Document:

Exhibit 10.4

 

DIRECTOR
AWARD AGREEMENT (DSUs)

 

THIS
DIRECTOR AWARD AGREEMENT (“Agreement”) is made as of               
(“Grant Date”) by and between Travelport Worldwide Limited, a Bermuda exempted company (“TWW”)
and         (“Director”).

 

RECITALS

 

TWW
has adopted, and TWW’s shareholders have approved, the Travelport Worldwide Limited Amended and Restated 2014 Omnibus Incentive
Plan (the “Plan”).

 

In
connection with Director’s service on the Board, TWW intends concurrently herewith to make a grant of Deferred Share Units
(“DSUs”) to Director as of the Grant Date in accordance with the terms and conditions of this Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing premises and the mutual promises set forth in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement, intending
to be legally bound, agree as follows:

 

SECTION
1

DEFINITIONS

 

1.1.          Definitions.  Except as expressly provided for herein, capitalized terms not otherwise defined herein shall have the meanings ascribed to them
in the Plan.  In addition to the terms defined in the Plan, the terms below shall have the following respective meanings:

 

“Adjustment
Events” has the meaning set forth in Section 5.2.

 

“Agreement”
has the meaning specified in the Introduction.

 

“Board”
means the board of directors of TWW (or, if applicable, any committee of the Board).

 

“Cause”
means (A) Director’s failure substantially to perform his/her duties to the Company (other than as a result of total or partial
incapacity) for a period of 10 days following receipt of written notice from any Company Entity by Director of such failure; provided
that it is understood that this clause (A) shall not apply if a Company Entity terminates Director’s service on the Board
because of dissatisfaction with actions taken by Director in the good faith performance of his/her duties to the Company, (B) theft
or embezzlement of property of the Company or dishonesty in the performance of Director’s duties to the Company, (C) an act
or acts on Director’s part constituting (x) a felony under the laws of the United States or any state thereof or (y) a crime
involving moral turpitude, (D) Director’s willful malfeasance or willful misconduct in connection with his/her duties or
any act or omission which is materially injurious to the financial condition or business reputation of the Company, or (E) Director’s
breach of the provisions of any agreed-upon non-compete, non-solicitation or confidentiality provisions agreed to with any Company
Entity, including pursuant to this Agreement.

 

“Company”
means TWW and each of its Affiliates.

 

“Company
Entity” means TWW or any Affiliate thereof.

 

“Confidential
Information” has the meaning set forth in Section 4.1(a).

 

“Director”
has the meaning specified in the Introduction.

 

    	 	1	 

     

    

 

“DSUs”
has the meaning set forth in the Recitals.

 

“Grant
Date” has the meaning specified in the Introduction.

 

“Notional
Account” has the meeting specified in Section 3.1.

 

“Person”
means any natural person, corporation, limited partnership, general partnership, limited liability company, joint stock company,
joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization, whether
or not a legal entity, custodian, trustee-executor, administrator, nominee or entity in a representative capacity and any government
or agency or political subdivision thereof.

 

“Plan”
has the meaning set forth in the Recitals.

 

“Shares”
means Common Stock, as defined in the Plan.

 

“Unvested
Distribution Equivalent Payment” has the meaning specified in Section 3.2.

 

“Vesting
Date” has the meaning set forth in Section 2.2(a).

 

SECTION
2

 

Grant
AND VESTING of RSUS

 

2.1.        Grant.
Subject to the terms and conditions of the Plan and this Agreement, TWW hereby grants to Director, and Director hereby accepts,
                    DSUs, subject to the conditions set forth below.

 

2.2.        Vesting.

 

(a)          Subject
to Sections 2.2(b) and 2.2(c) of this Agreement, and subject to Director’s continuous active service as a director with the
Company through the Vesting Date, the DSUs granted to Director under this Agreement shall vest one year from the date of this grant,
i.e.                     (the “Vesting Date”).  All DSUs that do not vest in accordance with this Section 2.2(a), Section
2.2(b) or Section 2.2(c) below shall be forfeited.

 

(b)          Change
in Control.  Notwithstanding anything set forth in Sections 2.2(a) to the contrary, after a Change in Control, in the event
that the Director is removed as a director of the Board other than for Cause within 12 months after such Change in Control and
prior to the Vesting Date, the DSUs shall become fully vested as of the date of such removal.

 

(c)          Termination
due to Death or Disability.  Notwithstanding anything set forth in Sections 2.2(a) or (b)
to the contrary, if prior to the Vesting Date, the Director is removed as a director of the Board due to death or Disability, the
DSUs shall become fully vested as of the date of such removal.  

 

2.3.        Forfeiture.
Unless otherwise determined by the Board in its sole and absolute discretion, the unvested DSUs shall be immediately forfeited
and cancelled without the payment of any consideration upon the termination of the Director’s service on the Board for any
reason other than as set forth in Sections 2.2(a), (b) or (c).

 

2.4.       
Transfer Prohibited.  Director may not sell, assign, transfer, pledge or otherwise encumber (or make any other Disposition
of) any DSUs, except upon the death of Director.  Upon any attempted Disposition in violation of this Section 2.4, the DSUs
shall immediately become null and void.

 

    	 	2	 

     

    

 

 

In
addition, as set forth in Section 2.6 of this Agreement, each Share delivered pursuant to this Agreement is subject to the Plan.

 

2.5.        Delivery
of Shares. The Shares covered by a DSU shall not be delivered to Director until the DSU becomes a vested DSU.  Subject to
the last sentence hereof, Shares covered by any vested DSUs shall be delivered within 30 days of the applicable Vesting Date unless
the Director has made a valid election to defer such delivery in accordance with the election form attached hereto as Exhibit B,
in which case delivery of the Shares shall be made in accordance with Director’s election; provided, in each case, that prior
to delivery of any Shares, Director shall have paid to the applicable Company Entity such amount as may be requested by TWW (to
the extent required for any withholding taxes) for purposes of depositing any federal, state or local income or other taxes.

 

2.6.        Plan.
Director acknowledges receipt of a copy of the Plan and represents that Director understands that (i) the terms of grant of the
Shares are set forth in, and governed by, the Plan, (ii) Director shall have no rights in respect of such Shares until TWW delivers
such Shares pursuant to the terms hereof and (iii) the Plan may be amended or modified from time to time.

 

SECTION
3

 

Distribution
Equivalent rights

 

3.1         Payments
and Allocations upon Distributions.  If on any date while DSUs are outstanding hereunder, any Company Entity shall make
any distribution or pay any dividend to holders of Shares, TWW shall cause the applicable Company Entity to allocate to a notional
account for Director (the “Notional Account”) an amount, in respect of each unvested DSU, equal to the amount
that would have been payable in respect of the Shares underlying such unvested DSU if it were issued and outstanding on the date
of such dividend or distribution.

 

3.2         Additional
Payments upon Vesting.  On any date that any unvested DSUs become vested DSUs, Director shall be entitled to receive an
amount (such amount, the “Unvested Distribution Equivalent Payment”) equal to all amounts then credited to Director’s
Notional Account with respect to the such vested DSUs.  Upon payment of any Unvested Distribution Equivalent Payment, the amount
credited to the Notional Account shall be reduced thereby.

 

3.3         Withholding.
TWW or the applicable Company Entity shall have the right and is hereby authorized to withhold from any Unvested Distribution
Equivalent Payment the amount of any applicable withholding taxes in respect of such payment and to take such action as may be
necessary in the opinion of TWW or the applicable Company Entity to satisfy all obligations for the payment of such taxes.

 

SECTION
4

confidentiality

4.1.        Confidentiality.

 

(a)          Director
will not at any time (whether during or after Director’s service on the Board) (x) retain (with respect to electronic or
hard copy Confidential Information) or use for the benefit, purposes or account of Director or any other Person; or (y) disclose,
divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company (other than its professional
advisers who are bound by confidentiality obligations), any non-public, proprietary or confidential information (including without
limitation trade secrets, know-how, research and development, software, databases, inventions, processes, formulae, technology,
designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services,
vendors, customers, clients, partners, investors,

 

    	 	3	 

     

    

 

personnel,
compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals)
concerning the past, current or future business, activities and operations of the Company and/or any third party that has disclosed
or provided any of same to the Company on a confidential basis (“Confidential Information”) without the prior
written authorization of the Board.

 

(b)          “Confidential
Information” shall not include any information that is (i) generally known to the industry or the public other than as
a result of Director’s breach of this covenant or any breach of other confidentiality obligations by third parties; (ii)
made legitimately available to Director by a third party without breach of any confidentiality obligation; or (iii) required by
law to be disclosed; provided that Director shall give prompt written notice to the applicable Company Entity of such requirement,
disclose no more information than is so required, and cooperate, at the Company’s cost, with any attempts by the Company
to obtain a protective order or similar treatment.

 

(c)          Upon
termination of Director’s service on the Board for any reason, Director shall immediately destroy, delete, or return to the
Company, at the Company’s option, all originals and copies in any electronic or hard copy form or medium (including memoranda,
books, papers, plans, computer files, letters and other data) in Director’s possession or control (including any of the foregoing
stored or located in Director’s office, home, laptop or other computer, whether or not Company property) that contain Confidential
Information or otherwise relate to the business of the Company, except that Director may retain only those portions of any personal
notes, notebooks and diaries that do not contain any Confidential Information; and (z) notify and fully cooperate with the Company
regarding the delivery or destruction of any other Confidential Information of which Director is or becomes aware.

