Document:

NTN
Buzztime, Inc. Executive Incentive Plan for Eligible Employees of NTN Buzztime, Inc. 

Fiscal
Year 2019

 

	Section	 	Description
	 	 	 
	1	 	Approval	 	This
                                         Plan has been approved by the Nominating and Corporate Governance/ Compensation Committee
                                         (“the Committee”). This Plan may be changed or modified at any time at the
                                         discretion of the Committee.

        

	 	 	 	 	 
	2	 	Effective
    Dates 	 	The
    Plan Period is January 1, 2019 – December 31, 2019.
	 	 	 	 	 
	3	 	Eligibility
    	 	To
                                         be an eligible participant in the Plan, the individual must be employed by Buzztime on
                                         or before October 1, 2019, on active, full-time, paid status and not be a participant
                                         in any other Buzztime incentive compensation program and must serve as Buzztime’s
                                         Chief Executive Officer, Chief Financial Officer, VP of Finance (as Chief Accounting
                                         Officer) or in another executive-level position as determined by the Committee. (All
                                         eligible employees are referred to in this Plan as “Participant(s)”). Only
                                         Participants may earn incentive compensation under this Plan.

         

        Additionally,
        Participants must confirm they have read, understood, and agree to abide by the term and conditions in their respective
        Personal Incentive Memo and this Plan.

         

        Any
        newly hired employee who becomes eligible to participate in the Plan during the year may be eligible to receive a prorated
        incentive amount.

         

        This
        Plan supersedes any previous contractual agreements or prior incentive plans.

	 	 	 	 	 
	4	 	Plan
    Design 	 	(1)
                                         Prerequisites to Earning Incentive Compensation

         

        To
        earn incentive compensation under this Plan, subject to provisions of Section 6 (Prorated Participation), the following
        criteria must be satisfied: (a) The Plan must be funded, based on the achievement of the Corporate Goals during
        the Plan Period, as outlined below; and (b) the Participant must be employed by Buzztime on the Payout Date.

         

        (2)
        Corporate Goals

         

        Our
        2019 Corporate Goals are as follows:

 

	 	A.	To
    meet target EBITDA as approved by the Committee. EBITDA is defined as earnings before interest, tax, depreciation and amortization
    as disclosed in Buzztime’s financial reports. Payout weighted up to 10% of payout pool.
	 	 	 
	 	B.	To
    meet target revenue, as approved by the Committee. Payout weighted up to 15% of payout pool.
	 	 	 
	 	C.	To
    achieve certain strategic milestones, as approved by the Committee. Payout weighted up to 75% of payout pool.
	 	 	 
	 	 	If
                                         the Corporate Goals are exceeded, the Committee, at its sole discretion, may choose
                                         to pay out a larger pool amount.

        

 

    	 	 	 

     

    

 

	 	 	(3)
                                         Target Payout

         

        Each
        Participant will have a Target Payout, assigned by his/her position and job level, and will be paid, at the discretion
        and in the sole determination of the Committee, in either (i) cash, (ii) shares of the Company’s common stock (“Shares”)
        issued under the NTN Buzztime, Inc. Amended 2010 Performance Incentive Plan (as amended from time to time, the “2010
        PIP”), or any successor long-term incentive plan, or (iii) any combination of (i) and (ii), and expressed as a percentage
        of his/her annual base salary, excluding benefits, as of December 31, 2019. If a Target Payout is settled in Shares, the
        value of such Shares at the time of settlement shall not, when combined with any cash paid to settle such Target Payout,
        exceed the maximum amount of such Target Payout. The Target Payout amount will be adjusted when warranted pursuant to
        Sections 5 (Payout Details) and 6 (Prorated Participation).

         

        (4)
        Plan Terms 

         

        The
        Incentive Payout amount is based on the following terms:

 

	 	●	%
    of Corporate Goals Achievement - Overall percent achieved of the Corporate Goals.
	 	 	 
	 	●	Participant’s
    Target Payout Amount - Participant’s annual base salary x the Target Payout. Please refer to your
    personal incentive memo.
	 	 	 
	 	●	Individual
    Incentive Payout – The incentive payout amount an individual is awarded after the payout formula is completed
    subject to all sections of this Plan.

 

	 	 	(5)
                                         Performance Determination

         

        Buzztime’s
        actual performance against the Corporate Goals for the Plan Period will be determined and approved by the
        Committee as soon as practicable after the Plan Period ends, subject to the completion and approval by Buzztime
        of the relevant financial or other Buzztime reports upon which the Corporate Goals are measured.

