Document:

Exhibit 4.2 - AI_Accession_Agreement

EXHIBIT 4.2
EUR €1,016,150,000 ADDITIONAL FACILITY AI ACCESSION AGREEMENT
		
	To:
	The Bank of Nova Scotia as Facility Agent and  Security Agent

		
	From:
	The persons listed in Schedule 1 to this Additional Facility AI Accession Agreement (the Additional Facility AI Lenders), such defined term to include any lender which becomes a New Lender in respect of Facility AI, by the execution by the Facility Agent of a Novation Certificate substantially in the form of Schedule 3 to this Additional Facility AI Accession Agreement)

Date: 14 May 2013
UPC Broadband Holding B.V. (formerly known as UPC Distribution Holding B.V) - €1,072,000,000 Term Credit Agreement dated 16 January 2004 as amended from time to time (the Credit Agreement)
		
	1.
	In this Additional Facility AI Accession Agreement:

Facility AI means the EUR €1,016,150,000 redrawable term loan facility made available under this Agreement.
Facility AI Advance means a Euro denominated advance made to UPC Financing by the Additional Facility AI Lenders under Facility AI.
Facility AI Commitment means, in relation to an Additional Facility AI Lender, the amount in Euros set opposite its name under the heading "Facility AI Commitment" in Schedule 1 to the counterpart of this Additional Facility Accession Agreement executed by that Additional Facility AI Lender, to the extent not cancelled, transferred, or reduced under the Credit Agreement.
Total Additional Facility AI Commitment means, at any time, the aggregate of the Facility AI Commitments.
		
	2.
	Unless otherwise defined in this Additional Facility AI Accession Agreement, terms defined in the Credit Agreement shall have the same meaning in this Additional Facility AI Accession Agreement and a reference to a Clause is a reference to a Clause of the Credit Agreement.  The principles of construction set out in Clause 1.2 (Construction) of the Credit Agreement apply to this Agreement as though they were set out in full in this Additional Facility AI Accession Agreement.

		
	3.
	We refer to Clause 2.2 (Additional Facilities) of the Credit Agreement.

		
	4.
	This Additional Facility AI Accession Agreement will take effect on the date on which the Facility Agent notifies UPC Broadband and the Additional Facility AI Lenders that it has received the documents and evidence set out in Schedule 2 to this Additional Facility AI Accession Agreement, in each case in form and substance satisfactory to it or, as the case may be, the requirement to provide any of such documents or evidence has been waived by the Facility Agent on behalf of the Additional Facility AI Lenders (the Effective Date).

		
	5.
	We, the Additional Facility AI Lenders, agree: 

		
	(a)
	to become party to and to be bound by the terms of the Credit Agreement as Lenders in accordance with Clause 2.2 (Additional Facilities) of the Credit Agreement; and 

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	(b)
	to become party to the Security Deed as Lenders and to observe, perform and be bound by the terms and provisions of the Security Deed in the capacity of Lenders in accordance with Clause 9.3 (Transfers by Lenders) of the Security Deed.

		
	6.
	The Additional Facility Commitment in relation to an Additional Facility AI Lender (for the purpose of the definition of Additional Facility Commitment in Clause 1.1 (Definitions) of the Credit Agreement) is its Facility AI Commitment.

		
	7.
	Any interest due in relation to Facility AI will be payable on the last day of each Interest Period in accordance with Clause 8 (Interest) of the Credit Agreement.

		
	8.
	The Additional Facility Availability Period for Facility AI shall be the period from and including the Effective Date up to and including the date falling one month before the Final Maturity Date in respect of Facility AI.

		
	9.
	Facility AI shall comprise a committed redrawable term loan facility which shall (subject to paragraph 10 below) be capable of being reborrowed in relation to any sums that are prepaid in accordance with Clause 7.10(d) (Miscellaneous provisions) of the Credit Agreement.

		
	10.
	UPC Financing shall not deliver a Request in relation to Facility AI if as a result of the proposed Request more than 10 Advances under Facility AI would be outstanding.

		
	11.
	The Facility AI Advances will be used for general corporate purposes and working capital purposes, including the repayment or prepayment of existing indebtedness.

		
	12.
	The Final Maturity Date in respect of this Facility AI will be 30 April 2019.

		
	13.
	The outstanding Facility AI Advances will be repaid in full on the Final Maturity Date.

		
	14.
	The Margin in relation to Facility AI is 3.25 per cent. per annum.

		
	15.
	The Borrower in relation to Facility AI is UPC Financing.

		
	16.
	The Borrower shall pay to the Facility Agent for distribution to each Additional Facility AI Lender in accordance with Clause 20.1(b) (Commitment fee) of the Credit Agreement a commitment fee in an amount equal to 1.30 per cent. per annum of the undrawn uncancelled portion of the Total Additional Facility AI Commitment.  Such commitment fee shall be calculated and shall accrue on a daily basis and shall be payable on the Effective Date and thereafter quarterly in arrears.

		
	17.
	The interest rate for Facility AI will be calculated in accordance with Clause 8.1 (Interest rate) of the Credit Agreement, being the sum of EURIBOR, the applicable Margin and the Mandatory Costs. For the avoidance of doubt, each party to this Agreement accepts and acknowledges that EURIBOR has the meaning given to it under Clause 1.1 (Definitions) of the Credit Agreement .

		
	18.
	(a)    Provided that any upsizing of Facility AI permitted under this paragraph will not breach any term of the Credit Agreement, Facility AI may be upsized by any amount, by the signing of one or more further Additional Facility AI Accession Agreements, that specify (along with the other terms specified therein) UPC Financing as the sole Borrower and which specify Additional Facility AI Commitments denominated in euros, to be drawn in Euros, with the same Final Maturity Date, Commitment Fee and Margin as specified in this Additional Facility AI Accession Agreement.

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	(b)
	For the purposes of this paragraph 18 (unless otherwise specified), references to Additional Facility AI Lenders and Facility AI Advances shall include Lenders and Advances made under any such further and previous Additional Facility AI Accession Agreement.

		
	(c)
	Where any Facility AI Advance has not already been consolidated with any other Facility AI Advance, on the last day of any Interest Period for that unconsolidated Facility AI Advance, that unconsolidated Facility AI Advance will be consolidated with any other consolidated Facility AI Advances which has an Interest Period ending on the same day as that unconsolidated Facility AI Advance, and all such Facility AI Advances will then be treated as one Advance.

		
	19.
	For the purposes of any amendment or waiver (including with respect to any existing Default or Event of Default) that may be sought by UPC Broadband and UPC Financing under the Credit Agreement on or after the date of this Additional Facility AI Accession Agreement, the Additional Facility AI Lenders hereby consent to any and all of the following (and this Agreement shall constitute each Additional Facility AI Lenders' irrevocable and unconditional written consent for the purposes of Clause 25 of the Credit Agreement without any further action required on the part of any Party): 

		
	(a)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to provide that an “Additional Facility Commitment” and an “Advance” (and any participation therein) as set forth in Clause 1.1 of the Credit Agreement shall be deemed to be cancelled (with respect to any Additional Facility Commitment) and not outstanding (with respect to any Advance) for purposes of voting or consents (other than any vote or consent related to non-payment of such Advance) under the Credit Agreement if UPC Broadband Holding has delivered to the Facility Agent a duly completed Cancellation Notice with respect to such Additional Facility Commitment or Advance; provided that any such Advance shall remain due and payable on the applicable prepayment date and, if not repaid in full on the applicable prepayment date, then all voting or consent rights with respect thereto shall be reinstated with retroactive effect from the date of delivery of such Cancellation Notice;

		
	(b)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to reduce the percentage specified in the definition of “Majority Lenders” in Clause 1.1 of the Credit Agreement from 662⁄3 per cent. to a percentage that is not less than 50.1 per cent. (for any or all purposes under the Credit Agreement or any other Finance Document);

		
	(c)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to change the definition of “Western Europe” in Clause 1.1 of the Credit Agreement to include the countries that comprise the European Union as of a specified date more recent than the Effective Date, or from time to time (in addition to Scandinavia and Switzerland);

		
	(d)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to change the definition of “Acquisition Business Plan” and the definition of “Borrower Group Business Plan” in Clause 1.1 of the Credit Agreement to limit the time period covered by any business plan of the Target or, as applicable, the Borrower Group (including the Target) to a period of not less than the earlier of five years following the date of the relevant Acquisition and the Final Maturity Date;

		
	(e)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to eliminate the limitations set forth in subclause (b)(i) of the definition 

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of “Permitted Acquisition” in Clause 1.1 of the Credit Agreement and in subclause (b)(i) of the definition of “Permitted Joint Venture” in Clause 1.1 of the Credit Agreement with respect to businesses conducted in Great Britain and/or Germany;
		
