Document:

First Amendment to Benefit Equalization Plan

 Exhibit 10.24 
 FIRST AMENDMENT TO 
 ATWOOD OCEANICS BENEFIT EQUALIZATION PLAN

 THIS AMENDMENT, by Atwood Oceanics, Inc., a Texas corporation (the “Sponsor”), 

W I T N E S S E T H: 
 WHEREAS, the Sponsor has previously executed the Plan known as “Atwood Oceanics Benefit Equalization Plan” (the “Plan”); 

WHEREAS the Sponsor has the right to amend the Plan; and 
 WHEREAS, the Sponsor has determined that the Plan should be amended in the manner hereinafter set forth; 
 NOW, THEREFORE, the Plan is amended as follows: 
 1. Section 1.9 is amended
to read in its entirety as follows: 
 1.9 Change in Control. “Change in Control” shall
mean a change in the ownership or effective control of the Employer or in the ownership of a substantial portion of the assets of the Employer, in accordance with Section 409A of the Code and any rules and regulations promulgated thereunder.

 2. Section 3.4 is amended by deleting the last sentence thereof. 

3. Sections 6.1 and 6.2 are amended to read in their entirety as follows: 

6.1 Time of Distribution. In the event of the Member’s Separation other than on account of death, each
Member shall begin receiving his distribution six months following the Member’s Separation other than on account of death. In the event of a Change in Control, each Member shall receive a distribution as soon as practical after such Change in
Control. In the event of Separation on account of death, each Beneficiary shall receive a distribution as soon as practical after the Member’s death. 
 6.2 Distribution Method. Distributions shall be paid in cash. Distributions made on account of Separation other than on account of death shall be made in equal annual installments for a
period of five years. Distributions made on account of a Change in Control or Separation on account of death shall be made in the form of a single sum. 

  
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 IN WITNESS WHEREOF, Atwood Oceanics, Inc. has executed this Amendment this 14 day of
December, 2005 to be effective January 1, 2005 or as otherwise required to comply with applicable provisions of the Code, any statute amending the Code, or any other applicable statute, regulation, or ruling. 

 

			
	ATWOOD OCEANICS, INC.
		
	By	 	/s/ John Irwin
		 	President

  
 2Second Amendment to Benefit Equalization Plan

 Exhibit 10.25 
 SECOND AMENDMENT TO 
 ATWOOD OCEANICS BENEFIT EQUALIZATION PLAN

 THIS AMENDMENT, by Atwood Oceanics, Inc., a Texas corporation (the “Sponsor”), 

W I T N E S S E T H: 
 WHEREAS, the Sponsor has previously executed the Plan known as “Atwood Oceanics Benefit Equalization Plan” (the “Plan”); 

WHEREAS the Sponsor has the right to amend the Plan; and 
 WHEREAS, the Sponsor has determined that the Plan should be amended in the manner hereinafter set forth; 
 NOW, THEREFORE, the Plan is amended as follows: 
 1. Section 1.2 is amended
in its entirety to read as follows: 
 1.2 Active Member. “Active Member” shall mean an
individual designated as such by the President of the Sponsor. 
 2. Section 1.18 is amended in its entirety to read as
follows: 
 1.18 Eligible Class. “Eligible Class” shall mean, with respect to a Plan
Year, all Employees who receive compensation from the Sponsor in excess of the dollar limit in effect with respect to the Retirement Plan for such Plan Year under section 401(a)(17) of the Code. 

3. Section 2.1 is amended in its entirety to read as follows: 

2.1 Designation of Active Members by President. The President of the Sponsor may designate from time to time
such members of the Eligible Class as he shall from time to time determine to be Active Members, provided that there shall not be more than 20 Active Members at any time. An Active Member shall continue as such until the earlier of (i) the date
the individual ceases to be a member of the Eligible Class, or (ii) the date specified by the President of the Sponsor as the date on which the individual shall no longer be an Active Member. 

4. Section 2.2 is amended in its entirety to read as follows: 

2.2 Commencement of Participation. An Employee shall become a Member on the later of (i) the effective
date of the adoption of the Plan by such individual’s Employer, or (ii) the date on which such individual is first designated as an Active Member by the President of the Sponsor. 

5. Section 2.4 is amended in its entirety to read as follows: 

2.4 Recommencement of Participation by Former Members. A former Member shall again become a Member on the
date, if any, on which such individual is again designated as an Active Member by the President of the Sponsor. 

  
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 IN WITNESS WHEREOF, Atwood Oceanics, Inc. has executed this Amendment this 4th day of
December, 2008 to be effective October 1, 2008, or as otherwise required to comply with applicable provisions of the Code, any statute amending the Code, or any other applicable statute, regulation, or ruling. 

 

			
	ATWOOD OCEANICS, INC.
		
