Document:

exv4w34

Exhibit 4.34

DATED THIS 26th DAY OF MAY 2011

ENSCO PLC

 

DEED OF ASSUMPTION

relating to

Equity Incentive Plans of Pride International, Inc.

 

 

 

DEED OF ASSUMPTION

OF

ENSCO PLC

This Deed relating to the equity incentive plans of Pride International, Inc. (“Pride”) listed in
Annex A is made on 26 May 2011 by ENSCO PLC (incorporated in England and Wales with registered
number 7023598) whose registered office is at 6 Chesterfield Gardens, London XO W1J5BQ (“Ensco
plc”).

     WHEREAS, the board of directors of Ensco plc has approved the Agreement and Plan of Merger,
dated as of 6 February 2011 and as amended on 1 March 2011 (the “Merger Agreement”), by and among
Ensco plc, ENSCO International Incorporated, a Delaware corporation and an indirect, wholly owned
subsidiary of Ensco plc, ENSCO Ventures LLC, a Delaware limited liability company and an indirect,
wholly owned subsidiary of Ensco plc (the “Merger Sub”), and Pride, as it may be amended from time
to time;

     WHEREAS, the shareholders of Ensco plc will be asked to approve and adopt the Merger Agreement
at a general meeting of the Ensco plc shareholders on 31 May 2011;

     WHEREAS, the board of directors of Pride has approved the Merger Agreement and the
stockholders of Pride will be asked to approve and adopt the Merger Agreement at a special meeting
of the Pride stockholders to be held on 31 May 2011;

     WHEREAS, pursuant to the Merger Agreement, the Merger Sub will merge with and into Pride (the
“Merger”), with Pride surviving the Merger as a wholly owned subsidiary of Ensco plc;

     WHEREAS, pursuant to the Merger Agreement and at the effective time of the Merger (“Effective
Time”), each outstanding share of Pride common stock (other than shares held by certain
stockholders as described in the Merger Agreement) will be converted into the right to receive
$15.60 in cash and 0.4778 American depositary shares (“ADSs”) which represent Class A ordinary
shares of Ensco plc and are evidenced by American depositary receipts (“ADRs”);

     WHEREAS, Pride has sponsored the equity incentive plans listed in Annex A (each, a “Plan” and
collectively, the “Plans”) and has granted options to purchase shares of Pride common stock
(“Options”) to eligible persons described in the Plans;

     WHEREAS, pursuant to the Merger Agreement and at the Effective Time, each Option that is
outstanding and unexercised immediately prior to the Effective Time will be assumed by Ensco plc
and converted into an option to purchase ADSs (“Assumed Option”), subject to the terms of the
applicable Plan and option agreement; provided, however, that (i) the number of ADSs purchasable
upon exercise of such Assumed Option shall be equal to the number of shares of Pride common stock
that were purchasable under such Option immediately prior to the Effective Time multiplied by the
equity compensation exchange ratio set forth in the Merger Agreement and rounded down to the
nearest whole ADS, and (ii) the per share exercise price under such Assumed Option shall be
adjusted by dividing the per share exercise price under such Option immediately prior to the
Effective Time by the equity compensation exchange ratio set forth in the Merger Agreement and
rounding up to the nearest whole cent;

     WHEREAS, in order to facilitate the assumption of the outstanding and unexercised Options and
the related rights, duties or obligations under the Plans by Ensco plc, the board of directors of
Pride has approved amendments to the Plans as necessary or appropriate (i) to provide for the
appropriate substitution of “Ensco plc” in place of “Pride” where applicable, (ii) to reflect that
ADSs (rather than shares of Pride common stock) will be issued upon exercise of the Assumed
Options, (iii) to provide for the administration of the Assumed Options by the Nominating,
Governance and Compensation

 

 

Committee of Ensco plc (or by the Board of Directors of Ensco plc with respect to any Assumed
Options held by a Director), (iv) to provide that no awards may be granted under the Plans after
the Effective Time, (v) to provide that the Plans will terminate on the earlier of the termination
date specified in the respective Plans and the exercise or expiration date of the last Assumed
Option, and (vi) to facilitate compliance with applicable English corporate or tax law
requirements;

