Document:

Retention Program

 Exhibit 10.5 
 GlobalSantaFe 
 Retention Program 
 SUMMARY PLAN DESCRIPTION 
 AND 
 PLAN DOCUMENT 
 (As Amended and Restated 
 Effective January 1, 2008) 

 GlobalSantaFe Retention Program 
 Summary Plan Description and Plan Document 
 (As Amended and Restated Effective
January 1, 2008) 
  

	1.	Purpose. The purpose of the GlobalSantaFe Retention Program (the “Retention Program”) is to provide an incentive for selected employees of GlobalSantaFe Corporation
(“GSF”) and its Affiliates to remain employees of GSF and its Affiliates. 

  

	2.	Definitions. 

 Affiliate: Any entity that is
required to be aggregated with GSF as a single employer pursuant to Section 4l4(b) or (c) of the Internal Revenue Code of 1986, as amended. 
 Cause: Unacceptable or inadequate performance as determined by the Employee’s employer, including but not limited to failure to perform the Employee’s job at a level or in a manner acceptable to the
employer, misconduct, dishonesty, acts detrimental or destructive to the employer, GSF or any Affiliate or to any employee or property of the employer, GSF or any Affiliate, or any violation of the policies of GSF or the employer. 
 Code: The U.S. Internal Revenue Code of 1986, as amended. 
 Employee: An employee of GSF or of an Affiliate. 
 GSF: GlobalSantaFe Corporation and any
successor thereto. 
 Retention Date: The date specified as the Retention Date in the Retention Notice, which date, except as otherwise
provided in this Retention Program, is the date until which such Employee must remain employed in order to receive a Retention Benefit as described in Section 4. 
 Retention Benefit: A benefit described in Section 4(a). 
 Retention Notice: A written
notice from the Senior Vice President, Human Resources, or Chief Executive Officer of GSF to an Employee, informing the Employee of his or her (i) eligibility for a Retention Benefit under the Program, (ii) Retention Date, and
(iii) Retention Benefit amount. 
 Retention Period: The period of time between the date of the Retention Notice and the Retention
Date. 
 Retention Program: The GlobalSantaFe Retention Program as set forth in this document and as amended from time to time.

 Section 409A: Section 409A of the Code and applicable U.S. Treasury authorities. 
 Waiver and Release: The legal document in which an Employee, in exchange for certain benefits or other consideration, releases his or her employer,
GSF and other Affiliates, 

 
their agents, servants, employees, officers, directors, insurance carriers, employee benefit plans, and trustees, fiduciaries and agents of such plans, and
any and all other persons, firms, organizations and corporations from liability and damages arising from or in connection with the Employee’s employment or the cessation of his or her employment or active employment by the employer, GSF or any
other Affiliate and agrees to certain restrictions on disclosure of confidential information, solicitation of employees and interference with the affairs of the Employer, GSF or any other Affiliate. With respect to Employees working in the United
Kingdom, the term “Waiver and Release” shall refer to a compromise agreement in terms of Section 203 of the Employment Rights Act 1996 and associated legislation of the United Kingdom. 
 Waiver Effective Date: The first date when the Employee has timely signed and returned any required Waiver and Release and the revocation period
has expired without revocation. 
  

	3.	Eligibility and Participation. An Employee will be eligible for a Retention Benefit if the Employee is given a Retention Notice. A Retention Benefit shall only be paid if the
Employee meets the qualifications of Section 4(a) below and is not disqualified by the provisions of Section 4(b) below. 

  

	4.	Payment of Retention Benefit. 

  

	 	a.	Retention Benefit. In addition to and not in lieu of any other benefits under any other plan or arrangement of GSF or its Affiliates, except as stated in Section 4(b)(v)
below, an Employee who receives a Retention Notice and remains employed until his or her Retention Date shall receive the Retention Benefit amount stated in his or her Retention Notice (“Retention Benefit”), payable in a lump sum cash
payment, subject to applicable withholding, within 20 business days after the latest of the Retention Date and the Waiver Effective Date. The above notwithstanding: 

  

	 	(i)	 An Employee whose employment with GSF and its Affiliates is terminated by GSF or an Affiliate other than for Cause prior to the Retention Date, or whose employment
with GSF and its Affiliates is terminated prior to the Retention Date as a result of his or her resignation or retirement at age 62 or after with five or more years of service (but not including termination by reason of his or her resignation or
retirement at less than age 62 or with less than five years of service, or termination by reason of death or disability) shall receive a pro rated portion of his or her full Retention Benefit, said pro ration to be based on the amount of time he or
she was employed by GSF and its Affiliates during the Retention Period relative to the full Retention Period, payable in a lump sum cash payment, subject to applicable withholding, within 20 business days after (a) the latest of the date of
termination and the Waiver Effective Date in the case of an Employee whose employment is terminated by GSF or an Affiliate other than for Cause or (b) the latest of the Retention Date and the Waiver Effective Date in the case of an Employee
whose employment 

