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                                                                    EXHIBIT 10.1

                               CORIXA CORPORATION

               [FORM OF] AMENDED AND RESTATED EMPLOYMENT AGREEMENT

      Pursuant to this Amended and Restated Employment Agreement (the
"Agreement"), dated as of January 6, 2005, [______________________]
("Executive") and Corixa Corporation, a Delaware corporation ("Company"), hereby
amend and restate Executive's Employment Agreement with Company, dated
[_________________________, 2001], to read in its entirety as follows:

      1.    DUTIES.

            (a) POSITION. Executive is employed as [______________________] of
the Company, reporting to the Company's chairman and chief executive officer.
The duties and responsibilities of Executive shall include the duties and
responsibilities for the direct supervision, direction and control of the
Company's [______________________]. Executive shall perform such duties as from
time to time may be prescribed for him or her by the Company's chief executive
officer or the Company's Board of Directors (the "Board"), in all cases to be
consistent with Executive's corporate offices and positions.

            (b) OBLIGATIONS TO THE COMPANY. Executive agrees to the best of his
or her ability and experience that she will at all times loyally and
conscientiously perform all of the duties and obligations required of and from
Executive pursuant to the express and implicit terms hereof, and to the
reasonable satisfaction of the Company. During the term of Executive's
employment relationship with the Company, Executive further agrees that he or
she will devote all of his or her business time and attention to the business of
the Company, the Company will be entitled to all of the benefits and profits
arising from or incident to all such work services and advice, and Executive
will not render commercial or professional services of any nature to any person
or organization, whether or not for compensation, without the prior written
consent of the Board, and will not directly or indirectly engage or participate
in any business that is competitive in any manner with the business of the
Company. Nothing in this Agreement will prevent Executive from accepting
speaking or presentation engagements in exchange for honoraria, from serving on
boards of charitable organizations, or from owning no more than 3% of the
outstanding equity securities of a corporation whose stock is listed on a
national stock exchange or the Nasdaq National Market, provided that such
activities do not materially interfere with Executive's obligations to the
Company as described above. Executive will comply with and be bound by the
Company's operating policies, procedures and practices from time to time in
effect during the term of Executive's employment.

      2.    AT-WILL EMPLOYMENT. The employment of Executive under this Agreement
shall be for an unspecified term. The Company and Executive acknowledge and
agree that Executive's employment is and shall continue to be at-will, as
defined under applicable law, and that notwithstanding any other obligation
under this Agreement, Executive's employment with the Company may be terminated
by either party at any time for any or no reason, and with or without notice.

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      3.    COMPENSATION. For the duties and services to be performed by
Executive hereunder, the Company shall pay Executive, and Executive agrees to
accept, the salary, stock options, bonuses and other benefits described below in
this Section 3.

            (a)   SALARY. During calendar year 2005, Executive shall receive a
monthly base salary of $[_________________], which is equivalent to
$[______________________] on an annualized basis. Executive's monthly base
salary will be payable pursuant to the Company's normal payroll practices for
payment of salary to executive employees. Executive's base salary will be
reviewed as part of the Company's normal salary review process.

            (b)   EQUITY COMPENSATION.

                  (i)   STOCK OPTION GRANTS. In addition to new hire option
grants and any other outstanding options that Executive may currently hold,
Executive is eligible to participate in the Stock Incentive Program (the
"Program") whereby each year Executive may receive an option for up to
[________] shares of Company common stock (the "Option"). The number of shares
awarded will be based solely on the Company's achievement of scientific and
business goals solely determined by the Board prior to the start of each fiscal
year. Options earned under this Program will be granted no later than February
following the close of the applicable fiscal year. Any Option granted pursuant
to this Program will have a purchase price equal to the fair market value on the
grant date, and shall be subject to the terms of a Stock Option Agreement, the
form of which is attached hereto as Exhibit A. The Option will vest and become
exercisable over a four (4) year vesting period such that 1/48 of the total
number of Option shares will vest and become exercisable on each monthly
anniversary. Subject to Sections 3(b)(iii), 4(b)(iv), 4(c)(iv) and 4(d)(i)(D),
vesting is contingent upon Executive's continued employment with the Company.
Executive acknowledges and agrees that the compensation provided in Section
3(b)(ii) is intended to be in lieu of any annual discretionary stock options
Executive may have been eligible to receive pursuant to this Section 3(b)(i)
with respect to the 2004 calendar year and that Executive will not be eligible
to receive an annual discretionary stock option grant under this Section 3(b)(i)
with respect to the 2004 calendar year.

                  (ii)  2005 STOCK OPTION GRANT. On December 15, 2004, Executive
was granted an additional compensatory stock option to purchase up to 150,000
shares of the Company's common stock under the Company's 2001 Stock Incentive
Plan (the "2005 Stock Options"). Thirty-three percent (33%) of the shares
subject to the 2005 Options shall vest on June 30, 2005; the remaining
sixty-seven percent (67%) of the shares subject to the 2005 Options will vest in
equal monthly installments on the last day of the month over the 18-month period
commencing on July 1, 2005 and ending on December 31, 2006. The 2005 Options
have an exercise price per share equal to one hundred percent (100%) of the fair
market value per share of the Company's common stock on the date(s) of grant.
All other terms of the 2005 Options will be in accordance with the terms and
requirements of the 2001 Stock Incentive Plan and the Company's form of stock
option agreement. Subject to Sections 3(b)(iii), 4(b)(iv) and 4(c)(iv), vesting
is contingent upon Executive's continued employment with the Company. There
shall be no accelerated vesting of the 2005 Options that remain unvested as of
the date of the Executive's voluntary termination in the event the Executive
chooses to voluntarily terminate his or her employment with the Company in
accordance with Section 4(d) below.

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                  (iii) ACCELERATION. In the event of a Change of Control (as
defined in Section 5(a) of this Agreement), (i) if any of Executive's
outstanding options (the "Awards") are assumed or an equivalent option is
substituted by such successor corporation or a parent or subsidiary of such
successor corporation (the "Successor Corporation"), one half of the then
unvested portion of the Awards shall be deemed to have vested immediately prior
to the transaction, (ii) if the Awards are not assumed or an equivalent option
is not substituted by the Successor Corporation, all of the then unvested
portion of the Awards shall be deemed to have vested immediately prior to such
transaction and (iii) if Executive is terminated without Cause (as defined below
in Section 5(b)) or if Executive Resigns For Good Reason (as defined in Section
5(c)) within twelve (12) months following the consummation of the transaction
where the Successor Corporation assumed the Awards or substituted an equivalent
option, the entire unvested portion of the Awards held by Executive shall be
deemed to have vested and become fully exercisable immediately prior to any such
termination or resignation. If the vesting of the Awards is accelerated pursuant
to this Section 3(b)(iii), the Company shall notify Executive that the vesting
of the Awards has been accelerated and Executive shall have the right to
exercise the Awards prior to the transaction, termination or resignation, as
applicable.

            (c)   CASH BONUSES.

                  (i)   DISCRETIONARY BONUSES. Except as otherwise provided in
Sections 3(c)(ii) below, Executive is eligible for an annual discretionary cash
bonus equal to up to [__]% of Executive's then current base salary. This
discretionary bonus will be based upon (i) the Company's achievement of
scientific and business goals solely determined by the Board in November of the
previous fiscal year and (ii) Executive's achievement of personal performance
objectives established and approved by the Company no later than February each
fiscal year. Payment of any earned bonus shall be made no later than February
following the close of the applicable fiscal year. In addition, Executive may be
entitled to other incentive bonuses as solely determined by the Board or the
Company's Compensation Committee from time to time. Executive acknowledges and
agrees that the compensation provided in Section 3(c)(ii) is intended to be in
lieu of any annual discretionary cash bonus Executive may have been eligible to
receive pursuant to this Section 3(c)(i) with respect to the 2004 calendar year
and that Executive will not be eligible to receive an annual discretionary cash
bonus under this Section 3(c)(i) with respect to the 2004 calendar year.

                  (ii)  QUALIFYING STRATEGIC TRANSACTION BONUS. Only during
2005, Executive is eligible to receive a cash bonus equal to the Total Incentive
Payment (as defined in Section 5(d) below). Twenty-five percent (25%) of the
Total Incentive Payment will be paid to Executive on June 30, 2005; provided,
that Executive is then employed by the Company. Executive shall receive the
remaining seventy-five percent (75%) of the Total Incentive Payment if and only
if the Company completes a Qualifying Strategic Transaction (as defined in
Section 5(e) below); provided, however, that the Board reserves the right to pay
Executive, prior to December 31, 2005, an amount equal to or less than the
remaining seventy-five percent (75%) of the Total Incentive Payment if the
Company fails to complete a Qualifying Strategic Transaction, based solely on
the Board's discretion and opinion as to the Company's achievement of scientific
and business goals and Executive's achievement of personal performance
objectives. The remaining seventy-five percent (75%) of the Total Incentive

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Payment will be paid to Executive, if eligible, as soon as practicable following
the date the Company completes a Qualifying Strategic Transaction. In the event
Executive's employment is terminated by the Company (or a successor entity)
without Cause or by Executive's Resignation For Good Reason, the entire
Qualified Strategic Transaction Bonus shall be paid to Executive, regardless of
whether a Qualified Strategic Transaction has been completed. Such payment shall
be in addition to payments further due to Executive pursuant to Section 4(b)
below.

