Document:

Exhibit 10.2

 

COLLEGIUM PHARMACEUTICAL, INC.

 

2015 EMPLOYEE STOCK PURCHASE PLAN

 

1.                                      Purpose.

 

The Collegium Pharmaceutical, Inc. 2015 Employee Stock Purchase Plan (the “Plan”) is intended to encourage and facilitate the purchase of Shares of the common stock of Collegium Pharmaceutical, Inc. (the “Company”) by employees of the Company, thereby providing employees with a personal stake in the Company and a long range inducement to remain in the employ of the Company.  It is the intention of the Company that the Plan qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Code.

 

2.                                      Definitions.

 

(a)                                 “Account” means a bookkeeping account established by the Committee on behalf of a Participant to hold Payroll Deductions.

 

(b)                                 “Board” means the Board of Directors of the Company.

 

(c)                                  “Business Day” means a day on which national stock exchanges are open for trading.

 

(d)                                 “Code” means the Internal Revenue Code of 1986, as amended.

 

(e)                                  “Committee” means the Committee appointed pursuant to Section 14 of the Plan.

 

(f)                                   “Company” means Collegium Pharmaceutical, Inc.

 

(g)                                  “Compensation” means the regular base salary paid to a Participant by the Company during such individual’s period of participation in the Plan, plus any pre-tax contributions made by the Participant to any cash-or-deferred arrangement that meets the requirements of section 401(k) of the Code or any cafeteria benefit program that meets the requirements of section 125 of the Code, now or hereafter established by the Company. The following items of compensation shall not be included in Compensation: (i) all overtime payments, bonuses, commissions (other than those functioning as base salary equivalents), profit-sharing distributions and other incentive-type payments and (ii) any and all contributions (other than contributions subject to sections 401(k) and 125 of the Code) made on the Participant’s behalf by the Company under any employee benefit or welfare plan now or hereafter established.

 

(h)                                 “Election Form” means the form acceptable to the Committee which an Employee shall use to make an election to purchase Shares through Payroll Deductions pursuant to the Plan or to decrease or discontinue Payroll Deductions during an Offering pursuant to Section 5(b) below.

 

 

(i)                                     “Eligible Employee” means an Employee who meets the requirements for eligibility under Section 3 of the Plan.

 

(j)                                    “Employee” means any person, including an officer, whose wages and other salary is required to be reported by the Company on Internal Revenue Service Form W-2 for federal income tax purposes.

 

(k)                                 “Enrollment Date” means, with respect to a given Offering Period, a date established from time to time by the Committee or the Board, which shall not be later than the first day of such Offering Period.

 

(l)                                     “Fair Market Value” means the closing price per Share on the principal national securities exchange on which the Shares are listed or admitted to trading or, if not listed or traded on any such exchange, on the National Market System of the National Association of Securities Dealers Automated Quotation System (“NASDAQ”), or if not listed or traded on any such exchange or system, the fair market value as reasonably determined by the Board, which determination shall be in accordance with the standards set forth in Treasury Regulation §1.421-1(e)(2) and shall be conclusive.

 

(m)                             “Five Percent Owner” means an Employee who, with respect to the Company, is described in Section 423(b) of the Code.

 

(n)                                 “Offering” means an offering of Shares to Eligible Employees pursuant to the Plan.

 

(o)                                 “Offering Commencement Date” means the first Business Day in an Offering Period as designated by the Board.

 

(p)                                 “Offering Period” means the period extending from an Offering Commencement Date through the immediately following Offering Termination Date.  Each Offering Period will be a six month period during which Payroll Deductions will be made and held for the purchase of Shares at the end of the Offering Period. The Board or the Committee may, at its discretion, choose a different Offering Period of not more than twelve (12) months for Offerings.

 

(q)                                 “Offering Termination Date” means the last Business Day in an Offering Period as designated by the Board, or the date of a Change in Control (as defined in the Company’s Amended and Restated 2014 Stock Incentive Plan), which occurs in an Offering Period.

 

(r)                                    “Participant” means an Employee who meets the requirements for eligibility under Section 3 of the Plan and who has timely delivered an Election Form to the Committee.

 

(s)                                   “Payroll Deductions” means amounts withheld from a Participant’s Compensation pursuant to the Plan, as described in Section 5 of the Plan.

 

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(t)                                    “Plan” means the Collegium Pharmaceutical, Inc. 2015 Employee Stock Purchase Plan, as set forth in this document, and as may be amended from time to time.

 

(u)                                 “Plan Termination Date” means the earlier of: (1) the Offering Termination Date for the Offering in which the maximum number of Shares specified in Section 4 of the Plan have been issued pursuant to the Plan; (2) the date as of which the Board chooses to terminate the Plan as provided in Section 15 of the Plan; or (3) the date of a Change in Control.

 

(v)                                 “Shares” means shares of common stock of the Company, $0.001 par value per share.

 

(w)                               “Successor-in-Interest” means the Participant’s executor or administrator, or such other person or entity to whom the Participant’s rights under the Plan shall have passed by will or the laws of descent and distribution.

 

(x)                                 “Termination Form” means the form acceptable to the Committee which an Employee shall use to withdraw from an Offering pursuant to Section 8 of the Plan.

