Document:

exhibit4_25.htm

Exhibit 4.25

 

EXECUTION VERSION

 

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”) dated as of December 16, 2013, TRITON NAUTILUS ASSET LEASING GMBH, a Swiss limited liability company (the “Borrower”), the lenders from time to time party hereto (each a “Lender” and, collectively, the “Lenders”), DNB BANK ASA, as Administrative Agent and Collateral Agent, WELLS FARGO BANK, N.A., as syndication agent for the Lenders (in such capacity, the “Syndication Agent”), and BANK OF AMERICA, N.A., THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., BARCLAYS BANK PLC, CITIBANK, N.A., LONDON BRANCH, JPMORGAN CHASE BANK, N.A. and STANDARD CHARTERED BANK, as co-documentation agents for the Lenders (in such capacity, collectively, the “Co-Documentation Agents”).  Unless otherwise indicated, all capitalized terms used herein and not otherwise defined herein shall have the respective meanings provided to such terms in the Credit Agreement referred to below.

 

W I T N E S S E T H :

 

WHEREAS, the Borrower, the Lenders, DNB BANK ASA as Administrative Agent and Collateral Agent, the Syndication Agent, the Co-Documentation Agents and the other parties thereto from time to time are parties to that certain Credit Agreement, dated as of October 25, 2012 (as amended, modified and/or supplemented to, but not including, the date hereof, the “Credit Agreement”);

 

WHEREAS, subject to the terms and conditions of this First Amendment, the parties hereto wish to amend the Credit Agreement as herein provided;

 

NOW, THEREFORE, it is agreed:

 

I.           Amendments and Modifications to Credit Agreement.

 

1. Section 10.10(a) of the Credit Agreement is hereby amended by:

 

(1) deleting the text “another bank or financial institution that is a Qualifying Lender” appearing therein and inserting the text “either (x) another bank or financial institution that is a Qualifying Lender or (y) DNB Capital LLC” in lieu thereof;

 

(2) inserting the text “or DNB Capital LLC” immediately following the text “another bank or financial institution that is not a Qualifying Lender” appearing therein; and

 

(3) in clause (iii)(A) therein, inserting the text “or to DNB Capital LLC” immediately following the text “that is a Qualifying Lender” appearing therein.

II. Miscellaneous Provisions.

 

1. In order to induce the Lenders to enter into this First Amendment, the Borrower hereby represents and warrants that:

(a) no Default or Event of Default exists as of the First Amendment Effective Date (as defined below), both before and immediately after giving effect to this First Amendment; and

 

	
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(b) all of the representations and warranties contained in the Credit Agreement and the other Credit Documents are true and correct in all material respects on the First Amendment Effective Date, both before and after giv­ing effect to this First Amendment, with the same effect as though such represen­tations and warranties had been made on and as of the First Amendment Effective Date (it being understood and agreed that (x) any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date and (y) any representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on such date).

 

2. This First Amendment is limited precisely as written and shall not be deemed to (i) be a waiver of or a consent to the modification of or deviation from any other term or condition of the Credit Agreement, any other Credit Documents or any of the other instruments or agreements referred to therein or (ii) prejudice any right or rights which the Borrower, any of the Lenders or the Administrative Agent now have or may have in the future under or in connection with the Credit Agreement, any other Credit Documents or any of the other instruments or agreements referred to therein.

 

3. This First Amendment may be executed in any number of counterparts (including by way of facsimile or other electronic transmission) and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.  A complete set of counterparts shall be lodged with the Borrower and the Administrative Agent.

 

4. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGA­TIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

5. This First Amendment shall become effective on the date (the “First Amendment Effective Date”) when each of the following conditions shall have been satisfied:

 

(i) no Default or Event of Default exists as of the First Amendment Effective Date, both before and immediately after giving effect to this First Amendment;

 

(ii) all of the representations and warranties contained in the Credit Agreement and the other Credit Documents are true and correct in all material respects on the First Amendment Effective Date, both before and after giv­ing effect to this First Amendment, with the same effect as though such represen­tations and warranties had been made on and as of the First Amendment Effective Date (it being understood and agreed that (x) any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date and (y) any representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on such date);

 

(iii) the Borrower and the Required Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to the Administrative Agent; and

 

6. This First Amendment shall constitute a “Credit Document” for purposes of the Credit Agreement and the other Credit Documents.

 

7. From and after the First Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby.*      *      *

 

	
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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this First Amendment to be duly executed and delivered as of the date first above written.