  

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is terminated as a result of his or her resignation or retirement at age 62 or after with five or more years of service, in each case unless otherwise
provided in (ii) below; 

  

	 	(ii)	If the Employee is a “specified employee,” as such term is defined in Section 409A and determined as described below in this Section 4(a)(ii) any payments
payable as a result of the Employee’s “separation from service” as defined in Section 1.409A-1(h) of the U.S. Treasury regulations (other than death) shall not be payable before the earlier of (i) the date that is six months
after the Employee’s “separation of service,” (ii) the date of the Employee’s death, or (iii) the date that otherwise complies with the requirements of Section 409A. An Employee shall be a “specified
employee” for the twelve-month period beginning on April 1 of a year if the Employee is a “key employee” as defined in Section 416(i) of the Internal Revenue Code (without regard to Section 416(i)(5)) as of
December 31 of the preceding year or using such dates as designated by the Plan Administrator) in accordance with Section 409A and in a manner that is consistent with respect to all of the Company’s nonqualified deferred compensation
plans. For purposes of determining the identity of specified employees, the Plan Administrator may establish procedures as it deems appropriate in accordance with Section 409A. 

  

	 	b.	Disqualification. Notwithstanding and in addition to the provisions of (a) above, NO Retention Benefit will be paid if: 

  

	 	(i)	the Employee’s employment with GSF and its Affiliates is terminated prior to his or her Retention Date for Cause, or as a result of his or her resignation or retirement at less
than age 62 or with less than five years of service, or as a result of his or her death or disability; or 

  

	 	(ii)	the Employee is not delivered a Retention Notice; or 

  

	 	(iii)	the Employee has been asked, before the Retention Benefit is paid, to sign a Waiver and Release and (A) has not signed and returned it, or (B) has signed and returned it
but the applicable revocation period as provided in the Waiver and Release has not expired without revocation, or (C) has signed, returned and revoked it; provided, however, that in the case of either (A) or (B) above, the Retention
Benefit will be paid if the Waiver and Release is timely signed and returned and the revocation period has expired without revocation; or 

  

	 	(iv)	the Employee fails to return all property and materials of GSF and the Affiliates to his or her supervisor or other appropriate representative of GSF and the Affiliates upon
termination of employment; or 

  

	 	(v)	the Employee is, for any reason, entitled to retention benefits under any other contract, agreement, plan program or policy of GSF or an Affiliate or under any agreement between the
Employee and GSF or an Affiliate, other than statutory benefits; or 

  

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	 	(vi)	the Employee has during the Retention Period worked for, or is at the Retention Date working for, a competitor of GSF or of any of its Affiliates, including without limitation as an
employee of or consultant to the competitor, as determined by the Senior Vice President, Human Resources, of GSF in his or her sole discretion; provided, however, that this disqualification will not apply in the case of an Employee whose employment
with GSF and its Affiliates is terminated by GSF or an Affiliate other than for Cause. 

  

	5.	Other Benefits. Except as otherwise provided, the Retention Benefits payable hereunder shall be payable in addition to, and not in lieu of, all other accrued or vested
benefits that may be owed to an Employee pursuant to an employee benefit plan of GSF or any Affiliate. The Retention Benefits payable hereunder shall not be treated as compensation for purposes of any other plan or arrangement of GSF or any
Affiliate. 

  

	6.	Death of Employee After Becoming Entitled to Retention Benefit. If an Employee who has already become entitled to a Retention Benefit pursuant to Section 4 dies, the
Retention Benefit shall be paid in a lump sum cash payment, subject to applicable withholding, as soon as practicable after the date of death to (a) the Employee’s beneficiary (or beneficiaries) designated under the employer’s group
life insurance plan, if living, or, if none is so designated or living, (b) the executor of the Employee’s estate. 

  

	7.	Amendment, Termination, Administration, and Miscellaneous. The Retention Program is subject to amendment and/or termination at any time or from time to time at the discretion
of GSF, provided, however, that no amendment or termination will deprive any Employee who has already received a Retention Notice of his or her Retention Benefit pursuant to this Retention Program as amended to the date of the Retention Notice.

 The Retention Program will be administered by the Senior Vice President, Human Resources, of GSF (the “Plan
Administrator”). No benefit will be payable under the Retention Program unless the Senior Vice President, Human Resources, of GSF determines in his or her sole discretion that the applicant is entitled to the benefit. 
  