 

4.2.        Specific
Performance. Director acknowledges and agrees that TWW’s remedies at law for a breach or threatened breach of any
of the provisions of this Section 4 would be inadequate and TWW would suffer irreparable damages as a result of such breach
or threatened breach.  In recognition of this fact, Director agrees that, in the event of such a breach or threatened breach, in
addition to any remedies at law, TWW, without posting any bond, shall be entitled to cease making any payments or providing any
benefit otherwise required by this Agreement and obtain equitable relief in the form of specific performance, temporary restraining
order, temporary or permanent injunction or any other equitable remedy which may then be available.  Without limiting the generality
of the foregoing, neither party shall oppose any motion the other party may make for any expedited discovery or hearing in connection
with any alleged breach of this Section 4.

 

4.3.        Survival.
The provisions of this Section 4 shall survive the termination of Director’s service on the Board for any reason.  The provisions
of this Section 4 are in addition to any other restrictions set forth in any other long-term incentive program award agreement
or letter; contract; confidentiality or other restrictive covenant agreement; Company policy, guideline or standard; or the protections
under applicable law.

 

SECTION
5

MISCELLANEOUS

 

5.1.        Tax
Issues. THE ISSUANCE OF DSUS AND THE DELIVERY OF SHARES INVOLVE COMPLEX AND SUBSTANTIAL TAX CONSIDERATIONS.  DIRECTOR ACKNOWLEDGES
THAT HE/SHE HAS CONSULTED HIS/HER OWN TAX ADVISOR WITH RESPECT TO THE TRANSACTIONS DESCRIBED IN THIS AGREEMENT.  NEITHER TWW
NOR ANY COMPANY ENTITY MAKES ANY WARRANTIES OR REPRESENTATIONS WHATSOEVER TO DIRECTOR REGARDING THE TAX CONSEQUENCES OF THE DSUS
AND/OR THE SHARES OR UNDER THIS AGREEMENT.  DIRECTOR ACKNOWLEDGES AND AGREES THAT DIRECTOR SHALL BE SOLELY RESPONSIBLE FOR
ANY TAXES ON THE DSUS AND THE SHARES AND SHALL HOLD THE COMPANY, ITS OFFICERS, DIRECTORS AND

 

    	 	4	 

     

    

  

EMPLOYEES
HARMLESS FROM ANY LIABILITY ARISING FROM ANY TAXES INCURRED BY DIRECTOR IN CONNECTION WITH THE DSUS OR SHARES.

 

5.2.        Equitable
Adjustments. Notwithstanding any other provisions in this Agreement or the Plan to the contrary, subject to any required
action by shareholders, if (i) the Company shall at any time be involved in a merger, amalgamation, consolidation, dissolution,
liquidation, reorganization, exchange of shares, sale of all or substantially all of the assets or shares of the Company or a transaction
similar thereto, (ii) any share dividend, share split, reverse share split, share combination, reclassification, recapitalization
or other similar change in the capital structure of the Company, or any distribution to holders of Shares other than cash dividends,
shall occur or (iii) any other event shall occur which in the judgment of the Company necessitates action by way of adjusting the
terms of the outstanding Awards (collectively, “Adjustment Events”), then TWW in its sole discretion and without
liability to any Person shall make such substitution or adjustment, if any, as it deems to be equitable (taking into consideration
such matters, without limitation, as relative value of each class of Shares and the DSUs, status of vesting and the nature of the
Adjustment Event and its impact on the Shares and the DSUs) to the holders of Shares as a group, as to (i) the number or kind of
Shares, DSUs or other securities issued or reserved for issuance under the Plan, (ii) the vesting terms under this Agreement, and/or
(iii) any other affected terms hereunder.

 

5.3.        No
Right to Continued Service on the Board; No Rights as Shareholder. Neither the Plan nor this Agreement shall confer upon
the Director any right to be retained as a member of the Board.  Further, nothing in the Plan or this Agreement shall be construed
to limit the discretion of the Company to terminate the Director’s service on the Board at any time.  The Director shall not
have any rights as a shareholder with respect to any DSUs prior to the DSUs becoming Shares under this Agreement.

 

5.4.        Remedies.

 

(a)          The
rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by any party shall not preclude
or waive its right to use any or all other remedies.  These rights and remedies are given in addition to any other rights the parties
may have at law or in equity.

 

(b)          Except
where a time period is otherwise specified, no delay on the part of any party in the exercise of any right, power, privilege or
remedy hereunder shall operate as a waiver thereof, nor shall any exercise or partial exercise of any such right, power, privilege
or remedy preclude any further exercise thereof or the exercise of any right, power, privilege or remedy.

 

5.5.        Waivers
and Amendments. The respective rights and obligations of TWW and Director under this Agreement may be waived (either generally
or in a particular instance, either retroactively or prospectively, and either for a specified period of time or indefinitely)
in writing by such respective party.  This Agreement may be amended only with the written consent of a duly authorized representative
of TWW and Director.

 

5.6.        Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Georgia.

 

5.7.        CONSENT
TO JURISDICTION.

 

(a)          EACH
OF THE PARTIES HERETO HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL COURT LOCATED IN ATLANTA, GEORGIA OR, IF REQUIRED,
THE APPROPRIATE GEORGIA STATE OR SUPERIOR COURT, AS WELL AS TO THE JURISDICTION OF ALL COURTS TO WHICH AN APPEAL MAY BE TAKEN FROM
SUCH COURTS, FOR THE PURPOSE OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY
OF THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING, WITHOUT 

 

    	 	5	 

     

    

  

LIMITATION,
ANY PROCEEDING RELATING TO ANCILLARY MEASURES IN AID OF ARBITRATION, PROVISIONAL REMEDIES AND INTERIM RELIEF, OR ANY PROCEEDING
TO ENFORCE ANY ARBITRAL DECISION OR AWARD.  EACH PARTY HEREBY EXPRESSLY WAIVES ANY AND ALL RIGHTS TO BRING ANY SUIT, ACTION OR OTHER
PROCEEDING IN OR BEFORE ANY COURT OR TRIBUNAL OTHER THAN THE COURTS DESCRIBED ABOVE AND COVENANTS THAT IT SHALL NOT SEEK IN ANY
MANNER TO RESOLVE ANY DISPUTE OTHER THAN AS SET FORTH IN THIS SECTION 5.9 OR TO CHALLENGE OR SET ASIDE ANY DECISION, AWARD
OR JUDGMENT OBTAINED IN ACCORDANCE WITH THE PROVISIONS HEREOF.

 

(b)          EACH
OF THE PARTIES HERETO HEREBY EXPRESSLY WAIVES ANY AND ALL OBJECTIONS IT MAY HAVE TO VENUE, INCLUDING, WITHOUT LIMITATION, THE INCONVENIENCE
OF SUCH FORUM, IN ANY OF SUCH COURTS.  IN ADDITION, EACH OF THE PARTIES CONSENTS TO THE SERVICE OF PROCESS BY PERSONAL SERVICE OR
ANY MANNER IN WHICH NOTICES MAY BE DELIVERED HEREUNDER IN ACCORDANCE WITH SECTION 5.10 OF THIS AGREEMENT.

 

5.8.        Successors
and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto.

 

5.9.        Entire
Agreement. This Agreement (including the exhibits hereto)_constitutes the full and entire understanding and agreement of
the parties with regard to the subjects hereof and supersedes in their entirety all other prior agreements, whether oral or written,
with respect thereto, except as provided herein.  This Agreement supersedes all prior agreements and understandings (including verbal
agreements) between Director and the Company regarding the DSUs, including any term sheets and related materials.

 

5.10.       Notices.
All demands, notices, requests, consents and other communications required or permitted under this Agreement shall be in writing
and shall be personally delivered or sent by facsimile machine (with a confirmation copy sent by one of the other methods authorized
in this Section 5.13), reputable commercial overnight delivery service (including Federal Express and U.S.  Postal Service overnight
delivery service) or deposited with the U.S.  Postal Services mailed first class, registered or certified mail, postage prepaid,
as set forth below:

 

If
to TWW, addressed to:

 

Travelport Worldwide
Limited

c/o Legal Department

300 Galleria Parkway

Atlanta, Georgia 30339

Attention: General Counsel

Fax: (770) 563-7878

 

If
to Director, to the address set forth on the signature page of this Agreement or at the current address listed in TWW’s records.

 

Notices
shall be deemed given upon the earlier to occur of (i) receipt by the party to whom such notice is directed;
(ii) if sent by facsimile machine, on the day (other than a Saturday, Sunday or legal holiday in the jurisdiction to
which such notice is directed) such notice is sent if sent (as evidenced by the facsimile confirmed receipt) prior to
5:00 p.m.  Eastern Time and, if sent after 5:00 p.m.  Eastern Time, on the day (other than a
Saturday, Sunday or legal holiday in the jurisdiction to which such notice is directed) after which such notice is sent;
(iii) on the first business day (other than a Saturday, Sunday or legal holiday in the jurisdiction to which such notice
is directed) following the day the same is deposited with the

 

    	 	6	 

     

    

 

commercial courier if sent by commercial
overnight delivery service; or (iv) the fifth day (other than a Saturday, Sunday or legal holiday in the jurisdiction to which
such notice is directed) following deposit thereof with the U.S.  Postal Service as aforesaid.  Each party, by notice duly given
in accordance therewith, may specify a different address for the giving of any notice hereunder.

