Document:

Non-Competition Agreement

 Exhibit 10.4 
 NON-SOLICITATION, NON-COMPETITION, 
 NON-DISCLOSURE AND CONFIDENTIALITY AGREEMENT

 In consideration of my employment or continued employment by Omni National Bank (“Company”) and in further consideration
of a payment in the amount of Seventy Five Thousand ($75,000.00) Dollars, the receipt and sufficiency of which are hereby acknowledged, I, Jeffrey L. Levine, S.S. # (Intentionally Omitted), who resides at (Intentionally Omitted),
(“Employee”) agree to the following: 
  

	A.	Non-Solicitation: Customers 

 During my employment
and for one (1) year immediately following the cessation of my employment with the Company for any reason, I shall not, on my own behalf or on behalf of any person, firm, partnership, association, corporation or business organization, entity or
enterprise (except Company), solicit any customer of the Company, or any representative of any customer of the Company, with a view to selling or providing any product, equipment or service competitive with any product, equipment or service of the
Company Business, as defined herein, during the twelve (12) month period immediately preceding cessation of my employment with the Company, provided that the restrictions set forth in this section shall apply only to customers of the Company,
or representatives of customers of the Company, with whom I had material contact during such twelve (12) month period. “Material contact” exists between myself and each of the Company’s existing customers: (i) with whom I
actually dealt for a business purpose while employed by the Company or to further a business relationship between the customer and the Company; or (ii) whose business dealings with the Company were handled, coordinated or supervised by me.

  

	B.	Non-Solicitation: Employees or Sales Representatives 

 During my employment and for one (1) year immediately following the cessation of my employment with the Company for any reason, I will not solicit or in any manner encourage employees of the Company to leave the employ of the Company.
The foregoing prohibition applies only to employees with whom I had material contact pursuant to my duties during the twelve (12) month period immediately preceding cessation of my employment with the Company. “Material contact” means
interaction between myself and another employee of the Company: (i) with whom I actually dealt; or (ii) whose employment or dealings with the Company or services for the Company were handled, coordinated or supervised by me. 
 C. Non-competition. I acknowledge that my specialized skills, abilities and contacts are important to the success of the Company, and agree that I shall
faithfully and strictly adhere to the terms hereof. I acknowledge that by reason of the character and nature of the Company’s business activities and operations, and further by reason of the scope of the territory in which I perform and will
perform the Services (as defined below), in order to protect the Company’s legitimate business interests it is necessary for me to agree not to engage in certain specified activities in such territory at any time during my employment and for a
period of time thereafter. Therefore, at all times during my employment with the Company, and for a period of two (2) years thereafter, I will not, directly or indirectly, within the Territory (as defined below), (a) for myself,
(b) as a consultant, manager, supervisor, employee or owner of a Competing Business 

 
(as defined below), or (c) as an independent contractor for a Competing Business, engage in any business in which I provide services which are the same
as or substantially similar to the Services. “Competing Business” shall mean any person, business or entity who or which sells, markets or distributes products and/or sells, furnishes or provides services substantially the same as those
sold, marketed, distributed, furnished or supplied by the Company during the term of my employment with the Company. “Territory” shall mean the geographic area encompassed within a sixty (60) mile radius of the Company’s office
at 1100 Abernathy Road, Atlanta, Georgia. I agree that the Company and I may amend the definition of “Territory” from and after the date hereof to reflect any significant contraction or expansion of the geographical area in which I
actually perform the Services. “Services” shall mean the manager of the operations department for warehouse lending. 
  

	D.	Non-Disclosure 

 1. TRADE SECRETS. I acknowledge
that the Company is engaged in the business (“Company Business”) of Commercial and Retail Banking, and the Employee will be employed in a specialized area commonly referred to as: “redevelopment lending”. Redevelopment lending
can be further described as lending money to borrower who acquire dilapidated, inner-city single and multi-family homes, who after acquisition, re-habilitate those structures for occupancy and/or sale. I acknowledge that this highly specialized area
of lending is unique and to my knowledge there are no other banks conducting this business in the geographical area as set forth above. I further acknowledge that prior to joining the Company, I was not employed in this line of business. I further
acknowledge that in order to conduct its business, the Company owns and uses trade secrets as defined under applicable law (O.C.G.A. § 10-1-761(4)). “Trade secret(s)” means information, without regard to form, including, but not
limited to, technical or non-technical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or
suppliers which is not commonly known by or available to the public and which information: (a) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons
who can obtain economic value from its disclosure or use; and (b) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. I further acknowledge that in the course of my employment with the Company and in
order to carry out my duties thereunder, I have or will become privy to the Trade Secrets of the Company. Accordingly, I shall not disclose, divulge, publish to others, or use for any purpose, except as necessary to perform my duties while employed
by the Company, any Trade Secret of the Company without the prior written consent of the Company for so long as such information shall remain a Trade Secret. 
 2. CONFIDENTIAL INFORMATION. I acknowledge that in order to conduct its business, the Company owns and uses written and unwritten confidential information. “Confidential Information” means data and
information relating to the business of the Company (which may not rise to the level of a Trade Secret under applicable law) which is or has been disclosed to me or of which I became aware as a consequence of or through my relationship with the
Company and which has value to the Company and is not generally known to its competitors. Confidential Information shall not include any data or information that has been voluntarily disclosed to the public by the Company (except where such public
disclosure has been made by me without authorization) or that has been independently developed and disclosed by others, or 

 
that otherwise enters the public domain through lawful means. I further acknowledge that in the course of my employment with the Company and in order to
carry out my duties thereunder, I have or will become privy to Confidential Information of the Company. Accordingly, I agree that while employed by the Company, and for a period of two (2) years from the conclusion of my employment with the
Company for any reason, I will not disclose, divulge, publish to others or use for any purpose any Confidential Information of the Company except to the extent necessary to perform my duties and responsibilities as an Employee for the Company,
without the prior written consent of the Company. 
 3. NOTICE OF TRADE SECRETS AND CONFIDENTIAL INFORMATION. I acknowledge that the Company
hereby designates Trade Secrets and Confidential Information to include, without limitation, confidential customer and prospective customer lists; information provided to the Company by its customers or clients or prospective customers or clients;
customer preferences; client contacts; marketing plans, presentations and strategies; inventions, patents and discoveries reasonably related to the Company’s business or products and services of the Company that have not previously been
publicly released by the Company, “software,” computer or electronic data disks or tapes, “processes,” “designs,” “research,” computer programs; source code; object code; methods of operations and costs data;
internal policies and procedures; contracts; personnel information; credit terms; financial information (including without limitation information regarding fee and pricing structures, assets, status of client accounts or credit); or any other
information designated as a trade secret, confidential or proprietary by the Company. 
 4. TREATMENT OF TRADE SECRETS AND CONFIDENTIAL
INFORMATION. I understand and agree to treat whatever information the Company wants to protect from disclosure as genuinely “confidential”, i.e., restricting access by pass code, stamping hardcopies of customer lists
“confidential”, and restricting access to the customer list except by personnel, and the like. I further agree, as an Employee, to use my best efforts and the utmost diligence to guard and protect the Company’s Trade Secrets and
Confidential Information from disclosure to any competitor, customer or supplier of the Company or any other person, firm, corporation or other entity, unless such disclosure has been specifically authorized by the Company in writing. 
 E. Ownership of Work Product. For purposes of this Agreement, “Work Product” shall mean the data, materials, documentation, computer programs, source
code, object code, inventions (whether or not patentable), and all works of authorship, including all worldwide rights therein under patent, copyright, trade secret, confidential information, and other property rights, created or developed in whole
or in part by me, whether prior to the date of this Agreement or in the future, either (i) while employed by the Company and that have been or will be paid for by the Company, or (ii) while employed by the Company (whether developed during
working hours or not) and not otherwise the subject of a written agreement between the Company and me. All Work Product shall be considered work made for hire by me and owned by the Company; provided, however, that I shall be entitled to retain all
rights in work performed outside of my normal work hours so long as I have not used any confidential information, trade secrets or other assets of the Company to perform such work. If any of the Work Product may not, by operation of law, be
considered work made for hire by me for the Company, or if ownership of all rights, title, and interest of the intellectual property rights therein shall not 

