Document:

mdr-ex423_477.htm

Exhibit 4.23

Execution Version

AMENDMENT NO. 1 TO CREDIT AGREEMENT

 

This AMENDMENT NO. 1 TO CREDIT AGREEMENT (“Amendment”) entered into and effective as of February 24, 2020 (the “Amendment No. 1 Effective Date”) is by and among McDermott Technology (Americas), Inc., a Delaware corporation (“MTA”), McDermott Technology (US), Inc. a Delaware corporation (“MTUS”), McDermott Technology B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (“MTBV” and together with MTA and MTUS, collectively the “Borrowers”, each a “Borrower”), McDermott International, Inc. a Panamanian corporation (the “Parent”), the Revolving Lenders party hereto, the Term Lenders party hereto, in each case, as defined in the Credit Agreement (as defined below) , and the Guarantors, as defined in the Credit Agreement (as defined below).

RECITALS

 

A.Whereas, reference is made to that certain Superpriority Senior Secured Debtor-in-Possession Credit Agreement dated as of January 23, 2020 among the Borrowers, the Parent, the Lenders and Issuers party thereto from time to time (“Lenders”), Credit Agricole Corporate and Investment Bank, as administrative agent for the Revolving Facility (the “Revolving Administrative Agent”) and Barclays Bank PLC, as administrative agent for the Term Facility (as defined in the Credit Agreement) (in such capacity, the “Term Loan Administrative Agent” and, together with the Revolving Administrative Agent, the “Administrative Agents” and each an “Administrative Agent”) (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  

B.Whereas the Parent and the Borrowers have requested that the Requisite Lenders, the Requisite Revolving Lenders and Requisite Term Lenders consent to certain amendments as more fully set forth herein.

C.Whereas, subject to the terms and conditions set forth herein, the parties hereto wish to amend the Credit Agreement.

NOW THEREFORE, in consideration of the premises and the mutual covenants, representations and warranties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.Defined Terms.  As used in this Amendment, each of the terms defined in the opening paragraph and the Recitals above shall have the meanings assigned to such terms therein.  Each term defined in the Credit Agreement and used herein without definition shall have the meaning assigned to such term in the Credit Agreement (as amended hereby), unless expressly provided to the contrary.

2.Other Definitional Provisions.  Article, Section, Schedule, and Exhibit references are to Articles and Sections of and Schedules and Exhibits to this Amendment, unless otherwise specified.  The words “hereof”, “herein”, and “hereunder” and words of similar import when used in this Amendment shall refer to this Amendment as a whole and not to any particular provision 

#6127896.2

 

of this Amendment.  The term “including” means “including, without limitation,”.  Paragraph headings have been inserted in this Amendment as a matter of convenience for reference only and it is agreed that such paragraph headings are not a part of this Amendment and shall not be used in the interpretation of any provision of this Amendment.

3.Amendments to Credit Agreement. Subject to the satisfaction of the conditions set forth in Section 5 herein:

(a)Section 2.4(b)(xii) of the Credit Agreement is hereby amended by amending and restating it in its entirety as follows:

(xii)such Revolving Letter of Credit is to be used for anything other than (A) a new project, (B) incremental letters of credit for an existing project, (C) insurance purposes or (D) replacement of a letter of credit under any of the Prepetition Credit Agreements or the Lloyds Facility that is not an auto-renew letter of credit; or

(b)Section 2.6(a)(xii) of the Credit Agreement is hereby amended by amending and restating it in its entirety as follows:

(xii) such Cash Secured Letter of Credit is to be used for anything other than (A) a new project, (B) incremental letters of credit for an existing project, (C) insurance purposes, or (D) replacement of a letter of credit under any of the Prepetition Credit Agreements or the Lloyds Facility that is not an auto-renew letter of credit; or

(c)Section 3.2(e) of the Credit Agreement is hereby amended by amending and restating it in its entirety as follows:

(e) [Reserved].

 

(d)Section 9.1(dd) of the Credit Agreement is hereby amended by amending and restating it in its entirety as follows:

(dd) [Reserved]; or

 

4.Representations and Warranties.  Each Loan Party represents and warrants that:

(a)after giving effect to this Amendment, all representations and warranties made by any Loan Party in the Credit Agreement and the other Loan Documents that have no materiality or Material Adverse Effect qualification are true and correct in all material respects and the representations and warranties in the Credit Agreement and in the other Loan Documents that have a materiality or Material Adverse Effect qualification are true and correct in all respects, in each case with the same effect as though made on and as of the Amendment No. 1 Effective Date or, to the extent such representations and warranties expressly relate to an earlier date, as of such earlier date; 

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(b)after giving effect to this Amendment, no Default or Event of Default exists and is continuing as of the Amendment No. 1 Effective Date; 

(c)the execution, delivery and performance of this Amendment are within the Borrowers’, Guarantors’ and the Parent’s corporate, limited liability company, partnership or other organizational powers, as applicable, and have been duly authorized by appropriate organizational and governing action and proceedings;

(d)each person who is executing this Amendment on behalf of the Borrowers, the Parent and each other Guarantor has the full power, authority and legal right to do so, and this Amendment has been duly executed by such person and delivered to the Administrative Agent; and

(e)this Amendment is the legal, valid and binding obligation of each Loan Party, enforceable against such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

5.Conditions to Effectiveness.  This Amendment shall become effective as of the Amendment No. 1 Effective Date and enforceable against the parties hereto upon the occurrence of the following conditions precedent:

(a)Each Administrative Agent shall have received this Amendment, executed by each Borrower, the Parent, each Guarantor, the Requisite Lenders, the Requisite Revolving Lenders and the Requisite Term Lenders in such counterparts as shall be acceptable to each Administrative Agent.