            (d)   ADDITIONAL BENEFITS. Executive is eligible to participate in
the Company's employee benefit plans of general application in accordance with
the rules established for individual participation in any such plan and under
applicable law.

            (e)   INDEMNIFICATION. Executive has previously entered into the
Company's standard form of Indemnification Agreement, attached hereto as Exhibit
B, providing indemnification to Executive to the maximum extent permitted by
law, and in accordance therewith, the Company has agreed to advance any expenses
for which indemnification is available to the extent allowed by applicable law.

            (f)   VACATION. Executive is eligible to accrue up to 20 days of
paid vacation per year, which vacation may be used in the year in which accrued
or in a subsequent year, subject to the Company's policies with respect to
maximum accrual of unused vacation.

      4.    SEVERANCE BENEFITS. Executive shall be entitled to receive severance
benefits upon termination of employment only as set forth in this Section 4.
Executive's entitlement to such severance benefits shall be conditioned upon
Executive's execution and delivery to the Company of (i) a general release of
all claims, (ii) a resignation from all of Executive's positions with the
Company and (iii) an agreement not to directly or indirectly be employed or
involved with any business developing or exploiting any products or services
that are competitive with products or services (a) being commercially developed
or exploited by the Company during Executive's employment and (b) on which
Executive worked or about which Executive learned proprietary information or
trade secrets of the Company during Executive's employment with the Company. Any
payment of severance benefits under the terms of this Agreement will be subject
to all applicable tax withholding

            (a)   VOLUNTARY TERMINATION OR TERMINATION FOR CAUSE. Except as
otherwise provided in Section 4(d), if Executive voluntarily elects to terminate
his or her employment with the Company other than by Executive's Resignation For
Good Reason, as defined in Section 5(c) below, or if the Company or a successor
entity terminates Executive's employment for Cause, as defined in Section 5(b)
below, or Executive dies or becomes incapacitated or otherwise disabled in such
a manner that, in the sole determination of the Board, Executive cannot perform
reasonably the duties specified in Section 1 above, then Executive shall not be
entitled to receive payment of any severance benefits. Executive will receive
payment for all salary and unpaid vacation accrued as of the date of Executive's
termination of employment and Executive's benefits will be continued solely to
the extent of the Company's then existing benefit plans and policies in
accordance with such plans and policies in effect on the date of termination and
in accordance with applicable law.

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            (b)   INVOLUNTARY TERMINATION APART FROM A CHANGE OF CONTROL. If
Executive's employment is terminated by the Company or a successor entity
without Cause or by Executive's Resignation For Good Reason prior to or more
than twelve (12) months after, a Change of Control (as defined below), Executive
will receive payment for all salary and unpaid vacation accrued as of the date
of Executive's termination of employment, and, in addition, Executive will be
entitled to receive the following severance benefits:

                  (i)   continued payment of his or her base salary for a period
of twelve (12) months following the date of termination, in accordance with the
Company's normal payroll practices;

                  (ii)  reimbursement of his or her premium cost for
continuation coverage under the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended, or the California Continuation of Benefits Replacement Act
of 1997, as amended, whichever is applicable, for the lesser of the first twelve
(12) months of continuation coverage or that number of months until Executive
becomes eligible for reasonably comparable benefits under any future employer's
health insurance plan, provided Executive makes a timely election for such
continuation coverage and presents reasonably requested documentation of payment
of such premiums;

                  (iii) payment of 100% of Executive's current year
discretionary cash bonus regardless of the Company's or Executive's achievement
of the goals referred to in Section 3(c) of this Agreement;

                  (iv)  accelerated vesting as to 50% of Executive's then
unvested option shares; and

                  (v)   reimbursement for up to $20,000 of expenses incurred in
obtaining new employment, provided Executive submits evidence that is
satisfactory to the Company that the amount involved was expended and related to
obtaining new employment.

            (c)   INVOLUNTARY TERMINATION FOLLOWING A CHANGE OF CONTROL. If
Executive's employment is terminated by the Company or a successor entity
without Cause or by Executive's Resignation For Good Reason in either case
within twelve (12) months following a Change of Control, Executive will receive
payment for all salary and unpaid vacation accrued as of the date of Executive's
termination of employment, and, in addition, Executive will be entitled to
receive the following severance benefits:

                  (i)   continued payment of his or her base salary for a period
of eighteen (18) months following the date of termination, in accordance with
the Company's normal payroll practices;

                  (ii)  reimbursement of his or her premium cost for
continuation coverage under the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended, or the California Continuation of Benefits Replacement Act
of 1997, as amended, whichever is applicable, for the lesser of the first
eighteen (18) months of continuation coverage or that

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number of months until Executive becomes eligible for reasonably comparable
benefits under any future employer's health insurance plan, provided Executive
makes a timely election for such continuation coverage and presents reasonably
requested documentation of payment of such premiums;

                  (iii) payment of one hundred and fifty percent (150%) of
Executive's current year discretionary cash bonus regardless of the Company's or
Executive's achievement of the goals referred to in Section 3(c) of this
Agreement;

                  (iv)  accelerated vesting of one hundred percent (100%) of all
the unvested option shares pursuant to the terms of Section 3(b)(ii) of this
Agreement; and

                  (v)   reimbursement for up to $20,000 of expenses incurred in
obtaining new employment, provided Executive submits evidence that is
satisfactory to the Company that the amount involved was expended and related to
obtaining new employment.

            (d)   VOLUNTARY TERMINATION IN 2005.

                  (i)   Notwithstanding Section 4(a), subject to Board approval
as described in 4(d)(ii) below, if Executive voluntarily elects to terminate his
or her employment with the Company, whether or not such termination constitutes
a Resignation For Good Reason (as defined in 5(c) below), during the period of
time beginning on, and including, July 1, 2005 and ending on, and including,
December 31, 2005, Executive will receive payment for all salary and unpaid
vacation accrued as of the date of Executive's termination of employment, and,
in addition, Executive will be entitled to receive the following benefits:

                        (A)   continued payment of his or her base salary for a
period of twelve (12) months following the date of termination, in accordance
with the Company's normal payroll practices;

                        (B)   reimbursement of his or her premium cost for
continuation coverage under the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended, or the California Continuation of Benefits Replacement Act
of 1997, as amended, whichever is applicable, for the lesser of the first twelve
(12) months of continuation coverage or that number of months until Executive
becomes eligible for reasonably comparable benefits under any future employer's
health insurance plan, provided Executive makes a timely election for such
continuation coverage and presents reasonably requested documentation of payment
of such premiums;

                        (C)   payment of 100% of Executive's 2005 discretionary
cash bonus, regardless of the Company's or Executive's achievement of the goals
referred to in Section 3(c) of this Agreement; and

                        (D)   accelerated vesting as to 50% of Executive's then
unvested option shares (other than shares subject to the 2005 Options).

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                  (ii)  In the event Executive elects to voluntarily terminate
employment pursuant to Section 4(d)(i) above, the Board may withhold its consent
to such termination if the Board is of the opinion that the continued employment
of Executive is essential to the successful completion of a pending Qualifying
Strategic Transaction. Upon the Board's determination that Executive's continued
employment is no longer essential to the successful completion of the pending
Qualifying Strategic Transaction, the period of time described in Section
4(d)(i) shall be extended by 30 days beyond the date of such Board
determination.

      5.    DEFINITIONS. For purposes of this Agreement, the following
definitions shall apply:

            (a)   "CHANGE OF CONTROL" means a sale of all or substantially all
of the Company's assets, or any merger or consolidation of the Company with or
into another corporation other than a merger or consolidation in which the
holders of more than 50% of the shares of capital stock of the Company
outstanding immediately prior to such transaction continue to hold (either by
the voting securities remaining outstanding or by their being converted into
voting securities of the surviving entity) more than 50% of the total voting
power represented by the voting securities of the Company, or such surviving
entity, outstanding immediately after such transaction.

            (b)   "CAUSE" means the determination by the Board of any of the
following: (i) Executive's failure to perform Executive's duties and
responsibilities to the Company in a manner satisfactory to the Board; (ii)
Executive's violation of a Company policy; (iii) Executive's violation of any
state or federal law, including but not limited to any act of fraud,
embezzlement or dishonesty, or any other willful misconduct that has caused or
is reasonably expected to result in injury to the Company, including the
Company's reputation; (iv) Executive's unauthorized use or disclosure of any
proprietary information or trade secrets of the Company or any other party to
whom Executive owes an obligation of nondisclosure as a result of his or her
relationship with the Company; or (v) Executive's breach of any of his or her or
her obligations under any written agreement or covenant with the Company.

