Document:

EX-4.1

EXECUTION COPY

AMENDMENT NO. 2 TO

REVOLVING CREDIT AGREEMENT

THIS AMENDMENT NO. 2 TO REVOLVING CREDIT AGREEMENT is dated as of June 1, 2007, 2007
(this “Amendment”) and is by and among TRANSOCEAN INC. (the “Borrower”), a Cayman Islands company,
the lenders from time to time parties to the Credit Agreement referred to below (each a “Lender”
and collectively, the “Lenders”), CITIBANK, N.A., as administrative agent for the Lenders (in such
capacity, the “Administrative Agent”), BANK OF AMERICA, N.A., as syndication agent for the Lenders
(in such capacity, the “Syndication Agent”), JPMORGAN CHASE BANK, N.A., THE ROYAL BANK OF SCOTLAND,
PLC and SUNTRUST BANK, as co-documentation agents for the Lenders (in such capacity, the
“Co-Documentation Agents”), and BANK OF AMERICA, N.A., as issuing bank of the Letters of Credit
under the Credit Agreement referred to below (Bank of America, N.A. and any other Lender that
issues a Letter of Credit under the Credit Agreement referred to below, in such capacity, an
“Issuing Bank”).

WITNESSETH:

WHEREAS, the Borrower, the Lenders, the Administrative Agent, Syndication Agent,
Co-Documentation Agents and Issuing Bank are parties to a certain Revolving Credit Agreement, dated
as of July 8, 2005, as previously amended by Amendment No. 1 to Revolving Credit Agreement dated as
of May 12, 2006 (as further amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have
the meanings assigned to such terms in the Credit Agreement), pursuant to which the Lenders and
Issuing Bank have made certain financial accommodations available to the Borrower;

WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent amend
certain provisions of the Credit Agreement, and subject to the terms and conditions hereof, the
Lenders and the Administrative Agent are willing to do so;

NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained,
the parties hereto agree as follows:

1. Amendments.

(a) Section 1.1. The definition of “Commitment Termination Date” in Section 1.1 of
the Credit Agreement is hereby amended by deleting the date “July 8, 2011” in clause (i) thereof
and replacing such date with “July 8, 2012”.

(b) Section 6.5. Section 6.5 of the Credit Agreement is hereby amended by inserting
the phrase “including captive insurance companies, or through self-insurance,” immediately after
the phrase “with responsible insurance companies,” in the second line of Section 6.5.

2. Conditions to Effectiveness of this Amendment.

Notwithstanding any other provision of this Amendment and without affecting in any manner the
rights of the Lenders hereunder, it is understood and agreed that this Amendment shall not become
effective, and the Borrower shall have no rights under this Amendment, until the Administrative
Agent shall have received (i) reimbursement or payment of its costs and expenses incurred in
connection with this Amendment or the Credit Agreement, and (ii) executed counterparts to this
Amendment from the Borrower and the Required Lenders; provided however, the amendment set forth in
Section 1(a) above shall not become effective, and the Borrower shall have no rights thereunder,
until the Administrative Agent shall have received executed counterparts to this Amendment from the
Borrower and all of the Lenders.

3. Representation and Warranties. To induce the Lenders and the Administrative Agent to enter into
this Amendment, the Borrower hereby represents and warrants to the Lenders and the Administrative
Agent as follows:

(a) Each of the Borrower and its material Subsidiaries: (i) is duly organized and existing in
good standing under the laws of the jurisdiction of its organization; (ii) has all necessary
organizational power and authority to own the property and assets it uses in its business and
otherwise to carry on its present business; and (iii) is duly licensed or qualified and in good
standing in each jurisdiction in which the nature of the business transacted by it or the nature of
the property owned or leased by it makes such licensing or qualification necessary, except where
the failure to be so licensed or qualified or to be in good standing, as the case may be, would not
have a Material Adverse Effect.

(b) The Borrower has the organizational power and authority to execute, deliver and carry out
the terms and provisions of this Amendment and has taken all necessary company action to authorize
the execution, delivery and performance hereof. The Borrower has duly executed and delivered this
Amendment and this Amendment constitutes the legal, valid and binding obligation of the Borrower
enforceable against it in accordance with its terms, subject as to enforcement only to bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally and equitable principles.