(b)The representations and warranties of each Loan Party contained in this Amendment, the Credit Agreement and the other Loan Documents that have no materiality or Material Adverse Effect qualification shall be true and correct in all material respects and the representations and warranties set forth in this Amendment, the Credit Agreement and in the other Loan Documents that have a materiality or Material Adverse Effect qualification shall be true and correct in all respects, in each case with the same effect as though made on and as of the Amendment No. 1 Effective Date or, to the extent such representations and warranties expressly relate to an earlier date, as of such earlier date.

(c)After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing as of the Amendment No. 1 Effective Date.

6.Reaffirmation of Credit Support.

(a)The Loan Parties acknowledge that on and as of the Amendment No. 1 Effective Date all Obligations are payable without defense, offset, counterclaim or recoupment. Each of the Borrowers and each Guarantor (collectively, the “Credit Support Parties”) has read this Amendment and consents to the terms hereof and further hereby confirms and agrees that, notwithstanding the effectiveness of this Amendment, the obligations of such Credit Support Party under, and the Liens granted by such Credit Support Party as collateral security for the 

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Indebtedness, obligations and liabilities evidenced by the Credit Agreement and the other Loan Documents (as amended hereby) pursuant to, each of the Loan Documents (as amended hereby) to which such Credit Support Party is a party shall not be impaired, and each of the Loan Documents (as amended hereby) to which such Credit Support Party is a party is, and shall continue to be, in full force and effect and are hereby confirmed and ratified in all respects.

(b)Each Credit Support Party (other than the Borrowers) acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this Amendment, such Credit Support Party is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit Agreement effected pursuant to this Amendment and (ii) nothing in the Credit Agreement (as amended hereby), this Amendment or any other Loan Document (as amended hereby) shall be deemed to require the consent of such Credit Support Party to any future amendments to the Credit Agreement.

7.Acknowledgments and Agreements.

(a)The Borrowers do hereby adopt, ratify, and confirm the Credit Agreement, as amended hereby, and acknowledge and each agree that the Credit Agreement, as amended hereby, is and remains in full force and effect, and each Borrower acknowledges and agrees that its liabilities and obligations under the Credit Agreement, as amended hereby, and the other Loan Documents, are not impaired in any respect by this Amendment.

(b)From and after the Amendment No. 1 Effective Date, all references to the Credit Agreement and the Loan Documents shall mean such Credit Agreement and such Loan Documents as amended by this Amendment and the other documents executed pursuant hereto.  This Amendment is a Loan Document for the purposes of the provisions of the other Loan Documents.  Without limiting the foregoing, any breach of representations, warranties, and covenants under this Amendment shall be a Default or Event of Default, as applicable, under the Credit Agreement.

8.Miscellaneous.

(a)Except as specifically modified by this Amendment, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.

(b)The execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any Agent, Lender or Issuer under, the Credit Agreement or any of the other Loan Documents.

9.Counterparts.  This Amendment may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are attached to the same document.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart hereof.

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10.Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted pursuant to the Credit Agreement; provided that, notwithstanding anything herein to the contrary, the parties hereto hereby agree that each of Collateral Agent, Barclays Bank PLC, in its capacity as Term Loan Administrative Agent and Credit Agricole Corporate and Investment Bank, in its capacity as Revolving Administrative Agent, shall have rights as a third party beneficiary to the terms, conditions and provisions of this Amendment.

11.Severability.  If any provision of this Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

12.Governing Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO (INCLUDING THE SUBMISSION TO JURISDICTION IN SECTION 11.12 OF THE CREDIT AGREEMENT) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK AND, TO THE EXTENT APPLICABLE, THE BANKRUPTCY CODE, WITHOUT REGARD TO ITS CONFLICTS OF LAWS PROVISIONS.  

13.Entire Agreement. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS COLLECTIVELY REPRESENT THE FINAL AGREEMENT BY AND AMONG LENDERS, ISSUERS, ADMINISTRATIVE AGENTS AND LOAN PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF LENDERS, ISSUERS, ADMINISTRATIVE AGENTS AND LOAN PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG LENDERS, ISSUERS, ADMINISTRATIVE AGENTS AND LOAN PARTIES.

