Document:

EX-10.2

 EXHIBIT 10.2 

COMMITMENT INCREASE AGREEMENT AND AMENDMENT NO. 2 TO CREDIT AGREEMENT 

This COMMITMENT INCREASE AGREEMENT AND AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment”), dated effective as of
March 17, 2014 (the “Effective Time”), is by and among Diamond Offshore Drilling, Inc., a Delaware corporation (the “Borrower”), the Lenders party hereto, and Wells Fargo Bank, National Association, as an
issuing bank, as swing line lender, and as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). 

WHEREAS, the Borrower, the lenders from time to time party thereto (the “Lenders”), and the Administrative Agent are parties
to the Credit Agreement dated as of September 28, 2012, as amended by that certain Extension Agreement and Amendment No. 1 thereto dated effective as of December 9, 2013 (as so amended, the “Credit Agreement”,
the capitalized terms of which are used herein as therein defined unless otherwise defined herein); 
 WHEREAS, pursuant to
Section 2.02(a) of the Credit Agreement, the Borrower has the right, subject to the terms and conditions thereof, to cause an increase in the Aggregate Commitment by adding to the Credit Agreement one or more additional lenders or by allowing
one or more existing Lenders to increase their respective Commitments; 
 WHEREAS, the Borrower has given notice to the Administrative Agent
and the Lenders of its intention to increase the Aggregate Commitment by $250,000,000; 
 WHEREAS, the Borrower has requested, and the
Administrative Agent and the Lenders have agreed, to make certain amendments to the Credit Agreement, each as provided for herein. 
 NOW,
THEREFORE, in consideration of the premises and the mutual covenants, representations and warranties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows: 
 Section 1. Amendments. 

(a) Section 1.01 of the Credit Agreement is hereby amended by adding the following new defined term in its appropriate alphabetical
order: 
 “Second Amendment Effective Date” means March 17, 2014. 

(b) Section 1.01 of the Credit Agreement is hereby amended by restating the following definitions in their entirety as follows:

 “Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans
and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Credit Exposure hereunder, as such commitment may

 
be (a) increased from time to time pursuant to Section 2.02, (b) reduced or terminated from time to time pursuant to Section 2.08 or Section 2.19, (c) increased
and/or extended from time to time pursuant to Section 2.22 and (d) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The amount of each Lender’s Commitment as of the
Second Amendment Effective Date is set forth on Schedule 2.01. 
 “Eurodollar Base Rate” means
(a) for any interest calculation with respect to an ABR Loan on any date, (i) the rate per annum (rounded upward, if necessary, to the nearest whole multiple of 1/100th of 1%) equal to the rate per annum set forth on the Reuters Screen
LIBOR01 page (or on any successor or substitute page of such service, or any successor to or substitute for such service providing quotations of interest rates applicable to Dollar deposits being delivered in the London interbank market, as
reasonably determined by the Administrative Agent from time to time) at approximately 11:00 a.m., London, England time (or as soon thereafter as practicable) determined two Business Days prior to such date for Dollar deposits being delivered in the
London interbank market for a term of one month commencing that day or (ii) if such published rate is not available at such time for any reason, the rate per annum reasonably determined by the Administrative Agent to be the rate at which
deposits in Dollars for delivery on the date of determination in same day funds in the approximate amount of the ABR Loan being made or maintained and with a term equal to one month would be offered by the Administrative Agent’s London Branch
to major banks in the London interbank Eurodollar market at their request at the date and time of determination, and (b) in determining the Eurodollar Rate for all other purposes, the rate per annum (rounded upward, if necessary, to the nearest
whole multiple of 1/100th of 1%) equal to the rate per annum set forth on the Reuters Screen LIBOR01 page (or on any successor or substitute page of such service, or any successor to or substitute for such service providing quotations of interest
rates applicable to Dollar deposits being delivered in the London interbank market, as reasonably determined by the Administrative Agent from time to time) at approximately 11:00 a.m. London, England time (or as soon thereafter as practicable) on
the date that is two Business Days before the first day of the applicable Interest Period as the London Interbank Offered Rate, for deposits in Dollars for a period equal to such Interest Period; provided that, if such quotation is not available for
any reason, then for purposes of this clause (b), and subject to clause (ii) of Section 2.14, the Eurodollar Base Rate shall then be the rate reasonably determined by the Administrative Agent to be the average of the rates per annum at
which deposits in Dollars for delivery on the first day of such Interest Period in immediately available funds in the approximate amount of the Loans being made, continued or converted by the Lenders and with a term equivalent to such Interest
Period are offered to major banks in the London interbank market by the Administrative Agent at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such Interest Period. 