         

        (6)
        Payout Formula 

         

        Please
        refer to your personal incentive memo for formula payout examples.

 

	5	 	Payout
    Details	 	Payout
                                         Date(s): Subject to Section 8 (Company Management Rights), and provided all the of
                                         prerequisites to earning incentive compensation are met pursuant to Section 4 (Plan Design),
                                         the Target Payout will be paid in accordance with paragraph (3) of Section 4(Plan Design)
                                         within 30 days after receipt of the independent auditor’s report on Buzztime’s
                                         annual financial statements for 2019, but no later than March 15, 2020.

         

        Prorated
        Payouts: The Individual Incentive Payout that otherwise would have been earned in the Plan Period will
        be prorated when the provisions of Section 6 (Prorated Participation) apply.

         

        Plan
        Administration and Interpretation: This Plan shall be administered and interpreted by the Committee in its sole discretion.
        The Committee must approve any exceptions to the term and conditions of this Plan.

         

        Notwithstanding
        the generality of the foregoing, the Committee also has sole discretion to determine the impact of any merger, acquisition
        or similar transaction or of any activities related thereto and/or of investments made beyond the core business of Buzztime
        as they relate to this Plan.

         

        401k
        deferrals: In accordance with the NTN Buzztime, Inc. 401k Plan, no 401k deductions will be withheld from incentive
        (“bonus”) wages.

         

        Taxes:
        Incentive payments are in addition to the Participant’s base salary and are included as total cash compensation
        and, as such, recorded on the Participant’s W-2 (or applicable country statement) statement of wages. Individual
        Incentive Payouts are considered taxable income and are reported as Gross Income (not “after taxes”).
        Participants will have all appropriate payroll taxes and withholdings deducted from these incentive payments at the IRS
        supplemental tax rate. Deductions from a payout in the form of Shares shall be governed by the 2010 PIP (or any successor
        long-term incentive plan), and the applicable grant documentation, if any

 

    	 	- 2 -	 

     

    

 

	6	 	Prorated
    Participation	 	Late
                                         Entry into the Plan: An employee who enters into an eligible position and, therefore,
                                         becomes a Participant after the beginning of the Plan Period (either through new
                                         hire, promotion or transfer) will be assigned a Target Payout and will be able
                                         to earn prorated incentive payment on that basis.

         

        Effect
        of Termination: A Participant must be employed on the Payout Date(s) to earn an incentive payment. If a Participant
        voluntarily resigns from employment prior to the Payout Date, no incentive payment is earned. If Buzztime terminates
        a Participant’s employment prior to the Payout Date(s), no incentive payment is earned.

         

        Effect
        of Disciplinary Action: Any Participant under disciplinary action (any level of performance counseling, warning and/or
        performance improvement plan) will be ineligible to participate in the Plan. If the employee upon reevaluation, however,
        is released from disciplinary action, he/she will at that same time resume eligibility under the Plan and may be eligible
        to receive a prorated incentive amount that excludes the period of time he/she was under disciplinary action.

         

        Internal
        Promotions and Transfers: Employees who transfer within Buzztime and/or are promoted into new positions that are not
        eligible to participate in this Plan will be paid a prorated Individual Incentive Payout. Participants who transfer
        within and/or promoted into new positions will be re-evaluated to ensure they are at the appropriate incentive level based
        on their position and job level. The incentive payment during the time in the Plan Period he or she was a Participant
        is subject to the prerequisites to earning incentive compensation.

         

        Approved
        Time Off: The Individual Incentive Payout will not be prorated to account for time off due to personal time
        off not associated with a leave of absence.

         

        Leave
        of Absence: The Individual Incentive Payout for Participants who are on an approved leave of absence from Buzztime
        will be prorated based on the length of the approved leave during the Plan Period. During the time an employee
        is on an approved leave of absence, he or she will not be considered a Participant.

        

	 	 	 	 	 
	7	 	At
    Will Employment	 	Employment
                                         with Buzztime is at-will. This means that just as a Participant is free to resign at
                                         any time, Buzztime reserves the right to discharge a Participant at any time, with or
                                         without cause or advance notice. In connection with the “at-will” employment
                                         relationship, Buzztime also reserves the right to exercise its managerial discretion
                                         in reassigning, transferring, promoting or demoting an employee, at any time. Participation
                                         in the Plan does not guarantee continued employment for any particular period of time
                                         or otherwise change Buzztime’s policy of employment at-will.