 

BORROWER:

TRITON NAUTILUS ASSET LEASING GMBH,

as Borrower

By:           /s/ Trevor A. Tessendorf                                                                                                

Name: Trevor A. Tessendorf

Title: Managing Director

[Signature Page to First Amendment to Triton Nautilus Credit Agreement]

	
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DNB BANK ASA,

as Administrative Agent and a Lender

By:           /s/ Stian Lovseth                                                                                                              

Name: Stian Lovseth

Title: First Vice President

By:           /s/ Florianne Robin                                                                                                        

Name: Florianne Robin

Title: Vice President

[Signature Page to First Amendment to Triton Nautilus Credit Agreement]

	
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WELLS FARGO BANK, N.A.,

as Syndication Agent and a Lender

By:           /s/ T. Alan Smith                                                                                                             

Name: T. Alan Smith

Title: Managing Director

By:           

Name:

Title:

[Signature Page to First Amendment to Triton Nautilus Credit Agreement]

	
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BANK OF AMERICA, N.A.,

as Co-Documentation Agent and a Lender

By:           /s/ Alia Qaddumi                                                                                                             

Name:  Alia Qaddumi

Title: Vice President

[Signature Page to First Amendment to Triton Nautilus Credit Agreement]

	
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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

as Co-Documentation Agent and a Lender

By:           /s/ Maria Ferradas                                                                                                         

Name: Maria Ferradas

Title: Vice President

[Signature Page to First Amendment to Triton Nautilus Credit Agreement]

	
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BARCLAYS BANK PLC

as a Lender

By:           /s/ Christopher R. Lee                                                                                                              

Name: Christopher R. Lee

Title: Assistant Vice President

[Signature Page to First Amendment to Triton Nautilus Credit Agreement]

	
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CITIBANK, N.A., LONDON BRANCH

as Co-Documentation Agent and a Lender

By:           /s/ George Clayton                                                                                                         

Name: George Clayton

Title: Director

[Signature Page to First Amendment to Triton Nautilus Credit Agreement]

	
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JPMORGAN CHASE BANK, N.A.,

as Co-Documentation Agent and a Lender

By:           /s/ Stephanie Balette                                                                                                               

Name: Stephanie Balette

Title: Authorized Officer

[Signature Page to First Amendment to Triton Nautilus Credit Agreement]

	
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STANDARD CHARTERED BANK,

as Co-Documentation Agent and a Lender

By:           /s/ Johanna Minaya                                                                                                        

Name: Johanna Minaya

Title: Associate Director

By:           /s/ Robert K. Reddington                                                                                               

Name: Robert K. Reddington

Title: Credit Documentation Manager

Credit Documentation Unit, WB Legal-Americas

[Signature Page to First Amendment to Triton Nautilus Credit Agreement]

	
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SIGNATURE PAGE TO THE FIRST AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST REFERENCED ABOVE, AMONG TRITON NAUTILUS ASSET LEASING GMBH, THE LENDERS PARTY THERETO, DNB BANK ASA, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT, WELLS FARGO BANK, N.A., AS SYNDICATION AGENT, AND BANK OF AMERICA, N.A., THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., BARCLAYS BANK PLC CITIBANK, N.A., LONDON  BRANCH, JPMORGAN CHASE BANK, N.A. AND STANDARD CHARTERED BANK, AS CO-DOCUMENTATION AGENTS

	
 

CREDIT SUISSE AG, Cayman Islands Branch:

 

 

	
               By: /s/ Christopher Day                                                                        

	  	
Name: Christopher Day

	  	
Title:  Authorized Signatory

	  
	
                By: /s/ Michael Spaight                                                                      

	  	
Name: Michael Spaight

	  	
Title:  Authorized Signatory

	  	  

[Signature Page to First Amendment to Triton Nautilus Credit Agreement]

	
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SIGNATURE PAGE TO THE FIRST AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST REFERENCED ABOVE, AMONG TRITON NAUTILUS ASSET LEASING GMBH, THE LENDERS PARTY THERETO, DNB BANK ASA, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT, WELLS FARGO BANK, N.A., AS SYNDICATION AGENT, AND BANK OF AMERICA, N.A., THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., BARCLAYS BANK PLC CITIBANK, N.A., LONDON  BRANCH, JPMORGAN CHASE BANK, N.A. AND STANDARD CHARTERED BANK, AS CO-DOCUMENTATION AGENTS

	
 

CREDIT INDUSTRIEL ET COMMERCIAL

 

 

	
                By: /s/ Andrew McKuin                                                                       

	  	
Name: Andrew McKuin

	  	
Title:  Vice President

	  
	
                By: /s/ Alex Aupoix                                                                               

	  	
Name: Alex Aupoix

	  	
Title:  Managing Director

	  	  

[Signature Page to First Amendment to Triton Nautilus Credit Agreement]

	
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SIGNATURE PAGE TO THE FIRST AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST REFERENCED ABOVE, AMONG TRITON NAUTILUS ASSET LEASING GMBH, THE LENDERS PARTY THERETO, DNB BANK ASA, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT, WELLS FARGO BANK, N.A., AS SYNDICATION AGENT, AND BANK OF AMERICA, N.A., THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., BARCLAYS BANK PLC CITIBANK, N.A., LONDON  BRANCH, JPMORGAN CHASE BANK, N.A. AND STANDARD CHARTERED BANK, AS CO-DOCUMENTATION AGENTS

	
 

BNP PARIBAS:

 

 

	
                By:  /s/ Sriram Chandrasekaran                                                       

	  	
Name: Sriram Chandrasekaran

	  	
Title:  Vice President

	  
	
                By:  /s/ Julien Pecoud-Bouvet                                                           

	  	
Name: Julien Pecoud-Bouvet

	  	
Title:  Associate

	  	  

[Signature Page to First Amendment to Triton Nautilus Credit Agreement]

	
NEWYORK 9024937exhibit10_54.htm

Exhibit 10.54

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

 

THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”) is entered into by and among Transocean Ltd., a Swiss corporation (“Transocean”), Transocean Offshore Deepwater Drilling Inc. (“TODDI”) and Transocean Management Ltd. (collectively, the “Company”) and Allen M. Katz (“Executive”), effective as of January 1, 2014.