            (c)   "RESIGNATION FOR GOOD REASON" means, subject to the right of
either party to arbitrate a dispute with respect thereto in accordance with
Section 13 below, Executive's resignation as a result of, and within 30 days
following: (i) a change in Executive's position such that he or she is not a
corporate officer of the Company (or a successor company, in the event of a
Change of Control); (ii) a significant and substantial reduction in Executive's
job, duties, or responsibilities in a manner that is substantially and
materially inconsistent with the position, duties, or responsibilities held by
Executive immediately before such reduction; (iii) any reduction in Executive's
base salary other than in connection with and consistent with a general
reduction of all officer base salaries; or (iv) a relocation of the Company's
executive offices to a location more than 50 miles away from their current
location provided such change increases Executive's commute by 25 miles or 45
minutes.

            (d)   "TOTAL INCENTIVE PAYMENT" means $[___________].

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            (e)   "QUALIFYING STRATEGIC TRANSACTION" means (i) any Change of
Control and (ii) any acquisition by the Company of another company (or all or
substantially all of its assets), whether by means of a merger, stock purchase,
asset purchase, reorganization or otherwise, which transaction is consummated on
or before December 31, 2005.

      6.    LIMITATION ON PAYMENTS. In the event that the stock option grant in
3(b)(ii) or any of the benefits provided for in Sections 3(b)(iii), 3(c)(ii) and
4 above (i) constitute "parachute payments" within the meaning of Section 280G
of the Code , and (ii) but for this Section 6 would be subject to the excise tax
imposed by Section 4999 of the Code (or any corresponding provisions of state
income tax law), then such benefits shall be either:

            (a)   delivered in full, or

            (b)   delivered as to such lesser extent which would result in no
portion of such benefits being subject to excise tax under Code Section 4999,
whichever amount, taking into account the applicable federal, state and local
income taxes and the excise tax imposed by Section 4999 of the Code, results in
the receipt by Executive on an after-tax basis of the greater amount of
benefits, notwithstanding that all or some portion of such benefits may be
taxable under Section 4999 of the Code.

      Any determination required under this Section 6 shall be made in writing
by the Company's independent accountants, whose determination shall be
conclusive and binding for all purposes on the Company and any affected
Executive. In the event that (a) above applies, then Executive shall be
responsible for any excise taxes imposed with respect to such benefits. In the
event that (b) above applies, then each benefit provided hereunder shall be
proportionately reduced to the extent necessary to avoid imposition of such
excise taxes.

      7.    CONFIDENTIALITY AGREEMENT. Executive has signed a Proprietary
Information and Inventions Agreement (the "Proprietary Agreement") that is
incorporated by reference and made a part of this Agreement and the form of
which is attached hereto as Exhibit C. Executive hereby represents and warrants
to the Company that Executive has complied with all obligations under the
Proprietary Agreement and agrees to continue to abide by the terms of the
Proprietary Agreement and further agrees that the provisions of the Proprietary
Agreement shall survive any termination of this Agreement or of Executive's
employment relationship with the Company in accordance with the terms of the
Proprietary Agreement.

      8.    CONFIDENTIALITY OF TERMS. Executive agrees to follow the Company's
strict policy that employees must not disclose, either directly or indirectly,
any information, including any of the terms of this Agreement, regarding salary
or stock purchase allocations to any person, including other employees of the
Company (other than such employees who have a need to know such information);
provided, however, that Executive may discuss such terms with members of his or
her immediate family and any legal, tax or accounting specialists who provide
Executive with individual legal, tax or accounting advice.

      9.    COVENANTS. In addition to the obligations to which Executive agreed
by executing the Proprietary Agreement, Executive understands and agrees that
during the term of

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Executive's employment with the Company, and for the greater of (i) the duration
of any payments to Executive of severance benefits pursuant to Section 4 of this
Agreement or (ii) one (1) year after the termination of Executive's employment
with the Company, Executive will not do any of the following:

            (a)   COMPETE. Without the Company's prior written consent,
Executive will not directly or indirectly be employed or involved with any
business developing or exploiting any products or services that are competitive
with products or services (i) being commercially developed or exploited by the
Company during Executive's employment and (ii) on which Executive worked or
about which Executive learned proprietary information or trade secrets of the
Company during Executive's employment with the Company.

            (b)   SOLICIT BUSINESS. Solicit or influence or attempt to influence
any client, customer or other person either directly or indirectly, to direct
his or her, her or its purchase of the Company's products and/or services to any
person, firm, corporation, institution or other entity in competition with the
business of the Company.

            (c)   SOLICIT PERSONNEL. Solicit or influence or attempt to
influence any of the Company's employees, consultants or other service providers
to terminate or otherwise cease his or her, her or its employment, consulting or
service relationships with the Company or to become an employee, consultant or
service provider of any competitor of the Company.

      10.   BREACH OF THE AGREEMENT. Executive acknowledges that upon his or her
breach of this Agreement or the Proprietary Agreement, the Company would sustain
irreparable harm from such breach, and, therefore, Executive agrees that in
addition to any other remedies which the Company may have under this Agreement
or otherwise, the Company shall be entitled to obtain equitable relief,
including specific performance and injunctions, restraining Executive from
committing or continuing any such violation of the Agreement or the Proprietary
Agreement. Executive acknowledges and agrees that upon Executive's material or
intentional breach of any of the provisions of the Agreement (including Section
9) or the Proprietary Agreement, in addition to any other remedies the Company
may have under this Agreement or otherwise, the Company's obligations to provide
benefits to Executive as described in this Agreement, including without
limitation those benefits provided in Section 4, shall immediately terminate.

      11.   ENTIRE AGREEMENT. This Agreement, including the Proprietary
Agreement that Executive has signed, sets forth the entire agreement and
understanding of the parties relating to the subject matter herein, supercedes
any prior agreement, and merges all prior discussions between them.

      12.   CONFLICTS. Executive represents and warrants that his or her
performance of all the terms of this Agreement will not breach any other
agreement or understanding to which Executive is a party. Executive has not, and
will not during the term of this Agreement, enter into any oral or written
agreement in conflict with any of the provisions of this Agreement.

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      13.   DISPUTE RESOLUTION. In the event of any dispute, controversy or
claim arising under or in connection with this Agreement, or the breach hereof
(including a dispute as to whether Cause or Resignation For Good Reason exists),
the parties hereto shall first submit their dispute to formal mediation. The
Company shall select a mediator reasonably acceptable to both parties. In the
event that the parties cannot reach resolution through formal mediation, the
dispute shall be settled by arbitration in Seattle, Washington, in accordance
with the Rules of the American Arbitration Association then in effect. Each
party shall pay his or her, her or its own costs (including attorneys' fees) in
connection with such mediation or arbitration. To the extent such mediation or
arbitration requires the submission of any information that either party claims
is confidential information, the parties agree that such mediation or
arbitration shall be confidential proceeding. Judgment upon the award rendered
by the mediator or arbitrator may be entered in any court of competent
jurisdiction. If any proceeding is necessary to enforce the mediation or
arbitration award, the prevailing party shall be entitled to reasonable
attorneys fees and costs and disbursements, in addition to any other relief to
which such party may be entitled. Notwithstanding the foregoing, the Company
shall be entitled to seek equitable relief directly from a court of competent
jurisdiction (without prior arbitration) with respect to any alleged breach of
the Proprietary Agreement or Section 9, including specific performance and
injunctions, restraining Executive from committing or continuing to commit such
alleged breach.

      14.   SUCCESSORS. Any successor to the Company (whether direct or indirect
and whether by purchase, lease, merger, consolidation, liquidation or otherwise)
to all or substantially all of the Company's business and/or assets shall assume
the obligations under this Agreement and agrees expressly to perform the
obligations under this Agreement in the same manner and to the same extent as
the Company would be required to perform such obligations in the absence of a
succession. The terms of this Agreement and all of Executive's rights hereunder
shall inure to the benefit of, and be enforceable by, Executive's personal or
legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees.

      15.   MISCELLANEOUS PROVISIONS.

            (a)   AMENDMENTS AND WAIVERS. Any term of this Agreement may be
amended or waived only with the written consent of the parties. The failure by
either party to enforce any rights under this Agreement shall not be construed
as a waiver of any rights of such party.

            (b)   NOTICES. Any notice required or permitted by this Agreement
shall be in writing and shall be deemed sufficient upon receipt, when delivered
personally or by a nationally-recognized delivery service (such as Federal
Express or UPS), or 48 hours after being deposited in the U.S. mail as certified
or registered mail with postage prepaid, if such notice is addressed to the
party to be notified at such party's address as set forth below or as
subsequently modified by written notice.

            (c)   CHOICE OF LAW. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of
Washington, without giving effect to its or any other jurisdiction's principles
of conflict of laws.

