Document:

Third Supplemental Indenture and Amendment

 EXHIBIT 4.4 

  
 HORNBECK OFFSHORE SERVICES, INC. 
  
 AND 
  
 THE GUARANTOR NAMED HEREIN 
  

  
 SERIES B 
  
 10 5/8% SENIOR NOTES DUE 2008 
  

  

 THIRD SUPPLEMENTAL INDENTURE 
 AND
AMENDMENT – SUBSIDIARY GUARANTEE 
  
 Dated as of February 13, 2004

  

  
 WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION 
  
 Trustee 
  

  

 This THIRD SUPPLEMENTAL INDENTURE AND AMENDMENT—SUBSIDIARY GUARANTEE (“Third Supplemental
Indenture”), dated as of February 13, 2004, is among Hornbeck Offshore Services, Inc., a Delaware corporation (the “Company”), Hornbeck Offshore Trinidad & Tobago, LLC (the “New Guarantor”) and
Wells Fargo Bank Minnesota, National Association, a national banking association, as Trustee. 
  
 RECITALS 
  
 WHEREAS, the Company originally
issued $175,000,000 aggregate principal amount of 10 5/8% Senior Notes due 2008 (the “Notes”) under the
terms of that certain Indenture, dated as of July 24, 2001 (the “Original Indenture”), by and between the Company, the Trustee, and the subsidiary guarantors named therein; and 
  
 WHEREAS, the Original Indenture was supplemented and amended in order to name
additional subsidiaries of the Company as subsidiary guarantors of the Notes under the terms of that certain Supplemental Indenture and Amendment—Subsidiary Guarantee, dated as of December 17, 2001, by and between the Company, the Trustee and
the additional subsidiary guarantors named therein (the “First Supplement”); and 
  
 WHEREAS, the Indenture was further supplemented and amended in order to name an additional subsidiary of the Company as a subsidiary guarantor of the Notes under
the terms of that certain Second Supplemental Indenture and Amendment—Subsidiary Guarantee, dated as of June 18, 2003, by and between the Company, the Trustee and the additional subsidiary guarantor named therein (the “Second
Supplement”); and 
  
 WHEREAS, the Original Indenture, as
supplemented by the First Supplement and the Second Supplement, shall hereinafter be referred to as the “Indenture”; and 
  
 WHEREAS, Section 9.01(f) of the Indenture provides that the Indenture may amended or supplemented in order to add any new guarantor of the Indenture to comply with
Section 10.02 thereof, without the consent of the Holders of the Notes; and 
  
 WHEREAS, all acts and things prescribed by the Indenture, by law and by the charter and the bylaws (or comparable constituent documents) of the Company, of the New Guarantor and of the Trustee necessary to make this Third Supplemental
Indenture a valid instrument legally binding on the Company, the New Guarantor and the Trustee, in accordance with its terms, have been duly done and performed; 
  

NOW, THEREFORE, to comply with the provisions of the Indenture and in consideration of the above premises, the Company, the New Guarantor and the Trustee
covenant and agree for the equal and proportionate benefit of the respective Holders of the Notes as follows: 

 ARTICLE 1 
  
 Section 1.01. This Third Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be construed in
connection with and as part of, the Indenture for any and all purposes. 
  
 Section 1.02. This Third Supplemental Indenture shall become effective immediately upon its execution and delivery by each of the Company, the New Guarantor and the Trustee. 
  
 ARTICLE 2 
  
 Section 2.01. From this date, in accordance with Section 10.02 and by executing this Third Supplemental Indenture and a
notation of Subsidiary Guarantee (a copy of which is attached hereto), the New Guarantor whose signature appears below is subject to the provisions of the Indenture to the extent provided for in Article 10 thereunder. 
  
 ARTICLE 3 
  
 Section 3.01. Except as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed
(mutatis mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without definition having the same respective meanings ascribed to them as in the Indenture. 
  
 Section 3.02. Except as otherwise expressly provided herein, no duties,
responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Third Supplemental Indenture. This Third Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and
conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. 
  
 Section 3.03. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO
CONSTRUE AND ENFORCE THIS SUPPLEMENTAL INDENTURE. 
  
 Section 3.04.
The parties may sign any number of copies of this Third Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together shall represent the same agreement. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; 
 SIGNATURE PAGE FOLLOWS] 
  

 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed, all as of
the date first written above. 
  

			
	 COMPANY:

	
	HORNBECK OFFSHORE SERVICES, INC.
		
	 By:
	 	 /s/ James O. Harp, Jr.

	 	 	James O. Harp, Jr.
	 	 	Vice President and Chief Financial Officer
	
	 TRUSTEE:

	
	 WELLS FARGO BANK MINNESOTA,
 NATIONAL
ASSOCIATION

		
	By:	 	  

	 	 	 Name:                                     
                                        
 

	 	 	 Title:                                     
                                        
  

	
	 NEW GUARANTOR:

	
	HORNBECK OFFSHORE TRINIDAD & TOBAGO, LLC
		
	By:	 	 /s/ James O. Harp, Jr.