	8.	Termination of Employment Status. Notwithstanding any other provision of the Retention Program, GSF and each Affiliate shall at all times have the right to terminate any
Employee, with or without Cause. The Retention Program does not constitute a contract of employment or impose on GSF or any Affiliate any obligation to retain any Employee as an Employee, to change or not change the status of the Employee’s
employment, or to change the policies of GSF or of any Affiliate regarding termination of employment. 

  

	9.	 Section 409A. It is intended that the provisions of this Retention Program satisfy the requirements of Section 409A and that the Retention Program
be operated in a manner consistent with such requirements to the extent applicable. Therefore, the Plan 

  

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Administrator may make adjustments to the Retention Program and may construe the provisions of the Retention Program in accordance with the requirements of
Section 409A. 

  

 -5-Supplemental Executive Retirement Plan

 Exhibit 10.6 
 GLOBALSANTAFE 
 SUPPLEMENTAL
EXECUTIVE 
 RETIREMENT PLAN 
 (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2008) 

 GLOBALSANTAFE 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 ARTICLE I 
 PURPOSE 
 1.1 Amendment and Restatement: GlobalSantaFe Corporate Services Inc. (“GSFCSI”) adopted and maintains the GlobalSantaFe Supplemental
Retirement Plan, as most recently amended effective July 21, 2007 (the “Plan”) and GlobalSantaFe Corporation (the “Company”) guarantees all benefits under the Plan. The Plan has been operated in compliance with
Section 409A of the Internal Revenue Code and applicable U.S. Treasury authorities (“Section 409A”) and is being amended and restated, effective January 1, 2008 to establish documentary compliance with Section 409A.

 1.2 Purpose of the Plan: The primary purpose of the Plan is to provide deferred compensation for a select group of management and
highly compensated employees. The Plan is expected to attract, retain and motivate executives in key positions within top management, and to provide a similar incentive for employees of the Employers who have risen to eligible positions for
inclusion in the Plan so that such executive talent is not lost to competition. 
 1.3 Unfunded Plan: The Plan is intended to be
unfunded for federal income tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. Participants herein shall have the status of unsecured creditors of GSFCSI and the Company. GSFCSI may elect to
establish a “Rabbi Trust” for purposes of protecting the benefit payments. 
 ARTICLE II 
 DEFINITIONS 
 2.1 For purposes of the Plan,
the terms listed below shall be defined as follows: 
 Administrative Committee means the committee charged with administering the Plan
under Article IV of the Plan. 
 Applicable Rate means, at the date of determination, the lesser of the average monthly Pension
Benefit Guaranty Corporation immediate and deferred interest rate for the preceding calendar quarter or 5%; provided, however, that, in the event the Pension Benefit Guaranty Corporation ceases to publish a monthly immediate and deferred interest
rate, the Committee will apply, in substitution, an interest rate index or formula that is generally accepted to result in a comparable rate. 
 Basic Earnings means the amount of regular annual basic compensation, converted to its monthly equivalent, paid to a Participant by an Employer, including salary 

  

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continuation payments made pursuant to a severance plan, program, agreement or policy maintained by the Company, GSFCSI or any affiliate by which the
Participant was employed. In the event a severance payment is paid in a lump sum or sums based on a multiple or any percentage of salary, the salary amount shall be deemed to accrue over the period of time that it would normally have been paid had
the salary continued at the rate in effect on the termination date until the severance payments were exhausted. The term “Basic Earnings” shall not include (i) payments constituting a “Bonus” (as defined in this Plan),
(ii) allowances, adjustments or bonuses that represent special area or living allowances, (iii) commissions, (iv) contingent or other irregular or extra compensation based upon contract completions or extended travel assignments,
(v) Employer contributions under this Plan, (vi) any other form of compensation that does not constitute regular basic compensation, such as restricted stock awards or stock options awarded under the Company’s stock option plans as in
effect from time to time, and (vii) amounts earned after the date benefits commence under the qualified defined benefit retirement plan of the Employers. 
 Notwithstanding the above, “Basic Earnings” includes only that compensation that is considered “wages” under Code section 3121(a)(1), without regard to any limitations on amounts as may be from time to time stated
therein. 
 If a Participant continues to earn Service during disability, his or her “Basic Earnings” for the period of disability shall be deemed
to be the same as such Participant’s “Basic Earnings” immediately prior thereto. 
 Benefit Period means a consecutive
36-month period (within the 120 months immediately preceding a Participant’s termination of Service with all Employers) in which the Participant receives his or her highest consecutive 36 months of (i) Basic Earnings plus
(ii) Considered Bonus. 
 Board means the Board of Directors of the Company. 
 Bonus means a payment, converted to its monthly equivalent, paid under an established incentive compensation practice, including bonus
continuation payments made pursuant to a severance plan, program, agreement or policy maintained by the Company, GSFCSI or any affiliate by which the Participant was employed. In the event a severance payment is paid in a lump sum or sums based on a
multiple of deemed bonus, the payment(s) shall be divided by the multiplier and each fraction thereof shall constitute a single annual “Bonus,” which shall be deemed paid on the customary annual bonus date (as determined by the Committee)
over the number of years represented by the multiplier. In the event a severance payment is paid in a lump sum or sums and is 100% or less than deemed bonus, the payment(s) shall be deemed to be paid on the customary bonus date next following the
date of the Participant’s termination of employment. The term “Bonus” shall not include (i) payments constituting “Basic Earnings” (as defined in this Plan), (ii) allowances, adjustments or bonuses that represent
special area or living allowances, (iii) commissions, (iv) contingent or other irregular or extra compensation based upon contract completions or extended travel assignments, (v) Employer contributions under this Plan, (vi) any
other form of compensation that does not constitute regular basic compensation, such as restricted stock awards or stock options awarded under the Company’s stock option plans as in effect from time to time, and (vii) amounts earned after
the date benefits commence under the qualified defined benefit retirement plan of the Employers. 
  