     WHEREAS, subject to the completion of the Merger and as of the Effective Time, Ensco plc
desires to assume the outstanding and unexercised Options and adopt and assume the Plans (as
amended as described above) under which the Options were granted (the “Assumed Plans”);

     WHEREAS, Ensco plc agrees that ADSs shall be used to satisfy the exercise of any Assumed
Option;

     WHEREAS, the Assumed Plans are annexed to this Deed of Assumption;

NOW THIS DEED WITNESSES AS FOLLOWS:

	1.	 	Ensco plc hereby declares, undertakes and agrees for the benefit of each participant who
holds Options under the Plans that, with effect from the Effective Time, it shall:

	 	1.1	 	assume the outstanding and unexercised Options and adopt and assume the Plans
(as amended as described above);
	 
	 	1.2	 	undertake and discharge all of the rights and obligations relating to
sponsorship of the Assumed Plans which have been undertaken and were to be discharged
by Pride prior to the Effective Time;
	 
	 	1.3	 	exercise all of the powers of the plan sponsor relating to the Assumed Plans
which were exercised by Pride prior to the Effective Time;

	2.	 	For the purposes of the assumption of the Options and this Deed:

	 	2.1	 	any Assumed Option shall be subject to the same terms and conditions of the
applicable Assumed Plan or any agreement evidencing or relating to such Option (each, a
“Plan Document” and collectively, the “Plan Documents”) as in effect immediately prior
to the effective date of this Deed, save for such changes as are necessary to
effectuate and reflect the assumption by Ensco plc of the Option and the rights and
obligations thereunder and such changes as are necessary or advisable to account for
English corporate and/or tax law requirements;
	 
	 	2.2	 	to the extent any Plan Document provides for the issuance, acquisition,
delivery, holding or purchase of, or otherwise relates to or references, shares of
Pride common stock in connection with the Assumed Option, then, pursuant to the terms
hereof and thereof, such Plan Document is hereby amended to provide for the issuance,
acquisition, delivery, holding or purchase of ADSs or ADRs; provided, however, that (i)
the number of ADSs purchasable upon exercise of such Assumed Option shall be equal to
the number of shares of Pride common stock that were purchasable under such Option
immediately prior to the Effective Time multiplied by the equity compensation exchange
ratio set forth in the Merger Agreement and rounded down to the nearest whole ADS, and
(ii) the per share exercise price under such Assumed Option shall be adjusted by
dividing the per share exercise price under such Option immediately prior to the
Effective Time by the equity compensation exchange ratio set forth in the Merger
Agreement and rounding up to the nearest whole cent;

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	 	2.3	 	all references in the Assumed Plans to Pride or its predecessors are hereby
amended to be references to Ensco plc, except where the context dictates otherwise;
	 
	 	2.4	 	all references to the board of directors (or relevant committee of the board of
directors) in the Assumed Plans shall henceforth be taken to be references to the board
of directors of Ensco plc (or relevant committee of the board of directors of Ensco
plc), except where the context dictates otherwise;
	 
	 	2.5	 	each Assumed Option shall, pursuant to the terms hereof and thereof, be
exercisable upon the same terms and conditions as under the applicable Plan Document,
except that upon the exercise of such Assumed Options, as applicable, ADSs evidenced by
ADRs are hereby issuable in lieu of shares of Pride common stock according to the ratio
set forth in clause 2.2 above;
	 
	 	2.6	 	nothing in the Plan Documents will allow for the payment of the exercise price
of the Assumed Option or the satisfaction of withholding taxes by way of the optionee
tendering already owned shares or ADSs to Ensco plc and any provision in the Plan
Documents which calls for the surrender or tender of shares of Pride common stock to
Pride for any purpose (including, but not limited to, payment of the exercise price of
the Assumed Option or payment of any withholding taxes) shall be null and void and
shall not be interpreted to allow for the surrender or tender of ADSs to Ensco plc for
any purpose; and
	 
	 	2.7	 	if any benefits or amounts due are determined by reference to ordinary shares,
they will henceforth be determined by reference to ADSs.