 

5.11.      No
Third Party Beneficiaries. There are no third party beneficiaries of this Agreement.

 

5.12.      Severability;
Titles and Subtitles; Gender; Singular and Plural; Counterparts; Facsimile.

 

(a)          In
case any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions of this Agreement shall not in any way be affected or impaired thereby.

 

(b)          The
titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in
construing this Agreement.

 

(c)          The
use of any gender in this Agreement shall be deemed to include the other genders, and the use of the singular in this Agreement
shall be deemed to include the plural (and vice versa), wherever appropriate.

 

(d)          This
Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together constitute
one instrument.

 

(e)          Counterparts
of this Agreement (or applicable signature pages hereof) that are manually signed and delivered by facsimile transmission shall
be deemed to constitute signed original counterparts hereof and shall bind the parties signing and delivering in such manner.

 

5.13.      Execution
of Certain Documents. By signing this Agreement, Director applies for and requests that TWW allot to Director such Shares
of TWW of par value US$0.0025 each.  These Shares are to be issued to Director pursuant to the terms of this Agreement, and the
consideration for such Shares is set out herein.  Further, Director agrees to take the said Shares subject to the Memorandum of
Association and Bye-Laws of TWW.  In addition, Director agrees to receive any and all information, documents and notices by electronic
mail at the address listed below Director’s signature, and Director undertakes to advise the Secretary of TWW of any changes
to this address from time to time.

 

5.14.      Certain
Determinations. Any determinations to be made by the Board with respect to the DSUs or this Agreement shall be made by
the members of the Board acting without the Director.

 

    	 	7	 

     

    

 

IN WITNESS
WHEREOF, the Company and Director have executed this Agreement as of the day and year first written above.

 

	 	COMPANY:	 
	 	 	 	 
	 	Travelport Worldwide Limited	 
	 	 	 	 
	 	By:	 	 
	 	Signature:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	DIRECTOR:	 
	 	 	 	 
	 	Signature:	 	 
	 	 	[Name of Director]	 
	 	 	 	 
	 	Address: 	 	 
	 	 	 	 
	 	 	 	 
	 	Email address:	 	 
	 	 	 	 
	 	Telephone No.	 	 
	 	 	 	 
	 	Fax No.	 	 

 

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EXHIBIT
A – AMENDED AND RESTATED 2014 OMNIBUS INCENTIVE PLAN

 

 

     

     

    

 

 

EXHIBIT B: DSU DEFERRAL ELECTION

 

Note: This DSU deferral form is being
provided in connection with, or anticipation of, the issuance of Deferred Share Units (the “DSUs”) pursuant
to a Director Award Agreement (the “Agreement”) issued by Travelport Worldwide Limited (“TWW”)
pursuant to the terms of its Amended and Restated 2014 Omnibus Incentive Plan, as amended from time to time (the “Plan”).
If you do not elect to defer the DSUs, settlement will occur in accordance with the Agreement.  

 

	 
	Information About You
	 
	
        Name (First, M.I., Last)

         
	Email address 
	
        Street Address

         
	Fax #
	City	
        State

         
	
        Zip Code

         

	  1.          Do You Want to Defer Receipt of Common Stock under your DSUs?
	
        Your Agreement provides that you may elect
        to defer receipt of all of the shares of Common Stock that would otherwise be distributable to you under your Agreement (a “DSU
        Deferral”).  This DSU Deferral Election Form (this “Deferral Form”) is designed to provide you the
        opportunity to defer receipt of your Common Stock, and any accumulated distributions.  Except as otherwise indicated in this Deferral
        Form, your DSUs will remain subject to the Agreement granted to you (or to be granted to you) and the Plan.  Capitalized terms not
        defined herein shall have the meanings given such terms in your Agreement.

         

        Upon the vesting of the DSUs that you elect
        to defer, the number of shares of Common Stock that would otherwise have been distributed to you will be credited to a bookkeeping
        account established on your behalf.  Any dividends and other distributions (excluding, for the avoidance of doubt, any Unvested
        Distribution Equivalent Payments) on the Common Stock credited to your book account will be paid to you as soon as reasonably practicable
        following payment of such dividend or other distribution.  Upon the payment events you choose in this election form (the “Settlement
        Date”), the shares of Common Stock credited to your account ( the “Settlement Amount”), will be distributed
        to you.  All payments under this Deferral Form, including without limitation any dividends and other distributions as well as the
        Settlement Amount, shall be subject to the satisfaction of the minimum amount of federal, state and local income and payroll tax
        withholding obligations, if any.

         

         ̈
        Yes, I want to make a deferral of the Settlement Date on all of the DSUs that will be granted to me in the future pursuant
        to the Agreement and any subsequent agreements.  Specifically, I elect to have the Settlement Amount that was otherwise deliverable
        to me upon the vesting of my DSUs to be deferred until my termination of service (provided that such termination of service constitutes
        a “separation from service” within the meaning of Section 409A of the Code).

         

         ̈
        No, I do not want to make a deferral of the Settlement Date on all of the DSUs that will be granted to me in the future
        pursuant to the Agreement and any subsequent agreements.  I recognize that if I have previously elected to defer DSUs, this election
        not to defer shall only apply with respect to DSUs that are issued following the year of my election to not defer.

 

     

     

    

 

	2.     Information About Your Payout Election
	
        An election to defer must be made no later
        than the end of the taxable year preceding the year for which the DSUs are granted.  Any Deferral Form returned to TWW after this
        date will be void and of no force or effect.  An election shall be irrevocable as of the last day of the calendar year in which
        the election is made and shall continue in effect for all future DSU grants until revoked by a subsequent election for future years
        in a new Deferral Form.  All such changes shall only be effective prospectively for subsequent calendar years commencing after the
        time of such election.  Notwithstanding the foregoing, your election will apply to any future DSU grants made in the same year following
        date that you join the Board, so long as you make such election within 30 days of the date that you become eligible to receive
        DSUs.

         

        Please note that changes to the payout
        elections are not allowed.

         

	3.     Participant Approval
	
        I certify that
        the         information above is accurate and complete and that this election is irrevocable.  If I have chosen to
        defer the settlement of my         DSUs I give TWW permission to defer delivery of the Common Shares according to the
        instructions above.

         

        Participant Signature:_____________________________________________ Date:
        _________________Exhibit

FIRST AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT 
THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (hereinafter referred to as the “Amendment”), dated as of July 29, 2016, is by and among Hornbeck Offshore Services, LLC (the “Borrower”); Hornbeck Offshore Services, Inc. (the “Parent Guarantor”); each of the Lenders signatory hereto; and Wells Fargo Bank, National Association (in its individual capacity, “Wells Fargo”), as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).  Unless the context otherwise requires or unless otherwise expressly defined herein, capitalized terms used but not defined in this Amendment have the meanings assigned to such terms in the Original Credit Agreement (as defined below), as amended hereby.
W I T N E S S E T H:
WHEREAS, the Borrower, the Parent Guarantor, the Administrative Agent and the Lenders have entered into that certain Second Amended and Restated Credit Agreement dated as of February 6, 2015 (the “Original Credit Agreement”; and as the same may be amended, restated, supplemented or otherwise modified from time to time, including pursuant to this Amendment, the “Credit Agreement”); 
WHEREAS, the undersigned Lenders are entitled to act as the Required Lenders under the Credit Agreement;
WHEREAS, in accordance with Section 12.02 of the Credit Agreement, the Borrower has requested, and the Required Lenders have consented, to amend the Original Credit Agreement in certain respects upon the terms and conditions set forth herein.
NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.  Amendments to Credit Agreement.  Subject to the satisfaction or waiver in writing of each condition precedent set forth in Section 2 hereof, and in reliance on the representations, warranties, covenants and agreements contained in this Amendment, the Original Credit Agreement is hereby amended as follows:
1.1    The definition of “Applicable Margin” in Section 1.02 of the Original Credit Agreement is hereby amended and restated in its entirety to read as follows:
“Applicable Margin” means, for any day, with respect to any ABR Loan, Eurodollar Loan or the Commitment Fee Rate, as the case may be, the rate per annum set forth in the grid below, based upon the Total Debt to Capitalization Ratio as set forth below; provided that at all times during and after the InterestCoverage Holiday, the applicable rate per annum with 

First Amendment to Credit Agreement – Page 1

respect to any ABR Loan or Eurodollar Loan below shall be increased by 0.50%:
	
					
	Grid

	Pricing Level
	Total Debt to Capitalization Ratio
	LIBO Rate Margin
	Alternate Base Rate Margin
	Commitment Fee Rate

