Company, the
Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities
are, and are to be, authenticated and delivered. This Security is one of the series designated on
the face hereof, initially limited in aggregate principal amount to U.S.$ 1,000,000,000.

The Securities of this series are subject to redemption upon not less than 30 nor more than 60
days’ notice by mail, as a whole or in part, at any time and from time to time at a redemption
price (the “Optional Mark-Whole Redemption Price”) equal to the greater of (i) 100% of the
principal amount of the notes to be redeemed and (ii) the sum of the present values of the
remaining scheduled payments of principal and interest on the Securities to be redeemed (not
including any portion of payments of interest accrued to the date of redemption (the “Redemption
Date”)) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, plus accrued and
unpaid interest to the Redemption Date.

For purposes of determining the Optional Make-Whole Redemption Price, the following definitions are
applicable.

“Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the
semi-annual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of
its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

“Comparable Treasury Issue” means the U.S. Treasury security or securities selected by the
Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of
the Securities of this series to be redeemed that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new issues of corporate debt securities
of comparable maturity to the remaining term of such Securities.

“Comparable Treasury Price” means, with respect to any Redemption Date, the average of the
Reference Treasury Dealer Quotations for such Redemption Date.

“Quotation Agent” means one of the Reference Treasury Dealers appointed by Total Capital and TOTAL
S.A.

“Reference Treasury Dealer” means Banc of America Securities LLC, Deutsch Bank Securities Inc. or
their respective affiliates which are primary U.S. government securities dealers, and their
respective successors, and three other primary U.S. government securities dealers selected by Total
Capital and TOTAL S.A., provided, however, that if any of the foregoing shall cease to be a primary
U.S. government securities dealer in the United States (a “primary treasury dealer”), Total Capital
and TOTAL S.A. shall substitute therefor another primary treasury dealer.

 

 

“Reference Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York
time on the third Business Day preceding such Redemption Date.

Interest will be computed on the basis of a 360-day year of twelve 30-day months.

“Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday
which is not a day on which banking or trust institutions in The City of New York are authorized
generally or obligated by law, regulation or executive order to close.

If an Event of Default with respect to Securities of this series shall occur and be continuing, the
principal of the Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture.

In the event of redemption of this Security in part only, a new Security or Securities of this
series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof.

This Security is also redeemable prior to Stated Maturity as permitted under Section 1108
(“Optional Redemption Due to Changes in Tax Treatment”); the date specified for the Securities of
this series, for the purpose of said Section 1108, is October 2, 2009.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the Guarantor and the rights of the
Holders of the Securities of each series to be affected under the Indenture at any time by the
Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal
amount of the Securities at the time Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Company or the Guarantor, or both, with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall
not have the right to institute any proceeding with respect to the Indenture or for the appointment
of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 25% in principal amount of the Securities
of this series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable
indemnity, and the Trustee shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction inconsistent with such
request, and shall have failed to institute any such proceeding, for 60 days after receipt of such
notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by
the

 

 

Holder of this Security for the enforcement of any payment of principal hereof or any premium or
interest hereon on or after the respective due dates expressed or provided for herein.

No reference herein to the Indenture and no provision of this Security or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of (and premium, if any) and interest on this Security at the times, place and rate, and
in the coin or currency, herein prescribed.

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of
this Security is registrable in the Security Register, upon surrender of this Security for
registration of transfer at the office or agency of the Company in any place where the principal of
(and premium, if any) and interest on this Security are payable, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one
or more new Securities of this series, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

The Securities of this series are issuable only in registered form without coupons in denominations
of U.S.$ 1,000 and any integral multiple thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series of a different authorized denomination, as
requested by the Holder surrendering the same.

No service charge shall be made for any such registration of transfer or exchange, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

Prior to due presentment of this Security for registration of transfer, the Company, the Guarantor,
the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in
whose name this Security is registered as the owner hereof for all purposes (subject to Section 307
of the Indenture), whether or not this Security be overdue, and neither the Company, the Guarantor,
the Trustee nor any such agent shall be affected by notice to the contrary.