	3.	 	Ensco plc hereby grants, conditional upon the Merger becoming effective, each Assumed Option
on the terms set out in this Deed. Each Assumed Option shall be treated as coming into effect
immediately on the Effective Time (after the Option which is being assumed has ceased to
represent a right to acquire shares of Pride common stock).
	 
	4.	 	This deed shall be governed by and construed in accordance with the laws of England and
Wales.

IN WITNESS WHEREOF this Deed has been executed by Ensco plc on the date first above written.

	 	 	 

	EXECUTED AS A DEED AND DELIVERED BY
	 	)
	ENSCO PLC
	 	)
	acting by:
	 	)

	 	 	 	 	 
	 	 	 
	 	/s/ Daniel W. Rabun
 	 
	 	Director 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	/s/ Cary A. Moomjian, Jr.
 	 
	 	Director/Secretary 	 
	 	 	 

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ANNEX A

Assumed Plans

	1.	 	Pride International, Inc. 1993 Directors’ Stock Option Plan;
	 
	2.	 	Pride International, Inc. 1998 Long-Term Incentive Plan (as amended and restated effective
February 17, 2005);
	 
	3.	 	Pride International, Inc. 2004 Directors’ Stock Incentive Plan (as amended and restated
effective March 26, 2008); and
	 
	4.	 	Pride International, Inc. 2007 Long-Term Incentive Plan (as amended and restated effective
March 16, 2010)

-4-exv4w35

Exhibit 4.35

AMENDMENT TO THE

PRIDE INTERNATIONAL, INC.

2007 LONG-TERM INCENTIVE PLAN

(As Amended and Restated Effective March 16, 2010)

WHEREAS, the board of directors (the “Board”) of Pride International, Inc., a Delaware corporation
(“Pride”), adopted the Pride International, Inc. 2007 Long-Term Incentive Plan, which became
effective as of the date of its approval by the stockholders of Pride on May 12, 2007;

WHEREAS, the Board adopted an amendment and restatement of the Plan on March 16, 2010 which became
effective as of its approval by the stockholders of Pride stockholders on May 20, 2010;

WHEREAS, the stockholders of Pride will be asked to approve and adopt at the Special Meeting of
Stockholders on May 31, 2011 the “Agreement and Plan of Merger,” dated as of February 6, 2011 and
as amended on March 1, 2011, as it may be amended from time to time (the “Merger Agreement”), by
and among Ensco plc (the “Company”), ENSCO International Incorporated, a Delaware corporation and
an indirect, wholly owned subsidiary of Ensco, ENSCO Ventures LLC, a Delaware limited liability
company and an indirect, wholly owned subsidiary of the Company (the “Merger Sub”), and Pride,
pursuant to which the Merger Sub will merge with and into Pride (the “2011 Merger”), with Pride
surviving the 2011 Merger as a wholly owned subsidiary of the Company;

WHEREAS, pursuant to the Merger Agreement, each outstanding share of common stock of Pride (other
than shares held by certain stockholders as described in the Merger Agreement) at the effective
time of the 2011 Merger, as defined in Section 1.1 of the Merger Agreement (the “Effective Time”),
will be converted into the right to receive $15.60 in cash and 0.4778 American Depositary Shares
(“ADSs”), each whole ADS representing one Class A ordinary share of the Company;