	 	 	James O. Harp, Jr.
	 	 	Vice President and Chief Financial Officer

  

 3 

 NOTATION OF SUBSIDIARY GUARANTEE 
  
 Subject to Section 10.06 of the Indenture, each Guarantor has jointly and severally, unconditionally guaranteed to each Holder of a
Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes and the Obligations of the Company under the Notes or under the Indenture,
that: (a) the principal of and premium, if any, interest and Liquidated Damages, if any, on the Notes will be promptly paid in full when due, subject to any applicable grace period, whether at maturity, by acceleration, redemption or otherwise, and
interest on overdue principal of and premium, if any, (to the extent permitted by law) interest and Liquidated Damages, if any, on the Notes and all other payment Obligations of the Company to the Holders or the Trustee under the Indenture or under
the Notes will be promptly paid in full and performed, all in accordance with the terms thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other payment Obligations, the same will be promptly paid in
full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at stated maturity, by acceleration, redemption or otherwise. Failing payment when so due of any amount so
guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately. An Event of Default under the Indenture or the Notes shall constitute an event of default under the
Subsidiary Guarantees, and shall entitle the Holders to accelerate the obligations of the Guarantors under the Indenture in the same manner and to the same extent as the Obligations of the Company. The Guarantors have agreed that their Obligations
under the Indenture shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions
hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor further, to the
extent permitted by law, has waived diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and
all demands whatsoever and covenants that its Subsidiary Guarantee will not be discharged except by complete performance of the Obligations contained in the Notes and the Indenture. If any Holder or the Trustee is required by any court or otherwise
to return to the Company, the Guarantors, or any Note Custodian, Trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by the Company or any Guarantor to the Trustee or such Holder,
the Subsidiary Guarantees, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor has agreed that it shall not be entitled to, and hereby has waived, any right of subrogation in relation to the Holders in
respect of any Obligations guaranteed under the Indenture. Each Guarantor further has agreed that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (a) the maturity of the Obligations guaranteed under
the Indenture may be accelerated as provided in Article 6 of the Indenture for the purposes of its Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations guaranteed
thereby, and (b) in the event of any declaration of acceleration of such Obligations as provided in Article 6 of the Indenture, such Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purpose
of its Subsidiary Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the 

 exercise of such right does not impair the rights of the Holders under the Subsidiary Guarantees. 
  
 The obligations of the Guarantors to the Holders and to the Trustee pursuant to the
Subsidiary Guarantees and the Indenture are expressly set forth in Article 10 of the Indenture, and reference is hereby made to such Indenture for the precise terms of the Subsidiary Guarantees. The terms of Article 10 of the Indenture are
incorporated herein by reference. The Subsidiary Guarantees are subject to release as and to the extent provided in Sections 10.04 and 10.05 of the Indenture. 
  

Each Subsidiary Guarantee is a continuing guarantee and shall remain in full force and effect and shall be binding upon each Guarantor and its respective
successors and assigns to the extent set forth in the Indenture until full and final payment of all of the Company’s Obligations under the Notes and the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and
the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred in the Indenture upon that party shall automatically extend to and be vested in such transferee or assignee, all
subject to the terms and conditions hereof. Each Subsidiary Guarantee is a guarantee of payment and not a guarantee of collection. 
  
 For purposes hereof, each Guarantor’s liability under its Subsidiary Guarantee shall be limited in amount as provided in Section 10.06 of the Indenture.

  
 Capitalized terms used herein have the same meanings given in the
Indenture unless otherwise indicated. 
  

			
	 GUARANTOR:

	
	HORNBECK OFFSHORE TRINIDAD & TOBAGO, LLC
		
	By:	 	 /s/ James O. Harp, Jr.

	 	 	James O. Harp, Jr.
	 	 	Vice President and Chief Financial Officer

  

 2Amendment to Rights Agreement

 EXHIBIT 4.13 
  
 AMENDMENT TO 
 RIGHTS AGREEMENT 
  
 This Amendment to Rights
Agreement dated as of March 5, 2004 (“Amendment”) amends that certain Rights Agreement (“Agreement”) dated as of June 18, 2003 by and between Hornbeck Offshore Services, Inc., a Delaware corporation (“Company”), and
Mellon Investor Services LLC, a New Jersey limited liability company (“Rights Agent”). 
  
