Document:

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SECOND AMENDMENT TO 
EMPLOYMENT AGREEMENT

        This Second Amendment to EMPLOYMENT AGREEMENT (this “Second Amendment”), is made and entered into as of July 31, 2019 (the “Effective Date”) by and between Insmed Incorporated, a Virginia corporation (the “Company”), and Christine A. Pellizzari (the “Executive”) (each of the Executive and the Company, a “Party”, and collectively, the “Parties”).

        WHEREAS, the Executive has been performing services as an employee to the Company pursuant to that certain Employment Agreement, as amended, between the Company and the Executive dated July 29, 2013 (the “Employment Agreement”); 

        WHEREAS, the Executive and the Company mutually desire to amend the Employment Agreement to revise the severance terms and amounts payable to Executive in the event the Company terminates her employment other than for “Cause,” death or “Disability” (as those terms are defined in the Employment Agreement), or in the event the Executive terminates her employment for Good Reason following a Change in Control, as that term is defined in Section 1(g) of the Employment Agreement; and

        WHEREAS, this Second Amendment, dated as of Effective Date, between the parties contain the entire agreement between the Executive and the Company and supersedes any and all prior agreements, arrangements and understandings regarding the subject matter contained herein.  

        NOW, THEREFORE, in consideration of the premises and agreements set forth herein and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the Company and the Executive hereby agree that, as of the Effective Date of this Second Amendment, the Employment Agreement shall be amended as follows:

1.Section 6(e) is hereby amended and restated in its entirety as follows (changes indicated in bold):

        (e)  Termination Without Cause or Resignation With Good Reason.  The Company may terminate the Term of Employment without Cause, and the Executive may terminate the Term of Employment for Good Reason, at any time upon written notice.  If the Term of Employment is terminated by the Company without Cause (other than due to the Executive’s death or Disability) or by the Executive for Good Reason, in either case prior to the date of a Change in Control or more than two years after a Change in Control, the Executive shall be entitled to the following:

          (i)  The Accrued Obligations, payable as and when those amounts would have been paid had the Term of Employment not ended;
        

 

         

          (ii)  Any unpaid Bonus in respect to any completed fiscal year that has ended on or prior to the Termination Date, payable within 2 1⁄2 months following the last day of the month in which the Termination Date occurs;

          (iii)  The Pro-Rata Bonus, based on actual corporate performance outcomes (75% of overall bonus) and 100% of personal performance at target (25% of overall bonus), payable within 2 1⁄2 months following the end of the fiscal year in which the Termination Date occurs;

          (iv) Double the Severance Amount, payable in equal installments consistent with the Company’s normal payroll schedule over the 12 month period beginning with the first regularly scheduled payroll date that occurs more than 30 days following the Termination Date;

          (v)  Provided that the Executive timely elects continued coverage under COBRA, the Company will reimburse the Executive for the monthly COBRA cost of continued health and dental coverage of the Executive and his qualified beneficiaries paid by the Executive under the health and dental plans of the Company, less the amount that the Executive would be required to contribute for health and dental coverage if the Executive were an active employee of the Company, for 12 months (or, if less, for the duration that such COBRA coverage is available to Executive); and

          (vi)  Accelerated vesting, as of the Termination Date, of any stock options or other time-vested Equity Awards that would have otherwise vested within twelve months following the Termination Date. 

2.Section (6)(g) is hereby amended and restated in its entirety as follows (changes indicated in bold):

(g) Change in Control of the Company. If the Executive's employment is terminated by the Company (or any entity to which the obligations and benefits under this Agreement have been assigned, pursuant to Section 10) without Cause or by the Executive for Good Reason during the 24 month period immediately following the Change in Control, then the Executive shall be entitled to the same payments, rights and benefits described in Section 6(e), subject to the following enhancements:
(i) Triple the Severance Amount plus one-and-a-half times the Target Bonus plus the Pro-Rata Bonus, as defined below, will be paid in a lump-sum on the first regularly scheduled payroll date that occurs more than 30 days following the Termination Date (rather than in installments over 12 months);
(ii) All Equity Awards will vest in full;

 

         