 
otherwise vest exclusively in the Company, I hereby assign to the Company, and upon the future creation thereof automatically assign to the Company without
further consideration, the ownership of all Work Product. The Company shall have the right to obtain and hold in its own name patents, copyrights, registrations and any other protection available in the Work Product. I agree to perform, during and
after my employment, such further acts as may be necessary or desirable to transfer, perfect, and defend the Company’s ownership of the Work Product as reasonably requested by the Company. 
 F. Return of Company Property. All Company property, including, but not limited to, equipment, devices, records, correspondence, documents, files, reports,
studies, manuals, compilations, drawings, blueprints, sketches, videos, memoranda, computer software and programs, data or any other information, including Trade Secrets and Confidential Information as set forth herein, (whether originals, copies or
extracts), whether prepared or developed by me or otherwise coming into my possession, whether maintained by me in the facilities of the Company, at my home, or at any other location, is, and shall remain, the exclusive property of the Company and
shall be promptly delivered to the Company, with no copies or reproductions retained by me, in the event of my termination for any reason, or at any other time or times the Company may request. Upon termination of employment for any reason, I agree
to sign and deliver the “Termination Certification” attached hereto as Exhibit “A”. 
 G. Reasonable Restrictions. I agree and
acknowledge that the restrictions contained in this Agreement are reasonable and necessary in order to protect the valuable propriety assets, goodwill and business of the Company and that the restrictions will not prevent or unreasonably restrict my
ability to earn a livelihood. I also agree and acknowledge that if my employment with the Company ends for any reason, I will be able to earn a livelihood without violating the restrictions contained in this Agreement and that my ability to earn a
livelihood without violating said restrictions is an important reason in my choosing to sign this Agreement. Notwithstanding anything herein to the contrary, if for any reason the Employee is terminated before the expiration of six (6) months
from the date of employment, then and in that event the provisions of subparagraph C above shall be null and void and of no effect, and further provided, that all other terms and conditions shall be fully enforceable. 
 H. At-Will Employment. I acknowledge that nothing contained herein is intended to constitute a contract of continued employment, but instead I recognize and
acknowledge that my employment with the Company is on an “at-will” basis and may be terminated by either myself or the Company at any time, for any reason or for no reason, with or without cause, and with or without notice. 
 By signing this Agreement, I indicate that I have read, accepted and agreed to its terms. 

 IN WITNESS WHEREOF, I have executed this Agreement under seal on the date shown below. 
  

	
	EMPLOYEE
	
	Jeffrey L. Levine,
	S.S. # (Intentionally Omitted)
	(Home address intentionally omitted)

  

					
	Signature	 	 /s/ Jeffrey L. Levine
	 	(SEAL)
		 	Jeffrey L. Levine	 	
			
	          Date:	 	February 16, 2005	 	

 EXHIBIT A 
 TERMINATION CERTIFICATION 
 The undersigned Employee certifies that he/she does not possess and has
not failed to return any property belonging to Omni National Bank, its parent, subsidiaries, affiliates, successors or assigns (together, the “Company”), including, but not limited to, equipment, devices, records, correspondence,
documents, files, reports, studies, manuals, compilations, drawings, blueprints, sketches, videos, memoranda, computer software and programs, data or any other information, including Trade Secrets and Confidential Information as set forth herein,
(whether originals, copies or extracts), whether prepared or developed by Employee or otherwise coming into Employee’s possession, whether maintained by Employee in the facilities of the Company, at Employee’s home, or at any other
location. 
 Employee further certifies that he/she will comply with all the terms of his/her Non- Solicitation, Non-Competition,
Non-Disclosure and Confidentiality Agreement. 
  

					
	Date:	 	  
	  	  

		 		  	EmployeeThird Amendment, dated as of June 12, 2006, to the Credit Agreement

 Exhibit 10.1 
 EXECUTED VERSION 
 June 12, 2006 
 Hercules Offshore, Inc. 
 11 Greenway Plaza, Suite 2950 
 Houston, Texas 77046 
  

	Re:	Third Amendment under the Hercules Offshore, LLC Credit Agreement dated June 29, 2005 (as amended by that Consent, Release, Waiver and Amendment dated as of January 25,
2006 (the “First Amendment”) and that Second Amendment dated January 25, 2006 (the “Second Amendment”), and as the same may be further amended from time to time, the “Credit Agreement”) by and among Hercules
Offshore, Inc., f/k/a Hercules Offshore, LLC (“Borrower”), Comerica Bank and such other financial institutions which are or may from time to time become parties to the Credit Agreement (the “Lenders”), and Comerica Bank in its
capacity as Administrative Agent for the Lenders (“Agent”) (“Third Amendment”). 

 Ladies and Gentlemen: 
 Reference is made to the Credit Agreement. Except as specifically defined to the contrary herein, capitalized terms used in this Third Amendment shall
have the meanings given them in the Credit Agreement. 
 The Borrower has requested and, with the approval of the requisite Lenders attached
hereto, the Agent has agreed to amend the Credit Agreement and the other Loan Documents, as follows: 
 1. Section 1.02 of the Credit
Agreement is hereby amended as follows: 
 (a) The following new definitions are hereby added in the appropriate alphabetical order:

 “Collateral Maintenance Ratio” means, as of the applicable date of determination, the ratio of Orderly Liquidation Value
to the sum of (a) the then aggregate Revolving Commitments plus (b) the aggregate principal amount of Term Loans then outstanding, as determined by the applicable Desktop Appraisal. 
 “Consolidated Funded Debt” means, as of the date of determination, the Funded Debt of Borrower and its Consolidated Subsidiaries.