14.Release.  EACH OF THE PARENT, EACH BORROWER AND THE OTHER LOAN PARTIES AND THEIR AFFILIATES ON BEHALF OF THEMSELVES AND THEIR FORMER AND CURRENT RELATED PARTIES AND EACH OF THEIR PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS (THE “RELEASING PARTIES”) HEREBY ACKNOWLEDGES AND AGREES THAT IT DOES NOT HAVE ANY CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, OR LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE AMENDMENT NO. 1 EFFECTIVE DATE IN CONNECTION WITH THE CREDIT AGREEMENT, COLLATERAL AGENCY AND INTERCREDITOR AGREEMENT OR ANY LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREUNDER, IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR 

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REGULATIONS, OR OTHERWISE (EACH A “CAUSE OF ACTION”) THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF THE LIABILITY OF ANY BORROWER TO REPAY OR ANY GUARANTOR TO GUARANTEE THE OBLIGATIONS AS PROVIDED IN THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM ANY AGENT, ANY LENDER OR ANY ISSUER OR ANY OF THEIR RESPECTIVE CURRENT OR FORMER RELATED PARTIES AND EACH OF THEIR PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS (COLLECTIVELY, THE “RELEASED PARTIES”).  EACH OF THE RELEASING PARTIES HEREBY VOLUNTARILY AND KNOWINGLY, FOR VALUABLE CONSIDERATION RECEIVED, RELEASES AND FOREVER DISCHARGES THE RELEASED PARTIES FROM ALL POSSIBLE CAUSES OF ACTION (AS DEFINED ABOVE) WHICH ANY OF THE RELEASING PARTIES MAY NOW HAVE AGAINST THE RELEASED PARTIES, IF ANY, INCLUDING, WITHOUT LIMITATION, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION AND EXECUTION OF THIS AMENDMENT. 

[SIGNATURES BEGIN ON NEXT PAGE]

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IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed by their respective officers thereunto duly authorized as of the day and year first above written.

 

	
MCDERMOTT TECHNOLOGY (AMERICAS), INC.,

as Borrower

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Treasurer

 

	
MCDERMOTT TECHNOLOGY (US), INC.,

as Borrower

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Treasurer

 

	
MCDERMOTT TECHNOLOGY, B.V.,

as Borrower

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Attorney

	
 

	
MCDERMOTT INTERNATIONAL, INC.,

as Parent

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Vice President, Treasurer 

 

 

DIP Credit Agreement - Amendment No. 1

 

	
CB&I BRAZIL HOLDINGS, INC.

CB&I ENERGY SERVICES, LLC

CB&I FABRICATION, LLC

CB&I GROUP INC.  

CB&I HOLDCO INTERNATIONAL, LLC

CB&I HOLDCO, LLC

CB&I INTERNATIONAL, INC.

CB&I INTERNATIONAL, LLC

CB&I LAKE CHARLES, L.L.C.

CB&I OFFSHORE SERVICES, INC.

CB&I POWER INTERNATIONAL, INC.

CB&I POWER, LLC

CB&I RIO GRANDE HOLDINGS, L.L.C.

CB&I RIO GRANDE VALLEY FABRICATION & MANUFACTURING, L.L.C.

CB&I WALKER LA, L.L.C.

INTERNATIONAL CONSULTANTS, L.L.C.

J. RAY HOLDINGS, INC.

MCDERMOTT, INC.

PIKE PROPERTIES II, INC.

SHAW ENERGY SERVICES, INC.

SHAW FABRICATORS, INC.

SHAW HOME LOUISIANA, LLC

SHAW JV HOLDINGS, L.L.C.

SHAW MANAGED SERVICES, LLC

SHAW NUCLEAR ENERGY HOLDINGS (UK), INC.

SHAW POWER DELIVERY SYSTEMS, INC.

SHAW POWER SERVICES, LLC

SHAW PROCESS FABRICATORS, INC.

SHAW SERVICES, L.L.C.

SHAW SSS FABRICATORS, INC.

	
 
	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Assistant Treasurer

 

 

DIP Credit Agreement - Amendment No. 1

 

	
CATALYTIC DISTILLATION TECHNOLOGIES

CB&I INTERNATIONAL ONE, LLC

CBI SERVICES, LLC

CHEMICAL RESEARCH & LICENSING, LLC

EDS EQUIPMENT COMPANY, LLC

LUMMUS CONSULTANTS INTERNATIONAL, LLC

S C WOODS, L.L.C.

SHAW FAR EAST SERVICES, LLC

SHAW POWER SERVICES GROUP, L.L.C.

CB&I STORAGE TANK SOLUTIONS LLC

CB&I STS DELAWARE LLC

CB&I STS HOLDINGS LLC

CBI COMPANY LTD.

CSA TRADING COMPANY LTD.

OCEANIC CONTRACTORS, INC.

SHAW NC COMPANY, INC.

	
 
	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorized Person

 

 

DIP Credit Agreement - Amendment No. 1

 

	
SHAW BENECO, INC. 

SHAW MANAGEMENT SERVICES ONE, INC. 

SHAW TRANSMISSION & DISTRIBUTION SERVICES, INC.

SHAW INTERNATIONAL MANAGEMENT SERVICES TWO, INC.

SHAW POWER TECHNOLOGIES, INC.

	
 
	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Assistant Treasurer

 

 

DIP Credit Agreement - Amendment No. 1

 

	
HYDRO MARINE SERVICES, INC.