	By 	 	/s/ John Irwin
		 	President

  
 2Third Amendment to Benefit Equalization Plan

 Exhibit 10.26 
 THIRD AMENDMENT TO 
 ATWOOD OCEANICS BENEFIT EQUALIZATION PLAN

 THIS AMENDMENT, by Atwood Oceanics, Inc., a Texas corporation (the “Sponsor”), 

W I T N E S S E T H: 
 WHEREAS, the Sponsor has previously executed the Plan known as “Atwood Oceanics Benefit Equalization Plan” (the “Plan”); 

WHEREAS the Sponsor has the right to amend the Plan; and 
 WHEREAS, the Sponsor has determined that the Plan should be amended in the manner hereinafter set forth; 
 NOW, THEREFORE, the Plan is amended as follows: 
 1. The recitals are amended in
their entirety to read as follows: 
 WHEREAS, the Sponsor desires to establish a program that will compensate
for certain limits on elective deferrals and employer matching contributions imposed on certain executives and other highly compensated managers under the Atwood Oceanics Retirement Plan and the Atwood Oceanics Pacific Retirement Plan; 

WHEREAS, the Sponsor desires to provide the opportunity for certain executives and other highly compensated managers to
accumulate supplemental funds for retirement or special needs prior to retirement through the deferral of portions of their compensation; and 
 WHEREAS, the plan hereby established is intended to constitute an unfunded plan of deferred compensation for a select group of management or highly compensated employees; 

2. Section 3.1 is amended, effective January 1, 2005, in its entirety to read as follows: 

3.1 Deferral Agreements. A Deferral Agreement shall be an agreement in a form satisfactory to the
Administrative Committee to prospectively receive one or more items of compensation from the Employer in a reduced amount and to have the Administrative Committee credit an amount equal to the amount of the reduction to the Member’s Account.
The Deferral Agreement shall specify (i) whether any amounts shall be deferred under this Plan as 401(k) Spillover Deferrals, and (ii) the amount, if any, of the Member’s Regular Deferral. Any such Deferral Agreement shall be
revocable or irrevocable in accordance with its terms, provided that no revocation shall be effective prior to the Deferral Agreement Effective Date that would apply if the revocation were treated as a new Deferral Agreement or permit payment to the
Member of any amount deferred prior to the date of revocation. A Member shall be entitled to prospectively modify his Deferral Agreement at least once a year. The Administrative Committee shall establish and announce to the Members the rules
governing the administration of Elective Deferrals, including any limitations upon the amount that may be deferred and the procedures for and any limitations upon a Member’s right to revoke or change his designation. Elective Deferrals may be
made by periodic payroll deductions or by other methods, as determined from time to time by the Administrative Committee. 

  
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 3. Section 9.1 is amended, effective December 1, 2008, in its entirety to read as
follows: 
 9.1 Sponsor’s Right to Amend. Subject to the limitations prescribed by
Section 9.2, the Sponsor may at any time and from time to time modify or amend the Plan in whole or in part. In addition, the President of the Sponsor may at any time and from time to time modify or amend the Plan in any manner that is not
expected to substantially increase the number of Members, materially increase the administrative costs of the Plan, or have a material financial effect on any Employer. Any amendment shall be made by an instrument in writing, executed by the
appropriate officer, setting forth the nature of the amendment and its effective date. 
 IN WITNESS WHEREOF, Atwood Oceanics,
Inc. has executed this Amendment this 4th day of December, 2008 to be effective October 1, 2008, except as otherwise specified or as otherwise required to comply with applicable provisions of the Code, any statute amending the Code, or
any other applicable statute, regulation, or ruling. 
  

			
	ATWOOD OCEANICS, INC.
		
	By	 	/s/ John Irwin
		 	President

  
 2Fourth Amendment to Benefit Equalization Plan

 Exhibit 10.27 
 FOURTH AMENDMENT TO 
 ATWOOD OCEANICS BENEFIT EQUALIZATION PLAN

 THIS AMENDMENT, by Atwood Oceanics, Inc., a Texas corporation (the “Sponsor”), 

W I T N E S S E T H: 
 WHEREAS, the Sponsor has previously executed the Plan known as “Atwood Oceanics Benefit Equalization Plan” (the “Plan”); 