 “Consolidated Fixed Charges” shall mean, for any period, the sum of (a) Interest Expense for such period, plus
(b) the aggregate amount of all dividends or other distributions (and any stock or other equity repurchases) paid in cash on or in respect of the 

 
Equity Interests of Borrower during such period, plus (c) all installments of principal or other sums paid or payable during such period by Borrower and
its Consolidated Subsidiaries with respect to Consolidated Funded Debt (excluding any voluntary prepayments of Revolving Loans). 
 “Desktop Appraisal” means a desktop appraisal performed by a third party selected by Borrower and acceptable to the Administrative Agent, and delivered to the Administrative Agent from time to time, as required hereunder,
on an orderly liquidation basis, using consistent appraisal methodology reasonably satisfactory to the Administrative Agent, and a “Current Desktop Appraisal” means a Desktop Appraisal performed concurrently with or within six
months prior to the date a Current Desktop Appraisal is required to be used to test Borrower’s compliance with the Collateral Maintenance Ratio hereunder. 
 “Fixed Charge Coverage Ratio” means, as of the applicable date of determination, a ratio, the numerator of which is EBITDA minus Maintenance Cap Ex minus cash taxes paid (all determined on a
Consolidated basis in accordance with GAAP) for the four fiscal quarters then ending and the denominator of which is Consolidated Fixed Charges for the four fiscal quarters then ending. 
 “Funded Debt” means, without duplication, (a) all indebtedness of such Person for borrowed money or for the deferred purchase price
of property or services as of such date (other than operating leases and trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices) or which is evidenced by a note, bond, debenture or similar
instrument (but excluding insurance premium financing permitted hereunder), (b) the principal component of all obligations of such Person under Capital Leases, (c) all reimbursement obligations (actual, contingent or otherwise) of such
Person in respect of letters of credit (other than trade letters of credit), bankers acceptances or similar obligations issued or created for the account of such Person, (d) all liabilities of the type described in (a), (b) and
(c) above that are secured by any Liens on any property owned by such Person as of such date even though such Person has not assumed or otherwise become liable for the payment thereof, in the case of each of the items in clauses
(a) through (d), the amount of which is determined in accordance with GAAP; provided however that so long as such Person is not personally liable for any such liability, the amount of such liability shall be deemed to be the
lesser of the fair market value at such date of the property subject to the Lien securing such liability and the amount of the liability secured, and (e) all guarantee obligations in respect of any liability 

  

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which constitutes Funded Debt; provided, however that Funded Debt shall not include (i) any indebtedness under any hedging contracts or
agreements prior to the occurrence of a termination event with respect thereto and (ii) any Debt between or among the Borrower and its Subsidiaries permitted by Section 9.02. 
 “Maintenance Cap Ex” means Capital Expenditures of the Borrower or any of its Subsidiaries for any relevant period, other than
Non-Maintenance Cap Ex. 
 “Mortgaged Vessels” means, collectively, the Drilling Rigs, Liftboats and other vessels of the
Borrower and its Subsidiaries that are subject to a Lien in favor of the Administrative Agent pursuant to one or more Security Instruments. 
 “Non-Maintenance Cap Ex” means Capital Expenditures of the Borrower or any of its Subsidiaries which are related to the acquisition or construction of new facilities, vessels or other fixed assets or to upgrades to existing
facilities, vessels or other fixed assets. 
 “Orderly Liquidation Value” means the orderly liquidation value of the
Mortgaged Vessels, as determined by the most recent Desktop Appraisal required to be delivered hereunder. 
 (b) The definition of
“Applicable Margin” is hereby amended and restated, as follows: 
 “Applicable Margin” means, for any day, the per annum
percentages as set forth below: 
  

							
	 	  	ABR
Loan	 	 	Eurodollar
Loan	 
	 Revolving Loans
	  	1.25	%	 	2.25	%
	 Term Loans
	  	2.25	%	 	3.25	%

 (c) The definition of “Commitment Fee Rate” is hereby amended and restated, as follows:

 “Commitment Fee Rate” means 0.3750% per annum. 
  

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 (d) The definition of “Investment” is hereby amended and restated, as follows: 
 “Investment” means, for any Person (and during any relevant period): (a) the acquisition (whether for Property, services or
otherwise) of Equity Interests of any other Person; (b) the making of any deposit with, or advance, loan or capital contribution to, purchase or other acquisition of any Debt or equity participation or interest in, or other extension of credit
to, any other Person (including the purchase of Property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such Property to such Person, but excluding any such advance, loan or extension of credit
having a term not exceeding ninety (90) days representing the purchase price of inventory or supplies sold by such Person in the ordinary course of business); (c) the purchase or acquisition (in one or a series of transactions) of Property
of another Person that constitutes a business unit; (d) all Non-Maintenance Cap Ex; and (e) the entering into of any guarantee of, or other contingent obligation (including the deposit of any Equity Interests to be sold) with respect to,
Debt or other liability of any other Person and (without duplication) any amount committed to be advanced, lent or extended to such Person. 
 (e) The definition of “Revolving Credit Maturity Date” is hereby amended and restated, as follows: 
 “Revolving
Credit Maturity Date” shall mean the earlier to occur of (a) June 29, 2010 or (b) the date that the Aggregate Revolving Commitments are sooner terminated pursuant to Section 2.03(b) or Section 10.02. 
 (f) The definition of “Swing Line Sublimit” is hereby amended and restated, as follows: 
 “Swing Line Sublimit” means an amount equal to the lesser of (a) $5,000,000 and (b) the aggregate of the Revolving Commitments
of all Revolving Lenders. The Swing Line Sublimit is part of, and not in addition to, the Revolving Commitments. 
 (g) The definition of
“Total Debt” is hereby amended and restated, as follows: 
 “Total Debt” means, at any date, all Debt of the
Borrower and the Consolidated Subsidiaries on a consolidated basis, excluding (i) non-cash obligations under FAS 133, (ii) accounts payable and other accrued liabilities (for the deferred purchase price of Property or services) from time
to time incurred in the ordinary course of business which are not greater than ninety (90) days past the date of invoice or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in
accordance with GAAP, (iii) Debt between or 

  

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among the Borrower and its Subsidiaries permitted by Section 9.02, (iv) Debt permitted under Section 9.02(c); and (v) Debt in connection
with insurance premium financing permitted hereunder. 
 2. Section 3.05(b) of the Credit Agreement is hereby amended by adding the
words “that are Revolving Loans” immediately after the words “Eurodollar Loans” on line 4 thereof. 
 3.
Section 8.01(d) of the Credit Agreement is hereby amended and restated, as follows: 
 “(d) Desktop Appraisals. The Borrower
shall deliver to the Administrative Agent a Desktop Appraisal (i) not less frequently than once every two years, and more frequently, upon request by the Administrative Agent at such times as the Administrative Agent may deem necessary,
provided, that the Administrative Agent, so long as no Default or Event of Default has occurred and is continuing, may not require delivery of a Desktop Appraisal under this Section 8.01(d)(i) more frequently than once a year, and
(ii) at such other times as the Borrower may be required under this Agreement to deliver to the Administrative Agent a Current Desktop Appraisal in order to demonstrate pro-forma compliance with Section 9.05(i), or otherwise. So long as no
Default or Event of Default has occurred and is continuing, the Borrower may from time to time submit to the Administrative Agent updated Desktop Appraisals, whether or not required to do so hereunder.” 
 4. Article 9 of the Credit Agreement is hereby amended, as follows: 
 (a) Section 9.01(a) is hereby amended and restated, as follows: 
 “(a) Fixed Charge Coverage
Ratio. The Borrower shall not, as of the last day of any fiscal quarter commencing with the quarter ending June 30, 2006, permit its Fixed Charge Coverage Ratio to be less than 1.25 to 1.0.” 
 (b) Section 9.01 is amended by adding a new subsection (c), as follows: 
 “(c) Collateral Maintenance Ratio. The Borrower shall not at any time permit its Collateral Maintenance Ratio (determined on the basis of the
most recent Desktop Appraisal required to be delivered by the Borrower under this Agreement) to be less than 1.25 to 1.00.” 
  