“Maturity Date” means the fifth anniversary of the Second Amendment Effective Date, as such date may be
extended by the relevant Lenders pursuant to Section 2.22. 

  
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 “Swingline Sublimit Amount” means, at any time, an amount
equal to $100,000,000; provided that, on and after the Maturity Date, the Swingline Sublimit Amount shall be zero. 
 (c)
Section 2.02(a) of the Credit Agreement is hereby amended by replacing the reference to “(iii) the aggregate amount of all such Commitment Increases shall not exceed $250,000,000” with “(iii) the aggregate amount
of all such Commitment Increases after the Second Amendment Effective Date shall not exceed $250,000,000”. 
 (d)
Section 3.04(a) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(a) The Borrower has heretofore furnished to the Lenders its consolidated balance sheet and statements of income,
stockholders equity and cash flows as of and for the fiscal year ended December 31, 2013, audited by Deloitte & Touche LLP, independent public accountants. Such financial statements present fairly, in all material respects, the
financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such date and for such period in accordance with GAAP (except as expressly noted therein).” 

(e) Section 3.04(b) of the Credit Agreement is hereby amended by replacing the reference to “December 31, 2011”
with “December 31, 2013”. 
 (f) Schedule 2.01 to the Credit Agreement is hereby replaced in its entirety with
Schedule 2.01 attached hereto. 
 Section 2. Increase of Aggregate Commitment. Pursuant to
Section 2.02 of the Credit Agreement and upon the effectiveness of this Amendment pursuant to Section 3 below, the Aggregate Commitment is hereby increased from $750,000,000.00 to $1,000,000,000.00. The Commitment of each
Lender (including the Lenders who have severally agreed to increase their respective Commitments (each, an “Increasing Lender” and collectively, the “Increasing Lenders”)) is set forth on Schedule 2.01 to the
Credit Agreement attached hereto, in each case after giving effect to this Amendment and the increase of the Aggregate Commitment pursuant to this Amendment. The Maturity Date of the respective Commitments of each Lender shall be the “Maturity
Date”, as defined in the Credit Agreement after giving effect to this Amendment. For the avoidance of doubt, the amendment of the definition of “Maturity Date” pursuant to this Amendment does not constitute an extension pursuant to
Section 2.22 of the Credit Agreement. The requirements of Section 2.02(b) of the Credit Agreement with respect to notices and timing are hereby waived by all parties hereto with respect to the increase described in this
Section 2. 
 Section 3. Conditions Precedent. This Amendment shall become effective as of the Effective Time
upon the satisfaction of the following conditions precedent: 
 (a) Documentation. The Administrative Agent shall have received the
following, each dated on or before the Effective Time, duly executed by all the parties thereto, each in form and substance reasonably satisfactory to the Administrative Agent: 