        

	 	 	 	 	 
	8	 	Company
    Management Rights 	 	Buzztime
                                         reserves the right to amend or terminate this Plan, at any time, at the Committee’s
                                         discretion, with or without advance notice. Any amendments to the Plan will be in writing
                                         and approved by the Committee. If this Plan is amended or terminated prior to the end
                                         of the Plan Period, Participants will be paid, according to any amending or terminating
                                         documents.

         

        This
        Plan will automatically terminate at the end of the Plan Period, except that the Payout provisions will continue
        in effect until satisfied. However, Buzztime, at its discretion, may elect to re-issue the Plan, in writing, with new
        Effective Dates.

 

    	 	- 3 -	 

     

    

 

Acknowledgement

 

Your
signature below indicates that you have read, understood, and agreed to the entire NTN Buzztime, Inc. Executive Incentive
Plan for Eligible Employees of NTN Buzztime, Inc. Fiscal Year 2019, which includes the preceding 3 pages and the Personal
Incentive Memo for your position. Different positions are eligible for different incentives and not all positions are
eligible for the same level of incentive. Information contained in these documents is strictly confidential and shall under
no circumstances be shared with other employees of NTN Buzztime or with anyone outside the Company without the express
consent of the Chief Financial Officer or Director of Human Resources of the Company unless required to do so under Sarbanes
Oxley Act or the Securities Exchange Commission.

 

	 	 
	Plan
    Participant Name (Please Print)	 
	 	 
	 	 
	Plan
    Participant Signature	 
	 	 
	 	 
	Date	 

 

    	 	- 4 -EX-10.1

 Exhibit 10.1 

[Executive Officers Specimen] 

DIAMOND OFFSHORE DRILLING, INC. 

CASH INCENTIVE AWARD AGREEMENT 
 This CASH
INCENTIVE AWARD AGREEMENT (this “Agreement”) is made and entered into as of the grant date set forth below (the “Grant Date”) and evidences the grant of the Awards 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. Incentive Compensation Plan (the
“Plan”). 
  

	 Name of Grantee: 
	[                ] 

  

	 Grant Date: 
	[                ] 

  

	 Amount Subject to Time-Vesting: 
	[$                ] 

  

	 Target Amount Subject to Performance Vesting:     
	[$                ] 

  

	 Performance Period for Performance Vesting: 
	Calendar years [calendar year including Grant Date and two following calendar years] 

  

	 Vesting Dates for Time-Vesting Award: 
	[2 years after Grant Date] as to [$                ] 

[3 years after Grant Date] as to [$                ]

  

	 Vesting of Performance Award: 
	See Section 2 below 

 1.    Grant of Awards. The Company hereby grants to the Grantee the performance
cash incentive award (the “Performance Award”) and the time-vesting cash incentive award (the “Time-Vesting Award” and, together with the Performance Award, the “Awards”) as set forth herein, subject to the terms and
conditions of this Agreement and the Plan. 
 2.    Vesting and Payment. 

(a)    Vesting of Performance Award. The attached Schedule A specifies the performance Goals (“Performance
Goals”) required to be attained during the performance period designated above (the “Performance Period”) in order for the Performance Award to become eligible to vest, provided that, in determining the amount of the Performance Award
eligible to vest, the Committee shall at all times during or after the Performance Period have the right in its sole discretion to reduce or eliminate the amount of the Performance Award that would otherwise be eligible to vest as a result of the
performance as measured against the Performance Goals (“Negative Discretion”). Any amount of the Performance Award that vests in accordance 

 
with this Agreement shall thereafter be payable in accordance with Section 2(b). Any amount of the Performance Award that does not become eligible to vest pursuant to this Agreement or that
otherwise does not vest pursuant to this Agreement shall be immediately forfeited. 
 (b)    Timing and Manner of
Payment after Vesting of Performance Award. 
 (i)    No later than two and
one-half (21⁄2) months following the end of the Performance Period, the Committee shall determine the actual level of
attainment of the Performance Goals for the Performance Period. On the basis of the Committee’s determination, the Committee will determine the amount of the Performance Award eligible to vest as calculated in accordance with the percentile
matrix set forth in Schedule A, subject to the Committee’s Negative Discretion. The amount of the Performance Award determined by the Committee to vest through such process shall constitute the amount of the Performance Award in which the
Grantee shall vest under this Agreement. 
 (ii)    The “Vesting Date” for the Performance Award shall be the
date that the Committee determines the vesting of the Performance Award in accordance with this Section 2(b). 

