Document:

EX-10.1

 Exhibit 10.1 

THE DIAMOND OFFSHORE DRILLING, INC. 

INCENTIVE COMPENSATION PLAN 

(Amended and Restated as of January 1, 2018, as amended on June 28, 2018) 

 

	1.	PURPOSE OF THE PLAN 

 The purpose of The Diamond Offshore Drilling, Inc. Incentive
Compensation Plan (the “Plan”) is to provide a means of rewarding certain executive officers, officers and key employees of Diamond Offshore Drilling, Inc. (the “Corporation”) or its subsidiaries who have
contributed to the profitability of the Corporation and to encourage them to remain with and devote their best efforts to the business of the Corporation, thereby advancing the interests of the Corporation and its stockholders. 

 

	2.	ADMINISTRATION OF THE PLAN 

 The Plan shall be administered by the Compensation Committee
(the “Committee”) of the Board of Directors of the Corporation (the “Board”). In the event the Board is the administrator of the Plan, references herein to the Committee shall be deemed to refer to the Board. The
administration of this Plan shall be vested in the Committee, or such other committee of the Board of Directors which shall succeed to the functions and responsibilities of such committee in relation to this Plan, which shall make all determinations
necessary under this Plan. No member of the Committee shall be entitled to participate in this Plan. 
 The Committee shall have sole
authority to (i) select Participants, (ii) establish any appropriate grouping of Participants for purposes of making award grants pursuant to this Plan (“Incentive Awards”), (iii) establish conditions for receipt of an
Incentive Award for a Performance Period based upon corporate, group, or individual performance, or a combination thereof, or such other criteria as the Committee may determine to be appropriate, and (iv) establish the amount of an Incentive
Award, if any, to be granted to a Participant with respect to a Performance Period and the terms thereof, including the establishment of any deferral period. The Committee may also, in its sole discretion, waive any eligibility, performance, or
other criteria under the Plan in a manner favorable to a particular Participant or to Participants generally, upon such terms as the Committee deems appropriate. The Committee is authorized to interpret the Plan and may from time to time adopt such
rules and regulations, consistent with the provisions of the Plan, as it may deem advisable to carry out the Plan. All decisions made by the Committee in selecting Participants, determining who shall be granted Incentive Awards and the amount
thereof, and in construing the provisions of the Plan or the terms of any Incentive Award shall be final and binding on all Participants. 

Nothing in this Plan or any agreement with respect to any Incentive Award pursuant to this Plan is intended to or shall (i) prohibit or
restrict a Participant from communicating about or reporting any possible violation of federal, state or local law or regulation to any governmental agency or entity, including, but not limited to, the Securities and Exchange Commission, or any

  

 
applicable self-regulatory organization, or making any other disclosure that is protected under the whistleblower provisions of federal, state or local law or regulation, in each case without
notice to the Corporation, or (ii) limit the right of a Participant to receive an award for information provided to any such governmental agency or entity or self-regulatory organization. For the avoidance of doubt, the Corporation hereby
confirms its consent to any such disclosure that is protected under the whistleblower provisions of federal, state or local law or regulation by any Participant, notwithstanding anything to the contrary in this Plan or any agreement with respect to
any Incentive Award, except for information that is protected from disclosure by any applicable law or privilege. 
  

	3.	PARTICIPATION IN THE PLAN 

 The Committee may designate one or more executive officers,
officers and key employees of the Corporation or any subsidiary thereof (each, a “Participant”) who shall participate in this Plan for one or more Performance Periods or Multiple Award Periods (as those terms are defined in
Section 6 below). 
 No employee shall become a Participant in the Plan until such employee has received an Incentive Award providing
for such participation. Once an employee is selected to participate in the Plan, he or she remains a Participant until (i) such designation is revoked by the Committee, which the Committee in its discretion may do at any time, but only
prospectively, or (ii) such employee’s employment with the Corporation or any subsidiary thereof is terminated, whichever occurs first. An employee whose designation as a Participant is revoked by the Committee shall continue to
participate in the Plan to the extent of any unpaid Incentive Awards but shall not otherwise be considered a Participant. No employee shall be disqualified from eligibility merely by reason of his or her being a director of the Corporation or any
subsidiary thereof. 
  

	4.	PERFORMANCE GOALS 

 (a)        Performance
Awards Generally. The Committee is authorized to grant performance Incentive Awards on the terms and conditions specified in this Section 4 (“Performance Awards”). Performance Awards shall be payable in cash. The Committee
may select such of the performance measures set forth in Section 4(c) or other performance measures as it may deem appropriate in granting any Performance Awards. The grant and settlement of all Performance Awards shall be contingent upon
achievement of pre-established performance goals and other terms set forth in this Section 4. 