J. RAY MCDERMOTT INTERNATIONAL, INC.

J. RAY MCDERMOTT, S.A.

MCDERMOTT (AMAZON CHARTERING), INC.

MCDERMOTT GULF OPERATING COMPANY, INC.

MCDERMOTT INTERNATIONAL MANAGEMENT, S. DE RL.

MCDERMOTT INTERNATIONAL TRADING CO., INC.

MCDERMOTT INTERNATIONAL VESSELS, INC.

J. RAY MCDERMOTT FAR EAST, INC.

J. RAY MCDERMOTT UNDERWATER SERVICES, INC.

MCDERMOTT CASPIAN CONTRACTORS, INC.

MCDERMOTT INTERNATIONAL INVESTMENTS CO., INC.

MCDERMOTT MIDDLE EAST, INC.

MCDERMOTT OLD JV OFFICE, INC.

MCDERMOTT OVERSEAS, INC.

MCDERMOTT SUBSEA, INC.

EASTERN MARINE SERVICES, INC.

MCDERMOTT OFFSHORE SERVICES COMPANY, INC.

NORTH ATLANTIC VESSEL, INC.

	
 
	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Treasurer

	
 
	
 

	
CBI PANAMA, S.A.

	
 
	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorized Person

 

 

DIP Credit Agreement - Amendment No. 1

 

 

	
Executed as a Deed by

	
CB&I MIDDLE EAST HOLDING, INC.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Treasurer

	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed as a Deed by

	
ENVIRONMENTAL SOLUTIONS (CAYMAN) LTD.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Treasurer

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal 

 

 

DIP Credit Agreement - Amendment No. 1

 

 

	
Executed as a Deed by

	
ENVIRONMENTAL SOLUTIONS HOLDING LTD.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Treasurer

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown 

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed as a Deed by

	
ENVIRONMENTAL SOLUTIONS LTD.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorized Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed as a Deed by

	
HIGHLAND TRADING COMPANY, LTD.

	
 

	
By:
	
/s/ Kevin Hargrove 

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorized Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

 

DIP Credit Agreement - Amendment No. 1

 

	
Executed as a Deed by

	
OASIS SUPPLY COMPANY, LTD.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorized Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown 

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed as a Deed by

	
SHAW E & I INTERNATIONAL LTD.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Treasurer

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed as a Deed by

	
SHAW OVERSEAS (MIDDLE EAST) LTD.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove 

	
Title:
	
Treasurer

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

 

DIP Credit Agreement - Amendment No. 1

 

	
Executed as a Deed by

	
J. RAY MCDERMOTT INTERNATIONAL VESSELS, LTD.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Treasurer

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed as a Deed by

	
MCDERMOTT CAYMAN LTD.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Assistant Treasurer

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

	
 
	
 

	
Executed as a Deed by

	
OFFSHORE PIPELINES INTERNATIONAL, LTD.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Assistant Treasurer

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

 

DIP Credit Agreement - Amendment No. 1

 

	
J. RAY MCDERMOTT (NORWAY), AS 

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Treasurer

 

 

DIP Credit Agreement - Amendment No. 1

 

	
CB&I CANADA LTD.

HORTON CBI, LIMITED

LUTECH RESOURCES CANADA LTD.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorized Person

 

 

DIP Credit Agreement - Amendment No. 1

 

	
MCDERMOTT TECHNOLOGY, B.V.

CB&I COJAFEX B.V.

CB&I EUROPE B.V.

CB&I HOLDINGS B.V.

CB&I POWER COMPANY B.V.

CB&I RUSLAND B.V.

CBI COMPANY B.V.

CBI COMPANY TWO B.V. 

CHICAGO BRIDGE & IRON COMPANY B.V. 

COMET II B.V.

LEALAND FINANCE COMPANY B.V. 

LUMMUS TECHNOLOGY B.V.

LUTECH PROJECT SOLUTIONS B.V.

LUTECH PROJECTS B.V. 

MCDERMOTT TECHNOLOGY (2), B.V.

MCDERMOTT TECHNOLOGY (3), B.V.

NETHERLANDS OPERATING COMPANY B.V. 

	
 

	
By:
	
/s/ Kevin Hargrove 

	
Name:
	
Kevin Hargrove

	
Title:
	
Attorney

 

 

DIP Credit Agreement - Amendment No. 1

 

	
NOVOLEN TECHNOLOGY HOLDINGS C.V.

	
By:
	
McDermott Technology (3), B.V., acting in its capacity as general partner

 

/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Attorney

 

 

DIP Credit Agreement - Amendment No. 1

 

	
Executed by McDermott Australia Pty. Ltd. ACN 002 736 352 in accordance with section 127(1) of the Corporations Act 2001 (Cth) by authority of its directors:
	
 
	
 

	
 

/s/ Vassily Calligeros. . . . . . . . . . . . . . . . 

Signature of director
	
 
	
 

/s/ Ian F. Prescott . . . . . . . . . . . . . . . . . . . . . 

Signature of director/company secretary

	
Vassily Calligeros. . . . . . . . . . . . . . . . . . . 