(iii)    No later than two and one-half
(21⁄2) months following the end of the Performance Period, the Company shall pay the Grantee an amount in cash equal to the amount of the Performance Award
that vests on the Vesting Date, less applicable withholding, unless such Performance Award is terminated or is forfeited prior to the Vesting Date pursuant to this Agreement or the Plan. Neither the Grantee nor any of the Grantee’s successors,
heirs, assigns or personal representatives shall have any further rights or interests with respect to any amount of the Performance Award that is paid or that terminates pursuant to this Agreement or the Plan. Notwithstanding anything herein to the
contrary, the Company shall have no obligation to pay the Performance Award unless such payment shall comply with all relevant provisions of law and the requirements of any applicable stock exchange. 

(c)    Vesting of Time-Vesting Award. Any portion of the Time-Vesting Award that becomes vested in accordance with
this Agreement shall thereafter be payable in accordance with Section 2(d). 
 (d)    Timing and Manner of
Payment after Vesting of Time-Vesting Award. 
 (i)    The “Vesting Date” for the applicable portion of
the Time-Vesting Award shall be the applicable date set forth above. 
 (ii)    Within thirty (30) days following
each such Vesting Date of the applicable portion of the Time-Vesting Award pursuant to this Section 2(d), the Company shall pay the Grantee an amount in cash equal to the portion of the Time-Vesting Award that vests on the applicable Vesting
Date, less applicable withholding, unless such portion of the Time-Vesting Award is terminated or is forfeited prior to the applicable Vesting Date pursuant to this Agreement or the Plan. Neither the Grantee nor any of the Grantee’s successors,
heirs, assigns or personal representatives shall have any further rights or interests with respect to any Time-

  
 2 

 
Vesting Award or portion thereof that is paid or that terminates pursuant to this Agreement or the Plan. Notwithstanding anything herein to the contrary, the Company shall have no obligation to
pay the Time-Vesting Award or any portion thereof unless such payment shall comply with all relevant provisions of law and the requirements of any applicable stock exchange. 

(e)    Except as otherwise provided in Section 3 of this Agreement, the vesting schedules in this Agreement require
continued employment or service with the Company or one of its subsidiaries through the applicable Vesting Date as a condition to the vesting of the applicable amount of the applicable Award or portion thereof and the rights and benefits under this
Agreement. Except as otherwise provided in Section 3 of this Agreement, employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Grantee to any proportionate vesting or avoid or
mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in this Agreement or under the Plan. 

3.    Termination of Awards. Notwithstanding anything to the contrary in the Plan, the Awards are subject to termination as
follows: 
 (a)    Termination of Employment by the Company without Cause. Upon termination of the Grantee’s
employment by the Company or its subsidiary without Cause on or after [2 years after Grant Date] but prior to the Vesting Date for the Performance Award, then the Performance Award shall remain outstanding as if the Grantee had remained
employed with the Company or its subsidiary and the amount of the Performance Award to vest shall be determined in accordance with the process set forth in Section 2, provided that the resulting amount of the Performance Award that vests will
be reduced by 50% (and the remainder of the Performance Award will be forfeited). 
 (b)    Termination of Employment
on Account of Retirement. Upon the Grantee’s Retirement (as defined below) prior to the Vesting Date for the Performance Award, then the Performance Award shall remain outstanding as if the Grantee had remained employed with the Company or
its subsidiary and the amount of the Performance Award to vest shall be determined in accordance with the process set forth in Section 2, provided that the resulting amount of the Performance Award that vests will be reduced pro rata to
correspond with the portion of the period commencing on the Grant Date and ending on [last day of Performance Period] that has elapsed as of the effective date of the Grantee’s Retirement (and the remainder of the Performance Award will
be forfeited). 
 For purposes of this Section 3(b), “Retire” or “Retirement” means the termination of employment
with the Company and each of its subsidiaries or affiliates by the Grantee on or after reaching age 63; provided that the Grantee’s employment is not terminated for Cause and provided further that such termination will constitute a Retirement
for these purposes only if, at least one year prior to the Grantee’s desired Retirement date, the Grantee delivers a written notice (by any means, including by email) to the VP—Human Resources or other employee within the Human Resources
Department of the Company that (x) indicates the Grantee intends to Retire and (y) specifies an intended Retirement date. 

  
 3 

 (c)    Death or Disability. If the Grantee’s employment with
the Company or its subsidiary terminates on account of death or Disability, the unvested portion of the Time-Vesting Award shall become fully vested as of the date of such termination of employment and shall be paid in accordance with
Section 2. If the Grantee’s employment with the Company or its subsidiary terminates on account of death or Disability during or after the Performance Period, the Performance Award shall remain outstanding as if the Grantee had remained
employed with the Company or its subsidiary and the amount of the Performance Award to vest shall be determined in accordance with the process set forth in Section 2. 