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            (d)   SEVERABILITY. If one or more provisions of this Agreement are
held to be unenforceable under applicable law, the parties agree to renegotiate
such provision in good faith. In the event that the parties cannot reach a
mutually agreeable and enforceable replacement for such provision, then (i) such
provision shall be excluded from this Agreement, (ii) the balance of the
Agreement shall be interpreted as if such provision were so excluded and (iii)
the balance of the Agreement shall be enforceable in accordance with its terms.

            (e)   COUNTERPARTS. This Agreement may be executed in counterparts,
each of which shall be deemed an original, but all of which together will
constitute one and the same instrument.

            (f)   ADVICE OF COUNSEL. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES
THAT, IN EXECUTING THIS AGREEMENT, SUCH PARTY HAS HAD THE OPPORTUNITY TO SEEK
THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND HAS READ AND UNDERSTOOD ALL OF THE
TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT SHALL NOT BE CONSTRUED
AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.

            (g)   SECTION 409A OF THE CODE. This Agreement is intended to
constitute an enforceable contract for the payment of compensation, severance
and certain other benefits. The Agreement is not intended to constitute a
"nonqualified deferred compensation plan" within the meaning of Section 409A of
the Code. Notwithstanding the foregoing, in the event this Agreement or any
benefit paid to Executive hereunder is deemed to be subject to Section 409A of
the Code, Executive consents to the Company adopting such conforming amendments
as the Company deems necessary, in its sole discretion, to comply with Section
409A of the Code, without reducing the amounts of any benefits due to Executive
hereunder.

                            [Signature Page Follows]

                                      -11-
<PAGE>

      The parties have executed this Amended and Restated Employment Agreement
as of the date first written above.

                                            CORIXA CORPORATION

                                            By:_________________________________
                                               ____________
                                               ____________

                                            Address:  1124 Columbia Street
                                                      Suite 200
                                                      Seattle, WA 98104

                                            [EXECUTIVE NAME]

                                            ____________________________________

                                            Address:
                                                      __________________________
                                                      __________________________
                                                      __________________________

                                      -12-
<PAGE>

          SCHEDULE OF EXECUTIVES WHO ARE PARTIES TO CORIXA CORPORATION
                   AMENDED AND RESTATED EMPLOYMENT AGREEMENT

<TABLE>
<CAPTION>
NAME OF             ANNUAL    ANNUAL STOCK   ANNUAL DISCRETIONARY   TOTAL INCENTIVE
EXECUTIVE           SALARY    OPTION GRANT          BONUSES             PAYMENT
-----------------  --------   ------------   --------------------   ---------------
<S>                <C>        <C>            <C>                    <C>
Steven Gillis      $500,000     100,000      45% of then current       $745,000
                                                 Annual Salary

Michelle Burris    $294,000      45,000      30% of then current       $378,000
                                                 Annual Salary

David Fanning      $320,250      45,000      30% of then current       $405,000
                                                 Annual Salary

Kathleen                                     30% of then current
McKereghan         $244,125      45,000          Annual Salary         $310,000
</TABLE>exv10w6

 

Exhibit 10.6

FIFTH AMENDMENT TO LOAN AGREEMENT

     THIS FIFTH AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is made and entered into as
of this 31st day of December, 2004, by and among THE CIT GROUP/BUSINESS CREDIT, INC., a
New York corporation (“CITBC”), in its individual capacity as a Lender and as Agent for the
Lenders hereinafter named (the “Agent”), WELLS FARGO FOOTHILL, INC., a California
corporation formerly known as Foothill Capital Corporation (“Wells Fargo”), PNC BANK, NATIONAL
ASSOCIATION, a national banking association (“PNC”), and any other party hereafter becoming a
Lender pursuant to Section 12.4(b) of the Loan Agreement (as hereinafter defined), each
individually sometimes referred to as a “Lender” and, collectively, the “Lenders”),
GREY WOLF DRILLING COMPANY L.P., a Texas limited partnership (the “Borrower”), GREY WOLF,
INC., a Texas corporation (the “Parent”), GREY WOLF HOLDINGS COMPANY, a Nevada corporation
(“Holdings”), GREY WOLF LLC, a Louisiana limited liability company (“GWLLC”), DI
ENERGY, INC., a Texas corporation (“Energy”), GREY WOLF INTERNATIONAL, INC., a Texas
corporation (“International”), DI/PERFENSA INC., a Texas corporation (“Perfensa”),
MURCO DRILLING CORPORATION, a Delaware corporation (“Murco”) (Parent, Holdings, GWLLC,
Energy, International, Perfensa and Murco are referred to collectively herein as the
“Guarantors”).

RECITALS

     1. WHEREAS, pursuant to the terms and subject to the conditions of that certain Loan Agreement
dated as of January 14, 1999 among the parties hereto, as amended by that certain First Amendment
to Loan Agreement dated as of December 20, 2001, that certain Second Amendment to Loan Agreement
dated as of February 7, 2003, that certain Third Amendment to Loan Agreement dated as of May 1,
2003, and that certain Fourth Amendment to Loan Agreement dated as of March 25, 2004 and effective
as of March 31, 2004 (such Loan Agreement, as the same was previously amended, is hereby amended
and may hereafter be amended from time to time, being hereinafter referred to as the “Loan
Agreement”), the Borrower was granted a revolving line of credit which included a letter of
credit facility;

     2. WHEREAS, the indebtedness of the Borrower to the Lenders is currently evidenced by that
certain Revolving Note dated December 20, 2001 (the “Existing Revolving Note”), executed by
the Borrower and payable to CITBC as Agent for the benefit of the Lenders in the stated principal
amount of $75,000,000;

     3. WHEREAS, payment of the Obligations of the Borrower are supported by the guarantees of the
Guarantors contained in Section 13 of the Loan Agreement;

     4. WHEREAS, to secure, in part, the indebtedness under the Loan Agreement and the Existing
Revolving Note (and all renewals, extensions, modifications and/or rearrangements thereof and in
connection therewith) and all other indebtedness, liabilities and obligations of the Borrower and
the Guarantors to the Agent for the benefit of the Lenders, then existing or thereafter arising,
the Borrower and the Guarantors have heretofore executed in favor of the

 

 

Agent certain Credit Documents (as defined in the Loan Agreement), including, without
limitation, the Security Documents (as defined in the Loan Agreement), which Credit Documents, as
amended in connection herewith, shall continue in full force and effect upon the execution of this
Amendment and shall continue to secure the payment by the Borrower and the Guarantors of the
Obligations (as defined in the Loan Agreement), all as more fully set forth therein and herein;

     5. WHEREAS, the Borrower has requested and, pursuant to the terms and subject to the
conditions hereof and in connection herewith, the Agent and the Lenders have agreed to increase the
amount of the Total Revolving Loan Commitment (as defined in the Loan Agreement) to $100,000,000,
and accept the Revolving Note (as herein defined) in replacement and substitution (but not
extinguishment) of the Existing Revolving Note; and

     6. WHEREAS, in furtherance of the foregoing and to evidence the agreements of the parties
hereto in relation thereto, the parties hereto desire to amend the Loan Agreement as hereinafter
provided.

     NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the
Guarantors, the Agent and the Lenders, intending to be legally bound, agree as follows:

AGREEMENT

ARTICLE I

Definitions

     1.01 Capitalized terms used in this Amendment are defined in the Loan Agreement, as amended
hereby, unless otherwise stated.

ARTICLE II

Amendments to Loan Agreement

     Effective as of the respective date herein indicated, the Loan Agreement is hereby amended as
follows:

     2.01 Amendment of Section 3.1(a). Effective as of the date of execution of this
Amendment, Section 3.1(a) of the Loan Agreement is amended and restated to read in its
entirety as follows:

               “(a) The Borrower shall pay to the Agent for the account of each Non-Defaulting Lender
a commitment fee (the “Commitment Fee”) for the period from and including the Fifth
Amendment Closing Date to but not including the Final Maturity Date (or such earlier date as the Total Revolving Loan Commitment shall have been terminated),

2

 

computed at a rate equal to (i) in any quarter in which the average Total Unutilized
Revolving Loan Commitment is greater than or equal to $75,000,000, one-half percent (0.50%)
per annum on the daily average Unutilized Revolving Loan Commitment of such Lender or (ii)
in any quarter in which the average Total Unutilized Revolving Loan Commitment is less than
$75,000,000, three-eighths percent (0.375%) per annum on the daily average Unutilized
Revolving Loan Commitment of such Lender. Accrued Commitment Fees shall be due and payable
on a pro rata basis quarterly in arrears on each Quarterly Payment Date and the date upon
which the Total Revolving Loan Commitment is terminated.”

     2.02 Amendment of Section 3.1(d). Effective as of the date of execution of this
Amendment, Section 3.1(d) of the Loan Agreement is amended and restated to read in its
entirety as follows:

               “(d) The Borrower shall pay to the Agent for the account of the Agent an annual fee in
the amount of $50,000 per year to offset the expenses and costs of the Agent in connection
with record keeping, periodic examinations, analyzing and evaluating the Collateral (the
“Collateral Management Fee”). Such Collateral Management Fee shall be due and
payable in advance on the Fifth Amendment Closing Date and thereafter on each Anniversary
Date (without proration). Such Collateral Management Fee is and shall be deemed fully
earned and nonrefundable or rebateable when due.”