 

3.                                      Eligibility and Participation.

 

(a)                                 Initial Eligibility.  Except as provided in Section 3(b) of the Plan, each individual who is an Employee on an Offering Commencement Date shall be eligible to participate in the Plan with respect to the Offering that commences on that date.

 

(b)                                 Ineligibility.  An Employee shall not be eligible to participate in the Plan if such Employee:

 

(1)                                 is a Five Percent Owner;

 

(2)                                 has not customarily worked more than 20 hours per week;

 

(3)                                 has not customarily worked more than 5 months in any calendar year;

 

(4)                                 has been employed with the Company for less than 21 days; or

 

(5)                                 is restricted from participating under Section 3(d) of the Plan.

 

(c)                                  Restrictions on Participation.  Notwithstanding any provisions of the Plan to the contrary, no Employee shall be granted an option to participate in the Plan if:

 

(1)                                 immediately after the grant, such Employee would be a Five Percent Owner; or

 

(2)                                 such option would permit such Employee’s rights to purchase stock under all employee stock purchase plans of the Company which meet the

 

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requirements of Section 423(b) of the Code to accrue at a rate which exceeds $25,000 in fair market value (as determined pursuant to Section 423(b)(8) of the Code) for each calendar year in which such option is outstanding.

 

(d)                                 Commencement of Participation.  An Employee who meets the eligibility requirements of Sections 3(a) and 3(b) of the Plan as of an applicable Enrollment Date and whose participation is not restricted under Section 3(d) of the Plan shall become a Participant by completing an Election Form and filing it with the Committee on or before each applicable Enrollment Date.  Payroll Deductions for a Participant shall commence on the applicable Offering Commencement Date when his or her authorization for Payroll Deductions becomes effective, and shall end on the immediately following Offering Termination Date, unless sooner terminated by the Participant pursuant to Section 8 of the Plan.  Notwithstanding the foregoing sentence, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(d) of the Plan, a Participant’s payroll deductions may be decreased to zero percent (0%) at any time during an Offering Period.

 

4.                                      Shares Per Offering.

 

The Plan shall be implemented by a series of Offerings that shall terminate on the Plan Termination Date.  Offerings shall be made with respect to Compensation payable for each Offering Period occurring on or after adoption of the Plan by the Board and ending with the Plan Termination Date.  Shares available for any Offering shall be the difference between the maximum number of Shares that may be issued under the Plan, as determined pursuant to Section 10(a) of the Plan, for all of the Offerings, less the actual number of Shares purchased by Participants pursuant to prior Offerings.  If the total number of Shares for which options are exercised on any Offering Termination Date exceeds the maximum number of Shares available, the Committee shall make a pro rata allocation of Shares available for delivery and distribution in as nearly a uniform manner as practicable, and as it shall determine to be fair and equitable, and the unapplied Account balances shall be returned to Participants as soon as practicable following the Offering Termination Date.

 

5.                                      Payroll Deductions.

 

(a)                                 Amount of Payroll Deductions.  An Eligible Employee who wishes to participate in the Plan shall file an Election Form (authorizing payroll deductions) with the Committee prior to the applicable Enrollment Date.  With respect to any Offering made under this Plan, a Participant may authorize a Payroll Deduction in any percentage amount (in whole percentages) up to a maximum of 15% of the Compensation he or she receives during the Offering Period or such shorter period during which deductions from payroll are made. The Board or the Committee may, at its discretion, designate a lower maximum contribution rate. The minimum payroll deduction is such percentage of Compensation as may be established from time to time by the Board or the Committee.

 

(b)                                 Participants’ Accounts.  All Payroll Deductions with respect to a Participant pursuant to Section 5(a) of the Plan shall commence on the first payroll following the Enrollment Date and shall end of the last payroll in the Offering Period to which such authorization is applicable, unless sooner terminated by the Participant as provided in Section 8.

 

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All Payroll Deductions will be credited to the Participant’s Account under the Plan.  The amounts collected from the Participant shall not be held in any segregated account or trust fund and may be commingled with the general assets of the Company and used for general corporate purposes.

 

(c)                                  Changes in Payroll Deductions During Offering Period.  A Participant may decrease (prospectively) or discontinue his or her Payroll Deduction once during any Offering Period, by filing either a written or electronic new Election Form.  However, a Participant may not increase his or her payroll deduction during an Offering Period.  If a Participant elects to discontinue his or her Payroll Deductions during an Offering Period, but does not elect to withdraw his or her funds pursuant to Section 8 hereof, funds deducted prior to his or her election to discontinue will be applied to the purchase of Shares on the applicable exercise date.

 

6.                                      Granting of Options.

 

(a)                                 Number of Shares.  On each Offering Commencement Date and subject to Section 3(d) above, the Company will grant to each Participant an option to purchase on the Offering Termination Date at the applicable purchase price (the “Option Price”) up to that number of Shares determined by multiplying $2,083 by the number of full months in the Offering Period and dividing the result by the Fair Market Value on the Offering Commencement Date; provided, however, that the Committee may, in its discretion, set a fixed maximum number of Shares that each Participant may purchase per Offering Period which number may not be greater than the number of Shares determined by using the formula in this Section 6(a) and which number shall be subject to Section 3(d) above.

