Document:

Amendment No. 2

EXHIBIT 10b

AMENDMENT
NO. 2

TO

CREDIT
AGREEMENT

THIS
AMENDMENT NO. 2, dated
May 4, 2005 (“Amendment
No. 2”), to
the CREDIT AGREEMENT, dated as of May 28, 2003, as amended by Amendment No. 1 to
the Credit Agreement (“Amendment
No. 1”), dated
as of March 28, 2005, is made by and among ROWAN COMPANIES, INC., a Delaware
corporation (the “Shipowner”), GOVCO
INCORPORATED, a Delaware corporation (the “Primary
Lender”),
CITIBANK, N.A., a national banking association (the “Alternate
Lender”),
CITIBANK, N.A., a national banking association, as facility agent for both the
Primary Lender and the Alternate Lender (and their respective successors and
assigns) with respect to the Floating Rate Note, and its permitted successors
and assigns (in such capacity, the “Facility
Agent”), and
CITICORP NORTH AMERICA, INC., a Delaware corporation, as administrative agent
for the Primary Lender and the commercial paper holders of the Primary Lender
(and their respective successors and assigns) (in such capacity, together with
its permitted successors and assigns, the “Administrative
Agent,” and
together with the Facility Agent, the “Agents”)
(collectively the “Parties”).

WHEREAS, to aid
in the construction of the self-elevating mobile offshore drilling unit to be
named “BOB KELLER” (the “Vessel”), on
May 28, 2003, the Parties executed the Credit Agreement, providing for the
delivery of no more than $89,658,000 principal amount of notes designated
"United States Government Guaranteed Ship Financing Obligations, TARZAN II
Series";

WHEREAS, the
projected Delivery Date of the Vessel, which was April 1, 2005, was, for a
variety of reasons, postponed to September 2005;

WHEREAS, in
connection with the postponement of the projected Delivery Date of the Vessel,
the Parties executed Amendment No. 1, which extended the Final Disbursement Date
and the Commitment Termination Date thereunder from April 1, 2005 to December
31, 2005; and

WHEREAS, the
Shipowner desires to further amend the Credit Agreement in order to provide,
inter alia, for a
change in the Payment Dates and Stated Maturity of the Floating Rate
Note.

NOW
THEREFORE, in
consideration of the mutual rights and obligations set forth herein and of other
good and valuable consideration, 

 

 

the
receipt and sufficiency of which are hereby acknowledged, the Parties agree as
follows:

ARTICLE
I

AMENDMENTS

1. Section
2.04. Section
2.04 of the Credit Agreement is hereby amended to read as follows:

2.04 Relationship
of Floating Rate Note and Fixed Rate Note.
Disbursements from the Credit Facility shall become the indebtedness of the
Shipowner to the Lenders under the Floating Rate Note. The Shipowner shall
redeem the Floating Rate Note in full by causing to be issued one or more Fixed
Rate Notes and using the proceeds thereof to repay the Floating Rate Note in
full no later than the earliest of (i) four years from the Delivery Date, (ii)
September 1, 2009, or (iii) at the request of the Secretary, within fifteen (15)
Business Days from the date upon which the Trigger Event shall occur. At its
option, and from time to time, the Shipowner may redeem all or any portion of
the indebtedness under the Floating Rate Note by causing a Fixed Rate Note or
series of Fixed Rate Notes to be issued at any time during or after the
construction of the Vessel, so long as such redemption of the Floating Rate Note
from the proceeds of Fixed Rate Note(s) does not occur later than the earliest
of (i) four years after the Delivery Date, (ii) September 1, 2009, or (iii) at
the request of the Secretary, within fifteen (15) Business Days from the date
upon which the Trigger Event shall occur, and except for the final redemption,
each redemption is in a minimum amount of $25,000,000; and the Shipowner shall
have paid any amount payable under Section 4.04(a)(iv) or any other provision
hereof in connection therewith.

 

2.  Section
2.05(a). Section
2.05(a) of the Credit Agreement is hereby amended to read as
follows:

2.05 Trigger
Event.
(a) The
Shipowner shall redeem the outstanding indebtedness under the Floating Rate Note
in full by causing to be issued a fixed rate obligation with a Maturity date of
May 10, 2020 whenever the Treasury constant maturities rate (10-year) as
reported by the Federal Reserve Board in statistical release H.15 (519) (the
“Treasury Rate”) equals or exceeds nine percent (9%) per annum (the “Trigger
Event”). If a Trigger Event should occur, the Shipowner shall redeem the
Floating Rate Note in full by causing to be issued a fixed rate obligation and
using the 

 

2

 

proceeds
thereof to repay the Floating Rate Note in full, at the request of the
Secretary, within fifteen (15) Business Days of receiving notice of the
occurrence of the Trigger Event, pursuant to Section 2.05(d) or of having actual
notice thereof.

