Document:

EX-4.1

 Exhibit 4.1 

Execution Version 

LETTER OF CREDIT AGREEMENT 

Dated as of October 30, 2018 

among 

MCDERMOTT TECHNOLOGY (AMERICAS), INC., 

MCDERMOTT TECHNOLOGY (US), INC., 

and 

MCDERMOTT TECHNOLOGY, B.V., 

as Applicants 
 and

 MCDERMOTT INTERNATIONAL, INC., 

as Parent 
 and 

THE PARTICIPANTS AND ISSUERS PARTY HERETO 

and 

BARCLAYS BANK PLC, 

as Administrative Agent 

and 

BARCLAYS BANK PLC, 

and 

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT
BANK, 
 as Joint Lead Arrangers and Joint Lead Bookrunners 

and 
 BARCLAYS BANK PLC,

 CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 

and 
 ABN AMRO CAPITAL
USA LLC, 
 as Co-Syndication Agents 

 

 TABLE OF CONTENTS 

 

  

							
		 		  	 	PAGE	 
	 ARTICLE I
	  			
			
		 	 Definitions, Interpretation And Accounting Terms
	  	 	1	 
	 Section 1.1
	 	Defined Terms	  	 	1	 
	 Section 1.2
	 	Computation of Time Periods	  	 	49	 
	 Section 1.3
	 	Accounting Terms and Principles	  	 	49	 
	 Section 1.4
	 	Certain Terms	  	 	49	 
	 Section 1.5
	 	Dutch Terms	  	 	50	 
	
	 ARTICLE II
	  

			
		 	Letters of Credit	  	 	52	 
	 Section 2.1
	 	[Reserved]	  	 	52	 
	 Section 2.2
	 	[Reserved]	  	 	52	 
	 Section 2.3
	 	[Reserved]	  	 	52	 
	 Section 2.4
	 	[Reserved]	  	 	52	 
	 Section 2.5
	 	Letters of Credit	  	 	52	 
	 Section 2.6
	 	[Reserved]	  	 	53	 
	 Section 2.7
	 	Letters of Credit Generally	  	 	53	 
	 Section 2.8
	 	Reduction and Termination of the Commitments	  	 	58	 
	 Section 2.9
	 	Repayment of Reimbursement Obligations	  	 	59	 
	 Section 2.10
	 	Evidence of Debt	  	 	59	 
	 Section 2.11
	 	[Reserved]	  	 	59	 
	 Section 2.12
	 	Cash Collateralization	  	 	59	 
	 Section 2.13
	 	Interest	  	 	60	 
	 Section 2.14
	 	[Reserved]	  	 	61	 
	 Section 2.15
	 	Fees	  	 	61	 
	 Section 2.16
	 	Payments and Computations	  	 	62	 
	 Section 2.17
	 	Special Provisions	  	 	64	 
	 Section 2.18
	 	Capital Adequacy	  	 	65	 
	 Section 2.19
	 	Taxes	  	 	66	 
	 Section 2.20
	 	Substitution of Participants	  	 	70	 
	 Section 2.21
	 	Mitigation	  	 	71	 
	 Section 2.22
	 	Cash Collateral	  	 	72	 
	 Section 2.23
	 	Defaulting Participants	  	 	73	 
	 Section 2.24
	 	Incremental Facility Commitments	  	 	75	 
	 Section 2.25
	 	Extension Offers	  	 	77	 

  

  
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 TABLE OF CONTENTS 

(CONTINUED) 
  

  

							
	 ARTICLE III
	  			
			
		 	Conditions To Letters Of Credit	  	 	78	 
	 Section 3.1
	 	Conditions Precedent to Effectiveness	  	 	78	 
	 Section 3.2
	 	Conditions Precedent to Initial Utilization	  	 	78	 
	 Section 3.3
	 	Conditions Precedent to Each Letter of Credit	  	 	81	 
	
	 ARTICLE IV
	  

			
		 	Representations and Warranties	  	 	82	 
	 Section 4.1
	 	Corporate Existence; Compliance with Law	  	 	82	 
	 Section 4.2
	 	Corporate Power; Authorization; Enforceable Obligations	  	 	83	 
	 Section 4.3
	 	Ownership of Applicants; Subsidiaries	  	 	84	 
	 Section 4.4
	 	Financial Statements	  	 	84	 
	 Section 4.5
	 	Material Adverse Effect	  	 	85	 
	 Section 4.6
	 	Solvency	  	 	85	 
	 Section 4.7
	 	Litigation	  	 	85	 
	 Section 4.8
	 	Taxes	  	 	86	 
	 Section 4.9
	 	Full Disclosure	  	 	86	 
	 Section 4.10
	 	Margin Regulations	  	 	86	 
	 Section 4.11
	 	No Burdensome Restrictions; No Defaults	  	 	87	 
	 Section 4.12
	 	Statutory Indebtedness Restrictions	  	 	87	 
	 Section 4.13
	 	Use of Proceeds	  	 	87	 
	 Section 4.14
	 	Insurance	  	 	88	 
	 Section 4.15
	 	Labor Matters	  	 	88	 
	 Section 4.16
	 	ERISA	  	 	88	 
	 Section 4.17
	 	Environmental Matters	  	 	89	 
	 Section 4.18
	 	Intellectual Property	  	 	90	 
	 Section 4.19
	 	Title; Real Property	  	 	90	 
	 Section 4.20
	 	Mortgaged Vessels	  	 	92	 
	 Section 4.21
	 	Anti-Corruption Laws and Sanctions	  	 	92	 
	 Section 4.22
	 	EEA Financial Institution	  	 	93	 
	 Section 4.23
	 	Security Instruments	  	 	93	 
	 Section 4.24
	 	Regulation H	  	 	93	 
	 Section 4.25
	 	USA Patriot Act	  	 	93	 
	 Section 4.26
	 	Beneficial Ownership Certification	  	 	94	 
		
	 ARTICLE V
	  			
			
		 	Financial Covenants	  	 	94	 
	 Section 5.1
	 	Fixed Charge Coverage Ratio	  	 	94	 
	 Section 5.2
	 	Leverage Ratio	  	 	94	 
	 Section 5.3
	 	Minimum Liquidity	  	 	94	 

  
 -ii- 

 TABLE OF CONTENTS 

(CONTINUED) 
  

  

							
	 ARTICLE VI
	  			
			
		 	Reporting Covenants	  	 	94	 
	 Section 6.1
	 	Financial Statements	  	 	94	 
	 Section 6.2
	 	Collateral Reporting Requirements	  	 	97	 
	 Section 6.3
	 	Default Notices	  	 	98	 
	 Section 6.4
	 	Litigation	  	 	98	 
	 Section 6.5
	 	Labor Relations	  	 	99	 
	 Section 6.6
	 	Tax Returns	  	 	99	 
	 Section 6.7
	 	Insurance	  	 	99	 
	 Section 6.8
	 	ERISA Matters	  	 	99	 
	 Section 6.9
	 	Environmental Matters	  	 	100	 
	 Section 6.10
	 	Patriot Act Information	  	 	101	 
	 Section 6.11
	 	Other Information	  	 	101	 
		
	 ARTICLE VII
	  			
			
		 	Affirmative Covenants	  	 	101	 
	 Section 7.1
	 	Preservation of Corporate Existence, Etc.	  	 	102	 
	 Section 7.2
	 	Compliance with Laws, Etc.	  	 	102	 
	 Section 7.3
	 	Conduct of Business	  	 	102	 
	 Section 7.4
	 	Payment of Taxes, Etc.	  	 	102	 
	 Section 7.5
	 	Maintenance of Insurance	  	 	103	 
	 Section 7.6
	 	Access	  	 	103	 
	 Section 7.7
	 	Keeping of Books	  	 	104	 
	 Section 7.8
	 	Maintenance of Properties, Etc.	  	 	104	 
	 Section 7.9
	 	Application of Proceeds	  	 	104	 
	 Section 7.10
	 	Environmental	  	 	105	 
	 Section 7.11
	 	Additional Collateral and Guaranties	  	 	107	 
	 Section 7.12
	 	Real Property	  	 	109	 
	 Section 7.13
	 	Undertaking with Respect to NO 105	  	 	110	 
	 Section 7.14
	 	Additional Undertakings	  	 	110	 
		
	 ARTICLE VIII
	  			
			
		 	Negative Covenants	  	 	111	 
	 Section 8.1
	 	Indebtedness	  	 	111	 
	 Section 8.2
	 	Liens, Etc.	  	 	113	 
	 Section 8.3
	 	Acquisitions	  	 	116	 
	 Section 8.4
	 	Sale of Assets	  	 	116	 
	 Section 8.5
	 	Restricted Payments	  	 	118	 
	 Section 8.6
	 	Restriction on Fundamental Changes	  	 	121	 
	 Section 8.7
	 	Change in Nature of Business	  	 	121	 
	 Section 8.8
	 	Transactions with Affiliates	  	 	122	 

  
 -iii- 

 TABLE OF CONTENTS 

(CONTINUED) 
  

							
	 Section 8.9
	 	Restrictions on Subsidiary Distributions; No New Negative Pledge	  	 	122	 
	 Section 8.10
	 	Modification of Documents	  	 	123	 
	 Section 8.11
	 	Accounting Changes; Fiscal Year	  	 	123	 
	 Section 8.12
	 	Margin Regulations	  	 	123	 
	 Section 8.13
	 	Sale/Leasebacks	  	 	123	 
	 Section 8.14
	 	Capital Expenditures	  	 	124	 
	 Section 8.15
	 	Cancellation of Indebtedness Owed to It	  	 	124	 
	 Section 8.16
	 	No Speculative Transactions	  	 	124	 
	 Section 8.17
	 	Post-Termination Benefits	  	 	124	 
	 Section 8.18
	 	[Reserved]	  	 	124	 
	 Section 8.19
	 	Vessel Flags	  	 	124	 
	 Section 8.20
	 	Payments of Junior Priority Indebtedness	  	 	125	 
	 Section 8.21
	 	Use of Proceeds	  	 	126	 
		
	 ARTICLE IX
	  			
			
		 	Events of Default	  	 	126	 
	 Section 9.1
	 	Events of Default	  	 	126	 
	 Section 9.2
	 	Remedies	  	 	128	 
	 Section 9.3
	 	Actions in Respect of Letters of Credit	  	 	129	 
			
	 ARTICLE X
	 		  			
			
		 	 The Administrative Agent and Other Agents
	  	 	129	 
	 Section 10.1
	 	Authorization and Action	  	 	129	 
	 Section 10.2
	 	Administrative Agent’s Reliance, Etc.	  	 	131	 
	 Section 10.3
	 	The Agents Individually	  	 	131	 
	 Section 10.4
	 	Participant Credit Decision	  	 	132	 
	 Section 10.5
	 	Indemnification	  	 	132	 
	 Section 10.6
	 	Successor Agents	  	 	133	 
	 Section 10.7
	 	Concerning the Collateral and the Collateral Documents	  	 	134	 
	 Section 10.8
	 	Collateral Matters Relating to Related Obligations	  	 	136	 
	 Section 10.9
	 	Other Agents	  	 	137	 
	 Section 10.10
	 	Certain ERISA Matters	  	 	137	 
		
	 ARTICLE XI
	  			
			
		 	 Miscellaneous
	  	 	139	 
	 Section 11.1
	 	Amendments, Waivers, Etc.	  	 	139	 
	 Section 11.2
	 	Assignments and Facility Participations	  	 	142	 
	 Section 11.3
	 	Costs and Expenses	  	 	147	 
	 Section 11.4
	 	Indemnities	  	 	149	 
	 Section 11.5
	 	Limitation of Liability	  	 	151	 

  
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 TABLE OF CONTENTS 

(CONTINUED) 
  

  

							
	 Section 11.6
	 	Right of Set-off	  	 	152	 
	 Section 11.7
	 	Sharing of Payments, Etc.	  	 	152	 
	 Section 11.8
	 	Notices, Etc.	  	 	153	 
	 Section 11.9
	 	No Waiver; Remedies	  	 	155	 
	 Section 11.10
	 	Binding Effect	  	 	156	 
	 Section 11.11
	 	Governing Law	  	 	156	 
	 Section 11.12
	 	Submission to Jurisdiction; Service of Process	  	 	156	 
	 Section 11.13
	 	Waiver of Jury Trial	  	 	157	 
	 Section 11.14
	 	Marshaling; Payments Set Aside	  	 	157	 
	 Section 11.15
	 	Section Titles	  	 	157	 
	 Section 11.16
	 	Execution in Counterparts	  	 	158	 
	 Section 11.17
	 	Entire Agreement	  	 	158	 
	 Section 11.18
	 	Confidentiality	  	 	158	 
	 Section 11.19
	 	Judgment Currency	  	 	159	 
	 Section 11.20
	 	Severability	  	 	159	 
	 Section 11.21
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	160	 
	 Section 11.22
	 	Interest Rate Limitation	  	 	160	 
	 Section 11.23
	 	Obligations Joint and Several and Unconditional	  	 	161	 
		
	 ARTICLE XII
	  			
			
		 	Guaranty	  	 	161	 
	 Section 12.1
	 	The Guaranty	  	 	161	 
	 Section 12.2
	 	Obligations Unconditional	  	 	162	 
	 Section 12.3
	 	Reinstatement	  	 	163	 
	 Section 12.4
	 	Certain Additional Waivers	  	 	163	 
	 Section 12.5
	 	Remedies	  	 	163	 
	 Section 12.6
	 	Guarantee of Payment; Continuing Guarantee	  	 	164	 

  

  
 -v- 

 Schedules 

Schedule II(B) – Issuer Commitments 

Schedule III – Commitments 

Schedule V – Guarantors 

Schedule 1.1 – Joint Ventures 

Schedule 3.2(t) – Initial Utilization Date Deliverables 

Schedule 4.3 – Ownership of Subsidiaries 

Schedule 4.7 – Litigation 

Schedule 4.15 – Labor Matters 

Schedule 4.16(d) – ERISA Events 

Schedule 4.17 – Environmental Matters 

Schedule 4.19 – Real Property 

Schedule 8.1 – Existing Indebtedness 

Schedule 8.2 – Existing Liens 

Schedule 8.5 – Existing Investments 

Schedule 8.8 – Affiliate Agreements 

Schedule 8.19 – Permitted Flags 
 Exhibits

 Exhibit A – Form of Assignment and Acceptance 

Exhibit E – Form of Letter of Credit Request 

Exhibit H – Form of Compliance Certificate 

Exhibit I – Initial Utilization Date Certificate 

Exhibit J – Forms of Tax Certificates 

  
 -iv- 

 This Letter of Credit Agreement (this “Agreement”) dated as of
October 30, 2018 is among McDermott Technology (Americas), Inc., a Delaware corporation, McDermott Technology (US), Inc., a Delaware corporation and McDermott Technology, B.V., a private company with limited liability (besloten vennootschap
met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (each an “Applicant” and collectively the “Applicants”), McDermott International, Inc., a Panamanian corporation (the
“Parent”), the Participants (as defined below), the Issuers (as defined below), Barclays Bank PLC (“Barclays”), as administrative agent for the LC Facility (as defined below) (in such capacity, and together with its
successors pursuant to Section 10.6, the “Administrative Agent”). 
 The parties to this
Agreement agree as follows: 
 ARTICLE I 

DEFINITIONS, INTERPRETATION AND ACCOUNTING TERMS 

Section 1.1 Defined Terms 
 As
used in this Agreement, the following terms have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Acquisition” means, with respect to any Person, any transaction, or series of related transactions (other than the Business
Combination) by which such Person (a) acquires any ongoing business or all or substantially all of the assets of any Person or group of Persons, or division thereof constituting an ongoing business, whether through purchase of assets, merger or
otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary voting power for
the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership, limited liability company, or
other entity that is not a corporation constituting an ongoing business; provided, however, that any acquisition of assets, equity securities or ownership interests of a Person that is a Subsidiary of such Person prior to such
acquisition shall not constitute an “Acquisition” hereunder. 
 “Additional LC Capacity” has the meaning
specified in the Existing Credit Agreement as of the date hereof, less (a) the Commitments hereunder as of the date hereof and (b) any New Incremental Commitments established pursuant to Section 2.24(b) hereto.