  
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 (1) counterparts of this Amendment duly executed by the Borrower, each Lender and the
Administrative Agent; 
 (2) a Revolving Note payable to the order of each Increasing Lender in the amount of such Increasing Lender’s
Commitment, as increased hereby, as requested by such Lender; 
 (3) a Swingline Note payable to the order of the Swingline Lender in the
amount of the Swingline Sublimit Amount, as increased hereby; 
 (4) a certificate from a Responsible Officer of the Borrower dated as of
the Effective Time stating that, both before and after giving effect to this Amendment and the increase of the Aggregate Commitment pursuant to this Amendment (i) all representations and warranties of the Borrower set forth in the Credit
Agreement are true and correct in all material respects (except that such materiality qualifier shall not be applicable to the extent that any representations and warranties already are qualified or modified by materiality in the text thereof) on
and as of the Effective Time, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the Effective Time, such representations and warranties shall continue to be true and
correct in all material respects (except that such materiality qualifier shall not be applicable to the extent that any representations and warranties already are qualified or modified by materiality in the text thereof) as of such specified earlier
date, and (ii) no Event of Default shall have occurred and be continuing; 
 (5) a secretary’s certificate of the Borrower dated
the Effective Time and certifying (i) that there have been no changes to the organizational documents of the Borrower since the First Amendment Effective Date or attaching such amendments, (ii) that attached thereto is a true and complete
copy of resolutions duly adopted by the Board of Directors of the Borrower authorizing the execution and delivery of this Amendment and the Loan Documents executed in connection herewith, if any, the performance of the Credit Agreement as amended
hereby and the other Loan Documents and the increase of the Aggregate Commitment pursuant hereto, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, and (iii) as to the incumbency and
specimen signature of each officer of the Borrower executing this Amendment, any Loan Document delivered in connection herewith, if any, or any other document delivered in connection herewith on behalf of the Borrower; 

(6) a certificate from a Responsible Officer of the Borrower dated the Effective Time and certifying that the conditions of
Section 2.02 of the Credit Agreement with respect to the increase of the Aggregate Commitment pursuant hereto (other than the requirements of Section 2.02(b) of the Credit Agreement with respect to notices and timing) have
been satisfied; 
 (7) such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the
organization, existence and good standing of the Borrower; 

  
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 (8) a legal opinion of Duane Morris LLP, counsel for the Borrower, in form and substance
reasonably acceptable to the Administrative Agent; and 
 (9) such other documents and governmental certificates as the Lender Parties may
reasonably request. 
 (b) Payment of Fees and Expenses. On the Effective Time, the Borrower shall have paid the fees required to be
paid to the Administrative Agent and the Lenders, including, without limitation, the fees set forth in the fee letter dated as of February 25, 2014 between the Borrower and the Administrative Agent and all other costs and expenses which are
payable pursuant to Section 9.03 of the Credit Agreement. 
 Section 4. Representations and Warranties. The
Borrower represents and warrants to the Administrative Agent that the representations and warranties set forth in Article III of the Credit Agreement are true and correct in all material respects (except that such materiality qualifier shall
not be applicable to the extent that any representations and warranties already are qualified or modified by materiality in the text thereof) on the Effective Time as if made on and as of the Effective Time, except to the extent any such
representations and warranties are expressly limited to an earlier date, in which case they are true and correct in all material respects (except that such materiality qualifier shall not be applicable to the extent that any representations and
warranties already are qualified or modified by materiality in the text thereof) as of such earlier date, and as if each reference in said Article III to “this Agreement” or “the Loan Documents” included reference to this
Amendment. 
 Section 5. Miscellaneous. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK. Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect. The execution and delivery of this Amendment shall not operate as a waiver of any right, power or remedy of the
Administrative Agent or any Lender under the Credit Agreement or any Loan Document, nor, except as herein provided, constitute a waiver of any provision of the Credit Agreement or any Loan Document. Upon the effectiveness of this Amendment, each
reference in the Credit Agreement to “this Agreement,” “hereunder” or words of like import shall mean and be a reference to the Credit Agreement, as affected and amended by this Amendment. This Amendment may be executed in any
number of counterparts, all of which taken together shall constitute one and the same amendatory instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. Transmission by facsimile or electronic
transmission (e.g., PDF) of an executed counterpart of this Amendment shall be deemed to constitute due and sufficient delivery of such counterpart. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective duly authorized officers as of the Effective Time. 
  