 

(b)                                 Option Price.  The Board or the Committee shall determine the Option Price for each Offering Period, including whether such Option Price shall be determined based on the lesser of the Fair Market Value on (i) the Offering Commencement Date or (ii) the Offering Termination Date, or shall be based solely on the Fair Market Value on the Offering Termination Date; provided, however, that such Option Price shall be at least 85% of the applicable Fair Market Value.  In the absence of a determination by the Board or the Committee, the Option Price will be 85% of the lesser of the Fair Market Value on (i) the Offering Commencement Date or (ii) the Offering Termination Date.

 

7.                                      Exercise of Options.

 

(a)                                 Automatic Exercise.  With respect to each Offering, a Participant’s option for the purchase of Shares granted pursuant to Section 6 of the Plan shall be deemed to have been exercised automatically on the Offering Termination Date applicable to such Offering.  Notwithstanding the foregoing, upon the occurrence of a Plan Termination Date as described in Section 2(u)(3), all Shares or Payroll Deductions (to the extent not yet applied to the purchase of Shares) under the Plan shall be distributed to the Participants as soon as administratively practicable following such Plan Termination Date.

 

(b)                                 Fractional Shares and Minimum Number of Shares.  Fractional Shares shall not be issued under the Plan.  Amounts credited to an Account remaining after the

 

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application of such Account to the exercise of options for a minimum of one (1) full Share will be automatically refunded to the employee, without interest.

 

(c)                                  Transferability of Option.  No option granted to a Participant pursuant to the Plan shall be transferable other than by will or by the laws of descent and distribution, and no such option shall be exercisable during the Participant’s lifetime other than by the Participant.

 

(d)                                 Delivery of Certificates for Shares.  The Company shall deliver certificates for Shares acquired on the exercise of options during an Offering Period as soon as practicable following the Offering Termination Date.

 

8.                                      Withdrawals.

 

(a)                                 Withdrawal of Account.  A Participant may elect to withdraw the balance credited to the Participant’s Account by providing a Termination Form to the Committee at any time prior to the close of business on the twenty-first (21st) business day prior to the Offering Termination Date applicable to any Offering.  The Participant may not begin participation again during the remainder of the Offering Period during which the Participant withdrew his or her balance. The Participant may participate in any subsequent Offering in accordance with terms and conditions established by the Board or the Committee.

 

(b)                                 Amount of Withdrawal.  A Participant may withdraw all, but not less than all, of the amounts credited to the Participant’s Account by giving a Termination Form to the Committee.  All amounts credited to such Participant’s Account shall be paid as soon as practicable following the Committee’s receipt of the Participant’s Termination Form, and no further Payroll Deductions will be made with respect to the Participant for such Offering Period.

 

(c)                                  Termination of Employment. Upon termination of a Participant’s employment for any reason other than death, including termination due to disability, all amounts credited to such Participant’s Account shall be returned to the Participant.  In the event of a Participant’s (1) termination of employment due to death or (2) death after termination of employment but before the Participant’s Account has been returned, all amounts credited to such Participant’s Account shall be returned to the Participant’s Successor-in-Interest.

 

9.                                      Interest.

 

No interest shall be paid or allowed with respect to amounts paid into the Plan or credited to any Participant’s Account.

 

10.                               Shares.

 

(a)                                 Maximum Number of Shares.  No more than (i) 200,000 Shares; plus (ii) an annual increase to be added on the first day of each fiscal year, commencing on January 1, 2016 and ending on December 31, 2025, equal to the least of (x) 400,000 Shares, (y) 1% of the outstanding Shares on such date or (z) an amount determined by the Board, may be issued under the Plan.  Such Shares shall be authorized but unissued or reacquired Shares of the Company, including Shares purchased on the open market.  The number of Shares available for

 

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any Offering and all Offerings shall be adjusted if the number of outstanding Shares of the Company is increased or reduced by split-up, reclassification, stock dividend or the like.  All Shares issued pursuant to the Plan shall be validly issued, fully paid and nonassessable.

 

(b)                                 Participant’s Interest in Shares.  A Participant shall have no interest in Shares subject to an option until such option has been exercised.

 

(c)                                  Registration of Shares.  Shares to be delivered to a Participant under the Plan shall be registered in the name of the Participant.

 

(d)                                 Restrictions on Exercise.  The Board may, in its discretion, require as conditions to the exercise of any option such conditions as it may deem necessary to assure that the exercise of options is in compliance with applicable securities laws.

 

11.                               Expenses.

 

The Company shall pay all fees and expenses incurred (excluding individual Federal, state, local or other taxes) in connection with the Plan, provided that the Company shall not be responsible for payment of any brokerage fees.  No charge or deduction for any such expenses will be made to a Participant upon the termination of his or her participation under the Plan or upon the distribution of certificates representing Shares purchased with his or her contributions.

 

12.                               Taxes.

 

The Company shall have the right to withhold from each Participant’s Compensation an amount equal to all Federal, state, city or other taxes as the Company shall determine are required to be withheld by them in connection with the grant, exercise of the option or disposition of Shares.  In connection with such withholding, the Company may make any such arrangements as are consistent with the Plan as it may deem appropriate, including the right to withhold from Compensation paid to a Participant other than in connection with the Plan and the right to withdraw such amount from the amount standing to the credit of the Participant’s Account.

 

13.                               Plan and Contributions Not to Affect Employment.

 

The Plan shall not confer upon any Eligible Employee any right to continue in the employ of the Company.