(b)        Objective Performance Goals. The Committee shall establish written, objective
performance goals for a Performance Period (the “Goals”). In the event of a Multiple Award Period, the Goals shall be established for the first Performance Period in the Multiple Award Period. The Goals shall be stated as specific
amounts of, or specific changes in, one or more of the performance measures selected by the Committee in granting the Performance Awards. The Goals need not be the same for different Performance Periods. The aggregate amount of the Performance
Awards determined based on the Goals for a given award period (the “Performance-Based Amount”) shall be allocated to the Participants in accordance with Section 5 hereof. 

  
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 (c)        Performance Measures. The Committee
shall use performance measures it deems appropriate to establish the Goals under Section 4(b), including any one or more of the following performance measures: (i) earnings including operating income, earnings before or after taxes,
earnings before or after interest, depreciation, amortization, or extraordinary or special items or book value per share (which may exclude nonrecurring items); (ii) pre-tax income or after-tax income; (iii) earnings per common share (basic or diluted) including operating earnings per share; (iv) operating profit; (v) revenue, revenue growth or rate of revenue growth;
(vi) assets, return on assets (gross or net), return on investment, capital, return on capital, or return on equity; (vii) returns on sales or revenues; (viii) expenses, operating expenses or expense ratios; (ix) stock price
appreciation or stockholder equity; (x) cash flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of capital; (xi) implementation or completion of
critical projects or processes; (xii) economic value created; (xiii) cumulative earnings per share growth; (xiv) operating margin or profit margin; (xv) book value, common stock price or total stockholder return; (xvi) cost
targets, reductions and savings, productivity and efficiencies; (xvii) debt to capital ratio or market share; (xviii) strategic business criteria, consisting of one or more objectives based on meeting specified market penetration,
geographic business expansion, customer satisfaction, employee satisfaction, human resources management, supervision of litigation, information technology, and goals relating to acquisitions, divestitures, joint ventures and similar transactions,
and budget comparisons; (xix) personal professional objectives, including any of the foregoing performance goals, the implementation of policies and plans, the negotiation of transactions, the development of long-term business goals, formation
of joint ventures, research or development collaborations, and the completion of other corporate transactions; and (xx) any combination of, or a specified increase in, any of the foregoing. Where applicable, the performance measures may be
expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Corporation, a subsidiary or affiliate, or a
division or strategic business unit of the Corporation, or may be applied to the performance of the Corporation relative to a market index, a group of other companies or a combination thereof, all as determined by the Committee. The performance
measures may include a threshold level of performance below which no payment will be made (or no vesting will occur), levels of performance at which specified payments will be made (or specified vesting will occur), and a maximum level of
performance above which no additional payment will be made (or at which full vesting will occur). Each of the foregoing performance measures shall be determined in accordance with generally accepted accounting principles, if applicable, and shall be
subject to certification by the Committee; provided that the Committee shall have the authority to make equitable adjustments to the performance measures in recognition of unusual or nonrecurring events affecting the Corporation or any subsidiary or
affiliate or the financial statements of the Corporation or any subsidiary or affiliate, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature
or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles or any other unusual transaction or event. 

(d)        Written Determinations. The Committee shall record in writing, prior to settlement
of each such award granted to a Participant, that the Goals relating to the Performance Award and other material terms of the award upon which settlement of the Performance Award was conditioned have been satisfied. 

  
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	5.	AWARDS TO PARTICIPANTS 

(a)        Performance Awards. The Committee shall allocate in writing, on behalf of each
Participant, (a) the amount available for Performance Awards to such Participant, on the basis of the Goals for such Performance Period, pursuant to a formula determined by the Committee subject to and in accordance with Section 4 and this
Section 5 or (b) a percentage of Performance-Based Amount on which such Participant’s award will be based and, in each case, the Committee may, in its discretion, determine to reserve the discretion (“Negative
Discretion”) to reduce the amount payable to the Participant below the designated portion of Performance-Based Amount. In the event of a Multiple Award Period, for all included Performance Periods the Committee shall allocate in writing, on
behalf of each Participant, a portion of Performance-Based Amount (which shall be determined as provided in clause (a) or (b) above in this Section 5) for each of the Performance Periods in the Multiple Award Period or, in the alternative,
an aggregate formula for the later Performance Periods in the Multiple Award Period based on the total of assigned portions of Performance-Based Amount for the then current and the prior Performance Periods included in the Multiple Award Period. In
no event shall the sum of the portions of Performance-Based Amount allocated to Participants exceed the Performance Based Amount determined in Section 4 for any Performance Period, nor shall any exercise of Negative Discretion with respect to
one Participant increase the amount payable to any other Participant. For the avoidance of doubt, overlapping Performance Periods and/or Multiple Award Periods may be established for a Participant. The Committee shall set a maximum amount payable
for each Participant for each Performance Period, which shall not exceed $7,500,000 per year or a pro rata portion thereof for Performance Periods which are greater or less than one year. 