 “Administrative Agent” has the meaning specified in the preamble to this Agreement. 

“Administrative Questionnaire” means the Administrative Questionnaire in a form supplied by the Administrative Agent. 

  

 “Affected Participant” has the meaning specified in
Section 2.20. 
 “Affiliate” means, with respect to any Person, any other Person, directly or
indirectly, controlling or that is controlled by or is under common control with such Person. The term “Affiliated” shall have a corresponding meaning. For the purposes of this definition, “control” means the
possession of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. The terms “controlled” and
“controlling” shall have the meaning correlative thereto. 
 “Agency Fee Letter” means that certain Agency
Fee Letter, dated as of the date hereof, by and among Barclays, the Applicants and Parent. 
 “Agents” means each of the
Administrative Agent, the Collateral Agent, the Syndication Agents, the Arrangers and the Bookrunners. 
 “Agreement” has
the meaning specified in the preamble to this Agreement. 
 “Altamira Yard” means the property in the industrial
development zone adjacent to the Altamira Port, with a surface of 232,511.663 square meters and identified as Polygon 1 “D” (Polígono “D”), located in Altamira, State of Tamaulipas, Mexico. 

“Alternate Program” means any program providing for the sale or other disposition of trade or other receivables entered into
by the Parent or a Restricted Subsidiary of the Parent on terms customary for such financing transactions, the terms of which arrangement do not impose any recourse or repurchase obligations upon the Parent or any Restricted Subsidiary except for
reasonably customary representations, warranties, covenants and indemnities in connection therewith. 
 “Alternate Program
Indebtedness” means, as to any Person at any time, the liabilities of such Person under an Alternate Program that would be outstanding at such time thereunder if the same were structured as a secured lending arrangement rather than a
purchase and sale arrangement. 
 “Alternative Currency” means, at any time, AED, AUD, CAD, CZK, CNY, EUR, GBP, INR, JMD,
KWD, NOK, QAR, SAR, MXN, SGD, THB, or any other currency (other than Dollars) acceptable to the Administrative Agent in its sole discretion that at such time is readily available and freely transferable and convertible into Dollars. 

“Amazon” means the marine construction vessel with IMO number 9698094. 

“Amazon Entity” means McDermott (DLV 2000) Chartering, Inc., a Panamanian corporation. 

“Amazon Equipment” means (a) all equipment that (i) is located on the Amazon, (ii) was located on the Amazon
and has been removed for repair or storage or (iii) is not located on the Amazon but (A) is being kept for spare parts or replacements of other Amazon Equipment or (B) has been ordered or is under construction, including, in each

  
 -2- 

 
case of this clause (a) and without limitation, all boilers, engines, machinery, masts, spars, boats, anchors, cables, chains, rigging, tackle, capstans, outfit, tools, cranes, pumps,
pumping equipment, apparel, furniture, fittings, pipelay, lifting, and construction equipment used or to be used in the operation of the Amazon, spare parts and all other appurtenances thereunto, (b) all fixtures that are located on the Amazon,
(c) all intangible property used solely in connection with the operation of the Amazon and (d) any charter, lease, or similar arrangement between the Parent or any Restricted Subsidiary and the owner or operator of the Amazon, together
with any guaranty by the Parent or any Restricted Subsidiary of the Parent in respect of any such charter, lease, or similar arrangement. 

“Amazon Permitted Debt” means any Indebtedness incurred by the Parent or any of its Subsidiaries to finance the acquisition,
improvement, construction, equipping, commissioning, charter and/or lease of the Amazon and/or the Amazon Equipment; provided that such Indebtedness does not exceed the cost of the acquisition, improvement, construction, equipping,
commissioning, charter and/or lease of the Amazon and/or the Amazon Equipment, as applicable. 
 “Anti-Corruption Laws”
means any laws, rules or regulations applicable to the Parent or its Subsidiaries relating to bribery or corruption, including (a) the United States Foreign Corrupt Practices Act of 1977, as amended, (b) the United Kingdom Bribery Act of
2010, as amended, and (c) any other similar law, rule or regulation in any jurisdiction applicable to the Parent or any of its Subsidiaries. 

“Anti-Money Laundering Laws” means any laws or regulations relating to money laundering or terrorist financing in any
jurisdiction applicable to the Parent or any of its Subsidiaries. 
 “Applicable LC Fee Rate” means, for any day, the rate
per annum set forth below opposite the applicable Level then in effect (based on the Leverage Ratio as reported in the most recent Compliance Certificate delivered to the Administrative Agent under Section 6.1(c) or,
prior to the delivery of the initial Compliance Certificate pursuant to Section 6.1(c), Pricing Level 1): 
  

					
	 Level
	  	 Leverage Ratio
	  	 Applicable LC Fee Rate

	1	  	3 2.50:1.00	  	2.125%
	2	  	< 2.50:1.00 and 3 1.50:1.00	  	2.000%
	3	  	< 1.50:1.00	  	1.875%

 Any increase or decrease in the Applicable LC Fee Rate resulting from a change in the Leverage Ratio shall
become effective on the date a Compliance Certificate is received by the Administrative Agent pursuant to Section 6.1(c); provided, however, that if a 

  
 -3- 

 
Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level 1 shall apply, in each case as of the date on which such Compliance Certificate was
required to have been delivered and in each case shall remain in effect until the date on which such Compliance Certificate is received by the Administrative Agent. 

“Applicable Margin” means, for any day, the rate per annum equal to 3.250%. Notwithstanding anything to the contrary
contained in this definition, the determination of the Applicable Margin for any period shall be subject to the provisions of Section 2.13(e). 

“Applicable Office” means, with respect to each Participant, its Domestic Office. 

“Applicant” has the meaning specified in the preamble to this Agreement. 

“Approved Appraiser” means IHS Global Inc., Clarksons, Fearnley or another firm selected by the Parent and approved by the
Collateral Agent. 
 “Approved Fund” means, with respect to an Applicant, any Fund that is advised or managed by
(a) such Participant, (b) an Affiliate of such Participant or (c) an entity or Affiliate of an entity that administers or manages such Participants. 

“Arranger” means each of Barclays and CA CIB, as a joint lead arranger for the credit facilities evidenced by this Agreement.

 “Asset Sale” has the meaning specified in Section 8.4. 

“Assignment and Acceptance” means an assignment and acceptance entered into by a Participant and an Eligible Assignee in
substantially the form of Exhibit A or any other form approved by the Administrative Agent. 
 “Authorized
Officer” means any Responsible Officer or any other Person designated as an “Authorized Officer” or “Authorized Person” of a Credit Party by prior written notice from such Credit Party to the Administrative Agent,
including, without limitation, pursuant to any certificate delivered pursuant to Section 3.2. 

“Auto-Renewal LC” has the meaning set forth in Section 2.7(b). 

“Available Amount” means an amount equal to the sum of (a) 100% of Retained Excess Cash Flow (as defined in the Existing
Credit Agreement as of the date hereof); plus (b) the sum of (i) the cumulative amount of cash and Cash Equivalent proceeds received by the Parent from the sale of Stock (other than Disqualified Stock) of the Parent since
May 10, 2018 (including the exercise of warrants or options) and (ii) the Fair Market Value of assets or property received by the Parent as a contribution to its equity capital since May 10, 2018. 

“Available Floating LC Amount” means, at any time, (a) an amount equal to the Additional LC Capacity, less
(b) the aggregate amount of obligations secured by Liens permitted under Section 8.2(q). 

  
 -4- 

 “Bail-In Action” means the exercise
of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Base Rate” means, for any period, a fluctuating interest rate per annum as shall be in
effect from time to time, which rate per annum shall be equal to the greatest of the following: 
 (a) the Prime Rate then in effect;

 (b) 0.5% per annum plus the Federal Funds Rate then in effect; and 

(c) 1.0% per annum plus the Eurodollar Rate for an interest period of one month. 

If the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to
ascertain the Federal Funds Rate or the Eurodollar Rate for any reason, including the inability of the Administrative Agent to obtain sufficient quotations in accordance with the terms of the definition thereof, the “Base Rate”
shall be determined without regard to clause (b) or (c), as applicable, above until the circumstances giving rise to such inability no longer exist; provided that at no time will the Base Rate be deemed to be
less than 0% per annum. Any change in the Base Rate due to a change in the Eurodollar Rate, the Federal Funds Rate or the Prime Rate shall be effective on the effective date of such change in the Eurodollar Rate, the Federal Funds Rate or the
Prime Rate, respectively. 
 “Beaumont Facility” means the real and personal property more particularly described as the
“Property” and the 74.091 acre tract identified as Tract No. 1 in that certain Special Warranty Deed dated effective August 3, 2007, from Trinity Industries, Inc., as Grantor thereunder to 850 Pine Street, Inc., as Grantee
thereunder, recorded as Instrument Number 2007030857 in the Official Public Records of Jefferson County, Texas. 
 “Beneficial
Ownership Certification” has the meaning specified in Section 3.2(j). 
 “Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes
of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan”
or “plan”. 
 “Bookrunner” means each of Barclays and CA CIB, as a joint bookrunner for the credit facilities
evidenced by this Agreement. 

  
 -5- 

 “Business Combination” means the business combination transactions and the
other related transactions of the Parent and the other entities party thereto, consummated or to be consummated pursuant to the Business Combination Agreement. 

“Business Combination Agreement” means the Business Combination Agreement, dated as of December 18, 2017, as amended,
supplemented or otherwise modified prior to May 10, 2018, and as the same may be further amended, supplemented or otherwise modified from time to time on or after May 10, 2018 in accordance with this Agreement (together with the schedules
and exhibits thereto), among the Parent, McDermott Technology, B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, McDermott Technology
(Americas), Inc. (formerly known as McDermott Technology (Americas), LLC), a Delaware corporation and a wholly owned subsidiary of the Parent, CBI, McDermott Technology (US), Inc. (formerly known as McDermott Technology (US), LLC), a Delaware
corporation and a wholly owned subsidiary of the Parent, Comet I B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, Comet II B.V., a private
company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, CB&I Oil & Gas Europe B.V., a private company with limited liability (besloten vennootschap
met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, CB&I Group UK Holdings, a private limited company incorporated in and registered in England and Wales, CB&I Nederland B.V., a private company with limited
liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, and The Shaw Group, Inc., a Louisiana corporation. 

“Business Day” means a day of the year on which banks are not required or authorized to close in New York City or London.

 “CA CIB” means Crédit Agricole Corporate and Investment Bank. 

“Capital Expenditures” means, with respect to any Person for any period: 

(a) the aggregate of amounts that would be reflected as additions to property, plant or equipment on a consolidated balance sheet of such
Person and its Subsidiaries prepared in conformity with GAAP, excluding interest capitalized during construction; minus 
 (b) the
aggregate of such amounts used to acquire assets useful in the Parent’s and its Restricted Subsidiaries’ business to the extent such amounts arose from a sale or disposition of equipment described in
Section 8.4(c); 
 excluding, however, in the case of the above clause (a), (i) such amounts to the extent
financed with the proceeds of Indebtedness permitted to be incurred under Section 8.1(d), (l) or (t), (ii) such amounts to the extent financed with insurance or condemnation proceeds received with respect to
loss of, damage to or taking of property of the Parent or any of its Subsidiaries, (iii) such amounts that are capitalized and are relating to asset retirement obligations, and (iv) such amounts recovered or recoverable in the price of a
contract with a customer of the Parent or a Restricted Subsidiary. 

  
 -6- 

 “Capital Lease” means, with respect to any Person, any lease of (or other
arrangement conveying the right to use) property by such Person as lessee that would be accounted for as a capital lease on a balance sheet of such Person prepared in conformity with GAAP. Notwithstanding the foregoing, any lease that would have
been accounted for as an operating lease on a balance sheet of such Person prepared in conformity with GAAP as in effect on December 31, 2017 shall be deemed not to be a Capital Lease. 

“Capital Lease Obligations” means, with respect to any Person, the capitalized amount of all obligations of such Person or
any of its Restricted Subsidiaries under Capital Leases, as determined on a consolidated basis in conformity with GAAP. 
 “Captive
Insurance Subsidiary” means each captive insurance company that is a Subsidiary of the Parent. As of the Initial Utilization Date, the only Captive Insurance Subsidiaries are (a) Boudin Insurance Company, Ltd., a Bermuda corporation,
(b) Woodlands International Insurance Ltd, an Irish corporation and, and (c) Lone Star Risk Corporation, a Texas corporation. 

“Cash Collateral Account” means any blocked cash collateral account pledged by any Applicant to the Collateral Agent for the
benefit of any Issuer and the Participants containing cash deposited pursuant to Section 2.7(b), 2.22, or 9.3 to be maintained at the Collateral Agent’s office. 

“Cash Equivalents” means: 

(a) securities issued or fully guaranteed or insured by the United States government or any agency thereof; 

(b) certificates of deposit, eurodollar time deposits, overnight bank deposits and bankers’ acceptances of (i) any commercial bank
organized under the laws of the United States, any state thereof, the District of Columbia, any foreign bank organized in a country belonging to the OECD, or any branch or agency of any of the foregoing, in each case if such bank has a minimum
rating at the time of investment of A-1+ by S&P or P-1 by Moody’s, or (ii) any Participant or any branch or agency of any Participant; 

(c) commercial paper with a minimum rating of A-1 or AAA by S&P or
P-1 or Aaa by Moody’s at the time of acquisition thereof; 
 (d) demand deposit accounts; 

(e) (i) shares of any money market fund that has net assets of not less than $500,000,000.00 and satisfies the requirements of rule 2a-7 under the Investment Company Act of 1940 and (ii) shares of any offshore money market fund that has net assets of not less than $500,000,000.00 and a $1 net asset mandate; 

(f) fully collateralized repurchase agreements; and 

  
 -7- 

 (g) other investments permitted by the McDermott International Investments Co., Inc.
Enhanced Liquidity Portfolio Guidelines dated as of July 21, 2008 (as amended and delivered to the Administrative Agent prior to the Effective Date and as may be otherwise amended from time to time in a manner reasonably satisfactory to the
Administrative Agent (provided that the foregoing restriction on amendments shall only be in respect of the inclusion of Cash Equivalents pursuant to this clause (g) and shall not be deemed to be a restriction on any amendment thereto)),
or any other cash management guidelines approved by the Parent and the Administrative Agent; 
 provided, however, that the
maturities of all obligations of the type described in clauses (a), (b) and (c) above shall not exceed one year from the date of acquisition thereof. 