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 (c) Section 9.02 is hereby amended by: (1) deleting the word “and” at the end of
clause (i) thereof; (2) replacing the period at the end of clause (j) thereof with “; and”; and (3) inserting the following new clause (k) immediately after clause (j) thereof: 
 “(k) Debt in respect of insurance premium financing for insurance being acquired by the Borrower or any Subsidiary under customary terms and
conditions.” 
 (d) Section 9.03 is hereby amended by: (1) deleting the word “and” at the end of clause
(f) thereof; (2) inserting the word “and” at the end of clause (g) thereof; and (3) inserting the following new clause (h) immediately after clause (g) thereof: 
 “(h) Liens securing insurance premium financing under customary terms and conditions, provided that no such Lien may extend to or cover any
Property other than the insurance being acquired with such financing, the proceeds thereof and any unearned or refunded insurance premiums relating thereto.” 
 (e) Section 9.05(h) of the Credit Agreement is amended and restated, as follows: 
 “(h) Investments
in, and loans or advances to any Guarantor or the Borrower, and all Non-Maintenance Cap Ex made by such Persons provided however, that, for any such Investment under clause (c) of the definition thereof or Non-Maintenance Cap Ex
or series of related such Investments or Non-Maintenance Cap Ex of $25,000,000 or more (determined in each case on an incurrence basis), both prior to and immediately after giving effect to such Investment or Non-Maintenance Cap Ex (v) no
Default or Event of Default has occurred and is continuing, (w) the Collateral Maintenance Ratio is not less than 1.25 to 1.0 on the basis of the most recent Desktop Appraisal required to be delivered by Borrower under this Agreement,
(x) the ratio of Total Debt as of the date of such Investment to EBITDA for the four fiscal quarters most recently ended, determined on a pro forma basis, is not greater than 3.50 to 1.0, (y) the Borrower shall also have delivered to
Administrative Agent financial projections covering a period of not less than the twelve months following such Investment or Non-Maintenance Cap Ex and otherwise in form and substance reasonably satisfactory to Administrative Agent and (z) the
Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer in substantially the form of Exhibit D hereto certifying as to whether a Default or Event of Default exists and setting forth reasonably detailed
calculations demonstrating current and pro-forma compliance with Section 9.01 and this Section 9.05(h);” 
 (f)
Section 9.05(i) of the Credit Agreement amended and restated, as follows: 
 “(i) other Investments (including without limitation
Investments in and loans and advances to any Subsidiary that is not a Guarantor and all Non-Maintenance Cap Ex made by such 

  

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Persons); provided however, that both prior to and immediately after giving effect to such Investment or Non-Maintenance Cap Ex (A) no
Default or Event of Default has occurred and is continuing and (B) for any such Investment or Non-Maintenance Cap Ex or series of related Investments or Non-Maintenance Cap Ex of $25,000,000 or more (determined in each case on an incurrence
basis) (w) the Collateral Maintenance Ratio is not less than 1.25 to 1.0 on the basis of a Current Desktop Appraisal, (x) the ratio of Total Debt as of the date of such Investment to EBITDA for the four fiscal quarters most recently ended,
determined on a pro forma basis, is not greater than 3.50 to 1.0, (y) the Borrower shall also have delivered to Administrative Agent financial projections covering a period of not less than the twelve months following such Investment or
Non-Maintenance Cap Ex and otherwise in form and substance reasonably satisfactory to Administrative Agent and (z) the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer in substantially the form of
Exhibit D hereto certifying as to whether a Default or Event of Default exists and setting forth reasonably detailed calculations demonstrating current and pro-forma compliance with Section 9.01 and this Section 9.05(i).” 

(g) Section 9.12 of the Credit Agreement is amended and restated, as follows: 
 “Section 9.12 Disposition of Properties. The Borrower will not, and will not permit any of its Subsidiaries to, Dispose of any Property other
than Dispositions among the Borrower and the Guarantors, except for (a) inventory held for sale in the ordinary course of business; (b) Dispositions of equipment that is no longer necessary for the business of the Borrower or such
Subsidiary or is replaced by equipment of at least comparable value and use; (c) Dispositions of inventory not in the ordinary course of business and equipment (other than jackup Drilling Rigs and Lift Boats) in an aggregate amount not to
exceed $1,000,000 during any consecutive 12-month period; (d) Dispositions of Property as the result of a Casualty Event; (e) other Dispositions (excluding as a result of Casualty Events) of Properties or any interest therein, provided
that (i) no Default or Event of Default exists or would exist after giving effect to such sale; (ii) such Disposition is pursuant to a good faith arms’ length transaction with non-Affiliated third party purchasers (unless such
Disposition is to a Subsidiary that is not a Guarantor); (iii) 100% of the consideration received in respect of such sale shall be cash (unless such Disposition is to a Subsidiary that is not a Guarantor, in which case some or all of such
consideration may be in the form of an Investment, so long as the Investment is permitted by Section 9.05(i)); (iv) the consideration received in respect of such 

  

 7 

 
Disposition shall be equal to or greater than the fair market value (as reasonably determined by the Borrower) of the Property which is the subject of such
Disposition (unless such Disposition is to a Subsidiary that is not a Guarantor); (v) if any such Disposition is of a Subsidiary, such Disposition shall include all the Equity Interests of such Subsidiary and the Subsidiary being Disposed of
has no continuing Investment in any other Subsidiary of the Borrower not being simultaneously Disposed of or in the Borrower; (vi) 100% of the net cash proceeds of the sale of such Property are applied to prepay the Term Loan within 3 Business
Days of the date on which such proceeds are received (to the extent then outstanding) and (vii) the aggregate amount of all Dispositions under this Section 9.12(e) during the term of this Agreement shall not exceed $95,000,000, and
(f) other Dispositions consented to by the Majority Lenders.” 
 (h) Section 9.18 of the Credit Agreement is hereby amended
and restated as follows: 
 “Section 9.18 [Reserved]” 
 (i) Clause (d) of Section 10.01 of the Credit Agreement is hereby amended by adding the following language to the end of such clause (d):