 

3.  Section
2.06(b). Section
2.06(b) of the Credit Agreement is hereby amended to read as
follows:

 

(b) In the
event that the Alternate Lender does not timely agree to any requested extension
of the Commitment Termination Date in accordance with Section 2.06(a) (a
“Non-Renewal Event”), then the Shipowner may, at its sole discretion, redeem the
outstanding indebtedness under the Floating Rate Note in full in accordance with
Section 2.04 by causing to be issued a fixed rate obligation with a Maturity
date of May 10, 2020. If the Shipowner
does not redeem the Floating Rate Note on or before the Commitment Termination
Date expires, (i) the Primary Lender shall, prior to such date, assign to the
Alternate Lender all of its interest in its outstanding indebtedness under this
Agreement and the Floating Rate Note, and all of its other rights and
obligations hereunder, in exchange for the Alternate Lender’s payment of an
amount equal to the outstanding principal balance of the assigned indebtedness,
plus the amount of all interest and fees accrued through the date of such
assignment; and (ii) the Alternate Lender shall accept and assume all of the
Primary Lender’s rights and obligations under this Agreement and the Floating
Rate Note. From and after the date of the assignment (which shall be evidenced
by an assignment agreement in form and substance acceptable to the Lenders and
the Shipowner), the Primary Lender shall cease to be a Lender hereunder, and
shall have no rights or obligations hereunder or under the Floating Rate Note,
except for any rights which by their express terms survive the termination of
this Agreement or the Floating Rate Note.

 

4.  Section
4.01. Section
4.01 of the Credit Agreement is hereby amended to read as follows:

 

4.01 Principal
Repayment. The
Shipowner shall repay the Outstanding Principal of the Floating Rate Note as
follows:

	(i)  	
      in
      installments in the principal amount of $2,989,000, on each Payment Date
      commencing on November 10, 2005, and continuing until May 10, 2009,
      and

 

3

	(ii)  	
      the
      full amount of the Outstanding Principal evidenced by the Floating Rate
      Note, on the earliest of (i) four years from the Delivery Date, (ii)
      September 1, 2009, or (iii) at the request of the Secretary, within
      fifteen (15) Business Days from the date upon which the Trigger Event
      shall occur. 

 

5.  Section
4.05.
Section
4.05 of the Credit Agreement is hereby amended to read as follows:

 

4.05 Evidence
of Debt. The
Shipowner agrees that to evidence further its obligation to repay all amounts
disbursed under the Credit Facility, with interest accrued thereon, it shall
issue and deliver to the Facility Agent, in accordance with the written
instructions of the Facility Agent, the Floating Rate Note. The Floating Rate
Note shall (i) be in the form of Exhibit A to Supplement No. 1 to the Indenture;
(ii) bear the Secretary's Guarantee, and (iii) be valid and enforceable as to
its principal amount at any time only to the extent of the aggregate amounts
then disbursed and outstanding thereunder, and, as to interest, only to the
extent of the interest accrued thereon at the rate guaranteed by the Secretary,
with any interest in excess thereof being evidenced by this Agreement.

6. Concerning
Exhibit 1. (a) The
following definitions in Exhibit 1 to the Credit Agreement are hereby amended to
read as follows:

“Fixed
Rate Note” shall mean the Note substantially identical to the Form of Exhibit B
to Supplement No. 1 to the Indenture, appropriately completed.

“Floating
Rate Note” shall mean the Note substantially identical to the Form of Exhibit A
to Supplement No. 1 to the Indenture, appropriately completed.

 

“Payment
Date” shall mean May 10 and November 10 of each year, beginning on November 10,
2005.

"Vessel”
means the Shipowner's self-elevating mobile offshore drilling unit to be named
the BOB KELLER and constructed by LETOURNEAU, INC. in accordance with the
Construction Contract, including all work and material heretofore or hereafter
performed upon or installed in or placed on board such Vessel, together with
related appurtenances, additions, improvements, and replacements.

(b)
Exhibit 1 to the Credit Agreement is further amended by adding the following
definitions to read as follows:

 

4

 

“Amendment
No. 2 to the Credit Agreement” means the Amendment No. 2 to the Credit Agreement
dated May 4, 2005, among the Shipowner, the Lenders and Agents.

“Supplement
No. 1 to the Indenture” shall mean the Supplement No. 1 to the Trust Indenture
dated May 4, 2005, between the Shipowner and the Indenture Trustee.

ARTICLE
II

MISCELLANEOUS

1. All other
capitalized terms used herein have the meanings set forth in Exhibit 1 to the
Credit Agreement.

 

 

2. Except as
so amended, the provisions of the Credit Agreement, as amended by Amendment No.
1, are hereby confirmed, and shall remain in full force and effect.