“CBI” means Chicago Bridge & Iron Company N.V., a public company (naamloze vennootschap) incorporated under
the laws of the Netherlands. 
 “Change in Law” means the occurrence, after the Effective Date, of any of the following:
(a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (c) the
making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or United States or foreign regulatory agencies, in each case, pursuant to Basel III or CRR, shall in each case be deemed to be a “Change in Law”, regardless of the
date enacted, adopted or issued. 
 “Change of Control” means any of the following: 

(a) any “person” or “group” (within the meaning of Rule 13d-5 of the Securities
Exchange Act of 1934 as in effect on the date hereof) (excluding the Parent and its Subsidiaries and excluding underwriters in the course of their distribution of Voting Stock in an underwritten registered public offering provided such underwriters
shall not hold such Stock for longer than five Business Days) (i) shall own directly or indirectly, beneficially or of record, Stock representing more than 40% of either the aggregate ordinary voting power or the aggregate equity value
represented by the issued and outstanding Stock in the Parent or (ii) shall have obtained the power (whether or not exercised) to elect a majority of the members of the board of directors of the Parent; 

(b) [Reserved]; or 
 (c) the
Parent shall cease to own and control, directly or indirectly, 100% of the issued and outstanding Voting Stock of any Applicant on a fully diluted basis. 

  
 -8- 

 “Closing Date Financial Statements” means (a) (i) audited consolidated
balance sheets of the Parent as at the end of each of the 2015, 2016 and 2017 fiscal years, and related statements of operations, comprehensive income (loss), stockholders’ equity and cash flows of the Parent for each of the 2015, 2016 and 2017
fiscal years and (ii) audited condensed consolidated balance sheets of CBI as at the end of each of the 2015, 2016 and 2017 fiscal years, and related condensed consolidated statements of comprehensive income (loss), shareholders’ equity
and cash flows of CBI for each of the 2015, 2016 and 2017 fiscal years and (b) (i) an unaudited consolidated balance sheet of the Parent as at the end of, and related statements of operations, comprehensive income (loss) and cash flows of the
Parent for, each fiscal quarter (and the corresponding quarter in the prior fiscal year), other than the fourth fiscal quarter of the Parent’s fiscal year, subsequent to the date of the most recent audited financial statements of the Parent and
ended more than 45 days prior to the Initial Utilization Date and (ii) an unaudited condensed consolidated balance sheet of CBI as at the end of, and related condensed consolidated statements of comprehensive income (loss) and cash flows of CBI
for, each fiscal quarter (and, in the case of the statement of income and cash flows, the corresponding quarter in the prior fiscal year), other than the fourth fiscal quarter of CBI’s fiscal year, subsequent to the date of the most recent
audited financial statements of the Parent and ended on or prior to March 31, 2018. 
 “Closing Leverage Ratio has the
meaning specified in the Existing Credit Agreement as of the date hereof. 
 “Code” means the Internal Revenue Code of 1986
(or any successor legislation thereto). 
 “Collateral” means all property and interests in property and proceeds thereof
now owned or hereafter acquired by any Credit Party in or upon which a Lien is granted or purported to be granted under any Collateral Document. 

“Collateral Agency and Intercreditor Agreement” means that certain Collateral Agency and Intercreditor Agreement dated as of
May 10, 2018, by and among the Applicants, the Parent, the other “Grantors” party thereto from time to time, the Revolving and LC Administrative Agent (as defined in the Existing Credit Agreement), the Term Loan Administrative Agent
(as defined in the Existing Credit Agreement), the Collateral Agent, Lloyds as a Secured Debt Representative (as defined therein), the Administrative Agent (after giving effect to the Intercreditor Joinder set forth in Section 3.2) as a Secured
Debt Representative, and the other financial institutions from time to time party thereto. 
 “Collateral Agent” has the
meaning set forth in the Collateral Agency and Intercreditor Agreement. 
 “Collateral Documents” means the Pledge and
Security Agreement, the Mortgages, the Reaffirmation Agreement and any other document executed and delivered by a Credit Party granting, perfecting or reaffirming the grant or perfection of a Lien on any of its property to secure payment of the
Obligations. 

  
 -9- 

 “Commitment” means, with regard to each Participant, the commitment of such
Participant to participate in Letters of Credit in the aggregate face amount outstanding not to exceed the amount set forth opposite such Participant’s name on Schedule III or in the Assignment and Acceptance or
Increase and Joinder Agreement, as applicable, pursuant to which such Participant becomes a party hereto, as such amount may be adjusted from time to time pursuant to this Agreement. “Commitments” means the aggregate of such
commitments for all Participants, and the aggregate amount of the Commitments on the Initial Utilization Date is $230,000,000.00. 

“Commitment Fee” has the meaning specified in Section 2.15(b). 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Compliance Certificate” has the meaning specified in Section 6.1(c). 

“Consolidated Net Income” means, for any period, the net income (or loss) of the Parent and its Restricted Subsidiaries for
such period determined on a consolidated basis in accordance with GAAP. 
 “Constituent Documents” means, with respect to
any Person, (a) the articles of incorporation, certificate of incorporation or certificate of formation (or the equivalent organizational documents) of such Person and (b) the by-laws, operating
agreement or partnership agreement (or the equivalent governing documents) of such Person. 
 “Contaminant” means any
material, substance or waste that is classified, regulated or otherwise characterized under any Environmental Law as hazardous, toxic, a contaminant or a pollutant or by other words of similar meaning or regulatory effect, including any petroleum or
petroleum-derived substance or waste, asbestos and polychlorinated biphenyls. 
 “Contingent
Obligation” as applied to any Person, means any Contractual Obligation, contingent or otherwise, of that Person with respect to any Indebtedness of another or other obligation or liability of another, including, without limitation, any such
Indebtedness, obligation or liability of another directly or indirectly guaranteed, endorsed (otherwise than for collection or deposit in the ordinary course of business), co-made or discounted or sold with
recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable, including Contractual Obligations (contingent or otherwise) arising through any agreement to purchase, repurchase, or otherwise acquire such
Indebtedness, obligation or liability or any security therefor, or to provide funds for the payment or discharge thereof (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), or to maintain solvency, assets,
level of income, or other financial condition of another Person, or to make payment on behalf of another Person other than for value received. The amount of any Contingent Obligation shall be equal to the present value of (x) the portion of the
stated or determinable obligation so guaranteed or otherwise supported, in the case of known obligations, and (y) the maximum reasonably anticipated liability of such Person in respect of the portion of the obligation so guaranteed or otherwise
supported assuming such Person is required to perform thereunder, in all other cases. 

  
 -10- 

 “Contractual Obligation” of any Person means any obligation, agreement,
undertaking or similar provision of any Security issued by such Person or of any agreement, undertaking, contract, lease, indenture, mortgage, deed of trust or other instrument (excluding the Credit Documents) to which such Person is a party or by
which it or any of its property is bound. 
 “Convertible Indebtedness” means Indebtedness of Parent permitted to be
incurred under the terms of this Agreement that is either (a) convertible into shares of common stock of Parent (and cash in lieu of fractional shares) and/or cash (in an amount determined by reference to trading prices of such common stock) or
(b) sold as units with call options, warrants or rights to purchase (or similar derivate transactions) that are exercisable for shares of common stock of Parent and/or cash (in an amount determined by reference to trading prices of such common
stock). 
 “Credit Documents” means, collectively, this Agreement, the Guaranty Agreement, the Collateral Documents, the
Agency Fee Letter, each fee letter entered into by any Credit Party in connection with this Agreement, any agreement executed and delivered, or authorized, by any Credit Party creating or perfecting rights in cash collateral pursuant to this
Agreement and each certificate, agreement or document executed by a Credit Party and delivered to the Administrative Agent, the Collateral Agent or any Participant or Issuer in connection with or pursuant to any of the foregoing. 

“Credit Facility” has the meaning ascribed to the term “Facility” in the Existing Credit Agreement. 

“Credit Facility Agreement” means the Existing Credit Agreement as amended, refinanced, or replaced from time to time. 

“Credit Facility Documents” has the meaning ascribed to the term “Loan Documents” in the Credit Facility Agreement.

 “Credit Facility Obligations” means (a) Indebtedness and other Obligations (as defined in the Existing Credit
Agreement as in effect on the date hereof) that are permitted to be incurred within the limits under the Existing Credit Agreement as in effect on the date hereof, including any “Incremental Facility” as defined therein as of the date
hereof and any unutilized Commitments (as defined in the Existing Credit Agreement as in effect on the date hereof), and (b) without duplication, any Refinancing Indebtedness in respect thereof and any Obligations (as defined in the Credit
Facility Agreement) or other equivalent term in the Credit Facility Agreement and Commitments (as defined in the Credit Facility Agreement) or other equivalent term in the Credit Facility Agreement that, together with such Refinancing Indebtedness,
do not in the aggregate exceed the aggregate amount in clause (a) of this definition. 
 “Credit Party” means each
Applicant and each Guarantor. 

  
 -11- 

 “CRR” means Regulation (EU) No 575/2013 of the European Parliament and of
the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012. 

“Customary Permitted Liens” means, with respect to any Person, any of the following Liens: 

(a) Liens with respect to the payment of Taxes, assessments or governmental charges, including any netting or
set-off, arising as a result of the existence of a fiscal unity (fiscale eenheid) for Dutch tax purposes, in each case that are not yet due or that are being contested in good faith by appropriate
proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained to the extent required by GAAP and, in the case of any Collateral, there is no material risk of forfeiture of such property; 

(b) Liens of landlords arising by statute or lease contracts entered into in the ordinary course, inchoate, statutory or construction liens,
maritime liens and liens of suppliers, mechanics, carriers, materialmen, warehousemen, producers, operators or workmen and other liens imposed by law created in the ordinary course of business for amounts not yet due or that are being contested in
good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained to the extent required by GAAP; 

(c) liens, pledges or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance or
other types of social security benefits, assessments, statutory obligations or other similar charges or to secure the performance of bids, tenders, sales, leases, contracts (other than for the repayment of borrowed money) or in connection with
surety, appeal, customs or performance bonds or other similar instruments; 
 (d) encumbrances arising by reason of zoning restrictions and
other restrictions on use imposed by any Governmental Authority, easements, licenses, reservations, covenants, rights-of-way, restrictions and other similar encumbrances
on the Real Property, and minor defects in the chain of title, not materially interfering with the ordinary conduct of the business conducted at such Real Property by the Parent or any of its Subsidiaries as currently used; 

(e) encumbrances arising under leases or subleases of, or other use or occupancy agreements for, the Real Property or to which such leases,
subleases or other occupancy agreements are subject, that do not, individually or in the aggregate, materially interfere with the ordinary conduct of the business conducted at such Real Property by the Parent or any of its Subsidiaries as currently
conducted; 
 (f) Liens arising under any indenture or other instrument governing similar term Indebtedness, in each case that is permitted
pursuant to the terms of Section 8.1 hereof, to secure obligations in favor of the trustee, agent or representative under such indenture or other instrument; provided that such Liens (i) are solely for the
benefit of the trustees, agents or representatives in their capacities as such, (ii) do not secure indebtedness for borrowed money and (iii) are not for the benefit of the holders of or lenders under such Indebtedness; 

  
 -12- 

 (g) liens, pledges or deposits relating to escrows established in connection with the
purchase or sale of property otherwise permitted hereunder and the amounts secured thereby shall not exceed the aggregate consideration in connection with such purchase or sale (whether established for an adjustment in purchase price or liabilities,
to secure indemnities, or otherwise); and 
 (h) bankers’ Liens, rights of setoff and other similar Liens existing solely with respect
to cash and Cash Equivalents on deposit in one or more accounts maintained by the Parent or any Restricted Subsidiary of the Parent, in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts are
maintained, securing amounts owing to such bank with respect to cash management and operating account arrangements, including those involving pooled accounts and netting arrangements; provided that, unless such Liens are non-consensual and arise by operation of law, in no case shall any such Liens secure (either directly or indirectly) the repayment of any Indebtedness. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights
of creditors generally. 
 “Default” means any event that, with the passing of time or the giving of notice or both, would
become an Event of Default. 
 “Defaulting Participant” means, subject to Section 2.23(b), any
Participant that, as determined by the Administrative Agent: 
 (a) has failed to perform any of its funding obligations hereunder, including
in respect of its participations in respect of Letters of Credit, within three Business Days of the date required to be funded by it hereunder unless such Participant notifies the Administrative Agent and the Parent in writing that such failure is
the result of such Participant’s good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been
satisfied; 
 (b) has notified the Parent, an Applicant, the Administrative Agent or any other Participant that it does not intend to comply
with its funding obligations hereunder or has made a public statement to that effect with respect to its funding obligations hereunder or generally under other agreements in which it commits to extend credit (unless such writing or public statement
relates to such Participant’s funding obligations hereunder and states that such position is based on such Participant’s good faith determination that a condition precedent to funding (which condition precedent, together with any
applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied); 

  
 -13- 

 (c) has failed, within three Business Days after delivery of a request in writing by the
Administrative Agent, to confirm in a manner satisfactory to the Administrative Agent that it will comply with its funding obligations hereunder; 

(d) has, or has a direct or indirect parent company that has, other than via an Undisclosed Administration, (i) become the subject of a
proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for
it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; or 

(e) has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action;

 provided that a Participant shall not be a Defaulting Participant solely by virtue of the ownership or acquisition of any equity interest in that
Participant or any direct or indirect parent company thereof by a Governmental Authority. 
 “Disqualified Institution”
means (a) those banks, financial institutions and other institutional lenders separately identified in writing by the Parent to each of Barclays and CA CIB prior to December 18, 2017 and (b) any competitors of the Parent or its
subsidiaries that are operating companies, were separately identified in writing by the Parent to each of Barclays and CA CIB prior to the Effective Date and are separately identified in writing to the Administrative Agent by the Parent from time to
time on or after the Effective Date and all such competitors’ respective Affiliates that are clearly identifiable on the basis of such Affiliate’s name (in each case other than bona fide debt funds that are Affiliates of competitors of the
Parent or its respective Subsidiaries). 
 “Disqualified Stock” means with respect to any Person, any Stock of such Person
that by its terms, or by the terms of any related agreement or of any security into which it is convertible or puttable or exchangeable (in each case, at the option of the holder thereof), is, or upon the happening of any event or the passage of
time would be, required to be redeemed by such Person at the option of the holder thereof, or matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, in whole or in part, on or prior to the date which is 91 days
after the Maturity Date; provided, that any class of Stock of such Person that, by its terms, authorizes such Person to satisfy in full its obligations with respect to the payment of dividends or upon maturity, redemption (pursuant to a
sinking fund or otherwise) or repurchase thereof or otherwise by the delivery of Stock that is not Disqualified Stock, and that is not convertible, puttable or exchangeable for Disqualified Stock or Indebtedness, will not be deemed to be
Disqualified Stock so long as such Person satisfies its obligations with respect thereto solely by the delivery of Stock that is not Disqualified Stock; provided, further that any Stock that would not constitute Disqualified Stock but
for provisions thereof giving holders thereof (or the holders of any 

  
 -14- 

 
security into or for which such Stock is convertible, exchangeable or exercisable) the right to require the such Person to repurchase or redeem such Stock upon the occurrence of a change in
control or an Asset Sale occurring prior to the 91st day after the Maturity Date shall not constitute Disqualified Stock if the change of control or Asset Sale provisions applicable to such Stock are no more favorable to such holders than any
provision hereunder as to which such change of control or Asset Sale would result in an Event of Default or mandatory prepayment hereunder, and such Stock specifically provides that the Parent will not repurchase or redeem any such Stock pursuant to
such provisions of such Stock prior to the Applicants’ required payment resulting from any such Event of Default or mandatory prepayment hereunder. 