The Indenture provides that the Company and the Guarantor, at the Guarantor’s option, (a) will be
discharged from any and all obligations in respect of the Securities (except for certain
obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated
Securities, maintain paying agencies and hold moneys for payment in trust) or (b) need not comply
with certain restrictive covenants of the Indenture, in each case if the Company or the Guarantor
deposits, in trust, with the Trustee money or U.S. Government Obligations which, through the
payment of interest thereon and principal thereof in accordance with their terms, will provide
money, in an amount sufficient to pay all the principal (including any mandatory sinking fund
payments) of, and premium, if any, and interest on, the Securities on the dates such payments are
due in accordance with the terms of such Securities and Guarantee, and certain other conditions are
satisfied.

All terms used in this Security which are defined in the Indenture shall have the meanings assigned
to them in the Indenture.

 

 

Guarantee of Total S.A.

For value received, TOTAL S.A., a société anonyme duly organized and existing under the laws of the
Republic of France (herein called the “Guarantor”, which term includes any successor corporation
under the Indenture referred to in the Security upon which this Guarantee is endorsed), hereby
unconditionally guarantees to the Holder of the Security upon which this Guarantee is endorsed and
to the Trustee referred to in such Indenture due and prompt payment of the principal of (and
premium, if any) and interest (including additional amounts) on such Security, when and as the same
shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call
for redemption or otherwise, according to the terms thereof and of the Indenture referred to
therein. In case of the failure of Total Capital, a société anonyme duly organized and existing
under the laws of the Republic of France (herein called the “Company”, which term includes any
successor corporation under such Indenture) punctually to make any such principal, premium or
interest (including additional amounts) payment, the Guarantor hereby agrees to cause any such
payment to be made promptly when and as the same shall become due and payable, whether at the
Stated Maturity, by declaration of acceleration, call for redemption or otherwise, and as if such
payment were made by the Company.

The Guarantor hereby further agrees, subject to the limitations and exceptions set forth below,
that if any deduction or withholding for any present or future taxes, assessments or other
governmental charges of the jurisdiction (or any political subdivision or taxing authority thereof
or therein) in which the Guarantor is incorporated, shall at any time be required by such
jurisdiction (or any such political subdivision or taxing authority thereof or therein) in respect
of any amounts to be paid by the Guarantor under this Guarantee, the Guarantor will pay to the
Holder of a Security of such series such additional amounts as may be necessary in order that the
net amounts paid to such Holder of such Security, after such deduction or withholding, shall be not
less than the amounts specified in such Security to which such Holder is otherwise entitled;
provided, however, that the Guarantor shall not be required to make any payment of additional
amounts for or on account of:

(a) any tax, assessment or other governmental charge which would not have been imposed but for (i)
the existence of any present or former connection between such Holder (or between a fiduciary,
settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such
Holder is an estate, trust, partnership or corporation) and the taxing jurisdiction or any
political subdivision or territory or possession thereof or area subject to its jurisdiction,
including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member,
shareholder or possessor) being or having been a citizen or resident thereof or being or having
been present or engaged in trade or business therein or having or having had a permanent
establishment therein or (ii) the presentation of a Security of such series (where presentation is
required) for payment on a date more than 30 days after the date on which such payment became due
and payable or the date on which payment thereof is duly provided for, whichever occurs later;

(b) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or
other governmental charge;

(c) any tax, assessment or other governmental charge that is payable otherwise than by withholding
from payments of (or in respect of) principal of, or any interest on, the Securities of such
series;

 

 

(d) any tax, assessment or other governmental charge that is imposed or withheld by reason of the
failure by the Holder or the beneficial owner of the Security of such series (i) to provide
information concerning the nationality, residence or identity of the Holder or such beneficial
owner or (ii) to make any declaration or other similar claim or satisfy any information or
reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute,
treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to
exemption from all or part of such tax, assessment or other governmental charge;

(e) any tax, assessment or other governmental charge which such Holder would have been able to
avoid by presenting such Security to another Paying Agent;