Name of director (print)
	
 
	
Ian F. Prescott . . . . . . . . . . . . . . . . . . . . . . . . 

Name of director/company secretary (print)

	
Executed by J. Ray McDermott (Aust.) Holding Pty. Limited. ACN 002 797 668 in accordance with section 127(1) of the Corporations Act 2001 (Cth) by authority of its directors:
	
 
	
 

	
 

/s/ Vassily Calligeros . . . . . . . . . . . . . .

Signature of director
	
 
	
 

 /s/ Ian F. Prescott. . . . . . . . . . . . . . . . .

Signature of director/company secretary

	
Vassily Calligeros. . . . . . . . . . . . . . . . .

Name of director (print)
	
 
	
Ian F. Prescott. . . . . . . . . . . . . . . . . . . . .

Name of director/company secretary (print)

	
Executed by CBI Constructors Pty Ltd ACN 000 612 411 in accordance with section 127(1) of the Corporations Act 2001 (Cth) by authority of its directors:
	
 
	
 

	
 

/s/ Vassily Calligeros. . . . . . . . . . . . . . .

Signature of director
	
 
	
 

/s/ Ian F. Prescott . . . . . . . . . . . . . . . . . . .

Signature of director/company secretary

	
Vassily Calligeros . . . . . . . . . . . . . . . .

Name of director (print)
	
 
	
Ian F. Prescott. . . . . . . . . . . . . . . . . . . . .

Name of director/company secretary (print)

 

 

DIP Credit Agreement - Amendment No. 1

 

	
CHICAGO BRIDGE & IRON (ANTILLES) N.V.

MC DERMOTT INTERNATIONAL MARINE INVESTMENTS N.V. 

MC DERMOTT OVERSEAS INVESTMENT CO. N.V.

VARSY INTERNATIONAL N.V.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Attorney

 

 

DIP Credit Agreement - Amendment No. 1

 

	
SIGNED AND DELIVERED for and on behalf of and as the deed of CB & I FINANCE COMPANY LIMITED by its lawfully appointed attorney
	
 
	
 

	
 
	
 
	
 

	
KEVIN HARGROVE
	
 
	
Kevin Hargrove

	
 
	
 
	
 

	
in the presence of: 
	
 
	
Attorney

	
 
	
 
	
 

	
(Signature of Witness):  /s/ Traci Brown
	
 
	
 

	
 
	
 
	
 

	
(Name of Witness): Traci Brown
	
 
	
 

	
 
	
 
	
 

	
(Address of Witness): 757 N. Eldridge Parkway Houston, Texas 77079
	
 
	
 

	
 
	
 
	
 

	
(Occupation of Witness): Paralegal 
	
 
	
 

 

 

DIP Credit Agreement - Amendment No. 1

 

 

	
Executed and Delivered as a Deed by

	
AITON & CO LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed and Delivered as a Deed by

	
CB&I CONSTRUCTORS LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed and Delivered as a Deed by

	
CB&I GROUP UK HOLDINGS

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

 

DIP Credit Agreement - Amendment No. 1

 

	
Executed and Delivered as a Deed by
	
	
CB&I HOLDINGS (UK) LIMITED
	
	
 
	
	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed
	
	
 
	
	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed and Delivered as a Deed by

	
CB&I LONDON

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed and Delivered as a Deed by

	
CB&I PADDINGTON LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

DIP Credit Agreement - Amendment No. 1

 

 

	
Executed and Delivered as a Deed by

	
CB&I POWER LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed and Delivered as a Deed by

	
CB&I UK LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed and Delivered as a Deed by

	
CB&I (US) HOLDINGS, LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown 

	
Title:
	
Paralegal

DIP Credit Agreement - Amendment No. 1

 

 

	
Executed and Delivered as a Deed by

	
CBI UK CAYMAN ACQUISITION LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed and Delivered as a Deed by

	
LUMMUS CONSULTANTS INTERNATIONAL LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed and Delivered as a Deed by

	
LUTECH RESOURCES LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

DIP Credit Agreement - Amendment No. 1

 

 

	
Executed and Delivered as a Deed by

	
OXFORD METAL SUPPLY LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

 

DIP Credit Agreement - Amendment No. 1

 

	
Executed and Delivered as a Deed by

	
PIPEWORK ENGINEERING AND DEVELOPMENTS LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed and Delivered as a Deed by

	
SHAW DUNN LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

 

DIP Credit Agreement - Amendment No. 1

 

 

	
Executed and Delivered as a Deed by

	
SHAW GROUP UK LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed and Delivered as a Deed by

	
WHESSOE PIPING SYSTEMS LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown 

	
Title:
	
Paralegal

 

 

 

DIP Credit Agreement - Amendment No. 1

 

	
Executed and Delivered as a Deed by

	
MCDERMOTT HOLDINGS (U.K.) LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove 

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

 

	
Executed and Delivered as a Deed by

	
MCDERMOTT MARINE CONSTRUCTION LIMITED

	
 

	
By:
	
/s/ Kevin Hargrove 

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorised Person

	
 
	
 

	
Witnessed

	
 

	
By:
	
/s/ Traci Brown

	
Name:
	
Traci Brown

	
Title:
	
Paralegal

DIP Credit Agreement - Amendment No. 1

 

 

	
CBI EASTERN ANSTALT

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorized Person

 

 

DIP Credit Agreement - Amendment No. 1

 

	
J. RAY MCDERMOTT DE MÉXICO, S.A. DE C.V.

MCDERMOTT MARINE MÉXICO, S.A. DE C.V.