WHEREAS, as of the Effective Time, each outstanding option to purchase shares of Pride common stock
granted under the Plan that is outstanding and unexercised immediately prior to the Effective Time
will be assumed by the Company and converted into an option to purchase, on the same terms and
conditions as applied to each such option immediately prior to the Effective Time, ADSs, and each
such option will continue to have the same terms and conditions as applied to each such option
immediately prior to the Effective Time, except that (a) as of the Effective Time, the option as so
assumed and converted will be fully vested and exercisable for that number of whole ADSs equal to
the product of (x) the number of shares of Pride common stock that were purchasable under the
option immediately prior to the Effective Time and (y) the equity compensation exchange ratio (as
defined below) and rounded down to the nearest whole ADS, (b) the per share exercise price under
such assumed option shall be adjusted by dividing

 

 

the per share exercise price under such Pride
stock option immediately prior to the Effective Time by the equity compensation exchange ratio
(which is the sum of (i) 0.4778 and (ii) the quotient obtained by dividing $15.60 by the average of
the closing prices of an ADS for the five consecutive trading days ending three trading days prior
to the closing date of the 2011 Merger, as defined in Section 1.2 of the Merger Agreement, rounded
to the nearest ten thousandth) and rounding up to the nearest whole cent, (c) the exercise price
and/or number of ADSs that may be purchased under the assumed option will be further adjusted to
the extent required for the assumed option to remain compliant with, or exempt from, the
requirements of section 409A of the Internal Revenue Code of 1986, as amended, and (d) the
permissible methods of payment of the option grant price and withholding taxes provisions under the
assumed option will be amended to comply with the U.K. Companies Act 2006; and

WHEREAS, the Board approved this Amendment to the Plan during its meeting held on May 19, 2011, to
become effective as of, and only as of, the Effective Time, to reflect the provisions of the Merger
Agreement and the effect of the 2011 Merger on the Plan;

NOW, THEREFORE, in consideration of the premises and the covenants herein contained, the Plan is
amended as of the Effective Time as follows:

	1)	 	Section 1 is amended to add the following sentences at the end of the section:
	 
	 	 	The Plan was further amended, as of the effective time of the Company’s merger with Ensco
plc, a public limited company incorporated under the laws of England and Wales (the
“Effective Time”), to reflect the assumption and adoption of the Plan by Ensco plc. All
subsequent references in this Plan to Company shall be to Ensco plc or any successor
thereto, unless the context otherwise requires, and all provisions of this Plan shall be
consistently interpreted and applied.
	 
	2)	 	Section 3 is amended to add the following definitions:
	 
	 	 	“Act” means the U.K. Companies Act 2006.
	 
	 	 	“ADS” means an American depositary share which represents a Class A ordinary share in
the Company, nominal value US$0.10 per share, and evidenced by an American depositary
receipt. All references in this Plan to shares of Common Stock (including the definition in
this Section 3) shall be read and considered to be references to ADSs, unless the context
otherwise requires, all references to stock, securities and/or shares of Pride
International, Inc. shall be read and considered to be references to or to include ADSs, as
applicable, and all references (specific or otherwise) to “stockholders of the Company”
shall be read and considered to be references to holders of ADSs, unless the context
otherwise requires, and all provisions of this Plan shall be consistently interpreted and
applied.

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	 	 	“Employee Taxes” means any federal, state, local income taxes and/or other taxes imposed by
the Host Country and/or country of the Participant’s residence.
	 
	 	 	“Host Country” means the country or residence of the Company or its Subsidiary which has the
legal relationship of employer and employee with the Employee.
	 
	 	 	“Tax Equalization” or “Hypothetical Tax” means the methodology established by the Company,
either through general personnel policies or specific agreement, to neutralize, in whole or
in part, the tax consequences to Employees assigned to locations outside of the Employee’s
home country.
	 
	3)	 	Section 3 is further amended to replace the definition of “Committee”
with

“Committee” means the Nominating, Governance and Compensation Committee of the Board, the
Executive Compensation Subcommittee of the Nominating, Governance and Compensation Committee
of the Board or such other Committee or subcommittee as may be appointed by the Board from
time to time, which shall be comprised solely of two or more persons who are Disinterested
Directors, as defined in the Ensco International Incorporated 2005 Long-Term Incentive Plan
(As Revised and Restated on December 22, 2009 and As Assumed by the Company as of December
23, 2009), as amended from time to time. The Board shall assume any or all of the powers
and responsibilities prescribed for the Committee with respect to Options held by Directors,
and to that extent, the term “Committee” as used herein shall also be applicable to the
Board, unless the context otherwise requires.
	 