 

3. This
Amendment No. 2 to the Credit Agreement may be executed in several counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

5

IN
WITNESS WHEREOF, this
Amendment No. 2 to the Credit Agreement has been duly executed by the Parties as
of the day and year first above written.

	
      ROWAN
      COMPANIES, INC., as  

      the
      Shipowner
	 	
      GOVCO
      INCORPORATED, as the Primary Lender, by Citicorp North America, Inc., its
      attorney-in-fact.

	 	 	 
	
      By:____________________________
	 	
      By:
      _______________________________

	
      (Signature)
	 	
      (Signature)

	 	 	 
	
      Name:
      William
      H. Wells 
	 	
      Name:
      P.
      A. Botticelli 

	
      (Print)
	 	
      (Print)

	 	 	 
	
      Title:
      Vice
      President - Finance and Treasurer
	 	
      Title:
      Vice
      President 

	
      (Print)
	 	
      (Print)

	 	 	 

	
      CITIBANK,
      N.A., as Facility Agent
	 	
      CITIBANK,
      N.A., as the Alternate Lender

	 	 	 
	
      By:
      ______________________________
	 	
      By:
      _______________________________

	
      (Signature)
	 	
      (Signature)

	 	 	 
	
      Name:
      Ae
      Kyong Chung 
	 	
      Name:
      Ae
      Kyong Chung 

	
      (Print)
	 	
      (Print)

	 	 	 
	
      Title:
      Vice
      President 
	 	
      Title:
      Vice
      President 

	
      (Print)
	 	
      (Print)

	 	 	
      CITICORP
      NORTH AMERICA, INC., as the Administrative Agent

	 	 	 
	 	 	
      By:
      _______________________________

	 	 	
      (Signature)

	 	 	 
	 	 	
      Name:
      P.
      A. Botticelli 

	 	 	
      (Print)

	 	 	 
	 	 	
      Title:
      Vice
      President 

	 	 	
      (Print)

6

CONSENT:

Pursuant
to the Section 11.08 of the Credit Agreement, the Secretary hereby consents to
this Amendment No. 2 to the Credit Agreement and confirms the continued
Guarantee of the Obligation of the United States of America pursuant to Title XI
of the Merchant Marine Act, 1936, as amended.

	
      (SEAL)

       

      Attest:
	 	 	
      UNITED
      STATES OF AMERICA,

      SECRETARY
      OF TRANSPORTATION

      MARITIME
      ADMINISTRATION

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
      By:
	 
	
      Assistant
      Secretary
	 	 	
      Secretary

 

 

 

 

 

7EXHIBIT 10.8 - NED Stock Option Plan - NQ Option Agreement

ELIZABETH ARDEN, INC.

Nonqualified Stock Option Agreement

1.         Grant of Option.  In accordance with and subject to the terms and conditions of (a) the Elizabeth Arden, Inc. Non-Employee Director Stock Option Plan, as it may be amended from time to time (the "Plan"), a copy of which is attached hereto as Exhibit A, and (b) this Nonqualified Stock Option Agreement (the "Agreement"), Elizabeth Arden, Inc., a Florida corporation (the "Company"), grants to the optionee identified on Schedule 1 attached hereto (the "Optionee") a nonqualified stock option (the "Option") to purchase the number of shares (the "Shares") of its Common Stock, $.01 par value ("Common Stock"), set forth on Schedule 1, at the option price set forth in Schedule 1.  Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in the Plan.

2.         Acceptance by Optionee.  The exercise of the Option or any portion thereof is conditioned upon acceptance by the Optionee of the terms and conditions of this Agreement, as evidenced by the Optionee's execution of Schedule 1 to this Agreement and the delivery of an executed copy of Schedule 1 to the Company.

3.          Vesting of Option.  The Option shall become exercisable in accordance with the vesting schedule set forth in Schedule 1.  In the event that the Optionee ceases to provide services to the Company or one of its subsidiaries (a "Subsidiary") prior to the date on which the Option or any portion thereof becomes vested, the non-vested portion of the Option will be void, and will not become exercisable by the Optionee.

4.          Expiration of Option.  The Option shall expire on the date set forth in Schedule 1 (the "Expiration Date") and may not be exercised after such date.  Notwithstanding anything to the contrary contained herein, if the Optionee ceases to provide services to the Company or a Subsidiary, the Option may be exercised after such date, at the sole discretion of the Compensation Committee, up to the Expiration Date of the Option.