(d)    Other Termination. Except as otherwise set forth in Section 3(a), (b) or (c) above, if the
Grantee’s employment with the Company and/or its subsidiaries terminates prior to the applicable Vesting Date for any reason, the unvested amount or portion, as applicable, of the Awards shall be forfeited as of the date of such termination of
employment. 
 4.    Awards Subject to Plan. The Awards are granted under and subject to and governed by the terms and conditions
of this Agreement and the terms and conditions of the Plan, which are incorporated herein by reference. In the event of any conflict between this Agreement and the Plan, the Plan shall control unless specifically stated otherwise in this Agreement.
In the event of any ambiguity in this Agreement, any term that is not defined in this Agreement, or any matters as to which this Agreement is silent, the Plan shall govern. 

5.    Restrictive Covenants. 

(a)    Confidentiality. The Grantee agrees that, during the Performance Period and at all times thereafter, the
Grantee shall not reveal or utilize Confidential Information (as hereinafter defined) that the Grantee acquired during the course of or as a result of the Grantee’s employment with the Company or one of its subsidiaries and that relates to
(x) the Company or any of its subsidiaries or (y) any of the Company’s and its subsidiaries’ customers, employees, agents or vendors. The Grantee acknowledges that all such Confidential Information is commercially valuable and is
the property of the Company. Upon the termination of the Grantee’s employment with the Company and its subsidiaries, the Grantee shall immediately return all such Confidential Information to the Company, whether it exists in written,
electronic, computerized or other form. Notwithstanding anything elsewhere to the contrary, the Grantee (a) may disclose Confidential Information (i) to the Company and its subsidiaries and affiliates, or to any authorized agent or
representative of any of them, (ii) in confidence to any attorney or accountant actually retained by the Grantee for the purpose of securing professional advice (but not the Company’s privileged information), or (iii) when required to
do so by law or by a court, governmental agency, legislative body, arbitrator or other person with jurisdiction to order the Grantee to divulge, disclose or make accessible such information, and (b) may disclose or use Confidential Information
(i) with the Company’s prior written consent, (ii) in connection with performing the Grantee’s employment duties for the Company and its subsidiaries or (iii) in connection with any legal proceeding involving the Company or
its subsidiaries. In the event that the Grantee is required to disclose any Confidential Information pursuant to clause (a)(iii) or (b)(iii) of the immediately preceding sentence, the Grantee shall (A) promptly give the Company advance notice
that such disclosure may be made and (B) not oppose, and affirmatively cooperate with, the Company, at its reasonable request and sole expense, in seeking to protect the 

  
 4 

 
confidentiality of the Confidential Information. For purposes hereof, “Confidential Information” shall mean information, knowledge or data (whether or not a trade secret or protected by
laws pertaining to intellectual property and including, without limitation, information relating to data, finances, marketing, pricing, profit margins, claims, legal matters, loss control, marketing and business plans and strategies, software,
processing, vendors, administrators, customers or prospective customers, products, brokers and employees), other than information, knowledge or data that (x) has previously been disclosed to the public, or is in the public domain, other than as
a result of the Grantee’s breach of this Section 5(a) or other obligation of confidentiality, or (y) is known or generally available to the public. For the avoidance of doubt, (1) nothing in the Plan or this Agreement is intended
to or shall (A) prohibit or restrict the Grantee from communicating about or reporting any possible violation of federal, state or local law or regulation to any governmental agency or entity, including, but not limited to, the Securities and
Exchange Commission, or any applicable self-regulatory organization, or making any other disclosure that is protected under the whistleblower provisions of federal, state or local law or regulation, in each case without notice to the Company, or
(B) limit the right of the Grantee to receive an award for information provided to any such governmental agency or entity or self-regulatory organization and (2) the Company hereby confirms its consent to any such disclosure that is
protected under the whistleblower provisions of federal, state or local law or regulation by the Grantee, notwithstanding anything to the contrary in the Plan or this Agreement, except for information that is protected from disclosure by any
applicable law or privilege. 
 (b)    Solicitation of Employees. The Grantee covenants and agrees that during
the Grantee’s employment and for a period of two (2) years after the termination of the Grantee’s employment, whether such termination occurs at the insistence of the Company or the Grantee (for whatever reason), the Grantee shall
not, individually or jointly with others, directly or indirectly: 
 (i)    recruit, hire, encourage, or attempt to
recruit or hire, alone or by assisting others, any employees of the Company or any of its subsidiaries or former employees of the Company or any of its subsidiaries with whom the Grantee worked, had business contact, or about whom the Grantee gained
non-public or Confidential Information (hereinafter, “Company’s employees or former employees”); 