(f) any tax, assessment or other governmental charge which is imposed on a payment pursuant to
the European Union Directive 2003/48/EC regarding the taxation of savings income or any other
directive amending, supplementing or replacing such directive, or any law implementing or complying
with, or introduced in order to conform to, such directive or directives;

or (g) any combination of items (a), (b), (c), (d), (e) and (f) above; nor shall additional amounts
be paid with respect to any payment of the principal of, or any interest on, any Security of such
series to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of
such payment to the extent such payment would be required by the laws of the jurisdiction (or any
political subdivision or taxing authority thereof or therein) to be included in the income for tax
purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership
or a beneficial owner who would not have been entitled to such additional amounts had it been the
Holder of such Security.

The foregoing provisions shall apply mutatis mutandis to any withholding or deduction in respect of
any amount to be paid by the Guarantor of principal of or interest on a Security of any series (i)
for or on account of any present or future taxes, assessments or governmental charges of whatever
nature of any jurisdiction in which any successor to the Guarantor is organized, or any political
subdivision or taxing authority thereof or therein; or (ii) if another Person merges into or
transfers its assets to the Guarantor pursuant to Section 801, for or on account of any taxes,
assessments or governmental charges levied by the jurisdiction in which such other Person is
organized, or by any political subdivision or taxing authority thereof, as a result of (x) the
Guarantor’s being treated as engaged in a trade or business, or having a permanent establishment,
in such jurisdiction and (y) the payment of principal or interest being allocable or attributable
to such trade or business or permanent establishment.

The Guarantor hereby agrees that its obligations hereunder shall be as if it were principal debtor
and not merely surety, and shall be absolute and unconditional, irrespective of, and shall be
unaffected by, any invalidity, irregularity or unenforceability of such Security or such Indenture,
any failure to enforce the provisions of such Security or such Indenture, or any waiver,
modification or indulgence granted to the Company with respect thereto, by the Holder of such
Security or such Trustee, or any other circumstance which may otherwise constitute a legal or
equitable discharge of a surety or guarantor; provided, however, that, notwithstanding the
foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor,
increase the principal amount of such Security or the interest rate thereon or increase any premium
payable upon redemption thereof. The Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of merger or bankruptcy of the Company, any
right to require a proceeding first against the Company, protest

 

 

or notice with respect to such Security or the indebtedness evidenced thereby and all demands
whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of
the principal of (and premium, if any) and interest on such Security. This Guarantee is a
guarantee of payment and not of collection.

The Guarantor shall be subrogated to all rights of the Holder of such Security against the Company
in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions of this
Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive
any payments arising out of or based upon, such right of subrogation until the principal of (and
premium, if any) and interest on all Securities of the same series issued under such Indenture
shall have been paid in full.

No reference herein to such Indenture and no provision of this Guarantee or of such indenture shall
alter or impair the guarantee of the Guarantor, which is absolute and unconditional, of the due and
punctual payment of the principal of (and premium, if any) and interest on the Security upon which
this Guarantee is endorsed at the times, place and rate, and in the cash or currency prescribed
therein.

This Guarantee shall not be valid or obligatory for any purpose until the certificate of
authentication of such Security shall have been manually executed by or on behalf of the Trustee
under such Indenture.

All terms used in this Guarantee which are defined in such Indenture shall have the meanings
assigned to them in such Indenture.

IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be signed manually or in facsimile
by a person duly authorized in that behalf.

Dated: November 24, 2009

	 	 	 	 	 
	 	TOTAL S.A.

 	 
	 	By  	 	 
	 	 	Name:  	Jérôme Schmitt 	 
	 	 	Title:  	Treasurer 	 

	 	 	 	 	 
	Attest:
	 	 	 	 
	 

	 	 

Name: Charles Paris de Bollardière
	 	 
	 

	 	Title: Secretaryexv10w1

Exhibit 10.1

Consulting Agreement

     This Consulting Agreement (the “Agreement”) is entered into effective as of January 1, 2010
(the “Effective Date”), by and between HCCS Corporation dba HCC Service Company, a Delaware
corporation (the “Company”), and Edward H. Ellis, Jr. (the “Consultant”). The Company and the
Consultant are each a “party” and together are the “parties” to this Agreement.