5.          Procedure for Exercise.  The Option may be exercised for the number of Shares specified in a written notice delivered to the Company at least ten days prior to the date on which purchase is requested, accompanied by full payment in cash or by certified bank check, personal check or money order, or, with the consent of the Compensation Committee, in Common Stock of the Company.  In the sole discretion of and subject to such conditions as may be established by the Compensation Committee, payment of the option price may also be made by the Company retaining from the Shares to be delivered upon exercise of the Option, or portion thereof, that number of Shares having a fair market value on the date of exercise equal to the option price of the number of Shares with respect to which the Optionee exercises the Option.  If payment is made by the tender of Shares of Common Stock or retention by the Company of Shares of Common Stock to be delivered upon the exercise of the Option, the fair market value of each share of Common Stock tendered or retained, as the case may be, shall be determined as of the day such Shares are tendered or such Option is exercised, or if no sale or bid has been made on such date, then on the last preceding day on which such sale or bid shall have been made.  Any excess of the value of the tendered or retained Shares over the option price will be returned to the Optionee as follows:
(i)      any whole Shares of Common Stock remaining in excess of the purchase price will be returned to the Optionee in kind, and may be represented by one or more certificates as determined by the Company in its sole discretion; and

(ii)     any partial Shares of Common Stock remaining in excess of the option price will be return to the Optionee in cash.

Such payment may also be made in such other manner as the Compensation Committee determines is appropriate, in its sole discretion.  If any applicable law requires the Company to take any action with respect to the Shares specified in such notice, or if any action remains to be taken under the Articles of Incorporation or Bylaws of the Company, as in effect at the time, to effect due issuance of the Shares, then the Company shall take such action and the day for delivery of such Shares shall be extended for the period necessary to take such action.  No Optionee shall have any of the rights of a shareholder of the Company under any Option until the actual issuance of Shares to said Optionee, and prior to such issuance no adjustment shall be made for dividends, distributions or other rights in respect of such Shares except as provided under the Plan.

6.         Non-transferability of Stock Options.  No Option granted hereunder to the Optionee shall be transferable by the Optionee otherwise than by will, or by the laws of descent and distribution, and such Option shall be exercisable, during the lifetime of the Optionee, only by the Optionee.

7.         No Right to Employment.  Nothing contained in the Plan or in this Agreement, nor any action taken by the Committee, shall confer upon the Optionee any right with respect to continuation of providing services to the Company or a Subsidiary nor interfere in any way with the right of the Company or a Subsidiary to terminate the Optionee's service at any time with or without cause.

8.          Representations as to Purchase of Shares.  As a condition of the Company's obligation to issue the Shares upon exercise of the Option, if requested by the Compensation Committee, the Optionee shall, concurrently with the delivery of the stock certificate representing the Shares so purchased, give such written assurances to the Company, in the form and substance that its counsel reasonably requests, to the effect that the Optionee is acquiring the Shares for investment and without any present intention of reselling or redistributing the same in violation of any applicable law, and the Company shall have the right to endorse the certificate representing the Shares with an appropriate restrictive legend as to compliance with such law.  In the event that the Company elects to register the Shares under the Securities Act of 1933, as amended, and any applicable state laws, the issuance of such Shares shall not be subject to the restrictions contained in this paragraph 8.

9.          Compliance With Applicable Law.  The issuance of the Shares pursuant to the exercise of this Option is subject to compliance with all applicable laws, including without limitation laws governing withholding from employees and nonresident aliens for income tax purposes.  This Agreement shall be governed by the laws of the State of Florida and the federal laws of the United States.

10.          Incorporation of Plan Provisions.  This Agreement is made pursuant to the Plan and is subject to all the terms and provisions of the Plan as if the same were fully set forth in this Agreement.  The Optionee hereby acknowledges that he has received, read and understood the copy of the Plan attached to this Agreement.

11.          Miscellaneous.  This Agreement shall be binding upon and inure to the benefit of all successors of the Company.  This Agreement may not be amended without the express written consent of both parties hereto.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed as of the Date of Grant set forth in Schedule 1.

 

	
ELIZABETH ARDEN, INC.

	 	 	 
	
By:
	 	

	
	
	

	 	 	

	 	 	

	 	 	

 

Schedule 1

Nonqualified Stock Option Agreement

 

	
Name of Optionee:
	 
	 	 
	
Number of Shares:
	 
	 	 
	
Option Price Per Share:
	 
	 	 
	
Date of Grant:
	 
	 	 
	
Expiration Date:
	 
	 	 
	
Vesting Schedule:
	 
	 	 

        The undersigned agrees to the terms and conditions of the Nonqualified Stock Option Agreement of which this Schedule 1 is a part.

 

	
Date Accepted:
	 	
    
	
By:
	 	 
	
	
	
	
	
	

	 	 	 	
Name:
	 	 
	 	 	 	
Social Security 

  Number:
	 	 

 

 

EXHIBIT A

ELIZABETH ARDEN, INC.

NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]