Document:

Exhibit 10.52

Exhibit 10.52
UNITED NATURAL FOODS, INC.
2012 EQUITY INCENTIVE PLAN

PERFORMANCE-BASED VESTING RESTRICTED SHARE UNIT AWARD 
AGREEMENT

This Performance-Based Vesting Restricted Share Unit Award Agreement (this “Agreement”) effective as of __________ ___, 20__, between United Natural Foods, Inc. (the “Company”) and __________________ (the “Participant”), who is an employee of the Company, evidences a Performance Award denominated in Restricted Share Units to the Participant under the United Natural Foods, Inc. 2012 Equity Incentive Plan (as amended from time to time, the “Plan”).  Except in the preceding sentence and where the context otherwise requires, the term “Company” shall include the Company and all present and future Subsidiaries.  All capitalized terms that are used in this Agreement without definition shall have the meanings set forth in the Plan.
1.Definitions.  

		
	(a)
	Participant, solely for purposes of this Agreement, means the employee designated above. 

		
	(b)
	Performance Criteria means the performance targets related to one or more performance goals specified in Section 4 of this Agreement. 

		
	(c)
	Performance Period means the period beginning on ______, __ and ending on _______, ___. 

		
	(d)
	Restricted Share Unit means a right to receive a payment in the form of any one Share of the Company’s common stock, par value $0.01 per share, or in the form of cash equal to the Fair Market Value of a Share following the successful attainment of the Performance Criteria to the satisfaction of the Committee. 

2.Grant of Restricted Share Units.  In consideration of services rendered and agreed to be rendered, the Company hereby grants to the Participant, subject to the terms and conditions set forth in this Agreement and in the Plan, Restricted Share Units (subject to adjustment under Section 4.2 of the Plan) having a value equal to ________(the “Target Amount”), provided that, to the extent that the Participant vests in greater than one hundred percent (100%) of the Restricted Share Units (as provided in Section 4 of this Agreement), additional Restricted Share Units will be paid to the Participant. The maximum value of Restricted Share Units that may be earned is subject to the limitation in Section 11.3 of the Plan.

3.Vesting.  

(a)To the extent that the Performance Criteria under Section 4 of this Agreement have been satisfied as of the last day of the Performance Period, the Participant shall vest in the amount of Restricted Share Units awarded under this Agreement, as calculated in accordance with Section 4, and the Participant’s rights to such vested amount of Restricted Share Units shall become nonforfeitable as of the last day of the Performance Period, subject to Section 3(d) below.  Except as provided in Section 3(b) or (c) below, to the extent that such Performance Criteria have not been satisfied as of the last day of the Performance Period, any portion of the amount of Restricted Share Units awarded under this Agreement that does not vest, as calculated in accordance with Section 4, shall be canceled immediately and shall not be payable to the Participant.  Prior to the issuance of any Shares or payment of any cash in settlement of any Restricted Share Units, the Committee shall certify in writing (which may be set forth in the minutes of a meeting of the Committee) the extent to which the Performance Criteria and all other material terms of this Agreement have been met.

(b)In the event the Participant dies or terminates employment on account of a Disability before the end of the Performance Period, the Participant shall vest in the Restricted Share Units granted under Section 2 of this Agreement (and, for the avoidance of doubt, no additional Restricted Share Units in which the Participant may have been entitled to vest in accordance with the Performance Criteria) and the Participant’s rights to such vested Restricted Share Units shall become nonforfeitable as of the date of death or termination of employment on account of a Disability. 

(c)In the event this Award Agreement is assumed in connection with a Change in Control, the Committee shall make such adjustments to the Performance Criteria as are necessary to equitably account for the Change in Control. In the event the Participant’s employment with or service to the Company or any of its Affiliates is terminated for any reason within twelve months after the Company obtains actual knowledge that a Change in Control has occurred, and before the Restricted Share Units have become vested under Section 3(a) or (b), the Participant shall vest in the Restricted Share Units having a value equal to the Target Amount granted under Section 2 of this Agreement (and, for the avoidance of doubt, no additional amount of Restricted Share Units in which the Participant may have been entitled to vest in accordance with the Performance Criteria) and the Participant’s rights to such vested amount of Restricted Share Units shall become nonforfeitable as of the date on which the Participant’s employment with or service to the Company is terminated.