Recitals

     WHEREAS, the Company desires to engage the Consultant to provide certain Services (as
hereinafter defined) on the terms provided herein; and

     WHEREAS, the Consultant desires to provide such Services to the Company.

Agreement

     NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as
follows:

Article I.

Services to be Provided.

     The Company hereby retains the Consultant to provide, and the Consultant hereby agrees to
provide to the Company, for the Term (as defined below), or any extension thereof, certain services
(the “Services”) as set forth on Exhibit A to this Agreement.

Article II.

Consultant Compensation.

     For and in consideration for the Consultant’s performance of the Services and subject to the
terms and conditions of this Agreement, the Company shall pay the Consultant the compensation as
set forth on Exhibit A (the “Compensation”).

Article III.

Reimbursable Expenses.

     Notwithstanding any provision herein, the Company shall remain directly and primarily
responsible for all reasonable expenses incurred in connection with the Consultant’s discharging
the Services in accordance with the Company’s expense reimbursement policies. The Consultant shall
be entitled to reimbursement, in cash at the time incurred, for reasonable expenses incurred by or
on behalf of the Consultant for the benefit of the Company and attributable to the business of the
Company.

 

 

Article IV.

Effective Date, Term and Termination.

     This Agreement shall take effect on the 1st day of January, 2010, and shall
continue in effect for one (1) year (the “Term”); provided, however, that (a) this Agreement may be
terminated at any time by the Company or the Consultant upon sixty (60) days prior written notice
and (b) this Agreement will be automatically and immediately terminated upon Consultant’s breach of
the restrictive covenants described in Article X and Article XI.

Article V.

Independent Contractor Relationship.

     The Company retains the Consultant only for the purposes and to the extent set forth in this
Agreement. The Consultant’s relationship to the Company during the term of this Agreement shall be
that of an independent contractor. This Agreement shall not be construed to create any employment
relationship, partnership, trust, joint venture or other cooperative agreement between the Parties.
Except as otherwise agreed by the Company, the Consultant will have no authority or power to bind
the Company with respect to third parties or to represent to third parties that the Consultant has
authority or power to bind the Company. It is not the intention of the parties to this Agreement
to make them legal representatives or agents of each other or to create any fiduciary relationship
or additional contractual relationship between them. As an independent contractor, the Consultant
is not eligible for any Company-provided benefits, including, without limitation, short term
disability and long term disability, except as provided for in Exhibit A. Additionally, the
Consultant understands and agrees that the Employment Agreement executed on March 1, 2007, between
the Consultant and HCC Insurance Holdings, Inc. (the “Employment Agreement”), expired as of the
Effective Date.

Article VI.

Tax Responsibility.

     It is understood and agreed by the parties that each party shall be responsible for the
payment of its or his own taxes, licenses and fees (the “Taxes”) in connection with this Agreement.
Neither party shall be responsible or liable for the other party’s Taxes in connection with this
Agreement.

Article VII.

Confidential Information.

     Section 7.01 As used herein, “Confidential Information” means all technical and business
information (including financial statements and related books and records, personnel records,
customer lists, identities of customers and prospective customers, arrangements with customers and
suppliers, databases, computer programs and software, computer software methods and documentation,
graphic designs, hardware, analytical information, manuals, communications and reports, internal
policies, procedures, identity or other information about insurance claims, contract terms,
marketing data, premiums, costing data or other information, the Company’s or its Affiliates’
methods of operation, the procedures, forms and techniques used in servicing accounts, the
Company’s long range plans and other information or documents that