(b)        Time-Vesting Awards. The Committee is authorized to grant time-vested Incentive
Awards on the terms and conditions specified in this Section 5(b) (“Time-Vesting Awards”). Time-Vesting Awards shall be payable in cash. The Committee may select the applicable vesting date or dates for such Time-Vesting Awards
or portions thereof (the “Vesting Date”) as it may deem appropriate in granting any Time-Vesting Awards. On or prior to the start of a Performance Period, the Committee shall allocate in writing, on behalf of each Participant, the
amount of such Time-Vesting Awards to such Participant and the Vesting Date. The aggregate amount of such Time-Vesting Awards shall be referred to as the “Time-Based Amount.” In the event of a Multiple Award Period, the Committee
shall allocate in writing, on behalf of each Participant, the amount of such Time-Vesting Awards to such Participant and the applicable Vesting Date. For the avoidance of doubt, overlapping Performance Periods and/or Multiple Award Periods may be
established for a Participant. 

  
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	6.	PERFORMANCE PERIOD 

 The term “Performance Period” means a period
established by the Committee during which (a) for Performance Awards, performance will be measured for purposes of determining the extent to which one or more Participants will receive awards under this Plan, and (b) for Time-Vesting
Awards, the period of time containing the Vesting Date(s) over which the Time-Vesting Awards may vest. Generally, a Performance Period for Performance Awards shall be the twelve-month period commencing January 1 of a calendar year and ending on
December 31 of such calendar year or a future calendar year. The Performance Period for Time-Vesting Awards shall be the time period or periods specified in the Incentive Award. In addition, the Committee may establish Performance Periods
beginning and/or ending on other dates (including without limitation Performance Periods of less or more than one calendar year). Furthermore, the Committee may designate Participants for future Performance Period awards (a “Multiple Award
Period”). 
  

	7.	CERTIFICATION OF PERFORMANCE AWARDS UNDER THE PLAN 

 Following the completion of each
Performance Period, the Committee shall certify in writing for Performance Awards (a) the Performance-Based Amount, if any, for such Performance Period and (b) the Performance Awards that are consequently payable to the Participants
according to the pre-established formulae. For the avoidance of doubt, there is no certification required for Time-Vesting Awards. 
  

	8.	PAYMENT AND DEFERRAL OF PAYMENT OF AWARDS 

(a)        Except as otherwise provided in this Section 8, Performance Awards and Time-Vesting
Awards for each Performance Period shall be paid to Participants upon such terms as the Committee determines to be appropriate, including, without limitation, deferral of all or a portion of the Performance Award, subject to applicable provisions of
the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder, as they may from time to time be in effect (the “Regulations”) (and any applicable Internal Revenue Service
(“IRS”) guidance thereunder). All portions of Performance Awards that are not deferred shall be paid as soon as administratively feasible after the Initial Payout Date (as defined below). In the event payment of any portion of a
Performance Award is deferred, the deferred portion of the Performance Award shall bear “interest” at a rate per annum equal to the Treasury rate in effect on the January 31 immediately preceding the Initial Payout Date for the
Performance Award. The applicable Treasury rate shall be the rate for Treasury bills, bonds or notes with a term closest to the midpoint of the deferral term of the Performance Award. For instance, if a portion of a Performance Award is deferred for
60 months that portion of the Performance Award will bear “interest” at the Treasury rate closest to 30 months. “Interest” shall be payable with each deferred payment of Performance Awards and shall be calculated on the balance
outstanding since the immediately preceding payment of a portion of the Performance Awards. 

(b)        No deferral of the payment of all or any portion of a Performance Award shall be permitted
if and to the extent such deferral would cause such payment, or any portion thereof, to be treated as “deferred compensation” taxable under Section 409A(a)(1) of the Code or the Regulations or other IRS guidance thereunder. 

  
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 (c)        Except as provided in subsection (d), (e) or
(f) of this Section 8 or Section 9, if a Participant’s employment with the Corporation or any of its subsidiaries is terminated voluntarily by the Participant or is Terminated for Cause, such termination shall cause the
Participant to forfeit any and all amounts remaining to be paid to such Participant under the Plan, including, but not limited to, any Performance Award or Time-Vesting Award as to which the Initial Payout Date has not been attained prior to the
termination. 
 (d)        In the event a Participant’s employment with the Corporation or any
of its subsidiaries terminates by reason of his or her death, Retirement (as defined below), or Disability (as defined below), the Corporation shall pay to such Participant (or to such Participant’s estate) the full amount of his or her earned
but unpaid Performance Awards or Time-Vesting Awards. Such payment shall be made as soon as administratively feasible following the date of such Participant’s termination, except that, in the case of any Performance Award as to which the
Initial Payout Date has not been attained prior to the date of termination, such payment shall be made on the Initial Payout Date, or as soon as administratively feasible thereafter. 