			
	BORROWER:
	
	DIAMOND OFFSHORE DRILLING, INC.
		
	By:	 	 /s/ Scott Kornblau

	 Name: Scott Kornblau
 Title:
Treasurer

 
			
	LENDER PARTIES:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent, Swingline Lender, an Issuing Bank, a Lender and an Increasing Lender

		
	By:	 	 /s/ T. Alan Smith

	Name: T. Alan Smith
	Title: Managing Director

 
			
	JPMORGAN CHASE BANK, N.A.,
	as an Issuing Bank, a Lender and an Increasing Lender
		
	By:	 	 /s/ Robert Traband

	 Name: Robert Traband

	Title: Managing Director

  
 Signature Page to
Commitment Increase Agreement and Amendment No. 2 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	HSBC BANK USA, NATIONAL ASSOCIATION,
	as an Issuing Bank, a Lender and an Increasing Lender
		
	By:	 	 /s/ John M. Robinson

	Name:	 	John M. Robinson
	Title:	 	Managing Director, Co-Head Resources & Energy Group – Americas Global Banking

  
 Signature Page to
Commitment Increase Agreement and Amendment No. 2 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	BANK OF CHINA, NEW YORK BRANCH,
	as an Issuing Bank, a Lender and an Increasing Lender
		
	 By:
	 	 /s/ Haifeng Xu

	 Name: Haifeng Xu

	 Title: Executive Vice President

  
 Signature Page to
Commitment Increase Agreement and Amendment No. 2 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	CITIBANK, N.A.,
	as a Lender and an Increasing Lender
		
	By:	 	 /s/ Eamon Baqui

		 	Name: Eamon Baqui
		 	Title: Director

  
 Signature Page to
Commitment Increase Agreement and Amendment No. 2 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	SUNTRUST BANK,
	as a Lender and an Increasing Lender
		
	By:	 	 /s/ Yann Pirio

	Name: Yann Pirio
	Title: Director

  
 Signature Page to
Commitment Increase Agreement and Amendment No. 2 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	PNC BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Brett R. Schweikle

	Name: Brett R. Scheweikle
	Title: Senior Vice President

  
 Signature Page to
Commitment Increase Agreement and Amendment No. 2 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	GOLDMAN SACHS BANK USA,
	as a Lender and an Increasing Lender
		
	By:	 	 /s/ Mark Walton

	Name: Mark Walton
	Title: Authorized Signatory

  
 Signature Page to
Commitment Increase Agreement and Amendment No. 2 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	THE BANK OF NEW YORK MELLON,
	as a Lender
		
	By:	 	 /s/ Hussam S. Alsahlani

	Name: Hussam S. Alsahlani
	Title: Vice President

  
 Signature Page to
Commitment Increase Agreement and Amendment No. 2 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	ROYAL BANK OF CANADA,
	as a Lender and an Increasing Lender
		
	By:	 	 /s/ Jay T. Sartain

	Name: Jay T. Sartain
	Title: Authorized Signatory

  
 Signature Page to
Commitment Increase Agreement and Amendment No. 2 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 SCHEDULE 2.01 

 

					
	 LENDER
	  	COMMITMENT	 
	 Wells Fargo Bank, National Association
	  	$	133,000,000	  
	 JPMorgan Chase Bank, N.A.
	  	$	133,000,000	  
	 HSBC Bank USA, National Association
	  	$	133,000,000	  
	 Bank of China, New York Branch
	  	$	133,000,000	  
	 Citibank, N.A.
	  	$	125,000,000	  
	 SunTrust Bank
	  	$	133,000,000	  
	 PNC Bank, National Association
	  	$	60,000,000	  
	 Goldman Sachs Bank USA
	  	$	55,000,000	  
	 The Bank of New York Mellon
	  	$	40,000,000	  
	 Royal Bank of Canada
	  	$	55,000,000	  
	 Total
	  	$	1,000,000,000	  

 Exhibit E to Credit Agreement 

Diamond Offshore Drilling, Inc.EX-10.5

 EXHIBIT 10.5 

DIAMOND OFFSHORE DRILLING, INC. 