	(f)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to eliminate the requirements set forth in subclause (b)(ii)(A)(II) of the definition of “Permitted Acquisition” in Clause 1.1 of the Credit Agreement and in subclause (b)(ii)(A)(II) of the definition of “Permitted Joint Venture” in Clause 1.1 of the Credit Agreement to deliver the financial projections specified therein, or to reduce the time period for compliance stated in either subclause;

		
	(g)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to increase the amount of secured indebtedness specified  in subclause (n) of the definition of “Permitted Security Interest” in Clause 1.1 of the Credit Agreement from €15,000,000 to an amount not to exceed €100,000,000 (or its equivalent);

		
	(h)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to eliminate the reporting requirements set forth in subclause (c) of Clause 16.2 of the Credit Agreement, or to change the time period for compliance specified therein;

		
	(i)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to include as a “Permitted Disposal” under Clause 16.10(b)(xvi) of the Credit Agreement the disposal of any person or asset if:  (i) at the time of such disposal, UPC Broadband has contractually committed or agreed to a future Acquisition and such an  Acquisition occurs within twelve months (or less) of the  disposal;  (ii) the Remaining Percentage would not be exceeded if the aggregate percentage value of the contemplated Acquisition is added to the calculation and tested at the time of the disposal  on a pro forma basis (giving effect to the Annualised EBITDA of the Target based on then available historical financial information) and on an actual basis at the completion of the Acquisition (and for these purposes (A) subclause 16.10(c)(z) of the Credit Agreement would be disapplied so that the Remaining Percentage could exceed 17.5 per cent. in respect of the relevant disposal and (B) subclause 16.10(c)(x) of the Credit Agreement would be disapplied so that the percentage of the Annualised EBITDA of the Borrower Group represented by the Annualised EBITDA of the relevant disposal could be more than the Remaining Percentage immediately prior to such disposal, in each case provided the Remaining Percentage would not be exceeded once any contemplated Acquisition is taken into account as described in this subparagraph (ii)); and (iii) for the purpose of the certificate required in Clause 16.10(b)(xvi)(C), the financial ratios are calculated giving pro forma effect to such Acquisition (based on the then available historical financial information of the Target and including the Annualised EBITDA of the Target and any Financial Indebtedness expected to be incurred by the Borrower Group to finance such Acquisition) (and any such amendment, waiver or other modification contemplated by this subclause (i) may apply to all such disposals and future Acquisitions or only to specified disposals and Acquisitions); 

		
	(j)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to eliminate the provision set forth in subclause (c)(y) of Clause 16.10 of the Credit Agreement that the percentage value of a Reinvestment shall be disregarded if the Annualised EBITDA of the members of the Borrower Group derived from persons or assets located in Western Europe is less than 662⁄3 per cent. of the Annualised EBITDA of the Borrower Group, or to change the percentage or the geographical limitation specified therein;

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	(k)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to increase the amount of Financial Indebtedness specified in Clause 16.12(b)(xvii) of the Credit Agreement from €25,000,000 to an amount not to exceed €100,000,000 (or its equivalent);

		
	(l)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to change the calculation of any financial ratio that requires the calculation of Senior Debt and/or Total Debt to provide for the netting of cash and cash equivalents (to be defined substantially in line with and/or with reference to standard language used in the European banking market) against Senior Debt and/or Total Debt; 

		
	(m)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to provide that, for purposes of measuring EBITDA in connection with any acquisition or similar transaction, EBITDA shall be calculated on a pro forma basis, as determined in good faith by a responsible financial or accounting officer of the Borrower, to give effect to anticipated expense and cost reductions; 

		
	(n)
	any amendment, waiver or other modification to the Credit Agreement or any other Finance Document to revise the change of control provisions in Clause 7.4 of the Credit Agreement as follows:

		
	(i)
	delete Clause 7.4(a)(i) of the Credit Agreement;

		
	(ii)
	in Clause 7.4(a)(ii) of the Credit Agreement;

		
	(A)
	replace all references to "UGCE Inc.” with “Liberty Global Europe Financing BV”; and

		
	(B)
	delete the words “and economic”; and

		
	(iii)
	permit the distribution or other transfer of UPC Broadband Holdco and its Subsidiaries or a Holding Company of UPC Broadband Holdco to Liberty Global Corporation Limited (to be re-registered as a public limited company and which may, in addition, be renamed) (the Ultimate Parent) or a first-tier or second-tier Subsidiary of the Ultimate Parent through one or more mergers, transfers, consolidations or other similar transactions (the Reorganization), without the Reorganization being deemed to trigger a Change of Control and, upon such Reorganization, the Change of Control reference entity referred to in Clause 7.4(a)(ii) of the Credit Agreement will be replaced with the direct Subsidiary of the Ultimate Parent (or, if the distribution or other transfer pursuant to the Reorganization is to a second-tier Subsidiary of the Ultimate Parent, such second-tier Subsidiary); and

		
	(o)
	any consequential amendment, waiver or other modification to the Credit Agreement or any other Finance Document arising as a direct result of the changes envisaged in subclauses (a) to (n) of this Clause 19. 

The Additional Facility AI Lenders hereby waive receipt of any fee in connection with the foregoing consent, notwithstanding that other consenting Lenders under the Credit Facility may be paid a fee in consideration of such Lenders’ consent to any or all of the foregoing amendments, waivers or other modifications.
		
	20.
	We hereby acknowledge and agree that the Facility Agent may, but shall not be required to, send us any further formal amendment request in connection with all, or any of the proposed 

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amendments set out under paragraph 19 above and the Facility Agent shall be authorised to consent on our behalf, as a Lender under one or more Additional Facility, to any such proposed amendments set out under paragraph 19 above, and such consent shall be taken into account in calculating whether the Majority Lenders, or the relevant requisite Lenders, have consented to the relevant amendments and/or waiver to the Agreement in accordance with clause 25 (Amendments and Waivers) of the Agreement.
		
	21.
	Each of UPC Broadband and UPC Financing confirms, on behalf of themselves and each other Obligor that the representations and warranties set out in Clause 15 (Representations and Warranties) of the Credit Agreement (with the exception of Clauses 15.6(a) (Consents), 15.10 (Financial condition), 15.12 (Security Interests), 15.13(b) (Litigation and insolvency proceedings), 15.14 (Business Plan), 15.15 (Tax liabilities), 15.16 (Ownership of assets), 15.18 (Works Council), 15.19 (Borrower Group Structure), 15.20 (ERISA), 15.24 (UPC Financing) and 15.25 (Dutch Banking Act)) are true and correct as if made at the Effective Date with reference to the facts and circumstances then existing, and as if each reference to the Finance Documents includes a reference to this Additional Facility AI Accession Agreement.

		
	22.
	UPC Broadband further represents and warrants on the Effective Date that the execution and delivery by it of this Additional Facility AI Accession Agreement and the performance of the transactions contemplated by this Additional Facility AI Accession Agreement will not violate any agreement or instrument to which UPC Holding is a party or binding upon UPC Holding or any member of the Borrower Group or any assets of UPC Holding or any member of the Borrower Group's assets, where such violation would or is reasonably likely to have a Material Adverse Effect.

		
	23.
	Each Additional Facility AI Lender confirms to each Finance Party that:

		
	(a)
	it has made its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in the Credit Agreement and has not relied on any information provided to it by a Finance Party in connection with any Finance Document; and

		
	(b)
	it will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities while any amount is or may be outstanding under the Credit Agreement or any Additional Facility Commitment is in force.

		
	24.
	Each of the Additional Facility AI Lenders agrees that without prejudice to Clause 26.3 (Procedure for novations) of the Credit Agreement, each New Lender (as defined in either Novation Certificate referred to below) shall become, by the execution by the Facility Agent of a Novation Certificate substantially in the form of Schedule 3 to this Additional Facility AI Accession Agreement, bound by the terms of this Additional Facility AI Accession Agreement as if it were an original party hereto as an Additional Facility AI Lender and shall acquire the same rights, grant the same consents and assume the same obligations towards the other parties to this Additional Facility AI Accession Agreement as would have been acquired, granted and assumed had the New Lender been an original party to this Additional Facility AI Accession Agreement as an Additional Facility AI Lender.