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 Notwithstanding the above, “Bonus” includes only that compensation that is considered “wages” under
Code section 3121(a)(1), without regard to any limitations on amounts as may be from time to time stated therein. 
 If a Participant
continues to earn Service during disability, his or her “Bonus” for the period of disability shall be deemed to be the same as such Participant’s “Bonus” immediately prior thereto. 
 Cause means “Cause” as defined in the Participant’s employment agreement or severance agreement. If no such agreement is in effect,
“Cause” means willful conduct that is materially injurious to an Employer, monetarily or otherwise; provided, however that (i) no termination of employment shall be for Cause until the Participant has been delivered a copy of a
written notice setting forth that he or she is guilty of the conduct and specifying the particulars thereof in detail and (ii) termination solely on account of inadequate performance or incompetence shall not constitute termination with Cause.
For purposes of the preceding sentence, no act, nor failure to act, shall be considered “willful” unless the Participant has acted, or failed to act, without a reasonable belief that his or her action or failure to act was in the best
interest of an Employer. 
 Change in Control means the occurrence of any of the following events: 
 (a) The acquisition by any individual, entity or group (within the meaning of Section 13(d) or 14(d) of the U.S. Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (a “Person”), other than an Excluded Person, of the beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of 35% or more of either (i) the then outstanding ordinary shares of the
Company or of any affiliate of the Company by which the Participant is employed or which directly or indirectly owns or controls any affiliate by which the Participant is employed (the “Outstanding Company Ordinary Shares”) or
(ii) the combined voting power of the then outstanding voting securities of the Company or of any affiliate of the Company by which the Participant is employed or which directly or indirectly owns or controls any affiliate by which the
Participant is employed entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that neither an acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or by any affiliate controlled by the Company nor an acquisition by an affiliate of the Company that remains under the Company’s control will constitute a Change in Control; or 
 (b) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board;
provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s equityholders, was approved by a vote of at least two-thirds of the directors then comprising
the Incumbent Board will be considered as though such individual were a member of the Incumbent Board, but excluding for this purpose any such individual whose initial assumption of office occurs as a result of either an actual or threatened
election contest (meaning a solicitation of the type that would be subject to Rule 14a-11 of Regulation 14A under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;
or 
  