(ii)    contact or communicate with Company’s employees or former employees for the purpose of inducing, assisting,
encouraging and/or facilitating Company’s employees or former employees to terminate their employment with the Company or any of its subsidiaries or find employment or work with another person or entity; 

(iii)    provide or pass along to any person or entity the name, contact and/or background information about any of
Company’s employees or former employees or provide references or any other information about them; 

(iv)    provide or pass along to Company’s employees or former employees any information regarding potential jobs or
entities or persons to work for, including but not limited to, job openings, job postings, or the names or contact information of individuals or companies hiring people or accepting job applications; or 

  
 5 

 (v)    offer employment or work to Company’s employees or former
employees. 
 For purposes of this covenant, “former employees” shall refer to employees who are not employed by the Company or
any of its subsidiaries at the time of the attempted recruiting or hiring, but were employed by, or working for the Company or any of its subsidiaries at any time in the six (6) months prior to the time of the attempted recruiting or hiring
and/or interference. 
 (c)    Competition. The Grantee covenants and agrees that during the Grantee’s
employment and for a period of one (1) year after the termination of the Grantee’s employment, whether such termination occurs at the insistence of the Company or the Grantee (for whatever reason), the Grantee shall not, individually or
jointly with others, directly or indirectly, perform services for, prepare or take steps to prepare to perform services for, or otherwise have any involvement with (other than in connection with performing services pursuant to Grantee’s
employment), in each case, whether as an officer, director, partner, consultant, security holder, owner, employee, independent contractor or otherwise, any entity that competes (whether directly or indirectly) with the Company or its subsidiaries in
the Business (as hereinafter defined) anywhere in the world as of the date of the Grantee’s termination of employment with the Company and its subsidiaries (any such entity, a “Competitor”); provided, however, that the Grantee may in
any event own up to a 2% passive ownership interest in any public entity or through a private, non-operating investment vehicle and may become employed by or otherwise affiliated with a Competitor if the
Grantee works in a business unit thereof that does not compete with the Company or any subsidiary in connection with the Business and the Grantee does not communicate about the Business with any employee in a business unit of such Competitor that
does so compete with the Company or any of its subsidiaries. For purposes hereof, the term “Business” shall mean the offshore oil and gas drilling business. Upon the written request of the Grantee, the Company’s President will
reasonably determine whether a business or other entity constitutes a “Competitor” for purposes of this Section 5(c); provided that the President may require the Grantee to provide such information as the Company reasonably determines
to be necessary to make such determination; and provided, further that the current and continuing effectiveness of such determination may be conditioned upon the accuracy of such information, and upon such other factors as the Company may reasonably
determine. 
 (d)    Equitable Relief. The Grantee agrees that any actual or threatened breach of
covenants set forth in this Section 5 could cause the Company irreparable harm. Therefore, in the event of any actual or threatened breach by the Grantee, the Company shall be entitled to seek and obtain, through any court with jurisdiction
over the matter and the Grantee, temporary, preliminary and/or permanent equitable/injunctive relief restraining the Grantee from violating such provisions and to seek, in addition, money damages, together with any and all other remedies available
under applicable law. 
 (e)    Forfeiture for Breach. Notwithstanding any other provision hereof, if the Grantee
breaches or otherwise fails to comply with any of the obligations contained in this Section 5, as applicable, in addition to all rights the Company and its subsidiaries have under this Agreement and any other agreement, at law or in equity, any
and all amounts and portions, as applicable, of the Awards that have not become vested and been paid before such breach or failure to comply shall expire at that time, may not become vested or be paid after such time and will be forfeited at such
time without any payment therefor. 

  
 6 

 6.    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 Agreement 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 Agreement 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 Agreement, 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 Agreement without violating any applicable requirement of Section 409A. 

7.    Governing Law. This Agreement 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 New York applicable to agreements made and to be performed wholly within the State of New York. 