SERVICIOS DE FABRICACIÓN DE ALTAMIRA, S.A. DE C.V.

SERVICIOS PROFESIONALES DE ALTAMIRA, S.A. DE C.V.

CB&I MATAMOROS, S. DE R. L. DE C.V.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Treasurer

	
 
	
 

	
CHICAGO BRIDGE DE MÉXICO, S.A. DE C.V.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorized Person

 

 

DIP Credit Agreement - Amendment No. 1

 

 

	
CB&I NEDERLAND B.V.

CB&I OIL & GAS EUROPE B.V.

LUMMUS TECHNOLOGY HEAT TRANSFER B.V.

LUTECH RESOURCES B.V.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Attorney

DIP Credit Agreement - Amendment No. 1

 

 

	
CHARTERING COMPANY (SINGAPORE) PTE. LTD

J. RAY MCDERMOTT (QINGDAO) PTE. LTD.

MCDERMOTT ASIA PACIFIC PTE. LTD.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Assistant Treasurer

	
 
	
 

	
CB&I GLOBAL OPERATIONS INTERNATIONAL, PTE. LTD.

CB&I GLOBAL OPERATIONS US PTE. LTD.

CB&I SINGAPORE PTE. LTD. 

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorized Person

 

 

DIP Credit Agreement - Amendment No. 1

 

	
CB&I EL DORADO, INC.

CB&I LLC

CHICAGO BRIDGE & IRON COMPANY

CHICAGO BRIDGE & IRON COMPANY

J. RAY MCDERMOTT TECHNOLOGY, INC.

LUMMUS GASIFICATION TECHNOLOGY LICENSING LLC

MCDERMOTT BLACKBIRD HOLDINGS, LLC

MCDERMOTT INVESTMENTS, LLC

OPI VESSELS, INC.

850 PINE STREET LLC

A & B BUILDERS, LTD.

ASIA PACIFIC SUPPLY CO.

ATLANTIC CONTINGENCY CONSTRUCTORS II, LLC

ATLANTIS CONTRACTORS INC.

CB&I CLEARFIELD, INC.

CB&I CONNECTICUT, INC.

CB&I FINANCIAL RESOURCES LLC

CB&I GLOBAL, L.L.C.

CB&I HOUSTON 06 LLC

CB&I HOUSTON 07 LLC

CB&I HOUSTON 08 LLC

CB&I HOUSTON 09 LLC

CB&I HOUSTON 10 LLC

CB&I HOUSTON 11 LLC

CB&I HOUSTON 12 LLC

CB&I HOUSTON 13 LLC

CB&I HOUSTON LLC

CB&I TYLER LLC

CBI AMERICAS LTD.

CBI OVERSEAS (FAR EAST) INC.

CBI US HOLDING COMPANY INC.

CENTRAL TRADING COMPANY LTD.

HBI HOLDINGS, LLC

CB&I LAURENS, INC.

CB&I NORTH CAROLINA, INC.

CHICAGO BRIDGE & IRON COMPANY (DELAWARE)
	
CBI HOLDCO TWO INC.

CONSTRUCTORS INTERNATIONAL, L.L.C.

HOWE-BAKER ENGINEERS, LTD.

HOWE-BAKER HOLDINGS, L.L.C.

HOWE-BAKER INTERNATIONAL MANAGEMENT, LLC

HOWE-BAKER INTERNATIONAL, L.L.C.

HOWE-BAKER MANAGEMENT, L.L.C.

J. RAY MCDERMOTT SOLUTIONS, INC.

LUMMUS TECHNOLOGY INTERNATIONAL LLC

LUMMUS TECHNOLOGY LLC

LUMMUS TECHNOLOGY OVERSEAS LLC

LUMMUS TECHNOLOGY SERVICES LLC

LUMMUS TECHNOLOGY VENTURES LLC

MATRIX ENGINEERING, LTD.

MATRIX MANAGEMENT SERVICES, LLC

MCDERMOTT ENGINEERING, LLC

MCDERMOTT SUBSEA ENGINEERING, INC.

NUCLEAR ENERGY HOLDINGS, L.L.C.

PROSPECT INDUSTRIES (HOLDINGS) INC.

SHAW CONNEX, INC.

SHAW INTERNATIONAL INC.

SHAW TRANSMISSION & DISTRIBUTION SERVICES INTERNATIONAL, INC.

SPARTEC, INC.

TVL LENDER II, INC.

CB&I PROJECT SERVICES GROUP, LLC

CBI OVERSEAS, LLC

LUTECH RESOURCES INC.