(d)Except as provided in Section 3(b) or (c) above, if the Participant’s employment with the Company terminates for any reason prior to the expiration of the Performance Period, all then-unvested Restricted Share Units shall be canceled immediately and shall not be payable to the Participant.

4.Performance Criteria.  The Performance Criteria are set forth in Exhibit A to this Agreement.

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5.Payment.  The Company shall issue to the Participant one Share, or at the Committee’s discretion shall pay to the Participant in cash the Fair Market Value of one Share, for each Restricted Share Unit which has become vested with respect to the Performance Period pursuant to Section 3 of this Agreement. In the event that Shares of Common Stock are issued to the Participant in settlement of the Restricted Share Units granted pursuant to this Agreement, the number of Shares of Common Stock that shall be issued to the Participant shall be equal to the quotient resulting from dividing (i) the product of (A) the Target Amount and (B) the applicable percentage set forth on Exhibit A, which may result in a higher or lower payout from the Target Amount; by (ii) the closing price for a Share of the Company’s Common Stock on the Nasdaq Global Select Market, or such other exchange as the Company’s Common Stock may then trade, on the last trading day prior to the last day of the Performance Period. It is the intent of the Committee, as of the date of grant, to settle the Restricted Share Units by delivery of Shares.  Such payment, whether in Shares or cash, shall be made to the Participant (or the Participant’s assignee or beneficiary if permitted by the Plan or the Committee) no later than March 15th of the calendar year next following the calendar year in which the Performance Period ends and may, in the case of a payment in Shares, be made as a book-entry confirmation or through the issuance of a certificate evidencing such Shares. 

6.Rights as a Stockholder.  The Participant shall have no rights as a stockholder with respect to any Shares which may be issued upon the vesting of the Restricted Share Units (including, without limitation, voting rights and any rights to receive dividends or non-cash distributions with respect to such Shares) unless and until the Shares have been issued to Participant. No adjustment shall be made for dividends or other rights for which the record date is prior to the date such Shares are issued.

7.Withholding.  The Company’s obligation to make payment of vested Restricted Share Units shall be subject to the Participant’s satisfaction of any applicable federal, state, and foreign withholding obligations or withholding taxes (“Withholding Taxes”), including any employer minimum statutory withholding, and the Participant shall pay the amount of any such Withholding Taxes to the Company as set forth in this Section 7.  The Participant may satisfy his or her obligation to pay the Withholding Taxes by (i) making a cash payment to the Company in an amount equal to the Withholding Taxes; (ii) having the Company withhold Shares otherwise deliverable to the Participant pursuant to settlement of vested Restricted Share Units; or (iii) delivering to the Company shares of Common Stock already owned by the Participant; provided that in the case of (ii) or (iii) the amount of such Shares withheld or shares of Common Stock delivered (with the value of such Shares being based on the Fair Market Value of a Share of the Company’s Common Stock as of the payment date as determined by the Committee) shall not exceed the amount necessary to satisfy the Withholding Taxes.  The Participant acknowledges and agrees that the Company has the right to deduct from compensation or other amounts owing to the Participant an amount not to exceed the Withholding Taxes.

8.No Guarantee of Employment.  Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue in the employ of the Company, or shall interfere with or restrict in any way the rights of the Company, which are hereby expressly reserved, to discharge the Participant at any time for any reason whatsoever, with or without Cause.  

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9.Amendment.  Subject to the restrictions contained in the Plan, the Committee may waive any conditions or rights under, amend any terms of or alter, suspend, discontinue, cancel or terminate, this Agreement and the Restricted Share Units, prospectively or retroactively in time (and in accordance with Section 409A of the Code with regard to awards subject thereto); provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of the Participant or any holder or beneficiary of the Restricted Share Units shall not to that extent be effective without the consent of the Participant, holder or beneficiary; and provided further that no consent of the Participant or any holder or beneficiary shall be required for any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination to the extent necessary to conform this Agreement to mandatory provisions of applicable federal or state laws, regulations or rulings, including but not limited to the provisions of Section 409A of the Code necessary to avoid tax penalties to the Participant.  The Committee is authorized to make equitable and proportionate adjustments in the terms and conditions of, and the criteria included in, this Agreement and the Restricted Share Units as set forth in the Plan.   

10.Determinations by the Committee.  Except as otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or this Agreement shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons.