	1
	≤ 35%
	2.25%
	1.25%
	0.500%

	2
	≤ 40%
	2.50%
	1.50%
	0.500%

	3
	≤ 45%
	2.75%
	1.75%
	0.500%

	4
	≤ 50%
	3.00%
	2.00%
	0.500%

	5
	> 50%
	3.25%
	2.25%
	0.500%

Any increase or decrease in the Applicable Margin under the grid set forth above with respect to ABR Loans, Eurodollar Loans, or the Commitment Fee Rate, as the case may be, resulting from a change in the Total Debt to Capitalization Ratio shall become effective as of the first Business Day immediately following the date a compliance certificate is delivered pursuant to Section 8.02(b); provided, however, that if a compliance certificate is not delivered when due in accordance with Section 8.02(b), then Pricing Level 5 shall apply as of the first Business Day after the date on which such compliance certificate was required to have been delivered until such compliance certificate is delivered to the Administrative Agent.   
1.2    The definition of “Defaulting Lender” in Section 1.02 of the Original Credit Agreement is hereby amended by adding the following new subclause (iii) at the end of clause (d) thereof:
or (iii) become the subject of a Bail-in Action;
1.3    The definition of “EBITDA” in Section 1.02 of the Original Credit Agreement is hereby amended to add the following new sentence after the second sentence thereof:
Commencing with the earlier of (x) the first full fiscal quarter after the expiration of the Interest Coverage Holiday and (y) the fiscal quarter ending March 31, 2018 (the “Applicable Period”), and until the third immediately following fiscal quarter thereafter, “EBITDA” shall mean, with respect to the Parent Guarantor and its Consolidated Subsidiaries, (a) for the Applicable Period, EBITDA for such fiscal quarter multiplied by four (4), (b) for the Applicable Period and the immediately following fiscal quarter, EBITDA for such fiscal quarters multiplied by two (2), and (c) for the Applicable Period and the two immediately following fiscal quarters, EBITDA for such fiscal quarters multiplied by one and one-third (11⁄3).       

1.4    The definition of “GAAP” in Section 1.02 of the Original Credit Agreement is hereby amended and restated in its entirety to read as follows:

First Amendment to Credit Agreement – Page 2 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time subject to the terms and conditions set forth in Section 1.05; provided, however, that no financial statements, consolidated financial statements or financial projections required by this Agreement to be delivered to the Administrative Agent or the Lenders, nor any calculation of Stockholders Equity, Consolidated Cash Balance or Consolidated Net Tangible Assets hereunder, shall present the financial information of any Investment Entity as of any date or for any period, as applicable, on a consolidated basis with the Parent Guarantor and its Consolidated Subsidiaries, but shall include it as an investment.
1.5    The definition of “Pro Forma EBITDA” in Section 1.02 of the Original Credit Agreement is hereby amended by adding the following new sentence to the end thereof:
Notwithstanding the foregoing, commencing with the earlier of (x) the first full fiscal quarter after the expiration of the Interest Coverage Holiday and (y) the fiscal quarter ending March 31, 2018, and until the third immediately following fiscal quarter thereafter, “Pro Forma EBITDA”, to the extent applicable to assets acquired under (a), above, or newly constructed vessels having received a QSC or a vessel acquired by a Subsidiary within the twelve (12) months after its delivery under (b), above, shall be calculated not on the basis of the preceding twelve (12) months but using the same methodology as provided in the third sentence of the definition of EBITDA.
1.6    Section 1.02 of the Original Credit Agreement is hereby amended by deleting the definition of “Specified Vessel Sale” therefrom.
1.7    Section 1.02 of the Original Credit Agreement is hereby amended to add each of the following definitions in correct alphabetical order: 
“Bail-In Action” means the exercise of any Write-down and Conversion Powers.
“Bail-In Legislation” means (a) in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation for such EEA Member Country as described in the EU Bail-In Legislation Schedule from time to time; and (b) in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.
“Consolidated Cash Balance” means, at any time, the aggregate amount of cash and cash equivalents, certificates of deposit and investments in money market funds, in each case, held or owned by (whether directly or indirectly) 

First Amendment to Credit Agreement – Page 3 

the Parent Guarantor or its Consolidated Subsidiaries, or which are otherwise  assets of a nature that would be reflected as cash on the consolidated balance sheet of the Parent Guarantor.
“Consolidated Cash Balance Threshold” means $50,000,000.
“EEA Financial Institution” shall mean (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of a Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein and Norway.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
“Excess Cash” means, at any applicable time, the amount of the Consolidated Cash Balance in excess of the Consolidated Cash Balance Threshold (other than (i) any cash held to pay in the ordinary course of business of the Borrower, the Parent Guarantor or any Guarantor Subsidiaries amounts then due and owing to unaffiliated third parties and for which such Loan Party has issued checks or has initiated wires or ACH transfers in order to pay such amounts (or will issue such checks or initiate such wires or ACH transfers within one (1) Business Day of such time), (ii) cash of any Loan Party to be used by any Loan Party within five (5) Business Days of such time to make (A) purchase price payments for any acquisition of any assets or property by any Loan Party that is permitted under the terms of this Agreement, (B) repayments or mandatory prepayments of any debt of any Loan Party that is permitted under the terms of this Agreement, (C) construction milestone payments or vessel modification payments or (D) payments on interest payables, or (iii) any cash of any Loan Party constituting deposits or advance payments held in escrow by an unaffiliated third party subject to customary provisions regarding the payment and refunding of such deposits or advance payments).
“First Amendment Effective Date” means July 29, 2016.
“Interest Coverage Holiday” has the meaning assigned to such term in Section 9.01(a).

First Amendment to Credit Agreement – Page 4 

“Investment Entity” has the meaning assigned to such term in Section 9.06(c).
“Investment Entity Assets” has the meaning assigned to such term in Section 9.06(c).
“Investment Entity Vessels” has the meaning assigned to such term in Section 9.06(c).
“Investment Entity Requirements” has the meaning assigned to such term in Section 9.17(a).
“Resolution Authority” means any public administrative authority or any person entrusted with public administration authority having the authority to exercise any Write-down and Conversion Powers.
“Write-Down and Conversion Powers” means (a) in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and (b) in relation to any other applicable Bail-In Legislation, (i) any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and (ii) any similar or analogous powers under that Bail-In Legislation.     
1.8    Section 2.01 of the Original Credit Agreement is hereby amended by adding the following new sentence to the end thereof:
The amount of the Commitments on the First Amendment Effective Date is $200,000,000.
1.9    Section 2.03 of the Original Credit Agreement is hereby amended as follows:
(a)    By amending and restating clause (b) thereof to read as follows:
(b)    Minimum Amounts; Limitations on Borrowings. At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is 

First Amendment to Credit Agreement – Page 5 

an integral multiple of $500,000 and not less than $1,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $300,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.08(e). Borrowings of more than one Type may be outstanding at the same time, provided that there shall not at any time be more than a total of seven (7) Eurodollar Borrowings outstanding.  The aggregate amount of outstanding Borrowings and LC Exposure shall not exceed $75,000,000 at any time during the Interest Coverage Holiday. 

(b)    By amending and restating the second to last paragraph of clause (d) thereof to read as follows:
If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing.  If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Each Borrowing Request shall constitute a representation to the Administrative Agent that (i) the amount of the requested Borrowing shall not cause the total Credit Exposures to exceed the total Commitments and (ii) the Borrower estimates in good faith that, after giving pro forma effect to the requested Borrowing, the Borrower and the Guarantors shall not have any Excess Cash. 
1.10    The Original Credit Agreement is hereby amended by replacing all references to “one hundred fifty percent (150%)” in Sections 2.06(c), 3.04(c)(ii), 6.02(a), 8.08(f) and 8.16 thereof with “two hundred percent (200%)”.         
1.11    Section 2.13(a)(iv) of the Original Credit Agreement is hereby amended by amending and restating the last sentence thereof as follows:
Subject to Section 12.21, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.
1.12    Section 3.04(c) of the Original Credit Agreement is hereby amended by adding a new clause (iii) thereto immediately following existing clause (ii) thereof (and renumbering all subsequent clauses accordingly), which new clause shall read as follows:

First Amendment to Credit Agreement – Page 6 

(iii)    If, at the end of the last Business Day of any week or, if a Default or Event of Default has occurred and is continuing, at the end of any Business Day (A) there are outstanding Borrowings or LC Exposure for any Lender and (B) the Borrower has any Excess Cash as of the date of such determination, then the Borrower shall, within two (2) Business Days, prepay the Borrowings in an aggregate principal amount equal to the amount of such Excess Cash. 
1.13    Section 6.02 of the Original Credit Agreement is hereby amended as follows:
(a)    By adding a new clause (g) thereto immediately following existing clause (f) thereof, which shall read as follows:
(g)    The Administrative Agent shall have received from the Borrower its good faith estimate that, after giving pro forma effect to the funding of such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, the Borrower and the Guarantors shall not have any Excess Cash.
(b)    By amending and restating the last sentence thereof to read as follows:
Each request for a Borrowing or a Swing Line Loan and each request for the issuance, amendment, renewal or extension of any Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in Section 6.02(a) through (g).
1.14    Section 7.04(b) of the Original Credit Agreement is hereby amended to replace “December 31, 2013” with “December 31, 2015”.
1.15    The Original Credit Agreement is hereby amended by adding the following new Section 7.23 thereto:
Section 7.23    EEA Financial Institution.  No Loan Party, nor any of its Subsidiaries, is an EEA Financial Institution.
1.16    Section 8.16 of the Original Credit Agreement is hereby amended by adding the following new sentence to the end thereof:
The Administrative Agent and the Lender further acknowledge, as of the First Amendment Effective Date, that the requirements of this Section 8.16 will be met so long as a Lien is granted on the Vessels set forth in Schedule 8.16B and related Vessel Collateral within ten (10) days after the First Amendment Effective Date (or such longer period as the Administrative Agent may approve in its sole discretion).

