Document:

exv10w1

Exhibit 10.1

DATED THIS 22ND DAY OF DECEMBER, 2009

ENSCO INTERNATIONAL PUBLIC LIMITED COMPANY

 

DEED OF ASSUMPTION

relating to

Equity Incentive Plans of Ensco International Incorporated

 

 

 

DEED OF ASSUMPTION

OF

ENSCO INTERNATIONAL PUBLIC LIMITED COMPANY

This Deed relating to the equity incentive plans of ENSCO International Incorporated (“Ensco
Delaware”), as listed in Annex A and Annex B, is made on 22 December, 2009 by ENSCO INTERNATIONAL
PUBLIC LIMITED COMPANY (incorporated in England and Wales with registered number 7023598) whose
registered office is at ENSCO House, Badentoy Avenue, Badentoy Industrial Estate, Aberdeen, AB12
4YB, Scotland (“Ensco UK”).

     WHEREAS, the board of directors and the stockholders of Ensco Delaware have approved the
Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), by and between Ensco
Delaware and ENSCO Newcastle LLC;

     WHEREAS, pursuant to the Merger Agreement, Ensco Delaware will become a wholly-owned
subsidiary of Ensco UK;

     WHEREAS, pursuant to the Merger Agreement, each issued and outstanding share of Ensco Delaware
common stock will be converted into the right to receive one American depositary share (“ADS”),
which represents one Class A Ordinary Share of Ensco UK and is evidenced by an American depositary
receipt (“ADR”);

     WHEREAS, in connection with the Merger Agreement, Ensco UK proposes to adopt and assume
certain of the equity incentive plans previously sponsored by Ensco Delaware and the outstanding
awards thereunder (the “Assumed Plans”) and agrees that ADSs shall be used or referenced in
connection with rights granted under certain other of the equity incentive plans that will remain
sponsored by Ensco Delaware (the “Remaining Plans”) (the “Assumption”);

     WHEREAS, in connection with the Merger Agreement, Ensco Delaware amended the Assumed Plans and
the Remaining Plans as necessary or appropriate (i) to facilitate the assumption and adoption by
Ensco UK of the applicable equity incentive plans and the various rights, duties or obligations
thereunder, (ii) to reflect the issuance of ADSs or rights over ADSs (rather than shares of Ensco
Delaware common stock or rights over such shares) and the conversion of Ensco Delaware common stock
to ADSs, (iii) to provide for the appropriate substitution of Ensco UK in place of Ensco Delaware
where applicable, (iv) to provide that the merger will not constitute a change in control under the
terms of the equity incentive plans, and (v) to comply with applicable English or U.S. corporate or
tax law requirements;

     WHEREAS, the Assumed Plans and the Remaining Plans (as so amended) are annexed to this Deed of
Assumption; and

     WHEREAS, upon the Merger Agreement becoming effective (the “Effective Time”), Ensco UK desires
to assume (1) sponsorship of the Assumed Plans, (2) the rights and obligations of Ensco Delaware
under the Assumed Plans, and (3) the rights and obligations of Ensco Delaware related to the
issuance of its securities under the Remaining Plans;

NOW THIS DEED WITNESSES AS FOLLOWS:

	A.	 	Ensco UK hereby declares, undertakes and agrees for the benefit of each participant in the
Assumed Plans that, with effect from the Effective Time, it shall:
	 
	1.	 	accept assignment of and assume the Assumed Plans from Ensco Delaware;

 

 

	2.	 	undertake and discharge all of the rights and obligations relating to sponsorship of the
Assumed Plans which have been undertaken and were to be discharged by Ensco Delaware prior to
the Effective Time;
	 
	3.	 	exercise all of the powers of the plan sponsor relating to the Assumed Plans which were
exercised by Ensco Delaware prior to the Effective Time;
	 
	4.	 	be bound by the terms of the Assumed Plans so that Ensco UK will be bound by the
requirements, without limitation, that:

	 	4.1	 	any outstanding Plan Award (as such term is defined in the Ensco International
Incorporated 2005 Long Term Incentive Plan ), any outstanding Award (as such term is
defined in the Ensco International Incorporated 1998 Incentive Plan) and any
outstanding Benefit (as such term is defined in the Ensco International Incorporated
2000 Stock Option Plan) and any other right to shares of Ensco Delaware common stock,
including rights to purchase shares of Ensco Delaware common stock under The Ensco
Multinational Savings Plan (collectively, the “Assumed Awards”) shall be subject to the
same terms and conditions of the respective Assumed Plan (each as amended by Ensco
Delaware) or any agreement evidencing or relating to a Plan Award, Award, Benefit or
other right (each, a “Plan Document”, and collectively, the “Plan Documents”) as in
effect immediately prior to the effective date of this Deed, including the vesting
schedule set forth in the applicable Assumed Award, save for such changes as are
necessary to effectuate and reflect the assumption by Ensco UK of the respective
Assumed Plan and Assumed Award and the rights and obligations of Ensco Delaware
thereunder;
	 