(iii) For the purposes of Section (6)(g), and only Section (6)(g), "Pro-Rata Bonus" as defined in Section (1)(s) means the Target Bonus, as defined in Section (4)(b), for the fiscal year in which the Termination Date occurs, multiplied by the following fraction: (i) the number of days that the Executive was employed by the Company during that fiscal year, divided by (ii) 365. 
(iv) Provided that the Executive timely elects continued coverage under COBRA, the Company will reimburse the Executive for the monthly COBRA cost of continued health and dental coverage of the Executive and his qualified beneficiaries paid by the Executive under the health and dental plans of the Company, less the amount that the Executive would be required to contribute for health and dental coverage if the Executive were an active employee of the Company, for a total of 18 months, rather than 12 months as described in Section 6(e)(v) (or, if less, for the duration that such COBRA coverage is available to Executive). 

3.Except as modified by this Amendment, all other terms and conditions of the Employment Agreement remain in full force and effect.

  IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Amendment, effective as of the date set forth above.  

INSMED INCORPORATED
By: /s/William H. Lewis                                      
Name:  William H. Lewis
Title:  Chairman and CEO

            /s/Christine A. Pellizzari                                      
            Christine A. PellizzariExhibit 10.1

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

This FIRST AMENDMENT
TO CREDIT AGREEMENT (this “Agreement”), is entered into as of July 31, 2019 by and among INDEPENDENCE
CONTRACT DRILLING, INC., a Delaware corporation (“ICD”), SIDEWINDER DRILLING LLC, a Delaware limited
liability company formerly named ICD Operating LLC (“Sidewinder” and, together with ICD, as the context requires,
each a “Borrower”, and collectively, the “Borrowers”), the lenders identified on the signature
pages hereof (each of such lenders, together with its successors and permitted assigns, is referred to hereinafter as a “Lender”),
and U.S. BANK NATIONAL ASSOCIATION, as administrative agent and collateral agent for the Lenders (in such capacities, together
with its successors and assigns in such capacities, “Agent”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant
to that certain Credit Agreement, dated as of October 1, 2018 (as amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”), by and among the Borrowers, the Lenders and the Agent, the Lenders made Loans
to the Borrowers pursuant to the terms and conditions thereof;

 

WHEREAS, initially
capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Credit Agreement; and

 

WHEREAS, the
Borrowers and the Lenders desire to amend the Credit Agreement in certain respects as more particularly set forth herein.

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, each of the parties hereto hereby agrees as follow:

 

1.                 
Amendments to Credit Agreement. Subject to the satisfaction of the conditions set forth in Section 2 of this
Agreement, the Credit Agreement is hereby amended as follows:

 

(a)              
Section 1.1 of the Credit Agreement is hereby amended by adding the following new definition in the appropriate alphabetical
order therefor:

 

“Stock
Purchase Program” means that certain stock repurchase program approved by ICD’s Board of Directors, providing for
the repurchase of up to $10,000,000 of Equity Interests of ICD consisting of shares of common stock.

 

(b)              
Section 6.7(d) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(d)the
Loan Parties may, so long as each of the Payment Conditions shall be satisfied prior to the making of such repurchase, redemption,
acquisition or retirement, consummate repurchases pursuant to the Stock Purchase Program and other repurchases, redemptions or
other acquisitions or retirements for value of Equity Interests made or deemed to be made in connection with any exercise, vesting,
settlement or exchange, as applicable, of stock options, warrants, restricted stock, restricted stock units or other similar rights
in an aggregate amount not to exceed (i) $5,000,000 during any calendar year; provided that ICD may consummate additional
repurchases pursuant to the Stock Purchase Program in an aggregate amount not to exceed $5,000,000 during the period from August
2, 2019 through the earlier of the date of termination of the Stock Purchase Program and June 30, 2020; and (ii) $15,000,000 during
the term of this Agreement, and”

 

     

     

    

 

2.                 
Conditions. This Agreement shall become effective as of the date first set forth above upon the satisfaction of each
of the following conditions (the “First Amendment Effective Date”):

 

(a)              
the Lenders shall have received counterparts of this Agreement duly executed by the Required Lenders and the Borrowers (it
being understood electronic executed copies are sufficient for satisfaction of this subsection (a));

 

(b)              
no Default or Event of Default shall have occurred and be continuing;