“Dollar Equivalent” means with respect to any Alternative Currency at the time of determination thereof, the equivalent of
such currency in Dollars determined by using the rate of exchange quoted by (a) in the case the payment and reimbursement of a drawing under a Letter of Credit issued in an Alternative Currency, the Issuer of such Letter of Credit and
(b) in all other cases Barclays in New York, New York at 11:00 a.m. (New York time) on the date of determination to prime banks in New York for the spot purchase in the New York foreign exchange market of such amount of Dollars with such
Alternative Currency. 
 “Dollars” and the sign “$” each mean the lawful money of the United States of
America. 
 “Domestic Office” means, with respect to any Participant, the office of such Participant specified as its
“Domestic Office” from time to time to the Parent and the Administrative Agent. 
 “Dutch Credit Party”
means any Credit Party which is incorporated or established in the Netherlands. 
 “EBITDA” means, for the Fiscal Quarters
ended September 30, 2017, and December 31, 2017, $349,300,000.00 and $257,800,000.00, respectively, for the Fiscal Quarter ended March 31, 2018, $267,200,000.00, and for all other Fiscal Quarters: 

(a) Consolidated Net Income for such period; plus 

(b) the sum of, in each case to the extent deducted in the calculation of such Consolidated Net Income, but without duplication: 

(i) any provision for income Taxes; 

(ii) Interest Expense; 
 (iii)
depreciation expense; 
 (iv) amortization of intangibles or financing or acquisition costs; 

  
 -15- 

 (v) any aggregate net loss from the sale, exchange or other disposition of any property,
plant or equipment or any Stock of any Restricted Subsidiary by the Parent or its Restricted Subsidiaries; 
 (vi) dry dock amortization
expense; 
 (vii) [Reserved]; 

(viii) any fee or other expense of the Parent or any Restricted Subsidiary relating to (a) the negotiation, preparation, execution and
delivery of this Agreement and the other Credit Documents, or granting or perfecting any Lien purported to be granted thereunder (including expenses for counsels) or (b) the Transactions; 

(ix) any fee or other expense of the Parent or any Restricted Subsidiary relating to Acquisitions or issuances of Indebtedness permitted under
this Agreement (whether or not consummated). 
 (x) for any period from May 10, 2018 (or, in respect of CBI and its Subsidiaries
following the consummation of the Business Combination, for any period from April 1, 2018) through March 31, 2019, any charges for the Focus Four Projects during such Fiscal Quarter, except that such amount may not exceed $75,000,000 in
any Fiscal Quarter or $200,000,000 in the aggregate; 
 (xi) (A) for the first full Fiscal Quarter ending after May 10, 2018, four
times, (B) for the first two full Fiscal Quarters ending after May 10, 2018, two times, (C) for the first three full Fiscal Quarters ending after May 10, 2018, 4/3 times, and (D) for any other four Fiscal Quarter period
ending on or before June 30, 2019, any quantifiable and demonstrable ongoing costs savings resulting from the Business Combination including but not limited to actual headcount reductions, contractually reduced lease or occupancy expense,
reduced audit expenses, and reduced combined insurance expense during such period (and excluding, for the avoidance of doubt, charges added back pursuant to clause (x)); 

(xii) each of the following to the extent it represents a non-cash charge or a non-cash loss: (A) pension amortization expense and any loss related to pension obligations; (B) stock-based compensation expense; (C) impairment of plant, property, and equipment (other than net
losses from sale), intangible assets and goodwill; and (D) equity in losses of unconsolidated Affiliates; 
 (xiii) for any period from
May 10, 2018 (or, in respect of CBI and its Subsidiaries following the consummation of the Business Combination, for any period from April 1, 2018) through the Fiscal Quarter ending June 30, 2019, any fee, expense or charge related to
actions taken to achieve the cost synergies; and 

  
 -16- 

 (xiv) for any period from May 10, 2018 (or, in respect of CBI and its Subsidiaries
following the consummation of the Business Combination, for any period from April 1, 2018) through the Fiscal Quarter ending June 30, 2019, legal expense or settlements incurred not to exceed $175,000,000 in the aggregate; minus

 (c) the sum of, in each case to the extent included in the calculation of such Consolidated Net Income, but without duplication: 

(i) any credit for income Tax; 

(ii) non-cash interest income; 

(iii) any other non-cash gains or income which have been added in determining Consolidated Net Income,
including (A) equity in income of nonconsolidated Affiliates and (B) any gain related to pension obligations; 
 (iv) the income
of any Restricted Subsidiary that is not a Guarantor to the extent that the declaration or payment of dividends or similar distributions or transfers or loans by such Restricted Subsidiary of that income is not at the time permitted by operation of
the terms of its charter or any agreement, instrument, judgment, decree, statute, rule or governmental regulation applicable to such Restricted Subsidiary; 

(v) [Reserved]; 
 (vi) the
income of any Unrestricted Subsidiary or any Person (other than a Restricted Subsidiary) in which any other Person (other than the Parent or a Wholly-Owned Restricted Subsidiary or any director or other Person holding qualifying shares in accordance
with applicable law) has an interest, except without duplication, (A) to the extent of the amount of dividends or other distributions or transfers or loans actually paid to the Parent or a Wholly-Owned Restricted Subsidiary by such Unrestricted
Subsidiary or Person during such period and (B) in the case of Joint Ventures, equity in the earnings of the Joint Venture; and 

(vii) any aggregate net gains from the sale, exchange or other disposition of property, plant, or equipment or Stock of a Subsidiary by the
Parent or its Subsidiaries. 
 EBITDA for a consecutive four-quarter period shall be calculated after giving effect, on a pro forma basis, to Acquisitions
made by the Parent or its Restricted Subsidiaries during such period and the sale, exchange or other disposition of business units by the Parent or its Restricted Subsidiaries out of the ordinary course of business during such period (and subsequent
to such period and on or before the date of incurrence of the Indebtedness giving rise to the need to calculate the Leverage Ratio or the Secured Leverage Ratio) as if such Acquisitions or sale, exchange or other disposition occurred on the first
day of the period so long as the Parent provides to the Administrative Agent reconciliations and other detailed information relating to adjustments to the relevant financial statements (including copies of financial statements of the Person or
assets acquired in such Acquisition) used in computing EBITDA (and the relevant elements thereof) sufficient to demonstrate such pro forma calculations in reasonable detail. For purposes of this paragraph, the Business Combination shall be an
“Acquisition”. 

  
 -17- 

 “EEA Financial Institution” means (a) any credit institution or
investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is the 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. 
 “EEA Resolution Authority” means any public administrative authority or any person entrusted
with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” has the meaning set forth in Section 3.1. 

“Eligible Assignee” means (a) a Participant or any Affiliate of a Participant or an Approved Fund with respect to a
Participant, (b) a commercial bank having total assets in excess of $5,000,000,000.00, (c) a finance company, insurance company or any other financial institution or fund, in each case reasonably acceptable to the Administrative Agent and
regularly engaged in making, purchasing or investing in loans and having a net worth, determined in accordance with GAAP, in excess of $500,000,000.00 or, to the extent net worth is less than such amount, a finance company, insurance company, other
financial institution or fund, reasonably acceptable to the Administrative Agent, each Issuer and the Applicants (which consent shall, in each case, not be unreasonably withheld or delayed) or (d) a savings and loan association or savings bank
organized under the laws of the United States or any State thereof having a net worth, determined in accordance with GAAP, in excess of $250,000,000.00; provided that the term Eligible Assignee shall exclude any competitor of the Parent or
any of its Subsidiaries that is primarily engaged in an Eligible Line of Business and that has been specifically identified as such in writing by any Applicant to the Administrative Agent, which such exclusion shall not apply retroactively to
exclude or disqualify any parties that have previously acquired an assignment or participation interest in a Commitment or Obligations. 

“Eligible Line of Business” means the businesses and activities engaged in by the Parent and its Subsidiaries on the
Effective Date, any other businesses or activities reasonably related or incidental thereto and any other businesses that, when taken together with the existing businesses of the Parent and its Subsidiaries, are immaterial with respect to the assets
and liabilities of the Parent and its Subsidiaries, taken as a whole. 
 “Employee Benefit Plan” means any “employee
benefit plan” as defined in Section 3(3) of ERISA which is or was sponsored, maintained or contributed to by, or required to be contributed by, the Parent, any of its Subsidiaries, any Guarantor or any of their respective ERISA Affiliates.

  
 -18- 

 “Environmental Laws” means all applicable Requirements of Law now or
hereafter in effect and as amended or supplemented from time to time, relating to pollution or the regulation and protection of human health, safety, the environment or natural resources, including the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended (42 U.S.C. § 9601 et seq.); the Hazardous Material Transportation Act, as amended (49 U.S.C. § 1801 et seq.); the Federal Insecticide, Fungicide, and Rodenticide
Act, as amended (7 U.S.C. § 136 et seq.); the Resource Conservation and Recovery Act, as amended (42 U.S.C. § 6901 et seq.); the Toxic Substance Control Act, as amended (15 U.S.C. § 2601 et
seq.); the Clean Air Act, as amended (42 U.S.C. § 7401 et seq.); the Federal Water Pollution Control Act, as amended (33 U.S.C. § 1251 et seq.); the Occupational Safety and Health Act, as amended
(29 U.S.C. § 651 et seq.); the Safe Drinking Water Act, as amended (42 U.S.C. § 300f et seq.); the Oil Pollution Act of 1990; and each of their state and local counterparts or equivalents. 

“Environmental Liabilities and Costs” means, with respect to any Person, all liabilities, obligations, responsibilities,
Remedial Actions, losses, damages, punitive damages, consequential damages, treble damages, costs and expenses (including all fees, disbursements and expenses of counsel, experts and consultants and costs of investigation and feasibility studies),
fines, penalties, sanctions and interest incurred as a result of any claim or demand by any other Person, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute and arising under any Environmental
Law, Permit, order or agreement with any Governmental Authority or other Person, in each case relating to and resulting from the past, present or future operations of, or ownership of property by, such Person or any of its Subsidiaries. 

“Environmental Lien” means any Lien in favor of any Governmental Authority pursuant to any Environmental Law. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated
thereunder. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) under common control or treated
as a single employer with the Parent, any of its Subsidiaries or any Guarantor within the meaning of Section 414(b), (c), (m) or (o) of the Code. Any former ERISA Affiliate of the Parent, any of its Subsidiaries or any Guarantor shall
continue to be considered an ERISA Affiliate of the Parent, such Subsidiary or such Guarantor within the meaning of this definition with respect to the period such entity was an ERISA Affiliate of the Parent, such Subsidiary or such Guarantor and
with respect to liabilities arising after such period for which the Parent, such Subsidiary or such Guarantor could be liable under the Code or ERISA. 

“ERISA Event” means (a) a reportable event described in Section 4043(b) or 4043(c) of ERISA with respect to a Title
IV Plan, (b) the withdrawal of the Parent, any of its Subsidiaries, any Guarantor or any ERISA Affiliate from a Title IV Plan subject to 

  
 -19- 

 
Section 4063 or Section 4064 of ERISA during a plan year in which any such entity was a “substantial employer” (as defined in Section 4001(a)(2) of ERISA) or the
termination of any such Title IV Plan resulting, in either case, in a material liability to any such entity, (c) the “complete or partial withdrawal” (within the meaning of Sections 4203 and 4205 of ERISA) of the Parent, any of its
Subsidiaries, any Guarantor or any ERISA Affiliate from any Multiemployer Plan where the Withdrawal Liability could reasonably be expected to exceed $15,000,000.00 (individually or in the aggregate), (d) notice of reorganization, insolvency, intent
to terminate or termination of a Multiemployer Plan is received by the Parent, any of its Subsidiaries, any Guarantor or any ERISA Affiliate, (e) the filing of a notice of intent to terminate a Title IV Plan under Section 4041(c) of ERISA
or the treatment of a plan amendment as a termination under Section 4041(e) of ERISA, where such termination constitutes a “distress termination” under Section 4041(c) of ERISA, (f) the institution of proceedings to
terminate a Title IV Plan by the PBGC, (g) the failure to make any required contribution to a Title IV Plan or Multiemployer Plan or to meet the minimum funding standard of Section 412 of the Code (in either case, whether or not waived in
accordance with Section 412(c) of the Code), (h) the determination that any Title IV Plan is in “at-risk status” (within the meaning of Section 430 of the Code or Section 303 of ERISA)
or that a Multiemployer Plan is in “endangered status”, “seriously endangered” or “critical status” (within the meaning of Section 432 of the Code or Section 305 of ERISA), (i) any other event or condition
that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan or the imposition of any liability under Title IV
of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, (j) the imposition of liability on the Parent, any of its Subsidiaries, any Guarantor or any of their respective ERISA Affiliates pursuant to
Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA, (k) the imposition of a Lien upon the Parent, any of its Subsidiaries, any Guarantor or any ERISA Affiliate pursuant to Section 436(f)
or Section 430(k) of the Code or Section 303(k) of ERISA, (l) the occurrence of an act or omission which could reasonably be expected to give rise to the imposition on the Parent, any Applicant, any of their respective Subsidiaries,
any Guarantor or any of their respective ERISA Affiliates of fines, penalties, Taxes or related charges under Chapter 43 of the Code or under Section 409, Section 502(c), (i) or (l), or Section 4071 of ERISA in respect of any
“employee pension plan” (within the meaning of Section 3(2) of ERISA) or (m) receipt from the IRS of notice of the failure of any employee pension plan that is intended to be qualified under Section 401(a) of the Code to
qualify under Section 401(a) of the Code, or the failure of any trust forming part of any such employee pension plan to qualify for exemption from taxation under Section 501(a) of the Code. 

“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. 

“Eurodollar Rate” means, for any interest period, a fluctuating rate per annum equal to (x) the rate per
annum determined by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the beginning of such 

  
 -20- 

 
interest period to be the London interbank offered rate for such interest period, as currently published on the applicable Reuters screen page (or such other commercially available source
providing such quotation of such rate as may be designated by the Administrative Agent from time to time) for a period equal to such interest period, or (y) if the rate in clause (x) above does not appear on such page or service or
if such page or service is not available, the rate per annum determined by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the beginning of such interest period to be the offered rate
for a period equal to such interest period on such other page or other service which displays an average London interbank offered rate (the preceding clauses (x) and (y), the “LIBO Screen Rate”); provided
that at no time will the Eurodollar Rate be deemed to be less than 0% per annum. 
 “Event of Default” has the
meaning specified in Section 9.1. 
 “Excepted Consent” means, at any time, any consent,
authorization, approval, filing or registration with or from any non-U.S. Governmental Authority that is listed on Schedule 7.14 of the Existing Credit Agreement with respect to which the time periods
set forth opposite each such item or action on Schedule 7.14 of the Existing Credit Agreement (or such longer period permitted by the Administrative Agents (as defined in the Existing Credit Agreement) prior to the Effective Date and by the
Administrative Agent on or after the Effective Date in its sole discretion) have not expired. 
 “Exchangeable Notes” means
that certain exchangeable note issued by McDermott Technology, B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, which will be mandatorily
exchangeable for shares of common stock of the Parent as more fully described in the Parent Registration Statement, together with the legacy notes into which such exchangeable note will split in one or more transactions as more fully described in
the Parent Registration Statement. 
 “Excluded Subsidiary” means, at any time, (a) any
non-U.S. Subsidiary if at such time such Subsidiary’s Guarantee is prohibited by (x) any Governmental Authority with authority over such non-U.S. Subsidiary or
(y) applicable law or regulation or analogous restriction, or such Subsidiary’s Guarantee would result in a substantial risk to the officers or directors of such Subsidiary or a civil or criminal liability and (b) any non-U.S. Subsidiary under circumstances where the Administrative Agent determines in its sole discretion (in consultation with the Parent) that the cost, burden, difficulty or consequence of providing such Guarantee
at such time is excessive in relation to the value afforded thereby. 
 “Excluded Taxes” means any of the following Taxes
imposed on or with respect to a Participant, Issuer or Administrative Agent or required to be withheld or deducted from a payment to a Participant, Issuer or Administrative Agent: (a) Taxes imposed on or measured by net income (however
denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Participant, Issuer or Administrative Agent being organized under the laws of, or having its principal office or, in the case of any
Participant, its applicable lending office located in, the jurisdiction imposing such Tax 

  
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(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Participant, U.S. federal withholding Taxes (other than U.S. withholding Taxes to
the extent such Taxes (A) would not be imposed or payable (including, without limitation, as the result of an applicable income Tax treaty that otherwise would reduce or eliminate the Tax) if any Applicant was a United States person within the
meaning of Section 7701(a)(30) of the Code or (B) are imposed with respect to payments from any United States person to the Applicants) imposed on payments to or for the account of such Participant under the Credit Documents pursuant to a
law in effect on the Initial Utilization Date or the date on which (i) such Participant acquires such interest in the Commitment (other than pursuant to an assignment request by the Parent or an Applicant) or (ii) such Participant changes
its lending office, except in each case to the extent that, pursuant to Section 2.19, amounts with respect to such Taxes were payable either to such Participant’s assignor immediately before such Participant became a
party hereto or to such Participant immediately before it changed its lending office, (c) Taxes attributable to such Participant, Issuer or Administrative Agent’s failure to comply with Section 2.19(e) (other than
if such failure is due to a change in any applicable Requirement of Law occurring after the date on which a form originally was required to be provided) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“Excluded Vessel” means, at any time, a marine vessel subject to a Lien permitted under
Section 8.2(d), 8.2(e) or 8.2(m). 
 “Existing Credit Agreement” means that certain
Credit Agreement dated as of May 10, 2018, among Parent, as guarantor, the Applicants, as borrowers, the lenders and issuers party thereto, CA CIB, as revolving and letter of credit administrative agent, and Barclays, as term loan
administrative agent. 
 “Extended Letter of Credit” has the meaning specified in Section 2.7(b).