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 (c) Approval by the equityholders of the Company of a reorganization, merger, consolidation or similar transaction to
which the Company or any affiliate is a party, in each case unless, following such reorganization, merger, consolidation or similar transaction, (i) more than 50% of, respectively, the then outstanding ordinary shares or shares of common stock
of the corporation or other entity resulting from such reorganization, merger, consolidation or similar transaction and the combined voting power of the then outstanding voting securities of such corporation or other entity entitled to vote
generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Ordinary Shares and
Outstanding Company Voting Securities immediately prior to such reorganization, merger, consolidation or similar transaction in substantially the same proportions as their ownership, immediately prior to such reorganization, merger, consolidation or
similar transaction, of the Outstanding Company Ordinary Shares and Outstanding Company Voting Securities, as the case may be, (ii) 50% of, respectively, the then outstanding ordinary shares or shares of common stock of the parent of the
corporation or other entity resulting from such reorganization, merger, consolidation or similar transaction and the combined voting power of the then outstanding voting securities of the parent of such corporation or other entity entitled to vote
generally in the election of directors is then beneficially owned, directly or indirectly, by the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Ordinary Shares and Outstanding Company Voting
Securities immediately prior to such reorganization, merger, consolidation or similar transaction, (iii) no Person (excluding the Company, any affiliate of the Company that remains under the Company’s control, any employee benefit plan (or
related trust) sponsored or maintained by the Company or by any affiliate controlled by the Company or such corporation resulting from such reorganization, merger, consolidation or similar transaction, and any Person beneficially owning, immediately
prior to such reorganization, merger, consolidation or similar transaction, directly or indirectly, 35% or more of the Outstanding Company Ordinary shares or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or
indirectly, 35% or more of, respectively, the then outstanding ordinary shares or shares of common stock of the corporation or other entity resulting from such reorganization, merger, consolidation or similar transaction or the combined voting power
of the then outstanding voting securities of such corporation or other entity entitled to vote generally in the election of directors, and (iv) at least a majority of the members of the board of directors of the corporation resulting from such
reorganization, merger, consolidation or similar transaction were members of the Incumbent Board at the time of the execution of the initial agreement providing for such reorganization, merger, consolidation or similar transaction; or 
 (d) Approval by the equityholders of the Company of any plan or proposal that would result, directly or indirectly, in (i) a complete liquidation or dissolution of
the Company or of any affiliate of the Company by which the Participant is employed, or (ii) any sale or other disposition (or similar transaction) (in a single transaction or series of related transactions) of (A) 50% or more of the
assets or earnings power of the Company or any affiliate of the Company by which the Participant is employed or which, directly or indirectly, owns or controls any affiliate by which the Participant is employed or (B) business operations that
generated a majority of the 

  

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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 affiliates immediately prior thereto, other than to an affiliate of the Company or to a corporation or other entity with respect to which following such sale or other disposition (1) more than 50% of, respectively, the then
outstanding ordinary shares or shares of common stock of such corporation or other entity and the combined voting power of the then outstanding voting securities of such corporation or other entity entitled to vote generally in the election of
directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Ordinary Shares and Outstanding Company Voting
Securities immediately prior to such sale or other disposition in substantially the same proportions as their ownership, immediately prior to such sale or other disposition, of the Outstanding Company Ordinary shares and Outstanding Company Voting
Securities, as the case may be, (2) no Person (excluding the Company, any affiliate of the Company that remains under the Company’s control, any employee benefit plan (or related trust) sponsored or maintained by the Company or by any
affiliate controlled by the Company or such corporation, and any Person beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, 35% or more of the Outstanding Company Ordinary Shares or Outstanding Company
Voting Securities, as the case may be) beneficially owns, directly or indirectly, 35% or more of, respectively, the then outstanding ordinary shares or shares of common stock of such corporation or other entity or the combined voting power of the
then outstanding voting securities of such corporation or other entity entitled to vote generally in the election of directors, and (3) at least a majority of the members of the board of directors of such corporation were members of the
Incumbent Board at the time of the execution of the initial agreement or action of the Board providing fur such sale or other disposition of assets; or 
 (e) Approval by the equityholders of the Company of a “merger of equals” (which for purposes of this Subsection shall mean a merger with another company of relatively equal size) to which the Company is a party as a result of
which the persons who were equity holders of the Company immediately prior to the effective date of such merger shall have beneficial ownership of less than 55% of the combined voting power for election of members of the board (or equivalent) of the
surviving entity or its parent following the effective date of such merger, provided that the Board shall have authority to increase said percentage as may in its sole discretion be deemed appropriate to cover a specific transaction. 
 For purposes of the preceding sentence, the term “Excluded Person” shall mean and include (i) any corporation beneficially owned by shareholders of the
Company in substantially the same proportion as their ownership of shares of the Company and (ii) the Company and any affiliate of the Company. Also, for purposes of the preceding sentence, the term “Board” shall mean the board of
directors of the Company. 
 Change in Control Termination means involuntary Termination of Employment with all of the Employers
(other than for Cause) or voluntary Termination of Employment with all of the Employers for Good Reason within (i) the period of time following a Change in Control described in a Participant’s employment agreement or severance agreement or
(ii) if no such agreement is in effect, within 24 months following a Change in Control. 
  

