Document:

Santa Fe International Corp. Key Employee Deferred Comp. Plan

 Exhibit 10.33 
  
 SANTA FE INTERNATIONAL CORPORATION 
  
 KEY EMPLOYEE DEFERRED COMPENSATION PLAN 
  
 The Santa Fe International Corporation Key Employee Deferred Compensation Plan is hereby established effective January 1, 2001 as follows: 
  
 ARTICLE 1 – INTRODUCTION 
  
 1.1 Purpose of Plan 
  
 Santa Fe International Corporation (hereafter “Santa Fe” or the “Company”) has adopted the Plan set forth herein to
attract and retain a select group of management and highly compensated employees who contribute materially to the continued growth, development and future business success of Santa Fe International Corporation and to provide incentives to these
individuals through the ability to defer their receipt of Compensation for service as an Employee of the Company. This Plan shall be unfunded for tax purposes and for purposes of Title I of ERISA. 
  
 ARTICLE 2 - DEFINITIONS 
  
 Wherever used herein, the following terms have the meanings set forth below, unless a
different meaning is clearly required by the context: 
  
 2.1 Account
means, for each Participant, the account established for his or her benefit under Section 5.1. 
  
 2.2 Administration Agreement means the agreement entered into by the Company for administration of the Plan and containing all the investment and other administrative options selected by the Company, as the
same may be amended from time to time. 
  
 2.3 Board means the Board
of Directors of the Company. 
  

					
	 	  	1	  	January 18, 2001

 2.4 Change of Control means a change in control of a nature that would be required to be reported in response to
item 6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange Act as such Schedule, Regulation and Act were in effect on the date of adoption of this Plan by the Board, assuming that such Schedule, Regulation and Act applied to the
Company, provided that such a change in control shall be deemed to have occurred at such time as: 
  

	 	1)	any “person” (as that term is used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than an Excluded Person (as defined below)) becomes, directly or indirectly,
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of securities representing 20% or more of the combined voting power for election of members of the Board of the then outstanding voting securities of the Company or
any successor of the Company, excluding any person whose beneficial ownership of securities of the Company or any successor is obtained in a merger or consolidation not included in paragraph (iii) below; 

  

	 	2)	during any period of two (2) consecutive years or less, individuals who at the beginning of such period constituted the Board of the Company cease, for any reason, to constitute at
least a majority of the Board, unless the appointment, election or nomination for election of each new member of the Board (other than a director whose initial assumption of office is in connection with an actual or threatened election contest,
including but not limited to a consent solicitation, relating to the election of directors of the Company) was approved by a vote of at least two-thirds of the members of the Board then still in office who were members of the Board at the beginning
of the period or whose appointment, election or nomination was so approved since the beginning of such period; 

  

	 	3)	 there is consummated any merger, consolidation or similar transaction to which the Company or any Subsidiary is a party as a result of which the persons who were
equityholders of the Company immediately prior to the effective date of the merger or consolidation shall have beneficial ownership of less than 50% of the combined voting power for election of members of the Board (or equivalent) of 

  

					
	 	  	2	  	January 18, 2001

	 	 
the surviving entity or its parent following the effective date of such merger or consolidation; 

  

	 	(4)	any sale or other disposition (or similar transaction) (in a single transaction or series of related transactions) of (x) 50% or more of the assets or earnings power of the Company
or (y) business operations which generated a majority of the consolidated revenues (determined on the basis of the Company’s four most recently completed fiscal quarters for which reports have been completed) of the Company and its subsidiaries
immediately prior thereto, other than a sale, other disposition or similar transaction to an Excluded Person or to an entity of which equityholders of the Company beneficially own at least 50% of the combined voting power; 

 

	 	(5)	any liquidation of the Company. 

  
 For purposes of this Section 2.4, the term “Excluded Person” shall mean and include (i) Kuwait Petroleum Corporation and its affiliates, (ii) any corporation
beneficially owned by shareholders of the Company in substantially the same proportion as their ownership of shares of the Company and (iii) the Company and any subsidiary of the Company. 
  
 2.5 Company means Santa Fe International Corporation and any subsidiary
corporation employing Eligible Employees under this Plan. 
  
 2.6
Corporation means the sum of the following amounts: 
  

	 	1)	The full amount of an Eligible Employee’s bonus payment, if any, under the Annual Incentive Compensation Plan of the Company; and 

  

	 	2)	 The base salary of an Eligible Employee in excess of the OBRA ‘93 annual compensation limit. The OBRA ‘93 annual compensation limit is $150,000, as
adjusted by the commissioner for increases in the cost of living in accordance with section 401(a)(17)(B) of the Internal Revenue Code (currently $170,000 for 2001) The cost-of- living adjustment in effect for a calendar year applies to any period,
not exceeding 12 months, over which Compensation is determined (determination period) 

  

					
	 	  	3	  	January 18, 2001

	 	 
beginning in such calendar year. If a determination period consists of fewer than 12 months, the OBRA ‘93 annual compensation limit will be multiplied
by a fraction, the numerator of which is the number of months in the determination period, and the denominator of which is 12. Compensation for a prior determination period is subject to the OBRA ‘93 annual compensation limit in effect for that
prior determination period. 

  
 2.7 Deduction Limitation
means the amount determined in good faith by the Committee prior to a Change in Control of any payments under this Plan which, if made to the Participant by the Trust, would not be deductible by the Company solely by reason of the limitation under
Section 162 (m) of the Internal Revenue Code. In the event that any payment from the Trust would exceed the Deduction Limitation described herein, then to the extent deemed necessary by the Company to ensure that the entire amount of any
distribution to the Participant pursuant to this Plan prior any Change in Control is deductible, the Committee may in its sole and absolute discretion defer all or any portion of a distribution under this Plan. Any amounts deferred pursuant to this
limitation shall continue to be credited with any investment gains or losses in accordance with Article 5 of this Plan. The amounts so deferred and amounts credited thereon shall be distributed to the Participant or his or her Beneficiary (in the
event of the Participant’s death) at the earliest possible date, as determined by the Committee in good faith, on which the deductibility of compensation paid or payable to the Participant for the taxable year of the Company during which the
distribution is made will not be limited by Section 162(m) or if earlier, the effective date of a Change in Control. Notwithstanding anything to the contrary in this Plan, the Deduction Limitation shall not apply to any distributions made after a
Change in Control.  
  
 2.8 Employee means any “key
employee” of the Company who is performing services as an employee of the Company and who receives Compensation for such services. 
  
 2.9 Effective Date means January 1, 2001. 
  

					
	 	  	4	  	January 18, 2001

 2.10 Election Form means the participation election form as approved and prescribed by the Plan Administrator.

  
 2.11 Elective Deferral means the portion of Compensation that is
deferred by a Participant under Section 4.1. 
  
 2.12 Eligible
Employee means any Employee of the Company who 1) is employed by the Company on a U.S. Dollar Payroll; and 2) who performs services for the Company in the United States; and 3) who is a participant in the Annual Incentive Compensation Plan of
the Company. 
  
 2.13 Insolvent means either (i) the Company is unable to
pay its debts as they become due, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. 
  
 2.14 Participant means any individual who participates in the Plan in accordance with Article 3. 
  
 2.15 Plan means the Santa Fe International Corporation Key Employee Deferred Compensation Plan as amended from time to time and the
Administration Agreement and all amendments thereto. 
  
 2.16 Plan
Administrator means the Administrative Committee for the Employee Benefit Plans of the Santa Fe International Corporation (Committee) or such other person, persons or entity designated by the Committee to administer the Plan and to serve as the
agent for “Company” with respect to the Trust as contemplated by the agreement establishing the Trust. If no such person or entity is so serving at any time, the Compensation Committee of the Board of Directors of the Company shall be the
Plan Administrator. 
  
 2.17 Plan Year means the calendar year commencing
January 1 and ending December 31. 
  
 2.18 Trust means the trust
established by the Company that identifies the Plan as a plan with respect to which assets are to be held by the Trustee. 
  
 2.19 Trustee means the trustee or trustees under the Trust. 
  

					
	 	  	5	  	January 18, 2001

  
 ARTICLE 3 –
PARTICIPATION 
  
 3.1 Commencement of Participation 
  
 Any Eligible Employee who elects to defer part of his or her Compensation in accordance with
Section 4.1 shall become a Participant in the Plan as of the date such deferrals commence in accordance with Section 4.1. 
  
 3.2 Continued Participation 
  
 A Participant in the Plan shall continue to be a Participant so long as any amount remains credited to his or her Account. 
  
 ARTICLE 4 – ELECTIVE DEFERRALS 
  
 4.1 Elective Deferrals 
  
 An individual who is an Eligible Employee on the Effective Date may, by completing an Election Form and filing it with the Plan
Administrator no later than 30 days following the Effective Date, elect to defer a percentage or dollar amount of one or more payments of Compensation which are payable to the Participant after Effective Date. Such deferral shall be made on such
terms as the Plan Administrator may from time to time permit. In subsequent years, any Eligible Employee may elect to defer a percentage or dollar amount of one or more payments of Compensation, on such terms as the Plan Administrator may permit,
commencing with Compensation paid in the next succeeding Plan Year, by completing an Election Form prior to the first day of such succeeding Plan Year. A Participant’s Compensation shall be reduced in accordance with the Participant’s
election hereunder and amounts deferred hereunder shall be paid by the Company to the Trust as soon as administratively feasible and credited to the Participant’s Account as of the date the amounts are received by the Trustee. 
  
 A new election to defer compensation must be made each year. For any year in which a
Participant makes no deferral election the amount deferred under this Plan shall be zero (0). 
  

					
	 	  	6	  	January 18, 2001

  
 ARTICLE 5 - ACCOUNTS

  
 5.1 Accounts 
  
 The Plan Administrator shall establish an Account for each Participant reflecting Elective
Deferrals made for the Participant’s benefit together with any adjustments for income, gain or loss and any payments from the Account. The Plan Administrator may cause the Trustee to maintain and invest separate assets accounts corresponding to
each Participant’s Account. The Plan Administrator shall establish sub-accounts for each Participant as are necessary for the proper administration of the Plan. As of the last business day of each calendar quarter, the Plan Administrator shall
provide the Participant with a statement of his or her Account reflecting the income, gains and losses (realized and unrealized), amounts of deferrals, and distributions of such Account since the prior statement. Without limiting the foregoing, the
amounts standing to the credit of a Participant in his or her Account shall at all times be a bookkeeping entry only and shall not represent any investment made on his or her behalf by the Company or the Trust; the Participant shall at all times
remain an unsecured creditor of the Company. 
  