 “(other than Section 9.01(c))” 
 5. Amendments to Mortgages. Borrower has requested and, with the approval of the requisite Lenders attached hereto, the Agent has agreed to amend the First Preferred Ship Mortgages and the First Naval Ship
Mortgages described on Attachment 3 hereto (the “Mortgages”) as set forth below. 
 (a) The Agent, Borrower and each Shipowner, as
applicable, acknowledge and agree that Section 1.15(a) of each of the Mortgages is hereby amended and restated in its entirety, as follows: 
 “(a) Types and Coverage. The Shipowner will, at its own expense, when and so long as this Mortgage shall be outstanding, insure or cause to be insured the Vessel against the risks indicated below, in addition to such other risks
which would be covered by experienced and responsible owners of similar vessels engaged in similar operations in places and under conditions comparable to those in which the Vessel is employed from time to time and possessing financial and operating
characteristics similar to the Shipowner (“Similar Companies”) in accordance with the usual and customary practices of Similar Companies, and keep it insured, in the aggregate, in lawful money of the United States, for not less than the
higher of (i) the amount of coverage that would be obtained by Similar Companies on the Vessel or (ii) an amount 

  

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with respect to such Vessel when aggregated with the coverage on all other Drilling Rigs and Lift Boats equals at least USD 190,000,000 (net of any and all
deductibles), or, if less, for the amount of insurance coverage offered to the Shipowner by insurers for windstorm and other insurable perils, provided such insurance premiums are commercially viable for the Shipowner. Such insurance shall be on the
basis of “new for old” with no deduction for depreciation and shall cover marine and war risk perils, on hull and machinery (including excess value), and shall be maintained in the broadest forms available in the American, British or
equivalent insurance markets for vessels of the same type as the Vessel, provided that the premiums for the insurance coverage offered by insurers for windstorm and other insurable perils are commercially viable for the Shipowner, and provided that
war risk insurance shall only be required if the Vessel operates outside of the United States territorial waters in the Gulf of Mexico, and provided further that the premiums for the insurance coverage offered by insurers for war risk insurance are
commercially viable for the Shipowner. The Shipowner shall also obtain such workmen’s compensation or longshoremen’s and harbor worker’s insurance as shall be required by applicable law, including endorsements for Outer Continental
Shelf operations, borrowed servant, voluntary compensation, and in rem claims. In addition, the Shipowner shall maintain or cause to be maintained protection and indemnity insurance, including coverage for contractual liability (unless contractual
liability is covered under the general liability policy), contractual and legal wreck removal, crew coverage, salvage, general average, care, pollution, custody and control coverage through underwriters or associations reasonably acceptable to the
Mortgagee in an amount commercially available from insurers provided that the premiums for the insurance coverage offered by insurers are commercially viable for the Shipowner. The Shipowner shall at all times during which the Vessel is operating
within the jurisdiction of the United States of America, maintain or cause to be maintained insurance or post bond or maintain or cause to be maintained approved evidence of financial responsibility with respect to the Vessel to cover the actual
cost of removal of discharged oil for which the Shipowner or the Vessel may be held strictly liable (or held liable due to the negligence of the Shipowner, any charterer or any other Person) under the Clean Water Act of 1977, OPA or the Outer
Continental Shelf Lands Act, or under any other federal or state law which, in the future, may apply to the Vessel or to the Shipowner; and the Shipowner shall maintain insurance covering similar pollution risks or liabilities incident thereto under
any law, regulation, or judicial decision of any foreign jurisdiction or jurisdictions or 

  

 9 

 
political subdivision thereof applicable to the Shipowner, the Vessel, or its operations.” 
 (b) The Agent, Borrower and each Shipowner, as applicable, acknowledge and agree that Section 1.15(b) of each of the Mortgages is hereby amended and
restated in its entirety, as follows: 
 “(b) Deductibles. All insurance required to be carried by the Shipowner pursuant to this
Section 1.15 shall include a per occurrence deductible or self-insured retention amount not in excess of the amount which experienced and responsible owners of similar vessels engaged in similar operations in places and under conditions
comparable to those in which the Vessel is employed from time to time and possessing financial and operating characteristics similar to the Shipowner.” 
 (c) The Agent, Borrower and each Shipowner, as applicable, acknowledge and agree that Section 1.15(c) of each of the Mortgages is hereby amended and restated in its entirety, as follows: 
 (c) Insurers; Provisions. The policy or policies of insurance shall be issued by responsible underwriters reasonably acceptable to the Mortgagee,
shall contain conditions, terms, stipulations and insuring covenants reasonably satisfactory to the Mortgagee and shall be kept in full force and effect by the Shipowner so long as this Mortgage shall be outstanding, subject always to such insurance
being available to the Shipowner at commercially viable premiums. All insurance policies, binders and other interim insurance contracts (with the exception of Workers’ Compensation, U.S. Longshoremen & Harbor Workers Compensation and
Maritime Employers Liability) shall be executed and issued in the name of the Shipowner, shall name the Mortgagee and the Lenders in a manner such that they are afforded the stature of additional insureds, and shall provide that loss shall be
payable to the Mortgagee for distribution by it to itself and the Shipowner as their interests may appear. The Mortgagee shall permit all insurance proceeds to be applied in the manner set forth in this Mortgage and in the Credit Agreement. All
insurance policies shall provide (i) for at least thirty (30) days’ prior notice to be given to the Mortgagee by the underwriters or association or the Shipowner’s insurance broker in the event of cancellation or reduction in
amount or material change in coverage or (ii) for at least ten (10) days’ prior notice to be given to the Mortgagee by the underwriters or association or the Shipowner’s insurance broker in the event of the failure of the
Shipowner to pay any premium or call which would suspend coverage under the policy or the payment of a claim thereunder or (iii) for at least seven (7)

  

 10 

 
days’ prior notice to be given to the Mortgagee by the underwriters or association or the Shipowner’s insurance broker in the event of cancellation
under the war risks insurance and (iv) that (A) there shall be no recourse against the Mortgagee (or its assignee) for the payment of premiums or commissions and (B) if such policies provide for the payment of club calls, assessments
or advances, there shall be no recourse against the Mortgagee (or its assignee) for the payment thereof. 
 The foregoing amendments to the
Mortgages shall govern the obligations of each Shipowner, the Borrower, and the Agent with respect to any future mortgage required to be delivered under the Credit Agreement. 
 6. Annex I to the Credit Agreement is hereby amended and restated by deleting such Annex in its entirety and inserting replacement Annex I
attached hereto as Attachment 1 in its place. 
 7. Exhibit D to the Credit Agreement is hereby amended and restated by deleting such Exhibit
in its entirety and inserting new Exhibit D attached hereto as Attachment 2 in its place. 
 8. Exhibit E-3 to the Credit Agreement (the Form
of First Preferred Ship Mortgage) is hereby amended to conform to the changes in Section 5 of this Amendment. 
 9. Exhibit E-5 to the
Credit Agreement (the Form of First Naval Ship Mortgage) is hereby amended to conform to the changes in Section 5 of this Amendment. 
 This Third Amendment shall become effective (according to the terms hereof) on the date (the “Effective Date”) that the following conditions have been fully satisfied by the Borrower (the “Conditions”): 
 (a) Agent shall have received via facsimile (followed by the prompt delivery of original signatures) counterpart originals of this Third Amendment, in
each case duly executed and delivered by the Agent, the Borrower, each Guarantor that owns a Mortgaged Vessel, and the requisite Lenders; 
 (b) Delivery of a Desktop Appraisal; and 
 (c) the Borrower shall have paid to Agent all interest, fees and other amounts, if any,
owed to the Agent and the Lenders and accrued and then owing on or before the Effective Date; 
 The facsimile or other electronically
transmitted copy of this Third Amendment is to be treated the same as an originally executed copy of this Third Amendment. 
 This Third
Amendment may be executed in counterparts, each of which shall be deemed to constitute an original document. 
 The Borrower ratifies and
confirms, as of the date hereof after giving effect to this Third Amendment each of the representations and warranties set forth in Sections 7.01 through 7.22, 