     2.03 Amendment of Section 4.1. Effective as of the date of execution of this
Amendment, the last sentence of Section 4.1 of the Loan Agreement is amended and restated
to read in its entirety as follows:

               “Upon at least 15 days’ prior written notice (or telephonic notice promptly confirmed
in writing) to the Agent at the Notice Office, the Borrower may terminate the Revolving
Credit Commitment and this Agreement; provided that if such termination occurs prior
to the Anniversary Date occurring in 2007, then the Borrower shall pay Agent on the date of
such termination (any such date being an “Early Termination Date”) for the account
of the Lenders the applicable Early Termination Fee pro rata on the basis of their
Percentages.”

     2.04 Amendment of Section 7.3(b). Effective as of the date of execution of this
Amendment, Section 7.3(b) of the Loan Agreement is amended and restated to read in its
entirety as follows:

               “(b) Such insurance shall be provided by insurance companies licensed to do business in
the applicable state of each Credit Party’s operations and shall be rated “A; VIII” or
better by Best’s Insurance Guide and Key Ratings or as may be reasonably acceptable to the
Agent if not so rated or licensed, and shall include the following insurance coverages and
any other insurance coverages that may be required by Law:

               (i) commercial general liability insurance written on an occurrence basis,
including coverage for premises/operations, products and completed

3

 

operations (on a
“claims-made” basis only), explosion, collapse and underground, broad form
commercial general liability equivalent coverages with a minimum combined single
limit for bodily injury and property damage of $1,000,000 per occurrence, with a
self-insured retention not greater than $500,000;

               (ii) business automobile liability insurance covering all owned, non-owned and
hired automobiles for a combined bodily injury and property damage limit of no less
than $1,000,000 per occurrence and containing appropriate no-fault insurance
provisions required by law;

               (iii) workers’ compensation insurance in amounts required by applicable law and
employers liability with limits of not less than $1,000,000;

               (iv) umbrella (or excess form should umbrella be unavailable) liability
coverage written on an occurrence or “claims made” basis up to $50,000,000, and also
to include a “drop down” provision which will pick up any exhaustion of limits under
the primary coverages, with a combined single limit for bodily injury and property
damage of not less than $100,000. Such insurance coverage shall provide
substantially identical coverages as are set forth in the form of the insurance
required in clauses (a), (b) and (c) (except with respect to
workers’ compensation) of this Section 7.3;

               (v) all-risk physical loss or damage property insurance (including water
damage, domestic transit coverage, collapse coverage, coverage of fire, and rapid
means of transportation coverages) with respect to any Rig (on a “no-coinsurance”
basis) in an amount equal to or greater than the Orderly Liquidation Value of each
Rig with a deductible not greater than $1,000,000 in the aggregate over each twelve
month policy period (with a sublimit per occurrence of up to $1,000,000 in respect
of such aggregate limit), plus a $250,000 deductible per occurrence; and

               (vi) such other insurance policies and coverages as the Agent may require.”

     2.05 Amendment of Section 7.11(e). Effective as of the date of execution of this
Amendment, Section 7.11(e) of the Loan Agreement is amended and restated to read in its
entirety as follows:

               “(e) The Borrower shall provide to the Agent at the Borrower’s expense an Appraisal of
Orderly Liquidation Value of each of the Domestic Rigs annually within 45 days prior to the
end of each calendar year beginning in 2005. In addition thereto, the
Borrower shall provide to the Agent at the Borrower’s expense each of the following
additional Appraisals of Orderly Liquidation Value of each of the Domestic Rigs: (i) in
addition to the other appraisals provided for in this Section 7.11(e), one
additional such

4

 

appraisal per loan year upon request from the Agent on behalf of the Lenders
if at any time or from time to time the Domestic Rig Utilization Rate for any consecutive
two calendar month period is less than forty-five percent (45%), and (ii) in addition to the
other appraisals provided for in the Section 7.11(e), such additional appraisals
without limitation as the Agent on behalf of the Lenders may request at any time after the
occurrence and during the continuance of a Default or Event of Default. Any such appraisal
requested pursuant to (i) or (ii) in the preceding sentence shall be supplied to the Agent
within 30 days of such request (at the Agent’s option, the Agent may initiate and obtain any
such appraisal directly from an Approved Appraiser at the Borrower’s expense). At the
Agent’s option, the Agent may require that any and every Appraisal of Orderly Liquidation
Value described in this Section 7.11(e) also include an Appraisal of Fair Market
Value. Nothing in this Section 7.11(e) or otherwise shall in any way limit or
restrict the Agent for the benefit of the Lenders from obtaining any other or additional
appraisals at the expense of the Lenders.”

     2.06 Amendment and Restatement of Causes (4) and (5) of Section 7.15. Effective as of
the date of execution of this Amendment, clauses (4) and (5) in Section 7.15 of the Loan
Agreement are amended and restated to read in their entirety as follows:

          “(4) immediately prior to such sale, exchange or relocation, and after giving effect
thereto, the sum of the aggregate outstanding principal amount of Revolving Loans plus the
Letter of Credit Outstandings on such date is less than the lesser of (i) $100,000,000 or
(ii) 25% of the Orderly Liquidation Value of the Domestic Rigs as determined by the
appraisal described in subclause (6) below or, at the Agent’s option, by the then most
recent Appraisal of Orderly Liquidation Value; (5) the Orderly Liquidation Value of the
Domestic Rigs that will continue to constitute Collateral in which the Agent for the benefit
of the Lenders has a first priority security interest and Lien, after giving effect to the
proposed release, equals or exceeds $400,000,000 in the aggregate, as determined by the
appraisal described in subclause (6) below or, at the Agent’s option, by the then most
recent Appraisal of Orderly Liquidation Value;”

     2.07 New Section 7.16. Effective as of the date of execution of this Amendment, a new
Section 7.16 is hereby added to the Loan Agreement to read in its entirety as follows:

“Anti-Money Laundering and Terrorism Regulations. The Borrower agrees to comply
with all applicable anti-money laundering and terrorism laws, regulations and executive
orders in effect from time to time (including, without limitation, the USA Patriot Act (Pub.
L. No. 107-56)). The Borrower also agrees to ensure that no person who owns a controlling
interest in or otherwise controls the Company is a person designated under Section 1(b), (c)
or (d) of Executive Order No. 13224 (issued September 23, 2001) or any other similar
Executive Order. The Borrower acknowledges that the Agent’s and each Lender’s performance
hereunder is subject to compliance with all such
laws, regulations and executive orders, and in furtherance of the foregoing, the Borrower
agrees to provide to the Agent and the Lenders all information about the Borrower’s
ownership, officers, directors, customers and business structure as the Agent and the

5

 

Lenders reasonably may require to comply with, such laws, regulations and executive orders.”

     2.08 Amendment of Section 8.8. Effective as of the date of execution of this
Amendment, Section 8.8 of the Loan Agreement is amended and restated to read in its
entirety as follows:

          “The Borrower will not permit the Orderly Liquidation Value of its Qualified Domestic
Rigs (including Domestic Rigs stored in inventory) and Mobile Rigs in which the Agent for
the benefit of the Lenders has a first priority perfected security interest and Lien under
the Security Documents and which are subject to no other Lien to be less than $300,000,000
at any time (based upon the Orderly Liquidation Value thereof as set forth in the then most
recent Appraisal of Orderly Liquidation Value provided to or obtained by the Agent).”

     2.09 Amendment of Section 8.9. Effective as of the date of execution of this
Amendment, the introductory sentence of Section 8.9 of the Loan Agreement is amended and
restated to read in its entirety as follows:

          “At any and every time during which Total Available Liquidity is less than $35,000,000,
and continuing thereafter in each such instance until the beginning of the fiscal quarter
which next follows first full fiscal quarter thereafter during which Total Available
Liquidity at all times during such fiscal quarter exceeds $35,000,000, the Borrower shall
comply with the following:”

     2.10
Amendment and Restatement of Definition of
“Anniversary Date”. Effective as of
the date of execution of this Amendment, the definition of “Anniversary Date” set forth in
Section 10 of the Loan Agreement is amended and restated to read in its entirety as
follows:

          “ ‘Anniversary Date’ shall mean the first annual anniversary date of the Fifth
Amendment Closing Date and the same date in every year thereafter so long as the Agreement
remains in effect.”