(c) Neither the execution, delivery or performance by the Borrower of this Amendment nor
compliance by it with the terms and provisions hereof, nor the consummation by it of the
transactions contemplated herein, will (i) contravene in any material respect any applicable
provision of any law, statute, rule or regulation, or any applicable order, writ, injunction or
decree of any court or governmental instrumentality, (ii) conflict with or result in any breach of
any term, covenant, condition or other provision of, or constitute a default under, or result in
the creation or imposition of (or the obligation to create or impose) any Lien other than any
Permitted Lien upon any of the property or assets of the Borrower or any of its Subsidiaries under,
the terms of any material contractual obligation to which the Borrower or any of its Subsidiaries
is a party or by which they or any of their properties or assets are bound or to which they may be
subject, (iii) violate or conflict with any provision of the memorandum of association and articles
of association, charter, articles or certificate of incorporation, partnership or limited liability
company agreement, by-laws, or other applicable governance documents of the Borrower or any of its
Subsidiaries, or (iv) require any consent or authorization of, or filing with, any governmental
authority or other Person, other than any such consents, authorizations or filings which have been
made or obtained.

(d) After giving effect to this Amendment, no Default or Event of Default has occurred and is
continuing as of the date hereof.

(e) All representations and warranties set forth in the Credit Agreement are true and correct
in all material respects with the same effect as though such representations and warranties have
been made on and as of the date hereof, except to the extent that any such representation or
warranty relates solely to an earlier date, in which case it shall have been true and correct in
all material respects as of such earlier date.

(f) Since December 31, 2006, there has occurred no event or effect that has had or could
reasonably be expected to have a Material Adverse Effect.

4. Miscellaneous

(a) Effect of Amendment. Except as set forth expressly herein, all terms of the
Credit Agreement, as amended hereby, and the other Credit Documents shall be and remain in full
force and effect and shall constitute the legal, valid, binding and enforceable obligations of the
Borrower to the Lenders and the Administrative Agent. The execution, delivery and effectiveness of
this Amendment shall not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of the Lenders under the Credit Agreement, nor constitute a waiver of any provision
of the Credit Agreement. This Amendment shall constitute a Credit Document for all purposes of the
Credit Agreement, and each and every reference in the other Credit Documents to the Credit
Agreement shall be deemed to refer to and mean the Credit Agreement as amended by this Amendment
and as hereafter further amended, restated, supplemented or otherwise modified from time to time.

(b) Successors and Assigns. This Amendment shall be binding upon the Borrower, each
of the Lenders, the Issuing Bank, the Administrative Agent, the Other Agents, and their respective
successors and assigns, and shall inure to the benefit of the Borrower, each of the Lenders, the
Issuing Bank, the Administrative Agent, the Other Agents, and their respective successors and
assigns, including any subsequent holder of any Note.

(c) Counterparts. This Amendment may be executed in any number of counterparts, and
by the different parties on different counterpart signature pages, each of which when executed
shall be deemed an original, but all such counterparts taken together shall constitute one and the
same Amendment.

(d) Legal Fees, Other Costs and Indemnification. The Borrower, upon demand by the
Administrative Agent, agrees to pay the reasonable fees and disbursements of legal counsel to the
Administrative Agent in connection with the preparation and execution of this Amendment (which
shall be in an amount agreed in writing by the Borrower).

(e) Governing Law. THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS, AND THE RIGHTS AND
DUTIES OF THE PARTIES THERETO, SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL
LAWS OF THE STATE OF NEW YORK.

(f) Final Agreement. This Amendment constitutes the entire understanding among the
Borrower, the Lenders, the Issuing Bank, and the Administrative Agent and supersedes all earlier or
contemporaneous agreements, whether written or oral, concerning the subject matter of this
Amendment.