11.Provisions of the Plan.  The Participant hereby acknowledges receipt of a copy of the Plan with this Agreement and agrees to be bound by all the terms and provisions of the Plan.  This Agreement is governed by the terms of the Plan, and in the case of any inconsistency between this Agreement and the terms of the Plan, the terms of the Plan shall govern. This Agreement, read together with the Plan, represents the entire understanding and agreement between the Company and the Participant, and shall supersede any prior agreement and understanding between the parties with respect to the matters contained herein.  This Agreement, and any payment in Shares or cash paid in settlement of the Restricted Share Units, shall be subject to any policy of the Company regarding the recoupment or clawback of compensation as in effect at the date of this Agreement.

12.Nontransferability of Restricted Share Units.  Except as otherwise provided in the Plan, the Restricted Share Units and this Agreement shall not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Share Units otherwise than as permitted by the Plan and this Agreement shall, at the election of the Company, be null and void. Transfer of the Restricted Share Units for value is not permitted under the Plan or this Agreement.  

13.Notices.  Any notice required or permitted to be given to the Participant under this Agreement shall be in writing and shall be deemed effective upon personal delivery or upon deposit in the United States mail with postage and fees prepaid.  Any notice or communication required or permitted to be given to the Company under this Agreement shall be in writing and shall be deemed effective only upon receipt by the Secretary of the Company at the Company’s principal office.

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14.Waiver.  The waiver by the Company of any provision of this Agreement at any time or for any purpose shall not operate as or be construed to be a waiver of the same or any other provision of this Agreement at any subsequent time or for any other purpose.

15.Section 409A.  

(a)    For the avoidance of doubt, the Restricted Share Units granted under this Agreement are intended to be exempt from or otherwise comply with Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be either exempt from or in compliance therewith. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Participant by Code Section 409A or damages for failing to comply with Code Section 409A.

(b)    Notwithstanding any other payment schedule provided herein to the contrary, if the Participant is deemed on the date of termination to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B) of the Code, then any payment due under this Agreement that is considered “deferred compensation” under Section 409A of the Code payable on account of a Participant’s “separation from service” shall not be made until the date which is the earlier of (A) the expiration of the six (6) month period measured from the date of such “separation from service” of the Participant, and (B) the date of Participant’s death (the “Delay Period”) to the extent required under Code Section 409A. Upon the expiration of the Delay Period, all payments delayed pursuant to this Section 14(b) shall be paid to the Participant in a lump sum in accordance with the Agreement.

(c)    A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of “deferred compensation” (as such term is defined in Code Section 409A) upon or following a termination of employment unless such termination is also a “separation from service” from the Company within the meaning of Code Section 409A (and, more specifically, Treasury Regulation 1.409A-1(h)) and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”

16.Governing Law.  The validity, construction and effect of this Agreement shall be determined in accordance with the laws of the State of Delaware without giving effect to conflicts of laws principles.

17.Successors.  This Agreement shall inure to the benefit of and be binding upon any successor to the Company and shall inure to the benefit of the Participant's legal representative.  All obligations imposed upon the Participant and all rights granted to the Company under this Agreement shall be binding upon the Participant's heirs, executors, administrator and successors.

18.Electronic Communication.  The Company may, in its sole discretion, decide to deliver any document related to current or future participation in the Plan by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company.

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IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer of the Company, and the Participant has accepted and signed this Agreement, all on the day and year first mentioned above.
    

	
		
	UNITED NATURAL FOODS, INC.

	 
	 

	By:
	 

	Name:
	Mark E. Shamber

	Title:
	Senior Vice President, Chief Financial Officer and Treasurer

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

    

                                
    