		
	25.
	The parties to this Additional Facility AI Accession Agreement hereby agree and confirm that;

		
	(a)
	the Additional Facility AI Lenders, collectively, represent:

6

		
	(i)
	Additional Facility W Lenders the aggregate of whose Facility W Commitments exceeds 662/3 per cent. of the aggregate of Facility W Commitments of all Additional Facility W Lenders (each capitalised term as defined under the Accession Agreements dated 24 March 2010, 20 April 2010 and 2 July 2010, pursuant to which a €269,076,239.62 redrawable term loan facility is made available to UPC Financing, as borrower, as Additional Facility W); and 

		
	(ii)
	Additional Facility AA Lenders the aggregate of whose Facility AA Commitments exceeds 662/3 per cent. of the aggregate of Facility AA Commitments of all Additional Facility AA Lenders (each capitalised term as defined under the Accession Agreements dated 26 July 2011, 2 August 2011 and 6 September 2011, pursuant to which a EUR €904,000,000 redrawable term loan facility is made available to UPC Financing, as borrower, as Additional Facility AA); 

		
	(b)
	as at the date of this Additional Facility AI Accession Agreement and on the Effective Date, both Additional Facility AA and Additional Facility W are, and will remain, undrawn; and

		
	(c)
	given sub-paragraphs (a) and (b) above, the five Business Days prior notice requirement for the voluntary cancellation of an Additional Facility pursuant to Clause 7.2 (Voluntary cancellation) of the Credit Agreement is waived with respect to the voluntary cancellation of both Additional Facility W and Additional Facility AA and instead same day voluntary cancellation shall be permitted provided that any such voluntary cancellation notice shall:

		
	(i)
	be delivered to the Facility Agent on the Effective Date; and

		
	(ii)
	request the voluntary cancellation of Additional Facility W and Additional Facility AA in full on the Effective Date.

		
	26.
	The Facility Office and address for notices of each Additional Facility AI Lender for the purposes of Clause 32.2 (Addresses for notices) of the Credit Agreement will be that notified by each Additional Facility AI Lender to the Facility Agent.

		
	27.
	This Additional Facility AI Accession Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

		
	28.
	This Additional Facility AI Accession Agreement may be executed in any number of counterparts, and by each party on separate counterparts.  Each counterpart is an original, but all counterparts shall together constitute one and the same instrument.  Delivery of an executed counterpart signature page of this Additional Facility AI Accession Agreement by e-mail (PDF) or telecopy shall be as effective as delivery of a manually executed counterpart of this Additional Facility AI Accession Agreement.  

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SCHEDULE 1
ADDITIONAL FACILITY AI LENDERS AND COMMITMENTS

	
			
	Additional Facility AI Lender
	Facility AI Commitment
(€)
	 

	ABN AMRO Bank N.V.
	50,000,000
	 

	Bank of America, N.A., London Branch
	76,050,000
	 

	Barclays Bank PLC
	50,000,000
	 

	BNP Paribas Fortis SA/NV
	50,000,000
	 

	Citibank N.A., London
	50,000,000
	 

	Credit Agricole Corporate and Investment Bank
	114,000,000
	 

	Credit Suisse AG, London Branch
	50,000,000
	 

	Deutsche Bank AG, London Branch
	50,000,000
	 

	Goldman Sachs Bank USA
	50,000,000
	 

	HSBC Bank plc
	76,100,000
	 

	ING Bank N.V., Amsterdam
	50,000,000
	 

	JPMorgan Chase Bank, N.A., London Branch
	50,000,000
	 

	Morgan Stanley Bank N.A.
	50,000,000
	 

	Nomura International plc
	50,000,000
	 

	The Royal Bank of Scotland plc
	50,000,000
	 

	Scotiabank Europe plc
	50,000,000
	 

	Société Généralé
	50,000,000
	 

	UBS Limited
	50,000,000
	 

	Total
	1,016,150,000
	 

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SCHEUDLE 2
CONDITIONS PRECEDENT DOCUMENTS
		
	1.
	Constitutional Documents

		
	(a)
	A copy of the constitutional documents of each Obligor (other than UPC Financing) and the partnership agreement of UPC Financing or, if the Facility Agent already has a copy, a certificate of an authorised signatory of the relevant Obligor confirming that the copy in the Facility Agent's possession is still correct, complete and in full force and effect as at a date no earlier than the date of this Additional Facility AI Accession Agreement.

		
	(b)
	An extract of the registration of each Obligor established in the Netherlands in the trade register of the Dutch Chamber of Commerce.

		
	2.
	Authorisations

		
	(a)
	A copy of a resolution of the board of managing and, to the extent applicable, board of supervisory directors (or equivalent) and, to the extent that a shareholders' resolution is required, a copy of the shareholders' resolution of each Obligor:

		
	(i)
	approving the terms of and the transactions contemplated by this Additional Facility AI Accession Agreement and (in the case of each of UPC Broadband and UPC Financing) resolving that it execute the same (and, in the case of the Guarantors and the Charging Entities (as defined in the Security Deed) resolving that it execute the confirmation described at paragraph 4(a) below; and

		
	(ii)
	(in the case of UPC Broadband and UPC Financing) authorising the issuance of a power of attorney to a specified person or persons to execute this Additional Facility AI Accession Agreement on its behalf and (in the case of the Guarantors and the Charging Entities (as defined in the Security Deed)) authorising the issuance of a power of attorney to a specified person or persons to execute the confirmation described in paragraph 4(a) below.

		
	(b)
	A specimen of the signature of each person authorised pursuant to its constitutional documents or to the power of attorney referred to in paragraph (a) above to sign this Additional Facility AI Accession Agreement or the confirmation described in paragraph 4(a) below (as appropriate).

		
	(c)
	A certificate of an authorised signatory of UPC Broadband, each Guarantor and each Charging Entity certifying that each copy document specified in this Schedule and supplied by UPC Broadband, each Guarantor and each Charging Entity is correct, complete and in full force and effect as at a date no earlier than the date of this Additional Facility AI Accession Agreement.

		
	(d)
	A copy of any other authorisation or other document, opinion or assurance which the Facility Agent has notified UPC Broadband is necessary in connection with the entry into and performance of, and the transactions contemplated by, this Additional Facility AI Accession Agreement or for the validity and enforceability of this Additional Facility AI Accession Agreement.

9

		
	3.
	Legal opinions

		
	(a)
	A legal opinion of Allen & Overy LLP, English legal advisers to the Facility Agent, addressed to the Finance Parties.

		
	(b)
	A legal opinion of Allen & Overy LLP, Dutch legal advisers to the Facility Agent, addressed to the Finance Parties.

		
	(c)
	A legal opinion of Allen & Overy LLP, New York legal advisers to the Facility Agent, addressed to the Finance Parties.

		
	4.
	Other documents

		
	(a)
	An irrevocable notice from UPC Financing confirming that the €904,000,000 redrawable term loan facility made available as Additional Facility AA under the Credit Agreement and pursuant to the Additional Facility AA Accession Agreements dated 26 July 2011, 2 August 2011 and 6 September 2011, has been, or will be, prepaid and cancelled in full before or on the Effective Date.

		
	(b)
	An irrevocable notice from UPC Financing confirming that the €269,076,239.62 redrawable term loan facility made available as Additional Facility W under the Credit Agreement and pursuant to the Additional Facility W Accession Agreements dated 24 March 2010, 20 April 2010 and 2 July 2010, has been, or will be, prepaid and cancelled in full before or on the Effective Date.

		
	(c)
	Confirmation (in writing) from (i) each of the Guarantors that its obligations under Clause 14 (Guarantee) of the Credit Agreement and (ii) each of the Charging Entities (as defined in the Security Deed) that the Security Interests granted to the Beneficiaries pursuant to the Security Documents and its obligations under the Finance Documents, shall continue unaffected and that such obligations extend to the Total Commitments as increased by the addition of Facility AI and that such obligations shall be owed to each Finance Party including the Additional Facility AI Lenders.

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SCHEDULE 3
NOVATION CERTIFICATE (CASH)

To:    The Bank of Nova Scotia as Facility Agent and UPC Financing as Borrower
From:    [THE EXISTING LENDER] and [THE NEW LENDER]
Date: [          ]
UPC Broadband Holding B.V. - €1,072,000,000 Term Credit Agreement dated 16 January, 2004 as amended from time to time (the Credit Agreement)
We refer to:
		
	(a)
	Clause 26.3 (Procedure for novations) of the Credit Agreement;

		
	(b)
	Clause 9.3 (Transfers by the Lenders) of the Security Deed; and

		
	(c)
	the Accession Agreement dated [l], pursuant to which a EUR €1,016,150,000 redrawable term loan facility is being made available to the Borrower as an Additional Facility (Additional Facility AI) under the Credit Agreement (the Additional Facility AI Accession Agreement).

Terms defined in the Credit Agreement or, if not defined in the Credit Agreement, the Additional Facility AI Accession Agreement, have the same meaning in this Novation Certificate.
		
	1.
	We [l] (the Existing Lender) and [l] (the New Lender) agree to the Existing Lender and the New Lender novating all the Existing Lender's rights and obligations referred to in the Schedule on and from the Effective Date in accordance with Clause 26.3 (Procedure for novations) of the Credit Agreement and clause 9.3 (Transfers by the Lenders) of the Security Deed.