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

TRANSOCEAN INC.,

As Borrower

By: /s/ Steve McFadin

Name: Steve McFadin

Title: Assistant Treasurer

CITIBANK, N.A.,

As Administrative Agent

and a Lender

By: /s/ Robert Halleck

Name: Robert Halleck

Title: VP

BANK OF AMERICA, N.A.,

As Syndication Agent, Issuing Bank and a Lender

By:  /s/ Gabe Gomez 

Name: Gabe Gomez

Title: Vice President

THE ROYAL BANK OF SCOTLAND PLC,

As a Co-Documentation Agent and a Lender

By: /s/ Matthew Main

Name: Matthew Main

Title: Managing Director

SUNTRUST BANK,

As a Co-Documentation Agent and a Lender

By: /s/ Joe McCreery

Name: Joe McCreery

Title: Director

JPMORGAN CHASE BANK, N.A.,

As a Co-Documentation Agent and a Lender

By:  /s/ Dianne L. Russell

Name: Dianne L. Russell

Title: Vice President

UBS LOAN FINANCE LLC,

As a Lender

By:  /s/ Irja R. Otsa

Name: Irja R. Otsa

Title: Associate Director

By: /s/ Mary E. Evans

Name: Mary E. Evans

Title: Associate Director

WELLS FARGO BANK, N.A.,

As a Lender

By: /s/ Michael G. Janak

Name: Michael G. Janak

Title: Vice President

THE BANK OF NEW YORK,

As a Lender

By: /s/ Raymond J. Palmer

Name: Raymond J. Palmer

Title: Vice President

DnB NOR BANK ASA,

As a Lender

By:  /s/ Giacomo Landi

Name: Giacomo Landi

Title: First Vice President

By:  /s/ Kevin O’Hara

Name: Kevin O’Hara

Title: Vice President

HSBC BANK USA,

As a Lender

By:  /s/ Mercedes Ahumada

Name: Mercedes Ahumada

Title: Assistant Vice President

THE BANK OF NOVA SCOTIA,

As a Lender

By:  /s/ Richard Hawthorne

Name: Richard Hawthorne

Title: Director

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

As a Lender

By:  /s/ John McGhee

Name: John McGhee

Title: Vice President and Manager

CALYON CORPORATE AND INVESTMENT BANK

As a Lender

By:  /s/ Page Dillehunt

Name: Page Dillehunt

Title: Managing Director

By:  /s/ Michael Willis

Name: Michael Willis

Title: Director

WILLIAM STREET CREDIT CORPORATION,

As a Lender

By:  /s/ Mark Walton

Name: Mark Walton

Title: Assistant Vice President

MORGAN STANLEY BANK,

As a Lender

By:  /s/ Daniel Twenge

Name: Daniel Twenge

Title: Authorized Signatory

ING CAPITAL LLC,

As a Lender

By:  /s/ Richard Ennis

Name: Richard Ennis

Title: Managing Director

CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

As a Lender

By:  /s/ Vanessa Gomez

Name: Vanessa Gomez

Title: Vice President

By:  /s/ Karim Blasetti

Name: Karim Blasetti

Title: Vice President

2EX-10.1

BANCINSURANCE CORPORATION

2002 STOCK INCENTIVE PLAN

RESTRICTED STOCK AWARD AGREEMENT

Bancinsurance Corporation (“we” or “us”) hereby grants to you restricted shares (“Restricted
Stock”) of our Stock (“Shares”), subject to the terms and conditions described in the Bancinsurance
Corporation 2002 Stock Incentive Plan, as amended (the “Plan”), and this Restricted Stock Award
Agreement (this “Award Agreement”).

To ensure you fully understand the terms and conditions of your Restricted Stock, you should
read the Plan and this Award Agreement carefully. Capitalized terms that are not defined in this
Award Agreement have the same meanings as in the Plan.

You should return a signed copy of this Award Agreement to:

Matthew C. Nolan

Chief Financial Officer

Bancinsurance Corporation

250 East Broad Street, Tenth Floor

Columbus, Ohio 43215

1. Summary of Your Restricted Stock

Grant Date: May 30, 2007.

Number of Shares of Restricted Stock:      Shares.

2. Transfer Restrictions and Restriction Periods

(a) Transfer Restrictions: Until the applicable Restriction Period (as described below)
lapses, your Restricted Stock will be subject to a risk of forfeiture and we will hold it in
escrow. Except as expressly permitted in the Plan, you may not sell, transfer, pledge, assign,
alienate or hypothecate your Shares of Restricted Stock. After the applicable Restriction Period
lapses, your Restricted Stock will vest and be distributed to you.