EXHIBIT A
Performance criteria
[To be determined.]Exhibit 10.1 Credit Agreement

Exhibit 10.1
Execution Version

FIRST AMENDMENT TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

THIS FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “First Amendment”) is entered into as of September 30, 2014 by and among Ensco plc, an English public limited company (the “Parent”), Pride International Inc., a Delaware corporation and indirect wholly-owned Subsidiary of the Parent (jointly, the “Borrowers”), the undersigned Existing Banks (as defined below), the undersigned New Banks (as defined below), Citibank, N.A., as administrative agent (the “Administrative Agent”), and the Issuing Banks party hereto.
Preliminary Statements
WHEREAS, the Borrowers, the Banks party thereto as of the Effective Date (the “Existing Banks”), the Administrative Agent and the Issuing Banks are parties to that certain Fourth Amended and Restated Credit Agreement dated as of May 7, 2013 (as same may be further amended, restated, increased and extended, the “Credit Agreement”; capitalized terms used herein that are not defined herein and are defined in the Credit Agreement are used herein as defined in the Credit Agreement); and
WHEREAS, the Borrowers have requested that the Banks, the Administrative Agent and the Issuing Banks modify the Credit Agreement and change certain terms thereof, including to increase the facility and extend the maturity thereof, and the Administrative Agent, the Issuing Banks and the Banks party hereto, which are all of the Banks, have agreed to do so subject to the terms and conditions of this First Amendment; 
WHEREAS, in connection with the increase in the facility, Standard Chartered Bank and Bank of China, New York Branch (each a “New Bank” and, collectively the “New Banks” and, together with the Existing Banks, the “Banks”) will become Banks under the Credit Agreement, and certain Existing Banks will increase their Commitments, such that after giving effect to such increase, the Commitments of the Existing Banks and the New Banks are as set forth on the Commitment Schedule attached hereto; and 
WHEREAS, the Borrowers, the Administrative Agent, the Existing Banks, the New Banks, and the Issuing Banks party hereto wish to execute this First Amendment to evidence such agreement.
NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Borrowers, the Administrative Agent, the Banks, and the Issuing Banks party hereto hereby agree as follows:
Section 1.Amendments to Credit Agreement.

(a)Section 1.01 of the Credit Agreement is hereby amended by amending and restating the following definitions as follows:

“Sanctioned Person” means (a) a Person or vessel named on or, to the knowledge of the Parent, controlled by a Person named on, (i) the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time, (ii) the 

lists maintained by the United Nations Security Council available at http://www.un.org/sc/committees/list_compend.shtml, or as otherwise published from time to time (to the extent any such list does not contradict applicable anti-boycott or other legislation of the United States of America or the United Kingdom), (iii) the lists maintained by the European Union available at http://eeas.europa.eu/cfsp/sanctions/consol-list_en.htm, or as otherwise published from time to time, (iv) the lists maintained by Her Majesty’s Treasury available at http://www.hm-treasury.gov.uk/fin_sanctions_index.htm, or as otherwise published from time to time, (v) any other sanctions list maintained by the entities specified in clauses (i) through (iv) above, or (b) (i) an agency of the government of a Sanctioned Country, (ii) an organization controlled by a Sanctioned Country, or (iii) a person located, organized, or resident in a Sanctioned Country, to the extent subject to a sanctions program administered by (x) the United States of America or the United Kingdom or (y) to the extent any such sanctions program does not contradict applicable legislation of the United States of America or the United Kingdom including without limitation applicable sanctions, embargoes, or anti boycott regulations, the European Union or the United Nations.
“Termination Date” means the earlier of (a) September 30, 2019, as such date may be extended by the relevant Banks pursuant to Section 2.22, and (b) the termination in whole of the Commitments pursuant to this Agreement.
(b)Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in the appropriate alphabetical location:

“First Amendment Effective Date” means September 30, 2014.
“Sanctioned Country” means a country subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx, or as otherwise published from time to time, or subject to any other sanctions program administered by (x) the United States of America or the United Kingdom or (y) to the extent any such sanctions program does not contradict applicable legislation of the United States of America or the United Kingdom including without limitation applicable sanctions, embargoes, or anti boycott regulations, the European Union or the United Nations.
(c)Section 2.14 of the Credit Agreement is hereby amended by adding the following new subsection (j) immediately following Section 2.14(i) of the Credit Agreement:

(j)    FATCA.  For purposes of determining withholding taxes imposed under FATCA, from and after the First Amendment Effective Date, the Company and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
(d)Section 2.22(a) of the Credit Agreement is hereby amended by deleting the phrase “the Effective Date” therein and replacing it with the phrase “the First Amendment Effective Date”.

(e)Section 4.07 of the Credit Agreement is hereby amended and restated in its entirety as follows:

SECTION 4.07.  Sanctions; Anti-Terrorism Laws; Anti-Money Laundering Laws; Anti-Corruption Laws.  