First Amendment to Credit Agreement – Page 7 

1.17    Section 8.17 of the Original Credit Agreement is hereby amended by amending and restating the first sentence thereof to read as follows:
The Borrower and the Parent Guarantor shall maintain their primary domestic deposit, collection and disbursement banking accounts with a Lender, and each such account shall be subject to (a) for such primary accounts existing on the First Amendment Effective Date, such deposit account control agreements in respect thereof as are in effect on such date, and (b) for any such primary account established or designated as such by the Borrower or the Parent Guarantor after the First Amendment Effective Date, a deposit account control agreement in form and substance reasonably acceptable to the Administrative Agent entered into within forty-five (45) days of the date on which such account becomes a primary domestic deposit, collection or disbursement banking account of the Borrower or the Parent Guarantor.
1.18    Section 9.01 of the Original Credit Agreement is hereby amended and restated in its entirety to read as follows:
(a)    Interest Coverage Ratio.  The Parent Guarantor (on a consolidated basis with its Consolidated Subsidiaries) will not permit its ratio of EBITDA (without pro forma adjustments, but taking into account the effect of the third sentence in the definition of “EBITDA”) for the period of four fiscal quarters then ending to interest expense (determined in accordance with GAAP except that the non-cash original issue discount component of interest expense related to Debt subject to ASC 815-40 will be excluded from interest expense for purposes of this calculation), as of the last day of any fiscal quarter (i) commencing with the fiscal quarter in which the First Amendment Effective Date shall occur and ending with the fiscal quarter ending June 30, 2018, to be less than 1.00 to 1.00, (ii) commencing with the fiscal quarter ended September 30, 2018 and ending with the fiscal quarter ending December 31, 2018, to be less than 1.25 to 1.00 and (iii) for each fiscal quarter thereafter, to be less than 1.50 to 1.00.  Notwithstanding anything to the contrary herein, the Borrower shall be entitled to designate one (but no more than one) period of four consecutive fiscal quarters in which the Parent Guarantor shall be exempted from compliance with the provisions of this Section 9.01(a) (the “Interest Coverage Holiday”); provided that (x) such period shall end no later than December 31, 2017 and (y) the Borrower shall provide written notice of such designation to the Administrative Agent no later than thirty (30) days following the end of the first full fiscal quarter of the designated Interest Coverage Holiday; and provided, further, that the Borrower shall have a one-time right to rescind its designation of the Interest Coverage Holiday with the delivery of 10 days’ prior written notice of such rescission to the Administrative Agent and, concurrently with or prior to the delivery of such notice, delivery of a certificate of the Parent Guarantor demonstrating 

First Amendment to Credit Agreement – Page 8 

compliance with the provisions of Section 9.01(a) as of the fiscal quarter most recently ended.
(b)    Total Debt to Capitalization Ratio.  The Parent Guarantor (on a consolidated basis with its Consolidated Subsidiaries) will not permit its Total Debt to Capitalization Ratio as of the last day of any fiscal quarter to be greater than (i) commencing with the fiscal quarter ended December 31, 2014 and ending with the fiscal quarter ending June 30, 2018, 55% and (ii) for each fiscal quarter thereafter, 50%.
1.19    Section 9.03 of the Original Credit Agreement is hereby amended as follows:
(a)    By deleting clause (m) therefrom in its entirety (whereupon all subsequent clauses of Section 9.03 shall be relettered accordingly).
(b)    By amending and restating existing clause (q) thereof (to be relettered as clause (p) pursuant to the foregoing amendment) to read as follows:
(p)    Liens granted to secure Debt of any Loan Party that does not exceed $15,000,000 at any one time outstanding on Property that is not Vessel Collateral; provided that no such Liens may be granted under this clause (p) during the Interest Coverage Holiday.
1.20    Section 9.04 of the Original Credit Agreement is hereby amended as follows:
(a)    By adding a new clause (b) thereto (whereupon existing clause (b) and all subsequent clauses of Section 9.04 shall be relettered accordingly), which new clause (b) shall read as follows:
(b)    the Parent Guarantor may (x) declare and make dividend payments or other distributions payable solely in Equity Interests of the Parent Guarantor and (y) issue Equity Interests of the Parent Guarantor in exchange for outstanding Equity Interests of the Parent Guarantor; provided that any such Equity Interests newly issued pursuant to this clause (b) are not Disqualified Stock.
(b)    By amending and restating existing clause (e) thereof (to be relettered as clause (f) pursuant to the foregoing amendment) to read as follows:
(f)    if no Event of Default shall have occurred and be continuing, the Parent Guarantor shall be permitted to otherwise make Restricted Payments provided that (i) such Restricted Payments, together with the aggregate amount of all other Restricted Payments made by the Parent Guarantor (other than pursuant to clause (d) above) after November 2, 2011 is less than the sum of (A) 50% of the cumulative Consolidated Net Income of the Parent Guarantor from January 1, 

First Amendment to Credit Agreement – Page 9 

2006 to the end of the most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit) plus (B) $125,000,000; and (ii) after giving pro forma effect to such Restricted Payment, (A) the Borrower shall have $100,000,000 in the aggregate in cash or cash equivalents in the Deposit Accounts or unused availability under the Commitments or a combination of such cash and cash equivalents and such availability, (B) the Parent Guarantor shall be in pro forma compliance with the provisions of Section 9.01 and (C) the Senior Secured Leverage Ratio shall be less than or equal to 2.00 to 1.00; and provided, further, that at the time any Restricted Payment is being made or declared pursuant to this clause (f) such payment shall not cause the aggregate amount of Restricted Payments made or declared pursuant to this clause (f)  after the First Amendment Effective Date to exceed $15,000,000 if, at such time, the interest coverage ratio described in Section 9.01(a) is less than 2.00 to 1.00.
1.21    Section 9.06 of the Original Credit Agreement is hereby amended as follows:
(a)    By replacing all references to “$20,000,000” in clauses (a) and (b) thereof with “$100,000,000”.
(b)    By deleting the “and” and inserting a comma immediately before sub-clause (5), and adding the following new sub-clause (6), at the end of clause (a) thereof:
and (6) immediately after giving effect to such merger, the Senior Secured Leverage Ratio shall be less than or equal to 2.00 to 1.00.
(c)    By deleting the “and” and inserting a comma immediately before sub-clause (7), and adding the following new sub-clause (8), at the end of clause (b) thereof:
and (8) immediately after giving effect to such acquisition, formation or Investment, the Senior Secured Leverage Ratio shall be less than or equal to 2.00 to 1.00.
(d)    By adding new clause (c) at the end thereof, which shall read as follows:
(c)    Notwithstanding the foregoing clauses (a) and (b), the Loan Parties shall be permitted to transfer (pursuant to one or more transactions) the vessels set forth on Schedule 9.06(c) (and all Property reasonably related thereto) (collectively, the “Investment Entity Vessels”) or any Equity Interests in any Person that owns no Property other than Investment Entity Vessels (collectively with the Investment Entity Vessels, “Investment Entity Assets”) to (1) one or more Subsidiaries, each of which is not a Guarantor Subsidiary, (2) 

First Amendment to Credit Agreement – Page 10 

one or more less than 50%-owned or –controlled Affiliates of a Loan Party or (3) a combination of entities contemplated under the foregoing clauses (1) and (2) (each, an “Investment Entity”); provided, that the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower certifying that, at the time of any such transfer, (i) there is no Default or Event of Default; (ii) the Parent Guarantor shall, after giving pro forma effect to such transfer, be in compliance with the provisions of Section 9.01; (iii) the Investment Entities have received bona fide commitment letters from one or more third parties unaffiliated with any Loan Party or any of their Subsidiaries for an aggregate amount of Three Hundred Million Dollars ($300,000,000) or, if in separate transactions involving separate Investment Entities, in an amount for each such Investment Entity at least equal to the value of the Investment Entity Vessels being contributed to it (such valuation to be determined in good faith by the Borrower and reasonably approved by the Administrative Agent), and such commitment letters being reasonably consistent in form with financial institution industry commitment letters and providing for the investment of such funds in one or more tranches in exchange for, in each instance, Equity Interests of such Investment Entity commensurate with the cash then being funded by such unaffiliated third party; (iv) with respect to each transaction effected under this Section 9.06(c), the applicable Investment Entity has contemporaneously with the closing of such transaction entered into a management services agreement with a Loan Party that is considered reasonable in the good faith determination of the Administrative Agent based on a certified abstract of such management services agreement provided by a Loan Party and, upon request by the Administrative Agent, such Loan Party shall provide a certified copy of such agreement to the Administrative Agent; (v) any indebtedness or other liability of any Investment Entity shall be without recourse to any Loan Party or any assets of any Loan Party; and (vi) no Investment Entity shall hold any Equity Interest or Indebtedness of any Loan Parties or any of their Subsidiaries.

The Loan Parties agree that they will not designate any Subsidiary or less than 50%-owned or -controlled entity an Investment Entity under this Agreement (and in connection therewith will not designate the same an Unrestricted Subsidiary under the Indentures) until the initial funding under a commitment letter by a third party as contemplated above.  