 “Extending Participants” has the meaning specified in Section 2.25(a). 

“Extension Agreement” means an amendment to this Agreement, in form and substance reasonably satisfactory to the
Administrative Agent, the Parent and the Applicants, among the Parent, each Applicant, the Administrative Agent and each Extending Participant, effecting one or more Extension Permitted Amendments and such other amendments hereto and to the other
Credit Documents as may be required or advisable to effect the transactions contemplated by Section 2.25. 

“Extension Offer” has the meaning specified in Section 2.25(a). 

“Extension Permitted Amendment” means an amendment to this Agreement and the other Credit Documents, effected in connection
with an Extension Offer pursuant to Section 2.25, providing for an extension of the Maturity Date applicable to the Commitments being extended pursuant to Section 2.25 of the Extending Participants
(such Commitments being referred to as the “Extended Commitments”) and, which may also provide for the following with respect to any such Extended Commitments: 

  
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 (a) [reserved], 

(b) [reserved], 
 (c)
[reserved], 
 (d) an increase in the fees payable to, or the inclusion of new fees to be payable to, the Extending Participants in respect
of such Extension Offer or their Extended Commitments, and/or 
 (e) an addition of any affirmative or negative covenants applicable to the
Parent, the Applicants and the Subsidiaries, provided that any such additional covenant with which the Parent, the Applicants and/or the Restricted Subsidiaries shall be required to comply prior to the latest Maturity Date in effect
immediately prior to such Extension Permitted Amendment for the benefit of the Extending Participants providing such Extended Commitments shall also be for the benefit of all other Participants. 

“Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction
not involving distress or necessity of either party; provided that for any determination of Fair Market Value for a Mortgaged Vessel in connection with an Asset Sale to be made pursuant to Section 8.4(g),
(h) or (i) in which the Fair Market Value of the properties disposed of in such Asset Sale exceeds $10,000,000.00, the Applicants shall provide evidence reasonably satisfactory to the Administrative Agent with respect to the
calculation of such Fair Market Value; provided that if any appraisal of a marine vessel contains a range of values for such marine vessel, the “Fair Market Value” of such marine vessel shall be deemed to be an amount equal to the midpoint
of such range. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code
and any fiscal or regulatory legislation, rules or practices adopted by a Governmental Authority pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of
the foregoing. 
 “Federal Funds Rate” means for any day, the rate per annum equal to the weighted average of the
rates on overnight federal funds transactions with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that if such day is not a
Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the immediately preceding Business Day as so published on the next succeeding Business Day; provided, further, that if no such rate is
published on such next succeeding Business Day, the Administrative Agent may, in its discretion, determine the Federal Funds Rate for such day by reference to the average rate charged to the Administrative Agent on such day on such transactions as
determined by the Administrative Agent. 

  
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 “Federal Reserve Board” means the Board of Governors of the United States
Federal Reserve System, or any successor thereto. 
 “FEMA” has the meaning set forth in
Section 7.5. 
 “Final Satisfaction Date” shall be the date on which each of the following have
occurred: (a) all Obligations have been paid or otherwise satisfied in full (other than in respect of any contingent indemnification or expense reimbursement obligations for which no claim has been asserted), (b) all Commitments have terminated
or expired and the obligations of the Issuers to issue Letters of Credit hereunder have terminated and (c) each Letter of Credit has expired or has been cash collateralized, back-stopped or secured to the satisfaction of the applicable Issuers.

 “Financial Statements” means the financial statements of the Parent and its Subsidiaries delivered in accordance with
Section 3.2(b) or Section 6.1. 
 “Fiscal Quarter” means the fiscal
quarter of the Parent ending on March 31, June 30, September 30 or December 31 of the applicable Fiscal Year, as applicable. 

“Fiscal Year” means the fiscal year of the Parent, which is the same as the calendar year. 

“Fixed Charge Coverage Ratio” means, as of any date of determination, the ratio of (a) EBITDA to (b) the sum of
(i) Interest Expense, (ii) the aggregate principal amount of all regularly scheduled principal payments (not including any voluntary or contingent mandatory prepayments for any Indebtedness) or scheduled redemptions or similar acquisitions
for value in respect of outstanding Indebtedness for borrowed money made by the Parent and any Restricted Subsidiary and (iii) the aggregate amount of federal, state, local and foreign income Taxes paid in cash, in each case, of or by the
Parent and its Restricted Subsidiaries, in each case for the items listed in clauses (a) and (b) above, for the most recently ended four Fiscal Quarter period for which financial statements have been delivered pursuant to
Section 6.1(a) or (b). 
 “Flood Hazard Property” means any Mortgaged Property on which a
“Building” or a “Manufactured (Mobile) Home” (in each case, as defined in the applicable flood insurance regulation) is located that is in an area designated by the Federal Emergency Management Agency as having special flood or
mudslide hazards. 
 “Focus Four Projects” means the “Focus Four Projects” identified in the Information
Memorandum (as defined in the Existing Credit Agreement as of the date hereof). 
 “Fronting Exposure” means, at any time
there is a Defaulting Participant, with respect to any Issuer, such Defaulting Participant’s Ratable Portion of the Obligations of such Issuer, other than Obligations as to which such Defaulting Participant’s participation obligation has
been reallocated to other Participants or cash collateralized in accordance with the terms hereof. 

  
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 “Fronting Fee” means the Fronting Fee specified in
Section 2.15(c)(i). 
 “Fund” means any Person (other than a natural person) that is or will be
engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time. 

“Governmental Authority” means any nation, sovereign or government, any state or other political subdivision thereof and any
entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, including any central bank (including any supra-national bodies such as the European Union or the European Central
Bank). 
 “Guarantee” means (a) in the case of the Parent, each Applicant and each other Subsidiary Guarantor, the
guarantees of the Obligations contained in the Guaranty Agreement and (b) additionally in the case of the Parent, the guarantee of the Obligations contained in Article XII of this Agreement. 

“Guarantor” means the Parent and each Subsidiary of the Parent (including each Applicant) that has guaranteed the Obligations
pursuant to the Guaranty Agreement, until such time as such Subsidiary ceases to guarantee the Obligations pursuant to the terms of any such agreement. As of the Initial Utilization Date, the Parent, each Applicant and each Subsidiary listed on
Schedule V hereto is a Guarantor. 
 “Guaranty Agreement” means, collectively, (a) the Guaranty Agreement
executed by the Applicants and certain other Subsidiary Guarantors in favor of the Administrative Agent on May 10, 2018 and (b) any other guaranty agreement executed and delivered by any Restricted Subsidiary in form and substance
satisfactory to the Administrative Agent, pursuant to which such Restricted Subsidiary makes a Guarantee. 
 “Guaranty
Obligation” means, as applied to any Person, without duplication, any direct or indirect liability, contingent or otherwise, of such Person with respect to any Indebtedness of another Person, if the purpose of such Person in incurring such
liability is to provide assurance to the obligee of such Indebtedness that such Indebtedness will be paid or discharged, or that any agreement relating thereto will be complied with, or that any holder of such Indebtedness will be protected (in
whole or in part) against loss in respect thereof, including (a) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making,
discounting with recourse or sale with recourse by such Person of Indebtedness of another Person and (b) any liability of such Person for Indebtedness of another Person through any agreement (contingent or otherwise) (i) to purchase,
repurchase or otherwise acquire such Indebtedness or any security therefor, or to provide funds for the payment or discharge of such Indebtedness (whether in the form of a loan, advance, stock purchase, capital contribution or otherwise),
(ii) to maintain the solvency or any balance sheet item, level of income or financial condition of another Person, (iii) to make take-or-pay or similar

  
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payments, regardless of non-performance by any other party or parties to an agreement, (iv) to purchase, sell or lease (as lessor or lessee) property,
or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such Indebtedness or to assure the holder of such Indebtedness against loss or (v) to supply funds to, or in any other manner invest in, such
other Person (including to pay for property or services irrespective of whether such property is received or such services are rendered), if (and only if) in the case of any agreement described under clause (b)(i),
(ii), (iii), (iv) or (v) above the primary purpose or intent thereof is to provide assurance to the obligee of Indebtedness of any other Person that such Indebtedness will be paid or discharged, or that any agreement
relating thereto will be complied with, or that any holder of such Indebtedness will be protected (in whole or in part) against loss in respect thereof. The amount of any Guaranty Obligation shall be equal to the amount of the Indebtedness so
guaranteed or otherwise supported or, if such amount is not stated or otherwise determinable, the maximum reasonable anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. For the avoidance of doubt, the
term “Guaranty Obligation” shall not include reimbursement or other obligations with respect to unmatured or undrawn, as applicable, Performance Guarantees. 

“Hedging Contracts” means all Interest Rate Contracts, foreign exchange contracts, currency swap or option agreements,
forward contracts, commodity swap, purchase or option agreements, other commodity price hedging arrangements, and all other similar agreements or arrangements designed to alter the risks of any Person arising from fluctuations in interest rates,
currency values or commodity prices. For the avoidance of doubt, Permitted Bond Hedge Transactions and Permitted Warrant Transactions shall not be deemed Hedging Contracts. 

“Immaterial Guarantor” means a Guarantor (other than the Parent or any Applicant) that is not a Material Wholly-Owned
Subsidiary. 
 “Immaterial Subsidiary” means, on any date of determination, a Subsidiary having assets with an aggregate
net book value (excluding, for the avoidance of doubt, intercompany balances) of less than $5,000,000.00. 
 “Increase and Joinder
Agreement” has the meaning set forth in Section 2.24(d)(v). 
 “Increased Amount Date”
has the meaning specified in Section 2.24(c). 
 “Incremental Facility” has the meaning specified
in Section 2.24(b). 
 “Indebtedness” of any Person means, without duplication: 

(a) all indebtedness of such Person for borrowed money; 

(b) all obligations of such Person evidenced by promissory notes, bonds, debentures or similar instruments; 

  
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 (c) all matured reimbursement obligations with respect to letters of credit, bankers’
acceptances, surety bonds, performance bonds, bank guarantees, and other similar obligations; 
 (d) all other obligations with respect to
letters of credit, bankers’ acceptances, surety bonds, performance bonds, bank guarantees and other similar obligations, whether or not matured, other than unmatured or undrawn, as applicable, obligations with respect to Performance Guarantees;

 (e) all indebtedness for the deferred purchase price of property or services, other than trade payables incurred in the ordinary course of
business that are not overdue by more than 90 days or disputed in good faith; 
 (f) all indebtedness of such Person created or arising under
any conditional sale or other title retention agreement (other than operating leases) with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are
limited to repossession or sale of such property); 
 (g) all Capital Lease Obligations of such Person; 

(h) all Guaranty Obligations of such Person; 

(i) all obligations of such Person to purchase, redeem, retire, defease or otherwise acquire for value any Disqualified Stock of such Person,
valued, in the case of redeemable preferred Disqualified Stock, at the greater of its voluntary liquidation preference and its involuntary liquidation preference plus accrued and unpaid dividends; 

(j) net payments that such Person would have to make in the event of a termination of the Hedging Contracts of such Person if such termination
occurred on the date Indebtedness of such Person is being determined; 
 (k) all Alternate Program Indebtedness of such Person; and 

(l) all Indebtedness of the type referred to above secured by (or for which the holder of such Indebtedness has an existing right, contingent
or otherwise, to be secured by) any Lien upon or in property (including accounts and general intangibles) owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness, but amounts of such
Indebtedness shall be the lesser of the value of the property owned by such Person securing such Indebtedness and the principal amount of such Indebtedness. 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is
itself a corporation, limited liability company or other entity in which the liability of the joint venturer is limited) in which such Person is a general partner or a joint venturer, except to the extent such Person’s liability for such
Indebtedness is otherwise limited by applicable law or 

  
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contract. For the avoidance of doubt, the term “Indebtedness” shall not include (x) reimbursement or other obligations with respect to unmatured or undrawn, as applicable,
Performance Guarantees or (y) Permitted Bond Hedge Transactions or Permitted Warrant Transactions. 
 “Indemnified
Matters” has the meaning specified in Section 11.4(a). 
 “Indemnitee” has the meaning
specified in Section 11.4(a). 
 “Information” means all information received from the Parent or
any of its Subsidiaries relating to the Parent or any of its Subsidiaries or any of their respective businesses after the date hereof that is posted to IntraLinks, DebtDomain, SyndTrak, Barclays Deal Vault or a similar service or otherwise clearly
identified at the time of delivery as confidential other than any such information that is available to the Administrative Agent, any Participant or any Issuer on a nonconfidential basis prior to disclosure by the Parent or any of its Subsidiaries.

 “Information Presentation” means the McDermott LC Facility Presentation dated October 2018 delivered to the
Administrative Agent by the Parent in connection with the facility evidenced by this Agreement. 
 “Initial Utilization
Date” has the meaning specified in Section 3.2. 
 “Insurance/Condemnation Event” means
any casualty or other insured damage to, or any taking under the power of eminent domain or by condemnation or similar proceeding of, or any disposition under a threat of such taking of, all or any part of any assets of the Parent or any Restricted
Subsidiary, resulting in aggregate Net Cash Proceeds exceeding $25,000,000.00. 
 “Intercreditor Agreement” means the
Collateral Agency and Intercreditor Agreement or a Junior Intercreditor Agreement (as defined in the Existing Credit Agreement as of the date hereof), as applicable. 