(a)    Neither any Letter of Credit nor any part of the proceeds of the Advances will be used to fund any operations in, finance any investments or activities in or with, or make any payments to, a Sanctioned Person in any manner that would result in any violation by any Person (including any Bank, any Joint Lead Arranger, the Administrative Agent, or any Issuing Bank) of the Trading with the Enemy Act of 1917 (50 U.S.C. app. §§ 1-44), as amended, or the statutes, regulations, rules, and executive orders administered by OFAC, or any other sanctions program administered by (x) the United States of America or the United Kingdom or (y) to the extent any such sanctions program does not contradict applicable legislation of the United States of America or the United Kingdom including without limitation applicable sanctions, embargoes, or anti boycott regulations, the European Union or the United Nations.
(b)    Neither the Parent nor any Subsidiary, nor to the knowledge of the Parent, any Affiliate, director, officer, or employee of the Parent or any Subsidiary (i) is, or will become, or is controlled by, a Sanctioned Person or (ii) engages or will engage in any dealings or transactions, or is or will be otherwise associated, with any such Sanctioned Person that would result in any violation of the International Emergency Economic Powers Act (50 U.S.C. §§ 1701-07) or the Trading with the Enemy Act of 1917 (50 U.S.C. §§ 1-44), as amended, or the statutes, regulations, rules, and executive orders administered by OFAC, or any other sanctions program administered by (x) the United States of America or the United Kingdom or (y) to the extent any such sanctions program does not contradict applicable legislation of the United States of America or the United Kingdom including without limitation applicable sanctions, embargoes, or anti boycott regulations, the European Union or the United Nations.
(c)    Each of the Parent and its Subsidiaries is in compliance with any laws or regulations relating to money laundering or terrorist financing, including, without limitation, the Bank Secrecy Act, 31 U.S.C. sections 5301 et seq.; the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56 (a/k/a the USA Patriot Act); Laundering of Monetary Instruments, 18 U.S.C. section 1956; Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity, 18 U.S.C. section 1957; the Financial Recordkeeping and Reporting of Currency and Foreign Transactions Regulations, 31 C.F.R. Part 103; and any similar laws or regulations currently in force or hereafter enacted, except to the extent that failure to comply with  such laws or regulations could not reasonably be expected to have a Material Adverse Effect.
(d)    The Parent and each of its Subsidiaries has conducted its business in compliance with all applicable anti-corruption laws, including without limitation the UK Bribery Act and the FCPA, except to the extent that failure to comply with such laws could not reasonably be expected to have a Material Adverse Effect.  Neither any Letter of Credit nor any part of the proceeds of the Advances has been or will be used, directly or indirectly, in violation of the FCPA, the UK Bribery Act, or any other applicable anti-corruption law, including for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage.
(e)    Except as otherwise disclosed in the Parent’s Form 10-K filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2013, neither the Parent nor any of its Subsidiaries is the subject of any investigation, inquiry or enforcement proceedings by any governmental, administrative or regulatory body regarding any offense or alleged offense under any anti-corruption, anti-terrorism, or anti-money laundering laws 

in which there is a reasonable possibility of an adverse decision which could reasonably be expected to have a Material Adverse Effect or affect the legality, validity or enforceability of the Loan Documents, and no such investigation, inquiry or proceeding is pending or, to the knowledge of any Loan Party, has been threatened.
(f)Section 6.10 of the Credit Agreement is hereby amended and restated in its entirety as follows:

Use of Proceeds; Margin Regulations.  Use the proceeds of any Advance or Letter of Credit (a) for any purpose other than for general corporate purposes of the Loan Parties; (b) for any purpose which violates or results in a violation of any law or regulation or this Agreement; (c) for any purpose which violates Regulation T, U or X of the Federal Reserve Board; (d) to extend credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation T, U or X of the Federal Reserve Board); (e) for any purpose which would result in margin stock (within the meaning of Regulation T, U or X of the Federal Reserve Board) comprising 25% or more of the assets (including any Equity Interests held in treasury) of the Parent and its Subsidiaries, taken as a whole or (f) for any purpose which would violate any sanctions program administered by (x) the United States of America or the United Kingdom or (y) to the extent any such sanctions program does not contradict applicable legislation of the United States of America or the United Kingdom including without limitation applicable sanctions, embargoes, or anti boycott regulations, the European Union or the United Nations.
(g)The Commitment Schedule to the Credit Agreement is hereby amended and restated in its entirety as set forth on the Commitment Schedule attached to this First Amendment, and each Bank’s Commitment on the First Amendment Effective Date shall be as set forth on such attached Commitment Schedule after giving effect to this First Amendment. Each New Bank is hereby added to the Credit Agreement as a Bank, and each such New Bank agrees to be bound by all the terms and provisions of the Credit Agreement binding on each Bank.  The Borrowers shall prepay any Advances outstanding on the First Amendment Effective Date (and pay any additional amounts required pursuant to Section 9.04(b)) of the Credit Agreement to the extent necessary to keep the outstanding Advances ratable with any revised Ratable Portions arising from any nonratable increase in the Commitments under this First Amendment.