(e)        Unless a Participant’s employment with the Corporation or any of its subsidiaries is
terminated voluntarily by the Participant or is Terminated for Cause, the Corporation shall pay to such Participant the full amount of his or her earned but unpaid Performance Awards or Time-Vesting Awards. Subject to Section 8(b), such payment
shall be made as soon as administratively feasible following the date of such Participant’s termination, except that, in the case of any Performance Award as to which the Initial Payout Date has not been attained prior to the date of
termination, such payment shall be made on the Initial Payout Date, or as soon as administratively feasible thereafter. 

(f)        Regardless of how a Participant’s employment with the Corporation or any of its
subsidiaries terminates, the Committee, in its sole discretion, may elect to have the Corporation pay to such Participant all or any part of his or her earned but unpaid Performance Awards or Time-Vesting Awards. Subject to Section 8(b), such
payment shall be made as soon as administratively feasible following the Committee’s determination, except that, in the case of any Performance Award or Time-Vesting Award as to which the Initial Payout Date has not been attained prior to the
date of such determination, such payment shall be made on the Initial Payout Date, or as soon as administratively feasible thereafter. 

(g)        Notwithstanding anything in this Plan to the contrary, the Committee may provide for the
treatment of Performance Awards or Time-Vesting Awards hereunder upon termination of employment which vary from those set forth in the Plan, which provisions shall be set forth in the employment or engagement agreement between a Participant and the
Corporation or any subsidiary thereof (or in an award agreement). 
 (h)        Any amounts
forfeited by any Participant under the Plan shall not be restored to the Performance-Based Amount or Time-Based Amount or paid to another Participant as a Performance Award or Time-Vesting Award. Furthermore, at all times each Performance-Based

  
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Amount or Time-Based Amount remains the property of the Corporation until such amounts are allocated as Performance Awards or Time-Vesting Awards and paid to Participants pursuant to the terms of
the Plan. 
 (i)        Performance Awards and Time-Vesting Awards to Participants will be treated
for tax purposes the same as amounts paid to such Participant as salary in the year in which such Performance Award or Time-Vesting Award is actually paid. The Corporation shall be entitled to withhold from any amount payable hereunder the amount of
any federal, state or local tax owed, as determined by the Corporation. 
 (j)        For purposes
of this Section 8 and Section 9, the following capitalized terms shall have the following meanings: 

(i)        Disability. “Disability” shall have the meaning set forth in the
employment or engagement agreement between a Participant and the Corporation or any subsidiary thereof, if such an agreement exists and contains a definition of Disability; otherwise “Disability” means the inability of a Participant to
engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, as provided
in Section 409A(a)(2)(C) of the Code and the Regulations (and any applicable IRS guidance thereunder), including Prop. Treas. Reg. § 1.409A-3(g)(4). For purposes of this Section 8 and
Section 9, a Participant will be deemed disabled if such Participant is determined to be totally disabled by the Social Security Administration. Moreover, a Participant will be deemed disabled if such Participant is determined to be disabled in
accordance with a disability insurance program of the Corporation, provided that the definition of disability applied under such disability insurance program complies with the requirements of the Regulations (and any applicable IRS guidance
thereunder), including Prop. Treas. Reg. § 1.409A-3(g)(4). 

(ii)        Initial Payout Date. The Initial Payout Date for a Performance Award shall be the
Payout Date immediately following a Performance Period. The Initial Payout Date for a Time-Vesting Award shall be the initial Vesting Date specified in the Incentive Award which provides for payment of the first portion of such Time-Vesting Award.

 (iii)        Payout Date. A date selected by the Committee. 

(iv)        Retirement. Termination of employment with the Corporation or any of its
subsidiaries by a Participant on or after reaching age 60, unless the Participant’s employment is Terminated for Cause. 

(v)        Terminated for Cause. The term “Cause” shall have the meaning set forth in
the employment or engagement agreement between a Participant and the Corporation or any subsidiary thereof, if such an agreement exists and contains a definition of Cause; otherwise Cause shall mean (1) conviction of the Participant for
committing a felony under Federal law or the law of the state in which such action occurred, (2) dishonesty in the course of fulfilling a Participant’s employment, engagement or directorial duties, (3) willful and deliberate failure
on the part of a Participant to perform the Participant’s employment, engagement or directorial 

  
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duties in any material respect or (4) such other events as shall be determined in good faith by the Board. The Board shall, unless otherwise provided elsewhere or in an employment agreement
with the Participant, have the sole discretion to determine whether Cause exists, and its determination shall be final. 
  