AWARD CERTIFICATE 

PERFORMANCE RESTRICTED STOCK UNITS 

UNDER THE EQUITY INCENTIVE COMPENSATION PLAN 

THIS CERTIFICATE is made and entered into as of the date of grant set forth below (the “Date of Grant”) and evidences the grant of the Performance
Award set forth below by Diamond Offshore Drilling, Inc., a Delaware corporation (the “Company”) to the individual named below (the “Grantee”). Capitalized terms not defined herein shall have the meanings ascribed to them in the
Diamond Offshore Drilling, Inc. Equity Incentive Compensation Plan (the “Plan”). 
 Name of Grantee:
[            ] 
 Target Number of Performance Restricted Stock Units:
[            ] 
 Date of Grant:
[            ] 
 Performance Period: Calendar year
[            ]. 
  

			
	Vesting Dates:	  	[Month xx, 2015], as to 1/3rd of the Earned RSUs (as defined below)
		  	[Month xx, 2016], as to 1/3rd of the Earned RSUs
		  	[Month xx, 2017], as to 1/3rd of the Earned RSUs

 1. Grant of Performance Awards. 

The Company hereby grants to the Grantee performance-based Restricted Stock Units as set forth herein (the “Performance Award”), subject to all of
the terms and conditions of this Award Certificate and the Plan. Each Restricted Stock Unit represents the right to receive a share of Stock upon the vesting of such Restricted Stock Unit. This Award Certificate shall constitute the Award Terms for
purposes of the Plan. 
 2. Form of Payment and Vesting. 

The Performance Award shall represent the right to receive, on the first business day following the applicable Vesting Date set forth above, the applicable
portion of the Earned RSUs (rounded down to the nearest whole share); provided that (except as provided in Section 3 of this Award Certificate) the Grantee is employed by the Company or one of its Subsidiaries through the applicable Vesting
Date. Any portion of the Performance Award that could have been earned in accordance with the provisions of this Section 2 (as set forth in the table below) that does not become an Earned RSU shall be immediately forfeited. All Earned RSUs
which vest in accordance with this Section 2 or in accordance with Section 3 shall be settled by delivery of a share of Stock with respect to each Earned RSU within thirty (30) days after the applicable Vesting Date (or such other
date as is described in Section 3). 

 The performance component (or “earn-out”) of this grant of Restricted Stock Units shall be subject to
achievement of the following performance goal(s): 

[                       
     ] 
 The level of performance against such goal(s) shall govern the number of Restricted Stock Units that become Earned RSUs
based on the schedule in the table below. Linear interpolation shall be applied to determine payments in the event of performance falling between the levels stated in the table below. 

 

					
	% of Goal Achievement	  	Number of Restricted Stock
Units becoming Earned RSUs	 
	 >50% (threshold)
	  	 	[    	] 
	 100% (target)
	  	 	[    	] 
	 150% (maximum)
	  	 	[    	] 

 Attainment of less than 50% of the goal(s) will result in no Restricted Stock Units becoming Earned RSUs unless otherwise
determined by the Compensation Committee. 
 3. Termination of Performance Award. 

The Performance Award is subject to termination as follows: 

(a) Termination of Employment For Cause. Upon the Grantee’s termination of employment with the Company and its Subsidiaries for
Cause prior to a Vesting Date, the unvested portion of the Grantee’s Performance Award shall be forfeited as of the date of such termination of employment. 