MCDERMOTT TECHNOLOGY, LLC

	
 
	
 

	
 
	
By:
	
/s/ Kevin Hargrove

	
 
	
Name:
	
Kevin Hargrove

	
 
	
Title:
	
Treasurer

 

 

DIP Credit Agreement - Amendment No. 1

 

	
J. RAY MCDERMOTT HOLDINGS, LLC

MCDERMOTT FINANCE L.L.C.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Vice President, Treasurer

 

 

DIP Credit Agreement - Amendment No. 1

 

	
MCDERMOTT SERVIÇOS OFFSHORE DO BRASIL LTDA.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Attorney

DIP Credit Agreement - Amendment No. 1

 

 

	
ARABIAN CBI CO. LTD.

ARABIAN CBI TANK MANUFACTURING CO. LTD.

LUMMUS ARABIA LTD. CO.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Authorized Person

 

DIP Credit Agreement - Amendment No. 1

 

	
MCDERMOTT EASTERN HEMISPHERE, LTD.

	
 

	
By:
	
/s/ Kevin Hargrove

	
Name:
	
Kevin Hargrove

	
Title:
	
Treasurer

 

 

DIP Credit Agreement - Amendment No. 1

 

	
LENDERS:
	
 
	
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Revolving Lender

	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Ronald E. Spitzer

	
 
	
 
	
Name:
	
Ronald E. Spitzer

	
 
	
 
	
Title:
	
Managing Director

	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Pierre Bennnaim

	
 
	
 
	
Name:
	
Pierre Bennnaim

	
 
	
 
	
Title:
	
Managing Director

DIP Credit Agreement - Amendment No. 1

 

 

	
ROYAL BANK OF CANADA, as a Revolving Lender

	
 
	
 

	
By:
	
/s/ H. Christopher DeCotiis

	
Name:
	
H. Christopher DeCotiis

	
Title:
	
Authorized Signatory

DIP Credit Agreement - Amendment No. 1

 

 

	
BARCLAYS BANK PLC, as a Revolving Lender

	
 

	
By:
	
/s/ Marc Glogoff

	
Name:
	
Marc Glogoff

	
Title:
	
Managing Director

 

	
ABN AMRO CAPITAL USA LLC, as a Revolving Lender,

	
 

	
By:
	
/s/ Hugo Diogo

	
Name:
	
H. Diogo

	
Title:
	
Executive Director

	
 
	
 

	
By:
	
/s/ Francis Ballard, Jr.

	
Name:
	
Francis Ballard, Jr.

	
Title:
	
Director

DIP Credit Agreement - Amendment No. 1

 

 

	
GOLDMAN SACHS BANK USA, as a Revolving Lender

	
 

	
By:
	
/s/ Jamie Minieri

	
Name:
	
Jamie Minieri

	
Title:
	
Authorized Signatory

 

 

DIP Credit Agreement - Amendment No. 1

 

 

	
ADMINISTRATIVE AGENT:
	
 
	
BARCLAYS BANK PLC, 
as Term Loan Administrative Agent

	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Gary Sultan

	
 
	
 
	
Name:
	
Gary Sultan

	
 
	
 
	
Title:
	
Managing Director

DIP Credit Agreement - Amendment No. 1

 

 

[Term Lender Signature Pages on File with the Term Loan Administrative Agent]

 

DIP Credit Agreement - Amendment No. 1mdr-ex1035_128.htm

Exhibit 10.35

McDermott International, Inc. 

Personal and Confidential

 

October 17, 2019

	
 
	
Re: 
	
Retention Bonus

Dear [●]:

 

On behalf of McDermott International, Inc. (the “Company”), I am pleased to offer you the opportunity to receive a cash retention bonus if you agree to the terms and conditions contained in this letter agreement (this “Agreement”), which will be effective as of the date you execute and return a copy of this Agreement to the Company (such date, the “Effective Date”).  Capitalized terms used but not otherwise defined herein will have the meaning ascribed to such terms in Section 2.

1.Retention Bonus.  Subject to the terms and conditions set forth herein, you will receive a cash lump sum payment in the amount of $[●] (the “Retention Bonus”) within thirty (30) days of the Effective Date.  You agree that in the event your employment with the Company Group terminates for any reason other than a Qualifying Termination before December 31, 2020 (the “Completion Date”), you will be required to repay to the Company Group within thirty (30) days of such termination 100% of the After-Tax Value of the Retention Bonus.  For the sake of clarity, you will not be required to repay any portion of the Retention Bonus if you are employed by the Company Group on the Completion Date.  

2.Definitions.  For purposes of this Agreement:

“After-Tax Value of the Retention Bonus” means the aggregate amount of the Retention Bonus net of any taxes you are required to pay in respect thereof and determined taking into account any tax benefit that may reasonably be available in respect of such repayment.  The Company Group will determine in good faith the After-Tax Value of the Retention Bonus, which determination will be conclusive and binding.

“Cause” means “Cause” as defined in any employment, change-in-control or severance agreement between you and the Company Group or in any severance plan of the Company Group in which you participate, or, if no such agreement or plan exists or such term is not defined therein, “Cause” means your (i) material and intentional breach of your duties and responsibilities, which is not remedied promptly after the Company gives you written notice specifying such breach, (ii) commission of a felony, (iii) commission of or engaging in any act of fraud, embezzlement, theft, a material breach of trust or any material act of dishonesty involving the Company Group or (iv) significant violation of the code of conduct of the Company Group or of any statutory or common law duty of loyalty to the Company Group.