	9.	SEPARATION FROM THE CORPORATION AND ITS SUBSIDIARIES 

(a)        Participants who cease to be employed by the Corporation or its subsidiaries prior to the
end of a Performance Period, other than due to Retirement (as defined in Section 8), death or Disability (as defined in Section 8), shall not be eligible to receive a Performance Award for the Performance Period in which such termination
of employment occurs or any unvested portion of a Time-Based Award for the Performance Period in which such termination of employment occurs; provided, that the Committee may, in its sole discretion, determine that such a Participant shall receive a
Performance Award which is prorated to the date of cessation of employment but based upon the Performance-Based Amount for the entire Performance Period. 

(b)        Participants who cease to be employed by the Corporation or its subsidiaries prior to the
end of a Performance Period due to Retirement (as defined in Section 8), death or Disability (as defined in Section 8) shall receive a Performance Award which is prorated to the date of cessation of employment but based upon the
Performance-Based Amount for the entire Performance Period. 
 (c)        Any Participant may
designate in writing the beneficiary of the unpaid amount of a Performance Award or Time-Vesting Award (including the amount of any Performance Award or Time-Vesting Award which was previously deferred) in case of death and if no designation has
been made, or if any such designation shall become ineffective, any such unpaid amount will be paid to the Participant’s estate. Such designation shall be effective upon receipt thereof by the Corporation. Any such designation may be revoked in
writing by a Participant at any time without the consent of any such beneficiary. 
  

	10.	AMENDMENTS 

 The Committee may amend this Plan at any time. The Committee may also amend
this Plan as it deems necessary or appropriate to comply with any applicable provisions of the Code or the Regulations (and any applicable IRS guidance thereunder) in relation to the ability to defer award payments in a manner that will avoid the
application of Section 409A(a)(1) of the Code to such payments. If the Code or the Regulations would require stockholder approval of such amendment in order for payments under this Plan to be deductible, then no such amendment shall be
effective without such approval. 
  

	11.	TERMINATION 

 The Board of Directors of the Corporation may terminate this Plan at any
time. No termination of this Plan shall adversely affect the right of any person to receive any award for a Performance Period or Periods for which such person had been designated under Section 3 of this Plan, or amounts previously awarded to
such person but deferred in accordance with Section 8 of this Plan plus any interest thereon. 

  
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	12.	MISCELLANEOUS 

 (a)        Nothing contained in
this Plan shall be construed as giving any executive officer, officer or key employee of the Corporation or any subsidiary thereof the right to participate in this Plan or to continued employment or any interest in any asset of the Corporation or
any of its subsidiaries, nor to prevent the Corporation or any of its subsidiaries or affiliates from taking any action which it deems to be appropriate or in its best interests, whether or not such action would have an adverse effect on this Plan
or the amounts payable hereunder. 
 (b)        This Plan shall be unfunded and the Corporation
shall not be required to establish any segregation of assets to assure payment of any awards made hereunder. 

(c)        A Participant may not sell, transfer or assign any right or interest in this Plan except as
provided in Section 9(c) hereof and any attempted sale, transfer or assignment shall be null and void. 

(d)        Section 409A. This Plan is intended to comply with, or be exempt from, the
requirements of Code Section 409A, including any future amendments to Code Section 409A, and any other IRS or other governmental rulings or interpretations (“IRS Guidance”) issued pursuant to Code Section 409A.
Accordingly, the Corporation reserves the right to amend the provisions of this Plan at any time and in any manner without the consent of any Participants to comply with the requirements of Code Section 409A and any IRS Guidance and to avoid
the imposition of the additional tax, interest or income inclusion under Code Section 409A on any payment to be made hereunder. Notwithstanding the foregoing, in no event whatsoever shall the Corporation be liable for any additional tax,
interest, income inclusion or other penalty that may be imposed on a Participant by Code Section 409A or for damages for failing to comply with Code Section 409A. For purposes of Code Section 409A, each payment of an Incentive Award
under this Plan shall be treated as a separate payment, and any right to a series of payments in respect of any Incentive Awards under this Plan shall be treated as a right to receive a series of separate payments. It is further expressly intended
that any right to any Incentive Award shall be subject to a substantial risk of forfeiture, as described in Treas. Reg. §§ 1.409A-1(d) and
1.409A-3(i)(5)(iv)(A). 
 (e)        This Plan shall be
governed by and construed in accordance with the laws of the State of New York and the applicable provisions of the Code and the Regulations. 
  

	13.	EFFECTIVE DATE 

 This Plan, as amended, shall be effective as of January 1, 2018 and
shall remain in effect until terminated in accordance with Section 11 hereof. 