 

14.                               Administration.

 

The Plan shall be administered by the Board, which may delegate responsibility for such administration to a committee of the Board (the “Committee”).  If the Board fails to appoint the Committee, any references in the Plan to the Committee shall be treated as references to the Board.  The Board, or the Committee, shall have authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, and to make all other determinations deemed necessary or advisable in administering the Plan, with or without the

 

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advice of counsel.  The determinations of the Board or the Committee on the matters referred to in this paragraph shall be conclusive and binding upon all persons in interest.

 

15.                               Amendment and Termination.

 

The Board may terminate the Plan at any time and may amend the Plan from time to time in any respect; provided, however, that upon any termination of the Plan, all Shares or Payroll Deductions (to the extent not yet applied to the purchase of Shares) under the Plan shall be distributed to the Participants, provided further, that no amendment to the Plan shall affect the right of a Participant to receive his or her proportionate interest in the Shares or his or her Payroll Deductions (to the extent not yet applied to the purchase of Shares) under the Plan, and provided further, that the Company may seek shareholder approval of an amendment to the Plan if such approval is determined to be required by or advisable under the regulations of the Securities or Exchange Commission or the Internal Revenue Service, the rules of any stock exchange or system on which the Shares are listed or other applicable law or regulation.

 

16.                               Effective Date.

 

Subject to approval by the shareholders of the Company as required by Section 423 of the Code, the Plan shall take effect immediately prior to the closing of the Company’s initial public offering.  The initial Offering Period under the Plan shall commence on a date determined by the Board or the Committee

 

17.                               Government and Other Regulations.

 

(a)                                 In General. The purchase of Shares under the Plan shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies as may be required.

 

(b)                                 Securities Law.  The Committee shall have the power to make each grant under the Plan subject to such conditions as it deems necessary or appropriate to comply with the then-existing requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, including Rule 16b-3 (or any similar rule) of the Securities and Exchange Commission.

 

18.                               Non-Alienation.

 

No Participant shall be permitted to assign, alienate, sell, transfer, pledge or otherwise encumber his interest under the Plan prior to the distribution to him of Share certificates.  Any attempt at assignment, alienation, sale, transfer, pledge or other encumbrance shall be void and of no effect.

 

19.                               Notices.

 

Any notice required or permitted hereunder shall be sufficiently given only if delivered personally, telecopied, or sent by first class mail, postage prepaid, and addressed:

 

If to the Company:

 

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Collegium Pharmaceutical, Inc.
  780 Dedham Street, Suite 800
 Canton, MA 02021
 Attention:  Employee Stock Purchase Plan Committee
 or any other address provided pursuant to written notice.

 

If to the Participant:  At the address on file with the Company from time to time, or to such other address as either party may hereafter designate in writing by notice similarly given by one party to the other.

 

20.                               Successors.

 

The Plan shall be binding upon and inure to the benefit of any successor, successors or assigns of the Company.

 

21.                               Severability.

 

If any part of this Plan shall be determined to be invalid or void in any respect, such determination shall not affect, impair, invalidate or nullify the remaining provisions of this Plan which shall continue in full force and effect.

 

22.                               Acceptance.

 

The election by any Eligible Employee to participate in this Plan constitutes his or her acceptance of the terms of the Plan and his or her agreement to be bound hereby.

 

23.                               Applicable Law.

 

This Plan shall be construed in accordance with the law of the Commonwealth of Virginia, to the extent not preempted by applicable Federal law.

 

9EX-10.1

 Exhibit 10.1 

EXTENSION AGREEMENT AND AMENDMENT NO. 4 TO CREDIT AGREEMENT 

This EXTENSION AGREEMENT AND AMENDMENT NO. 4 TO CREDIT AGREEMENT (this “Amendment”), dated effective as of October 22,
2015 (the “Effective Date”), is by and among Diamond Offshore Drilling, Inc., a Delaware corporation (the “Borrower”), the Lenders party hereto, and Wells Fargo Bank, National Association, as an issuing bank, as
swing line lender, and as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). 
 WHEREAS,
the Borrower, the lenders party thereto, and the Administrative Agent are parties to that certain Credit Agreement, dated as of September 28, 2012, as amended by that certain Extension Agreement and Amendment No. 1 to Credit Agreement
dated effective as of December 9, 2013, that certain Commitment Increase Agreement and Amendment No. 2 to Credit Agreement dated effective as of March 17, 2014, and that certain Commitment Increase and Extension Agreement and
Amendment No. 3 to Credit Agreement dated effective as of October 22, 2014 (as so amended, the “Credit Agreement”, the capitalized terms of which are used herein as therein defined unless otherwise defined herein); 

WHEREAS, pursuant to Section 2.22 of the Credit Agreement, the Borrower has the right, subject to the terms and conditions thereof, to
request an extension of the Maturity Date; 
 WHEREAS, the Borrower made a request for such extension to the Administrative Agent pursuant
to Section 2.22 of the Credit Agreement within the time frame specified in such Section, and the Lenders party hereto have agreed to extend the Maturity Date of their respective Commitments as more particularly set forth herein; and 

WHEREAS, the Borrower, the Administrative Agent and the Lenders party hereto have agreed to make certain amendments to the Credit Agreement,
each as provided for herein. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants, representations and warranties
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

Section 1. Amendments. 