Notwithstanding anything to the contrary in Section 9.06(b) or elsewhere in this Agreement, no Loan Party may make any Investment 

First Amendment to Credit Agreement – Page 11 

in or to any Investment Entity at any time other than the transfers of Investment Entity Assets contemplated in this Section 9.06(c).

(e)    By adding new clause (d) thereafter, which shall read as follows:
(d)    Any Loan Party may make any Investment that constitutes a Permitted Investment under the 2020 Senior Notes Indenture and the 2021 Senior Notes Indenture (or any indenture entered into as replacement of either such indenture) to the extent that such Investment is made by issuing Parent Guarantor Equity Interests (other than Disqualified Stock).
1.22    Section 9.09 of the Original Credit Agreement is hereby amended as follows:
(a)    By replacing all references to “$100,000,000” in clauses (c) and (d) thereof with “$150,000,000”.
(b)    By deleting the “and” and inserting a comma immediately before sub-clause (iv), and adding the following new sub-clause (v), at the end of each of clauses (c) and (d) thereof:
and (v) the Senior Secured Leverage Ratio is less than or equal to 2.00 to 1.00.
(c)    By replacing the period at the end of clause (e) with a semicolon and adding a new clause (f), which shall read as follows:
So long as no Default or Event of Default then exists or would arise therefrom, prepayments of Debt solely to the extent made (i) in the form of Equity Interests of the Parent Guarantor not constituting Disqualified Stock or (ii) from the proceeds of, and reasonably contemporaneously with, (A) any issuance and/or sale of Equity Interests of the Parent Guarantor (other than Disqualified Stock) or (B) any issuance of Debt by the Parent Guarantor that is convertible into Equity Interests of the Parent Guarantor not constituting Disqualified Stock on terms and conditions customary for instruments of such type and with a Stated Maturity no earlier than six months after the Maturity Date.    
1.23    Section 9.12 of the Original Credit Agreement is hereby amended by adding the following new sentence to the end thereof:
Notwithstanding the foregoing, the parties hereto acknowledge that (x) the transfers by the Loan Parties of Investment Entity Assets to Investment Entities pursuant to and in accordance with Section 9.06(c) and (y) the entry into and performance under the management services agreements referred to in, and complying with the provisions of, Section 9.06(c)(iv) by the Loan Parties shall be deemed to satisfy the covenant in this Section 9.12.

First Amendment to Credit Agreement – Page 12 

1.24    Section 9.15 of the Original Credit Agreement is hereby amended as follows:                          
(a)    By amending and restating clause (c) thereof to read as follows: 
(c)    the transfer of Investment Entity Assets to an Investment Entity; 

(b)    By amending and restating the proviso thereto to read as follows:
provided that in the case of (d) above (i) not less than seventy-five percent (75%) of the consideration received in respect of such sale or other disposition shall be cash or cash equivalents, (ii) the consideration received in respect of such sale or other disposition shall be equal to or greater than the fair market value of the Property or Subsidiary subject of such sale or other disposition (as reasonably determined by the board of directors of the Parent Guarantor and, if requested by the Administrative Agent, the Parent Guarantor shall deliver a certificate of a Responsible Officer of the Parent Guarantor certifying to that effect), and (iii) all such sales or other dispositions of Property or Subsidiaries owning Properties do not have a fair market value in excess of (x) twenty percent (20%) of the Consolidated Net Tangible Assets of the Parent Guarantor in any twelve (12) month period in the aggregate, if at the time of such sale or other disposition the Senior Secured Leverage Ratio is less than or equal to 2.00 to 1.00, or (y) ten percent (10%) of the Consolidated Net Tangible Assets of the Parent Guarantor in any twelve (12) month period in the aggregate, if at the time of such sale or other disposition the Senior Secured Leverage Ratio is greater than 2.00 to 1.00, in each case, determined based on the financial information most recently reported to the Administrative Agent and the Lenders of the Parent Guarantor and its Subsidiaries on a consolidated basis as of the most recent quarter end preceding the end of such twelve (12) month period. 
1.25    Section 9.16 of the Original Credit Agreement is hereby amended and restated in its entirety to read as follows:
Negative Pledge Agreements; Dividend Restrictions.  The Parent Guarantor will not, and will not permit any Subsidiary to, create, incur, assume or suffer to exist any contract, agreement or understanding (other than this Agreement, the Security Instruments or Capital Leases creating Liens permitted by Section 9.03(d) and those contracts, agreements or understandings that will govern the investments in, or transfers of Investment Entity Assets to, any Investment Entity (in each case, to the extent such investments or transfers are permitted hereunder)) which in any way prohibits or restricts the granting, conveying, creation or imposition of any Lien on any of its Property in favor of the Administrative Agent and the Lenders or restricts any 

First Amendment to Credit Agreement – Page 13 

Subsidiary from paying dividends or making distributions to the Borrower or any Guarantor, or which requires the consent of or notice to other Persons in connection therewith except for any restriction that may exist under the Indentures, any Replacement Indenture or other indenture entered into by a Loan Party.
1.26    The Original Credit Agreement is hereby amended by adding the following new Section 9.17 thereto:
Section 9.17    Investment Entity.
(a)    No Loan Party shall, or shall permit any Investment Entity to, at any time, fail to comply with clauses (iii) through (vi) of Section 9.06(c) (the “Investment Entity Requirements”).
(b)    Notwithstanding anything to the contrary contained herein, for so long as all Investment Entities are in compliance with the Investment Entity Requirements, no such Investment Entity shall be deemed to be a Subsidiary, Consolidated Subsidiary, Foreign Subsidiary or Domestic Subsidiary of the Parent Guarantor for the purposes of this Agreement (except as such terms are used in Sections 7.15, 9.06(c), 12.04(g) and 12.11 hereof).  For the avoidance of doubt, (i) each such Investment Entity shall remain an Affiliate of the Parent Guarantor and its Subsidiaries for all purposes hereunder; and (ii) for all purposes of calculating the Consolidated Net Income hereunder, the Net Income attributable to the Investment Entities shall be excluded other than to the extent (and solely to the extent) actually received in cash (as distributions, management fees or otherwise) by the Parent Guarantor or any of its Consolidated Subsidiaries from any Investment Entity.   
(c)    The Borrower and the Parent Guarantor shall cause the management, business and affairs of the Loan Parties and their Subsidiaries to be conducted in such a manner (including, without limitation, by keeping separate books of account, reporting with consolidating financial statements that reflect the separate performance of the Investment Entities, furnishing separate financial statements of the Investment Entities, to the extent applicable, to creditors and potential creditors of the Investment Entities and by not permitting the assets and properties of the Loan Parties and their Subsidiaries to be commingled with those of the Investment Entities) so that the Investment Entities will be treated as corporate entities separate and distinct from each Loan Party and each of their Subsidiaries.
1.27    Section 10.01(d) of the Original Credit Agreement is hereby amended and restated to read as follows:

First Amendment to Credit Agreement – Page 14 

(d)    the Borrower or any Guarantor shall fail to observe or perform any covenant, condition or agreement contained in Section 8.05, Section 8.08 or in Article IX (other than Section 9.17(c)).
1.28    The Original Credit Agreement is hereby amended by adding the following new Section 12.21 thereto:
Section 12.21 Acknowledgement and Consent to Bail-In Action. Notwithstanding any other term of any Loan Document or any other agreement, arrangement or understanding between the parties hereto, each party hereto acknowledges and accepts any liability of any EEA Financial Institution arising under any Loan Document may be subject to the write-down and conversion powers of a Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by a Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution;
(b)    the effects of any Bail-In Action in relation to any such liability, including (without limitation) (i) a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability; (ii) a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under any Loan Document; and (iii) a cancellation of any such liability; or 
(c)    a variation of any term of any Loan Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.
1.29    The Annexes to the Original Credit Agreement are hereby amended by adding thereto Annex III attached hereto, which shall replace Annex I to the Original Credit Agreement for all purposes under the Credit Agreement from and as of the First Amendment Effective Date.
1.30    The Schedules to the Original Credit Agreement are hereby amended as follows:
(a)    By replacing Schedule 7.15 thereto with Schedule 7.15 attached hereto (from and as of the First Amendment Effective Date); and  
(b)    By adding thereto Schedule 8.16B attached hereto.
(c)    By adding thereto Schedule 9.06(c) attached hereto.     