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 Considered Bonus means the three highest Bonuses paid to a Participant during any 36-month period.
In calculating the 36-month period described in the preceding sentence, any and all months of unpaid authorized leave of absence shall be disregarded and shall not count as part of the 36-month period. 
 Code means the Internal Revenue Code of 1986, as amended from time to time. 
 Company means GlobalSantaFe Corporation. 
 Compensation Committee means the Compensation Committee of the Board. 
 Early Retirement Benefit means a Participant’s Normal Retirement Benefit earned to Early Retirement Date, reduced  5/12ths of 1% for each month the Participant is less than age 62 on the date the benefits are paid. 
 Early Retirement Date means the first day of the month commencing on or immediately after the date of a Participant’s Termination of Employment with all Employers after the Participant’s attainment of
age 55 and the completion of five years of Service. 
 Effective Date means January 1, 2008. 
 Employers means the Company and its subsidiaries. 
 GSFCSI means GlobalSantaFe Corporate Services Inc. 
 Good Reason means “Good Reason”
as defined in the Participant’s employment agreement or severance agreement. If no such agreement is in effect, “Good Reason” means the termination of employment caused by and occurring within 90 days of the occurrence of any of the
following events or conditions: 
 (i) without the express written consent of the Participant, the assignment to the Participant of any duties
that are materially inconsistent with Participant’s position, duties and status with an Employer at the time of the Change in Control; 
 (ii) without the express written consent of the Participant, any action by an Employer occurs that results in a material diminution in the position, duties or status of the Participant with the Employer as in effect at the time of the
Change in Control; 
 (iii) any transfer or proposed transfer of the Participant for an extended period to a location more than 50 miles
outside his principal place of employment at the time of the Change in Control without his express written consent, except for a transfer or proposed transfer for strategic reallocations of the personnel reporting to the Participant; 
 (iv) the base annual salary of the Participant is reduced; or 
 (v) the failure by an Employer to provide the Participant with incentive compensation opportunities consistent with those provided for under each material incentive plan, program and practice as in effect immediately
prior to the Change in Control (or as in effect following the Change in Control, if greater). 
  

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 Unless otherwise provided by a Participant’s employment or severance agreement, “Good Reason” shall not be
established by reason of any transfer or proposed transfer of the Participant to an area or regional office of an Employer existing on July 1, 2002 to a new location of the administrative head office of an Employer (or of any successor entity)
following a Change in Control. 
 Lump-Sum Equivalent means, with respect to any benefit hereunder, a lump-sum payment equal in value
at date of determination to such benefit when determined actuarially, based upon the mortality table used in the qualified defined benefit retirement plan of the Employers in which the Participants participate and Applicable Rate. In the event that
age is increased by the salary and/or bonus continuation period (“imputed years”), the lump sum payment will be discounted by the number of imputed years using interest only at the Applicable Rate. 
 Normal Retirement Benefit means a benefit equal to the product of (a) times (b) times (c) offset by (d) as follows:

 (a) 4%; 
 (b) the monthly
average of the Participant’s Basic Earnings and three highest Bonuses during the Benefit Period; 
 (c) the Participants total years and
completed months of Service with an Employer to a maximum of 15 years; 
 (d) the monthly benefit payable under any qualified or nonqualified
defined benefit retirement plan of the Employers, including, but not limited to, the GlobalSantaFe Pension Equalization Plan as amended and restated effective January 1, 2008, assuming the Participant received such benefit in the form of a
single life annuity commencing on the later of the Participant’s normal retirement date under the qualified defined benefit retirement plan of the Employers or the date benefits are paid under this Plan. 
 In calculating a Participant’s 36 highest consecutive months of Basic Earnings, any and all months of unpaid authorized leave of absence shall be disregarded and
shall not count as part of Participant’s 36-month period. In the case of a Participant who has been married at least one year on his or her termination of Service and Retirement Date or whose death is solely through accidental causes, the
Normal Retirement Benefit shall be deemed to be payable in the form of a 100% joint and survivor annuity. In all other cases, a Participant’s Normal Retirement Benefit shall be deemed payable in the form of a single life annuity. The 100% joint
and survivor benefit will be subject to a reduction of 1% of the Participant’s annual retirement benefit for each year that the Participant’s spouse is more than ten years younger than the Participant. 
 Normal Retirement Date means the first day of the month following a Participant’s
62nd birthday, or if the Participant’s birthday is on the first of the month, that day will be his or her Normal Retirement Date; provided, however,
that if the Participant has not completed 5 years of Service, the Participant’s Normal Retirement Date will be the earlier of the date he or she completes 5 years of Service or the date he or she attains age 65. 
  