 5.2 Investments

  
 The assets of the Trust shall be invested in such investments as the
Company shall determine. The Trustee may (but is not required to) consider the Company’s or a Participant’s investment preferences when investing the assets attributable to a Participant’s Account. 
  
 5.3 Claims of General Creditors. 
  
 All Compensation and any amounts credited to any Accounts or sub accounts established under
this Plan shall remain a part of the general assets of the Company. Accordingly, any and all Compensation deferred under this Plan (including any investment gains attributable thereto) is subject to the claims of the Company’s general
creditors. 
  

					
	 	  	7	  	January 18, 2001

  
 ARTICLE 6 - PAYMENTS

  
 6.1 Election as to Time and Form of Payment 
  
 A Participant shall elect (on the Election Form used to elect to defer Compensation under
Section 4.1) the date upon which the Elective Deferrals will commence to be paid to the Participant. The Participant shall also elect thereon for payments to be paid in either: 
  

	 	a.	a single lump-sum payment; or 

  

	 	b.	annual installments over a period elected by the Participant, not to exceed ten (10) years, with the amount of each installment to equal the balance of his or her Account
immediately prior to the installment divided by the number of installments remaining to be paid; or 

  

	 	c.	an amount(s) specified by the Participant to be paid on specified date(s), with the remainder paid either in a lump sum or annual installments as set forth above.

  
 This election will be subject to the Deduction Limitation set
forth in Section 2.7 of the Plan and shall be effective for all assets held on behalf of the Participant, unless changed by the Participant at least 13 months prior to the commencement of any payments set forth above.shall Except as provided
in Sections 6.2, 6.3, 6.4, 6.5 or 6.6, payment of a Participant’s Account shall be made in accordance with the Participant’s elections under this Section 6.1. 
  
 6.2 Change of Control 
  
 As soon as possible following a Change of Control of the Company, each Participant who, as of the date of a Change in Control, is no longer an Employee of the Company (or
beneficiary of such Participant) whether or not such Participant or beneficiary has commenced receiving payments under the Plan, shall be paid his or her entire Account balance in a single lump sum. Any Participant who is an Employee on the date of
such Change of Control and who is subsequently terminated within 24 months of such Change of Control shall as soon as practicable following such termination of employment be paid his or her entire Account balance in a single lump sum. 
  
 6.3 Termination of Employment Prior to Retirement 
  
 In the event that a Participant’s employment with the Company terminates for any reason
(other than death or a Change of Control) prior to the Participant’s attainment of age 55, the Participant 

  

					
	 	  	8	  	January 18, 2001

 
shall receive his or her entire Account balance in a single lump sum payment. This lump sum payment shall be the Participant’s entire Account balance on
the date of such payment is made from the Trust and shall be payable at the sole discretion of the Committee on such date as the Committee shall determine, which date shall be no later than 60 days following the end of the Plan Year of such
Participant’s termination from employment with the Company. 
  
 6.4 Death

  
 In the event of a Participant’s death prior to the
Participant’s attainment of age 55, the Participant’s Account shall be paid to the Participant’s designated beneficiary or beneficiaries (or in the absence of such designation to the estate of the Participant) in a lump sum in
accordance with Section 6.3 above. If a Participant dies after attainment of age 55 and prior to the complete distribution of his or her Account, the balance of the Account shall be paid as soon as practicable to the Participant’s designated
beneficiary or beneficiaries, in accordance with the payment election in effect under Section 6.1 on the date of the Participant’s death. 
  
 Any designation of beneficiary and form of payment to such beneficiary shall be made by the Participant on such form as the Plan Administrator shall determine and shall
be filed with the Plan Administrator. Any beneficiary may be changed by the Participant at any time by filing another beneficiary form containing the revised instructions. If no beneficiary is designated or no designated beneficiary survives the
Participant, payment shall be made to the Participant’s surviving spouse, or, if none, to his or her issue per stirpes, in a single payment. If no spouse or issue survives the Participant, payment shall be made in a single lump sum to the
Participant’s estate. 
  
 6.5 Unforeseen Emergency 
  
 If a Participant (which shall include for purposes of this Section 6.5, a beneficiary)
suffers an unforeseen emergency, as defined herein, the Plan Administrator, in its sole discretion, may pay to the Participant only that portion, if any, of his or her Account that the Plan Administrator determines is necessary to satisfy the
emergency need, including any amounts necessary to pay any federal, state or local income taxes reasonably anticipated to result from the distribution. A Participant requesting an emergency payment shall apply for the payment in writing on a form

  

					
	 	  	9	  	January 18, 2001

 
approved by the Plan Administrator. For purposes of this paragraph, “unforeseen emergency” means an immediate and heavy financial need resulting
from any of the following: 
  

	care;	

  
 an event beyond the control of the Participant or beneficiary which would result in a severe financial hardship if such withdrawal were not permitted. In the event the Plan Administrator, in its sole and absolute
discretion, determines the existence of an unforeseen emergency as herein defined, the Plan Administrator may to the extent necessary to satisfy the unforeseen emergency, suspend any deferrals required to be made by a Participant and/or provide for
a partial or full distribution of such Participant’s Account. Any such amount shall not be subject to the Deduction Limitation. 
  
 6.6 Withdrawal Election 
  
 A Participant (or in the event of a Participant’s death, his or her beneficiary) may elect, at any time, to withdraw all of his or her Account balance, as of the day of such election, less a withdrawal penalty
equal to 10% of such amount (the net amount shall be referred to as the “Withdrawal Amount”). This election may be made at any time, and whether or not the Participant (or Beneficiary) is in the process of being paid pursuant to an
installment payment schedule. No partial withdrawals of the Withdrawal Amount shall be allowed. The Participant (or his or her Beneficiary) shall be paid the Withdrawal Amount within 60 days of his or her election. Once the Withdrawal Amount is
paid, the Participant or Beneficiary’s participation in the Plan shall terminate and the such Participant or Beneficiary shall not be eligible to participate in the Plan in the future. The payment of this Withdrawal Amount shall not be subject
to the Deduction Limitation. 
  

					
	 	  	10	  	January 18, 2001

 6.6 Taxes 
  
 All federal, state or local taxes that the Plan Administrator determines are required to be withheld from any payments made pursuant to this Article 6 shall be withheld.

  
 ARTICLE 7 – PLAN ADMINISTRATOR 
  
 7.1 Plan Administration and Interpretation 
  
 The Plan Administrator shall oversee the administration of the Plan. The Plan Administrator
shall have complete control and authority to determine the rights and benefits and all claims, demands and actions arising out of the provisions of the Plan of any Participant, beneficiary, deceased Participant, or other person having or claiming to
have any interest under the Plan. The Plan Administrator shall have complete discretion to interpret the Plan and to decide all matters under the Plan. Such interpretation and decision shall be final, conclusive and binding on all Participants and
any person claiming under or through any Participant, in the absence of clear and convincing evidence that the Plan Administrator acted arbitrarily and capriciously. Any individual(s) serving as Plan Administrator who is a Participant will not vote
or act on any matter relating solely to himself or herself. When making a determination or calculation, the Plan Administrator shall be entitled to rely on information furnished by a Participant, a beneficiary, the Company or the Trustee.

  
 7.2 Powers, Duties, Procedures, Etc. 
  
 The Plan Administrator shall have such powers and duties, may adopt such rules and tables,
may act in accordance with such procedures, may appoint such officers or agents, may delegate such powers and duties, may receive such reimbursements and compensation, and shall follow such claims and appeal procedures with respect to the Plan as it
may establish. 
  
 7.3 Information 
  
 To enable the Plan Administrator to perform its functions, the Company shall supply full and
timely information to the Plan Administrator on all matters relating to the compensation of Participants, their service, retirement, death, termination of service, and such other pertinent facts as the Plan Administrator may require. 
  

					
	 	  	11	  	January 18, 2001

 7.4 Indemnification of Plan Administrator 
  
 The Company agrees to indemnify and to defend to the fullest extent permitted by law any officer(s) or employee(s) who serve as Plan
Administrator (including any such individual who formerly served as Plan Administrator) against all liabilities, damages, costs and expenses (including attorneys’ fees and amounts paid in settlement of any claims approved by the Company)
occasioned by any act or omission to act in connection with the Plan, if such act or omission is in good faith. 
  
 ARTICLE 8 – AMENDMENT AND TERMINATION 
  
 8.1 Amendments 
  
 The Compensation
Committee of the Board of Directors shall have the right to amend the Plan from time to time, subject to Section 8.3, by an instrument in writing that has been executed on the Company’s behalf by its duly authorized officer. Notwithstanding the
foregoing, the Committee shall have the authority to amend the plan to comply with changes in law or regulation, or to amend the plan in any non-material manner. 
  
 8.2 Termination of Plan 
  
 This Plan is strictly a voluntary undertaking on the part of the Company and shall not be deemed to constitute a contract between the Company and any Eligible Employee
(or any other person) or a consideration for, or an inducement or condition of service for, the performance of the services by an Eligible Employee (or other person). The Company reserves the right to terminate the Plan at any time, subject to
Section 8.3, by an instrument in writing that has been executed on the Company’s behalf by its duly authorized officer. Upon termination, the Company may (a) elect to continue to maintain the Trust to pay benefits hereunder as they become due
as if the Plan had not terminated or (b) direct the Trustee to pay promptly to Participants (or their beneficiaries) the balance of their Accounts. 
  

					
	 	  	12	  	January 18, 2001

 8.3 Existing Rights 
  
 No amendment or termination of the Plan shall adversely affect the rights of any Participant (or their beneficiaries) with respect to amounts that have been credited to
his or her Account prior to the date of such amendment or termination. 
  