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the Company requires to be maintained in confidence for the Company’s continued business
success) of the Company whether patentable or not, which is of a confidential, trade secret and/or
proprietary character and includes information which is either developed by the Consultant (alone
or with others) or to which the Consultant has had access during his provision of the Services.
Confidential Information shall include, but is not limited to, all of the Company’s information of
a technical or business nature such as ideas, discoveries, inventions, improvements, trade secrets,
know-how, manufacturing processes, specifications, writings and other works of authorship, computer
programs, financial figures and reports, marketing plans, customer lists and data, and/or business
plans or data which relate to the actual or anticipated business of the Company or its actual or
anticipated areas of research and development or any actual or possible litigation or
administrative or governmental matter to which the Company is or may be a party, or in which the
Company may be engaged. Confidential Information shall also include but is not limited to
confidential evaluations of, and the confidential use or non-use by the Company or the Consultant
of technical or business information whether or not in the public domain. Confidential Information
shall not include information which is: (1) publicly known or becomes publicly known through no
unauthorized act of the Consultant; (2) lawfully received from a third party without restriction on
use or disclosure where such third party had the legal right to disclose such information; (3)
pre-approved in writing by the Company for disclosure; or (4) disclosed as required by law,
governmental agency or rule, or court order, so long as the Consultant provides the Company with
timely prior notice of such requirement and the ability to contest on a timely basis such
requirement.

     Section 7.02 The Consultant acknowledges and agrees that all Confidential Information about
Company that was previously provided in the course of employment with Company and Confidential
Information that will be provided to him in the course of the Term of this Agreement are and will
continue to be the exclusive property of Company. The Consultant shall, both during and after his
Services are completed with the Company, protect and maintain the confidential, trade secret and/or
proprietary character of all Confidential Information. The Consultant shall not, during or after
termination of his Services, directly or indirectly, use (for itself or another) or disclose any
Confidential Information, for so long as it shall remain proprietary or protectible as confidential
or trade secret information, except as may be necessary for the performance of Consultant’s duties
under this Agreement.

     Section 7.03 All writings, records, and other documents and things comprising, containing,
describing, discussing, explaining, or evidencing any Confidential Information, and all equipment,
components, parts, tools, and the like in the Consultant’s custody or possession that have been
obtained or prepared in the course of Executive’s Services with the Company shall be the exclusive
property of the Company and shall be delivered to the Company, without the Consultant’s retaining
any copies, upon notification of the termination of the Consultant’s employment or at any other
time requested by the Company.

     Section 7.04 Each of the Consultant’s obligations in this Article VII shall also apply to the
confidential, trade secret and proprietary information learned or acquired by it during his
Services with the Company from others with whom the Company or the Consultant has a business
relationship.

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     Section 7.05 The obligations set forth in this Article VII do not affect nor limit any other
confidentiality obligations by the Consultant set forth in any other agreement, and such
obligations are herein ratified and affirmed.

Article VIII.

Indemnification.

     Section 8.01 Except as provided in Section 8.02, the Company, including its transferees,
successors and assigns, agrees to defend, indemnify and hold the Consultant harmless from and
against any and all losses, liabilities, damages, demands, claims, litigation, defenses, suits,
proceedings, obligations, actions, judgments, causes of action, assessments, penalties, payments,
costs, reimbursements and expenses of any kind or nature whatsoever (“Indemnified Losses”), arising
in connection with or out of the Services performed by the Consultant whether or not occasioned by
the negligence, carelessness or want of skill of the Consultant.

     Section 8.02 By entering into this Agreement and receiving the Services provided by Consultant
under this Agreement, but subject to the other terms of this Agreement, neither the Company nor its
Affiliates shall be liable for any Damages (hereinafter defined) caused by the intentional
dishonesty, willful misconduct or gross negligence of Consultant or Consultant’s breach of this
Agreement. Consultant shall indemnify and hold harmless the Company and its Affiliates from and
against all losses, judgments, damages, expenses (including, without limitation, reasonable fees
and expenses of counsel), liabilities, judgments, and amounts paid in settlement (collectively
“Damages”) incurred by or asserted against the Company or any of its Affiliates arising as a result
of, in connection with or relating to the intentional dishonesty, willful misconduct or gross
negligence of Consultant in the performance of this Agreement or Consultant’s breach of this
Agreement.