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 Participant means an employee approved for participation in the Plan by the Compensation Committee
in accordance with Section 3.1 of the Plan. 
 Plan means the GlobalSantaFe Supplemental Executive Retirement Plan, as amended
and restated effective January 1, 2008. 
 Retirement Date means the date upon which a Participant receives a benefit under the
Plan. 
 Section 409A means Section 409A of the Code and applicable U.S. Treasury authorities. 
 Service means periods of active employment, post-employment salary continuation periods provided by a plan, program, agreement or policy of an
Employer, if any, and periods during which a Participant is disabled or on an authorized leave of absence, so long as the Participant is continued as an active employee, on the employment rolls of an Employer, and provided that such periods occur
prior to the date benefits commence under the qualified defined benefit retirement plan of the Employers. With respect to any Participant who receives a severance payment in the form of a lump sum or sums, instead of a severance payment in the form
of salary continuation, “Service” shall include the period following termination of employment with respect to which the lump sum or sums would be deemed to accrue pursuant to the definition of “Basic Earnings” in this Article
II. 
 Termination of Employment means “separation from service”, as defined in Section 1.409A-1(h) of the U.S.
Treasury regulations, with an Employer for any reason other than a transfer between Employers. 
 Unvested Participant means a
Participant who terminates Service prior to either (a) attainment of age 55 and completion of five years of Service or (b) attainment of age 65. 
 ARTICLE III 
 RETIREMENT BENEFITS 
 3.1 Participation: A select group of management and highly compensated employees of the Employers as identified by the Compensation Committee of
the Company are eligible to participate in the Plan. Actual participation in the Plan by an eligible employee requires approval by the Company’s Compensation Committee. The Compensation Committee may terminate such employees’ participation
in the Plan prospectively. Participation in the Plan shall automatically cease upon a Participant’s Termination of Employment with all Employers except to the extent that such Participant may already be entitled to receive a Normal Retirement
Benefit or an Early Retirement Benefit under this Plan as of the date of such termination. 
 3.2 Vesting of Benefits and Forfeiture of
Benefits: On and after the date a Participant becomes entitled to receive, or to then terminate Service and receive, a Normal 

  

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Retirement Benefit or an Early Retirement Benefit under the Plan, such benefits shall be deemed to be vested. Except as provided under the Plan, a
Participant who terminates Service with the Employers prior to the earlier of (a) both attainment of age 55 and completion of five years of Service with the Employers or (b) attainment of age 65 will not be entitled to a benefit under the
Plan. 
 3.3 Normal Retirement Benefit: A Participant shall be entitled to receive the Lump-Sum Equivalent of the Participant’s
Normal Retirement Benefit in the event of his or her Termination of Employment with all Employers at any time on or after the Participant’s Normal Retirement Date. 
 3.4 Early Retirement Benefit: A Participant shall be entitled to receive the Lump-Sum Equivalent of his or her Early Retirement Benefit following the Participant’s Early Retirement Date. 
 3.5 Benefit Payable Upon a Change in Control: Upon a Change in Control Termination of an Unvested Participant, such Participant will be entitled
to a payment of the Lump-Sum Equivalent of his or her Early Retirement Benefit. With respect to a Participant who has not yet attained age 55, the payment will be calculated on the basis of the subsidized Early Retirement Benefit that the
Participant would have earned at age 55, discounted to present value (using the Applicable Rate) based on the Participant’s imputed age; provided, however, that no Participant will be credited with additional Service for purposes of calculating
his or her retirement benefit. 
 3.6 Benefit Payable Upon Death of Participant: If a Participant terminates his or her employment due
to death, he or she will be entitled to a death benefit payable to his or her surviving spouse, if any. The death benefit payable hereunder will be the Lump-Sum Equivalent of the survivor portion of the earned benefit, which will be calculated as a
100% joint and survivor annuity on the Participant’s life. Any Unvested Participant who terminates employment due to death will be deemed vested in his or her Early Retirement Benefit, calculated as if the Participant had attained the greater
of age 55 or the Participant’s actual age and discounted to present value (using the Applicable Rate) based on the Participant’s actual age at the time of his or her death; provided however, that no Participant will be credited with
additional Service for the purpose of calculating his or her retirement benefit. To qualify for a spousal benefit under this Section, either (i) a Participant and his or her spouse must have been legally married to each other throughout the
one-year period ending on the date of the Participant’s death or (ii) the Participant’s death must be through accidental causes alone. 
 3.7 Termination for Cause: Notwithstanding anything to the contrary in this Plan, any and all vested and unvested benefits under this Plan will be forfeited upon a termination for Cause. 
 3.8 Form and Timing of Benefit Payments. Subject to Section 6.2, all benefits due under the Plan shall be paid in the form of a lump sum
within 60 days after the event giving rise to the Participant’s right to payment. 
  