 ARTICLE 9 - MISCELLANEOUS 
  
 9.1 No Funding 
  
 The Plan constitutes a mere promise by the Company to make payments in accordance with the
terms of the Plan and Participants and beneficiaries shall have the status of general unsecured creditors of the Company. Nothing in the Plan will be construed to give any Employee or any other person rights to any specific assets of the Company or
of any other person. In all events, it is the intent of the Company that the Plan be treated as unfunded for tax purposes. 
  
 9.2 Non-assignability 
  
 None of the benefits, payments, proceeds or claims of any Participant or beneficiary shall be subject to any claim of any creditor of any Participant or beneficiary and, in particular, the same shall not be subject to
attachment or garnishment or other legal process by any creditor of such Participant or beneficiary, nor shall any Participant or beneficiary have any right to alienate, anticipate, commute, pledge, encumber or assign any of the benefits or payments
or proceeds that he or she may expect to receive, contingently or otherwise, under the Plan. 
  
 9.3 Limitation of Participants’ Rights 
  
 Nothing contained in the Plan shall constitute or be evidence of any agreement or understanding, expressed or implied, that the Company will retain an Employee for any period of time, or at any particular rate of compensation. 

 

					
	 	  	13	  	January 18, 2001

 9.4 Participants Bound 
  

Any action with respect to the Plan taken by the Plan Administrator or the Company or the Trustee or any action authorized by or taken at the direction of the Plan
Administrator, the Company or the Trustee shall be conclusive upon all Participants and beneficiaries entitled to benefits under the Plan. 
  
 9.5 Receipt and Release 
  
 Any payment to any Participant or beneficiary in accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction of all claims against the Company, the Plan Administrator and the
Trustee under the Plan, and the Plan Administrator may require such Participant or beneficiary, as a condition precedent to such payment, to execute a receipt and release to such effect. If any Participant or beneficiary is determined by the Plan
Administrator to be incompetent by reason of physical or mental disability (including minority) to give a valid receipt and release, the Plan Administrator may cause the payment or payments becoming due to such person to be made to another person
for his or her benefit without responsibility on the part of the Plan Administrator, the Company or the Trustee to follow the application of such funds. 
  
 9.6 Legal Fees to Enforce Rights After Change in Control 
  
 The Company is aware that upon the occurrence of a Change of Control, the Board or a shareholder of the Company, or of any successor corporation might then cause or
attempt to cause the Company or such successor to refuse to comply with its obligations under the Plan and might cause or attempt to cause the Company to institute, or may institute, litigation seeking to deny Participants the benefits intended
under the Plan. In these circumstances, the purpose of the Plan could be frustrated. Accordingly, if, following a Change of Control, it should appear to any Participant that the Company, or any successor corporation has failed to comply with any of
its obligations under the Plan or any agreement thereunder, or, if the Company or other person takes any action to declare the Plan void or unenforceable or institutes any litigation or other legal action designed to deny, diminish or to recover
from any Participant the benefits intended to be provided herein, then the Company irrevocably authorizes each such Participant to retain counsel of his or her choice at the expense of the Company to represent such Participant in connection with the
initiation or defense of any litigation or other legal action, whether by or against the 

  

					
	 	  	14	  	January 18, 2001

 
Company, or any director, officer, shareholder or other person affiliated with the Company or any successor thereto in any jurisdiction. 
  
 9.7 Governing Law 
  
 The Plan shall be construed, administered, and governed in all respects under and by the laws of the state in which the Company maintains
its primary place of business. If any provision shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully effective. 
  
 9.8 Headings and Subheadings 
  
 Headings and subheadings in this Plan are inserted for convenience only and are not to be
considered in the construction of the provisions hereof. 
  
 9.9
Severability The invalidity and unenforceability of any particular provision of this Plan shall not affect any other provision hereof, and the Plan shall be construed in all respects as if such invalid or unenforceable provisions were omitted
herefrom. 
  
 ARTICLE 10 - CLAIMS PROCEDURE 
  
 10.1 Presentation Of Claim. 
  
 Any Participant or beneficiary of a deceased Participant (referred to herein as a
“Claimant”) may deliver to the Committee a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the contents of a notice received by the Claimant, the claim
must be made within 60 days after such notice was received by the Claimant. All other claims must be made within 180 days of the date on which the event that caused the claim to arise occurred. The claim must state with particularity the
determination desired by the Claimant. 
  

					
	 	  	15	  	January 18, 2001

 10.2 Notification Of Decision. 
  
 The Committee shall consider a Claimant’s claim within a reasonable time, and shall notify the Claimant in writing: (a) that the
Claimant’s requested determination has been made, and that the claim has been allowed in full; or (b) that the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s requested determination, and such notice
must set forth in a manner calculated to be understood by the Claimant: (i) the specific reason(s) for the denial of the claim, or any part of it; (ii) specific reference(s) to pertinent provisions of the Plan upon which such denial was based; (iii)
a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary; and (iv) an explanation of the claim review procedure set forth in Section
10.3 below. 
  
 10.3 Review Of A Denied Claim. 
  
 Within 60 days after receiving a notice from the Committee that a claim has been denied, in
whole or in part, a Claimant (or the Claimant’s duly authorized representative) may file with the Committee a written request for a review of the denial of the claim. Thereafter, but not later than 30 days after the review procedure began, the
Claimant (or the Claimant’s duly authorized representative): (a) may review pertinent documents; (b) may submit written comments or other documents; and/or (c) may request a hearing, which the Committee, in its sole discretion, may grant.

  
 10.4 Decision On Review. 
  
 The Committee shall render its decision on review promptly, and not later than 60 days after
the filing of a written request for review of the denial, unless a hearing is held or other special circumstances require additional time, in which case the Committee’s decision must be rendered within 120 days after such date. Such decision
must be written in a manner calculated to be understood by the Claimant, and it must contain: (a) specific reasons for the decision; (b) specific reference(s) to the pertinent Plan provisions upon which the decision was based; and (c) such other
matters as the Committee deems relevant. 
  

					
	 	  	16	  	January 18, 2001

 10.5 Commencement of Legal Action 
  
 A Claimant’s compliance with the foregoing provisions of this Article 10 is a mandatory prerequisite to a Claimant’s right to
commence any legal action with respect to any claim for benefits under this Plan. 
  
 DATED: January 1, 2001 
  

			
		
	By:	 	 /s/ James E. Oliver

	 	 	 SANTA FE INTERNATIONAL CORPORATION

  

					
	 	  	17	  	January 18, 2001

 AMENDMENT TO 
 GLOBALSANTAFE CORPORATION 
 KEY EMPLOYEE DEFERRED COMPENSATION PLAN 
  
 WHEREAS, the GlobalSantaFe Corporation Key Employee Deferred Compensation Plan
(“Plan”) was established by GlobalSantaFe Corporation (“Company”) effective January 1, 2001; and 
  
 WHEREAS, the Company entered into an Agreement and Plan of Merger dated as of August 31, 2001 (the “Merger Agreement”), by and among Global Marine Inc.
(“GMI”), a Delaware corporation, the Company, Silver Sub, Inc., a Delaware corporation, and Gold Merger Sub, Inc., a Delaware corporation (“Merger Sub”), pursuant to which Merger Sub merged with and into GMI, and GMI has become
an indirect wholly owned subsidiary of the Company; and 
  
 WHEREAS, in Section
7.14(c) of the Merger Agreement, the Company and GMI agreed to cooperate in good faith to establish a process to promptly integrate their compensation and benefit plans following the Effective Time (as defined in the Merger Agreement) and take
appropriate and substantially consistent actions to retain key employees and provide for a smooth transition; and 
  
 WHEREAS, it has been determined that it is appropriate to extend the benefits of this Plan to legacy “key employees” of Global Marine, Inc., and its
subsidiaries; and 
  
 WHEREAS, Amendment of the Plan in the manner set forth below
is authorized pursuant to Section 8.1 of the Plan; 
  
 NOW THEREFORE, effective
November 20, 2001: 
  
 1. Section 2.6 “Compensation” is amended
by DELETING item 1 thereunder and SUBSTITUTING the following therefore: 
  

	 	“1.	The full amount of an Eligible Employee’s bonus payment, if any, under any of the following plans (hereafter referred to collectively as “Bonus Plans”):

  
 a) The Annual Incentive Plan of the Company

  
 b) Global Marine Inc. 2001 Management Incentive Award Plan
and” 
  

 2. Section 2.12 of the GlobalSantaFe Corporation Key Employee Deferred Compensation Plan is hereby DELETED and the
following SUBSTITUTED therefore: 
  
 “2.12 Eligible Employee means any
employee of the Company who 1) is employed by the Company on a U.S. Dollar Payroll; and 2) who performs services for the Company in the United States; and 3) who is either i) a participant in the Annual Incentive Compensation Plan of the Company or
ii) is a participant in the Global Marine Inc. 2001 Management Incentive Award Plan of the Company and specifically assigned to Salary Grade 39 or higher as such salary grade system was in effect for Global Marine Inc. or its subsidiaries on
November 20, 2001” 
  
 Dated December 7, 2001 
  

			
		
	By:	 	 /s/ James E. Oliver

	 	 	 GlobalSantaFe CorporationTrust Agreement between GSF Corp. Services and Fidelity Management Trust Co.

 Exhibit 10.34 
  
 TRUST AGREEMENT 
  
 Between 
  

 
 GLOBALSANTAFE CORPORATE SERVICES INC. 
  