		
	2.
	The New Lender confirms that it is bound by the terms of the Additional Facility AI Accession Agreement as if it were an original party thereto as an Additional Facility AI Lender and shall acquire the same rights grant the same consents and assume the same obligations towards the other parties to this Agreement as would have been acquired, granted and assumed had the New Lender been an original party to the Additional Facility AI Accession Agreement as an Additional Facility AI Lender.

		
	3.
	For the purposes of this Novation Certificate, “Effective Date” means the date on which the Facility Agent countersigns this certificate.

		
	4.
	The Facility Office and address for notices of the New Lender for the purposes of Clause 32.2 (Addresses for notices) are set out in the Schedule.

		
	5.
	This Novation Certificate may be executed in any number of counterparts, and by each party on separate counterparts.  Each counterpart is an original, but all counterparts shall together constitute one and the same instrument.  Delivery of an executed counterpart signature page of this Novation Certificate by e-mail (PDF) or telecopy shall be as effective as delivery of a manually executed counterpart of this Novation Certificate.

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	6.
	This Novation Certificate is a Finance Document and any non-contractual obligations arising out of or in connection with it are governed by English law.

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THE SCHEDULE
Rights and obligations to be novated
EXISTING LENDER
Existing Lender's Commitment under Additional Facility AI: EUR €[l]
Assignee: New Lender

	
			
	[New Lender]
	 
	 

	[Facility Office
	Address for notices for administrative purposes
	 

	 
	Address for notices for credit purposes]
	 

13

[The Existing Lender], as the Existing Lender

By:
Name:
Title:

14

[The New Lender], as the New Lender

By:
Name:
Title:

15
	
	
	0096349-0000005 BK:23655346.5

UPC BROADBAND HOLDING B.V., as Obligors agent

By:
Name:
Title:

THE BANK OF NOVA SCOTIA, as Facility Agent

By:
Name:
Title:
Date:
The Facility Agent confirms that the Effective Date is the date on which it countersigns this Novation Certificate.

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SIGNATORIES
THE BANK OF NOVA SCOTIA as Facility Agent
By:    Authorized Signatory        Authorized Signatory

THE BANK OF NOVA SCOTIA as Security Agent
By:    Authorized Signatory        Authorized Signatory

17
	
			
	0096349-0000005 BK:23655346.5

	 
	 
	 

(Signature Page to AI Accession Agreement)

	
	
	 

UPC BROADBAND HOLDING B.V.
By:    Authorized Signatory

UPC FINANCING PARTNERSHIP 
By:    Authorized Signatory

18
	
			
	0096349-0000005 BK:23655346.5

	 
	 
	 

(Signature Page to AI Accession Agreement)

	
	
	 

ADDITIONAL FACILITY AI LENDERS

ABN AMRO BANK N.V.
By:     Authorized Signatory        Authorized Signatory

19
	
			
	0096349-0000005 BK:23655346.5

	 
	 
	 

(Signature Page to AI Accession Agreement)

	
	
	 

ADDITIONAL FACILITY AI LENDERS 

BANK OF AMERICA, N.A., LONDON BRANCH
By:     Authorized Signatory

20
	
			
	0096349-0000005 BK:23655346.5

	 
	 
	 

(Signature Page to AI Accession Agreement)

	
	
	 

ADDITIONAL FACILITY AI LENDERS 

BARCLAYS BANK PLC
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21
	
			
	0096349-0000005 BK:23655346.5

	 
	 
	 

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ADDITIONAL FACILITY AI LENDERS 

BNP PARIBAS FORTIS SA/NV
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22
	
			
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ADDITIONAL FACILITY AI LENDERS 

CITIBANK N.A., LONDON 
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23
	
			
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CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
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24
	
			
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ADDITIONAL FACILITY AI LENDERS 

CREDIT SUISSE AG, LONDON BRANCH
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25
	
			
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ADDITIONAL FACILITY AI LENDERS 

DEUTSCHE BANK AG, LONDON BRANCH
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GOLDMAN SACHS BANK USA
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27
	
			
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HSBC BANK PLC
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ING BANK N.V., AMSTERDAM
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JPMORGAN CHASE BANK, N.A., LONDON BRANCH
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MORGAN STANLEY BANK N.A.
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NOMURA INTERNATIONAL PLC
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32
	
			
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THE ROYAL BANK OF SCOTLAND PLC
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33
	
			
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SCOTIABANK EUROPE PLC
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SOCIÉTÉ GÉNÉRALÉ
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35
	
			
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UBS LIMITED
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36
	
			
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(Signature Page to AI Accession Agreement)Exhibit 10.1

CAL DIVE INTERNATIONAL, INC.

2013 STOCK INCENTIVE PLAN

1.            Purpose.  The purpose of the Cal Dive International, Inc. 2013 Stock Incentive Plan (the "Plan") is to increase stockholder value and to advance the interests of Cal Dive International, Inc. ("Cal Dive") and its subsidiaries (collectively with Cal Dive, the "Company") by furnishing stock-based economic incentives (the "Incentives") designed to attract, retain, reward, and motivate key employees, officers, and directors of the Company and consultants and advisors to the Company and to strengthen the mutuality of interests between service providers and Cal Dive's stockholders.  Incentives consist of opportunities to purchase or receive shares of Common Stock, $.01 par value per share, of Cal Dive (the "Common Stock") or cash valued in relation to Common Stock, on terms determined under the Plan.  As used in the Plan, the term "subsidiary" means any corporation, limited liability company or other entity, of which Cal Dive owns (directly or indirectly) within the meaning of section 424(f) of the Internal Revenue Code of 1986, as amended (the "Code"), 50% or more of the total combined voting power of all classes of stock, membership interests or other equity interests issued thereby.

 

2.            Administration.

 

2.1            Composition.  The Plan shall generally be administered by the Compensation Committee (the "Committee") of the Board of Directors of Cal Dive (the "Board") or by a subcommittee thereof.  The Committee or subcommittee thereof that generally administers the Plan shall consist of not fewer than two members of the Board, each of whom shall (a) qualify as a "non-employee director" under Rule 16b-3 under the Securities Exchange Act of 1934 (the "1934 Act") or any successor rule and (b) qualify as an "outside director" under Section 162(m) of the Code ("Section 162(m)").

 

2.2            Authority.  The Committee or a subcommittee thereof shall have plenary authority to award Incentives under the Plan and to enter into agreements with or provide notices to participants as to the terms of the Incentives (the "Incentive Agreements").  The Committee or a sub-committee thereof shall have the general authority to interpret the Plan, to establish any rules or regulations relating to the Plan that it determines to be appropriate, and to make any other determination that it believes necessary or advisable for the proper administration of the Plan.  Committee decisions in matters relating to the Plan shall be final and conclusive on the Company and participants.  The Committee may delegate its authority hereunder to the extent provided in Section 3.

 

3.            Eligible Participants; Delegation of Authority.  Key employees, officers, and directors of the Company and persons providing services as consultants or advisors to the Company shall become eligible to receive Incentives under the Plan when designated by the Committee.  With respect to participants not subject to either Section 16 of the 1934 Act or Section 162(m) of the Code, the Committee may delegate to appropriate officers of the Company its authority to designate participants, to determine the size and type of Incentives to be received by those participants, and to set and modify the terms of such Incentives; provided, however, that the resolution so authorizing any such officer shall specify the total number of Incentives such officer may so award and such actions shall be treated for all purposes as if taken by the Committee, and provided further that the per share exercise price of any options granted by an officer, rather than by the Committee, shall be equal to the Fair Market Value (as defined in Section 13.10) of a share of Common Stock on the later of the date the officer approves such grant or the date the participant's employment with or service to the Company commences.  Without limiting the foregoing, the Chief Executive Officer of the Company (who also serves as a member of the Board and who, in this respect, functions as a single-member committee of the Board) is authorized to grant Incentives with respect to no more than an aggregate 100,000 shares of Common Stock per fiscal year, in connection with the promotions of employees and as inducements to hire prospective employees, provided that in each case, such employees are not, and will not become as a result of such hire or promotion, subject to the provisions of Section 16 of the 1934 Act.

 

4.            Types of Incentives.  Incentives may be granted under the Plan to eligible participants in the forms of (a) incentive stock options, (b) non-qualified stock options, (c) restricted stock, (d) restricted stock units ("RSUs"), (e) stock appreciation rights ("SARs"), and (f) Other Stock-Based Awards (as defined in Section 10).

 

5.            Shares Subject to the Plan.

 

5.1            Number of Shares.  Subject to adjustment as provided in Section 13.5, the maximum number of shares of Common Stock that may be delivered to participants and their permitted transferees under the Plan shall be 4,800,000 shares.