“Company Group” means the Company and its direct and indirect affiliates and subsidiaries.

1

 

“Disability” means “Disability” as defined in any employment, change-in-control or severance agreement between you and the Company Group or in any severance plan of the Company Group in which you participate, or, if no such agreement or plan exists or such term is not defined therein, “Disability” means your inability, due to physical or mental incapacity, to perform the essential functions of your job, for two hundred seventy (270) consecutive days. 

“Good Reason” means “Good Reason” as defined in any employment, change-in-control or severance agreement between you and the Company Group or in any severance plan of the Company Group in which you participate, or, if no such agreement or plan exists or such term is not defined therein, “Good Reason” means any of the following, in each case, without your consent: (i) a change in your title or any material diminution of your responsibilities or authority or the assignment of any duties inconsistent with your position, in each case, compared to what was in effect as of the Effective Date; (ii) a reduction of your annual base salary and/or target bonus as in effect on the Effective Date; or (iii) a relocation of your principal office location more than fifty (50) miles from the Company’s offices at which you are based as of the Effective Date (except for required travel on the Company’s business to an extent substantially consistent with your business travel obligations as of the Effective Date).  Notwithstanding the foregoing, the occurrence of an event that would otherwise constitute Good Reason will cease to be an event constituting Good Reason upon any of the following: (x) your failure to provide written notice to the Company within thirty (30) days of the first occurrence of such event; (y) substantial correction of such occurrence by the Company within thirty (30) days following receipt of your written notice described in (x); or (z) your failure to actually terminate employment within the ten (10) day period following the expiration of the Company’s thirty (30)-day cure period.

“Qualifying Termination” means the termination of your employment before the Completion Date (i) by the Company Group for a reason other than Cause, (ii) by you for Good Reason, or (iii) due to your death or Disability if, and only if, you execute and do not revoke a customary general release of claims that is reasonably satisfactory to the Company Group (the “Release”), and such Release becomes irrevocable, within 60 days of your termination, in which case the effective date of the Qualifying Termination will be deemed to have occurred on your date of termination.  For the sake of clarity, a termination of employment will not be a Qualifying Termination if you do not execute, or if you revoke, the Release, in which case you will be required to repay the After-Tax Value of the Retention Bonus within ten (10) days after the expiration of the 60-day period.

3.Withholding Taxes.  The Company Group may withhold from any and all amounts payable to you hereunder such federal, state and local taxes as the Company Group determines in its sole discretion may be required to be withheld pursuant to any applicable law or regulation.

4.No Right to Continued Employment.  Nothing in this Agreement will confer upon you any right to continued employment with the Company Group (or their respective successors) or to interfere in any way with the right of the Company Group (or their respective successors) to terminate your employment at any time.

2

 

 

5.Other Benefits.  The Retention Bonus is a special payment to you and will not be taken into account in computing the amount of salary or compensation for purposes of determining any bonus, incentive, pension, retirement, death or other benefit under any other bonus, incentive, pension, retirement, insurance or other employee benefit plan of the Company Group, unless such plan or agreement expressly provides otherwise.

6.Governing Law.  This Agreement will be governed by, and construed under and in accordance with, the internal laws of the State of Texas, without reference to rules relating to conflicts of laws.

7.Counterparts.  This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same instrument.

8.Entire Agreement; Amendment.  This Agreement constitutes the entire agreement between you and the Company Group with respect to the Retention Bonus and supersedes any and all prior agreements or understandings between you and the Company Group with respect to the Retention Bonus, whether written or oral.  This Agreement may be amended or modified only by a written instrument executed by you and the Company Group.  

9.Section 409A Compliance.  The intent of the parties is that the Retention Bonus be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended and the regulations and guidance promulgated thereunder, and accordingly, to the maximum extent permitted, this Agreement will be interpreted in a manner consistent therewith.

10.Administration.  The Company Group will have full power and authority to construe and interpret this Agreement, and any interpretation by the Company Group will be binding on you and your representatives and will be accorded the maximum deference permitted by law.  The Company Group, in its sole discretion, will have the right to modify, supplement, suspend or terminate this Agreement at any time; provided that, except as required by law, in no event will any amendment or termination adversely affect your rights without your prior written consent.  Subject to the foregoing, this Agreement will terminate upon the satisfaction of all obligations of the Company Group or its successor entities hereunder.

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

 

3

 

This Agreement is intended to be a binding obligation on you and the Company Group.  If this Agreement accurately reflects your understanding as to the terms and conditions of the Retention Bonus, please sign, date, and return to me one copy of this Agreement.  You should make a copy of the executed Agreement for your records.

Very truly yours,

McDermott International, Inc.

 

The above terms and conditions accurately reflect our understanding regarding the terms and conditions of the Retention Bonus, and I hereby confirm my agreement to the same.

Dated: ______________________

Signed: ______________________

 

 

 

 

 

Signature Page to Agreement

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