 And 
  
 FIDELITY MANAGEMENT TRUST COMPANY 
  

  
 GLOBALSANTAFE KEY EMPLOYEE DEFERRED COMPENSATION 
  
 TRUST 
  
 Dated as of July 12, 2002

 TABLE OF CONTENTS 
  

					
	Section

	  	Page

			
	1	  	 Definitions
	  	2
			
	2	  	 Trust
	  	3
	 	  	 (a) Establishment
	  	3
	 	  	 (b) Grantor Trust
	  	3
	 	  	 (c) Trust Assets
	  	3
	 	  	 (d) Non-Assignment
	  	3
			
	3	  	 Payments to Sponsor
	  	4
			
	4	  	 Disbursement
	  	4
	 	  	 (a) Directions from Administrator
	  	4
	 	  	 (b) Limitations
	  	4
			
	5	  	 Investment of Trust
	  	4
	 	  	 (a) Selection of Investment Options
	  	4
	 	  	 (b) Available Investment Options
	  	4
	 	  	 (c) Investment Directions
	  	5
	 	  	 (d) Mutual Funds
	  	6
	 	  	 (e) Trustee Powers
	  	6
			
	6	  	 Recordkeeping and Administrative Services to Be Performed
	  	7
	 	  	 (a) General
	  	7
	 	  	 (b) Accounts
	  	8
	 	  	 (c) Inspection and Audit
	  	8
	 	  	 (d) Effect of Plan Amendment
	  	8
	 	  	 (e) Returns, Reports and Information
	  	9
			
	7	  	 Compensation and Expenses
	  	9
			
	8	  	 Directions and Indemnification
	  	9
	 	  	 (a) Identity of Administrator
	  	9
	 	  	 (b) Directions from Administrator
	  	9
	 	  	 (c) Directions from Participants
	  	10
	 	  	 (d) Indemnification
	  	10
	 	  	 (e) Survival
	  	10
			
	9	  	 Resignation or Removal of Trustee
	  	10
	 	  	 (a) Resignation & Removal
	  	10
	 	  	 (b) Termination
	  	11
	 	  	 (c) Notice Period
	  	11
	 	  	 (d) Early Termination
	  	 
	 	  	 (e) Transition Assistance
	  	11
	 	  	 (f) Failure to Appoint Successor
	  	11

  

 i 

 TABLE OF CONTENTS 
 (Continued) 
  

					
	Section

	  	Page

			
	10	  	 Successor Trustee
	  	11
	 	  	 (a) Appointment
	  	11
	 	  	 (b) Acceptance
	  	11
	 	  	 (c) Corporate Action
	  	12
			
	11	  	 Resignation, Removal, and Termination Notices
	  	12
			
	12	  	 Duration
	  	12
			
	13	  	 Insolvency of Sponsor
	  	12
			
	14	  	 Amendment or Modification
	  	13
			
	15	  	 Electronic Services
	  	13
			
	16	  	 General
	  	15
	 	  	 (a) Performance by Trustee, its Agent or Affiliates
	  	15
	 	  	 (b) Entire Agreement
	  	15
	 	  	 (c) Waiver
	  	15
	 	  	 (d) Successors and Assigns
	  	15
	 	  	 (e) Partial Invalidity
	  	15
	 	  	 (f) Section Headings
	  	16
			
	17	  	 Governing Law
	  	16
	 	  	 (a) Massachusetts Controls
	  	16
	 	  	 (b) Trust Agreement Controls
	  	16
		
	Schedules	  	 
			
	A.	  	 Recordkeeping and Administrative Services
	  	 
	B.	  	 Fee Schedule
	  	 
	C.	  	 Administrator’s Authorization Letter
	  	 
	D.	  	 Operational Guidelines for Non-Fidelity Mutual Funds
	  	 
	E.	  	 Exchange Guidelines
	  	 

  

 ii 

 TRUST AGREEMENT, dated as of the twelfth day of July, 2002, between GLOBALSANTAFE CORPORATE
SERVICES INC., a California corporation, having an office at 777 North Eldridge Parkway, Houston, Texas 77079 (the “Sponsor”), and FIDELITY MANAGEMENT TRUST COMPANY, a Massachusetts trust company, having an office at 82
Devonshire Street, Boston, Massachusetts 02109 (the “Trustee”). 
  
 WITNESSETH: 
  
 WHEREAS,
the Sponsor is the sponsor of the GlobalSantaFe Key Employee Deferred Compensation Plan (the “Plan”); and 
  
 WHEREAS, the Sponsor wishes to establish an irrevocable trust and to contribute to the trust assets that shall be held therein, subject to the
claims of Sponsor’s creditors in the event of Sponsor’s Insolvency, as herein defined, until paid to Participants and their beneficiaries in such manner and at such times as specified in the Plan; and 
  
 WHEREAS, it is the intention of the parties that this Trust shall
constitute an unfunded arrangement and shall not affect the status of the Plan as an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I
of the Employee Retirement Income Security Act of 1974 (“ERISA”); and 
  
 WHEREAS, it is the intention of the Sponsor to make contributions to the trust to provide itself with a source of funds to assist it in the meeting of its liabilities under the Plan; and 
  
 WHEREAS, the Trustee is willing to hold and invest the aforesaid Plan
assets in trust among several investment options selected by the Sponsor; and 
  
 WHEREAS, the Sponsor wishes to have the Trustee perform certain ministerial recordkeeping and administrative functions under the Plan; and 
  
 WHEREAS, the committee designated by the Sponsor (the “Administrator”) is the administrator of the Plan;
and 
  
 WHEREAS, the Trustee is willing to perform
recordkeeping and administrative services for the Plan if the services are purely ministerial in nature and are provided within a framework 

  

 1 

 
of Plan provisions, guidelines and interpretations conveyed in writing to the Trustee by the Administrator. 
  
 NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants and agreements set forth below, the Sponsor and the Trustee agree as follows: 
  
 Section 1. Definitions. The following terms as used in this Trust Agreement have the meaning indicated unless the context clearly requires otherwise: 
  

	(a)	“Administrator” shall mean, with respect to the Plan, the person or entity which is the “administrator” of such Plan. 

  

	(b)	“Agreement” shall mean this Trust Agreement, as the same may be amended and in effect from time to time. 

  

	(c)	“Code” shall mean the Internal Revenue Code of 1986, as it has been or may be amended from time to time. 

  

	(d)	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it has been or may be amended from time to time. 

  

	(e)	“Fidelity Mutual Fund” shall mean any investment company advised by Fidelity Management & Research Company or any of its affiliates. 

 

	(f)	“Insolvent” shall mean that (i) the Sponsor is unable to pay its debts as they become due, or (ii) the Sponsor is subject to a pending proceeding as a debtor under
the United States Bankruptcy Code. 

  

	(g)	“Mutual Fund” shall refer both to Fidelity Mutual Funds and Non-Fidelity Mutual Funds. 

  

	(h)	“Non-Fidelity Mutual Fund” shall mean certain investment companies not advised by Fidelity Management & Research Company or any of its affiliates.

  

	(i)	“Participant” shall mean, with respect to the Plan, any employee (or former employee) with an account under the Plan, which has not yet been fully distributed
and/or forfeited, and shall include the designated beneficiary(ies) with respect to the account of any deceased employee (or deceased former employee) until such account has been fully distributed and/or forfeited. 

  

	(j)	“Participant Recordkeeping Reconciliation Period” shall mean the period beginning on the date of the initial transfer of assets to the Trust and ending on the date
of the completion of the reconciliation of Participant records. 

  

	(k)	“Plan” shall mean the GlobalSantaFe Key Employee Deferred Compensation Plan. 

  

	(l)	 “Reporting Date” shall mean the last day of each calendar quarter, the date as of which the 

  

 2 

	 	 
Trustee resigns or is removed pursuant to Section 9 hereof and the date as of which this Agreement terminates pursuant to Section 11 hereof.

  

	(m)	“Sponsor” shall mean GlobalSantaFe Corporate Services Inc., a California corporation, or any successor to all or substantially all of its businesses which, by
agreement, operation of law or otherwise, assumes the responsibility of the Sponsor under this Agreement. 

  

	(n)	“Trust” shall mean the GlobalSantaFe Key Employee Deferred Compensation Plan Trust, being the trust established by the Sponsor and the Trustee pursuant to the
provisions of this Agreement. 

  

	(o)	“Trustee” shall mean Fidelity Management Trust Company, a Massachusetts trust company and any successor to all or substantially all of its trust business. The term
Trustee shall also include any successor trustee appointed pursuant to this agreement to the extent such successor agrees to serve as Trustee under this Agreement. 

  
 Section 2. Trust. 
  
 (a) Establishment. The Sponsor hereby establishes the Trust with the Trustee. The Trust shall consist of an initial contribution of
money or other property reasonably acceptable to the Trustee in its sole discretion, made by the Sponsor or transferred from a previous trustee under the Plan, such additional sums of money as shall from time to time be delivered to the Trustee
under the Plan, all investments made therewith and proceeds thereof, and all earnings and profits thereon, less the payments that are made by the Trustee as provided herein, without distinction between principal and income. The Trustee hereby
accepts the Trust on the terms and conditions set forth in this Agreement. In accepting this Trust, the Trustee shall be accountable for the assets received by it, subject to the terms and conditions of this Agreement. 
  
 (b) Grantor Trust. The Trust is intended to be a
grantor trust, of which the Sponsor is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly. 
  
 (c) Trust Assets. The principal of the Trust, and any
earnings thereon shall be held separate and apart from other funds of the Sponsor and shall be used exclusively for the uses and purposes of Participants and general creditors as herein set forth. Participants and their beneficiaries shall have no
preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and this Trust Agreement shall be mere unsecured contractual rights of Participants and their beneficiaries against the Sponsor.
Any assets held by the Trust will be subject to the claims of the Sponsor’s general creditors under federal and state law in the event of Insolvency, as defined in Section 13 (a). 
  

 3 

 (d) Non-Assignment. Benefit payments to Participants and their beneficiaries
funded under this Trust may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered, or subjected to attachment, garnishment, levy, execution, or other legal or equitable process. 
  
 Section 3. Payments to Sponsor. Except as provided under Section 13, the
Sponsor shall have no right to retain or divert to others any of the Trust assets before all payment of benefits have been made to the Participants and their beneficiaries pursuant to the terms of the Plan. 
  
 Section 4. Disbursements. 
  
 (a) Directions from Administrator. The Trustee shall
disburse monies to employee Participants and their beneficiaries for benefit payments in the amounts that the Administrator directs from time to time in writing. The Trustee shall have no responsibility to ascertain whether the Administrator’s
direction complies with the terms of the Plan or of any applicable law unless it is clear on the direction’s face that the actions to be taken under the direction would be prohibited by the fiduciary duty rules of Section 404(a) of ERISA, to
the extent that ERISA is applicable, or would be contrary to the terms of the Plan as communicated in writing by the Sponsor to the Trustee or to the terms of this Agreement. The Trustee shall be responsible for federal or state income tax reporting
or withholding with respect to such Plan benefits. The Trustee shall not be responsible for FICA (Social Security and Medicare), any federal or state unemployment or local tax with respect to Plan distributions. 
  