  

 11 

 
inclusive, of the Credit Agreement (except to the extent that such representations and warranties were expressly made as of a particular date, in which event
the Borrower ratifies and confirms that such representations and warranties were true and correct as of such date). 
 This Third Amendment
is limited to the specific matters described above and shall not be deemed to be a waiver, consent to or agreement to release any other matter, including without limitation any failure to comply with any provision of the Credit Agreement or any
other Loan Document, or to apply to any other financial covenant or any other reporting period, or to amend or alter in any respect the term and conditions of the Credit Agreement (including without limitation all conditions and requirements for
Borrowings and all indemnification obligations of the Borrower and as set forth in the Credit Agreement), the Notes or any of the other Loan Documents, or to constitute a waiver or release by the Lenders or the Agent of any right, remedy, Default or
Event of Default under the Credit Agreement or any other Loan Documents, except, in each case, as specifically set forth above. Nor shall this Third Amendment affect in any manner whatsoever any rights or remedies of the Lenders with respect to any
other non-compliance by the Borrower or any Subsidiary with the Credit Agreement or the other Loan Documents (including without limitation any non-disclosure), whether in the nature of a Default or an Event of Default, and whether now in existence
or subsequently arising. 
 By signing and returning a counterpart of this Third Amendment to the Agent, the Borrower and each Guarantor that
owns a Mortgaged Vessel acknowledges acceptance of the terms of this Third Amendment. This Third Amendment shall not become effective unless and until countersigned by the Borrower and each Guarantor that owns a Mortgaged Vessel and returned to the
Agent (via facsimile at (313) 222-9434 or electronic pdf file to wbmurdock@comerica.com; Attn: Bill Murdock). 
 (Signatures appear on
the following pages) 
  

 12 

			
	 Very truly yours,
  
 COMERICA BANK

		
	 By:
	 	 /s/ John Castellano

		 	 John Castellano

	 Its:
	 	 Senior Vice President-Texas Division

  

 13 

 AGREED TO AND ACCEPTED THIS 12TH DAY OF JUNE, 2006 BY: 
  

			
	 Hercules Offshore, Inc.

		
	 By
	 	 /s/ Steven A. Manz

	 Its:
	 	 CFO

	
	 Hercules Drilling Company, LLC

		
	 By:
	 	 /s/ John Rynd

	 Its:
	 	 President

	
	 Hercules Liftboat Company, LLC

		
	 By:
	 	 /s/ Steven A. Manz

	 Its:
	 	 Director

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 KENNECOTT FUNDING LTD.

		
	 By:
	 	 /s/ Kaitlin Trinh

	 Name:
	 	 Kaitlin Trinh

		 	 Director

		
	 Date:
	 	 June 5, 2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 GREEN LANE CLO LTD.

		
	 By:
	 	 /s/ Kaitlin Trinh

	 Name:
	 	 Kaitlin Trinh

		 	 Director

		
	 Date:
	 	 June 5, 2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Oppenheimer Senior Floating Rate Fund

	 [Lender]

		
	 By:
	 	 /s/ Sherry Settle

	 Name:
	 	 Sherry Settle

		 	 Manager

		
	 Date:
	 	 06/05/06

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Cambria Institutional Loan Fund

	 [Lender]

		
	 By:
	 	 /s/ Olivier A. Tabouret

	 Name:
	 	 Olivier A. Tabouret

		
	 Date:
	 	 June 5th 2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 ORIX Finance Corp.

	 [Lender]

		
	 By:
	 	 /s/ Christopher L. Smith

	 Name:
	 	 Christopher L. Smith

		 	 Authorized Representative

		
	 Date:
	 	 June 5, 2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	LFC2 Loan Funding LLC, for itself or
as agent for Loan Funding Corp. THC, Ltd.
	[Lender]
		
	 By:
	 	 /s/ Roy Hykal

	 Name:
	 	 Roy Hykal

		 	 Attorney-in-fact

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Stanfield Vantage CLO, Ltd

	 By: Stanfield Capital Partners, LLC

	 as its Asset Manager

	 [Lender]

		
	 By:
	 	 /s/

	 Name:
	 	
		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Stanfield Quattro CLO, Ltd.

	 By: Stanfield Capital Partners LLC

	 As its Collateral Manager

	 [Lender]

		
	 By:
	 	 /s/

	 Name:
	 	
		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Stanfield Modena CLO, Ltd

	 By: Stanfield Capital Partners, LLC

	 as its Asset Manager

	 [Lender]

		
	 By:
	 	 /s/

	 Name:
	 	
		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Stanfield AZURE CLO, Ltd.

	 By: Stanfield Capital Partners, LLC

	 as its Collateral Manager

	 [Lender]

		
	 By:
	 	 /s/

	 Name:
	 	
		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Stanfield Arbitrage CDO, Ltd.

	 By: Stanfield Capital Partners LLC

	 as its Collateral Manager

	 [Lender]

		
	 By:
	 	 /s/

	 Name:
	 	
		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 RIVIERA FUNDING LLC

	 [Lender]

		
	 By:
	 	 /s/ Kristi Milton

	 Name:
	 	 Kristi Milton

		 	 Assistant Vice President

		
	 Date:
	 	 6/05/06

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 PPM SHADOW CREEK FUNDING LLC

	 [Lender]

		
	 By:
	 	 /s/ Kristi Milton

	 Name:
	 	 Kristi Milton

		 	 Assistant Vice President

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 PPM MONARCH BAY FUNDING LLC

	 [Lender]

		
	 By:
	 	 /s/ Kristi Milton

	 Name:
	 	 Kristi Milton

		 	 Assistant Vice President

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 SERVES 2006-1, Ltd.

	 [Lender]

		
	 By:
	 	 /s/ Chris Kappas

		 	 PPM America, Inc., as Collateral Manager

	 Name:
	 	 Chris Kappas

		 	 Managing Director

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 TRS Callisto LLC

	 [Lender]

		
	 By:
	 	 /s/ Alice L. Wagner

	 Name:
	 	 Alice L. Wagner

		 	 Vice President

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Comerica Bank

		
	 By:
	 	 /s/ S. John Castellano

		 	 S. John Castellano

		 	 Senior Vice President

		
	 Date:
	 	 June 12, 2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 WHITNEY CLO I, LTD

	 [Lender]

		
	 By:
	 	 /s/ John M. Casparian

	 Name:
	 	 John M. Casparian

		 	 Chief Operating Officer,
 (Manager)
 Centre Pacific, LLC

		
	 Date:
	 	 June 1, 2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 OLYMPIC CLO I, LTD

	 [Lender]

		
	 By:
	 	 /s/ John M. Casparian

	 Name:
	 	 John M. Casparian

		 	 Chief Operating Officer,
 (Manager)
 Centre Pacific, LLC

		
	 Date:
	 	 June 1, 2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 SIERRA CLO I, LTD

	 [Lender]

		
	 By:
	 	 /s/ John M. Casparian

	 Name:
	 	 John M. Casparian

		 	 Chief Operating Officer,
 (Manager)
 Centre Pacific, LLC

		
	 Date:
	 	 June 1, 2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 LATITUDE CLO I, LTD

		
	 By:
	 	 /s/ Chauncey F. Lufkin, III

	 Name:
	 	 Chauncey F. Lufkin, III

		
	 Date:
	 	 June 5, 2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 GREYROCK CDO LTD.