 

5.2            Share Counting.  To the extent any shares of Common Stock covered by an Incentive are not delivered to a participant or permitted transferee because the Incentive is forfeited or canceled, or shares of Common Stock are not delivered because an Incentive is paid or settled in cash, such shares shall not be deemed to have been delivered for purposes of determining the maximum number of shares of Common Stock available for delivery under this Plan.  If an Incentive, by its terms, may only be settled in cash, then the grant, vesting, payout, and/or forfeiture of such Incentive shall have no impact on the number of shares available for grant under this Plan.  In the event that shares of Common Stock are issued as an Incentive and thereafter are forfeited or reacquired by the Company pursuant to rights reserved upon issuance thereof, such forfeited and reacquired Shares may again be issued under the Plan.  If shares of Common Stock are withheld from payment of an Incentive to satisfy tax obligations with respect to the Incentive, such shares of Common Stock may again be granted under the Plan.  With respect to SARs, if the SAR is payable in shares of Common Stock, all shares to which the SARs relate are counted against the Plan limits, rather than the net number of shares delivered upon exercise of the SAR.

 

5.3            Limitations on Awards.  Subject to adjustment as provided in Section 13.5, the following additional limitations are imposed under the Plan:

 

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(a)            The maximum number of shares of Common Stock that may be issued upon exercise of stock options intended to qualify as incentive stock options under Section 422 of the Code shall be 1,000,000 shares.

 

(b)            The maximum number of shares of Common Stock that may be covered by Incentives granted under the Plan to any one individual during any one fiscal-year period shall be 500,000.

 

(c)            Restricted stock, RSUs, and Other Stock-Based Awards with respect to an aggregate of 480,000 shares of Common Stock may be granted to officers, employees, consultants, or advisors without compliance with the minimum vesting periods provided in Sections 7.2, 8.2, and 10.2.

 

(d)            The maximum value of an Other Stock-Based Award that is valued in dollars (whether or not paid in Common Stock) scheduled to be paid out to any one participant in any fiscal year shall be $1,000,000.

 

5.4            Type of Common Stock.  Common Stock issued under the Plan may be authorized and unissued shares or issued shares held as treasury shares.

 

6.            Stock Options.  A stock option is a right to purchase shares of Common Stock from Cal Dive.  Stock options granted under the Plan may be incentive stock options (as such term is defined in Section 422 of the Code) or non-qualified stock options.  Any option that is designated as a non-qualified stock option shall not be treated as an incentive stock option.  Each stock option granted by the Committee under this Plan shall be subject to the following terms and conditions:

 

6.1            Price.  The exercise price per share shall be determined by the Committee, subject to adjustment under Section 13.5; provided that in no event shall the exercise price be less than the Fair Market Value (as defined in Section 13.10) of a share of Common Stock on the date of grant, except in the case of a stock option granted in assumption of or substitution for an outstanding award of a company acquired by the Company or with which the Company combines.  In the event that an option grant is approved by the Committee, but is to take effect on a later date, such as when employment or service commences, such later date shall be the date of grant.

 

6.2            Number.  The number of shares of Common Stock subject to the option shall be determined by the Committee, subject to Section 5 and subject to adjustment as provided in Section 13.5.

 

6.3            Duration and Time for Exercise.  The term of each stock option shall be determined by the Committee, but shall not exceed a maximum term of ten years.  Each stock option shall become exercisable at such time or times during its term as shall be determined by the Committee, but for options granted to officers, key employees, consultants, or advisors, such options may not become fully exercisable until the third anniversary of the date of grant, although incremental vesting over the three-year period is permitted.  Notwithstanding the foregoing, the Committee may accelerate the exercisability of any stock option at any time, in addition to the automatic acceleration of stock options (a) as provided under Section 13.3 in the event of termination of employment under the circumstances provided in the Incentive Agreement and (b) as described in Section 12 in the event of a Change of Control of the Company.

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6.4            Repurchase. Upon approval of the Committee, the Company may repurchase a previously granted stock option from a participant by mutual agreement before such option has been exercised by payment to the participant of the amount per share by which:  (a) the Fair Market Value of the Common Stock subject to the option on the business day immediately preceding the date of purchase exceeds (b) the exercise price, or by payment of such other mutually agreed upon amount; provided, however, that no such repurchase shall be permitted if prohibited by Section 6.6.

 

6.5            Manner of Exercise.  A stock option may be exercised, in whole or in part, by giving written notice to the Company, specifying the number of shares of Common Stock to be purchased.  The exercise notice shall be accompanied by the full purchase price for such shares.  The option price shall be payable in United States dollars and may be paid (a) in cash; (b) by check; (c) by delivery of or attestation of ownership of shares of Common Stock, which shares shall be valued for this purpose at the Fair Market Value on the business day immediately preceding the date such option is exercised; (d) by delivery of irrevocable written instructions to a broker approved by the Company (with a copy to the Company) to immediately sell a portion of the shares, issuable under the option and to deliver promptly to the Company the amount of sale proceeds (or loan proceeds if the broker lends funds to the participant for delivery to the Company) to pay the exercise price; (e) if approved by the Committee, through a net exercise procedure whereby the optionee surrenders the option in exchange for that number of shares of Common Stock with an aggregate Fair Market Value equal to the difference between the aggregate exercise price of the options being surrendered and the aggregate Fair Market Value of the shares of Common Stock subject to the option; or (f) in such other manner as may be authorized from time to time by the Committee.

 

6.6            Repricing.  Except for adjustments pursuant to Section 13.5 or actions permitted to be taken by the Committee under Section 12 in the event of a Change of Control, unless approved by the stockholders of the Company, (a) the exercise or base price for any outstanding option or SAR granted under this Plan may not be decreased after the date of grant; and (b) an outstanding option or SAR that has been granted under this Plan may not, as of any date that such option or SAR has a per share exercise price that is greater than the then current Fair Market Value of a share of Common Stock, be surrendered to the Company as consideration for the grant of a new option or SAR with a lower exercise price, shares of restricted stock, RSU, an Other Stock-Based Award, a cash payment, or Common Stock.

 

6.7            Incentive Stock Options.  Notwithstanding anything in the Plan to the contrary, the following additional provisions shall apply to the grant of stock options that are intended to qualify as incentive stock options (as such term is defined in Section 422 of the Code):

 

(a)            Any incentive stock option agreement authorized under the Plan shall contain such other provisions as the Committee shall deem advisable, but shall in all events be consistent with and contain or be deemed to contain all provisions required in order to qualify the options as incentive stock options.

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(b)            All incentive stock options must be granted within ten years from the date on which this Plan is adopted by the Board of Directors.

 

(c)            No incentive stock options shall be granted to any non-employee or to any participant who, at the time such option is granted, would own (within the meaning of Section 422 of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of Cal Dive or of any of its subsidiaries.

 

(d)            The aggregate Fair Market Value (determined with respect to each incentive stock option as of the time such incentive stock option is granted) of the Common Stock with respect to which incentive stock options are exercisable for the first time by a participant during any fiscal year (under the Plan or any other plan of Cal Dive or any of its subsidiaries) shall not exceed $100,000.  To the extent that such limitation is exceeded, the excess options shall be treated as non-qualified stock options for federal income tax purposes.

 

7.            Restricted Stock.

 

7.1            Grant of Restricted Stock.  The Committee may award shares of restricted stock to such eligible participants as determined pursuant to the terms of Section 3.  An award of restricted stock shall be subject to such restrictions on transfer and forfeitability provisions and such other terms and conditions, including the attainment of specified performance goals, as the Committee may determine, subject to the provisions of the Plan.  To the extent restricted stock is intended to qualify as "performance-based compensation" under Section 162(m), it must be granted subject to the attainment of performance goals as described in Section 11 below and meet the additional requirements imposed by Section 162(m).

 

7.2            The Restricted Period.

 

(a)            At the time an award of restricted stock is made, the Committee shall establish a period of time during which the transfer of the shares of restricted stock shall be restricted and after which the shares of restricted stock shall be vested (the "Restricted Period").  Each award of restricted stock may have a different Restricted Period.  The Restricted Period shall be a minimum of three years with incremental vesting of portions of the award over the three-year period permitted, with the following exceptions:

 

(i)  If the vesting of the shares of restricted stock is based upon the attainment of performance goals as described in Section 11, the Restricted Period shall be a minimum of one year.

 

(ii)  No minimum Restricted Period applies to grants to non-employee directors, to grants issued in payment of cash amounts earned under the Company's annual incentive plan, or to grants made under Section 5.3(c).

 

(b)            An acceleration of the expiration of the applicable Restricted Period shall occur (i) as provided under Section 13.3 in the event of termination of employment under the circumstances provided in the Incentive Agreement and (ii) as described in Section 12 in the event of a Change of Control of the Company.