	 	4.2	 	to the extent any Plan Document provides for the grant, issuance, acquisition,
delivery, holding or purchase of, or otherwise relates to or references, shares of
Ensco Delaware common stock or rights to shares of Ensco Delaware common stock (or
rights to receive benefits or amounts by reference to those shares), then, pursuant to
the terms hereof and thereof, such Plan Document is hereby amended to provide for the
grant, issuance, acquisition, delivery, holding or purchase of, or otherwise relates to
or references, ADSs or ADRs or rights to ADSs or ADRs, as applicable (or rights to
receive benefits or amounts by reference to the ADSs), on a one-for-one basis;
	 
	 	4.3	 	all references in the Assumed Plans to Ensco Delaware or its predecessors are
hereby amended to be references to Ensco UK, except where the context dictates
otherwise;
	 
	 	4.4	 	all references to the board of directors (or relevant committee of the board of
directors) in the Assumed Plans shall henceforth be taken to be references to the board
of directors of Ensco UK (or relevant committee of the board of directors of Ensco UK),
except where the context dictates otherwise;
	 
	 	4.5	 	all outstanding Assumed Awards or any other benefits available which have been
granted under the Assumed Plans shall remain outstanding pursuant to the terms outlined
in this Deed;
	 
	 	4.6	 	each Assumed Award shall, pursuant to the terms hereof and thereof, be
exercisable, issuable, held, available or vest upon the same terms and conditions as
under the applicable Plan Document, except that upon the exercise, issuance, holding,
availability or vesting of such Assumed Awards, as applicable, ADSs evidenced by ADRs
are hereby issuable or available in lieu of shares of Ensco Delaware common stock on a
one-for-one basis; and
	 
	 	4.7	 	if any benefits or amounts due are determined by reference to ordinary shares,
they will henceforth be determined by reference to ADSs.

-2-

 

	5.	 	Ensco UK hereby assumes and adopts, for the time being, the form of agreement adopted by
Ensco Delaware for the issuance of Assumed Awards on and after the Effective Time, with such
amendments and modifications thereto as may be necessary or appropriate to effectuate and
reflect the requirements of English law and to effectuate and reflect the assumption by Ensco
UK of the Assumed Plans and the form of agreement and the rights and obligations of Ensco
Delaware thereunder.
	 
	6.	 	Each Assumed Award that is a stock option shall have the same exercise price for each ADS
under the option, as the stock option had previously for each share of Ensco common stock
under the stock option.
	 
	7.	 	Ensco UK hereby grants, conditional upon the Merger Agreement becoming effective, each
Assumed Award on the terms set out in this Deed. Each Assumed Award shall be treated as coming
into effect immediately on the Effective Time.
	 
	8.	 	This deed shall be governed by and construed in accordance with the laws of England and
Wales.
	 
	B.	 	Ensco UK hereby declares, undertakes and agrees for the benefit of each participant in the
Remaining Plans that, with effect from the Effective Time, it shall, to the extent the
Remaining Plans provide for the issuance, acquisition, delivery, holding or purchase of shares
of, or otherwise relate to or reference, Ensco Delaware common stock or rights to shares of
Ensco common stock (or rights to receive benefits or amounts by reference to those shares),
issue or cause to be issued, acquired, delivered, held, or purchased ADSs or ADRs, as
applicable, and such Plan is hereby amended to provide for the issuance, acquisition,
delivery, holding or purchase of, or otherwise relate to or reference, ADSs or ADRS, as
applicable (or rights to receive benefits or other amounts by reference to ADSs determined in
accordance with the Plan), on a one-for-one basis.

IN WITNESS WHEREOF this Deed has been executed by Ensco UK on the date first above written.

	 	 	 
	EXECUTED AS A DEED AND DELIVERED BY
	 	)
	ENSCO INTERNATIONAL PUBLIC LIMITED COMPANY
	 	)
	acting by:
	 	)

	 	 	 	 	 
	 	 	 
	/s/ James W. Swent III
 	 	 
	James W. Swent III 	 	 
	 	 	 
	 
	 	 	 
	/s/ David A. Armour
 	 	 
	David A. Armour 	 	 
	 	 	 

-3-

 

	 	 	 	 	 

ANNEX A

Assumed Plans

	1.	 	ENSCO International Incorporated 2005 Long Term Incentive Plan;
	 
	2.	 	ENSCO International Incorporated 1998 Incentive Plan;
	 
	3.	 	ENSCO International Incorporated 2000 Stock Option Plan; and
	 
	4.	 	The Ensco Multinational Savings Plan

-4-

 