  
 9TENTH
AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT,

TERM LOAN AND SECURITY AGREEMENT

 

THIS
TENTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT, TERM LOAN AND SECURITY AGREEMENT, dated as of July 26, 2018 (this “Amendment”),
relating to the Credit Agreement referenced below, is by and among PERMA-FIX ENVIRONMENTAL SERVICES, INC., a Delaware corporation
(the “Borrower”), the lenders identified on the signature pages hereto (the “Lenders”),
and PNC Bank, National Association, a national banking association, as agent for the Lenders (in such capacity, the “Agent”).
Terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement.

 

W
I T N E S S E T H

 

WHEREAS,
a credit facility has been extended to the Borrower pursuant to the terms of that certain Amended and Restated Revolving Credit,
Term Loan and Security Agreement dated as of October 31, 2011 (as amended and modified from time to time, the “Credit
Agreement”) among the Borrower, the Lenders identified therein, and PNC Bank, National Association, as agent for the
Lenders;

 

WHEREAS,
the Borrower has requested certain modifications to the Credit Agreement; and

 

WHEREAS,
the Required Lenders have agreed to the requested modifications on the terms and conditions set forth herein;

 

NOW,
THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

1.
Amendments. The Credit Agreement is amended as set forth below:

 

(a)
New definitions “Eurodollar Termination Date” and “Overnight Bank Funding Rate” are added
to Section 1.2 in correct alphabetical order to read as follows:

 

“
“Eurodollar Termination Date” shall have the meaning set forth in Section 3.8.2(a) hereof.

 

“Overnight
Bank Funding Rate” shall mean, for any, day the rate per annum (based on a year of 360 days and actual days elapsed)
comprised of both overnight federal funds and overnight Eurocurrency borrowings by U.S.-managed banking offices of depository
institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York, as set forth on its public website
from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by such Federal Reserve
Bank (or by such other recognized electronic source (such as Bloomberg) selected by Agent for the purpose of displaying such rate)
(an “Alternate Source”); provided, that if such day is not a Business Day, the Overnight Bank Funding Rate
for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time,
for any reason, no longer exist, a comparable replacement rate determined by Agent at such time (which determination shall be
conclusive absent manifest error). If the Overnight Bank Funding Rate determined as above would be less than zero, then such rate
shall be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight
Bank Funding Rate without notice to Borrower.”

 

    	 	 	 

    	 

    

 

(b)
The definitions of “Alternate Source”, “Eurodollar Rate” and “Federal Funds Effective
Rate” in Section 1.2 are amended to read as follows:

 

“
“Alternate Source” shall have the meaning set forth in the definition of Overnight Bank Funding Rate.

 

“Eurodollar
Rate” shall mean for any Eurodollar Rate Loan for the then current Interest Period relating thereto, the interest rate
per annum determined by Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1%
per annum) (a) the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates
at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted
by another source selected by Agent as an authorized information vendor for the purpose of displaying rates at which U.S. dollar
deposits are offered by leading banks in the London interbank deposit market (a “Eurodollar Alternate Source”),
at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period as the London
interbank offered rate for U.S. Dollars for an amount comparable to such Eurodollar Rate Loan and having a borrowing date and
a maturity comparable to such Interest Period (or (x) if there shall at any time, for any reason, no longer exist a Bloomberg
Page BBAM1 (or any substitute page) or any Eurodollar Alternate Source, a comparable replacement rate determined by Agent at such
time (which determination shall be conclusive absent manifest error) or (y) if the Eurodollar Rate is unascertainable as set forth
in Section 3.8.2(a), a comparable replacement rate determined in accordance with Section 3.8.2), by (b) a number equal to 1.00
minus the Reserve Percentage; provided, however, that if the Eurodollar Rate determined as provided above would be less
than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

The
Eurodollar Rate shall be adjusted with respect to any Eurodollar Rate Loan that is outstanding on the effective date of any change
in the Reserve Percentage as of such effective date. Agent shall give reasonably prompt notice to Borrower of the Eurodollar Rate
as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest error.

 

    	 	2	 

    	 

    

 

“Federal
Funds Effective Rate” shall mean for any day the rate per annum (based on a year of 360 days and actual days elapsed
and rounded upward to the nearest 1/100 of 1%) calculated by the Federal Reserve Bank of New York (or any successor) based on
such day’s federal funds transactions by depositary institutions, as determined in such matter as such Federal Reserve Bank
(or any successor) shall set forth on its public website from time to time, and as published on the next succeeding Business Day
by such Federal Reserve Bank as the “Federal Funds Effective Rate”; provided, if such Federal Reserve Bank (or its
successor) does not publish such rate on any day, the “Federal Funds Effective Rate” for such day shall be the Federal
Funds Effective Rate for the last day on which such rate was announced.”

 

(c)
The definition of “Federal Funds Open Rate” in Section 1.2 is deleted in its entirety.