WHEREAS the Sponsor has the right to amend the Plan; and 
 WHEREAS, the Sponsor has determined that the Plan should be amended in the manner hereinafter set forth; 
 NOW, THEREFORE, the Plan is amended as follows: 
 1. Section 3.1 is amended
in its entirety to read as follows: 
 3.1 Deferral Agreements. A Deferral Agreement shall be an
agreement in a form satisfactory to the Administrative Committee to prospectively receive one or more items of compensation from the Employer in a reduced amount and to have the Administrative Committee credit an amount equal to the amount of the
reduction to the Member’s Account. The Deferral Agreement shall specify (i) whether any amounts shall be deferred under this Plan as 401(k) Spillover Deferrals, (ii) the amount, if any, of the Member’s Regular Deferral, and
(iii) the time and form of payment of amounts attributable to such Elective Deferrals. Any such Deferral Agreement shall be revocable or irrevocable in accordance with its terms, provided that no revocation shall be effective prior to the
Deferral Agreement Effective Date that would apply if the revocation were treated as a new Deferral Agreement or permit payment to the Member of any amount deferred prior to the date of revocation. A Member shall be entitled to prospectively modify
his Deferral Agreement at least once a year. The Administrative Committee shall establish and announce to the Members the rules governing the administration of Elective Deferrals, including any limitations upon the amount that may be deferred and
the procedures for and any limitations upon a Member’s right to revoke or change his designation. Elective Deferrals may be made by periodic payroll deductions or by other methods, as determined from time to time by the Administrative
Committee. 
 2. Section 6.1 is amended in its entirety to read as follows: 

6.1 Distribution Methods Available. Distributions shall be paid in cash under either of the following
distribution methods: 
 (a) a single sum payment; or 

(b) a maximum of ten annual installments. Each installment after the first shall be paid on the anniversary of the payment
of the first installment. The Member’s Account from which such installments are payable shall continue to be maintained and credited with Investment Gain or Loss. The amount of each installment payment shall be the quotient obtained by dividing
the balance of the Account by the number of installment payments remaining. Such balance shall be 

  
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determined by the Committee as of an administratively convenient date that is within ten days prior to the date on which the installment payment is made. The right to the series of installment
payments shall be treated as a right to a series of separate payments for purposes of any Regulation issued under Section 409A of the Code. 
 3. Section 6.2 is amended in its entirety to read as follows: 

6.2 Elections Regarding Time and Form of Distribution. Subject to the terms of this Section, each Member
shall have the right to elect the time and form of distribution applicable to the Member or the Member’s Beneficiary under the Plan. 
 (a) Initial Election. The Member’s initial election shall specify a form of payment available under Section 6.1 and shall specify a date on which such payment shall be made or
commenced. Such date shall be determinable by reference to the date of the event entitling the Member or Beneficiary to receive payment. In the event of the Member’s Separation for a reason other than death, such date shall be not less than six
months after the date of the Member’s Separation. In the event of the Member’s Separation on account of death or the occurrence of a Change in Control, such date shall be not earlier than the date of the Member’s death or the date of
the Change in Control, as the case may be. The Member shall specify the number of installment payments (not in excess of 10) if the annual installment option is elected. Not later than December 31, 2008, each Member shall make an initial
election regarding the time and form of payment of all amounts attributable to Elective Deferrals made under the Plan prior to January 1, 2009. Not later than December 31, 2008, each Member shall make an initial election regarding the time
and form of payment of all amounts attributable to Elective Deferrals made under the Plan after December 31, 2008 and before the Deferral Agreement Effective Date of any subsequent Deferral Agreement. In each subsequently-filed Deferral
Agreement, the Member shall make a new initial election regarding the time and form of payment of amounts attributable to Elective Deferrals made under such Deferral Agreement. 

(b) Failure to Make Valid Initial Election. A Member who fails to make a valid and timely election regarding
the time and form of distribution applicable to the Member or the Member’s Beneficiary with respect to amounts attributable to any Elective Deferrals shall be deemed to have made the following elections with respect to such amounts: 

(i) in the event of the Member’s Separation other than on account of death, payment shall be made or commenced six
months following the Member’s Separation; 
 (ii) in the event of a Change in Control, payment shall be made
as soon as practical after such Change in Control; 
 (iii) in the event of Separation on account of death,
payment shall be made to the Beneficiary as soon as practical after the Member’s death; and 
 (iv) in any
event, the distribution shall be made in a single sum payment, except that amounts attributable to Elective Deferrals made prior to January 1, 2009 shall be paid in five annual installments in the event of the Member’s Separation other
than on account of death. 
 (c) Subsequent Changes in Time or Form of Distribution. Each Member
shall have the right from time to time to elect that the time and form of distribution applicable to the Member or the Member’s Beneficiary under the Plan be changed. Notwithstanding the immediately preceding

  
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sentence, (i) any such election shall not take effect until 12 months after the date on which the election is made; and (ii) in the case of an election related to a payment not on
account of death, the payment with respect to which such election is made must be deferred for a period of not less than five years from the date such payment would otherwise have been paid. 

(d) Manner of Election. An election available under this Section shall be made by executing and properly
filing with the Committee the Deferral Agreement or other form or forms approved by the Committee. 
 IN
WITNESS WHEREOF, Atwood Oceanics, Inc. has executed this Amendment this 18th day of December, 2008 to be effective December 15, 2008, except as otherwise specified or as otherwise required to comply with applicable provisions of the Code, any statute amending the
Code, or any other applicable statute, regulation, or ruling. 
  

			
	ATWOOD OCEANICS, INC.
		
	By	 	/s/ John Irwin
		 	President

  
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