	4)	 	Section 3 is further amended to replace the definition of “Plan”
with

“Plan” means this Pride International, Inc. 2007 Long-Term Incentive Plan (As Amended and
Restated Effective March 16, 2010), as amended as of the Effective Time, and as may be
amended from time to time thereafter;
	 
	5)	 	Section 3 is further amended to replace the definition of “Subsidiary”
with

“Subsidiary” means any corporation or legal entity as to which more than fifty percent (50%)
of the outstanding voting shares, ADSs or interests shall now or hereafter be owned or
controlled, directly by a person, any Subsidiary of such person, or any Subsidiary of such
Subsidiary. For purposes of the definition of Employee, Subsidiary means a subsidiary
within the meaning of Section 1159 of the Act.
	 
	6)	 	Section 4 is amended to add the following sentence at the end of the section:
	 
	 	 	No Awards may be granted under this Plan after the Effective Time (other than Options that
are assumed by the Company in connection with the merger between Pride International, Inc.
and the Company).

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	7)	 	Section 5 is amended to add the following sentence at the end of the section:
	 
	 	 	ADSs used to satisfy the exercise of Options that are assumed by the Company in connection
with the merger between Pride International, Inc. and the Company may be authorized but
unissued ADSs or, if the Committee so determines, ADSs held in reserve by a Subsidiary or
(with respect to Options held by Employees) ADSs that have been acquired by the trustees of
any employee benefit trust established in connection with the Company’s equity incentive
plans.
	 
	8)	 	Section 6(a) is amended to add the following sentence at the end of the section:
	 
	 	 	The authority exercised by the Committee in connection with this Plan is subject to any
applicable provisions of the Act.
	 
	9)	 	Section 6(b) is amended to add the following sentences at the end of the section:
	 
	 	 	This provision applies to the fullest extent permitted by applicable law. Nothing in this
Section 6(b) shall exempt a director of a company (to any extent) from any liability that
would otherwise attach to him in connection with any negligence, default, breach of duty or
breach of trust in relation to the company. For purposes of this section, “company” means a
company formed and registered under the Act.
	 
	10)	 	The last sentence of Section 11 is amended to read as follows:
	 
	 	 	Notwithstanding the above, the Committee may not take any actions hereunder, and no Awards
shall be granted, that would violate the Exchange Act, the Code, the Act, any securities
law, any governing statute, or any other applicable law.
	 
	11)	 	Section 13 is amended in its entirety to read as follows:

     13. Option Exercise. The Grant Price shall be paid in full at the time of exercise (i) in
cash or by check payable and acceptable to the Company or its designee, (ii) subject to the
approval of the Committee, by authorizing the Company or its designee to withhold from the ADSs to
be issued upon any exercise of an Option, a number of ADSs having an aggregate Fair Market Value on
the date of exercise that is not greater than the aggregate Grant Price for the ADSs with respect
to which the Option is being exercised and by paying any remaining amount of the Grant Price as
provided in (i), or (iii) by way of a cashless exercise pursuant to which the Participant instructs
the Company’s designee to sell some or all of the ADSs subject to the exercised portion of the
Option and deliver promptly to the Company the amount of the sale proceeds sufficient to pay the
Grant Price. Payment instruments will be received subject to collection. The Committee may adopt
additional rules and procedures regarding the exercise of Options from time to time, provided that
such rules and procedures are not inconsistent with the provisions of this Section and provided
that such rules and procedures are subject to applicable law.