“Interest Expense” means, for the Parent for any period, total interest expense of the Parent and its Restricted Subsidiaries
for such period, as determined on a consolidated basis in conformity with GAAP and including, in any event (without duplication for any period or any amount included in any prior period): 

(a) net costs under Interest Rate Contracts for such period; 

(b) any commitment fee (including the Commitment Fee) accrued, accreted or paid by such Person during such period; 

(c) any fees and other obligations (other than reimbursement obligations) with respect to letters of credit (including the Participation Fees)
and bankers’ acceptances (whether or not matured) accrued, accreted or paid by such Person for such period, plus (without duplication) any such amounts that are included in the cost of operations on the consolidated statement of operations of
such Person prepared in conformity with GAAP; and 

  
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 (d) the Fronting Fee. 

For purposes of the foregoing, interest expense shall (i) be determined after giving effect to any net payments made or received by the Parent or any
Subsidiary with respect to interest rate Hedging Contracts and (ii) exclude interest expense accrued, accreted or paid by the Parent or any Subsidiary of the Parent to the Parent or any Subsidiary of the Parent. Notwithstanding the foregoing,
the interest component of all payments associated with any lease that would have been accounted for as an operating lease on a balance sheet of such Person prepared in conformity with GAAP as in effect on the Initial Utilization Date and amounts
included for any Fiscal Quarter attributable to any upfront fees and similar one-time fees paid in connection with this Agreement shall each be excluded from Interest Expense. Notwithstanding anything herein
to the contrary, “Interest Expense” shall not include the non-cash portion of interest expense resulting from the application of Accounting Standards Codification
470-20 attributable to any Convertible Indebtedness that may be wholly or partially settled in cash. 

“Interest Rate Contracts” means all interest rate swap agreements, interest rate cap agreements and interest rate collar
agreements. 
 “Inventory” has the meaning specified in the Pledge and Security Agreement. 

“Investment” means, with respect to any Person, any investment of such Person so classified under GAAP, and whether or not so
classified, any loan, advance, extension of credit that constitutes Indebtedness of the Person to whom it is extended, any direct or indirect guaranty in respect of the Indebtedness of another Person by such Person, or contribution of capital by
such Person, and any stocks, bonds, mutual funds, partnership interests, notes (including structured notes), debentures or other securities owned by such Person; excluding, however, (a) capital expenditures of such Person
determined in accordance with GAAP, (b) prepayments or deposits made in the ordinary course of business, (c) accounts receivable and similar items made or incurred in the ordinary course of business and (d) the payment of the
operating expenses and capital expenditures of a Restricted Subsidiary, so long as such payment is in the ordinary course of business and consistent with past business practices with respect to such Subsidiary prior to the date hereof. For the
avoidance of doubt, the term “Investment” shall not include reimbursement or other obligations with respect to unmatured or undrawn, as applicable, Performance Guarantees. 

“IRS” means the Internal Revenue Service of the United States or any successor thereto. 

“ISP” means, with respect to any letter of Credit, the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of Issuance). 

  
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 “Issue” means, with respect to any Letter of Credit, to issue, extend the
expiry of, renew (including any auto-renewal thereof) or increase the maximum stated amount (including by deleting or reducing any scheduled decrease in such maximum stated amount) of, such Letter of Credit. The terms “Issued” and
“Issuance” shall have a corresponding meaning. 
 “Issuer” means each Participant or Affiliate of a
Participant that (a) is listed on Schedule II(B), or (b) hereafter becomes an Issuer with the approval of the Administrative Agent and the Applicants and that has executed an agreement with and in form and substance satisfactory to
the Administrative Agent and the Applicants to be bound by the terms hereof applicable to Issuers; provided that if an Issuer (or its Affiliate) ceases to be a Participant, such Issuer shall continue to be an Issuer hereunder while any Letter
of Credit issued by it remains outstanding but shall be under no obligation to Issue any additional Letter of Credit. 
 “Issuer
Commitment” means (a) the amount set forth on the attached Schedule II(B) for each Issuer or (b) such other amount as any Issuer and the Applicants may agree in a writing delivered to the Administrative Agent. 

“Joint Venture” means any Person that is not a Subsidiary of the Parent and (a) in which the Parent or any Subsidiary of
the Parent, directly or indirectly, owns at least 25% of the Stock or Stock Equivalents of such Person or (b) in which the Parent or any Subsidiary of the Parent owns at least a 25% interest in such joint venture if such Person is
unincorporated and such Person’s financial information is consolidated or proportionally consolidated with the Parent in accordance with GAAP. As of the Initial Utilization Date, the Persons listed on Schedule 1.1 are Joint Ventures.

 “Junior Priority Indebtedness” means any Indebtedness for borrowed money (excluding intercompany debt) of the Parent or
any Restricted Subsidiary that is (i) secured by a Lien on the Collateral that is junior to the Lien on the Collateral that secures the Obligations, (ii) unsecured or (iii) expressly subordinated in right of payment to the
Obligations. 
 “LC Facility” means the senior secured letter of credit facility evidenced by this Agreement and described
in Section 2.5. 
 “LC Facility Exposure” means, with respect to any Participant, at any time,
such Participant’s Ratable Portion of the Letter of Credit Obligations at such time. 
 “Letter of Credit” means each
letter of credit issued pursuant to Section 2.5. 
 “Letter of Credit Obligations” means, at any
time, without duplication, the aggregate amount equal to the sum of (a) the Reimbursement Obligations at such time (or, for any Reimbursement Obligations in any Alternative Currency, the Dollar Equivalent thereof at such time) and (b) the
Undrawn Amounts at such time. 
 “Letter of Credit Request” has the meaning specified in
Section 2.7(c). 

  
 -30- 

 “Leverage Ratio” means, as of any date of determination, the ratio of
(a) the sum of (1) Leverage Ratio Debt as of such day, plus (2) the unsecured mark-to-market foreign exchange exposure of the Parent and its
Restricted Subsidiaries, as determined by the Parent using market convention, minus (3) the Segregated Cash Amount to (b) EBITDA for the most recently ended four Fiscal Quarter period for which financial statements have been
delivered pursuant to Section 6.1(a) or (b). 
 “Leverage Ratio Debt” means Disqualified
Stock of the Applicants and, without duplication, Indebtedness of the Parent and its Restricted Subsidiaries of the type specified in clauses (a), (b), (c), (d), (e), (f), (g), (h), and
(k) (but in the case of clause (k), only to the extent that, in accordance with GAAP, such Alternate Program Indebtedness is required to be included as a liability of the Parent or its Restricted Subsidiaries on its financial
statements) of the definition of “Indebtedness” determined on a consolidated basis in accordance with GAAP. For the avoidance of doubt, the term “Leverage Ratio Debt” shall not include (a) reimbursement or other
obligations with respect to unmatured or undrawn, as applicable, Performance Guarantees and (b) Indebtedness of the Parent or any of its Restricted Subsidiaries that is owed to the Parent, any of its Restricted Subsidiaries or any Joint Venture
that is a Guarantor or permitted pursuant to Section 8.1(s). 
 “LIBO Screen Rate” has the
meaning specified in the definition of “Eurodollar Rate”. 
 “Lien” means any mortgage, deed of trust, pledge,
hypothecation, collateral assignment, charge, deposit arrangement, encumbrance, lien (statutory or other), security interest or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever intended to
assure payment of any Indebtedness or the performance of any other obligation, including any conditional sale or other title retention agreement, the interest of a lessor under a Capital Lease and any financing lease having substantially the same
economic effect as any of the foregoing. 
 “Liquidity” means the sum of (a) unrestricted cash and Cash Equivalents of
the Parent and its Restricted Subsidiaries, plus (b) unused revolving commitments under the Credit Facilities, plus (c) amounts on deposit in the Cash Secured LC Cash Collateral Account (as defined in the Existing Credit
Agreement as of the date hereof) in excess of 103% of the sum of (x) the stated amount of all Cash Secured Letters of Credit (as defined in the Existing Credit Agreement as of the date hereof) outstanding as of such date and (y) all Cash
Secured Reimbursement Obligations (as defined in the Existing Credit Agreement as of the date hereof) as of such date. 

“Lloyds” means Lloyds Bank plc, formerly known as Lloyds TSB Bank PLC. 

“Lloyds Facility” means that certain Amended and Restated Master Agreement for
Stand-by Letters of Credit, dated on or before the Effective Date (as the same may be amended, amended and restated, supplemented, extended, or otherwise modified from time to time), among Lloyds and certain
of the Credit Parties. 

  
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 “Long-Term Indebtedness” means any Indebtedness of the Parent and its
Restricted Subsidiaries that, in conformity with GAAP, constitutes (or, when incurred, constituted) a long-term liability. 

“Material Adverse Effect” means a material adverse effect upon (a) the condition (financial or otherwise), business,
results of operations or properties of the Applicants and the Guarantors taken as a whole; (b) the perfection or priority of the Liens granted pursuant to the Collateral Documents; (c) the Credit Parties’ ability to perform their
respective obligations under the Credit Documents; or (d) the validity, binding effect or enforceability against the Credit Parties of the Credit Documents or the rights or remedies of the Administrative Agent, the Participants or the Issuers
thereunder. 
 “Material Intellectual Property” means intellectual property owned by the Parent or any of its Wholly-Owned
Subsidiaries that is material to the business operations of the Parent and its Restricted Subsidiaries, taken as a whole. 

“Material Subsidiary” means, with respect to any date of determination, (a) a Restricted Subsidiary contributing (or, if
such Restricted Subsidiary was not a Subsidiary of the Parent for the entire Fiscal Year immediately preceding such date, that would have contributed) more than (i) 5% of the EBITDA or (ii) 5% of total assets (as determined in accordance with GAAP)
of the Parent and its Restricted Subsidiaries on a consolidated basis, in each case in the Fiscal Year immediately preceding such date or (b) two or more Restricted Subsidiaries contributing (or, if any such Restricted Subsidiary was not a
Subsidiary of the Parent for the entire Fiscal Year immediately preceding such date, that would have contributed) more than (i) 10% of the EBITDA or (ii) 10% of total assets (as determined in accordance with GAAP) of the Parent and its Restricted
Subsidiaries on a consolidated basis, in each case in the Fiscal Year immediately preceding such date. Notwithstanding the forgoing, each Applicant and each Wholly-Owned Subsidiary that owns any Material Intellectual Property shall at all times be a
Material Subsidiary. 
 “Material Wholly-Owned Subsidiary” means, as of any date of determination pursuant to this
Agreement, any Wholly-Owned Restricted Subsidiary (other than an Excluded Subsidiary) that (a) at such date has assets with an aggregate net book value (excluding intercompany balances) equal to or greater than $40,000,000.00, (b) owns a marine
vessel that would be required to be a Mortgaged Vessel under the terms of this Agreement or the other Credit Documents if such Subsidiary were a Guarantor, (c) is an Applicant, (d) is a Person that directly owns equity interests in any
Applicant or any other Material Wholly-Owned Subsidiary (other than a Wholly-Owned Subsidiary that is a Material Wholly-Owned Subsidiary solely as a result of this clause (d)) or (e) is (i) organized in the same jurisdiction as another
Material Wholly-Owned Subsidiary described in clause (a) of this definition and (ii) not an Immaterial Subsidiary. For purposes of this definition, any nation, sovereign or government (including, for purposes of this definition, the
United Kingdom) and any state, province or other political subdivision thereof shall constitute a single jurisdiction. 

  
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 “Maturity Date” means the earliest to occur of (a) the third
anniversary of the Initial Utilization Date or (b) the LC Facility Termination Date (as defined in the Existing Credit Agreement). 

“Maximum Rate” has the meaning set forth in Section 11.22. 

“MNPI” means material non-public information (within the meaning of the United States
federal, state or other applicable securities laws) with respect to the Parent and its Affiliates or their Securities. 

“Moody’s” means Moody’s Investors Services, Inc., and its successors. 

“Mortgaged Properties” means, each parcel of Real Property and the improvements thereto owned or leased by a Credit Party
with respect to which a Mortgage is granted. 
 “Mortgaged Vessel Owning Subsidiary” means at any time any Subsidiary of
the Parent that owns a marine vessel that is or that is required at such time to be a Mortgaged Vessel under the terms of this Agreement or the other Credit Documents. As of the Initial Utilization Date, the Mortgaged Vessel Owning Subsidiaries and
the Mortgaged Vessels owned by each are as follows: 
  

							
	 Mortgaged Vessel Owning

Subsidiary
	  	 Jurisdiction of

Organization
	  	 Mortgaged Vessel
	  	 Vessel Flag

				
	Hydro Marine Services, Inc.	  	Panama	  	McDermott Derrick Barge No. 27	  	Panama
				
		  		  	Intermac 650	  	Panama
				
		  		  	McDermott Derrick Barge No. 32	  	Panama
				
		  		  	DLV 2000	  	Panama
				
		  		  	Lay Vessel 108	  	Malta
				
	J. Ray McDermott (Norway), AS	  	Norway	  	North Ocean 102	  	Malta
				
	J. Ray McDermott International Vessels, Ltd.	  	Cayman Islands	  	McDermott Derrick Barge No. 50	  	Panama
				
	McDermott Gulf Operating Company, Inc.	  	Panama	  	Thebaud Sea	  	Canada (bareboat registered in Barbados)
				
	McDermott International Vessels, Inc.	  	Panama	  	Emerald Sea	  	Barbados

  
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 “Mortgaged Vessels” means at any time the marine vessels of the Credit
Parties that are subject to a Lien under the Collateral Documents at such time. The Mortgaged Vessels shall consist of the following as of the Initial Utilization Date: 
  

			
	 Vessel Name
	  	 Flag

	McDermott Derrick Barge No. 27	  	Panama
	McDermott Derrick Barge No. 50	  	Panama
	McDermott Derrick Barge No. 32	  	Panama
	DLV 2000	  	Panama
	North Ocean 102	  	Malta
	Lay Vessel 108	  	Malta
	Intermac 650	  	Panama
	Thebaud Sea	  	Canada (bareboat registered in Barbados)
	Emerald Sea	  	Barbados

 “Mortgages” means (a) the fee or leasehold mortgages or deeds of trust, assignments of
leases and rents and other security documents granting a Lien on any Mortgaged Property to secure the Obligations and (b) the mortgages and other security documents granting a Lien on any Mortgaged Vessel to secure the Obligations, in the case
of each of clauses (a) and (b) each in form and substance reasonably satisfactory to the Collateral Agent, as the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with this
Agreement. 
 “Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which the
Parent, any of its Subsidiaries, any Guarantor or any ERISA Affiliate has any obligation or liability, contingent or otherwise. 

“Net Cash Proceeds” means, with respect to any event, proceeds received by the Parent or any Restricted Subsidiary after the
Initial Utilization Date in cash or Cash Equivalents in respect of such event, net of (a) the reasonable cash costs (including underwriting commissions, legal, investment banking, brokerage and accounting and other professional fees and sales
commissions) paid or reasonably estimated (to the extent reserves for such estimations are maintained in accordance with GAAP) in connection with such event by the Parent or any Restricted Subsidiary to Persons that are not Affiliates of the Parent
or any Restricted Subsidiary and (b) in the case of any Asset Sale or Insurance/Condemnation Event, Taxes paid or reasonably estimated to be payable by the Parent or any Restricted Subsidiary as a result thereof (including, for the avoidance of
doubt, as a result of any distribution of such proceeds to the Parent or any Restricted Subsidiary). 
 “New Incremental
Commitment” has the meaning specified in Section 2.24(b). 

  
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 “New Participant” has the meaning specified in
Section 2.24(c). 
 “NO 105” means M.V. Lay Vessel North Ocean 105. 