 

(c)              
all representations and warranties made by each Loan Party contained herein and in the other Loan Documents shall be true
and correct in all material respects, in each case, with the same effect as though such representations and warranties had been
made on and as of the date hereof; provided that in the case of any representation or warranty that expressly relates to
a given date or period, such representation and warranty shall be true and correct in all material respects as of the respective
date or for the respective period, as the case may be; provided, further, that if any of the representations are
qualified by or subject to a “material adverse effect”, “material adverse change” or similar term or qualification,
such representations shall be true and correct in all respects; and

 

(d)              
the Borrowers shall have paid the reasonable fees, charges and disbursements of counsel to the Agent and the Lenders incurred
prior to the date hereof or in connection with this Agreement.

 

3.                 
Representations and Warranties of Loan Parties. Each Loan Party hereby represents and warrants to the Lenders as
follows:

 

(a)              
it (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization,
(ii) is qualified to do business in any state where the failure to be so qualified could reasonably be expected to result
in a Material Adverse Effect, and (iii) has all requisite power and authority to own and operate its properties, to carry
on its business as now conducted and as proposed to be conducted, to enter into this Agreement and to carry out the transactions
contemplated hereby and by the Credit Agreement as amended hereby;

 

(b)              
the execution and delivery of this Agreement, and the performance by it of this Agreement and the Credit Agreement as amended
hereby, (i) have been duly authorized by all necessary action on the part of such Loan Party and (ii) do not and will
not (A) violate any material provision of federal, state, or local law or regulation applicable to such Loan Party or its
Subsidiaries, the Governing Documents of such Loan Party or its Subsidiaries, or any order, judgment, or decree of any court or
other Governmental Authority binding on such Loan Party or its Subsidiaries, (B) conflict with, result in a breach of, or
constitute (with due notice or lapse of time or both) a default under any Material Contract of such Loan Party or its Subsidiaries
where any such conflict, breach or default could individually or in the aggregate reasonably be expected to have a Material Adverse
Effect, (C) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of such Loan
Party, other than Permitted Liens, (D) require any approval of any holder of Equity Interests of such Loan Party or any approval
or consent of any Person under any material agreement of any Loan Party, other than consents or approvals that have been obtained
and that are still in force and effect and except, in the case of material agreements, for consents or approvals, the failure of
which to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Effect, or (E) require
any registration with, consent, or approval of, or notice to or other action with or by, any Governmental Authority, other than
registrations, consents, approvals, notices, or other actions that have been obtained and that are still in force and effect;

 

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(c)              
this Agreement and the Credit Agreement as amended hereby are the legally valid and binding obligations of such Loan Party,
enforceable against such Loan Party in accordance with their respective terms, except as enforcement may be limited by equitable
principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights
generally; and

 

(d)              
the representations and warranties contained in Section 4 of the Credit Agreement are true and correct in all material respects,
in each case, with the same effect as though such representations and warranties had been made on and as of the First Amendment
Effective Date; provided that in the case of any representation or warranty that expressly relates to a given date or period,
such representation and warranty shall be true and correct in all material respects as of the respective date or for the respective
period, as the case may be; provided, further, that if any of the representations are qualified by or subject to
a “material adverse effect”, “material adverse change” or similar term or qualification, such representations
shall be true and correct in all respects.

 

4.                 
Choice of Law and Venue; Jury Trial Waiver. THIS AGREEMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF
LAW AND VENUE AND JURY TRIAL WAIVER SET FORTH IN SECTION 12 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN
BY THIS REFERENCE, MUTATIS MUTANDIS.

 

5.                 
Binding Effect. This Agreement shall be binding upon each Loan Party and shall inure to the benefit of the Agent
and the Lenders.