(b) Termination of Employment On Account of Death or Permanent Disability. Upon termination of the Grantee’s employment on account
of death or due to his Disability following [Month xx, 20xx], all Earned RSUs shall immediately vest. If such termination occurs prior to [Month xx, 20xx] then (1) the Performance Award shall remain outstanding and the number of Earned RSUs
shall be determined in accordance with Section 2 and (2) a portion of the resulting number of Earned RSUs will vest upon such determination equal to the portion of the period commencing on the Date of Grant and ending on [Month xx, 20xx]
which has elapsed as of the date of termination of the Grantee’s employment (and the remainder of the Performance Award will be forfeited). 

(c) Termination of Employment by the Company without Cause. If the Grantee’s employment is terminated by the Company without Cause
following [Month xx, 20xx], all Earned RSUs shall immediately vest. If such termination occurs prior to [Month xx, 20xx] then (1) the Performance Award shall remain outstanding and the number of Earned RSUs shall be determined in accordance
with Section 2 and (2) a portion of the resulting number of Earned RSUs will vest upon such determination equal to the portion of the period commencing on the Date of Grant and ending on [Month xx, 20xx] which has elapsed as of the date of
termination of the Grantee’s employment (and the remainder of the Performance Award will be forfeited). 

  
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 (d) Termination of Employment by the Grantee. If the Grantee terminates employment with
the Company and its Subsidiaries prior to a Vesting Date for any reason, the unvested portion of the Grantee’s Performance Award shall be forfeited as of the date of such termination of employment. 

4. No Shareholder Rights Prior to Vesting. 
 The Grantee
shall have no rights of a shareholder (including the right to distributions or dividends) with respect to the Company’s stock issuable hereunder until such stock is issued pursuant to the terms of this Award Certificate. 

5. Dividend Treatment. 
 Upon the Company’s payment
of a cash dividend or stock dividend in respect of the Company’s stock and prior to vesting of this Performance Award, the Grantee shall be credited with a number of additional Restricted Stock Units (or Earned RSUs, as the case may be) in
respect of Restricted Stock Units (or Earned RSUs, as the case may be) outstanding on the record date for such dividend, with such number of additional Restricted Stock Units (or Earned RSUs, as the case may be) to equal the aggregate dividend
payable with respect to the shares subject to the Restricted Stock Units (or Earned RSUs, as the case may be) with respect to which the dividend is paid, divided by the volume weighted average trading price of the Stock for the ten (10) trading
days immediately preceding the dividend record date, rounded down to the nearest whole share. Such additional Restricted Stock Units (or Earned RSUs, as the case may be) shall be eligible to vest on the same schedule and subject to the same
conditions as the original Restricted Stock Units (or Earned RSUs, as the case may be) grant to which the additional Restricted Stock Units (or Earned RSUs, as the case may be) are attributable. Notwithstanding the foregoing, additional Restricted
Stock Units credited pursuant to the operation of this Section 5 may be settled in cash or Stock, as determined by the Committee. 
 6. Performance
Award Subject to Plan. 
 The Performance Award is subject to the provisions of the Plan, which are hereby incorporated by reference. In the event of any
conflict between this Award Certificate and the Plan, the Plan shall control. In the event of any ambiguity in this Award Certificate, any term which is not defined in this Award Certificate, or any matters as to which this Award Certificate is
silent, the Plan shall govern. 
 7. No Rights to Continuation of Employment. 

Nothing in the Plan or this Award Certificate shall confer upon the Grantee any right to continue in the employ of the Company or any Subsidiary thereof or
shall interfere with or restrict the right of the Company to terminate the Grantee’s employment at any time for any reason. 

  
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 8. Tax Withholding. 