(b) Restriction Periods: Subject to the provisions of the Plan and this Award Agreement
(including Sections 3 and 4), the restrictions on your Restricted Stock will lapse and the
Restricted Stock will become fully vested with respect to:

(i) One-third of the Shares on the first anniversary of the Grant Date;

	 	(ii)	 	An additional one-third of the Shares on the second anniversary
of the Grant Date; and

	 	(iii)	 	The remaining one-third of the Shares on the third anniversary
of the Grant Date.

3. Effect of Termination of Service on Restricted Stock

(a) Death or Disability: If a Termination of Service occurs due to your death or Disability,
the Restriction Periods will lapse and the Restricted Stock will become fully vested on your
termination date.

(b) Termination for Any Reason Other than Death or Disability: If a Termination of Service
occurs for any reason other than due to your death or Disability, any unvested Restricted Stock
will be forfeited on your termination date.

4. Restrictive Covenants

Any unvested, outstanding Shares of Restricted Stock will be forfeited if you:

	 	•	 	Without the Committee’s written consent, which may be withheld for any reason or
for no reason, serve (or agree to serve) as an officer, director or employee of any
proprietorship, partnership, or corporation or become the owner of a business or a
member of a partnership that competes with any portion of our or a Subsidiary’s
business or renders any service (including business consulting) to entities that
compete with any portion of our or a Subsidiary’s business;

	 	•	 	Refuse or fail to consult with, supply information to, or otherwise cooperate
with us or any Subsidiary after having been requested to do so; or

	 	•	 	Deliberately engage in any action that the Committee concludes has caused
substantial harm to the interests of us or any Subsidiary.

5. Settling Your Restricted Stock

If all applicable terms and conditions have been satisfied, your Restricted Stock will be
released from escrow and distributed to you as soon as administratively feasible after the last day
of the applicable Restriction Period.

6. Other Rules Affecting Your Restricted Stock

(a) Rights During the Restriction Periods: During the applicable Restriction Period (and even
though the Shares of Restricted Stock are held in escrow until they are settled), you (i) may
exercise full voting rights associated with the Shares of Restricted Stock and (ii) will be
entitled to receive all dividends and other distributions paid with respect to the Shares of
Restricted Stock, although any dividends or other distributions paid in Shares will be subject to
the same restrictions on transferability and forfeitability as the Shares of Restricted Stock with
respect to which they were issued under this Award Agreement.

(b) Beneficiary Designation: Pursuant to Section 11.02 of the Plan, you may name a
beneficiary or beneficiaries to receive your Restricted Stock that is vested but not settled at the
time of your death by completing a Beneficiary Designation Form, attached to this Award Agreement
as Exhibit A.

(c) Tax Withholding: We will withhold from other amounts owed to you, require you to remit to
us, or withhold from the value of the Restricted Stock to be settled an amount sufficient to
satisfy federal, state and local withholding tax requirements with respect to your Restricted Stock
pursuant to Section 11.04 of the Plan.

(d) Governing Law: This Award Agreement will be construed in accordance with and governed by
the laws (other than laws governing conflicts of laws) of the State of Ohio.

(e) Other Terms and Conditions: Your Restricted Stock is subject to the terms and conditions
described in this Award Agreement and the Plan, which is incorporated by reference into and made a
part of this Award Agreement. You should read the Plan carefully to ensure you fully understand
all the terms and conditions of your Restricted Stock. In the event of a conflict between the
terms of the Plan and the terms of this Award Agreement, the terms of the Plan will govern. The
Committee has the sole responsibility of interpreting the Plan and this Award Agreement, and its
determination of the meaning of any provision in the Plan or this Award Agreement shall be binding
on you.

(f) Signature in Counterparts: This Award Agreement may be signed in counterparts, each of
which will be deemed an original, but all of which will constitute one and the same instrument.

1

Your Acknowledgment

By signing below as the “Participant,” you acknowledge and agree that:

	 	•	 	A copy of the Plan has been made available to you; and

	 	•	 	You understand and accept the terms and conditions placed on your Restricted Stock.

PARTICIPANT

Signature:

Date:

Print Name:

BANCINSURANCE CORPORATION

By:

[Insert name and title]

Date:

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