Document:

exv10w15

Exhibit 10.15

AMENDMENT TO EMPLOYMENT OFFER LETTER AGREEMENT

     THIS AMENDMENT, dated and effective as of December 22, 2009, by and among Ensco International
Incorporated (hereinafter referred to as the “Company”) and Daniel W. Rabun, (hereinafter referred
to as the “Executive”).

W I T N E S S E T H:

     WHEREAS, on February 6, 2006, the Company entered into an Employment Offer Letter Agreement
with the Executive in connection with the Executive’s appointment as the President and a member of
the Board of Directors of the Company, in each case effective on or about March 31, 2006 (the
“Letter Agreement”), pursuant to which the Executive will be entitled to a specified severance
payment in the event of his involuntary termination other than for cause, or his actual or
constructive termination other than for cause within two years following a change in control of the
Company; and

     WHEREAS, the Company and the Executive desire to amend the Letter Agreement in order to
clarify the intended meaning of (i) “change in control” within the meaning of the Letter Agreement,
and (ii) other provisions of the Letter Agreement as provided herein;

     NOW, THEREFORE, in consideration of the mutual premises and the covenants herein contained,
the Company and the Executive hereby agree to the following amendment to the Letter Agreement to
read as follows:

     The seventh paragraph of the Letter Agreement is hereby amended and replaced by the following
three paragraphs to read as follows:

     You shall be entitled to a lump sum severance payment from ENSCO of an amount equal to two
times the sum of your most recent annual base salary from ENSCO and the target bonus for the
current year under the Ensco International Incorporated 2005 Cash Incentive Plan (the “2005 ECIP”),
or a successor plan, plus immediate vesting for 20% of the Initial Grants, in the event your
employment is involuntary terminated by ENSCO other than by reason of gross negligence,
malfeasance, breach of fiduciary duty, or like cause (“For Cause”). ENSCO shall make the severance
payment under this paragraph to you not later than the March 15th of the calendar year
immediately following the calendar year in which your employment is involuntarily terminated.

     In the event your employment is actually or constructively terminated other than For Cause
within two years following a Change in Control of ENSCO, you shall be entitled to (i) a lump sum
severance payment from ENSCO of an amount equal to three times the sum of your most recent annual
base salary from ENSCO and the target bonus for the current year under the 2005 ECIP, or a
successor plan, and (ii) full vesting of all outstanding equity (restricted stock and options)
awards.

     For purposes of this Letter Agreement, a “Change in Control” of ENSCO shall mean the
occurrence of any of the following events: (a) a change in the ownership of ENSCO, which

 

occurs on the date that any one person, or more than one person acting as a group, acquires ownership of
stock of ENSCO that, together with stock held by such person or group, constitutes more than 50% of
the total voting power of the stock of ENSCO, or (b) a majority of the members of the Board of
Directors of ENSCO (the “Board”) is replaced during any 12-month period by directors whose
appointment or election is not endorsed by a majority of the members of the Board prior to the date
of the appointment or election; provided, however, a Change in Control of ENSCO shall not be deemed
to have occurred by virtue of the consummation of any transaction or series of related transactions
immediately following which the record or beneficial holders of the voting stock of ENSCO
immediately before such transaction or series of transactions continue to have a majority of the
direct or indirect ownership in one or more entities which, singly or together, immediately
following such transaction or series of transactions, either (i) own all or substantially all of
the assets of ENSCO as constituted immediately prior to such transaction or series of transactions,
or (ii) are the ultimate parent with direct or indirect ownership of all of the voting stock of
ENSCO after such transaction or series of transactions.

     ENSCO shall make the severance payment under this paragraph to you on the date which is the
sixth-month anniversary of the date on which your employment actually or constructively terminated.
If you become entitled to the severance payment under this paragraph, you shall not be entitled to
a severance payment under the immediately preceding paragraph.

     The general and Change in Control severance protection provided under the two immediately
preceding paragraphs will have an initial applicability of four years following the commencement of
your employment, with annual one-year extensions unless terminated in writing by ENSCO at least
one-year prior to the scheduled expiration.

     IN WITNESS WHEREOF, the Company, acting by and through its duly authorized officers, and the
Executive have caused this amendment to the Letter Agreement to be executed on the date first above
written.

	 	 	 	 	 
	 	ENSCO INTERNATIONAL INCORPORATED

 	 
	 	/s/ Cary A. Moomjian, Jr.
 	 