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7.3            Escrow.  The participant receiving restricted stock shall enter into an Incentive Agreement with the Company setting forth the conditions of the grant.  Any certificates representing shares of restricted stock shall be registered in the name of the participant and deposited with the Company, together with a stock power endorsed in blank by the participant.  Each such certificate shall bear a legend in substantially the following form:

 

The transferability of this certificate and the shares of Common Stock represented by it are subject to the terms and conditions (including conditions of forfeiture) contained in the Cal Dive International, Inc. 2013 Stock Incentive Plan (the "Plan"), and an agreement entered into between the registered owner and Cal Dive thereunder.  Copies of the Plan and the agreement are on file at the principal office of Cal Dive.

Alternatively, in the discretion of the Company, ownership of the shares of restricted stock and the appropriate restrictions shall be reflected in the records of the Company's transfer agent and no physical certificates shall be issued prior to vesting.

7.4            Dividends on Restricted Stock.  All dividends and other distributions relating to any shares of restricted stock will accrue when declared and be paid out or forfeited in tandem with the related shares of restricted stock.

 

7.5            Forfeiture.  In the event of the forfeiture of any shares of restricted stock under the terms provided in the Incentive Agreement (including any additional shares of restricted stock that may result from the reinvestment of cash and stock dividends, if so provided in the Incentive Agreement), such forfeited shares shall be surrendered and any certificates cancelled.  The participants shall have the same rights and privileges, and be subject to the same forfeiture provisions, with respect to any additional shares received pursuant to Section 13.5 due to a recapitalization or other change in capitalization.

 

7.6            Expiration of Restricted Period.  Upon the expiration or termination of the Restricted Period and the satisfaction of any other conditions prescribed by the Committee, the restrictions applicable to the restricted stock shall lapse and, unless otherwise instructed by the participant, a stock certificate for the number of shares of restricted stock with respect to which the restrictions have lapsed shall be delivered, free of all such restrictions and legends, except any that may be imposed by law, to the participant or the participant's estate, as the case may be.

 

7.7            Rights as a Stockholder.  Subject to the terms and conditions of the Plan and subject to any restrictions on the receipt of dividends that may be imposed in the Incentive Agreement, each participant receiving restricted stock shall have all the rights of a stockholder with respect to shares of stock during the Restricted Period, including without limitation, the right to vote any shares of Common Stock.

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8.            Restricted Stock Units.

 

8.1            Grant of Restricted Stock Units.  A restricted stock unit, or RSU, represents the right to receive from the Company on the respective scheduled vesting or payment date for such RSU, one share of Common Stock.  An award of RSUs may be subject to the attainment of specified performance goals or targets, forfeitability provisions and such other terms and conditions as the Committee may determine, subject to the provisions of the Plan.  To the extent an award of RSUs is intended to qualify as performance-based compensation under Section 162(m), it must be granted subject to the attainment of performance goals as described in Section 11 and meet the additional requirements imposed by Section 162(m).

 

8.2            Vesting Period.

 

(a)            At the time an award of RSUs is made, the Committee shall establish a period of time during which the RSUs shall vest (the "Vesting Period").  Each award of RSUs may have a different Vesting Period.  The Vesting Period shall be a minimum of three years with incremental vesting over the three-year period permitted, with the following exceptions:

 

(i)  If the vesting of RSUs is based upon the attainment of performance goals as described in Section 11, the Vesting Period shall be a minimum of one year.

 

(ii)  No minimum Vesting Period applies to grants to non-employee directors, to grants issued in payment of cash amounts earned under the Company's annual incentive plan, or to grants made under Section 5.3(c).

 

(b)            An acceleration of the expiration of the applicable Vesting Period shall occur (i) as provided under Section 13.3 in the event of termination of employment under the circumstances provided in the Incentive Agreement and (ii) as described in Section 12 in the event of a Change of Control of the Company.

 

8.3            Dividend Equivalent Accounts.  Subject to the terms and conditions of this Plan and the applicable Incentive Agreement, as well as any procedures established by the Committee, the Committee may determine to pay dividend equivalent rights with respect to RSUs, in which case the Company shall establish an account for the participant and reflect in that account any securities, cash or other property comprising any dividend or property distribution with respect to the share of Common Stock underlying each RSU.  All such cash, property, and any additional RSUs credited via dividend equivalents shall vest or be forfeited at the same time and on the same terms as the RSUs to which they relate.  The participant shall have no rights to the amounts or other property credited to such account until the related RSU vests.

 

8.4            Rights as a Stockholder.  Subject to the restrictions imposed under the terms and conditions of this Plan and subject to any other restrictions that may be imposed in the Incentive Agreement, each participant receiving RSUs units shall have no rights as a stockholder with respect to such RSUs until such time as shares of Common Stock are issued to the participant.

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9.            Stock Appreciation Rights.

 

9.1            Grant of Stock Appreciation Rights.  A stock appreciation right, or SAR, is a right to receive, without payment to the Company, a number of shares of Common Stock, cash, or any combination thereof, the number or amount of which is determined pursuant to the formula set forth in Section 9.5.  Each SAR granted by the Committee under the Plan shall be subject to the terms and conditions of the Plan and the applicable Incentive Agreement.

 

9.2            Number.  Each SAR granted to any participant shall relate to such number of shares of Common Stock as shall be determined by the Committee, subject to adjustment as provided in Section 13.5.

 

9.3            Duration and Time for Exercise.  The term of each SAR shall be determined by the Committee, but shall not exceed a maximum term of ten years.  Each SAR shall become exercisable at such time or times during its term as shall be determined by the Committee, but for SARs granted to officers, key employees, consultants, or advisors, such SARs may not become fully exercisable until the third anniversary of the date of grant, although incremental vesting over the three-year period is permitted.  Notwithstanding the foregoing, the Committee may accelerate the exercisability of any SAR at any time, in addition to the automatic acceleration of SARs (a) as provided under Section 13.3 in the event of termination of employment under the circumstances provided in the Incentive Agreement and (b) as described in Section 12 in the event of a Change of Control of the Company.

 

9.4            Exercise.  A SAR may be exercised, in whole or in part, by giving written notice to the Company, specifying the number of SARs that the holder wishes to exercise.  The date that the Company receives such written notice shall be referred to herein as the "Exercise Date."  The Company shall, within 30 days of an Exercise Date, deliver to the exercising holder certificates for the shares of Common Stock to which the holder is entitled pursuant to Section 9.5 or cash or both, as provided in the Incentive Agreement.

 

9.5            Payment.

 

(a)            The number of shares of Common Stock which shall be issuable upon the exercise of a SAR payable in Common Stock shall be determined by dividing:

 

(i)  the number of shares of Common Stock as to which the SAR is exercised, multiplied by the amount of the appreciation in each such share (for this purpose, the "appreciation" shall be the amount by which the Fair Market Value (as defined in Section 13.10) of a share of Common Stock subject to the SAR on the trading day prior to the Exercise Date exceeds the "Base Price," which is an amount, not less than the Fair Market Value of a share of Common Stock on the date of grant, which shall be determined by the Committee at the time of grant, subject to adjustment under Section 13.5); by

 

(ii)  the Fair Market Value of a share of Common Stock on the Exercise Date.

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(b)            No fractional shares of Common Stock shall be issued upon the exercise of a SAR; instead, the holder of a SAR shall be entitled to purchase the portion necessary to make a whole share at its Fair Market Value on the Exercise Date.

 

(c)            If so provided in the Incentive Agreement, a SAR may be exercised for cash equal to the Fair Market Value of the shares of Common Stock that would be issuable under this Section 9.5, if the exercise had been for Common Stock.

 

10.            Other Stock-Based Awards.

 

10.1          Grant of Other Stock-Based Awards.  Subject to the limitations described in Section 10.2 hereof, the Committee may grant to eligible participants "Other Stock-Based Awards," which shall consist of awards (other than options, restricted stock, RSUs or SARs described in Sections 6 through 9 hereof) paid out in shares of Common Stock or the value of which is based in whole or in part on the value of shares of Common Stock.  Other Stock-Based Awards may be awards of shares of Common Stock, awards of phantom stock, or may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, shares of, or appreciation in the value of, Common Stock (including, without limitation, securities convertible or exchangeable into or exercisable for shares of Common Stock), as deemed by the Committee consistent with the purposes of this Plan.  The Committee shall determine the terms and conditions of any Other Stock-Based Award (including which rights of a stockholder, if any, the recipient shall have with respect to Common Stock associated with any such award) and may provide that such award is payable in whole or in part in cash.  An Other Stock-Based Award may be subject to the attainment of such specified performance goals or targets as the Committee may determine, subject to the provisions of this Plan.  To the extent that an Other Stock-Based Award is intended to qualify as "performance-based compensation" under Section 162(m), it must be granted subject to the attainment of performance goals as described in Section 11 below and meet the additional requirements imposed by Section 162(m).