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	12)	 	Section 14 is amended in its entirety to read as follows:

     14. Taxes. Options under this Plan shall be subject to withholding for Employee Taxes
required by law. Each Participant shall, at such time as the value of any ADSs or other amounts
received pursuant to an Option first becomes includable in the gross income of such Participant for
Employee Taxes or the time that a withholding obligation arises for the Company or any of its
Subsidiaries with respect to the Option, as applicable, pay to the Company or its designee, or make
arrangements satisfactory to the Committee regarding payment of, any and all such Employee Taxes
required to be withheld with respect to such income and, if applicable, any amounts owed to the
Company or its Subsidiaries under its Tax Equalization or Hypothetical Tax policies or specific
agreements relating thereto. The Company or its designee and its Subsidiaries shall, to the extent
permitted by law, have the right to deduct any such Employee Taxes from any payment of any kind
otherwise due to the Participant and to require any payments necessary in order to enable it to
satisfy its withholding obligations. Without limitation to the above, the Company or its designee
may procure the satisfaction of any withholding obligation, in whole or in part, by (i) a portion
of the proceeds of a “cashless exercise” arranged by the Company’s designee, (ii) authorizing the
Company’s designee to sell a number of ADSs with an aggregate Fair Market Value (as of the date the
withholding is effected) that would satisfy the statutory prescribed amount of the withholding due
or other applicable withholding amount as determined by the Company, (iii) paying to the Company or
a Subsidiary the amount of Employee Taxes in cash, check or other cash equivalent, and/or (iv) if
approved by the Committee, authorizing the Company or its designee to withhold from ADSs to be
issued pursuant to any exercise of an Option, a number of ADSs with an aggregate Fair Market Value
(as of the date the withholding is effected) that would satisfy the statutory prescribed amount of
the withholding due or other applicable withholding amount. The Participant may elect in advance
of the exercise of the Option to have any withholding obligation satisfied by one of the
withholding methods set forth above, subject to approval by the Committee and compliance with
applicable law. If the withholding obligation is satisfied by withholding a number of ADSs as
described in (iv) above, for tax purposes, the Participant will be deemed to have been issued the
full number of ADSs subject to the exercised portion of the Option, notwithstanding that a number
of the ADSs are held back solely for the purpose of paying the Employee Taxes due as a result of
participation in this Plan. The Company may refuse to honor the exercise of an Option and may
refuse to issue or deliver the ADSs or the proceeds of the sale of ADSs if the Participant fails to
comply with the obligations in connection with Employee Taxes.

	13)	 	Section 17(b) is amended to add the following sentence between the first and second sentences
in the section:
	 
	 	 	The foregoing provision shall also apply to any other variation in the share capital of the
Company.
	 
	14)	 	Section 17(c) is amended to add the following sentence at the end of the section:

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	 	 	Any Options over ADSs in the Company shall terminate and lapse on the completion of a
corporate merger, consolidation, acquisition of property or stock, separation,
reorganization or liquidation, provided that any new Award or other arrangement or assumed
Award made pursuant to Section 17(c)(1) above shall not terminate or lapse by reason of the
completion of any such event.
	 
	15)	 	Section 24 is amended in its entirety to read as follows:

     24. Governing Law. AS OF THE EFFECTIVE TIME, THIS PLAN AND ANY AND ALL AWARD AGREEMENTS
EXECUTED IN CONNECTION WITH OPTIONS GRANTED UNDER THIS PLAN SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF ENGLAND AND WALES, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

	16)	 	The fifth sentence of Section 25 is amended to read as follows:
	 
	 	 	Notwithstanding the foregoing, the Plan shall terminate on the exercise or expiration date
of the last outstanding Nonqualified Stock Option, if such date is earlier than the date set
forth in the preceding sentence.

	 	 	 	 	 
	 	PRIDE INTERNATIONAL, INC.

 	 
	 	By:  	/s/ Brady K. Long
 	 
	 	 	Brady K. Long 	 
	 	 	Vice President, General Counsel & Secretary 	 
	 

	 	 	 	 	 
	 	ATTEST:

 	 
	 	/s/ Elizabeth Wright
 	 
	 	Name:  	Elizabeth Wright 	 
	 	Title:  	Assistant Secretary 	 
	 

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