 (b) Limitations. The Trustee shall not be required to
make any disbursement in excess of the net realizable value of the assets of the Trust at the time of the disbursement. The Trustee shall not be required to make any disbursement in cash unless the Administrator has provided a written direction as
to the assets to be converted to cash for the purpose of making the disbursement. 
  
 Section 5. Investment of Trust. 
  
 (a) Selection of Investment Options. The Trustee shall have no responsibility for the selection of investment options under the Trust and shall not render investment advice to any person in connection with the selection of such
options. 
  
 (b) Available Investment
Options. The Sponsor shall direct the Trustee as to what investment options the Trust shall be invested in (i) during the period beginning on the initial transfer of assets to the Trust and ending on the completion of the reconciliation of Trust
records 

  

 4 

 
(the “reconciliation period”), and (ii) following the reconciliation period, subject to the following limitations. The Sponsor may determine to
offer as investment options only securities issued by the investment companies advised by Fidelity Management & Research Company and certain investment companies not advised by Fidelity Management & Research Company identified collectively
as Mutual Funds on Schedule “A” attached hereto; provided, however, that the Trustee shall not be considered a fiduciary with investment discretion. The Sponsor may add or remove investment options with the consent of the Trustee and upon
mutual amendment of this Trust Agreement and the Schedules thereto to reflect such additions. 
  
 (c) Investment Directions. In order to provide for an accumulation of assets comparable to the contractual liabilities accruing
under the Plan, the Sponsor may direct the Trustee in writing to invest the assets held in the Trust to correspond to the hypothetical investments made for Participants under the Plan. Such directions may be made by Participants by use of a
Participant service representative, the Voice Response System (VRS), the internet or such other electronic means as may be agreed upon from time to time by the Sponsor and the Trustee, maintained for such purposes by the Trustee or its agents, in
accordance with Schedule “E.” In the event that the Trustee fails to receive a proper direction from the Sponsor or from Participants, the assets in question shall be invested in Fidelity Money Market Trust: Retirement Money Market
Portfolio until the Trustee receives a proper direction. 
  
 The Sponsor’s designation of available investment options under paragraphs (a) and (b) above, the maintenance of accounts for each Plan Participant and the crediting of investments to such accounts, the giving of
investment directions by Participants under this paragraph (c), and the exercise by Participants of any other powers relating to investments under this Section 5 are solely for the purpose of providing a mechanism for measuring the obligation of the
Sponsor to any particular Participant under the applicable Plan. As provided in Section 2(c) above, no Participant or beneficiary will have any preferential claim to or beneficial ownership interest in any asset or investment, and the rights of any
Participant and his or her beneficiaries under the applicable Plan and this Agreement are solely those of an unsecured general creditor of the Sponsor with respect to the benefits of the Participant under the Plan. 
  

 5 

 (d) Mutual Funds. The Sponsor hereby acknowledges that it has received from the
Trustee a copy of the prospectus for each Mutual Fund selected by the Sponsor as a Plan investment option. Trust investments in Mutual Funds shall be subject to the following limitations: 
  
 (i) Execution of Purchases and Sales. Purchases and
sales of Fidelity Mutual Funds (other than for Exchanges) shall be made on the date on which the Trustee receives from the Sponsor in good order all information and documentation necessary to accurately effect such purchases and sales (or in the
case of a purchase, the subsequent date on which the Trustee has received a wire transfer of funds necessary to make such purchase). Transactions involving Mutual Funds not advised by Fidelity Management & Research Company shall be executed in
accordance with the operating procedures set forth in Schedule “D” attached hereto. Exchanges of Fidelity Mutual Funds shall be made on the same business day that the Trustee receives a proper direction if received before market close
(generally 4:00 p.m. eastern time); if the direction is received after market close (generally 4:00 p.m. eastern time), the exchange shall be made the following day. 
  
 (ii) Voting. At the time of mailing of notice of each annual or special stockholders’ meeting of
any Mutual Fund, the Trustee shall send a copy of the notice and all proxy solicitation materials to each Participant who has hypothetical shares of the Mutual Fund credited to the Participant’s accounts, together with a voting direction form
for return to the Trustee or its designee. The Participant shall have the right to direct the Trustee as to the manner in which the Trustee is to vote the hypothetical shares credited to the Participant’s accounts. These directions shall be
held in confidence by the Trustee and shall not be divulged to the Sponsor or its affiliates, or any officer or employee thereof, or any other person except to the extent that the consequences of such directions are reflected in reports regularly
communicated to any such person in the ordinary course of the performance of the Trustee’s services hereunder. The Trustee shall vote the shares held in the Trust in the same manner as directed by the Participant under the Plan. The Trustee
shall not vote shares for which it has received no corresponding directions from the Participant. During the reconciliation period, the Sponsor shall have the right to direct the Trustee as to the manner in which the Trustee is to vote the shares of
the Mutual Funds in the Trust. With respect to all rights other than the right to vote, the Trustee shall follow the directions of the Sponsor. The Trustee shall have no duty to solicit directions from the Sponsor. 
  
 (e) Trustee Powers. The Trustee shall have the
following powers and authority: 
  
 (i) Subject
to paragraphs (b), (c) and (d) of this Section 5, to sell, exchange, convey, transfer, or otherwise dispose of any property held in the Trust, by private contract or at public auction. No person dealing with the Trustee shall be bound to see to the
application of the 

  

 6 

 
purchase money or other property delivered to the Trustee or to inquire into the validity, expediency, or propriety of any such sale or other disposition.

  
 (ii) To cause any securities or other
property held as part of the Trust to be registered in the Trustee’s own name, in the name of one or more of its nominees, or in the Trustee’s account with the Depository Trust Company of New York and to hold any investments in bearer
form, but the books and records of the Trustee shall at all times show that all such investments are part of the Trust. 
  
 (iii) To keep that portion of the Trust in cash or cash balances as the Sponsor or Administrator may, from time to time, deem to be in the
best interest of the Trust. 
  
 (iv) To make,
execute, acknowledge, and deliver any and all documents of transfer or conveyance and to carry out the powers herein granted. 
  
 (v) With notice to the Sponsor, to settle, compromise, or submit to arbitration any claims, debts, or damages due to or arising from the
Trust; to commence or defend suits or legal or administrative proceedings; to represent the Trust in all suits and legal and administrative hearings; and to pay all reasonable expenses arising from any such action, from the Trust if not paid by the
Sponsor. 
  
 (vi) To employ legal, accounting,
clerical, and other assistance as may be required in carrying out the provisions of this Agreement and to pay their reasonable expenses and compensation from the Trust if not paid by the Sponsor. 
  
 (vii) To do all other acts although not specifically
mentioned herein, as the Trustee may deem necessary to carry out any of the foregoing powers and the purposes of the Trust. 
  
 Trustee will file an annual fiduciary return to the extent required by law. 
  
 Section 6. Recordkeeping and Administrative Services to Be Performed. 
  
 (a) General. The Trustee shall perform those
recordkeeping and administrative functions described in Schedule “A” attached hereto. These recordkeeping and administrative functions shall be performed within the framework of the Plan as communicated in writing by the 

  

 7 

 
Sponsor to the Trustee and the Administrator’s written directions regarding the Plan’s provisions, guidelines and interpretations. 
  
 (b) Accounts. The Trustee shall keep accurate
accounts of all investments, receipts, disbursements, and other transactions hereunder, and shall report the value of the assets held in the Trust as of the last day of each fiscal quarter of the Plan and, if not on the last day of a fiscal quarter,
the date on which the Trustee resigns or is removed as provided in Section 9 of this Agreement or is terminated as provided in Section 11. Within thirty (30) days following each Reporting Date or within sixty (60) days in the case of a Reporting
Date caused by the resignation or removal of the Trustee, or the termination of this Agreement, the Trustee shall file with the Administrator a written account setting forth all investments, receipts, disbursements, and other transactions effected
by the Trustee between the Reporting Date and the prior Reporting Date, and setting forth the value of the Trust as of the Reporting Date. Except as otherwise required under applicable law, upon the expiration of six (6) months from the date of
filing such account with the Administrator, the Trustee shall have no liability or further accountability to anyone with respect to the propriety of its acts or transactions shown in such account, except with respect to such acts or transactions as
to which the Sponsor shall within such six (6) month period file with the Trustee written objections. 
  
 (c) Inspection and Audit. All records generated by the Trustee in accordance with paragraphs (a) and (b) shall be open to
inspection and audit, during the Trustee’s regular business hours prior to the termination of this Agreement, by the Administrator or any person designated by the Administrator. Upon the resignation or removal of the Trustee or the termination
of this Agreement, the Trustee shall provide to the Administrator, at no expense to the Sponsor, in the format regularly provided to the Administrator, a statement of each Participant’s accounts as of the resignation, removal, or termination,
and the Trustee shall provide to the Administrator or the Plan’s new recordkeeper such further records as are reasonable, at the Sponsor’s expense. 
  

(d) Effect of Plan Amendment. Except as set forth in this Agreement, the Trustee’s provision of the recordkeeping and
administrative services set forth in this Section 6 shall be conditioned on the Sponsor delivering to the Trustee a copy of any amendment to the Plan as soon as administratively feasible following the amendment’s adoption, and on the
Administrator providing the Trustee on a timely basis with all the information the Administrator deems necessary for the Trustee to perform the recordkeeping and administrative services and such other information as the Trustee may reasonably
request to perform its obligations hereunder. 
  

 8 

 (e) Returns, Reports and Information. The Administrator shall be responsible for
the preparation and filing of all returns, reports, and information required of the Trust or Plan by law. The Trustee shall provide the Administrator with such information as the Administrator may reasonably request to make these filings. The
Administrator shall also be responsible for making any disclosures to Participants required by law. 
  