(a) The Table of Contents to the Credit Agreement is hereby amended by replacing the Section 3.12 reference to “OFAC”
with “Sanctions and Anti-Corruption Laws”. 
 (b) Section 1.01 of the Credit Agreement is hereby amended by deleting
the definition of the term “Sanctioned Country” in its entirety. 
 (c) Section 1.01 of the Credit Agreement is hereby
amended by adding the following new defined terms in the appropriate alphabetical order: 
 “Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries, any Lender, any Issuing Bank, any Co-Documentation Agent, any Co-Syndication Agent, any Joint Lead 

 
Arranger, or the Administrative Agent, in each case from time to time concerning or relating to bribery or corruption, including the United Kingdom Bribery Act of 2010 and the FCPA. 

“FCPA” means the United States Foreign Corrupt Practices Act of 1977. 

“Fourth Amendment” means that certain Extension Agreement and Amendment No. 4 to Credit Agreement
dated as of October 22, 2015 among the Borrower, the Lenders party thereto, and the Administrative Agent. 

“Fourth Amendment Effective Date” means October 22, 2015. 

“Sanctioned Entity” means (a) an agency of the government of, (b) an organization directly or
indirectly Controlled by, or (c) a person that, to the knowledge of the Borrower, acts on behalf of a country or territory that is the subject of, or target of, comprehensive country-based Sanctions, including a Sanctions program identified on
the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/programs, or as otherwise published from time to time, in each case to the extent that such program is applicable to such agency, organization or person.

 “Sanctions” means any economic or financial sanctions imposed, administered or enforced from time to
time by any applicable Governmental Authority of the United States of America, including those administered by OFAC, the U.S. Department of State, Her Majesty’s Treasury of the United Kingdom, the United Nations Security Council or the European
Union, or any agency or subdivision of any of the foregoing, and shall include any regulations, rules, and executive orders issued in connection therewith. 

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

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and
to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Credit Exposure hereunder, as such commitment may be (a) increased from time to
time pursuant to Section 2.02, (b) reduced or terminated from time to time pursuant to Section 2.08 or Section 2.19, (c) increased and/or extended from time to time pursuant to Section 2.22 and (d) reduced or
increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The amount of each Lender’s Commitment as of the Fourth Amendment Effective Date is set forth on Schedule 2.01. 

“Fee Letters” means (a) the letter agreements dated as of (i) September 5, 2012,
(ii) February 26, 2014, (iii) October 2, 2014, and (iv) October 13, 2015, each among Wells Fargo, Wells Fargo Securities, LLC and the Borrower, (b) the letter agreement dated as of September 5, 2012 between
Bank of China, New York Branch and the Borrower, (c) the letter agreement dated as of September 5, 2012 between Citigroup Global Markets Inc. and the Borrower, (d) the letter agreement dated as of September 5,

  
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2012 among HSBC Bank USA, National Association, HSBC Securities (USA) Inc. and the Borrower, (e) the letter agreement dated as of September 5, 2012 among JPMorgan Chase Bank, N.A., J.P.
Morgan Securities LLC and the Borrower, and (f) the letter agreement dated as of October 22, 2014 between The Bank of Tokyo-Mitsubishi UFJ, Ltd. and the Borrower. 

“Maturity Date” means, with respect to each Lender, the date specified for such Lender in the column
captioned “Maturity Date” set forth on Schedule 2.01, as such date may be, and may heretofore have been, extended by the relevant Lenders pursuant to Section 2.22. 

“Sanctioned Person” means, at any time, a person named at such time on the list of Specially Designated
Nationals and Blocked Persons maintained by OFAC available at http://www.treas.gov/offices/enforcement/ofac/sdn/index.html, or as otherwise published from time to time, or any publicly available Sanctions-related list of designated persons
maintained by an applicable Governmental Authority. 
 (e) Section 1.01 of the Credit Agreement is hereby amended by adding the
following phrase before the last period in the definition of “Eurodollar Base Rate”: 
 “; provided further that, if the
rate set forth on the reference page referred to above or provided by such successor or substitute service for a determination is less than zero, the Eurodollar Base Rate shall be deemed to be zero for the purposes of such determination”.

 (f) Section 3.12 of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 

“Section 3.12 Sanctions and Anti-Corruption Laws. 

(a) Neither the Borrower nor any Subsidiary of the Borrower (i) is the subject or target of any Sanctions, (ii) is
or will become, or is or will become Controlled by, a Sanctioned Person or Sanctioned Entity, (iii) is located, organized or resident in a country or territory that is, or whose government is, the subject or target of any comprehensive
country-based Sanctions, or (iv) engages or will engage in any dealings or transactions with any such Sanctioned Person or Sanctioned Entity that would result in any violation in any material respect of any Sanctions. 

(b) No part of the proceeds of any Loan or any Letter of Credit will be used, or have been used, directly or, to the
knowledge of the Borrower, indirectly (i) to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity in violation of any Sanctions, or (ii) for any payments to
any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in
violation of any Anti-Corruption Laws to which the Borrower, its Subsidiaries, any Lender, any Issuing Bank, any Co-Documentation Agent, any Co-Syndication Agent, any Joint Lead Arranger, or the Administrative Agent is subject. 