     2.11 Amendment and Restatement of Definitions of “Applicable Base Rate Margin” and
“Applicable Eurodollar Margin”. Effective as of the date of execution of this Amendment, the definitions of “Applicable Base
Rate Margin” and “Applicable Eurodollar Margin” set forth in Section 10 of the Loan
Agreement are amended and restated to read in their entirety as follows:

          “ ‘Applicable Base Rate Margin’ and ‘Applicable Eurodollar Margin’ shall mean,
at any time following the date upon which the quarterly or annual financial statements of the
Borrower are to be delivered to the Agent pursuant to Section 7.1, the applicable
percentage set forth below opposite the applicable Debt Service Ratio (as determined on a rolling 4
quarters basis):

6

 

							
	Debt Service Coverage Ratio	 	 	Eurodollar Loans	 	 	Base
Rate Loans 
	Less than or equal to 1.1 to 1.0
	 	 	3.50%	 	 	1.50%
	 	 	 	 	 	 	 
	Greater than 1.1 to 1.0 but less
than or equal to 1.5 to 1.0
	 	 	2.50%	 	 	1.00%
	 	 	 	 	 	 	 
	Greater than 1.5 to 1.0 but less
than or equal to 2.0 to 1.0
	 	 	2.25%	 	 	0.75%
	 	 	 	 	 	 	 
	Greater than 2.0 to 1.0
	 	 	1.75%	 	 	0.25%

          Notwithstanding the foregoing: (i) The Applicable Base Rate Margin and the Applicable
Eurodollar Margin during the period from the Fifth Amendment Closing Date to but excluding
the date upon which audited consolidated financial results for the period ending December
31, 2004 are provided pursuant to Section 7.1 shall be the (x) Prime Lending Rate
plus one percent (1.00%) and (y) the Eurodollar Rate plus two and one-half percent (2.50%),
respectively; (ii) For purposes of the Credit Documents, the Applicable Base Rate Margin and
the Applicable Eurodollar Margin shall never be less than (x) one-fourth of one percent
(0.25%) and (y) one and three-quarters percent (1.75%), respectively. Each change in the
Applicable Base Rate Margin shall become effective on the first day of the calendar month
following receipt by Agent of the applicable financial statements. Each change in the
Applicable Eurodollar Margin shall become effective on the Interest Periods which commence
after receipt by Agent of the applicable financial statements.”

     2.12
Amendment and Restatement of Definition of
“Consolidated Adjusted EBITDA”.
Effective as of the date of execution of this Amendment, the definition of “Consolidated Adjusted
EBITDA” set forth in Section 10 of the Loan Agreement is amended and restated to read in
its entirety as follows:

          “ ‘Consolidated Adjusted EBITDA’ shall mean, for any period, the sum of (a)
Consolidated EBITDA for such period minus (b) Maintenance Capital Expenditures for such
period.”

     2.13
Amendment and Restatement of Definition of “Early
Termination Fee”.
Effective as of the date of execution of this Amendment, the definition of “Early Termination
Fee” set forth in Section 10 of the Loan Agreement is amended and restated to read in its
entirety as follows:

          “
‘Early Termination Fee’ shall (i) mean the fee the Agent is entitled to
charge the Borrower in the event that the Borrower voluntarily terminates the Revolving
Credit Commitment set forth in this Agreement on a date prior to three (3) years after the
Fifth Amendment Closing Date; and (ii) be equal to (w) one-half percent (0.50%) of the Total
Revolving Loan Commitment if the Early Termination Date occurs prior to the Anniversary Date
occurring in 2006, and (x) one-quarter percent (0.25%) of the Total

7

 

Revolving Loan
Commitment if the Early Termination Date occurs on or after the Anniversary Date occurring
in 2006 but prior to the Anniversary Date occurring in 2007.”

     2.14
Amendment and Restatement of Definition of “Final
Maturity Date”. Effective as of
the date of execution of this Amendment, the definition of “Final Maturity Date” set forth in
Section 10 of the Loan Agreement is amended and restated to read in its entirety as
follows:

     “ ‘Final Maturity Date’ shall mean the Anniversary Date in 2008, provided
that, unless otherwise terminated in accordance with this Agreement, such date shall be
automatically extended to (but excluding) the Anniversary Date occurring in 2009 and thereafter
from Anniversary Date to (but excluding) the next following Anniversary Date, until the Credit
Documents are terminated on any Anniversary Date upon sixty (60) days prior written notice from the
Agent to the Borrower.”

     2.15
Amendment and Restatement of Definition of “Letter of
Credit Sublimit”. Effective
as of the date of execution of this Amendment, the definition of “Letter of Credit Sublimit” set
forth in Section 10 of the Loan Agreement is amended and restated to read in its entirety
as follows:

          “ ‘Letter of Credit Sublimit’ shall mean $50,000,000.”

     2.16
Amendment and Restatement of Definition of “Required
Lenders”. Effective as of
the date of execution of this Amendment, the definition of “Required Lenders” set forth in
Section 10 of the Loan Agreement is amended and restated to read in its entirety as
follows:

          “ “Required Lenders” shall mean collectively (and not individually)
Non-Defaulting Lenders the sum of whose Revolving Loan Commitments (or, if after the Total
Revolving Loan Commitment has been terminated, outstanding Revolving Loans and Letter of
Credit Outstandings) constitute greater than 51.0% of the Total Revolving Loan Commitment
less the aggregate Revolving Loan Commitments of Defaulting Lenders (or, if after the Total
Revolving Loan Commitment has been terminated, the total
outstanding Revolving Loans of Non-Defaulting Lenders and Letter of Credit Outstandings
at such time).”

     2.17
Amendment and Restatement of Definition of “Total
Revolving Loan Commitment”.
Effective as of the date of execution of this Amendment, the definition of “Total Revolving Loan
Commitment” set forth in Section 10 of the Loan Agreement is amended and restated to read
in its entirety as follows:

          “ ‘Total Revolving Loan Commitment’ shall mean the sum of the Revolving Loan
Commitments of each of the Lenders it being understood that the Total Revolving Loan
Commitment shall be $100,000,000.”

8

 

     2.18 New Definitions. Effective as of the date of execution of this Amendment,
Section 10 of the Loan Agreement is amended by adding thereto the following new
definitions, to be inserted in appropriate alphabetical order:

          “ ‘Fifth Amendment Closing Date’ shall mean December 31, 2004.

          ‘Maintenance Capital Expenditures’ shall mean, with respect to any Person, any
Capital Expenditures other than Capital Expenditures incurred in connection with (i) the
acquisition of Domestic Rigs or (ii) the refurbishment of cold-stacked or inventoried
Domestic Rigs which are unmarketable in order to make such Domestic Rigs marketable.”

          ‘Quarterly Payment Date’ shall mean the first Business Day of each calendar
quarter.”

     2.19 Amendment of Section 12.12(a). Effective as of the date of execution of this
Amendment, Section 12.12(a) of the Loan Agreement is amended and restated to read in its
entirety as follows:

“Neither this Agreement nor any other Credit Document nor any terms hereof or
thereof may be changed, waived, discharged or terminated unless such change, waiver,
discharge or termination is in writing signed by the respective Credit Parties party
thereto and the Required Lenders; provided that no such change, waiver,
discharge or termination shall, without the consent of each Lender (other
than a Defaulting Lender) (with Obligations being directly affected thereby in the
case of the following clause (i)), (i) extend the Final Maturity Date, or
reduce the rate or extend the time of payment of interest or Fees on any Loan or
Letter of Credit thereon, or reduce the principal amount thereof (it being
understood that any amendment or modification to the financial definitions in this
Agreement shall not constitute a reduction in any rate of interest or fees for
purposes of this clause (i)), (ii) release all or substantially all of the
Collateral (except as expressly provided in the Security Documents) under
all the Security Documents, or release any Guarantor (other than in connection with
a sale otherwise permitted hereby), (iii) amend, modify or waive any provision of
this Section 12.12, (iv) reduce the percentage specified in the definition
of Required Lenders (it being understood that, with the consent of the Required
Lenders, additional extensions of credit pursuant to this Agreement may be included
in the determination of the Required Lenders on substantially the same basis as the
extensions of Revolving Loan Commitments are included on the Effective Date) (v)
consent to the assignment or transfer by the Borrower of any of their rights and
obligations under this

9

 

Agreement, (vi) amend or modify the definition of Early
Termination Fee, (vii) amend or modify the frequency of appraisals required under
Section 7.11(e) of this Agreement, (viii) amend or modify the definition of
Availability, (ix) increase or decrease the Total Revolving Loan Commitment, or (x)
waive any Defaults or Events of Default occurring under this Agreement;
provided, further, that no such change, waiver, discharge or
termination shall (w) increase the Revolving Loan Commitment of any Lender over the
amount thereof then in effect without the consent of such Lender (it being
understood that waivers or modifications of conditions precedent, covenants,
Defaults or Events of Default or of a mandatory reduction in the Total Revolving
Loan Commitment shall not constitute an increase of the Revolving Loan Commitment of
any Lender, and that an increase in the available portion of any Revolving Loan
Commitment of any Lender shall not constitute an increase in the Revolving Loan
Commitment of such Lender), (x) without the consent of CITBC, amend, modify or waive
any provision of Section 2 or alter its rights or obligations with respect
to Letters of Credit, (y) without the consent of the Agent, amend, modify or waive
any provision of Section 11 as the same applies to the Agent or any other provision
as the same relates to the rights or obligations of the Agent and (z) without the
consent of the Agent, amend, modify or waive any provision relating to the rights or
obligations of the Agent.”