 Section 7. Compensation and Expenses. Sponsor shall pay to Trustee, within thirty (30) days of receipt of the Trustee’s bill, the fees for services in accordance with Schedule “B”. All
fees for services are specifically outlined in Schedule “B” and are based on any assumptions identified therein. In the event that the Plan characteristics referenced in the assumptions outlined in Schedule “B” change
significantly by either falling below or exceeding current or projected levels, such fees shall be subject to revision. To reflect increased operating costs, Trustee may once each calendar year amend Schedule “B” with the Sponsor’s
consent, which shall not be unreasonably withheld, upon ninety (90) days prior notice to the Sponsor. 
  
 All reasonable expenses of Plan administration as shown on Schedule “B” attached hereto, as amended from time to time, shall be charged against
and paid from the appropriate Participants’ accounts, except to the extent such amounts are paid by the Plan Sponsor in a timely manner. 
  
 All expenses of the Trustee relating directly to the acquisition and disposition of investments constituting part of the Trust, and all taxes of any kind
whatsoever that may be levied or assessed under existing or future laws upon or in respect of the Trust or the income thereof, shall be charged against and paid from the appropriate Participants’ accounts. 
  
 Section 8. Directions and Indemnification. 
  
 (a) Identity of Administrator. The Trustee shall be
fully protected in relying on the fact that the Administrator under the Plan is the individual or persons named as such above or such other individuals or persons as the Sponsor may notify the Trustee in writing. 
  
 (b) Directions from Administrator. Whenever the
Administrator provides a direction to the Trustee, the Trustee shall not be liable for any loss, or by reason of any breach, arising from the direction if the direction is contained in a writing (or is oral and immediately confirmed in a writing)
signed by any individual whose name and signature have been submitted 

  

 9 

 
(and not withdrawn) in writing to the Trustee by the Administrator in the form attached hereto as Schedule “C”, provided the Trustee reasonably
believes the signature of the individual to be genuine unless it is clear on the direction’s face that the actions to be taken under the direction would be prohibited by the fiduciary duty rules of Section 404(a) of ERISA, to the extent that
ERISA is applicable, or would be contrary to the terms of this Agreement or to the terms of the Plan as communicated by the Sponsor to the Trustee in writing. Such direction may be made via electronic data transfer (“EDT”) in accordance
with procedures agreed to by the Administrator and the Trustee; provided, however, that the Trustee shall be fully protected in relying on such direction as if it were a direction made in writing by the Administrator. The Trustee shall have no
responsibility to ascertain any direction’s (i) accuracy, (ii) compliance with the terms of the Plan or any applicable law, or (iii) effect for tax purposes or otherwise. 
  
 (c) Directions from Participants. The Trustee shall not be liable for any loss which arises from any
Participant’s exercise or non-exercise of investment directions or voting instructions to the extent permitted by Sections 5(c) and 5(d) over the assets in the Participant’s accounts. 
  
 (d) Indemnification. The Sponsor shall indemnify the
Trustee against, and hold the Trustee harmless from, any and all loss, damage, penalty, liability, cost, and expense, including without limitation, reasonable attorneys’ fees and disbursements, that may be incurred by, imposed upon, or asserted
against the Trustee by reason of any claim, regulatory proceeding, or litigation arising from any act done or omitted to be done by any individual or person with respect to the Plan or Trust, excepting only any and all loss, etc., arising solely
from the Trustee’s negligence, bad faith, willful misconduct or breach of duties under this Agreement. 
  
 (e) Survival. The provisions of this Section 8 shall survive the termination of this Agreement. 
  
 Section 9. Resignation or Removal of Trustee and Termination. 
  
 (a) Resignation and Removal. 
  
 (i) The Trustee may resign at any time in accordance with
the notice provisions set forth below. 
  
 (ii)
The Sponsor may remove the Trustee at any time in accordance with the notice provisions set forth below. 
  

 10 

 (b) Termination. This Agreement may be terminated in full, or with respect to only
a portion of the Plan (i.e., a “partial deconversion”) at any time by the Sponsor upon prior written notice to the Trustee in accordance with the notice provisions set forth below. 
  
 (c) Notice Period. In the event either party desires
to terminate this Agreement or any Services hereunder, the party shall provide at least sixty-(60) days prior written notice of the termination date to the other party; provided, however, that the receiving party may agree, in writing, to a shorter
notice period. 
  
 (d) Transition
Assistance. In the event of termination of this Agreement, if requested by Sponsor, Trustee shall assist Sponsor in developing a plan for the orderly transition of the Plan data, cash and assets then constituting the Trustee and Services
provided by Trustee hereunder to Sponsor or its designee. Trustee shall provide such assistance for a period not extending beyond sixty (60) days from the termination date of this Agreement. Trustee shall provide to Sponsor, or to any person
designated by Sponsor, at a mutually agreeable time, one file of the Plan data prepared and maintained by Trustee in the ordinary course of business, in Trustee’s format. Trustee may provide other or additional transition assistance as mutually
determined for additional fees, which shall be due and payable by the Sponsor prior to any termination of this Agreement. 
  
 (e) Failure to Appoint Successor. If, by the termination date, the Sponsor has not notified the Trustee in writing as to the
individual or entity to which the assets and cash are to be transferred and delivered, the Trustee may bring an appropriate action or proceeding in a court of competent jurisdiction for leave to deposit the assets and cash in a court of competent
jurisdiction. The Trustee shall be reimbursed by the Sponsor for all costs and expenses of the action or proceeding including, without limitation, reasonable attorneys’ fees and disbursements. 
  
 Section 10. Successor Trustee. 
  
 (a) Appointment. If the office of Trustee becomes
vacant for any reason, the Sponsor may in writing appoint a successor trustee under this Agreement. The successor trustee shall have all of the rights, powers, privileges, obligations, duties, liabilities, and immunities granted to the Trustee under
this Agreement. The successor trustee and predecessor trustee shall not be liable for the acts or omissions of the other with respect to the Trust. 
  
 (b) Acceptance. When the successor trustee accepts its appointment under this Agreement, title to and possession of the Trust
assets shall immediately vest in the successor 

  

 11 

 
trustee without any further action on the part of the predecessor trustee. The predecessor trustee shall execute all instruments and do all acts that
reasonably may be necessary or reasonably may be requested in writing by the Sponsor or the successor trustee to vest title to all Trust assets in the successor trustee or to deliver all Trust assets to the successor trustee. 
  
 (c) Corporate Action. Any successor of the Trustee or
successor trustee, through sale or transfer of the business or trust department of the Trustee or successor trustee, or through reorganization, consolidation, or merger, or any similar transaction, shall, upon consummation of the transaction, become
the successor trustee under this Agreement. 
  
 Section 11. Resignation,
Removal, and Termination Notices. All notices of resignation, removal, or termination under this Agreement must be in writing and mailed to the party to which the notice is being given by certified or registered mail, return receipt
requested, to the Sponsor c/o Legal Department, GlobalSantaFe Corporate Services Inc., 777 North Eldridge Parkway, Houston, Texas 77079, and to the Trustee c/o Legal Department, ERISA Group, Fidelity Investments, 82 Devonshire Street, F7A, Boston,
Massachusetts 02109, or to such other addresses as the parties have notified each other of in the foregoing manner. 
  
 Section 12. Duration. This Trust shall continue in effect without limit as to time, subject, however, to the provisions of this Agreement relating to
amendment, modification, and termination thereof. 
  
 Section 13. Insolvency
of Sponsor. 
  
 (a) Trustee shall cease
disbursement of funds for payment of benefits to Participants and their beneficiaries if the Sponsor is Insolvent. 
  
 (b) At all times during the continuance of this Trust, the principal and income of the Trust shall be subject to claims of general
creditors of the Sponsor under federal and state law as set forth below. 
  
 (i) The Board of Directors and the Chief Executive Officer of the Sponsor shall have the duty to inform Trustee in writing of Sponsor’s Insolvency. If a person claiming to be a creditor of the Sponsor alleges in
writing to Trustee that Sponsor has become Insolvent, Trustee shall determine whether Sponsor is Insolvent and, pending such determination, Trustee shall discontinue disbursements for payment of benefits to Participants or their beneficiaries.

  

 12 

 (ii) Unless Trustee has actual knowledge of Sponsor’s Insolvency, or has received
notice from Sponsor or a person claiming to be a creditor alleging that Sponsor is Insolvent, Trustee shall have no duty to inquire whether Sponsor is Insolvent. Trustee may in all events rely on such evidence concerning Sponsor’s solvency as
may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination concerning Sponsor’s solvency. 
  
 (iii) If at any time Trustee has determined that Sponsor is Insolvent, Trustee shall discontinue disbursements for payments to
Participants or their beneficiaries and shall hold the assets of the Trust for the benefit of Sponsor’s general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants or their beneficiaries to pursue
their rights as general creditors of Sponsor with respect to benefits due under the Plan or otherwise. 
  
 (iv) Trustee shall resume disbursement for the payment of benefits to Participants or their beneficiaries in accordance with Section 4 of
this Trust Agreement only after Trustee has determined that Sponsor is not Insolvent (or is no longer Insolvent). 
  
 (c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to (a) hereof and
subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less
the aggregate amount of any payments made to Participants or their beneficiaries by Sponsor in lieu of the payments provided for hereunder during any such period of discontinuance. 
  
 Section 14. Amendment or Modification. This Agreement may be amended or modified at any time and from time to time only by an
instrument executed by both the Sponsor and the Trustee. The individuals authorized to sign such instrument shall be those authorized by the Sponsor on Schedule “C.” 
  
 Section 15. Electronic Services. 
  
 (a) The Trustee may provide communications and services (“Electronic Services”) and/or software products (“Electronic
Products”) via electronic media, including, but 

  

 13 

 
not limited to Fidelity Plan Sponsor WebStation. Such communications shall be in addition to, and not in lieu of, written statements for the Trust and for
each Participant, issued no less frequently than quarterly. The Sponsor and its agents agree to use such Electronic Services and Electronic Products only in the course of reasonable administration of or participation in the Plan and to keep
confidential and not publish, copy, broadcast, retransmit, reproduce, commercially exploit or otherwise redisseminate the Electronic Products or Electronic Services or any portion thereof without the Trustee’s written consent, except, in cases
where Trustee has specifically notified the Sponsor that the Electronic Products or Services are suitable for delivery to Sponsor’s Participants, for non-commercial personal use by Participants or beneficiaries with respect to their
participation in the Plan or for their other retirement planning purposes. 
  