“NO 105 Indebtedness” means Indebtedness for borrowed money incurred under the North Ocean 105 Credit Agreement and existing
as of May 10, 2018. 
 “Non-cash Consideration” means the Fair Market Value of
non-cash consideration received by the Parent or a Restricted Subsidiary in connection with an Asset Sale less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or
collection on such Non-cash Consideration. 

“Non-Consenting Participant” has the meaning specified in
Section 11.1(c). 
 “Non-Defaulting Participant” means a
Participant that is not a Defaulting Participant. 
 “Non-Recourse Indebtedness”
means Indebtedness of a Subsidiary of the Parent (in each case that is not a Credit Party) (a) that is on terms and conditions reasonably satisfactory to the Administrative Agent, (b) that is not, in whole or in part, Indebtedness of any
Credit Party (and for which no Credit Party has created, maintained or assumed any Guaranty Obligation) and for which no holder thereof has or could have upon the occurrence of any contingency, any recourse against any Restricted Subsidiary or the
assets thereof (other than the Stock or Stock Equivalents issued by the Subsidiary primarily obligated on such Indebtedness that are owned by a Restricted Subsidiary) for the repayment of such Indebtedness, and (c) owing to an unaffiliated
third-party (which for the avoidance of doubt does not include the Parent, any Subsidiary thereof, any other Credit Party, any Joint Venture (or owner of any interest therein) and any Affiliate of any of them). 

“North Ocean 105 Credit Agreement” means the Facility Agreement dated as of September 30, 2010, among North Ocean 105
AS, as borrower, the Parent, as guarantor, BNP Paribas and Crédit Agricole Corporate and Investment Bank, as mandated lead arrangers, BNP Paribas, as facility agent, security agent, ECA coordinator and documentation bank, and the lenders from
time to time party thereto. 
 “North Ocean Entity” means North Ocean 105 AS, a private limited liability company organized
and existing under the laws of Norway. As of the Initial Utilization Date, the North Ocean Entity is a Wholly-Owned Subsidiary of the Parent. 

“Obligations” means the Letter of Credit Obligations and all other amounts, obligations, covenants and duties owing by the
Applicants and the other Credit Parties to the Agents, any Participant, any Issuer, any Affiliate of any of them or any Indemnitee, of every type and description (whether by reason of an extension of credit, opening or amendment of a letter of
credit or payment of any draft drawn thereunder, loan, guaranty, indemnification, foreign exchange or currency swap transaction, interest rate hedging transaction or otherwise), present or future, arising under this Agreement or any other Credit
Document, in each case whether direct or indirect (including those acquired by 

  
 -35- 

 
assignment), absolute or contingent, due or to become due, now existing or hereafter arising and however acquired and whether or not evidenced by any note, guaranty or other instrument or for the
payment of money, including all letter of credit and other fees (including, the Commitment Fees and the Fronting Fee), interest (including post-petition interest, whether or not allowed in a bankruptcy proceeding), charges, expenses, attorneys’
fees and disbursements and other sums chargeable to any Applicant under this Agreement or any other Credit Document and all obligations of any Applicant under any Credit Document to provide cash collateral for Obligations in respect of Letters of
Credit. 
 “OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury. 

“Original Currency” has the meaning specified in Section 11.19(a). 

“Original Indebtedness” has the meaning given to such term in the definition of “Refinancing Indebtedness”. 

“Other Applicant Obligations” has the meaning specified in Section 11.23. 

“Other Connection Taxes” means, with respect to any Participant or Issuer or the Administrative Agent, Taxes imposed as a
result of a present or former connection between such Participant or Issuer or the Administrative Agent and the jurisdiction imposing such Tax (other than connections arising from such Person having executed, delivered, become a party to, performed
its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Credit Document, or sold or assigned an interest in any Credit Document). 

“Other Currency” has the meaning specified in Section 11.19(a). 

“Other Documents” has the meaning set forth in Section 12.1. 

“Other Specified Permitted Sale/Leasebacks” means (a) any sale and leaseback transaction of CBI’s administrative
headquarters facility in The Woodlands, Texas and (b) any sale and leaseback transaction (other than in connection with clause (a)) of all or any portion of CBI’s other property, in each case on terms acceptable to the
Administrative Agent and only to the extent that the aggregate amount of Net Cash Proceeds from all such Other Specified Permitted Sale/Leasebacks is less than or equal to $150,000,000. 

“Other Taxes” has the meaning specified in Section 2.19(b). 

“Outside Date” has the meaning specified in Section 3.2. 

“Parallel Debt” has the meaning specified in the Collateral Agency and Intercreditor Agreement. 

“Parent” has the meaning specified in the preamble to this Agreement. 

  
 -36- 

 “Parent Registration Statement” means the Registration Statement on Form S-4 of the Parent and Comet I B.V. filed with the SEC on January 24, 2018, together with all amendments and supplements thereto. 

“Parent’s Accountants” means the Parent’s accountants, which shall be Deloitte & Touche LLP or another
firm of independent nationally recognized public accountants. 
 “Participants” means each financial institution or other
entity that (a) is listed on the signature pages of the Agreement as a “Participant” or (b) from time to time becomes a party hereto as a Participant by execution of an Assignment and Acceptance or an Increase and Joinder
Agreement. 
 “Participation Fee” has the meaning specified in Section 2.15(c)(ii). 

“PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto. 

“Performance Guarantee” of any Person means (a) any letter of credit, bankers acceptance, surety bond, performance bond,
bank guarantee or other similar obligation issued for the account of such Person to support only trade payables or nonfinancial performance obligations of such Person, (b) any letter of credit, bankers acceptance, surety bond, performance bond,
bank guarantee or other similar obligation issued for the account of such Person to support any letter of credit, bankers acceptance, surety bond, performance bond, bank guarantee or other similar obligation issued for the account of a Subsidiary or
joint venture of such Person to support only trade payables or non-financial performance obligations of such Subsidiary or joint venture, and (c) any parent company guarantee or other direct or indirect
liability, contingent or otherwise, of such Person with respect to trade payables or non-financial performance obligations of a Subsidiary or joint venture of such Person, if the purpose of such Person in
incurring such liability is to provide assurance to the obligee that such contractual obligation will be performed, or that any agreement relating thereto will be complied with. 

“Performance Letter of Credit” means (a) a letter of credit issued to secure ordinary course performance obligations in
connection with marine installation, project engineering, procurement, construction, maintenance and other similar projects (including projects about to be commenced) or bids for prospective marine installation, project engineering, procurement,
construction, maintenance and other similar projects, (b) a letter of credit issued to back a bank guarantee, surety bond, performance bond or other similar obligations issued to support ordinary course performance obligations in connection
with marine installation, project engineering, procurement, construction, maintenance and other similar projects (including projects about to be commenced) or bids for prospective marine installation, project engineering, procurement, construction,
maintenance and other similar projects or (c) a letter of credit qualifying as a “performance-based standby letter of credit” under 12 CFR Part 3, Appendix A, Section 3(b)(2)(i) or any successor U.S. Comptroller of the Currency
regulation. 

  
 -37- 

 “Permit” means any permit, approval, authorization, license, variance or
permission required from a Governmental Authority under an applicable Requirement of Law. 
 “Permitted Bond Hedge
Transactions” means any and all call or capped call options (or similar derivate transaction) on Parent’s common stock purchased by Parent in connection with the issuance of any Convertible Indebtedness; provided that the
purchase price for such Permitted Bond Hedge Transaction, less the proceeds received by Parent from the sale of any related Permitted Warrant Transaction, does not exceed the net proceeds received by Parent from the sale of such Convertible
Indebtedness issued in connection with the Permitted Bond Hedge Transaction. 
 “Permitted Term Refinancing Debt” means any
Refinancing Indebtedness with respect to which the Term Loans are the Original Indebtedness. 
 “Permitted Warrant
Transactions” means any and all call options, warrants or rights to purchase (or similar derivative transaction) on Parent’s common stock sold by Parent substantially concurrently with any purchase by Parent of a related Permitted Bond
Hedge Transaction. 
 “Person” means an individual, partnership, corporation (including a business trust), joint stock
company, estate, trust, limited liability company, unincorporated association, joint venture or other entity, or a Governmental Authority. 

“Pledge and Security Agreement” means the Pledge and Security Agreement dated as of May 10, 2018 executed by the Parent,
the Applicants, each other Guarantor party thereto and the Collateral Agent. 
 “Pledged Notes” has the meaning specified
in the Pledge and Security Agreement. 
 “Pledged Stock” has the meaning specified in the Pledge and Security Agreement.

 “Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the
United States or, if The Wall Street Journal ceases to quote such rate, the highest rate per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank
prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). 

“Projections” means those financial projections of the Parent and its Subsidiaries delivered to the Administrative Agent by
the Parent in connection with the facility evidenced by this Agreement covering the Fiscal Quarters ending September 30, 2018 and December 31, 2018, and the Fiscal Years 2019 through 2022. 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be
amended from time to time. 

  
 -38- 

 “Public-Side Participants” means Participants that do not wish to receive
MNPI. 
 “Purchasing LC Participant” has the meaning specified in Section 11.7(a)(i)(C). 

“Ratable Portion” or “ratably” means, subject to adjustment as provided in
Section 2.15(f), Section 2.16(e) and Section 2.23(a)(iv), with respect to the Commitments or Obligations of any Participant at any time, the percentage obtained by
dividing (i) the Commitments of such Participant at such time by (ii) the aggregate Commitments of all Participants at such time; provided that if the Commitments have been terminated, then the Ratable Portion of such Participant
shall be determined based on the Ratable Portions of such Participant, and of all other Participants, immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof. 

“Reaffirmation Agreement” means that certain Reaffirmation Agreement dated as of the Initial Utilization Date, among the
Applicants, each other Subsidiary Guarantor, the Administrative Agent and acknowledged by the Collateral Agent. 
 “Real
Property” means all Mortgaged Property and all other real property owned or leased from time to time by any Credit Party or any of its Restricted Subsidiaries. 

“Refinancing Indebtedness” means, in respect of any Indebtedness (the “Original Indebtedness”), any
Indebtedness that extends, renews or refinances such Original Indebtedness (or any Refinancing Indebtedness in respect thereof); provided that (a) the principal amount of such Refinancing Indebtedness shall not exceed the principal
amount of such Original Indebtedness except by an amount not greater than accrued and unpaid interest, fees and premiums (if any) with respect to such Original Indebtedness and reasonable fees and expenses arising from such extension, renewal or
refinancing; (b) the stated final maturity of such Refinancing Indebtedness shall not be earlier, and the weighted average life to maturity of such Refinancing Indebtedness shall not be shorter, than that of such Original Indebtedness;
(c) such Refinancing Indebtedness shall not be required to be repaid, prepaid, redeemed, repurchased or defeased, whether on one or more fixed dates, upon the occurrence of one or more events or at the option of any holder thereof (except, in
each case, upon the occurrence of an event of default, customary asset sale prepayments, excess cash flow prepayments or a change in control or as and to the extent such repayment, prepayment, redemption, repurchase or defeasance would have been
required pursuant to the terms of such Original Indebtedness) prior to the earlier of (i) the maturity of such Original Indebtedness and (ii) the date 91 days after the third anniversary of the Initial Utilization Date; provided
that notwithstanding the foregoing, scheduled amortization payments (however denominated) of such Refinancing Indebtedness shall be permitted so long as the weighted average life to maturity of such Refinancing Indebtedness shall be longer than the
weighted average life to maturity of such Original Indebtedness remaining as of the date of such extension, renewal or refinancing; (d) the borrower or issuer, as applicable, of such Original Indebtedness shall be the borrower or issuer, as
applicable, of such Refinancing Indebtedness and none of the Parent, any Applicant or any Subsidiary shall be an obligor (including pursuant to a Guaranty Obligation) if the Parent, such Applicant or Subsidiary was not (or, in the case of
after-acquired Subsidiaries, were not required to become) an obligor in respect of such Original 

  
 -39- 

 
Indebtedness, and, in each case, such Refinancing Indebtedness shall constitute an obligation of such Subsidiary or of the Applicants only to the extent of their obligations in respect of such
Original Indebtedness; (e) if such Original Indebtedness shall have been subordinated to the Obligations, such Refinancing Indebtedness shall also be subordinated to the Obligations on terms not less favorable in any material respect to the
Applicants; and (f) such Refinancing Indebtedness shall not be secured by any Lien on any asset other than the assets that secured such Original Indebtedness (or that would have been required to secure such Original Indebtedness pursuant to the
terms thereof) or, in the event Liens securing such Original Indebtedness shall have been contractually subordinated to any Lien securing the Obligations, by any Lien that shall not have been contractually subordinated on terms not less favorable in
any material respect to the Applicants. 
 “Register” has the meaning specified in
Section 11.2(c)(i). 
 “Regulation S-X” means Regulation S-X under the Securities Act of 1933. 
 “Regulation T” means
Regulation T of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by and to
brokers and dealers of securities for the purpose of purchasing or carrying margin stock (as defined therein). 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from
time to time in effect and any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks, non-banks and
non-broker lenders for the purpose of purchasing or carrying margin stock applicable to member banks of the Federal Reserve System. 

“Regulation X” means Regulation X of the Board of Governors of the Federal Reserve System as from
time to time in effect and any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by foreign lenders for the purpose of purchasing or carrying margin stock (as defined therein).

 “Reimbursement Agreement” has the meaning specified in Section 2.7(e). 

“Reimbursement Obligations” means all outstanding matured reimbursement or repayment obligations payable to any Issuer with
respect to amounts drawn under Letters of Credit. 
 “Related Obligations” has the meaning specified in
Section 10.8. 
 “Related Parties” means, with respect to any Person, such Person’s
Affiliates and the partners, directors, officers, employees, agents, representatives, attorneys, consultants, advisors and trustees of such Person and of such Person’s Affiliates. 

  
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 “Release” means, with respect to any Person, any release, spill, emission,
leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching or migration, in each case, of any Contaminant into the indoor or outdoor environment or into or out of any property owned by such Person, including the movement of
Contaminants through or in the air, soil, surface water, ground water or property and, in each case, in violation of Environmental Law. 

“Remedial Action” means all actions required by any applicable Environmental Law to (a) clean up, remove, treat or in
any other way address any Contaminant in the indoor or outdoor environment, (b) prevent the Release or threat of Release or minimize the further Release so that a Contaminant does not migrate or endanger or threaten to endanger public health or
welfare or the indoor or outdoor environment or (c) perform pre-remedial studies and investigations and post-remedial monitoring and care. 

“Requirement of Law” means, with respect to any Person, the common law and all federal, state, local and foreign laws, rules
and regulations, orders, judgments, decrees and other determinations of any Governmental Authority or arbitrator, applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject, including,
without limitation, foreign exchange control, United States foreign assets control, and currency reporting laws and regulations, now or hereafter applicable, and all licensing and other formalities, necessary for the import, export and transport of
any property, including, without limitation, those required by the regulations of the Export Administration of the Bureau of Industry and Security. 

“Requisite Participants” means at any time, Participants having LC Facility Exposure and unused Commitments representing more
than 50% of the sum of all LC Facility Exposure outstanding and unused Commitments at such time; provided that the Commitments and LC Facility Exposure of any Defaulting Participant shall be excluded for purposes of making a determination of
Requisite Participants. 
 “Responsible Officer” means, with respect to any Person, any of the principal executive
officers, managing members, managing directors or general partners of such Person but, in any event, with respect to financial matters, the chief financial officer, treasurer, assistant treasurer or controller of such Person. 