 

(d)
Section 2.1(a)(y)(a)(iii) is amended to read as follows:

 

“(iii)
a $1,000,000 availability block established from a portion of the South Georgia Insurance Proceeds, minus”.

 

(e)
All references to “10:00 a.m.” in Section 2.2 are replaced with “3:00 p.m.”.

 

(f)
The second to the last sentence in Section 2.2(b) is amended to read as follows:

 

“Any
Interest Period that begins on the last Business Day of a calendar month (or a day for which there is no numerically corresponding
day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such
Interest Period. Upon and after the occurrence of an Event of Default, and during the continuation thereof, at the option of Agent
or at the direction of Required Lenders, no Eurodollar Rate Loan shall be made available to Borrower.”

 

(g)
A new Section 2.2(i) is added to read as follows:

 

“(i)
Anything to the contrary contained herein notwithstanding, neither Agent nor any Lender, nor any of their participants, is required
actually to acquire Eurodollar deposits to fund or otherwise match fund any Obligation as to which interest accrues based on the
Eurodollar Rate. The provisions set forth herein shall apply as if each Lender or its participants had match funded any Obligation
as to which interest is accruing based on the Eurodollar Rate by acquiring Eurodollar deposits for each Interest Period in the
amount of the Eurodollar Rate Loans.”

 

    	 	3	 

    	 

    

 

(h)
The words “average daily face amount” in the third line of Section 3.2(a) are replaced with the words “aggregate
daily face amount”.

 

(i)
Section 3.3(b) is amended by deleting the word “average” in the fourth line of the section.

 

(j)
Section 3.8 is amended to read as follows:

 

“3.8.
Alternate Rate of Interest.

 

3.8.1.
Interest Rate Inadequate or Unfair. In the event that Agent or any Lender shall have determined that:

 

(a)
reasonable means do not exist for ascertaining the Eurodollar Rate applicable pursuant to Section 2.2 hereof for any Interest
Period; or

 

(b)
Dollar deposits in the relevant amount and for the relevant maturity are not available in the London interbank Eurodollar market,
with respect to an outstanding Eurodollar Rate Loan, a proposed Eurodollar Rate Loan, or a proposed conversion of a Domestic Rate
Loan into a Eurodollar Rate Loan; or

 

(c)
the making, maintenance or funding of any Eurodollar Rate Loan has been made impracticable or unlawful by compliance by Agent
or such Lender in good faith with any Applicable Law or any interpretation or application thereof by any Governmental Body or
with any request or directive of any such Governmental Body (whether or not having the force of law); or

 

(d)
the Eurodollar Rate will not adequately and fairly reflect the cost to such Lender of the establishment or maintenance of any
Eurodollar Rate Loan,

 

    	 	4	 

    	 

    

 

then
Agent shall give Borrower prompt written or telephonic notice of such determination. If such notice is given prior to a Eurodollar
Termination Date (as defined below) or prior to the date on which Section 3.8.2(a)(ii) applies, (i) any such requested Eurodollar
Rate Loan shall be made as a Domestic Rate Loan, unless Borrower shall notify Agent no later than 1:00 p.m. two (2) Business Days
prior to the date of such proposed borrowing, that its request for such borrowing shall be cancelled or made as an unaffected
type of Eurodollar Rate Loan, (ii) any Domestic Rate Loan or Eurodollar Rate Loan which was to have been converted to an affected
type of Eurodollar Rate Loan shall be continued as or converted into a Domestic Rate Loan, or, if Borrower shall notify Agent,
no later than 1:00 p.m. two (2) Business Days prior to the proposed conversion, shall be maintained as an unaffected type of Eurodollar
Rate Loan, and (iii) any outstanding affected Eurodollar Rate Loans shall be converted into a Domestic Rate Loan, or, if Borrower
shall notify Agent, no later than 1:00 p.m. two (2) Business Days prior to the last Business Day of the then current Interest
Period applicable to such affected Eurodollar Rate Loan, shall be converted into an unaffected type of Eurodollar Rate Loan, on
the last Business Day of the then current Interest Period for such affected Eurodollar Rate Loans (or sooner, if any Lender cannot
continue to lawfully maintain such affected Eurodollar Rate Loan). Until such notice has been withdrawn, Lenders shall have no
obligation to make an affected type of Eurodollar Rate Loan or maintain outstanding affected Eurodollar Rate Loans and no Borrower
shall have the right to convert a Domestic Rate Loan or an unaffected type of Eurodollar Rate Loan into an affected type of Eurodollar
Rate Loan.