  
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 (c) The Borrower and each of its Subsidiaries is in compliance in all material
respects with any laws or regulations, to the extent applicable, of the United States, the United Kingdom or the European Union related to money laundering or terrorist financing, whether currently in force or hereafter enacted, including the Bank
Secrecy Act, 31 U.S.C. sections 5301 et seq.; the PATRIOT Act; Laundering of Monetary Instruments, 18 U.S.C. section 1956; Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity, 18 U.S.C. section 1957; and the
Financial Recordkeeping and Reporting of Currency and Foreign Transactions Regulations, 31 C.F.R. Part 103. 
 (d) The
Borrower and each of its Subsidiaries is, in all material respects, in compliance with all Anti-Corruption Laws and Sanctions applicable to them.

(e) To the knowledge of the Borrower or any of its Subsidiaries, neither the Borrower nor any of its Subsidiaries is the
target of any investigation, inquiry or enforcement proceedings by any Governmental Authority regarding any offense or alleged offense under any applicable anti-terrorism or anti-money laundering laws, Anti-Corruption Laws or Sanctions that would
reasonably be expected to result in a Material Adverse Effect, and no such investigation, inquiry or proceeding is pending or, to the knowledge of the Borrower or any of its Subsidiaries, has been threatened. 

(f) The Borrower has implemented and maintains in effect policies and procedures designed to provide reasonable assurance of
compliance in all material respects by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents (in their respective capacities as such) with applicable Anti-Corruption Laws and Sanctions.” 

(g) Section 5.08 of the Credit Agreement is hereby deleted and replaced in its entirety by the following: 

“Section 5.08 Use of Proceeds and Letters of Credit. The proceeds of the Loans will be used only for general
corporate purposes of the Borrower and its Subsidiaries, including for investments, acquisitions and capital expenditures (in each case to the extent not otherwise prohibited by the terms of this Agreement). No part of the proceeds of any Loan will
be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. Letters of Credit will be requested only for general corporate purposes. The Borrower will
not request any Loan or LC Disbursement, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents (in their respective capacities as such) shall not use, directly
or, to the knowledge of the Borrower, indirectly, the proceeds of any Loan or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person
in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, 

  
 -4- 

 
business or transaction of or with any Sanctioned Person or Sanctioned Entity in violation of any Sanctions, or (C) in any other manner that would violate any Sanctions or Anti-Corruption
Laws applicable to any party hereto.” 
 (h) Section 9.12 of the Credit Agreement is hereby amended by (i) deleting the
“or” at the end of clause (f) thereof, (ii) deleting the period at the end of clause (g) thereof, and adding the following to the end of the first sentence thereof: 

“or (h) on a confidential basis to, to the extent requested by or required to be disclosed to, (i) any rating agency in
connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the
credit facilities provided hereunder.” 
 (i) The Credit Agreement is hereby amended by adding a new Section 9.19 after
Section 9.18, as follows: 
 “Section 9.19 No Advisory or Fiduciary Responsibility. In connection with
all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that: (i) (A) the arranging and other
services regarding this Agreement provided by the Lender Parties are arm’s-length commercial transactions between the Borrower, on the one hand, and the Lender Parties, on the other hand, (B) the Borrower has consulted its own legal,
accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the
other Loan Documents; (ii) (A) each of the Lender Parties is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or
fiduciary for the Borrower and (B) no Lender Party or any of its Affiliates has any obligation to the Borrower or any of its Subsidiaries with respect to the transactions contemplated hereby except, in the case of a Lender Party, those
obligations expressly set forth herein and in the other Loan Documents; and (iii) each of the Lender Parties and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the
Borrower and its Affiliates, and no Lender Party or any of its Affiliates has any obligation to disclose any of such interests to the Borrower or its Subsidiaries with respect to the transactions contemplated hereby. To the fullest extent permitted
by law, the Borrower hereby waives and releases any claims that it may have against each of the Lender Parties and their respective Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of
any transaction contemplated hereby.” 
 (j) Schedule 2.01 to the Credit Agreement is hereby replaced in its entirety with
Schedule 2.01 attached hereto. 
 Section 2. Consent to Extension of Maturity Date. Upon the effectiveness of this
Amendment pursuant to Section 3 below, the Maturity Date of the Commitments of the Lenders 

  
 -5- 

 
who have severally agreed to extend their respective Commitments is hereby extended to the fifth (5th) anniversary of the Effective Date
of this Amendment, as set forth on Schedule 2.01 to the Credit Agreement, as amended by this Amendment. The Maturity Date with respect to the Commitments of each other Lender, if any, shall remain unchanged, as set forth on Schedule 2.01 to the
Credit Agreement, as amended by this Amendment. The extension of the Maturity Date on the Effective Date of this Amendment as set forth in this Section 2 shall be deemed to constitute an exercise of the Borrower’s right to request
an extension pursuant to Section 2.22 of the Credit Agreement, and the Extension Effective Date of such extension of the Maturity Date shall be deemed to be the Effective Date. The requirements of Section 2.22 of the Credit Agreement with
respect to notices and timing are hereby waived by all parties hereto with respect to the extension described in this Section 2. 