8.    Imposition of Other Requirements. If the Grantee relocates to another country after the Grant Date, even if at the
Company’s request, the Company reserves the right to impose other requirements on the Grantee’s participation in the Plan, including with regard to the Awards or any portion thereof, to the extent the Company determines it is necessary or
advisable in order to comply with local law or facilitate the administration of the Plan, and to require the Grantee to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

9.    Binding on Successors. The terms of this Agreement 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. 

10.    Transferability. The Awards shall not be treated as property or as a trust fund of any kind. The Awards are not transferable
except as permitted by the Plan. 
 11.    Entire Agreement. This Agreement and the Plan contain the entire agreement and
understanding between the parties as to the subject matter hereof. 
 12.    Notices. All notices and other communications under
this Agreement 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 or her principal residence as it appears in the Company’s records, with a copy to him or her at his or her office in Houston, Texas. 

  
 7 

 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 12. Notice and communications shall be
effective when actually received by the addressee if given by hand delivery or confirmed fax, when deposited with a courier service if given by overnight courier, or two (2) business days following mailing if delivered by first class mail. 

13.    Amendment. This Agreement may not be modified, amended or waived except by an instrument in writing signed by the Company
and the Grantee. The waiver by either party of compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the other party of a provision of
this Agreement. 
 14.    Authority of the Administrator. The Plan is administered by the Committee, which shall have full
authority to interpret and construe the terms of the Plan and this Agreement. The determination of the Committee administrator as to any such matter of interpretation or construction shall be final, binding and conclusive. 

15.    Data Privacy. The Grantee acknowledges and consents to the collection, use, processing and transfer of personal data as
described in this Section 15. The Company, its related entities, and the Grantee’s employer hold certain personal information about the Grantee, including, but not limited to, the Grantee’s name, home address and telephone number,
date of birth, social security number or other employee identification number, salary, nationality, job title, any shares of common stock held in the Company and details of the Awards and any other awards under the Plan, for the purpose of managing
and administering the Plan (“Data”). The Company and its related entities may transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Grantee’s participation in the Plan,
and the Company and its related entities may each further transfer Data to any third parties assisting the Company or any such related entity in the implementation, administration and management of the Plan. The Grantee acknowledges that the
transferors and transferees of such Data may be located anywhere in the world and hereby authorizes each of them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and
managing the Grantee’s participation in the Plan, including any transfer of such Data as may be required for the administration of the Plan. 

  
 8 

 16.    Acceptance. Acceptance of this Agreement by the Grantee acknowledges
receipt of a copy of the Plan and this Agreement, and acknowledges that the Grantee has read and understands the terms and provisions hereof and accepts the Awards subject to all the terms and conditions of the Plan and this Agreement. The Company
may, in its sole discretion, deliver any documents related to the Awards by electronic means. The Grantee hereby consents to receive all applicable documentation by electronic delivery and to participate in the Plan through an on-line (and/or voice activated) system established and maintained by the Company or a third party vendor designated by the Company. By Grantee’s signature and the signature of the Company’s representative
below, or by Grantee’s acceptance of the Awards through the Company’s online acceptance procedure, this Agreement shall be deemed to have been executed and delivered by the parties hereto as of the Grant Date. 

17.    No Rights to Continuation of Employment. Nothing in the Plan or this Agreement 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. 

18.    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 Section. 
 [Signature Page Follows] 

  
 9 

 IN WITNESS WHEREOF, effective as of the Grant Date, the Company has caused this Agreement to be executed on
its behalf by a duly authorized officer. 
  

			
	DIAMOND OFFSHORE DRILLING, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 ACCEPTED AND AGREED: 
  

 
 Grantee 

  
 10 

 Schedule A 

Vesting of Performance Award 
 The
Performance Award pursuant to this Agreement shall become eligible to vest dependent upon level of achievement of the following three equally-weighted Performance Goals for the Performance Period, subject to the Negative Discretion of the Committee:

 Performance Goal #1 
 The
average, for the three calendar years included in the Performance Period, of the quotient obtained (with respect to each such calendar year) from the following formula (expressed as a percentage) shall equal
[        ]% (the “First Goal Target”): 
  

					
	                                   
         	 	 Adjusted Operating Cash Flow for such year
	 	                                   
         
		 	Adjusted Net PP&E as of 31 December of such year	 	

 Where: 

“Adjusted Operating Cash Flow” means, for any calendar year, for the Company and its subsidiaries on a consolidated basis, the amount
of net cash provided by or used in operating activities, determined in accordance with United States generally accepted accounting principles (“GAAP”) for such year, excluding net cash interest for such year and excluding the negative
financial impact in such year of any transaction entered into by the Company or any of its subsidiaries with any customer that has the effect of reducing the amount of Adjusted Operating Cash Flow during the Performance Period in exchange for a
commensurate material benefit to be received by the Company or any of its subsidiaries, such as a “blend and extend” transaction; and 