ANNEX B

Remaining Plans

	1.	 	ENSCO Savings Plan;
	 
	2.	 	ENSCO International Incorporated 2005 Supplemental Executive Retirement Plan;
	 
	3.	 	ENSCO International Incorporated 2005 Non-Employee Director Deferred Compensation Plan;
	 
	4.	 	ENSCO International Incorporated Supplemental Executive Retirement Plan; and
	 
	5.	 	ENSCO International Incorporated Non-Employee Director Deferred Compensation Plan.

-5-exv10w2

Exhibit 10.2

Deed of Amendment No. 2

The Ensco Multinational Savings Plan

December 22, 2009

between

Citco Trustees (Cayman) Limited

(as Trustee)

and

ENSCO International Incorporated

 

 

This Deed of Amendment is made the 22nd day of December, 2009

Between:

	(1)	 	Citco Trustees (Cayman) Limited, a trust company incorporated under the laws of the Cayman
Islands whose registered office is at Windward One, Regatta Office Park, Grand Cayman, Cayman
Islands (“Trustee”); and
	 
	(2)	 	ENSCO International Incorporated of 500 North Akard Street, Suite 4300, Dallas, Texas, 75201,
United States of America (“Ensco Inc”)

Whereas:

	(A)	 	This deed is supplemental to a trust deed dated 31 December 2008 made between the Trustee
and Ensco Inc as the Plan Sponsor establishing the trust known as the Ensco Multinational
Savings Plan and an amended and restated trust deed (the “Amended and Restated Deed”) dated 16
February 2009 made between the Trustee and Ensco (the “Trust”).
	 
	(B)	 	The Trustee is the present sole trustee of the Trust.
	 
	(C)	 	By the Amended and Restated Deed the Trustee declared that it held $100 on the trust of the
Trust and on the additional terms of the Rules.
	 
	(D)	 	By Clause 24 of the Trust, the Trustee has the power (the “Power”) with the written consent
of the Plan Sponsor and with written notice to the Participants by deed to amend, modify,
alter or add to the provision of the Trust and the Rules in such manner and to such extent as
the Trustee considers to be in the best interests of the Participants, on the written consent
of the majority of Participants to approve the modification, alteration or addition, unless
the Trustee certifies in writing that in its opinion the amendment, modification, alteration
or addition does not materially prejudice the interests of the then existing Participants and
does not operate to release the Trustee from any responsibility to Participants (the
“Certification”).
	 
	(E)	 	Ensco Inc has entered into an Agreement and Plan of Merger and Reorganization with ENSCO
Newcastle LLC, dated 9 November 2009 (the “Merger Agreement”), pursuant to which

	 	•	 	Ensco Inc will become a wholly-owned subsidiary of Ensco International
plc (“Ensco plc”);
	 
	 	•	 	Each outstanding share of common stock of Ensco Inc will be converted
into the right to receive an American depositary share, evidenced by an American
depositary receipt, which represents a Class A Ordinary Share in Ensco plc; and
	 
	 	•	 	Ensco Inc shall assign to Ensco plc, and shall cause Ensco plc to adopt
and assume, the rights and obligations of Ensco Inc under certain of its equity
incentive, compensation and other plans that provide for rights to receive or
purchase shares of common stock of Ensco Inc, including the Trust (and the Rules
annexed thereto).

	(F)	 	By Clause 30 of the Trust, if the Plan Sponsor is absorbed by or amalgamated with another
company or body or if the undertaking of the Plan Sponsor is assigned to or vested in any
other

 

 

	 	 	company or body, the Trustee shall upon the direction of the Plan Sponsor or its successor
in interest make such arrangements for the continuance of the Plan and for such amalgamated
company or other body to take the place of and become the Plan Sponsor for all purposes of
the Plan for a date agreed with the Trustee.

	(G)	 	The Trustee wishes to exercise the Power in the manner set out below and intends that this
Deed shall serve as the Certification.
	 
	(H)	 	Ensco Inc wishes to consent to the proposed amendments as set out in this deed to be made to
the Trust.
	 
	(I)	 	Ensco Inc confirms that notice of the proposed amendments as set out in this deed has been
given to the Participants.

This Deed witnesses as follows:

	1	 	Definitions and Construction

In this deed, where the context allows:

	1.1	 	the definitions and rules of construction contained in the Trust shall apply and, subject to
that, the following definition shall apply:
	 
	1.2	 	“Effective Date” means 23 December 2009 or, if different, the effective date of the Merger
Agreement.