     2.21 Revolving Loan Commitment. Effective as of the date of execution of this
Amendment, the Revolving Loan Commitment for each Lender will be the amount set forth under each
Lender’s name of the signature page hereof.

     2.22 Amendment and Restatement of Exhibit B to the Loan Agreement. Effective as of the
date of execution of this Amendment, Exhibit B to the Loan Agreement is amended and
restated in its entirety as set forth on Exhibit A attached hereto.

ARTICLE III

Conditions
Precedent

     3.01 Conditions to Effectiveness. The effectiveness of this Amendment is subject to
the satisfaction of the following conditions precedent in a manner satisfactory to Agent, unless
specifically waived in writing by Agent:

          (a) Agent shall have received each of the following, each in form and substance
satisfactory to Agent, in its sole discretion, and, where applicable, each duly executed by
each party thereto, other than Agent:

               (i) This Amendment, duly executed by the Borrower and the Guarantors;

10

 

               (ii) A Revolving Note in the stated principal amount of $100,000,000 in
amendment, substitution and replacement of the Existing Revolving Note duly
signed by the Borrower (the “Revolving Note”);

               (ii) Certified copies of the resolutions of the Board of Directors of
each of the Borrower and the Guarantors authorizing the execution, delivery
and performance of the Revolving Note, this Amendment and any and all other
Credit Documents executed by any of the Borrower or the Guarantors in
connection therewith, along with a certificate of incumbency certified by
the secretary of each of the Borrower and the Guarantors with specimen
signatures of the officers of the Borrower and the Guarantors who are
authorized to sign such documents, all in form and substance satisfactory to
the Agent;

               (iv) Opinion from Porter & Hedges, L.L.P. opining in form and substance
satisfactory to Agent which shall cover such matters incident to the
transactions contemplated by this Amendment and the other Loan Document as
Agent may reasonably require and the Borrower and Guarantors hereby
authorize and direct such counsel to deliver such opinions to Agent;

               (v) Receipt by Agent of a loan facility fee equal to $272,500, for the
ratable benefit of Lenders, such fee to be apportioned among the
Lenders as follows: $78,666.67 to CITBC, $125,000 to PNC and $68,833.33
to Wells Fargo ; and

               (vi) All other documents Agent may request with respect to any
matter relevant to this Amendment or the transactions contemplated hereby.

          (b) The representations and warranties contained herein and in the Loan Agreement and
the other Credit Documents (as defined in the Loan Agreement), as each is amended hereby,
shall be true and correct as of the date hereof, as if made on the date hereof.

          (c) No Default or Event of Default shall have occurred and be continuing, unless such
Default or Event of Default has been otherwise specifically waived in writing by Agent.

          (d) All corporate proceedings taken in connection with the transactions contemplated by
this Amendment and all documents, instruments and other legal matters incident thereto shall
be satisfactory to Agent.

          (e) Agent’s receipt of the fees described in the fee letter dated of even date herewith
executed by Borrower and Agent.

11

 

ARTICLE IV

Ratifications,
Representations and Warranties

     4.01 Ratifications. The terms and provisions set forth in this Amendment shall modify
and supersede all inconsistent terms and provisions set forth in the Loan Agreement and the other
Credit Documents, and, except as expressly modified and superseded by this Amendment, the terms and
provisions of the Loan Agreement and the other Credit Documents are ratified and confirmed and
shall continue in full force and effect. The Borrower, Guarantors, Agent and Lenders agree that
the Loan Agreement and the other Credit Documents, as amended hereby, shall continue to be legal,
valid, binding and enforceable in accordance with their respective terms.

     4.02 Representations and Warranties. The Borrower and Guarantor (the “Credit
Parties”) hereby represent and warrant to Agent and the Lenders that (a) the execution,
delivery and performance of this Amendment and any and all other Credit Documents executed and/or
delivered in connection herewith have been authorized by all requisite corporate action on the part
of the Credit Parties and will not violate the organizational documents of the Credit Parties; (b)
the Managers or Board of Directors of each of the Credit Parties (or the Board of Directors of the
corporate general partners of any Credit Party that is a limited partnership) has authorized the
execution, delivery and performance of this Amendment and any and all other Credit Documents
executed and/or delivered in
connection herewith; (c) the representations and warranties contained in the Loan Agreement,
as amended hereby, and any other Credit Document are true and correct on and as of the date hereof
and on and as of the date of execution hereof as though made on and as of each such date (except to
the extent they relate to a specific date); (d) no Default or Event of Default under the Loan
Agreement, as amended hereby, has occurred and is continuing, unless such Default or Event of
Default has been specifically waived in writing by Agent; (e) the Credit Parties are in full
compliance with all covenants and agreements contained in the Loan Agreement and the other Credit
Documents, as amended hereby; and (f) since the date of the initial closing of the Loan Agreement,
the Credit Parties have not amended their (i) Articles (or Certificates) of Incorporation or their
Bylaws, if a corporation, (ii) limited partnership agreement or certificate of limited partnership,
if a limited partnership, or (iii) Articles of Organization or operating agreement, if a limited
liability company, except as otherwise disclosed to Agent.

ARTICLE V

Miscellaneous
Provisions

     5.01 Survival of Representations and Warranties. All representations and warranties
made in the Loan Agreement or any other Credit Document, including, without limitation, any
document furnished in connection with this Amendment, shall survive the execution and delivery of
this Amendment and the other Credit Documents, and no investigation by Agent or any closing shall
affect the representations and warranties or the right of Agent to rely upon them.

     5.02 Reference to Loan Agreement. Each of the Loan Agreement and the other Credit
Documents, and any and all other Credit Documents, documents or instruments now or hereafter

12

 

executed and delivered pursuant to the terms hereof or pursuant to the terms of the Loan Agreement,
as amended hereby, are hereby amended so that any reference in the Loan Agreement and such other
Credit Documents to the Loan Agreement shall mean a reference to the Loan Agreement, as amended
hereby.

     5.03 Expenses of Agent. As provided in the Loan Agreement, the Borrower agrees to pay
on demand all reasonable costs and expenses incurred by Agent in connection with the preparation,
negotiation, and execution of this Amendment and the other Credit Documents executed pursuant
hereto and any and all amendments, modifications, and supplements thereto, including, without
limitation, the reasonable costs and fees of Agent’s legal counsel, and all reasonable costs and
expenses incurred by Agent in connection with the enforcement or preservation of any rights under
the Loan Agreement, as amended hereby, or any other Credit Documents, including, without
limitation, the reasonable costs and fees of Agent’s legal counsel.

     5.04 Severabilitv.
Any provision of this Amendment held by a court of competent jurisdiction to be invalid or
unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof
shall be confined to the provision so held to be invalid or unenforceable.

     5.05 Successors and Assigns. This Amendment is binding upon and shall inure to the
benefit of Agent, the Lenders, and the Credit Parties and their respective successors and assigns,
except that the Credit Parties may not assign or transfer any of their rights or obligations
hereunder without the prior written consent of Agent.

     5.06 Counterparts. This Amendment may be executed in one or more counterparts, each of
which when so executed shall be deemed to be an original, but all of which when taken together
shall constitute one and the same instrument.

     5.07 Effect of Waiver. No consent or waiver, express or implied, by Agent to or for
any breach of or deviation from any covenant or condition by the Credit Parties shall be deemed a
consent to or waiver of any other breach of the same or any other covenant, condition or duty.

     5.08 Headings. The headings, captions, and arrangements used in this Amendment are for
convenience only and shall not affect the interpretation of this Amendment.

     5.09 Applicable Law. THIS AMENDMENT AND ALL OTHER CREDIT DOCUMENTS EXECUTED PURSUANT
HERETO SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     5.10 Final Agreement. THE LOAN AGREEMENT AND THE OTHER CREDIT DOCUMENTS, EACH AS
AMENDED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER
HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED. THE LOAN AGREEMENT AND THE OTHER CREDIT DOCUMENTS,
AS AMENDED HEREBY, MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS

13

 

OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. NO
MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS AMENDMENT SHALL BE
MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY THE CREDIT PARTIES AND THE AGENT.

     5.11 Financing Statements. Agent is hereby authorized by each of the Credit Parties to
file (including pursuant to the applicable terms of the UCC) from time to time any financing
statements, continuations or amendments covering the Collateral whether or not the signature of any
such Credit Party appears thereon.