 

WHEREAS, Executive currently serves as Transocean’s interim Senior Vice President and General Counsel and is employed by TODDI pursuant to that certain Employment Agreement between the Company and Executive effective November 17, 2012 (the “Employment Agreement”); and

 

WHEREAS, the Employment Agreement was previously amended by mutual agreement of the parties to extend the Employment Term to December 31, 2013, or such earlier date as determined by the parties and communicated in accordance with the Employment Agreement; and

 

WHEREAS, the Company desires to amend the Employment Agreement to extend the Employment Term; and

 

WHEREAS, the Company and Executive agree to such extension.

 

NOW, THEREFORE, for good and valuable consideration as specified in the Employment Agreement and herein, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Executive and the Company agree that the Employment Agreement is hereby amended, effective as of January 1, 2014, as follows:

 

1.           Section 1(a) of the Employment Agreement, is amended to provide that the Employment Term is hereby extended from December 31, 2013 to June 30, 2014, or such earlier date as determined by the Company or the Executive and communicated to the other parties in accordance Section 1(b) of the Employment Agreement.

 

2.           Section 1(b) of the Employment Agreement is amended to provide that any party to this Agreement may terminate this Agreement prior to the close of the Employment Term by providing thirty days advance written notice to the other parties.

 

3.           Section 3 of the Employment Agreement is amended to provide that beginning on January 1, 2014, the Executive shall be entitled to the following remuneration in connection with his employment with the Company:

 

(a) Base Salary.  TODDI shall pay the Executive a base salary (“Base Salary”) of $50,000 per month in accordance with TODDI’s normal payroll practices as in effect from time to time, less withholding for taxes and deductions for other appropriate items.

 

(b) Bonus.  The Executive shall become entitled to a bonus payment (the “Bonus”) in an amount equal to eighty percent (80%) of Base Salary actually paid to the Executive for services during the Employment Term (excluding payment for accrued but unused vacation) contingent upon Executive’s satisfaction of the duties set forth in Section 2 and his full cooperation and assistance during the Employment Term and with the orderly transition of responsibilities to a successor to the Executive as General Counsel, as determined by the Executive Compensation Committee of the Board of Directors of Transocean (the “Committee”) in its discretion.  The determination of the Committee shall be made in good faith, taking into account a recommendation by the CEO with respect to the Executive’s satisfaction of the criteria for the bonus payment.  Any such Bonus with respect to services performed in 2014 shall be payable in a single lump-sum cash payment thirty days after the first meeting of the Committee subsequent to the Executive’s termination of employment, but in no event later than March 15, 2015.  The Executive shall not be eligible to participate in the Performance Award and Cash Bonus Plan or any other bonus plan maintained by the Company or an affiliate.

 

(c) Long-Term Incentive Plan.  In January 2014, the Executive shall receive a grant of Deferred Units (the “Deferred Units”) under the Long-Term Incentive Plan of Transocean Ltd. (the “LTIP”) with a value equal to $750,000 calculated using the 30-day average share price ending on December 31, 2013.  The Deferred Units shall be deemed to be earned on a pro-rated basis, determined by dividing the number of days of employment following January 1, 2014 by 184.  Any Deferred Units which are deemed to be “earned” in accordance with the foregoing shall be vested and payable in three equal installments on the three anniversaries following the date of grant.  If the Executive terminates employment without satisfaction of the service conditions, any Deferred Units that are not “earned” shall be forfeited.  The Executive shall have no other entitlement to awards under the LTIP.

 

4.           All other provisions of the Employment Agreement shall remain the same and are hereby ratified.

 

  

  

  

.

 

IN WITNESS WHEREOF, each of the Companies have caused this Amendment to be executed on its behalf by its duly authorized officer, and the Executive has executed this Amendment, effective as of the date first set forth above.

 

TRANSOCEAN LTD.

 

 

By: /s/ Steven L. Newman                                                                             

 Steven L. Newman

 

TRANSOCEAN DEEPWATER DRILLING INC.

 

 

By: /s/ David A. Tonnel                                                                                

 David A. Tonnel

 

TRANSOCEAN MANAGEMENT LTD.

 

 

By  /s/ Philippe Huber                                                           

 Philippe Huber

 

EXECUTIVE

 

 

/s/ Allen M. Katz                                                                                    

Allen M. Katz

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