	2	 	Amendments

In exercise of the Power and of each and every other power (if any) it enabling, the Trustee hereby
declares that the Trust is hereby amended in the manner set out below so that from the Effective
Date the Trust shall be read and construed with the amendments having been made.

	2.1	 	The following definitions in Clause 1.1 are hereby deleted and replaced with the following:
	 
	 	 	“Forfeiture Account” means a sub-acount of the Plan which is reserved for any sums forfeited
by the Participant under the Rules and held in the Trust Fund to be used during the Trust
Period at the discretion of the Trustee for and on behalf of the Participants, in accordance
with the terms of this Trust;
	 
	 	 	“Investment” means any share, stock, partnership interest, bond, debenture, debenture stock,
depositary share, warrant, convertible bond, loan stock, unit or sub-unit of a unit trust,
share or stock option or futures contract, currency or interest rate swap, repurchase
agreement, certificate of deposit, bill, note or security of any kind whatsoever issued by,
or any loan (or participation therein) made to any person, body (whether or not
incorporated), fund, trust, government or agency of any country, state or territory in the
world, any participation in a mutual fund or similar scheme and whether fully paid, partly
paid or nil paid or such other investment or derivative thereof as the Trustee may from time
to time designate in writing;

 

 

“Plan Sponsor” means Ensco International plc of ENSCO House, Badentoy Avenue, Badentoy
Industrial Estate, Aberdeen, AB12 4YB, Scotland, or such address as the Plan Sponsor from
time to time may specify by notice to the Trustee.

	2.2	 	Clause 1.1(b)(i) of the Rules is hereby deleted and replaced with the following:
	 
	 	 	“is a citizen or resident of, or is employed in, the United States or the Cayman Islands or is employed in the United
Kingdom;”
	 
	2.2	 	Clause 3.14 of the Rules is hereby deleted and replaced with the following:
	 
	 	 	“From and after the Effective Date, no Participant may direct more than twenty-five per cent
(25%) of his total Participant Contributions and his Employer Contributions to be invested
in American depositary shares, evidenced by American depositary receipts, which represent
Class A Ordinary Shares in the Plan Sponsor (“ADSs”). Should a Participant act contrary to
this provision, the Employer may reallocate the amounts so directed by the Participant, so
that any amount but for the restrictions set out in this Rule 3.14 that would otherwise be
used to purchase ADSs is instead invested in the Plan’s money market account. Furthermore,
no Participant may direct the sale of any assets in his Participant Account and reinvest in
ADSs if such sale and reinvestment would directly result in the Participant Account holding
more than twenty-five per cent (25%) by value of its assets in ADSs provided however that
the value of any ADSs held in a Participant Account may exceed twenty-five per cent (25%) of
the total value of a Participant Account through appreciation or depreciation of the value
of assets in the Participant Account, or if the concentration of ADSs exceeded twenty-five
(25%) prior to the Effective Date.”

	3	 	Certification

The Trustee hereby certifies that in its opinion the amendments as set out above in Clause 2 of
this Deed of Amendment do not materially prejudice the interests of the Participants as at the
Effective Date and do not operate to release the Trustee from any responsibility to Participants.

	4	 	Consent

Ensco Inc hereby consents to the amendments to the Trust as set out herein.

	5	 	Confirmation

Except as specifically amended herein, all the provisions of the Trust (as amended) shall remain in
full force and effect, and the Trust as further amended herein shall be read as a single,
integrated document with all terms used in this amendment having the meanings set forth in the
Trust.

	6	 	Governing Law

Cayman Islands law shall govern the construction and interpretation of this deed and the parties
hereby submit to the non-exclusive jurisdiction of the courts of the Cayman Islands.

 

 

In witness whereof this instrument has been executed and delivered the day and year first above
written.

	 	 	 	 	 	 	 	 	 
	Executed as a deed and delivered by the said

	 	 	)	 	 	 
	 	 
	CITCO TRUSTEES (CAYMAN) LIMITED by its

	 	 	)	 	 	 	 	 
	common seal being affixed in the presence of

	 	 	)	 	 	/s/ Christina Belargent 
	 	 
	 

	 	 	)	 	 	CITCO TRUSTEES (CAYMAN) LIMITED	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/
Cassandra Ebanks
 
Witness
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Executed as a deed and delivered by the said

	 	 	)	 	 	 
	 	 
	ENSCO International Incorporated by its

	 	 	)	 	 	 	 	 
	common seal being affixed in the presence of

	 	 	)	 	 	/s/ Cary A. Moomjian, Jr.
 
	 	 
	 

	 	 	)	 	 	ENSCO INTERNATIONAL INCORPORATED	 	 
	 

	 	 	)	 	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/
Robert W. Edwards
 
Witness

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