     5.12 Release by Borrower. THE BORROWER HEREBY ACKNOWLEDGES THAT BORROWER HAS NO
DEFENSE, COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER
THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE
“OBLIGATIONS” OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM AGENT OR THE
LENDERS. THE BORROWER HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES AGENT AND
THE LENDERS, AND THEIR RESPECTIVE PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS (THE
“RELEASED PARTIES”), FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES,
COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED,
SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN
WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH THE BORROWER MAY NOW OR
HEREAFTER HAVE AGAINST THE RELEASED PARTIES, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS
ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY
“LOANS”, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING,
COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF
ANY RIGHTS AND REMEDIES UNDER THE LOAN AGREEMENT OR OTHER CREDIT DOCUMENTS, AND NEGOTIATION FOR AND
EXECUTION OF THIS AMENDMENT.

     5.13 Release by Guarantors. Each Guarantor hereby consents to the terms of this
Amendment, confirms and ratifies the terms of the guarantee by such Guarantor for the benefit of
Agent and the other Lenders set forth in Section 13 of the Loan Agreement (each a
“Guarantee” and collectively the “Guarantees”), and acknowledges that such
Guarantor’s Guarantee is in full force and effect and ratifies the same and that such Guarantor has
no defense, counterclaim, set-off or any other claim to diminish such Guarantor’s liability under
its Guarantee. EACH GUARANTOR HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES THE
RELEASED PARTIES, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS,
EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR
UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN

14

 

WHOLE OR IN
PART ON OR BEFORE
THE DATE THIS AMENDMENT IS EXECUTED, WHICH THE GUARANTORS MAY NOW OR HEREAFTER HAVE AGAINST
THE RELEASED PARTIES, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT,
TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY “LOANS”, INCLUDING,
WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING
INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES
UNDER THE LOAN AGREEMENT OR OTHER CREDIT DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS
AMENDMENT.

[Remainder of page intentionally left blank; signature page follows]

15

 

     IN WITNESS WHEREOF, this Amendment has been executed and is effective as of the date first
above-written.

	 	 	 	 	 	 	 
	 	 	BORROWER:
	 
	 	 	 	 	 	 
	 	 	GREY WOLF DRILLING COMPANY L.P.
	 
	 	 	 	 	 	 
	 	 	By:	 	Grey Wolf Holdings Company,
	 	 	 	 	its general partner
	 
	 	 	 	 	 	 
	

	 	 	 	By:
	 	/s/ DAVID W. WEHLMANN
	

	 	 	 	 	

	

	 	 	 	 	 	David W. Wehlmann
	

	 	 	 	 	 	Executive Vice President and
	

	 	 	 	 	 	Chief Financial Officer

	 	 	 	 	 
	 	 	GUARANTORS:
	 
	 	 	GREY WOLF, INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ DAVID W. WEHLMANN
	

	 	 	

	

	 	 	 	David W. Wehlmann
	

	 	 	 	Executive Vice President and
	

	 	 	 	Chief Financial Officer
	 
	 	 	 	 
	 	 	GREY WOLF HOLDINGS COMPANY
	 
	 	 	 	 
	

	 	By:
	 	/s/ DAVID W. WEHLMANN
	

	 	 	

	

	 	 	 	David W. Wehlmann
	

	 	 	 	Executive Vice President and
	

	 	 	 	Chief Financial Officer

 

	 	 	 	 	 
	 	 	GREY WOLF LLC
	 
	 	 	 	 
	

	 	By:
	 	/s/ DAVID W. WEHLMANN
	

	 	 	

	

	 	 	 	David W. Wehlmann
	

	 	 	 	Executive Vice President and
	

	 	 	 	Chief Financial Officer
	 
	 	 	 	 
	 	 	DI ENERGY, INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ DAVID W. WEHLMANN
	

	 	 	

	

	 	 	 	David W. Wehlmann
	

	 	 	 	Executive Vice President and
	

	 	 	 	Chief Financial Officer
	 
	 	 	 	 
	 	 	GREY WOLF INTERNATIONAL, INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ DAVID W. WEHLMANN
	

	 	 	

	

	 	 	 	David W. Wehlmann
	

	 	 	 	Executive Vice President and
	

	 	 	 	Chief Financial Officer
	 
	 	 	 	 
	 	 	DI/PERFENSA INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ DAVID W. WEHLMANN
	

	 	 	

	

	 	 	 	David W. Wehlmann
	

	 	 	 	Executive Vice President and
	

	 	 	 	Chief Financial Officer
	 
	 	 	 	 
	 	 	MURCO DRILLING CORPORATION
	 
	 	 	 	 
	

	 	By:
	 	/s/ DAVID W. WEHLMANN
	

	 	 	

	

	 	 	 	Executive W. Wehlmann
	

	 	 	 	Senior Vice President and
	

	 	 	 	Chief Financial Officer

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	THE CIT GROUP/BUSINESS CREDIT, INC.

	 	 	as Agent and Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ KIRK WOLVERTON
	

	 	 	

	

	 	Name:
	 	Kirk Wolverton
	

	 	 	

	

	 	Title:
	 	Vice President
	

	 	 	

	 
	 	 	 	 
	 	 	Revolving Loan Commitment: $40,000,000

 

	 	 	 	 	 
	 	 	WELLS FARGO FOOTHILL, INC., formerly known as
	 	 	Foothill Capital Corporation,

	 	 	as Lender
	 
	

	 	By:
	 	/s/ LAN WONG
	

	 	 	

	

	 	Name:
	 	Lan Wong
	

	 	 	

	

	 	Title:
	 	Vice–President
	

	 	 	

	 
	 	 	 	 
	 	 	Revolving Loan Commitment: $35,000,000

 

	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION, as Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ TARA-CLARA WILOE
	

	 	 	

	

	 	Name:
	 	Tara-Clara Wiloe
	

	 	 	

	

	 	Title:
	 	Assistant Vice President
	

	 	 	

	 
	 	 	 	 
	 	 	Revolving Loan Commitment: $25,000,000

 

EXHIBIT A

REVOLVING NOTE

	 	 	 
	$100,000,000

	 	New York, New York
	

	 	December ___, 2004

     FOR VALUE RECEIVED, GREY WOLF DRILLING COMPANY L.P., a Texas limited partnership (the
“Borrower”), hereby promises to pay to The CIT Group/Business Credit, Inc., as agent for
the Lenders (as defined below) (in such capacity, the “Agent”), in lawful money of the
United States of America in immediately available funds, at its office located at 5420 LBJ Freeway,
Suite 200, Dallas, Texas 75240 on the Final Maturity Date (as defined in the Agreement referred to
below) the principal sum of ONE HUNDRED MILLION DOLLARS ($100,000,000) or, if less, the unpaid
principal amount of all Revolving Loans (as defined in the Agreement) made by the Lenders pursuant
to the Agreement.

     The Borrower promises also to pay interest on the unpaid principal amount hereof in like money
at said office from the date hereof until paid at the rates and at the times provided in
Section 1.8 of the Agreement.

     This Note is one of the Revolving Notes referred to in the Loan Agreement, dated as of January
14, 1999, among the Borrower, each of the Guarantors party thereto, the lenders from time to time
party thereto (the “Lenders”), and the Agent (as amended, modified or supplemented from
time to time, the “Agreement”) and is issued pursuant to and entitled to the benefits
thereof and of the other Credit Documents (as defined in the Agreement). This Note is secured by
the Security Documents (as defined in the Agreement) and is entitled to the benefits of the
Guarantees (as defined in the Agreement). This Note is subject to voluntary prepayment and
mandatory repayment prior to the Final Maturity Date, in whole or in part, as provided in the
Agreement, and Revolving Loans may be converted from one Type (as defined in the Agreement) into
another Type to the extent provided in the Agreement.

     In case an Event of Default (as defined in the Agreement) shall occur and be continuing, the
principal of and accrued interest on this Note may become or be declared to be due and payable in
the manner and with the effect provided in the Agreement.

     The Borrower hereby waives presentment, demand, protest or notice of any kind in connection
with this Note.

     THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW
YORK.

     This Note is given in amendment, replacement and substitution, but not extinguishment, of all
amounts unpaid under that certain Revolving Note dated December 20, 2001 payable by the Borrower to
the order of The CIT Group/Business Credit, Inc as Agent for the Lenders (as defined in the
Agreement) in the stated principal amount of $75,000,000.00 (the “Prior Note”),

1

 

which Prior Note was given in amendment, replacement and substitution, but not extinguishment,
of all amounts unpaid under that certain Revolving Note dated January 14, 1999 payable by the
Borrower to the order of The CIT Group/Business Credit, Inc as Agent for the Lenders in the stated
principal amount of $50,000,000.00.

	 	 	 	 	 	 	 
	 	 	GREY WOLF DRILLING COMPANY L.P.
	 
	 	 	 	 	 	 
	 	 	By:	 	GREY WOLF HOLDINGS COMPANY,
	 	 	 	 	as General Partner
	 
	 	 	 	 	 	 
	

	 	 	 	By:	 	 
	

	 	 	 	 	 	 
	

	 	 	 	 	 	David W. Executive Vice President and
	

	 	 	 	 	 	Chief Financial Officer

2

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