Article IX.

Ideas, Inventions or Discoveries.

     Section 9.01 The Consultant shall promptly disclose to the Company all ideas, inventions or
discoveries, whether or not patentable, of which he may conceive or make, alone or with others,
during the term of his Services with the Company, and which directly or indirectly are based on his
knowledge of the information or the actual or anticipated business or interests of the Company.
The Consultant hereby assigns to the Company, or the Company’s nominee, without further
compensation, all of the Consultant’s right, title and interest in all such ideas, inventions or
discoveries, and any improvements or modifications therein, in all countries of the world.

     Section 9.02 Without further compensation but at the Company’s expense, the Consultant shall
give all testimony and execute all patent applications, rights or priority, assignments and other
documents and in general do all lawful things requested of the Consultant by the Company to enable
the Company to obtain, maintain, and enforce protection of such ideas, inventions and discoveries,
and any improvements or modifications therein, for or in the name of the Company, or the Company’s
nominee, in all countries of the world. However, should the Consultant render any of these
Services following termination of his Services, the

4

 

Consultant shall be compensated at a rate per hour equal to the basic fee the Consultant
received from the Company at the time of termination and shall be reimbursed for reasonable
out-of-pocket expenses incurred in rendering the Services.

Article X.

Non-competition.

     The Company agrees to provide the Consultant with Confidential Information, which the
Consultant has not had access to or knowledge of before the execution of this Agreement. The
Consultant agrees that to protect the Company’s Confidential Information, it is necessary to enter
into the following restrictive covenant, which is ancillary to the enforceable promises between the
Company and Consultant in this Agreement: The Consultant agrees that during the Term and for a
period of two (2) years following any termination or expiration of the Term (the “Non-Compete
Period”), neither the Consultant nor any Affiliate (as hereinafter defined) of the Consultant
shall, unless acting on behalf of the Company, directly or indirectly, as owner, partner, joint
venturer, member, manager, employee, consultant, stockholder, broker, agent, principal, trustee,
director, licensor or in any capacity whatsoever engage in, become financially interested in, be
employed by, render any consultation or business advice with respect to, contribute knowledge to,
or have any connection with any business engaged in (a) activities in competition with the Company
in any geographic area or market in which the Company or any of its Affiliates is operating, or (b)
activities in any geographical area or market in which the Company or any of its Affiliates is
actively pursuing or formulating a plan to pursue operations during the Consulting Term
(collectively, a “Competitive Market”); provided, however, that the Consultant may own any
securities of any corporation which is engaged in such business and is publicly owned and traded
but in an amount not to exceed at any one time two percent (2%) of any class of stock or securities
of such corporation. The restrictive covenant contained in this Article X is a covenant
independent of any other provision of this Agreement, and the existence of any claim which the
Consultant may allege against the Company, whether based on this Agreement or otherwise, shall not
prevent the enforcement of this covenant. For purposes of determining the termination of the
Non-Compete Period, the length of time for which this covenant not to compete shall be in force
shall not include any period of violation or any other period required for litigation during which
the Company seeks to enforce this covenant. In the event that this covenant not to compete shall
be determined by any court of competent jurisdiction to be unenforceable by reason of its extending
for too long a period of time or over too large a geographical area or by reason of its being too
extensive in any other respect, it shall be interpreted to extend only over the longest period of
time for which it may be enforceable, and/or over the largest geographical area as to which it may
be enforceable and/or to the maximum extent in all other aspects as to which it may be enforceable,
all as determined by such court in such action. As used in this Agreement, “Affiliate” of any
person means any person, directly or indirectly, controlling, controlled by or under common control
with such person, and includes any person who is an officer, director or employee of such person,
any person who would be deemed to be an “affiliate” or an “associate” of such person, as those
terms are defined in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange
Act of 1934, as amended, and, in the case of the Consultant, any of his family members. As used in
this definition, “controlling” (including, with its correlative meanings, “controlled by” and
“under common control with”) means possession, directly or indirectly, of power to direct or cause
the direction of management or policies (whether through ownership of securities, partnership or

5

 

other ownership interests, by contract or otherwise). Following the expiration of the
Non-Compete Period, Consultant shall continue to be obligated under Article VII not to use or
disclose Confidential Information of the Company so long as it shall not be publicly available.