 (b) The Sponsor shall be responsible for installing and maintaining all Electronic Products, (including any programming required to accomplish the installation) and for displaying any and all content associated with
Electronic Services on its computer network and/or Intranet so that such content will appear exactly as it appears when delivered to Sponsor. All Electronic Products and Services shall be clearly identified as originating from the Trustee or its
affiliate. The Sponsor shall as soon as administratively practicable remove Electronic Products or Services from its computer network and/or Intranet, or replace the Electronic Products or Services with updated products or services provided by the
Trustee, upon written notification (including written notification via facsimile) by the Trustee. 
  
 (c) All Electronic Products shall be provided to the Sponsor without any express or implied legal warranties or acceptance of legal
liability by the Trustee, and all Electronic Services shall be provided to the Sponsor without acceptance of legal liability related to or arising out of the electronic nature of the delivery or provision of such Services. Except as otherwise stated
in this Agreement, no rights are conveyed to any property, intellectual or tangible, associated with the contents of the Electronic Products or Services and related material. The Trustee hereby grants to the Sponsor a non-exclusive, non-transferable
revocable right and license to use the Electronic Products and Services in accordance with the terms and conditions of this Agreement. 
  
 (d) To the extent that any Electronic Products or Services utilize Internet services to transport data or communications, the Trustee will
take, and Sponsor agrees to follow, 

  

 14 

 
reasonable security precautions, however, the Trustee disclaims any liability for interception of any such data or communications. The Trustee reserves the
right not to accept data or communications transmitted via electronic media by the Sponsor or a third party if it determines that the media does not provide adequate data security, or if it is not administratively feasible for the Trustee to use the
data security provided. The Trustee shall notify the Sponsor upon making such determination. The Trustee shall not be responsible for, and makes no warranties regarding access, speed or availability of Internet or network services, or any other
service required for electronic communication. The Trustee shall not be responsible for any loss or damage related to or resulting from any changes or modifications to the Electronic Products or Services after delivering it to the Sponsor.

  
 Section 16. General. 
  
 (a) Performance by Trustee, its Agents or Affiliates.
The Sponsor acknowledges and authorizes that the services to be provided under this Agreement shall be provided by the Trustee, its agents or affiliates, including Fidelity Investments Institutional Operations Company, Inc. or its successor, and
that certain of such services may be provided pursuant to one or more other contractual agreements or relationships. 
  
 (b) Entire Agreement. This Agreement contains all of the terms agreed upon between the parties with respect to the subject matter
hereof. 
  
 (c) Waiver. No waiver by
either party of any failure or refusal to comply with an obligation hereunder shall be deemed a waiver of any other or subsequent failure or refusal to so comply. 
  
 (d) Successors and Assigns. The stipulations in this Agreement shall inure to the benefit of, and
shall bind, the successors and assigns of the respective parties. 
  
 (e) Partial Invalidity. If any term or provision of this Agreement or the application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Agreement,
or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforceable to
the fullest extent permitted by law. 
  

 15 

 (f) Section Headings. The headings of the various sections and subsections of this
Agreement have been inserted only for the purposes of convenience and are not part of this Agreement and shall not be deemed in any manner to modify, explain, expand or restrict any of the provisions of this Agreement. 
  
 Section 17. Governing Law. 
  
 (a) Massachusetts Law Controls. This Agreement is
being made in the Commonwealth of Massachusetts, and the Trust shall be administered as a Massachusetts trust. The validity, construction, effect, and administration of this Agreement shall be governed by and interpreted in accordance with the
banking laws of the Commonwealth of Massachusetts to the extent they govern the activities of the Trustee and otherwise in accordance with the laws of Texas, except to the extent those laws are superseded under Section 514 of ERISA. 
  
 (b) Trust Agreement Controls. The Trustee is not a
party to the Plan, and in the event of any conflict between the provisions of the Plan and the provisions of this Agreement, the provisions of this Agreement shall control with respect to the responsibilities of the Trustee. In all other cases, the
provisions of the Plan shall control. 
  
 IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed by their duly authorized officers as of the day and year first above written. 
  

													
	 	 	 	 	 	 	GLOBALSANTAFE CORPORATE SERVICES INC.	 	 
							
	Attest:	 	 

	 	 7-11-02
	 	 	 	By:	 	 

	 	 7-11-02

	 	 	 Secretary
	 	 	 	 	 	 	 	 Vice President
	 	 
					
	 	 	 	 	 	 	FIDELITY MANAGEMENT TRUST COMPANY	 	 
							
	Attest:	 	 

	 	 	 	 	 	By	 	 

	 	 8/20/02

	 	 	 Assistant Clerk
	 	 	 	 	 	 	 	 FMTC Authorized Signatory
	 	 
	 	 	 	 	 	 	 	 	 	 	 Roberta Coen
	 	 

  

 16 

  
 Schedule “A”

  
 RECORDKEEPING AND ADMINISTRATIVE SERVICES

  

	•	 	The Trustee will provide only the recordkeeping and administrative services set forth on this Schedule “A” and no others. 

  
 Administration 
  

	•	 	Establishment and maintenance of Participant account and election percentages. 

  

	•	 	Maintenance of the following Plan investment options: 

  

	 	•	 	Fidelity Blue Chip Growth Fund 

  

	 	•	 	Fidelity Diversified International Fund 

  

	 	•	 	Fidelity Dividend Growth Fund 

  

	 	•	 	Fidelity Equity-Income Fund 

  

	 	•	 	Fidelity Freedom Income Fund® 

  

	 	•	 	Fidelity Freedom 2000 Fund® 

  

	 	•	 	Fidelity Freedom 2010 Fund® 

  

	 	•	 	Fidelity Freedom 2020 Fund® 

  

	 	•	 	Fidelity Freedom 2030 Fund® 

  

	 	•	 	Fidelity Freedom 2040 Fund® 

  

	 	•	 	Fidelity Low-Priced Stock Fund 

  

	 	•	 	Fidelity Magellan® Fund 

  

	 	•	 	Fidelity Mid-Cap Stock Fund 

  

	 	•	 	Fidelity Money Market Trust: Retirement Money Market Portfolio 

  

	 	•	 	Fidelity OTC Portfolio 

  

	 	•	 	Fidelity Small Cap Stock Fund 

  

	 	•	 	Fidelity U.S. Bond Index Fund 

  

	 	•	 	Vanguard Asset Allocation Fund- Investor Shares 

  

	 	•	 	Vanguard Extended Market Index Fund- Investor Shares 

  

	 	•	 	Vanguard 500 Index Fund 

  

	•	 	Maintenance of the following money classifications: 

  

	 	•	 	Deferral Contributions  

  
 Processing 
  

	•	 	Processing of mutual fund trades. 

  

	•	 	Maintain and process changes to Participants’ prospective investment mix elections. 

  

	•	 	Process exchanges between investment options on a daily basis. 

  

	•	 	Provide consolidated payroll contribution data processing via electronic data transfer. 

  

	•	 	 Provide reconciliation and processing of Participant withdrawal requests as approved and directed by the Sponsor. All withdrawal requests will be based on the
current market values of the Participants’ accounts, not advances or estimated values. The “current market value” of a Participant’s account shall be the account value on the business day that direction is 

  

 17 

	 	 
received from the Sponsor in good order by the Trustee, if such direction is confirmed before 4:00 p.m. (E.T.). If direction from the Sponsor is confirmed by
the Trustee after 4:00 p.m. (E.T.) on a business day, then the current market value of a Participant’s account shall be the account value on the next business day. 

  
 Other 
  

	•	 	Prepare, reconcile and deliver a monthly Trial Balance Report presenting all money classes and investments. This report is based on the market value as of the last business day of
the month. The report will be delivered not later than thirty (30) days after the end of each month in the absence of unusual circumstances. 

  

	•	 	Prepare, reconcile and deliver a Quarterly Administrative Report presenting both on a Participant and a total Plan basis all money classes, investment positions and a summary of all
activity of the Participant and Plan as of the last business day of the quarter. The report will be delivered not later than thirty (30) days after the end of each quarter in the absence of unusual circumstances. 

  

	•	 	Prepare and distribute, either to the Sponsor or to each Participant directly, a quarterly detailed Participant statement reflecting all activity for the period. Paper statements
will be delivered not later than thirty (30) days after each quarter in the absence of unusual circumstances. Paper statements mailed directly to the Participant will be sent via first class mail unless otherwise elected by the Participant.

  

	•	 	Provide monthly trial balance 

  

	•	 	Prepare and mail to the Participant, a confirmation of the transactions exchanges and changes to investment mix elections) within five (5) business days of the Participants
instructions. 

  

	•	 	Provide access to Plan Sponsor Webstation (PSW). PSW is a graphical, Windows-based application that provides current Plan and Participant-level information, including indicative
data, account balances, activity and history. 

  

	•	 	Provide Mutual Fund tax reporting (Forms 1099 Div. and 1099-B) to the Sponsor. 

  

	•	 	Provide Federal and state tax reporting and withholding on benefit payments made to Participants and beneficiaries in accordance with Section 4 of this Agreement.

  

	•	 	Prepare employee communications describing available investment options, including multimedia informational materials and group presentations. 

  
 Communication Services. 
  

	•	 	Provide employee communications describing available investment options, including multimedia informational materials and group presentations. 

  

	•	 	Fidelity PortfolioPlanner (SM), an internet-based educational service for Participants that generates target asset allocations and model portfolios customized to investment options
in the Plan(s) based upon methodology provided by Strategic Advisers, Inc., an affiliate of the Trustee. The Sponsor acknowledges that it has received the ADV Part II for Strategic Advisers, Inc. more than 48 hours prior to executing the Trust.