 

3.8.2.
Successor Eurodollar Rate Index.

 

(a)
If Agent determines (which determination shall be final and conclusive, absent manifest error) that either (i)(A) the circumstances
set forth in Section 3.8.1(a) have arisen and are unlikely to be temporary, or (B) the circumstances set forth in Section 3.8.1(a)
have not arisen but the applicable supervisor or administrator (if any) of the Eurodollar Rate or a Governmental Body having jurisdiction
over Agent has made a public statement identifying the specific date after which the Eurodollar Rate shall no longer be used for
determining interest rates for loans (either such date, a “Eurodollar Termination Date”), or (ii) a rate other
than the Eurodollar Rate has become a widely recognized benchmark rate for newly originated loans in Dollars in the U.S. market,
then Agent may (in consultation with Borrower) choose a replacement index for the Eurodollar Rate and make adjustments to applicable
margins and related amendments to this Agreement as referred to below such that, to the extent practicable, the all-in interest
rate based on the replacement index will be substantially equivalent to the all-in Eurodollar Rate-based interest rate in effect
prior to its replacement.

 

(b)
Agent and Borrower shall enter into an amendment to this Agreement to reflect the replacement index, the adjusted margins and
such other related amendments as may be appropriate, in the discretion of Agent, for the implementation and administration of
the replacement index-based rate. Notwithstanding anything to the contrary in this Agreement or the Other Documents (including,
without limitation, Section 16.2), such amendment shall become effective without any further action or consent of any other party
to this Agreement at 5:00 p.m. on the tenth (10th) Business Day after the date a draft of the amendment is provided to the Lenders,
unless Agent receives, on or before such tenth (10th) Business Day, a written notice from the Required Lenders stating that such
Lenders object to such amendment.

 

    	 	5	 

    	 

    

 

(c)
Selection of the replacement index, adjustments to the applicable margins, and amendments to this Agreement (i) will be determined
with due consideration to the then-current market practices for determining and implementing a rate of interest for newly originated
loans in the United States and loans converted from a Eurodollar Rate-based rate to a replacement index-based rate, and (ii) may
also reflect adjustments to account for (x) the effects of the transition from the Eurodollar Rate to the replacement index and
(y) yield- or risk-based differences between the Eurodollar Rate and the replacement index.

 

(d)
Until an amendment reflecting a new replacement index in accordance with this Section 3.8.2 is effective, each advance, conversion
and renewal of a Eurodollar Rate Loan will continue to bear interest with reference to the Eurodollar Rate; provided however,
that if Agent determines (which determination shall be final and conclusive, absent manifest error) that a Eurodollar Termination
Date has occurred, then following the Eurodollar Termination Date, all Eurodollar Rate Loans shall automatically be converted
to Domestic Rate Loans until such time as an amendment reflecting a replacement index and related matters as described above is
implemented.

 

(e)
Notwithstanding anything to the contrary contained herein, if at any time the replacement index is less than zero, at such times,
such index shall be deemed to be zero for purposes of this Agreement.”

 

2.
Conditions Precedent. This Amendment shall be effective as of the date hereof upon the execution of this Amendment by the
Borrower, the Required Lenders and the Agent.

 

3.
Representations and Warranties. The Borrower hereby represents and warrants in connection herewith that as of the date
hereof (after giving effect hereto) (i) the representations and warranties set forth in Article V of the Credit Agreement are
true and correct in all material respects (except those which expressly relate to an earlier date), and (ii) no Default or Event
of Default has occurred and is continuing under the Credit Agreement.

 

4.
Acknowledgments, Affirmations and Agreements. The Borrower (i) acknowledges and consents to all of the terms and conditions
of this Amendment and (ii) affirms all of its obligations under the Credit Agreement and the Other Documents.

 

5.
Credit Agreement. Except as expressly modified hereby, all of the terms and provisions of the Credit Agreement remain in
full force and effect.

 

6.
Expenses. The Borrower agrees to pay all reasonable costs and expenses in connection with the preparation, execution and
delivery of this Amendment, including the reasonable fees and expenses of the Agent’s legal counsel.

 

7.
Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered
shall be deemed an original. It shall not be necessary in making proof of this Amendment to produce or account for more than one
such counterpart.

 

8.
Governing Law. This Amendment shall be deemed to be a contract under, and shall for all purposes be construed in accordance
with, the laws of the State of New York.

 

    	 	6	 

    	 

    

 

IN
WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of
the date first above written.

 

	BORROWER:	PERMA-FIX
ENVIRONMENTAL

                                                                     SERVICES, INC.

	 	 	                     
	 	By:	/s/
Ben Naccarato
	 	Name:	Ben
    Naccarato
	 	Title	CFO

 

	

        AGENT
        AND LENDER:
	 PNC
BANK, NATIONAL ASSOCIATION,

                                                                                                                                    in its capacity as Agent and as Lender

	 	 	
	 	By:	/s/
Alex M. Council IV
	 	Name:	Alex
    Council
	 	Title	Vice
    President

 

    	 	 	Tenth Amendment

                                                                                Perma-Fix

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