Section 2.Representations True; No Default.  Each of the Borrowers represents and warrants that:

(a)this First Amendment has been duly authorized, executed and delivered on its behalf, and the Credit Agreement, as amended by this First Amendment, and the other Loan Documents to which it is a party, constitute the legal, valid and binding obligations of such Borrower, enforceable against such Borrower in accordance with their terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and by general principles of equity;

(b)the representations and warranties of such Borrower contained in Article IV of the Credit Agreement are true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof (other than (i) those representations and warranties that expressly relate to a specific earlier date, which representations and warranties were true and correct in all material respects as of such earlier date and (ii) those representations and warranties that are by their terms subject to a materiality qualifier, which representations and warranties are true and correct in all respects); and

(c)after giving effect to this First Amendment, no Default or Event of Default under the Credit Agreement has occurred and is continuing.

Section 3.Effectiveness.  This First Amendment shall become effective as of 12:01 a.m. Eastern Standard Time on the date (the “First Amendment Closing Date”) when the Administrative Agent (or its counsel) has received (a) counterparts of this First Amendment duly and validly executed and delivered by duly authorized officers of each party hereto, including each Existing Bank, each New Bank, each Issuing Bank, the Administrative Agent and each Borrower; and (b) favorable customary opinions of counsel for the Borrowers in form and substance reasonably acceptable to the Administrative Agent.

Section 4.Miscellaneous Provisions.

(a)From and after the execution and delivery of this First Amendment, the Credit Agreement shall be deemed to be amended and modified as herein provided, and except as so amended and modified the Credit Agreement shall continue in full force and effect.  The parties hereto agree, for the avoidance of doubt, that (i) the amendment of the Termination Date set forth in this First Amendment shall not constitute an extension of the Termination Date pursuant to, and for purposes of, Section 2.22(a) of the Credit Agreement and (ii) the increase to the facility pursuant to the amendment of the Commitment Schedule set forth in this First Amendment shall not constitute an exercise of the Parent’s right to increase the aggregate Commitments pursuant to Section 2.19 of the Credit Agreement.

(b)The Credit Agreement and this First Amendment shall be read and construed as one and the same instrument.

(c)Any reference in any of the Loan Documents to the Credit Agreement shall be a reference to the Credit Agreement as amended by this First Amendment.

(d)This First Amendment is a Loan Document for purposes of the provisions of the other Loan Documents.  Without limiting the foregoing, any breach of the representations, warranties, and covenants under this First Amendment may be a Default or an Event of Default under the Loan Documents.

(e)This First Amendment shall be construed in accordance with and governed by the laws of the State of New York.

(f)This First Amendment may be signed in any number of counterparts and by different parties in separate counterparts and may be in original or facsimile form, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

(g)The headings herein shall be accorded no significance in interpreting this First Amendment.

Section 5.Binding Effect.  This First Amendment shall be binding upon and inure to the benefit of the Borrowers, the Banks, the Issuing Banks and the Administrative Agent and their respective successors and assigns, except that the Borrowers shall not have the right to assign their rights hereunder or any interest herein.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.
BORROWERS:
	
		
	ENSCO PLC

	By:
	/s/  J.W. Swent III

	Name:
	J.W. Swent III

	Title:
	Executive Vice President and Chief Financial Officer

	
		
	PRIDE INTERNATIONAL, INC.