Article XI.

Non-solicitation.

     The Company agrees to provide the Consultant with Confidential Information, which the
Consultant has not had access to or knowledge of before the execution of this Agreement. The
Consultant agrees that to protect the Company’s Confidential Information, it is necessary to enter
into the following restrictive covenant, which is ancillary to the enforceable promises between the
Company and Consultant in this Agreement: The Consultant agrees that during the Term and for a
period of two (2) years following any termination or expiration of the Term, neither the Consultant
nor any Affiliate (as hereinafter defined) of the Consultant shall, unless acting on behalf of the
Company, (a) solicit, employ, retain as a consultant, interfere with or attempt to entice away from
the Company or its Affiliates, any individual who is, or has agreed to be, within one (1) year of
such solicitation, employment, retention, interference or enticement, employed or retained by the
Company or its Affiliates in any capacity whatsoever; or (b) interfere with, disrupt or attempt to
disrupt any relationship or prospective relationship, contractual or otherwise, existing prior to
or at the time of the termination of the Consulting Period, between the Company or any of its
Affiliates and any customers, clients or other persons with whom the Company or its Affiliates
deal.

Article XII.

Amendments.

     This Agreement may be amended or modified only by written agreement of the parties.

Article XIII.

No Assignment or Waiver.

     This Agreement is personal in nature and may not be assigned, sold, pledged as security or
otherwise transferred, nor may any provision hereof be waived by either party without the prior
written consent of the other party.

Article XIV.

Delegation of Duties.

     The Consultant may not delegate or assign any of his duties or obligations hereunder.

Article XV.

Governing Law; Jurisdiction.

     This Agreement shall be governed by and construed in accordance with the internal law, and
not the law of conflicts, of the State of Texas. The parties hereto irrevocably consent to, and
waive any objection to the exercise of, personal jurisdiction by the state and federal courts
located in the State of Texas with respect to any action or proceeding arising out of this
Agreement and agree that all disputes arising out of this Agreement shall be adjudicated in such
courts.

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Article XVI.

Attorneys’ Fees.

     In the event that any party finds it necessary to bring an action at law or other proceedings
against the other party to enforce any of the terms hereof, the party prevailing in any such action
or other proceeding shall be paid by the other party its reasonable attorneys’ fees as well as
court costs.

Article XVII.

Notices.

     All notices given hereunder shall be considered as properly given when delivered by hand or
sent by first class mail to the parties at addresses set forth on the signature page. Each party
shall have the right to change its address for notice by giving of fifteen (15) days prior written
notice thereof to the other party hereto.

Article XVIII.

Captions.

     The captions of the sections herein are for convenience of reference only and shall be
accorded no substantive significance in the construction hereof.

Article XIX.

Binding Effect.

     This Agreement shall be binding upon and inure the benefit of the Consultant, the Company and
their respective successors and assigns. This Agreement or a similar agreement providing in
substance for the same Consultant compensation and reimbursement rights to the Consultant and his
Affiliates shall remain in effect upon any reconstitution and continuation of the Company after a
dissolution, merger or liquidation of the Company.

Article XX.

Remedies, Modification and Severability.