 

10.2          Limitations.

 

(a)            Other Stock-Based Awards granted under this Section 10 shall be subject to a minimum vesting period of three years, with incremental vesting of portions of the award over the three-year period permitted, with the following exceptions: 

 

(i)  If the vesting of the award is based upon the attainment of performance goals as described in Section 11, the award shall be subject to a minimum vesting period of one year.

 

(ii)  No minimum vesting period applies to grants to non-employee directors, to grants issued in payment of cash amounts earned under the Company's annual incentive plan, or to grants made under Section 5.3(c).

 

(b)            An acceleration of the expiration of the applicable vesting period shall occur (i) as provided under Section 13.3 in the event of termination of employment under the circumstances provided in the Incentive Agreement and (ii) as described in Section 12 in the event of a Change of Control of the Company.

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10.3          Dividends or Dividend Equivalents.  Subject to the terms and conditions of this Plan and the applicable Incentive Agreement, as well as any procedures established by the Committee, the Committee may determine to pay dividends or dividend equivalent rights with respect to Other Stock-Based Awards.  All dividends and other distributions relating to any shares of Common Stock issued as an Other Stock-Based Award will accrue when declared and be paid out or forfeited in tandem with the related shares.  If the Committee grants dividend equivalent rights in conjunction with an Other Stock-Based Award, the Company shall establish an account for the participant and reflect in that account any securities, cash or other property comprising any dividend or property distribution with respect to the shares of Common Stock underlying the Other Stock-Based Award.  All such cash, property, and any additional shares of Common Stock credited via dividend equivalents shall vest or be forfeited at the same time and on the same terms as the shares underlying the Other Stock-Based Award.  The participant shall have no rights to the amounts or other property credited to such account until the Other Stock-Based Award vests.

 

11.            Performance Goals for Section 162(m) Awards.  To the extent that shares of restricted stock, RSUs, or Other Stock-Based Awards granted under the Plan are intended to qualify as "performance-based compensation" under Section 162(m), the vesting, grant, or payment of such awards shall be conditioned on the achievement of one or more performance goals and must satisfy the other requirements of Section 162(m).  The performance goals pursuant to which such awards shall vest, be granted, or be paid out shall be any or a combination of the following performance measures applied to the Company, a division, a subsidiary, a segment, or a line of business: earnings per share; an economic value-added measure; stockholder return or total stockholder return; earnings or earnings before interest, income taxes, and depreciation and amortization; stock price; return on equity; return on assets or net assets; return on total capital; revenue; reduction of expenses; free cash flow; operating cash flow; income, pre-tax income, or net income; operating income or net operating income; gross profit; operating profit or net operating profit; operating margin or profit margin; return on operating revenue; return on invested capital; market segment share; customer satisfaction; or safety.  For any performance period, such performance objectives may be measured on an absolute basis or relative to a group of peer companies selected by the Committee, relative to internal goals or relative to levels attained in prior years.  The performance goals may be subject to such adjustments as are specified in advance by the Committee in accordance with Section 162(m).

 

12.            Change of Control.  

 

12.1          Definition.  "Change of Control" shall mean:

 

(a)            the acquisition by any Person (as defined below) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act of more than 30% of the outstanding Common Stock; provided, however, that for purposes of this subsection (a), the following events shall not constitute a Change of Control:

 

(i)  any acquisition of Common Stock by a Person directly from the Company;

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(ii)  any acquisition of Common Stock by the Company;

 

(iii)  any acquisition of Common Stock by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; or

 

(iv)  any acquisition of Common Stock by any entity pursuant to a transaction that complies with clauses (i), (ii) and (iii) of subsection (c) of this Section 12.1; or

 

(b)            individuals who, as of May 14, 2013, constitute the Board (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided, however, that any individual who becomes a director subsequent to such date through an election, or a nomination for election by the Company's stockholders, approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board, unless such individual's initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board; or

 

(c)            consummation of a reorganization, merger or consolidation, or sale or other disposition of all or substantially all of the assets of the Company (a "Business Combination"), in each case, unless, following such Business Combination,

 

(i)  Persons who were the beneficial owners of the Company's outstanding common stock and any other securities of the Company entitled to vote generally in the election of directors immediately prior to such Business Combination continue to have collectively the direct or indirect beneficial ownership, respectively, of 50% or more of the then outstanding shares of common stock, and 50% or more of the voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation resulting from such Business Combination (which, for purposes of this paragraph (i) and paragraphs (ii) and (iii), shall include a corporation which as a result of such transaction controls the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries); and

 

(ii)  except to the extent that such ownership in the Company existed prior to the Business Combination, no Person (excluding, for the purpose of this clause, any corporation resulting from such Business Combination or any employee benefit plan or related trust of the Company or the corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of the then outstanding shares of common stock of the corporation resulting from such Business Combination or 20% or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of such corporation; and

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(iii)  at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement providing for such Business Combination, or, in the absence of an agreement, of the action taken by the Board approving such Business Combination; or

 

(d)            approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.

 

For purposes of this definition, "Person" shall mean a natural person or company, and shall also mean the group or syndicate created when two or more Persons act as a syndicate or other group (including, without limitation, a partnership or limited partnership) for the purpose of acquiring, holding, or disposing of a security, except that "Person" shall not include an underwriter temporarily holding a security pursuant to an offering of the security.

12.2          Effect of a Change of Control.  If determined by the Committee and so provided in the Incentive Agreement, upon a Change of Control of the type described in Sections 12.1(a) or 12.1(b) or immediately prior to any Change of Control of the type described in Sections 12.1(c) or 12.1(d), all outstanding Incentives granted pursuant to this Plan shall automatically become fully vested and exercisable, all restrictions or limitations on any Incentives shall automatically lapse and, unless otherwise provided in the applicable Incentive Agreement, all performance criteria and other conditions relating to the payment of Incentives shall be deemed to be achieved at the target level without the necessity of action by any person. As used in the immediately preceding sentence, "immediately prior" to the Change of Control shall mean sufficiently in advance of the Change of Control to permit the grantee to take all steps reasonably necessary (i) if an optionee, to exercise any such option fully and (ii) to deal with the shares purchased or acquired under any such option or other Incentive and any formerly restricted shares on which restrictions have lapsed so that all types of shares may be treated in the same manner in connection with the Change of Control as the shares of Common Stock of other stockholders.

 

12.3          Committee Discretion to Set Terms of Exercise or Exchange.  No later than 30 days after the approval by the Board of a Change of Control of the types described in subsections (c) or (d) of Section 12.1 and no later than 30 days after a Change of Control of the type described in subsections (a) or (b) of Section 12.1, the Committee (as the Committee was composed immediately prior to such Change of Control and notwithstanding any removal or attempted removal of some or all of the members thereof as directors or Committee members), acting in its sole discretion without the consent or approval of any participant, may act to effect one or more of the alternatives listed below and such act by the Committee may not be revoked or rescinded by persons not members of the Committee immediately prior to the Change of Control:

 

(a)            accelerate the vesting of any Incentives which did not automatically accelerate under the terms of this Plan and/or the applicable Incentive Agreement;

 

(b)            require that all outstanding options, SARs or Other Stock-Based Awards be exercised on or before a specified date (before or after such Change of Control) fixed by the Committee, after which specified date all unexercised options, SARs and Other Stock-Based Awards shall terminate;

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(c)            make such equitable adjustments to Incentives then outstanding as the Committee deems appropriate to reflect such Change of Control (provided, however, that the Committee may determine in its sole discretion that no adjustment is necessary);

 

(d)            provide for mandatory conversion of some or all of the outstanding options, SARs, RSUs, or Other Stock-Based Awards held by some or all participants as of a date, before or after such Change of Control, specified by the Committee, in which event such Incentives shall be deemed automatically cancelled and the Company shall pay, or cause to be paid, to each such participant an amount of cash per share equal to the excess, if any, of the Change of Control Value of the shares subject to such option, SAR, RSU or Other Stock-Based Award, as defined and calculated below, over the exercise price of such options or the exercise or base price of such SARs, RSUs or Other Stock-Based Awards or, in lieu of such cash payment, the issuance of Common Stock or securities of an acquiring entity having a Fair Market Value equal to such excess; provided, however, that no such mandatory conversion shall occur if it would result in the imposition of a penalty on the participant under Section 409A of the Code as a result of such cash payment or issuance of securities; or

 

(e)            provide that thereafter, upon any exercise or payment of an Incentive that entitles the holder to receive Common Stock, the holder shall be entitled to purchase or receive under such Incentive in lieu of the number of shares of Common Stock then covered by such Incentive, the number and class of shares of stock or other securities or property (including, without limitation, cash) to which the holder would have been entitled pursuant to the terms of the agreement providing for the reorganization, share exchange, merger, consolidation or asset sale, if, immediately prior to such Change of Control, the holder had been the record owner of the number of shares of Common Stock then covered by such Incentive.