	By:
	/s/  David A. Armour

	Name:
	David A. Armour

	Title:
	President

ADMINISTRATIVE AGENT:
	
		
	CITIBANK, N.A., as Administrative Agent

	By:
	/s/  Lisa Huang

	Name:
	Lisa Huang

	Title:
	Attorney-In-Fact

BANKS AND ISSUING BANKS:
	
		
	CITIBANK, N.A., as a Bank and an Issuing Bank

	By:
	/s/  Lisa Huang

	Name:
	Lisa Huang

	Title:
	Attorney-In-Fact

	
		
	DNB CAPITAL LLC, as a Bank

	By:
	/s/  Barbara Gronquist

	Name:
	Barbara Gronquist

	Title:
	Senior Vice President

	
		
	By:
	/s/  Florianne Robin

	Name:
	Florianne Robin

	Title:
	First Vice President

	
		
	DNB BANK ASA, NEW YORK BRANCH, as an Issuing Bank

	By:
	/s/  Barbara Gronquist

	Name:
	Barbara Gronquist

	Title:
	Senior Vice President

	
		
	By:
	/s/  Florianne Robin

	Name:
	Florianne Robin

	Title:
	First Vice President

	
		
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Bank and an Issuing Bank

	By:
	/s/  T. Alan Smith

	Name:
	T. Alan Smith

	Title:
	Managing Director

	
		
	DEUTSCHE BANK AG NEW YORK BRANCH, as a Bank and an Issuing Bank

	By:
	/s/  Ming K. Chu

	Name:
	Ming K. Chu

	Title:
	Vice President

	
		
	By:
	/s/  Virginia Cosenza

	Name:
	Virginia Cosenza

	Title:
	Vice President

	
		
	HSBC BANK USA, NA, as a Bank and an Issuing Bank

	By:
	/s/  Steven Smith

	Name:
	Steven Smith

	Title:
	Director

	
		
	BANK OF AMERICA, N.A., as a Bank

	By:
	/s/  Michael Clayborne

	Name:
	Michael Clayborne

	Title:
	Vice President

	
		
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Bank

	By:
	/s/  Kevin Sparks

	Name:
	Kevin Sparks

	Title:
	Vice President

	
		
	MIZUHO BANK, LTD., as a Bank

	By:
	/s/  Leon Mo

	Name:
	Leon Mo

	Title:
	Authorized Signatory

	
		
	BNP PARIBAS, as a Bank

	By:
	/s/  Sriram Chandrasekaran

	Name:
	Sriram Chandrasekaran

	Title:
	Director

	
		
	BNP PARIBAS, as a Bank

	By:
	/s/  Julien Pecoud-Bouvet

	Name:
	Julien Pecoud-Bouvet

	Title:
	Vice President

	
		
	GOLDMAN SACHS BANK USA, as a Bank

	By:
	/s/  Mark Walton

	Name:
	Mark Walton

	Title:
	Authorized Signatory

	
		
	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, as a Bank

	By:
	/s/  Robert Grillo

	Name:
	Robert Grillo

	Title:
	Director

	
		
	MORGAN STANLEY BANK, N.A., as a Bank

	By:
	/s/  Michael King

	Name:
	Michael King

	Title:
	Authorized Signatory

	
		
	Standard Chartered Bank, as a New Bank

	By:
	/s/  Steven Aloupis

	Name:
	Steven Aloupis

	Title:
	Managing Director

	
		
	Standard Chartered Bank, as a New Bank

	By:
	/s/  Hsing H. Huang

	Name:
	Hsing H. Huang

	Title:
	Associate Director

	
		
	Bank of China, NEW YORK BRANCH, as a New Bank

	By:
	/s/  Haifeng Xu

	Name:
	Haifeng Xu

	Title:
	Executive Vice President

COMMITMENT SCHEDULE

Commitments

	
		
	Bank
	Commitment

	Citibank, N.A.
	$225,000,000 

	Deutsche Bank AG New York Branch 
	$225,000,000

	DNB Capital LLC
	$225,000,000

	HSBC Bank USA, NA
	$225,000,000

	Wells Fargo Bank, National Association
	$225,000,000

	Bank of America, N.A.
	$180,000,000

	Mizuho Bank, Ltd.
	$180,000,000

	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	$180,000,000

	BNP Paribas
	$180,000,000

	Standard Chartered Bank
	$115,000,000

	Goldman Sachs Bank USA
	$95,000,000

	Morgan Stanley Bank, N.A.
	$95,000,000

	Australia and New Zealand Banking Group Limited
	$50,000,000

	Bank of China, New York Branch
	$50,000,000

	Total:
	$2,250,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}]]