The Company shall be entitled to require a cash payment by or on behalf of the Grantee (and/or to deduct from the number of shares of Stock otherwise
deliverable hereunder a number of shares of Stock with a Fair Market Value equal to) any sums required by federal, state or local tax law to be withheld or to satisfy any applicable payroll deductions with respect to the vesting the Performance
Award. 
 9. Section 409A Compliance. 
 It is the
intention of the Company and the Grantee that all payments, benefits and entitlements received by the Grantee under this Award Certificate be provided in a manner that does not impose any additional taxes, interest or penalties on the Grantee with
respect to such payments, benefits and entitlements under Section 409A of the Code, and its implementing regulations (“Section 409A”), and the provisions of this Award Certificate shall be construed and administered in accordance with
such intent. Each of the Company and the Grantee has used, and will continue to use, their best reasonable efforts to avoid the imposition of such additional taxes, interest or penalties, and the Company and the Grantee agree to work together in
good faith to amend this Award Certificate, and to structure any payment, benefit or other entitlement received by the Grantee hereunder, in a manner that avoids imposition of such additional taxes, interest or penalties while preserving the
affected payment, benefit or entitlement to the maximum extent practicable and maintaining the basic financial provisions of this Award Certificate without violating any applicable requirement of Section 409A. 

10. Governing Law. 
 This Award Certificate shall be
governed by, interpreted under, and construed and enforced in accordance with the internal laws, and not the laws pertaining to conflicts or choice of laws, of the State of Delaware applicable to agreements made and to be performed wholly within the
State of Delaware. 
 11. Binding on Successors. 
 The
terms of this Award Certificate shall be binding upon the Grantee and upon the Grantee’s heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and
assignees, subject to the terms of the Plan. 
 12. Transferability. 

The Performance Award is not transferable except (i) as designated by the Grantee by will or by the laws of descent and distribution or (ii) as
otherwise expressly permitted by the Committee. If any rights exercisable by the Grantee or benefits deliverable to the Grantee under this Award Certificate have not been exercised or delivered, at the time of the Grantee’s death, such rights
shall be exercisable by the Designated Beneficiary, and such benefits shall be delivered to the Designated Beneficiary, in accordance with the provisions of the Plan. 

  
 4 

 13. Entire Agreement. 

This Award Certificate and the Plan contain the entire agreement and understanding among the parties as to the subject matter hereof. 

14. Headings. 
 Headings are used solely for the
convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section. 
 15. Notices. 

All notices and other communications under this Award Certificate shall be in writing and shall be given by hand delivery to the other party or confirmed fax
or overnight courier, or by postage paid first class mail, addressed as follows: 
 If to the Grantee: 

The address of his principal residence as it appears in the Company’s records, with a copy to him at his office in Houston, Texas. 

If to the Company: 
 Diamond
Offshore Drilling, Inc. 
 15415 Katy Freeway, Suite 100 

Houston, Texas 77094-1800 

Attention: Corporate Secretary 

Facsimile: (281) 647-2223 
 or to such other
address as any party shall have furnished to the other in writing in accordance with this Section 15. Notice and communications shall be effective when actually received by the addressee, if given by hand delivery, when deposited with a courier
service, if given by overnight courier, or two (2) business days following mailing, if delivered by first class mail. 
 16. Amendment. 

This Award Certificate may not be modified, amended or waived except by an instrument in writing signed by the Company. The waiver by either party of
compliance with any provision of this Award Certificate shall not operate or be construed as a waiver of any other provision of this Award Certificate, or of any subsequent breach by such party of a provision of this Award Certificate. 

  
 5 

 17. Acceptance. 

Acceptance of this Award Certificate by the Grantee acknowledges receipt of a copy of the Plan and this Award Certificate, and acknowledges that the Grantee
has read and understands the terms and provisions hereof and accepts the Performance Award subject to all the terms and conditions of the Plan and this Award Certificate. 

IN WITNESS WHEREOF, as of the [xx]th day of [Month 20xx], the Company has caused the Award Certificate to
be executed on its behalf by a duly authorized officer. 
  

			
	DIAMOND OFFSHORE DRILLING, INC.
		
	By:	 	  

		 	[Name]
		 	[Title]

  
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