 

For the purposes of paragraph (d) of this Section 12.3, the "Change of Control Value" shall equal the amount determined by whichever of the following items is applicable:

(i)  the per share price to be paid to stockholders of Cal Dive in any such merger, consolidation or other reorganization,

(ii)  the price per share offered to stockholders of Cal Dive in any tender offer or exchange offer whereby a Change of Control takes place,

(iii)  in all other events, the Fair Market Value per share of Common Stock into which such options being converted are exercisable, as determined by the Committee as of the date determined by the Committee to be the date of conversion of such options, or

(iv)  in the event that the consideration offered to stockholders of Cal Dive in any transaction described in this Section 12 consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered that is other than cash.

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13.            General.

 

13.1          Duration.  No Incentives may be granted under the Plan after May 14, 2023; provided, however, that subject to Section 13.9, the Plan shall remain in effect after such date with respect to Incentives granted prior to that date, until all such Incentives have either been satisfied by the issuance of shares of Common Stock or otherwise been terminated under the terms of the Plan and all restrictions imposed on shares of Common Stock in connection with their issuance under the Plan have lapsed.

 

13.2          Transferability.  No Incentives granted hereunder may be transferred, pledged, assigned or otherwise encumbered by a participant except: (a) by will; (b) by the laws of descent and distribution; (c) pursuant to a domestic relations order, as defined in the Code; or (d) as to options only, if permitted by the Committee and so provided in the Incentive Agreement or an amendment thereto, (i) to Immediate Family Members, (ii) to a partnership in which the participant and/or Immediate Family Members, or entities in which the participant and/or Immediate Family Members are the sole owners, members or beneficiaries, as appropriate, are the sole partners, (iii) to a limited liability company in which the participant and/or Immediate Family Members, or entities in which the participant and/or Immediate Family Members are the sole owners, members or beneficiaries, as appropriate, are the sole members, or (iv) to a trust for the sole benefit of the participant and/or Immediate Family Members. "Immediate Family Members" shall be defined as the spouse and natural or adopted children or grandchildren of the participant and their spouses.  To the extent that an incentive stock option is permitted to be transferred during the lifetime of the participant, it shall be treated thereafter as a nonqualified stock option.  Any attempted assignment, transfer, pledge, hypothecation or other disposition of Incentives, or levy of attachment or similar process upon Incentives not specifically permitted herein, shall be null and void and without effect.

 

13.3           Effect of Termination of Employment or Death.  In the event that a participant ceases to be an employee of the Company or to provide services to the Company for any reason, including death, disability, early retirement or normal retirement, any Incentives may be exercised, shall vest or shall expire at such times as may be determined by the Committee and provided in the Incentive Agreement.

 

13.4          Additional Conditions. Anything in this Plan to the contrary notwithstanding:  (a) the Company may, if it shall determine it necessary or desirable for any reason, at the time of award of any Incentive or the issuance of any shares of Common Stock pursuant to any Incentive, require the recipient of the Incentive, as a condition to the receipt thereof or to the receipt of shares of Common Stock issued pursuant thereto, to deliver to the Company a written representation of present intention to acquire the Incentive or the shares of Common Stock issued pursuant thereto for his own account for investment and not for distribution; and (b) if at any time the Company further determines, in its sole discretion, that the listing, registration or qualification (or any updating of any such document) of any Incentive or the shares of Common Stock issuable pursuant thereto is necessary on any securities exchange or under any federal or state securities or blue sky law, or that the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with the award of any Incentive, the issuance of shares of Common Stock pursuant thereto, or the removal of any restrictions imposed on such shares, such Incentive shall not be awarded or such shares of Common Stock shall not be issued or such restrictions shall not be removed, as the case may be, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company.

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13.5          Adjustment.  In the event of any recapitalization, reclassification, stock dividend, stock split, combination of shares or other similar change in the Common Stock, the number of shares of Common Stock then subject to the Plan, including shares subject to outstanding Incentives, and any and all other limitations provided in the Plan limiting the number of shares of Common Stock that may be issued hereunder, shall be adjusted in proportion to the change in outstanding shares of Common Stock.  In the event of any such adjustments, the price of any option, the Base Price of any SAR and the performance goals of any Incentive shall also be adjusted to provide participants with the same relative rights before and after such adjustment.  No substitution or adjustment shall require the Company to issue a fractional share under the Plan and the substitution or adjustment shall be limited by deleting any fractional share.

 

13.6          Withholding.

 

(a)            The Company shall have the right to withhold from any payments made or stock issued under the Plan or to collect as a condition of payment, issuance or vesting, any taxes required by law to be withheld.  At any time that a participant is required to pay to the Company an amount required to be withheld under applicable income tax laws in connection with an Incentive, the participant may, subject to Section 13.6(b) below, satisfy this obligation in whole or in part by electing (the "Election") to deliver currently owned shares of Common Stock or to have the Company withhold shares of Common Stock, in each case having a value equal to the minimum statutory amount required to be withheld under federal, state and local law.  The value of the shares to be delivered or withheld shall be based on the Fair Market Value of the Common Stock on the date that the amount of tax to be withheld shall be determined ("Tax Date").

 

(b)            Each Election must be made prior to the Tax Date.  For participants who are not subject to Section 16 of the 1934 Act, the Committee may disapprove of any Election, may suspend or terminate the right to make Elections, or may provide with respect to any Incentive that the right to make Elections shall not apply to such Incentive.  If a participant makes an election under Section 83(b) of the Code with respect to shares of restricted stock, an Election to have shares withheld to satisfy withholding taxes is not permitted to be made.

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13.7          No Continued Employment.  No participant under the Plan shall have any right, because of his or her participation, to continue in the employ of the Company for any period of time or to any right to continue his or her present or any other rate of compensation.

 

13.8            Deferral Permitted. Payment of an Incentive may be deferred at the option of the participant if permitted in the Incentive Agreement.  Any deferral arrangements shall comply with Section 409A of the Code.

 

13.9          Amendments to or Termination of the Plan. The Board may amend or discontinue this Plan at any time; provided, however, that no such amendment may:

 

(a)            amend Section 6.6 to permit repricing of options or SARs without the approval of stockholders;

 

(b)            materially impair, without the consent of the recipient, an Incentive previously granted, except that the Company retains all of its rights under Section 12; or

 

(c)            materially revise the Plan without the approval of the stockholders.  A material revision of the Plan includes (i) except for adjustments permitted herein, a material increase to the maximum number of shares of Common Stock that may be issued through the Plan, (ii) a material increase to the benefits accruing to participants under the Plan, (iii) a material expansion of the classes of persons eligible to participate in the Plan, (iv) an expansion of the types of awards available for grant under the Plan, (v) a material extension of the term of the Plan and (vi) a material change that reduces the price at which shares of Common Stock may be offered through the Plan.

 

13.10        Definition of Fair Market Value.  Whenever "Fair Market Value" of Common Stock shall be determined for purposes of this Plan, except as provided below in connection with a cashless exercise through a broker, it shall be determined as follows: (a) if the Common Stock is listed on an established stock exchange or any automated quotation system that provides sale quotations, the closing sale price for a share of the Common Stock on such exchange or quotation system on the date as of which fair market value is to be determined or, if the Common Stock is not traded on that day, on the next preceding day on which the Common Stock was traded; (b) if the Common Stock is not listed on any exchange or quotation system, but bid and asked prices are quoted and published, the mean between the quoted bid and asked prices on the date as of which fair market value is to be determined, and if bid and asked prices are not available on such day, on the next preceding day on which such prices were available; and (c) if the Common Stock is not regularly quoted, the fair market value of a share of Common Stock on the date as of which fair market value is to be determined, as established by the Committee in good faith.  In the context of a cashless exercise through a broker, the "Fair Market Value" shall be the price at which the Common Stock subject to the stock option is actually sold in the market to pay the option exercise price.

 

13.11        Recovery Policy. Each Incentive Agreement shall contain a provision permitting the Company to recover any Incentive granted under the Plan if (a) the Company's financial statements are required to be restated at any time within the three-year period following the final payout of the Incentive and the participant is determined to be responsible, in whole or in part, for the restatement, or (b) the Incentive is subject to any clawback policies the Company may adopt in order to conform to the requirements of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any resulting rules issued by the Securities and Exchange Commission or national securities exchanges thereunder.  All determinations regarding the applicability of these provisions shall be in the discretion of the Committee.

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Recommended by the Compensation Committee and Approved by the Board on February 26, 2013

Approved by the Company's Stockholders on May 14, 2013

 

 

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