Section 3. Conditions Precedent. This Amendment shall become effective as of the Effective Date upon the satisfaction of
the following conditions precedent: 
 (a) Documentation. The Administrative Agent shall have received the following, each dated on or
before the Effective Date, duly executed by all the parties thereto, each in form and substance reasonably satisfactory to the Administrative Agent: 

(1) counterparts of this Amendment duly executed by the Borrower, each Extending Lender (which collectively must constitute Lenders holding
Commitments, in the aggregate, in an amount greater than 50% of the aggregate amount of the Commitments outstanding immediately prior to the Effective Date hereof), the Administrative Agent, the Swingline Lender and each Issuing Bank; 

(2) a certificate from a Responsible Officer of the Borrower dated as of the Effective Date stating that, both immediately before and
immediately after giving effect to this Amendment and the extension of the Commitments pursuant to this Amendment, (i) all representations and warranties of the Borrower set forth in the Credit Agreement are true and correct in all material
respects (except that such materiality qualifier shall not be applicable to the extent that any representations and warranties already are qualified or modified by materiality in the text thereof) on and as of the Effective Date, except to the
extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the Effective Date, such representations and warranties shall continue to be true and correct in all material respects (except that
such materiality qualifier shall not be applicable to the extent that any representations and warranties already are qualified or modified by materiality in the text thereof) as of such specified earlier date, and (ii) no Event of Default shall
have occurred and be continuing; 
 (3) a secretary’s certificate of the Borrower dated the Effective Date and certifying
(i) that there have been no changes to the organizational documents of the Borrower since the Second Amendment Effective Date or attaching such amendments, (ii) that attached thereto is a true and complete copy of resolutions duly adopted
by the Board of Directors of the Borrower authorizing the execution and delivery of this Amendment and the Loan Documents executed in connection herewith, if any, the performance of the Credit Agreement as amended hereby and the other Loan
Documents, and the extension of the Commitments pursuant hereto, and that such resolutions have not been modified, rescinded or 

  
 -6- 

 
amended and are in full force and effect, and (iii) as to the incumbency and specimen signature of each officer of the Borrower executing this Amendment, any Loan Document delivered in
connection herewith, if any, or any other document delivered in connection herewith on behalf of the Borrower; 
 (4) a certificate from a
Responsible Officer of the Borrower dated the Effective Date and certifying that the conditions of Section 2.22 of the Credit Agreement with respect to the extension of the Maturity Date (other than with respect to notices and timing), have
been satisfied; 
 (5) such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the
organization, existence and good standing of the Borrower; 
 (6) a legal opinion of Duane Morris LLP, counsel for the Borrower, in form
and substance reasonably acceptable to the Administrative Agent; and 
 (7) such other documents and governmental certificates as the
Lender Parties may reasonably request. 
 (b) Payment of Fees and Expenses. On the Effective Date, the Borrower shall have paid the
fees required to be paid to the Administrative Agent and the Lenders, including, without limitation, (i) the fees set forth in that certain Fee Letter dated as of October 13, 2015 among Wells Fargo Bank, National Association, Wells Fargo
Securities, LLC and the Borrower and (ii) all other costs and expenses which are payable pursuant to Sections 9.03 and 2.16 of the Credit Agreement. 

Section 4. Representations and Warranties. The Borrower represents and warrants to the Administrative Agent that the
representations and warranties set forth in Article III of the Credit Agreement are true and correct in all material respects (except that such materiality qualifier shall not be applicable to the extent that any representations and
warranties already are qualified or modified by materiality in the text thereof) on the Effective Date as if made on and as of the Effective Date, except to the extent any such representations and warranties are expressly limited to an earlier date,
in which case they are true and correct in all material respects (except that such materiality qualifier shall not be applicable to the extent that any representations and warranties already are qualified or modified by materiality in the text
thereof) as of such earlier date, and as if each reference in said Article III to “this Agreement” or “the Loan Documents” included reference to this Amendment. 

Section 5. Miscellaneous. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK. Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect. This Amendment is, for the avoidance of doubt, a Loan Document under the Credit Agreement. The execution and delivery of this Amendment
shall not operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement or any Loan Document, nor, except as herein provided, constitute a waiver of any provision of the Credit Agreement or
any Loan Document. Upon the effectiveness of this 

  
 -7- 

 
Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder” or words of like import shall mean and be a reference to the Credit Agreement, as affected
and amended by this Amendment. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same amendatory instrument and any of the parties hereto may execute this Amendment by signing any
such counterpart. Transmission by facsimile or electronic transmission (e.g., PDF) of an executed counterpart of this Amendment shall be deemed to constitute due and sufficient delivery of such counterpart. 

[Signature Pages Follow] 

  
 -8- 

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

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

 
			
	Name: 	 	Scott Kornblau
	Title:	 	Treasurer

 Signature Page to Extension Agreement and Amendment No. 4 to Credit Agreement 

Diamond Offshore Drilling, Inc. 

 
			
	LENDER PARTIES:
	
	WELLS FARGO BANK, NATIONAL
ASSOCIATION,
	as Administrative Agent, Swingline Lender, an
Issuing Bank, a Lender and an Extending Lender
		
	By:	 	/s/ T. Alan Smith

 
			
	Name: 	 	T. Alan Smith
	Title:	 	Managing Director

 Signature Page to Extension Agreement and Amendment No. 4 to Credit Agreement 

Diamond Offshore Drilling, Inc. 