	 [Lender]

		
	 By:
	 	 /s/ Angela Bozorgmir

	 Name:
	 	 Angela Bozorgmir

		
	 Date:
	 	

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Mt. Wilson CLO, Ltd.

	 [Lender]

		
	 By:
	 	 /s/

	 Name:
	 	
		
	 Date:
	 	 6/5/2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Western Asset Floating Rate High Income Fund LLC

	 [Lender]

		
	 By:
	 	 /s/

	 Name:
	 	
		
	 Date:
	 	 6/5/2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 UBS AG, Stamford Branch

	 [Lender]

		
	 By:
	 	 /s/ Christopher M. Aitkin

	 Name:
	 	 Christopher M. Aitkin

		 	 Associate Director

		 	 Banking Products Services, US

		
	 By:
	 	 /s/ Toba Lumbantobing

	 Name:
	 	 Toba Lumbantobing

		 	 Associate Director

		 	 Banking Products Services, US

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Halcyon Structured Opportunities Fund L.P

	
	By: Halycon Structured Asset Management LP, its Investment Manager
		
	 By:
	 	 /s/ James W. Sykes

	 Name:
	 	 James W. Sykes

	 Title:
	 	 Managing Principal

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Halcyon Structured Asset Management CLO I, Ltd.

	
	By: HALYCON STRUCTURED ASSET MANAGEMENT L.P., as Collateral Manager under the Collateral Management Agreement dated September 23, 2005 between Halycon Structured Asset Management
L.P. and Halycon Structured Asset Management CLO I Ltd.
	
	By: Halycon Structured Asset Management LLC, its sole general partner
		
	 By:
	 	 /s/ James W. Sykes

	 Name:
	 	 James W. Sykes

	 Title:
	 	 Managing Principal

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Madison Park Funding III

	 [Lender]

		
	 By:
	 	 /s/ David H. Lerner

	 Name:
	 	 David H. Lerner

		 	 Authorized Signatory

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Atlas Loan Funding 2, LLC

	 By: Atlas Capital Funding, Ltd.

	 By: Structured Asset Investors, LLC

	 Its Investment Manager

		
	 By:
	 	 /s/ Diana M. Himes

	 Name:
	 	 Diana M. Himes

		 	 Associate

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 WB Loan Funding 4, LLC

		
	 By:
	 	 /s/ Diana M. Himes

	 Name:
	 	 Diana M. Himes

		 	 Associate

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 KKR Financial CLO 2005-1, Ltd.

	 [Lender]

		
	 By:
	 	 /s/ Morgan W. Gillette

	 Name:
	 	 Morgan W. Gillette

		
	 Date:
	 	 June 2, 2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Ares VR CLO Ltd.

		
	 By:
	 	 Ares CLO Management VR, L.P.,
 Investment Manager

		
	 By:
	 	 Ares CLO GP VR, LLC,
 Its General Partner

		
	 By:
	 	 /s/ Americo Cascella

	 Name:
	 	 Americo Cascella

		 	 Vice President

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Ares IV CLO Ltd.

		
	 By:
	 	 Ares CLO Management IV, L.P.,
 Investment Manager

		
	 By:
	 	 Ares CLO GP IV, LLC,
 Its Managing Member

		
	 By:
	 	 /s/ Americo Cascella

	 Name:
	 	 Americo Cascella

		 	 Vice President

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	ARES ENHANCED LOAN INVESTMENT STRATEGY, LTD.
		
	 By:
	 	 Ares Enhanced Loan Management, L.P.,
 Investment Manager

		
	 By:
	 	 Ares Enhanced Loan GP, LLC,
 Its General Partner

		
	 By:
	 	 /s/ Americo Cascella

	 Name:
	 	 Americo Cascella

		 	 Vice President

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	Ares IX CLO Ltd.
		
	 By:
	 	 Ares CLO Management IX, L.P.,
 Investment Manager

		
	 By:
	 	 Ares CLO GP IX, LLC,
 Its General Partner

		
	 By:
	 	 /s/ Americo Cascella

	 Name:
	 	 Americo Cascella

	 Title:
	 	 Vice President

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	ARES ENHANCED LOAN INVESTMENT STRATEGY II, LTD.
		
	 By:
	 	 Ares Enhanced Loan Management II, L.P.,
 Investment Manager

		
	 By:
	 	 Ares Enhanced Loan GP II, LLC
 Its General Partner

		
	 By:
	 	 /s/ Americo Cascella

	 Name:
	 	 Americo Cascella

	 Title:
	 	 Vice President

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	Ares X CLO Ltd.
		
	 By:
	 	 Ares CLO Management X, L.P.,
 Investment Manager

		
	 By:
	 	 Ares CLO GP X, LLC,
 Its General Partner

		
	 By:
	 	 /s/ Americo Cascella

	 Name:
	 	 Americo Cascella

	 Title:
	 	 Vice President

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Citicorp North America Inc.

	 [Lender]

		
	 By:
	 	 /s/ David E. Graber

	 Name:
	 	 David E. Graber

		 	 Attorney-In-Fact

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Venture CDO 2002, Limited

	 By its investment advisor,
 MJX Asset Management LLC

	 [Lender]

		
	 By:
	 	 /s/ Kenneth Ostmann

	 Name:
	 	 Kenneth Ostmann

		 	 Director

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Venture II CDO 2002, Limited
 By its investment advisor,
 MJX Asset Management LLC

	 [Lender]

		
	 By:
	 	 /s/ Kenneth Ostmann

	 Name:
	 	 Kenneth Ostmann

		 	 Director

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Vista Leveraged Income Fund
 By its investment advisor,
 MJX Asset Management LLC

	 [Lender]

		
	 By:
	 	 /s/ Kenneth Ostmann

	 Name:
	 	 Kenneth Ostmann

		 	 Director

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Venture IV CDO Limited
 By its investment advisor,
 MJX Asset Management LLC

	 [Lender]

		
	 By:
	 	 /s/ Kenneth Ostmann

	 Name:
	 	 Kenneth Ostmann

		 	 Director

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 Venture V CDO Limited
 By its investment advisor,
 MJX Asset Management LLC

	 [Lender]

		
	 By:
	 	 /s/ Kenneth Ostmann

	 Name:
	 	 Kenneth Ostmann

		 	 Director

		
	 Date:
	 	  

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 AMEGY BANK NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ C. Ross Bartley

	 Name:
	 	 C. Ross Bartley - Vice President

		
	 Date:
	 	 June 2, 2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 US Bank Loan Fund (M) Master Trust

		
	 By:
	 	 /s/ William Lemberg

	 Name:
	 	 William Lemberg

		 	 Vice President

		
	 Date:
	 	 June 5, 2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	 OWS CLO I Ltd.