First Amendment to Credit Agreement – Page 15 

SECTION 2    Conditions.  The amendments to the Credit Agreement contained in Section 1 of this Amendment shall become effective on and as of the date hereof upon the satisfaction of each of the following conditions precedent:
2.1    Execution and Delivery.  The Administrative Agent shall have received a duly executed counterpart to this Amendment from the Borrower, each other Loan Party and the Required Lenders.
2.2    Amendment Fee.  The Administrative Agent shall have received from the Borrower, for distribution to each of the undersigned Required Lenders, a non-refundable fee equal to the product of 0.25% and the amount of such Lender’s Commitment immediately after giving effect to this Amendment. 
2.3    Other Fees and Expenses.  The Administrative Agent and the Lenders shall have received all fees and all other amounts due and payable on or prior to the date hereof, including, without limitation, the fees set forth in that certain Fee Letter, dated as of even date herewith, between the Borrower and the Administrative Agent and, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement (as amended hereby).
2.4    Legal Opinion.  The Administrative Agent shall have received from counsel to the Loan Parties a favorable written opinion in respect of this Amendment in form and substance reasonably satisfactory to the Administrative Agent, addressed to the Administrative Agent and each of the Lenders and dated the date hereof.
2.5    Officer’s Certificate.  The Administrative Agent shall have received an officer’s certificate executed by a Responsible Officer of the Loan Parties in form and substance reasonably acceptable to the Administrative Agent (a) attaching a certificate of good standing or existence for each Loan Party, as may be available from the Secretary of State (or equivalent thereof) of the jurisdiction of organization of such Loan Party, (b) certifying that there have been no changes (other than as may be attached to such certificate of the Secretary or Assistant Secretary) to the certificate of incorporation and bylaws (or, in each case, comparable organizational documents) from the certificate of incorporation and bylaws (or, in each case, comparable organizational documents) of such Loan Party delivered pursuant to the Original Credit Agreement on the Effective Date, and (c) attaching and certifying copies of the resolutions of its board of directors or other equivalent governing body, or comparable authorizations, authorizing the execution, delivery and performance of this Amendment, the Credit Agreement (as amended hereby), the Mortgage Amendment (as defined below) and any other Loan Documents executed in connection herewith to which such Loan Party is a party and certifying the name, title and true signature of each officer of such Loan Party executing such Loan Documents to which it is a party.
SECTION 3.    Post-Closing Covenant.  Within ten (10) days after the First Amendment Effective Date (or such longer period as the Administrative Agent may approve in its sole discretion), the Administrative Agent shall have received (x) from the Borrower a fully executed and notarized Third Amendment to First Preferred Fleet Mortgage in substantially the form of Exhibit A hereto (the “Mortgage Amendment”), for the benefit of the Lenders and the Secured Swap Providers, and 

First Amendment to Credit Agreement – Page 16 

all documents, certificates and other instruments required by the terms thereof, and (y) from counsel to the Loan Parties a favorable written opinion in respect of the Mortgage Amendment in form and substance reasonably satisfactory to the Administrative Agent, addressed to the Administrative Agent and each of the Lenders and dated the date of such Mortgage Amendment.  The failure of any Loan Party to perform or comply with this Section 3 shall constitute an Event of Default under the Credit Agreement.
SECTION 4.    Representations and Warranties of Loan Parties.  To induce the Lenders to enter into this Amendment, each Loan Party hereby represents and warrants to the Lenders as follows:
4.1    Credit Agreement Representations and Warranties.  After giving effect to the amendments herein, each representation and warranty of such Loan Party contained in the Credit Agreement or in any other Loan Document is true and correct in all material respects on the date hereof (except to the extent any such representations and warranties are expressly limited to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such date and any representation or warranty which is qualified by reference to “materiality” or “Material Adverse Effect” is true and correct in all respects).
4.2    Authority; Enforceability.  The execution, delivery and performance by such Loan Party of this Amendment and all documents, instruments and agreements contemplated herein are within such Loan Party limited liability company or corporate powers and have been duly authorized by all necessary limited liability company or corporate action.  This Amendment and any other document contemplated hereby to which such Loan Party is party has been duly executed and delivered by its and constitutes its legal, valid and binding obligation, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
4.3    Approvals; No Conflicts.  The execution, delivery and performance by such Loan Party of this Amendment and all documents, instruments and agreements contemplated herein (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other third Person (including members or shareholders of the Borrower, the Guarantors or any other Person) other than appropriate filings with the Securities and Exchange Commission relating to this Amendment, nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of any Loan Document or the consummation of the transactions contemplated thereby, except such as have been obtained or made and are in full force and effect other than the recording and filing of the Security Instruments as required thereby or by this Agreement, (b) will not violate any applicable law or regulation or the Organizational Documents of the Borrower, the Guarantors or any Subsidiary or any order of any Governmental Authority, (c) will not violate or result in a default under any material indenture, agreement or other instrument binding upon the Parent Guarantor, the Borrower or any Subsidiary or its Properties, or give rise to a right thereunder to require any material payment to be made by the Borrower or such Subsidiary and (d) will not result in the creation or imposition of any Lien on any Property of the Borrower, the Guarantors or any Subsidiary (other than the Liens created by the Loan Documents).

First Amendment to Credit Agreement – Page 17 

4.4    No Default.  As of the date of this Amendment, both before and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.
SECTION 5.    Miscellaneous.
5.1    Reaffirmation of Loan Documents and Liens.  Each Loan Party hereby expressly acknowledges that (a) all of its obligations under the Guaranty and Collateral Agreement, each Fleet Mortgage (subject to the Mortgage Amendment) and the other Security Instruments and other Loan Documents to which it is a party are reaffirmed and remain in full force and effect on a continuous basis, (b) its grant of security interests pursuant to the Security Instruments (subject to the Mortgage Amendment) are reaffirmed and remain in full force and effect after giving effect to this Amendment and (c) the execution of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents or serve to effect a novation of any obligations of the Loan Parties under the Loan Documents. 
5.2    Parties in Interest.  All of the terms and provisions of this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.
5.3    Costs and Expenses.  The Borrower hereby agrees to pay all reasonable out-of-pocket expenses incurred by Administrative Agent and its Affiliates in connection with the preparation, negotiation and execution of this Amendment and all related documents, including all reasonable fees, charges and disbursements of Vinson & Elkins L.L.P., as counsel to Administrative Agent.
5.4    Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  
5.5    Complete Agreement.  This Amendment, the Credit Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof.
5.6    Headings.  Article and Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.
5.7    Severability.  Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
5.8    Governing Law; Jurisdiction; Waiver of Jury Trial.  Section 12.09 of the Original Credit Agreement is incorporated herein, mutatis mutandis, as if a part hereof.

First Amendment to Credit Agreement – Page 18 

5.9    Reference to and Effect on the Credit Agreement and Loan Documents.
(a)    This Amendment shall be deemed to constitute a Loan Document for all purposes and in all respects.  Each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import, and each reference to the “Credit Agreement” in any other Loan Document, or in any other agreements, documents or other instruments executed and delivered pursuant to the Loan Documents, shall mean and be a reference to the Credit Agreement as amended by this Amendment.  
(b)    Except as amended and modified hereby and by the Mortgage Amendment, any and all of the terms and provisions of the Original Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby in all respects ratified and confirmed by each Loan Party.  Each Loan Party hereby agrees that the amendments and modifications herein contained shall in no manner affect or impair the liabilities, duties and obligations of any Loan Party under the Credit Agreement and the other Loan Documents or the Liens securing the payment and performance thereof.
(c)    The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender or Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents, nor serve to effect a novation of any obligations of the Loan Parties under the Loan Documents.
[SIGNATURE PAGES FOLLOW]

First Amendment to Credit Agreement – Page 19 

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the date first above written.
BORROWER:
HORNBECK OFFSHORE SERVICES, LLC  

	
		
	By:
	/s/ James O. Harp, Jr.

	Name:
	James O. Harp, Jr.

	Title:
	Executive Vice President and Chief Financial Officer

PARENT GUARANTOR:
HORNBECK OFFSHORE SERVICES, INC. 

	
		
	By:
	/s/ James O. Harp, Jr.

	Name:
	James O. Harp, Jr.

	Title:
	Executive Vice President and Chief Financial Officer

 

 

Signature Page to First Amendment to Credit Agreement   

ADMINISTRATIVE AGENT:
 
WELLS FARGO BANK, NATIONAL ASSOCIATION
	
		
	By:
	/s/ Corbin M. Womac

	Name:
	Corbin M. Womac

	Title:
	Director

Signature Page to First Amendment to Credit Agreement   

LENDERS:
WELLS FARGO BANK, NATIONAL ASSOCIATION
	
		
	By:
	/s/ Corbin M. Womac

	Name:
	Corbin M. Womac

	Title:
	Director

Signature Page to First Amendment to Credit Agreement   

BARCLAYS BANK PLC
	
		
	By:
	/s/ Evan Moriarty

	Name:
	Evan Moriarty

	Title:
	Assistant Vice President

Signature Page to First Amendment to Credit Agreement   

CAPITAL ONE, N.A.
	
		
	By:
	/s/ Mark Preston

	Name:
	Mark Preston

	Title:
	Senior Vice President

Signature Page to First Amendment to Credit Agreement   

JPMORGAN CHASE BANK, N.A.
	
		
	By:
	/s/  Donald Hunt

	Name:
	Donald Hunt

	Title:
	Executive Director

Signature Page to First Amendment to Credit Agreement   

COMERICA BANK
	
		
	By:
	/s/  Gary Culbertson

	Name:
	Gary Culbertson

	Title:
	Vice President

Signature Page to First Amendment to Credit Agreement   

WHITNEY BANK
	
		
	By:
	/s/  Lindsey Wands

	Name:
	Lindsey Wands

	Title:
	Vice President

Signature Page to First Amendment to Credit Agreement   

ZB, N.A. dba AMEGY BANK
	
		
	By:
	/s/  Rachel Pletcher

	Name:
	Rachel Pletcher

	Title:
	Vice President

Signature Page to First Amendment to Credit Agreement   

DNB CAPITAL LLC
	
		
	By:
	/s/  Evan W. Uhlick

	Name:
	Evan W. Uhlick

	Title:
	Senior Vice President

	
		
	By:
	/s/  Cathleen Buckley

	Name:
	Cathleen Buckley

	Title:
	Senior Vice President

Signature Page to First Amendment to Credit Agreement   

Acknowledged and agreed to  
solely for purposes of Section 5.1:
SUBSIDIARY GUARANTORS:
HORNBECK OFFSHORE  
TRANSPORTATION, LLC 

	
		
	By:
	/s/  James O. Harp, Jr.