“Adjusted Net PP&E” means, at any date of determination, for the Company and its subsidiaries on a consolidated basis, an amount
equal to the net book value of all property, plant and equipment (including, without limitation, land, mineral rights, buildings, structures, machinery and equipment), determined in accordance with GAAP, plus an amount equal to the net book value of
all property, plant and equipment (including, without limitation, land, mineral rights, buildings, structures, machinery and equipment) classified on the Company’s consolidated balance sheet as held for sale, as determined in accordance with
GAAP, in each case excluding, over the elapsed portion of the Performance Period to the date of such determination, (i) the effects of any impairment of assets and (ii) the net book value added to or removed from net property, plant and
equipment or assets held for sale as a result of any asset acquired or sold during such period. 

  
 11 

 Unless otherwise determined by the Committee, the percentage of achievement against the First Goal Target
shall be determined based on the schedule in the table below, based upon a target of 100% achievement of the First Goal Target: 
  

					
	 Performance Level
	  	Actual Goal
Performance Avg.	  	Percentage Credit
Towards
Performance Goals
	 Below Threshold
	  	Less than [    ]%	  	0%
	 Threshold
	  	[    ]%	  	50%
	 Target
	  	[    ]%	  	100%
	 Maximum
	  	[    ]% or greater	  	150%

 Linear interpolation shall be applied to determine Percentage Credit Towards Performance Goals in the event of performance
falling between the levels stated in the above table. 
 Performance Goal #2 

Average annual rig efficiency (expressed as a percentage) for the three calendar years included in the Performance Period shall equal
[        ]% (the “Second Goal Target”). 
 Unless otherwise determined by the Committee, the percentage of
achievement against the Second Goal Target shall be determined based on the schedule in the table below, based upon a target of 100% achievement of the Second Goal Target: 
  

					
	 Performance Level
	  	Actual Goal
Performance Avg.	  	Percentage Credit
Towards
Performance Goals
	 Below Threshold
	  	Less than [    ]%	  	0%
	 Threshold
	  	[    ]%	  	50%
	 Target
	  	[    ]%	  	100%
	 Maximum
	  	[    ]% or greater	  	150%

 Linear interpolation shall be applied to determine Percentage Credit Towards Performance Goals in the event of performance
falling between the levels stated in the above table. 
 Performance Goal #3 

Addition of [        ] years of cumulative contract backlog during the Performance Period (the “Third Goal
Target”). 
 Unless otherwise determined by the Committee, the percentage of achievement against the Third Goal Target shall be determined based on the
schedule in the table below, based upon a target of 100% achievement of the Third Goal Target: 
  

					
	 Performance Level
	  	Actual Goal
Performance	  	Percentage Credit
Towards
Performance Goals
	 Below Threshold
	  	Less than [    ] Years	  	0%
	 Threshold
	  	[    ] Years	  	50%
	 Target
	  	[    ] Years	  	100%
	 Maximum
	  	[    ] Years or greater	  	150%

  
 12 

 Linear interpolation shall be applied to determine Percentage Credit Towards Performance Goals in the event
of performance falling between the levels stated in the above table. 
 Notwithstanding the foregoing, during or after the Performance Period, the
Committee shall have the authority to make equitable adjustments to any or all of the above three Performance Goals or the calculation of the Performance Goals in recognition of unusual or non-recurring events
affecting the Company or any subsidiary or the financial statements of the Company or any subsidiary, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary or
unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles or any other unusual transaction, event or condition. 

Unless otherwise determined by the Committee, the level of achievement against the Performance Goals shall govern the percentage of the Performance Award that
is eligible to vest based on the schedule in the table below, subject to the Negative Discretion of the Committee and based upon a target of 100% of Performance Goal achievement: 

 

					
	 Average Performance Level
	  	Average
Percentage Credit
Towards
Performance Goals	  	Percent of Target
Amount of
Performance Award
Eligible to Vest
	 Below Threshold
	  	Less than 50%	  	0%
	 Threshold
	  	50%	  	67%
	 Target
	  	100%	  	100%
	 Maximum
	  	150% or greater	  	133%

 For purposes of the table above, the Average Percentage Credit Towards Performance Goals shall equal the sum of the Percentage
Credit Towards Performance Goals for the First Goal Target, the Second Goal Target and the Third Goal Target, divided by three. Linear interpolation shall be applied to determine payments in the event of performance falling between the levels stated
in the above table. 

  
 13

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