	 	By: Cary A. Moomjian, Jr. 	 
	 	Its: Vice President 	 
	 
	 	 	 
	 	     /s/ Daniel W. Rabun
 	 
	 	Daniel W. Rabun 	 
	 	 	 
	 

2exv10w37

Exhibit 10.37

ASSIGNMENT AND ASSUMPTION

     This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the
Effective Date set forth below and is entered into by and between the Assignor identified in item 1
below (the “Assignor”) and the Assignee identified in item 2 below (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit
Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex I attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment
and Assumption as if set forth herein in full.

     For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the
Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s
rights and obligations in its capacity as a Lender under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and
percentage interest identified below of all of such outstanding rights and obligations of the
Assignor under the respective facilities identified below (including, without limitation, the
Letters of Credit and the Swing Line Loans included in such the facility) and (ii) to the extent
permitted to be assigned under applicable law, all claims, suits, causes of action and any other
right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown,
arising under or in connection with the Credit Agreement, any other documents or instruments
delivered pursuant thereto or the loan transactions governed thereby or in any way based on or
related to any of the foregoing, including, but not limited to, contract claims, tort claims,
malpractice claims, statutory claims and all other claims at law or in equity related to the rights
and obligations sold and assigned by the Assignor to the Assignee pursuant to clause (i) above (the
rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to
herein collectively as the “Assigned Interest”). Each such sale and assignment is without
recourse to the Assignor and, except as expressly provided in this Assignment and Assumption,
without representation or warranty by the Assignor.

	 	 	 	 	 
	1.

	 	Assignor:
	 	Citibank, N.A.
	 

	 	 	 	 
	 
	 	 	 	 
	2.

	 	Assignee:
	 	Northern Trust Company
	 

	 	 	 	 
	 
	 	 	 	 
	3.

	 	Borrower(s):
	 	Piedmont Natural Gas Company, Inc.
	 

	 	 	 	 
	 
	 	 	 	 
	4.

	 	Administrative Agent:
 

	 	Bank of America, N.A., as the
administrative agent under the Credit Agreement
	 
	 	 	 	 
	5.

	 	Credit Agreement:
 

	 	
Credit Agreement, dated as of April 25,
2006, among PIEDMONT NATURAL GAS COMPANY,
INC., a North Carolina corporation, the
Lenders from time to time party thereto,
and Bank of America, N.A., as
Administrative Agent, L/C Issuer, and Swing
Line Lender

E-1
 Form of Assignment and Assumption

 

6. Assigned Interest:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Aggregate Amount	 	 	Amount of	 	 	Percentage	 
	 	 	 	 	 	 	of Commitment	 	 	Commitment	 	 	Assigned of	 
	Assignor	 	Assignee	 	 	for all Lenders1	 	 	Assigned	 	 	Commitment2	 
	Citibank, N.A.
	 	Northern Trust Company	 	$	450,000,000.00	 	 	$	32,000,000.00	 	 	 	7.11111111	%

7. Trade Date: July 27, 2009

Effective Date: September 18, 2009

 

1     Amounts in this column in the column immediately to the right to be adjusted by
the counterparties to take into account any payments or prepayments made between the Trade Date and
the Effective Date.

2     Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of
all Lenders thereunder.

E-2 
 Form of Assignment and Assumption 

 

The terms set forth in this Assignment and Assumption are hereby agreed to:

	 	 	 	 	 
	 	ASSIGNOR

Citibank, N.A.

 	 
	 	By:  	/s/ Michael Eliason
 	 
	 	 	Title:   Michael Eliason 	 
	 	 	Attorney-In-Fact 	 
	 
	 	ASSIGNEE

Northern Trust Company

 	 
	 	By:  	/s/ Sara Bravo
 	 
	 	 	Sara Bravo 	 
	 	 	Title:  	Officer 	 
	 

	 	 	 	 	 
	Consented to and Accepted:

BANK OF AMERICA, N.A., as

Administrative Agent

 	 
	By:  	/s/ Tiffany Nicosia
 	 
	 	Title: Officer 	 
	 	 	 

	Consented to and accepted:

Piedmont Natural Gas Company, Inc., as Borrower:

 	 
	By:  	/s/ Robert O. Pritchard
 	 
	 	Name:  	Robert O. Pritchard 	 
	 	Title:  	VP, Treasurer and CRO 	 
	 
	Consented to and Accepted:

Bank of America, N.A.

as l/c issuer and swingline lender

 	 
	By:  	/s/ Scott K. Mitchell
 	 
	 	Name:  	Scott K. Mitchell 	 
	 	Title:  	Senior Vice President 	 
	 
	Consented to:

Wachovia Bank, N.A. as LC Issuer

 	 
	By:  	/s/ Henry R. Biedrzycki
 	 
	 	Name:  	Henry R. Biedrzycki 	 
	 	Title:  	Director

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