	Name:
	James O. Harp, Jr.

	Title:
	Executive Vice President and Chief Financial Officer

HOS-IV, LLC 

	
		
	By:
	/s/  James O. Harp, Jr.

	Name:
	James O. Harp, Jr.

	Title:
	Executive Vice President and Chief Financial Officer

HORNBECK OFFSHORE  
TRINIDAD & TOBAGO, LLC 

	
		
	By:
	/s/  James O. Harp, Jr.

	Name:
	James O. Harp, Jr.

	Title:
	Executive Vice President and Chief Financial Officer

HORNBECK OFFSHORE OPERATORS, LLC
 
	
		
	By:
	/s/  James O. Harp, Jr.

	Name:
	James O. Harp, Jr.

	Title:
	Executive Vice President and Chief Financial Officer

Signature Page to First Amendment to Credit Agreement   

ENERGY SERVICES PUERTO RICO, LLC 

	
		
	By:
	/s/  James O. Harp, Jr.

	Name:
	James O. Harp, Jr.

	Title:
	Executive Vice President and Chief Financial Officer

HOS PORT, LLC
 
	
		
	By:
	/s/  James O. Harp, Jr.

	Name:
	James O. Harp, Jr.

	Title:
	Executive Vice President and Chief Financial Officer

HORNBECK OFFSHORE INTERNATIONAL, LLC 

	
		
	By:
	/s/  James O. Harp, Jr.

	Name:
	James O. Harp, Jr.

	Title:
	Executive Vice President and Chief Financial Officer

Signature Page to First Amendment to Credit Agreement   

ANNEX III
FIRST AMENDMENT CREDIT AGREEMENT COMMITMENTS
(As of the First Amendment Effective Date)

	
						
	Lender
	Amount Of Commitment
	% of Total Commitments

	Wells Fargo Bank, N.A.
	

	$40,000,000.01
	

	20.000000000000
	%

	Barclays Bank PLC
	

	$30,000,000.00
	

	15.000000000000
	%

	JPMorgan Chase Bank, NA
	

	$30,000,000.00
	

	15.000000000000
	%

	Comerica Bank
	

	$25,000,000.00
	

	12.500000000000
	%

	DNB Capital LLC
	

	$25,000,000.00
	

	12.500000000000
	%

	Capital One NA
	

	$18,333,333.33
	

	9.166666667000
	%

	Whitney Bank
	

	$18,333,333.33
	

	9.166666667000
	%

	ZB, N.A. dba Amegy Bank
	

	$13,333,333.33
	

	6.666666667000
	%

	Total
	

	$200,000,000.00
	

	100.000000000000
	%

 

SCHEDULE 7.15
SUBSIDIARIES 

	
		
	Parent Guarantor
	 

	Legal name:
	Hornbeck Offshore Services, Inc.

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	2757751

	 

	Each of the following Persons is a 100% owned subsidiary of Hornbeck Offshore Services, Inc.

	 
	 

	Borrower
	 

	Legal name:
	Hornbeck Offshore Services, LLC

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	2603868

	 
	 

	Subsidiaries
	 

	Legal name:
	Hornbeck Offshore Transportation, LLC

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	3469782

	 
	 

	Legal name:
	HOS-IV, LLC

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	3664519

	 
	 

	Legal name:
	Hornbeck Offshore Trinidad & Tobago, LLC

	Current location of chief executive office or principal place of business
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	3756721

 

	
		
	 
	 

	Legal name:
	Hornbeck Offshore Operators, LLC

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	2757747

	 
	 

	Legal name:
	Energy Services Puerto Rico, LLC

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	3469783

	 
	 

	Legal name:
	HOS Port II, LLC

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	3855226

	 
	 

	Legal name:
	Hornbeck Offshore International, LLC

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	3920301

	 
	 

	Legal name:
	HOS Port, LLC

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	4077391

	 
	 

	Legal name:
	Hornbeck Offshore Rigging Services & Equipment, LLC

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	4366577

	 
	 

	Legal name:
	HOS International, Inc.

Signature Page to First Amendment to Credit Agreement   

	
		
	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	5503861

	 
	 

	Legal name:
	Hornbeck Offshore Specialty Services, LLC

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	4379725

	 
	 

	Legal name:
	KMS 124, LLC

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	5747799

	 
	 

	Legal name:
	HOS WELLMAX Services, LLC

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Delaware

	Organization number:
	5812928

	 
	 

	The following Person is a 49% owned subsidiary of Hornbeck Offshore Services, LLC

	 
	 

	Legal name:
	Hornbeck Offshore Services de Mexico, S. de R.L. de C.V.

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Mexico

	Organization number:
	389382

	 
	 

	Each of the following Persons is a 99% owned subsidiary of Hornbeck Offshore Services, LLC and a 1% owned subsidiary of Hornbeck Offshore International, LLC

	 
	 

	Legal name:
	HOS Leasing de Mexico, S.A. de C.V. SOFOM E.N.R.

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Mexico

	Organization number:
	98203

Signature Page to First Amendment to Credit Agreement   

	
		
	 
	 

	Legal name:
	Hornbeck Offshore Operators de Mexico, S. de R.L. de C.V.

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Mexico

	Organization number:
	390994

	 

	The following Person is a 100% owned subsidiary of Hornbeck Offshore International, LLC

	 
	 

	Legal name:
	Hornbeck Offshore Cayman, Ltd.

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Cayman Islands

	Organization number:
	CT 145149

	 

	The following Person is a 100% owned subsidiary of Hornbeck Offshore Cayman, Ltd.

	 
	 

	Legal name:
	Seahorse Crew Management, Ltd.

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Cayman Islands

	Organization number:
	CT 145162

	 
	 

	The following Person is a 1% owned subsidiary of Hornbeck Offshore Services, LLC and a 99% owned subsidiary of Hornbeck Offshore International, LLC

	 
	 

	Legal name:
	T.N. Percheron, S. de R.L. de C.V.

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Mexico

	Organization number:
	5252911

	 
	 

	The following Person is a 10% owned subsidiary of Hornbeck Offshore Services, LLC and a 90% owned subsidiary of Hornbeck Offshore International, LLC

	Legal name:
	Hornbeck Offshore Navegacao Ltda

	Current location of chief executive office or principal place of business:
	Avenida Paisagista Jose Silva de Azevadi Neto n200, Sala 201 Bloco 04                                      Barra da Tijuca, Rio de Janeiro, RJ               CEP 2275-056

	Jurisdiction of organization:
	Brazil

	Organization number:
	11.022.104/0001-13

Signature Page to First Amendment to Credit Agreement   

	
		
	 
	 

	The following Person is a 1% owned subsidiary of Hornbeck Offshore Specialty Services, LLC and a 99% owned subsidiary of Hornbeck Offshore International, LLC

	Legal name:
	HOS de Mexico, S. de R.L. de C.V.

	Current location of chief executive office or principal place of business:
	103 Northpark Boulevard, Suite 300 
Covington, Louisiana 70433

	Jurisdiction of organization:
	Mexico

	Organization number:
	5250481

	 
	 

	The following Person is a 0.01% owned subsidiary of Hornbeck Offshore Services, LLC and a 99.99% owned subsidiary of Hornbeck Offshore International, LLC

	Legal name:
	HON Navegacao II Ltda

	Current location of chief executive office or principal place of business:
	Rua Sa e Albuquerque
N454, Sala 2D
Jaragua, Maceio, AL
CEP 57.022-180

	Jurisdiction of organization:
	Brazil

	Organization number:
	25.295.865/0001-53

Signature Page to First Amendment to Credit Agreement   

SCHEDULE 8.16B
UPDATED VESSEL COLLATERAL
(As of the First Amendment Effective Date)

	
		
	VESSEL NAME
	OFFICIAL NUMBER

	HOS CAROLINA
	1244587

	HOS COMMANDER
	1244578

	HOS CLAYMORE
	1244588

	HOS CAPTAIN
	1244589

	HOS CLEARVIEW
	1244579

	HOS CROCKETT
	1244584

	HOS CALEDONIA
	1244585

	HOS CEDAR RIDGE
	1246521

	HOS CRESTVIEW
	1244586

	HOS CORAL
	1214383

	HOS STORMRIDGE
	1124421

	HOS BRIMSTONE
	1124426

 

SCHEDULE 9.06(c)
INVESTMENT ENTITY VESSELS

	
		
	VESSEL NAME
	OFFICIAL NUMBER

	HOS CROSSFIRE
	3101466132-5

	HOS DAKOTA
	3101466032-3

	HOS THUNDERFOOT
	04013741323

	HOS BRIGADOON
	2701343432-4

	HOS HAWKE
	2701346532-6

	HOS DEEPWATER
	2701341722-7

	HOS NAVEGANTE
	2247

	HOS SAYLOR
	2701345932-1

	HOS SILVERSTAR
	1144439

	HOS BRASS RING
	2412231516

	HOS IRON HORSE
	1989

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