     The Consultant acknowledges that the restrictions contained in this Agreement Article X and
Article XI, in view of the nature of Company’s business, are reasonable and necessary to protect
Company’s legitimate business interests. Therefore, the Consultant and the Company agree that the
Consultant’s breach of this Agreement will result in irreparable harm to the Company, that no
adequate remedy at law is available, and that the Company shall be entitled to injunctive relief;
however, nothing herein shall prevent the Company from pursuing any other remedies at law or at
equity available to the Company. Should a court of competent jurisdiction declare any of the
covenants set forth in this Agreement unenforceable, the court shall be empowered to modify or
reform such covenants so as to provide relief reasonably necessary to protect the interests of the
Company and the Consultant and to award injunctive relief, or damages, or both, to which the
Company may be entitled. If any provision of this Agreement is declared by a court of last resort
to be invalid, the Company and the Consultant agree that such declaration shall not affect the
validity of the other provisions of this Agreement. If any provision of this Agreement is capable
of two constructions, one of which would render the

7

 

provision void and the other of which would render the provision valid, then the provision
shall have the construction which renders it valid.

Article XXI.

No Third Party Beneficiary.

     Any agreement to pay an amount or any assumption of liability herein contained, express or
implied, shall be only for the benefit of the undersigned parties and their permitted successors
and assigns, and such agreements and assumptions shall not inure to the benefit of the obligees of
any other party, whomsoever, it being the intention of the undersigned that no one shall be deemed
to be a third party beneficiary of this Agreement.

Article XXII.

Entire Agreement.

     This Agreement constitutes the entire agreement between the parties with respect to the
subject matter hereof and supersedes all previous proposals, both oral and written, negotiations,
representations, commitments, writings and all other communications between the parties. No oral
statements or prior written material not specifically incorporated in this Agreement shall be of
any force and effect. Consultant acknowledges and represents that in executing this Agreement, he
did not rely, and has not relied, on any communications, promises, statements, inducements, or
representation(s), oral or written, by Company or any of its Affiliates, except as expressly
contained in this Agreement. This Agreement may not be released, discharged, changed or modified
except by an instrument in writing signed by a duly authorized representative of each of the
parties.

Article XXIII.

Survival.

     The covenants contained in Article VII, Article VIII, Article IX, Article X, Article XI, and
Article XX shall survive the conclusion of the Consultant’s term of service to the Company.
Further, all provisions which may reasonably be interpreted or construed to survive the expiration
or termination of this Agreement shall survive the expiration or termination of this Agreement.

Article XXIV.

Counterparts.

     This Agreement may be executed in multiple counterparts, each of which shall be an original
but all of which shall constitute one and the same instrument.

[signature page follows]

8

 

     EXECUTED effective as of the 1st day of January, 2010.

	 	 	 	 	 
	 	COMPANY:

HCCS Corporation dba HCC Service Company

 	 
	 	By:  	/s/  John N. Molbeck, Jr. 	 
	 	 	Name:  	John N. Molbeck, Jr. 	 
	 	 	Title:  	President & Chief Executive Officer 	 
	 	 	Address: 	13403 Northwest Freeway

Houston, Texas 77040 	 
	 	 	Date: 	November 19, 2009	 

	 	 	 	 	 
	 	CONSULTANT:

 	 
	 	/s/ Edward H. Ellis, Jr.
 	 	 
	 	Edward H. Ellis, Jr. 	 	 
	 	Address: 	 	 	 
	 	Date: 	11/18/09 	 
	 

Consulting Agreement

Signature Page

S-1

 

EXHIBIT A

Services

     Consulting services (“Services”) as requested by the Company from time to time.

     Reporting to the Executive Vice President and Chief Financial Officer of the Company.

     Consultant shall provide up to 1100 hours of Services per year during the Consulting Period,
as required by the Company. In general, Consultant shall be available three (3) days per week
during the Company’s normal business hours.

     Subject to the other provisions of this Agreement, Consultant shall provide the Services under
this Agreement with the same degree of care, skill and prudence that would be customarily exercised
for what he reasonably believes to be in the best interest of the Company.

Compensation

     $200,000 per annum, payable in equal, semi-monthly installments.

     Consultant shall be eligible for consideration for a discretionary bonus at the sole
discretion of the Company. Any discretionary bonus payment, if any, shall be payable on or before
March 15 of the year following the year for which such bonus is to be paid.

Exhibit A to

Consulting Agreement

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