 

6.                 
Effect on Loan Documents; Ratification.

 

(a)              
Except as expressly amended or otherwise modified hereby, the Credit Agreement and all documents, instruments and agreements
related thereto, including, but not limited to, the other Loan Documents, and the grant by each of the Grantors (as defined in
the Guaranty and Security Agreement) to the Agent, for the benefit of each member of the Lender Group, of a continuing security
interest in any and all right, title and interest of each Grantor in and to all of the Collateral (as defined in the Guaranty and
Security Agreement), are hereby ratified and confirmed in all respects and shall continue in full force and effect. No amendment,
consent or waiver herein granted or agreement herein made shall extend beyond the terms expressly set forth herein for such amendment,
consent, waiver or agreement, as the case may be, nor shall anything contained herein be deemed to imply any willingness of the
Agent or the Lenders to agree to, or otherwise prejudice any rights of the Agent or the Lenders with respect to, any similar amendments,
consents, waivers or agreements that may be requested for any future period, and this Agreement shall not be construed as a waiver
of any other provision of the Loan Documents or to permit any Borrower or any other Loan Party to take any other action which is
prohibited by the terms of the Credit Agreement and the other Loan Documents. Each Loan Party hereby ratifies and reaffirms the
validity and enforceability of all of the Liens and security interests heretofore granted and pledged by such Loan Party pursuant
to the Loan Documents to the Agent, on behalf and for the benefit of the Lender Group, as collateral security for the Obligations,
and acknowledges that all of such Liens and security interests, and all Collateral heretofore granted, pledged or otherwise created
as security for the Obligations continue to be and remain collateral security for the Obligations from and after the date hereof.
Each of the Guarantors hereby acknowledges and consents to this Agreement and agrees that the Guaranty and Security Agreement and
all other Loan Documents to which such Guarantor is a party remain in full force and effect, and each of the Guarantors confirms
and ratifies all of its Obligations thereunder.

 

    	 	-3-	 

     

    

 

(b)              
Each reference in the Credit Agreement or any other Loan Document to this “Agreement”, “hereunder”,
“herein”, “hereof”, “thereunder”, “therein”, “thereof”, or words of
like import referring to the Credit Agreement or any other Loan Document shall mean and refer to such agreement as supplemented
by this Agreement.

 

7.                 
Miscellaneous.

 

(a)              
This Agreement is a Loan Document. This Agreement may be executed in any number of counterparts and by different parties
on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, taken
together, shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile
or other electronic method of transmission shall be equally effective as delivery of an original executed counterpart of this Agreement.
Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also
shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall
not affect the validity, enforceability, and binding effect of this Agreement.

 

(b)              
Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability
of such provision in any other jurisdiction. Each provision of this Agreement shall be severable from every other provision of
this Agreement for the purpose of determining the legal enforceability of any specific provision.

 

(c)              
Headings and numbers have been set forth herein for convenience only. Unless the contrary is compelled by the context, everything
contained in each Section applies equally to this entire Agreement.

 

    	 	-4-	 

     

    

 

(d)              
Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against any member of the Lender Group
or any Loan Party, whether under any rule of construction or otherwise. This Agreement has been reviewed by all parties and shall
be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions
of all parties hereto.

 

(e)              
The pronouns used herein shall include, when appropriate, either gender and both singular and plural, and the grammatical
construction of sentences shall conform thereto.

 

(f)               
This Agreement shall be subject to the rules of construction set forth in Section 1.4 of the Credit Agreement, and such
rules of construction are incorporated herein by this reference, mutatis mutandis.

 

[remainder of this page intentionally left
blank].

 

    	 	-5-	 

     

    

 

IN WITNESS WHEREOF,
each Loan Party and the Required Lenders have caused this Agreement to be duly executed by its authorized officer as of the day
and year first above written.

 

	BORROWERS:	
        INDEPENDENCE CONTRACT DRILLING, INC., a Delaware corporation

         

         

        By: /s/ Philip A. Choyce

        Name: Philip A. Choyce

        Title: Executive Vice President & Chief Financial Officer

         

	 	
        SIDEWINDER DRILLING LLC (formerly
        named ICD Operating LLC), a Delaware limited liability company

         

         

        By: /s/ Philip A. Choyce

        Name: Philip A. Choyce

        Title: Executive Vice President & Chief Financial Officer

    
[First Amendment to ICD Credit Agreement]

     

    

 

 

	LENDERS:	MSD PCOF PARTNERS IV, LLC
	 	 
	 	 
	 	By:	/s/ Kenneth Gerold
	 	Name:	Kenneth Gerold
	 	Title:	Vice President

 

 

    [First Amendment to ICD Credit Agreement]

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