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 3.9 Effect of an Agreement. Benefits under the Plan may be increased, decreased or otherwise
modified by any legally binding contractual agreement between a Participant and the Company or GSFCSI. 
 ARTICLE IV 
 MISCELLANEOUS PROVISIONS 
 4.1 Plan
Administration: The Plan will be administered by the Administrative Committee appointed by the Board of Directors of GSFCSI. The Administrative Committee shall have all right, discretion and power necessary to supervise and control the
administration of the Plan and to construe and interpret all Plan terms and provisions. The determination of any fact by the Administrative Committee and the construction placed by the Administrative Committee upon the provisions of the Plan shall
be binding upon all Participants. 
 4.2 Amendment and Plan Termination: The Board may, at its sole discretion, terminate, suspend or
amend the Plan at any time or from time to time, in whole or in part. Notwithstanding the forgoing, the Administrative Committee may amend the Plan by its own action, provided that such amendment is permissible under the authority granted to the
Administrative Committee by the Board as set forth in the Administrative Committee’s charter. 
 If the Plan is ever terminated in
accordance with Section 1.409A-3(j)(4)(ix) of the U.S. Treasury regulations, all beneficiaries receiving benefits and all Participants will be entitled to an immediate payment of the Lump-Sum Equivalent of their accrued, vested benefits under
the plan, (if any). Each Unvested Participant will be deemed vested in his or her Early Retirement Benefit and will be entitled to the Lump-Sum Equivalent of such benefit, calculated as if the Participant had attained the greater of age 55 or the
Participant’s actual age and discounted to present value (using the Applicable Rate) based on the Participant’s actual age; provided, however, that no Participant will be credited with additional Service for the purpose of calculating his
or her retirement benefit. 
 4.3 Assignment of Benefits: A Participant may not, either voluntarily or involuntarily, assign,
anticipate, alienate, commute, pledge or encumber any benefits to which he or she is or may become entitled to under the Plan, nor may the same be subject to attachment or garnishment by any creditor of a Participant. 
 4.4 Not an Agreement of Service: Nothing in the establishment of the Plan is to be construed as giving any Participant the right to be retained in
the Service of any Employer. 
 4.5 Use and Form of Words: Words used herein in the masculine gender shall be construed as also used
in the feminine gender where they would so apply, and vice versa. Words used in the singular form shall be construed as also used in the plural form where they would so apply, and vice versa. 
 4.6 Guarantee. By executing this Plan, the Company agrees to guarantee the payment of all benefits hereunder. 
  

 10 

 ARTICLE V 
 CLAIMS PROCEDURE 
 5.1 Filing Claims. In the event the Participant does not receive a distribution
from the Plan when due, or if the Participant does not agree with a matter pertaining to his or her distribution under the Plan, the Participant may submit a written claim to the Administrative Committee. The Participant will be notified in writing
of the decision of the Administrative Committee within 90 days after the written claim is received (or 180 days if it is a special case). 
 5.2 Denial of Benefits: If a claim for benefits is denied in whole or in part, the Participant will be notified in writing as to the specific reasons for the denial. Within a period of 60 days after receipt of such notification; the
Participant may appeal such denial in writing to the Administrative Committee. If the Participant does not appeal within 60-day period, the denial will be considered final, binding and conclusive. 
 The Administrative Committee will review the facts of the case and will have the discretionary authority to make a final and conclusive determination of
the claim. Such determination will be issued in writing within 60 days after receipt of the written appeal (or within 120 days if special circumstances require an extension of time for processing). 
 ARTICLE VI 
 SECTION 409A 
 6.1 409A Compliance. It is intended that the provisions of this Plan satisfy the requirements of Section 409A and that the Plan be operated
in a manner consistent with such requirements to the extent applicable. Therefore, the Administrative Committee may make adjustments to the Plan and may construe the provisions of the Plan in accordance with the requirements of Section 409A.

 6.2 Specified Employees. If the Participant is a “specified employee,” as such term is defined in Section 409A and
determined as described below in this Section 6.2 any payments payable as a result of the Participant’s Termination of Employment (other than death) shall not be payable before the earlier of (i) the date that is six months after the
Participant’s Termination of Employment, (ii) the date of the Participant’s death, or (iii) the date that otherwise complies with the requirements of Section 409A. A Participant shall be a “specified employee” for
the twelve-month period beginning on April 1 of a year if the Participant is a “key employee” as defined in Section 416(i) of the Internal Revenue Code (without regard to Section 416(i)(5)) as of December 31 of the
preceding year or using such dates as designated by the Administrative Committee in accordance with Section 409A and in a manner that is consistent with respect to all of the Company’s nonqualified deferred compensation plans. For purposes
of determining the identity of specified employees, the Administrative Committee may establish procedures as it deems appropriate in accordance with Section 409A. 
 IN WITNESS WHEREOF, this Plan, as amended and restated, has been executed as of the 24th day of September 2007, but effective as of January 1, 2008. 
  

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	GLOBALSANTAFE CORPORATE SERVICES INC.
		
	By:	 	 /s/ Walter A. Baker

		 	Walter A. Baker
		 	Vice President

 AND, FURTHER, has been executed in accordance with Section 4.6 of the Plan as of the
24th day of September 2007, but effective as of January 1, 2008. 
  

			
	GLOBALSANTAFE CORPORATION
		
	By:	 	 /s/ Alexander A. Krezel

		 	Alexander A. Krezel
		 	Vice President

  

 12

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