		
	 By:
	 	 /s/ William Lemberg

	 Name:
	 	 William Lemberg

		 	 Vice President

		
	 Date:
	 	 June 5, 2006

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Third Amendment subject to the
foregoing terms and conditions. 
  

			
	SOL Loan Funding LLC, for itself or
as agent for SOL2 Loan Funding LLC
	[Lender]
		
	 By:
	 	 /s/ Roy Hykal

	 Name:
	 	 Roy Hykal

		 	 Attorney-in-fact

		
	 Date:
	 	 6/5/06

 Attachment 1 
 (Replacement Annex I) 
 ANNEX I 
 LIST OF REVOLVING COMMITMENTS 
 Aggregate Revolving Commitments 
  

						
	 Name of Revolving Lender
	  	Applicable
Percentage	  	Revolving
Commitment	 
	 Comerica Bank
	  	40,012,500.00	  	53.35	%
	 JPMorgan Chase Bank, N.A.
	  	19,987,500.00	  	26.65	%
	 Amegy Bank National Association
	  	15,000,000.00	  	20.00	%
	 TOTAL
	  	75,000,000.00	  	100	%

 Attachment 2 
 (Replacement Compliance Certificate) 
 EXHIBIT D 
 FORM OF 
 COMPLIANCE CERTIFICATE

 The undersigned hereby certifies that he/she is the
[                    ] of Hercules Offshore, Inc., a Delaware corporation (the “Borrower”), and that as such he/she is authorized to
execute this certificate on behalf of the Borrower. With reference to the Credit Agreement dated as of June 29, 2005 (together with all amendments, restatements, supplements or other modifications thereto being the “Agreement”) among
the Borrower, Comerica Bank, as Administrative Agent, and the other agents and lenders (the “Lenders”) which are or become a party thereto, and such Lenders, the undersigned represents and warrants as follows (each capitalized term used
herein having the same meaning given to it in the Agreement unless otherwise specified): 
 (a) The representations and warranties of the
Borrower contained in Article VII of the Agreement and in the Loan Documents and otherwise made in writing by or on behalf of the Borrower or any Guarantor pursuant to the Agreement and the Loan Documents were true and correct when made, and are
repeated at and as of the time of delivery hereof and are true and correct in all material respects at and as of the time of delivery hereof, except to the extent such representations and warranties are expressly limited to an earlier date or the
Majority Lenders have expressly consented in writing to the contrary. 
 (b) Since [same date as audited financials in Section 7.04(a)],
no change has occurred, either in any case or in the aggregate, in the condition, financial or otherwise, of the Borrower or any Subsidiary which could reasonably be expected to have a Material Adverse Effect [or specify event]. 
 (c) There exists no Default or Event of Default [or specify Default and describe]. 
 (d) Attached hereto are the detailed computations necessary to determine [Excess Cash Flow and] whether the Borrower is in compliance with
Section 9.01 as of the end of the [fiscal quarter][fiscal year] ending [                    ]. 
 (e) [Attached hereto are the detailed computations necessary to determine whether the Borrower is in pro-forma compliance with Section 9.01 and
[Section 9.05(h)][Section 9.05(i)].(* to be included where delivery of this Compliance Certificate is required under Section 9.05(h) or 9.05(i)). 
 (Signature Appears on the Following Page) 

 EXECUTED AND DELIVERED this
[            ] day of [                    ]. 
  

			
	 HERCULES OFFSHORE, INC.

		
	By:	 	  
		
	 Name:
	 	  
		
	 Title:
	 	  

 Attachment 3 
 (Description of Ship Mortgages to be Amended) 
 First Preferred Fleet Mortgage dated June 28, 2005, effective as of
June 29, 2005, by HERCULES LIFTBOAT COMPANY, LLC, a limited liability company organized and existing under the laws of the State of Delaware, with offices at 2929 Briarpark Drive, Suite 435, Houston, Texas 77042 (the
“Shipowner”), to COMERICA BANK., with offices at 910 Louisiana, Suite 410, Houston, Texas, 77002, as administrative agent (in such capacity, together with its successors in such capacity, the “Mortgagee”) recorded
with the National Vessel Documentation Center on July 1, 2005 at 12:45 p.m. covering the vessels named therein. 
 FIRST PREFERRED FLEET MORTGAGE dated
June 28, 2005, effective as of June 29, 2005, by HERCULES DRILLING COMPANY, LLC, a limited liability company organized and existing under the laws of the State of Delaware, with offices at 2929 Briarpark Drive, Suite 435, Houston, Texas
77042 (the “Shipowner”), to COMERICA BANK., with offices at 910 Louisiana, Suite 410, Houston, Texas, 77002, as administrative agent (in such capacity, together with its successors in such capacity, the “Mortgagee”)
recorded with the National Vessel Documentation Center on July 1, 2005 at 12:45 p.m. covering the vessels name therein. 
 FIRST NAVAL MORTGAGE dated
June 28, 2005, effective as of June 29, 2005, by HERCULES DRILLING COMPANY, LLC, a limited liability company organized and existing under the laws of the State of Delaware, with offices at 2929 Briarpark Drive, Suite 435, Houston, Texas
77042 (the “Shipowner”), to COMERICA BANK, with offices at 910 Louisiana Suite 410, Houston, Texas, 77002, as administrative agent (in such capacity, together with its successors in such capacity, the “Mortgagee”)
recorded under document 806375 in the Public Registry of Panama encumbering the vessel known as Hercules 22 with Patente of Navigation No. 10865-M. 
 FIRST NAVAL MORTGAGE dated June 28, 2005, effective as of June 29, 2005, by HERCULES DRILLING COMPANY, LLC, a limited liability company organized and existing under the laws of the State of Delaware, with offices at 2929 Briarpark
Drive, Suite 435, Houston, Texas 77042 (the “Shipowner”), to COMERICA BANK, with offices at 910 Louisiana Suite 410, Houston, Texas, 77002, as administrative agent (in such capacity, together with its successors in such capacity,
the “Mortgagee”) recorded under document 806388 as of July 1, 2005 in the Public Registry of Panama encumbering the vessel known as Hercules 21 with Patente of Navigation No. 11050-81-H. 
 FIRST PREFERRED SHIP MORTGAGE dated June 28, 2005, effective as of June 29, 2005, by HERCULES DRILLING COMPANY, LLC, a limited liability company organized and
existing under the laws of the State of Delaware, with offices at 2929 Briarpark Drive, Suite 435, Houston, Texas 77042 (the “Shipowner”), to COMERICA BANK., with offices at 910 Louisiana, Suite 410, Houston, Texas, 77002, as
administrative agent (in such capacity, together with its successors in such capacity, the “Mortgagee”) recorded in the records of the Office of the Deputy Commissioner of Maritime Affairs of the Republic of Vanuatu at Book PM 26 at
Page 51 on July 1, 2005 at 9:26 a.m. at the port of New York, New York, USA encumbering the vessel known as Hercules 30.

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