 WHEREAS, the Company intends to make a public offering of its common stock and in connection therewith to effect a reverse stock split of its common
stock; 
  
 WHEREAS, the Board of Directors of the Company has
determined that in connection with such public offering and reverse stock split it would be in the best interests of the Company to amend the Agreement to establish a greater majority of the Board for certain actions taken in accordance with the
Agreement and to maintain for each holder of the Company’s common stock, following the public offering and the reverse stock split, one Right (as such term is defined in the Agreement) for each share of the Company’s common stock then
outstanding and held by each such holder; 
  
 WHEREAS, the
Agreement permits the Company to amend the Agreement, without action of the holders of the Rights, if the Rights are then redeemable, and the Rights are currently redeemable; 
  
 WHEREAS, the Rights Agent has agreed under the Agreement to execute any such amendment if, among other things, such
amendment does not affect the rights, duties, obligations or immunities of the Rights Agent under the Agreement; and 
  
 WHEREAS, the Board of Directors of the Company has determined that this Amendment does not affect the rights, duties, obligations or immunities of the
Rights Agent under the Agreement; 
  
 NOW THEREFORE, in
consideration of the premises set forth above, the parties hereby agree as follows: 
  
 1. Clause (ii)(B) of the definition of “Acquiring Person” in Section 1 of the Agreement is hereby amended to add the language indicated in italics below: 
  
 “being the Beneficial Owner of shares of Common Stock, the Beneficial
Ownership of which was acquired by such Person pursuant to any action or transaction or series of related actions or transactions approved by at least 80% of the members of the full Board of Directors before such Person otherwise
becomes an Acquiring Person; or” 
  

 2. Section 7(b) of the Agreement is hereby amended to read as follows: 
  
 “The Purchase Price for each one one-hundredth of a share of Preferred
Stock issued pursuant to the exercise of a Right shall initially be $187.50, shall be subject to adjustment from time to time as provided in Sections 11 and 13 hereof and shall be payable in lawful money of the United States of America, in
accordance with paragraph 7(c) below.” 
  
 3. The third
sentence of Section 11(d) of the Agreement is hereby amended to add the language indicated in italics below: 
  
 “For the purpose of any computation hereunder, if the Preferred Stock is not publicly traded but the shares of Common Stock are publicly traded, the
“Current Market Price” per share of the Preferred Stock shall be conclusively deemed to be the Current Market Price per share of Common Stock multiplied by 100 (appropriately adjusted to reflect any stock split, stock dividend or similar
transaction occurring after the date hereof, other than the reverse stock split contemplated in the Amendment to Rights Agreement dated as of March 5, 2004 between the Company and the Rights Agent (the “Amendment”)).”

  
 4. The first sentence of Section 24(a) of the Agreement is
hereby amended to add the language indicated in italics below: 
  
 “The Company may, at its option, but only by the vote of a majority of the Board of Directors, at any time and from time to time after the first occurrence of a Flip-In Event, exchange all or part of the then outstanding and
exercisable Rights (which shall not include Rights that have become null and void pursuant to the provisions of Section 7(e) hereof) for shares of its Common Stock at an exchange ration of one share of its Common Stock per Right, appropriately
adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof, other than the reverse stock split contemplated in the Amendment (such exchange ratio being hereinafter referred to as the
“Exchange Ratio”). 
  
 5. In accordance with Section 31
of the Agreement and notwithstanding anything to the contrary elsewhere in the Agreement, at the effective time of the reverse stock split, each Right associated with each share of Common Stock shall undergo the same reverse split, such that,
immediately following the effective time of the reverse stock split, one Right shall continue to be associated with each share of Common Stock outstanding immediately after the effective time of the reverse stock split, and one Right shall be issued
with respect to each share of Common Stock that shall become outstanding between the date such reverse stock split is accomplished and the earliest of the Distribution Date and the Expiration Date. 
  
  

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 6. Except as expressly modified by this Amendment, all of the terms, covenants, agreements, conditions
and other provisions of the Rights Agreement shall remain in full force and effect in accordance with their respective terms. As used in the Agreement, the terms “this Agreement,” “herein,” “hereinafter,”
“hereunder,” “hereto” and words of similar import shall mean and refer to, from and after the date of this Amendment, unless the context otherwise requires, the Agreement as amended by this Amendment. 
  
 7. Capitalized terms used in this Amendment and not otherwise defined herein
shall have the meanings given to such terms in the Agreement. 
  
 8. This Amendment may be executed in one or more counterparts, and signature pages may be delivered by facsimile, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, and shall
become effective upon its execution by the parties hereto. 
  
  

 3 

 IN WITNESS WHEREOF, the parties have executed and delivered this Amendment to the Agreement effective as
of the date first above written. 
  

			
	COMPANY:
	
	HORNBECK OFFSHORE SERVICES INC.
		
	By:	 	/S/ TODD M. HORNBECK
	 	 	

	 	 	Todd M. Hornbeck, Chief Executive Officer
	
	RIGHTS AGENT:
	
	MELLON INVESTOR SERVICES LLC
		
	By:	 	 
	 	 	

	 	 	David Cary, Relationship Manager

  

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