  

													
	 GLOBALSANTAFE CORPORATE SERVICES INC.
	 	 	 	 FIDELITY MANAGEMENT TRUST COMPANY

							
	By:	 	 

	 	 7-11-02
	 	 	 	By:	 	 

	 	 8/20/02

	 	 	 	 	 Date
	 	 	 	 	 	 FMTC Authorized Signatory
	 	 Date

	 	 	 	 	 	 	 	 	 	 	 Roberta Coen
	 	 

  

 18 

  
 Schedule “B” 

  
 FEE SCHEDULE 
  

			
	Annual Participant Fee:	 	$0.00 per Participant*, billed and payable quarterly.

  
 *This fee will be imposed for each
calendar quarter, or any part thereof, that it remains necessary to maintain a Participant’s account(s) as part of the Plan’s records, e.g., vested, deferred, forfeiture, and terminated Participants who must remain on file through
calendar year-end for reporting purposes. 
  

			
	Non-Fidelity Mutual Funds:	 	Non-Fidelity Mutual Fund vendors shall pay fees directly to Fidelity Investments Institutional Operations Company, Inc. (FIIOC) or its affiliates equal to such percentage (generally 25 to 50
basis points) of plan assets invested in such Non-Fidelity Mutual Funds as may be disclosed periodically, or, in the case of the following investment options, in the amounts listed below:
		
	 	 	 •      0 basis points for the Vanguard Asset Allocation Fund- Admiral Shares

		
	 	 	 •      0 basis points for the Vanguard Extended Market Index Fund- Admiral Shares

		
	 	 	 •      0 basis points for the Vanguard Institutional Index Fund

		
	 	 	 •      0 basis points for the Vanguard 500 Index Fund

		
	 	 	Unless otherwise noted, disclosure shall be posted and updated quarterly on Plan Sponsor Webstation at https://psw.fidelity.com or a successor site.
		
	Plan Sponsor Webstation (PSW):	 	Two User I.D.’s provided free of charge.
	 	 	Additional I.D.’s available upon request.

  
 Other Fees: Separate charges for
extraordinary expenses resulting from large numbers of simultaneous manual transactions, from errors not caused by Fidelity, reports not contemplated in this Agreement, corporate actions, or the provision of communications materials in hard copy
which are also accessible to Participants via electronic services in the event that the provision of such material in hard copy would result in an additional expense deemed to be material. 
  
 Fees for corporate actions will be negotiated separately based on the characteristics of the
project as well as the overall relationship at the time of the project. 
  

 19 

 *Note: Assumptions - These fees have been negotiated and accepted based on current participation of 9
Participants. Fees will be subject to revision if these Plan characteristics change significantly (i.e. +/- 10%) by either falling below or exceeding current or projected levels. Fees also have been based on the use of up to 20 investment
options, and such fees will be subject to revision if additional investment options are added. 
  

													
	 GLOBALSANTAFE
 CORPORATE SERVICES
INC.
	 	 	 	 	 	FIDELITY MANAGEMENT TRUST COMPANY	 	 
							
	By:	 	 

	 	 7-11-02
	 	 	 	By:	 	 

	 	 8/20/02

	 	 	 	 	Date	 	 	 	 	 	FMTC Authorized Signatory	 	Date
	 	 	 	 	 	 	 	 	 	 	Roberta Coen	 	 

  

 20 

  

							
	

	  	 	  	 	  	15375 Memorial Drive
	  	 	  	 	  	Houston, TX77079
	  	 	  	 	  	Tel 281.596.5100
	  	 	  	 	  	Fax 281.531.1260

  
 Schedule “C”

  
 August 27, 2002 
  
 Mr. Peter Lacy 
 Fidelity Investments
Institutional Operations Company 
 82 Devonshire Street, MM3H 
 Boston MA 02109 
  
 GlobalSantaFe Key Employee Deferred
Compensation Plan 
  
 Dear Mr. Lacy: 
  
 This letter is sent to you in accordance with Section 8(b) of the Trust
Agreement, dated as of July 12, 2002, between GlobalSantaFe Corporate Services Inc. and Fidelity Management Trust Company. I hereby designate Leo C. Nelson, Jr. and Loretta Carpenter, as the individuals who may provide directions upon which Fidelity
Management Trust Company shall be fully protected in relying. Only one such individual need provide any direction. The signature of each designated individual is set forth below and certified to be such. 
  
 You may rely upon each designation and certification set forth in this letter
until I deliver to you written notice of the termination of authority of a designated individual. 
  

	
	 Very truly yours,
 GlobalSantaFe Corporate Services
Inc.

	
	

  

	
	
	

	Leo C. Nelson, Jr.
	
	

	 Loretta Carpenter

  

  
 Schedule “D”

  
 OPERATIONAL GUIDELINES FOR NON-FIDELITY MUTUAL FUNDS

  
 Pricing 
  
 By 7:00 p.m. Eastern Time (“ET) each Business Day, the Non-Fidelity Mutual Fund Vendor
(Fund Vendor) will input the following information (“Price Information”) into the Fidelity Participant Recordkeeping System (“FPRS”) via the remote access price screen that Fidelity Investments Institutional Operations Company,
Inc. (“FIIOC”), an affiliate of the Trustee, has provided to the Fund Vendor: (1) the net asset value for each Fund at the Close of Trading, (2) the change in each Fund’s net asset value from the Close of Trading on the prior Business
Day, and (3) in the case of an income fund or funds, the daily accrual for interest rate factor (“mil rate”). FIIOC must receive Price Information each Business Day (a “Business Day” is any day the New York Stock Exchange is
open). If on any Business Day the Fund Vendor does not provide such Price Information to FIIOC, FIIOC shall pend all associated transaction activity in the Fidelity Participant Recordkeeping System (“FPRS”) until the relevant Price
Information is made available by Fund Vendor. 
  
 Trade Activity and Wire Transfers 
  
 By 7:00 a.m. ET each
Business Day following Trade Date (“Trade Date Plus One”), FIIOC will provide, via facsimile, to the Fund Vendor a consolidated report of net purchase or net redemption activity that occurred in each of the Funds up to 4:00 p.m. ET
on the prior Business Day. The report will reflect the dollar amount of assets and shares to be invested or withdrawn for each Fund. FIIOC will transmit this report to the Fund Vendor each Business Day, regardless of processing activity. In the
event that data contained in the 7:00 a.m. ET facsimile transmission represents estimated trade activity, FIIOC shall provide a final facsimile to the Fund Vendor by no later than 9:00 a.m. ET. Any resulting adjustments shall be processed by the
Fund Vendor at the net asset value for the prior Business Day. 
  
 The Fund Vendor
shall send via regular mail to FIIOC transaction confirms for all daily activity in each of the Funds. The Fund Vendor shall also send via regular mail to FIIOC, but no later than the fifth Business Day following calendar month close, a monthly
statement for each Fund. FIIOC agrees to notify the Fund Vendor of any balance discrepancies within twenty (20) Business Days of receipt of the monthly statement. 
  
 For purposes of wire transfers, FIIOC shall transmit a daily wire for aggregate purchase activity and the Fund Vendor shall transmit a daily
wire for aggregate redemption activity, in each case including all activity across all Funds occurring on the same day. 
  
 Prospectus Delivery 
  
 FIIOC shall be responsible for the timely delivery of Fund prospectuses and periodic Fund reports (“Required Materials”) to Participants, and shall retain the
services of a third-party vendor to handle such mailings. The Fund Vendor shall be responsible for all materials and production costs, and hereby agrees to provide the Required Materials to the third-party vendor selected by FIIOC. The Fund Vendor
shall bear the costs of mailing annual Fund reports to Participants. FIIOC shall bear the costs of mailing prospectuses to Participants. 
  
 Proxies 
  
 The Fund Vendor shall be responsible for all costs associated with the production of proxy materials. FIIOC shall retain the services of a third-party vendor to handle
proxy solicitation 

  

 22 

 
mailings and vote tabulation. Expenses associated with such services shall be billed directly the Fund Vendor by the third-party vendor. 
  
 Participant Communications 
  
 The Fund Vendor shall provide internally prepared fund descriptive information approved by
the Funds’ legal counsel for use by FIIOC in its written Participant communication materials. FIIOC shall utilize historical performance data obtained from third-party vendors (currently Morningstar, Inc., FACTSET Research Systems and Lipper
Analytical Services) in telephone conversations with Participants and in quarterly Participant statements. The Sponsor hereby consents to FIIOC’s use of such materials and acknowledges that FIIOC is not responsible for the accuracy of
third-party information. FIIOC shall seek the approval of the Fund Vendor prior to retaining any other third-party vendor to render such data or materials under this Agreement. 
  
 Compensation 
  
 FIIOC shall be entitled to fees as set forth in a separate agreement with the Fund Vendor. 
  

 23 

  
 Schedule “E”

  
 EXCHANGE GUIDELINES 
  
 The following exchange procedures are currently employed by Fidelity Investments
Institutional Operations Company, Inc. (FIIOC). 
  
 Exchange hours, via a Fidelity
Participant service representative, are 8:30 a.m. (ET) to 8:00 p.m. in the Participant’s time zone in the continental United States on each business day. A “business day” is any day on which the New York Stock Exchange (NYSE) is open.

  
 Exchanges via the internet may be made virtually 24 hours a day. 

 
 Exchanges via VRS may be made virtually 24 hours a day. 
  
 FIIOC reserves the right to change these Exchange Guidelines at its discretion. 

 
 Note: The NYSE’s normal closing time is 4:00 p.m. (ET); in the event the NYSE alters
its closing time, all references below to 4:00 p.m. (ET) shall mean the NYSE closing time as altered. 
  
 Mutual Funds 
  
 Exchanges Between Mutual Funds 
  
 In accordance with this
Agreement, the Sponsor may direct that Participants contact Fidelity on any day to exchange between mutual funds. If the request is confirmed before the close of the market (generally, 4:00 p.m. ET) on a business day, it will receive that day’s
trade date. Requests confirmed after the close of the market on a business day (or on any day other than a business day) will be processed on a next day basis. 
  

					
	GLOBALSANTAFE CORPORATE SERVICES INC.
			
	By	 	 

	 	 7-11-02

	 	 	 	 	Date

  

 24

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