 
			
	JPMORGAN CHASE BANK, N.A.,
	 as an Issuing Bank, a Lender and an Extending

Lender

		
	By:	 	/s/ Dave Katz

 
			
	Name: 	 	Dave Katz
	Title:	 	Executive Director

 Signature Page to Extension Agreement and Amendment No. 4 to Credit Agreement 

Diamond Offshore Drilling, Inc. 

 
			
	 HSBC BANK USA, NATIONAL

ASSOCIATION,

	 as an Issuing Bank, a Lender and an Extending

Lender

		
	By:	 	/s/ Steven Smith

 
			
	Name: 	 	Steven Smith
	Title:	 	Director #20290

 Signature Page to Extension Agreement and Amendment No. 4 to Credit Agreement 

Diamond Offshore Drilling, Inc. 

 
			
	BANK OF CHINA, NEW YORK BRANCH,
	 as an Issuing Bank, a Lender and an Extending

Lender

		
	By:	 	/s/ Haifeng Xu

 
			
	Name: 	 	Haifeng Xu
	Title:	 	Executive Vice President

 Signature Page to Extension Agreement and Amendment No. 4 to Credit Agreement 

Diamond Offshore Drilling, Inc. 

 
			
	 THE BANK OF TOKYO-MITSUBISHI UFJ,

LTD.,

	 as an Issuing Bank, a Lender and an Extending

Lender

		
	By:	 	/s/ Mark Oberreuter

 
			
	Name: 	 	Mark Oberreuter
	Title:	 	Vice President

 Signature Page to Extension Agreement and Amendment No. 4 to Credit Agreement 

Diamond Offshore Drilling, Inc. 

 
			
	CITIBANK, N.A.,
	as a Lender and an Extending Lender
		
	By:	 	/s/ Rob Malleck

 
			
	Name: 	 	Rob Malleck
	Title:	 	Vice President

 Signature Page to Extension Agreement and Amendment No. 4 to Credit Agreement 

Diamond Offshore Drilling, Inc. 

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

 
			
	Name: 	 	Yann Pirio
	Title:	 	Managing Director

 Signature Page to Extension Agreement and Amendment No. 4 to Credit Agreement 

Diamond Offshore Drilling, Inc. 

 
			
	BARCLAYS BANK PLC,
	as a Lender and an Extending Lender
		
	By:	 	/s/ Vanessa Kurbatskiy

 
			
	Name: 	 	Vanessa Kurbatskiy
	Title:	 	Vice President

 Signature Page to Extension Agreement and Amendment No. 4 to Credit Agreement 

Diamond Offshore Drilling, Inc. 

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

 
			
	Name: 	 	Jay T. Sartain
	Title:	 	Authorized Signatory

 Signature Page to Extension Agreement and Amendment No. 4 to Credit Agreement 

Diamond Offshore Drilling, Inc. 

 
			
	GOLDMAN SACHS BANK USA,
	as a Lender and an Extending Lender
		
	By:	 	/s/ Rebecca Kratz

 
			
	Name: 	 	Rebecca Kratz
	Title:	 	Authorized Signatory

 Signature Page to Extension Agreement and Amendment No. 4 to Credit Agreement 

Diamond Offshore Drilling, Inc. 

 SCHEDULE 2.01 

 

															
	 LENDER
	  	NON-
EXTENDED
COMMITMENT	 	  	EXTENDED
COMMITMENT	 	  	AGGREGATE
COMMITMENT	 	  	MATURITY
DATE
	 Wells Fargo Bank, National Association
	  	$	0	  	  	$	160,000,000	  	  	$	160,000,000	  	  	October 22, 2020
	 JPMorgan Chase Bank, N.A.
	  	$	0	  	  	$	160,000,000	  	  	$	160,000,000	  	  	October 22, 2020
	 HSBC Bank USA, National Association
	  	$	0	  	  	$	160,000,000	  	  	$	160,000,000	  	  	October 22, 2020
	 Bank of China, New York Branch
	  	$	0	  	  	$	160,000,000	  	  	$	160,000,000	  	  	October 22, 2020
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	$	0	  	  	$	160,000,000	  	  	$	160,000,000	  	  	October 22, 2020
	 Citibank, N.A.
	  	$	0	  	  	$	160,000,000	  	  	$	160,000,000	  	  	October 22, 2020
	 SunTrust Bank
	  	$	0	  	  	$	160,000,000	  	  	$	160,000,000	  	  	October 22, 2020
	 Barclays Bank PLC
	  	$	0	  	  	$	160,000,000	  	  	$	160,000,000	  	  	October 22, 2020
	 Royal Bank of Canada
	  	$	0	  	  	$	65,000,000	  	  	$	65,000,000	  	  	October 22, 2020
	 PNC Bank, National Association
	  	$	60,000,000	  	  	$	0	  	  	$	60,000,000	  	  	5 years after
 ThirdAmendment

Effective Date

	 Goldman Sachs Bank USA
	  	$	0	  	  	$	55,000,000	  	  	$	55,000,000	  	  	October 22, 2020
	 The Bank of New York Mellon
	  	$	40,000,000	  	  	$	0	  	  	$	40,000,000	  	  	5 years after
 Second

Amendment

Effective Date

	 Total
	  	$	100,000,000	  	  	$	1,400,000,000	  	  	$	1,500,000,000	  	  	

 Schedule 2.01 to Credit Agreement 

Diamond Offshore Drilling, Inc.

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