“Restricted Payment” means: 

(a) any dividend or any other distribution or payment, whether direct or indirect, on account of any Stock or Stock Equivalents of the Parent
or any of its Restricted Subsidiaries now or hereafter outstanding, except a dividend payable solely in Stock or Stock Equivalents (other than Disqualified Stock) or a dividend or distribution payable solely to the Applicants or one or more of the
other Subsidiary Guarantors; 
 (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value,
direct or indirect, of any Stock or Stock Equivalents of the Parent or any of its Restricted Subsidiaries now or hereafter outstanding other than one payable solely to the Applicants or one or more of the other Subsidiary Guarantors; and 

  
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 (c) any Investment. 

“Restricted Subsidiary” means a Subsidiary that is not an Unrestricted Subsidiary. For the avoidance of doubt, the Applicants
shall at all times be Restricted Subsidiaries. Except where context requires otherwise, a reference to a “Restricted Subsidiary” shall be a reference to a Restricted Subsidiary of the Parent. 

“S&P” means S&P Global Ratings, a division of S&P Global, Inc., and its successors. 

“Sanctioned Country” means, at any time, a country or territory which is, or whose government is, the subject or target of
any Sanctions. 
 “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of
designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, any EU member state, the United Kingdom or Canada, (b) any Person operating, organized or resident in a Sanctioned
Country or (c) any Person controlled by any such Person. 
 “Sanctions” means economic or financial sanctions or trade
embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, Her
Majesty’s Treasury of the United Kingdom or Global Affairs Canada. 
 “SEC” means the U.S. Securities and Exchange
Commission. 
 “Secured Leverage Ratio” means, as of any date of determination, the ratio of (a) (i) Leverage Ratio
Debt as of such day secured by a Lien on property of the Parent or any of its Restricted Subsidiaries, minus (ii) the Segregated Cash Amount to (b) EBITDA for the most recently ended four Fiscal Quarter period for which financial
statements have been delivered pursuant to Section 6.1(a) or (b). 
 “Secured Parties”
means the Participants, the Issuers, each Agent and any other holder of any Obligation. 
 “Security” means any Stock,
Stock Equivalent, voting trust certificate, bond, debenture, promissory note or other evidence of Indebtedness, whether secured, unsecured, convertible or subordinated, or any certificate of interest, share or participation in, or any temporary or
interim certificate for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing, but shall not include any evidence of the Obligations. 

“Security Principles” means (A) no actions shall be required under the law of any
non-U.S. jurisdiction in order to create or perfect any security interest other than (x) in respect of Mortgaged Vessels, (y) actions required under the laws of Australia, Canada, Cayman Islands,
Curacao, Jersey, Lichtenstein, Panama, the Netherlands, Norway and the 

  
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United Kingdom and (z) actions reasonably requested by the Collateral Agent in any other jurisdiction taking into account (1) the materiality of the relevant Collateral, (2) the
cost thereof and (3) the benefits to the Participants afforded thereby and (B) no Lien by any Person organized outside of the United States shall be made that would result in any breach of any law or regulation (or analogous restriction)
of the jurisdiction of organization of such Person or result in a substantial risk to the officers or directors of such Person of a civil or criminal liability; provided that if any actions are not taken in respect of Collateral solely as a result
of this sub-clause (B), the Parent shall, at the reasonable request of the Collateral Agent, diligently pursue any relevant governmental or third party consents or other authority to permit such
subsidiary to create or perfect a security interest in such Collateral or to mitigate such risk of liability. 
 “Segregated Cash
Amount” has the meaning specified in the Existing Credit Agreement as of the date hereof. 
 “Selling Participant”
has the meaning specified in Section 11.7(a)(i)(C). 
 “Senior Notes” means the 10.625% Senior
Notes due May 2024 issued by the U.S. Applicants. 
 “Solvent” means, as of any date of determination, with respect to any
Person: 
 (a) the fair value of the property of the Person and its Subsidiaries, on a consolidated basis, is greater than the total amount
of the liabilities, including contingent liabilities, of the Person and its Subsidiaries on a consolidated basis. In computing the amount of any contingent liabilities on such date, such liabilities shall have been computed at the amount that, in
light of all of the facts and circumstances existing on such date, represents the amount that can be reasonably expected to become an actual or matured liability; 

(b) the present fair saleable value of the assets of the Person and its Subsidiaries, on a consolidated basis, is not less than the amount that
will be required to pay the probable liability of the Person and its Subsidiaries, on a consolidated basis, on their debts as they become absolute and matured; 

(c) the Person and its Subsidiaries, on a consolidated basis, do not intend to incur debts or liabilities beyond their ability to pay such
debts and liabilities as they mature in the ordinary course of business; 
 (d) the Person and its Subsidiaries, on a consolidated basis, are
not engaged in business or a transaction for which their property would constitute an unreasonably small capital; and 
 (e) the Person and
its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, Contingent Obligations and other commitments as they mature in the ordinary course of business. In computing the amount of any contingent liabilities on such
date, such liabilities shall have been computed at the amount that, in light of all of the facts and circumstances existing on such date, represents the amount that can be reasonably expected to become an actual or matured liability. 

  
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 “Specified Asset Sale” means (a) any Asset Sale made in reliance on
clause (g), (h), (i), or (j) of Section 8.4, (b) any sale by the Parent or any of its Restricted Subsidiaries of any equity interests in any Restricted Subsidiary and
(c) any issuance of Stock or Stock Equivalents by any Restricted Subsidiary, in each case of the foregoing clauses (a) through (c), resulting in aggregate Net Cash Proceeds exceeding $25,000,000.00 during any Fiscal Year. The
term “Specified Asset Sale” shall not include any Insurance/Condemnation Event. 
 “Stock” means shares of
capital stock (whether denominated as common stock or preferred stock), partnership or membership interests, equity participations or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or
similar business entity, whether voting or non-voting. 
 “Stock Equivalents” means
all securities convertible into or exchangeable for Stock and all warrants, options or other rights to purchase or subscribe for any Stock, whether or not presently convertible, exchangeable or exercisable, but excluding Convertible Indebtedness.

 “Sub-Participant” has the meaning specified in
Section 11.2(d). 
 “Sub-Participant Register” has the
meaning specified in Section 11.2(d). 
 “Subsidiary” means, with respect to any Person, a
corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or
both, by such Person and in relation to a person incorporated (or established) in the Netherlands, a “dochtermaatschappij” within the meaning of section 2:24a DCC (regardless whether the shares or voting rights on the shares in such
company are held directly or indirectly through another “dochtermaatschappij”). Unless otherwise specified, all references herein to a “Subsidiary”, “Restricted Subsidiary”, “Restricted Subsidiaries” or
“Subsidiaries” shall refer to a Subsidiary, Restricted Subsidiary, Restricted Subsidiaries or Subsidiaries of the Parent. 

“Subsidiary Guarantor” means each Guarantor other than the Parent. As of the Initial Utilization Date, each Person listed on
Schedule V hereto is a Subsidiary Guarantor. 
 “Successor Agent” has the meaning specified in
Section 10.6. 
 “Syndication Agents” means each of Barclays Bank PLC, Crédit Agricole
Corporate and Investment Bank and ABN AMRO Capital USA LLC, in its capacity as syndication agent for the credit facility evidenced by this Agreement. 

  
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 “Tax Affiliate” means, with respect to any Person, (a) any Subsidiary
of such Person, and (b) any Affiliate of such Person with which such Person files or is eligible to file affiliated, consolidated, combined, unitary or other similar Tax Returns. 

“Tax Return” has the meaning specified in Section 4.8. 

“Taxes” has the meaning specified in Section 2.19(a). 

“Term Loan” has the meaning specified in the Existing Credit Agreement as of the date hereof. 

“Termination Date” means the earliest of (a) the Maturity Date and (b) the date on which the termination of all the
Commitments pursuant to Section 2.8 or Section 9.2 has occurred and all the Obligations have become due and payable pursuant to Section 2.8 or
Section 9.2. 
 “Title IV Plan” means a pension plan, other than a Multiemployer Plan, covered by
Title IV of ERISA and to which the Parent, any of its Subsidiaries, any Guarantor or any ERISA Affiliate has any obligation or liability (contingent or otherwise). 

“Total Assets” means, on any date of determination, the consolidated total assets of the Parent and its Restricted
Subsidiaries, determined on a consolidated basis in accordance with GAAP, as shown on the most recent balance sheet of the Parent. 

“Transactions” means the execution, delivery and performance by each Credit Party of the Credit Documents to which it is to
be a party, the creation of the Liens provided for in the Collateral Documents and, in the case of the Applicants, the issuance of Letters of Credit hereunder. 

“Treasury Management Arrangement” means any arrangement for credit card, cash management, clearing house, wire transfer,
depository, treasury or investment services in connection with any transfer or disbursement of funds through an automated clearinghouse or on a same day or immediate or accelerated availability basis (including all monetary obligations, including
fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise of the Parent or any of its Subsidiaries arising out of any cash management, clearing house, wire transfer, depository, treasury or investment
services) provided to the Parent or any of its Subsidiaries. The designation of any such arrangement as a Treasury Management Arrangement shall not create in favor of the counterparty that is a party thereto any rights in connection with the
management, enforcement or release of any Collateral. 
 “Treasury Regulations” means the final and temporary income Tax
regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“U.S. Applicants” means McDermott Technology (Americas), Inc. and McDermott Technology (US), Inc. 

  
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 “U.S. Subsidiary” means any Subsidiary of the Parent that is organized
under the laws of the United States of America, any State thereof or the District of Columbia. 
 “U.S. Tax Compliance
Certificate” has the meaning specified in Section 2.19(e). 
 “UCC” means the Uniform
Commercial Code as the same may, from time to time, be in effect in the State of New York; provided, however, in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of the
security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction
for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of definitions related to such provisions. 

“Undisclosed Administration” means, in relation to a Participant or its direct or indirect parent company, the appointment of
an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Participant or such parent company is subject
to home jurisdiction supervision if applicable law requires that such appointment is not to be publicly disclosed; provided that such appointment does not result in or provide such Participant with immunity from the jurisdiction of courts
within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Participant (or appointed Person) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Participant. 

“Undrawn Amounts” means, at any time, the aggregate undrawn face amount of all Letters of Credit outstanding at such time
(or, for any Letter of Credit denominated in an Alternative Currency, the Dollar Equivalent thereof at such time). 
 “Unrestricted
Subsidiary” means: 
 (a) any Captive Insurance Subsidiary; 

(b) the Amazon Entity; 
 (c) the
North Ocean Entity until such time as the NO 105 Indebtedness is paid in full; and 
 (d) any other Subsidiary of the Parent (other than an
Applicant) that after the Initial Utilization Date is designated by the board of directors of the Parent as an Unrestricted Subsidiary pursuant to a resolution passed by the board of directors of the Parent, but only to the extent that: 

(i) such Subsidiary has no Indebtedness other than Non-Recourse Indebtedness; 

  
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 (ii) except as permitted pursuant to Section 8.8,
such Subsidiary is not party to any agreement, contract, arrangement or understanding with the Parent or any Restricted Subsidiary unless the terms of any such agreement or contract are, taken as a whole, no less favorable to the Parent or such
Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Parent; 

(iii) except for equity contribution obligations in connection with Non-Recourse
Indebtedness, such Subsidiary is a Person with respect to which neither the Parent nor any of its Restricted Subsidiaries has any direct or indirect obligation (i) to subscribe for additional Stock or Stock Equivalents or (ii) to maintain
or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; 

(iv) the aggregate Fair Market Value of all outstanding Investments owned by the Parent and its Restricted Subsidiaries in the
Subsidiary being so designated and any commitments to make any such Investments would be permitted under Section 8.5 as of the time of the designation; 

(v) immediately before and after such designation, no Default or Event of Default shall have occurred and be continuing; 

(vi) immediately before and after such designation, the Applicants shall be in pro forma compliance with Article V as of
the most recent date of determination; 
 (vii) such Subsidiary has also been designated an Unrestricted Subsidiary under any
Permitted Term Refinancing Debt, any Junior Priority Indebtedness, the Senior Notes and any Refinancing Indebtedness in respect of the foregoing; 

(viii) such Subsidiary has not previously been designated as an Unrestricted Subsidiary; and 

(ix) following any designation as an Unrestricted Subsidiary, such Unrestricted Subsidiary shall not be permitted to own, or
hold an exclusive license to, any Material Intellectual Property. 
 Any designation of a Subsidiary of the Parent as an Unrestricted Subsidiary after the
Initial Utilization Date will be evidenced to the Administrative Agent by filing with the Administrative Agent a certified copy of the resolution passed by the board of directors of the Parent giving effect to such designation and a certificate of a
Responsible Officer of the Parent certifying that such designation complied with the preceding conditions, and any such designation shall be effective as of the effective date of such certificate. 

  
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 If, at any time, any Unrestricted Subsidiary (other than a Captive Insurance Subsidiary or the North Ocean
Entity) would fail to meet the requirements of clause (d)(i), (d)(ii), (d)(iii), (d)(iv) or (d)(vii) above as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of
this Agreement and the other Credit Documents and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Parent as of such date and, if such Indebtedness is not permitted to be incurred as of such date
pursuant to Section 8.1, the Applicants will be in default of such covenant. 
 The board of directors of the Parent may at any
time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Parent of any outstanding Indebtedness of such
Unrestricted Subsidiary and such designation will only be permitted if (i) such Indebtedness is permitted pursuant to Section 8.1; and (ii) no Default or Event of Default would be in existence following such
designation. Upon any such designation of an Unrestricted Subsidiary as a Restricted Subsidiary, the redesignated Subsidiary will become a Guarantor pursuant to, and if required by, Section 7.11. 

“USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001)). 

“Voting Stock” means Stock of any Person having ordinary power to vote in the election of members of the board of directors,
managers, trustees or similar controlling Persons of such Person (irrespective of whether, at the time, Stock of any other class or classes of such entity shall have or might have voting power by reason of the happening of any contingency). 

“Wholly-Owned” means, in respect of any Person, any Subsidiary of such Person, all of the Stock of which (other than
director’s qualifying shares, and the like, as may be required by applicable law) is owned by such Person, either directly or indirectly through one or more Wholly-Owned Subsidiaries thereof. 

“Withdrawal Liability” means, with respect to the Parent, any of its Subsidiaries, any Guarantor or any ERISA Affiliate at
any time, the aggregate liability incurred (whether or not assessed) with respect to all Multiemployer Plans pursuant to Section 4201 of ERISA. 

“Withholding Agent” means any Credit Party, Barclays Bank PLC, New York Branch, and any Successor Agent. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

  
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 Section 1.2 Computation of Time Periods 

In this Agreement, in the computation of periods of time from a specified date to a later specified date, the word “from”
means “from and including” and, where applicable, the words “to” and “until” each mean “to but excluding” and the word “through” means “to and including.” 

Section 1.3 Accounting Terms and Principles 

(a) Except as set forth below, all accounting terms not specifically defined herein shall be construed in conformity with GAAP and all
accounting determinations required to be made pursuant hereto shall, unless expressly otherwise provided herein, be made in conformity with GAAP. 

(b) If any change in the accounting principles used in the preparation of the most recent Financial Statements referred to in
Section 6.1 is hereafter required or permitted by the rules, regulations, pronouncements and opinions of the Financial Accounting Standards Board or the American Institute of Certified Public Accountants (or any successors
thereto) and such change is adopted by the Parent without objection from the Parent’s Accountants and results in a change in any of the calculations required by Article V or VIII had such accounting change not
occurred, the parties hereto agree to enter into good faith negotiations in order to amend such provisions so as to equitably reflect such change with the desired result that the criteria for evaluating compliance with such covenants by the Credit
Parties shall be the same after such change as if such change had not been made; provided, however, that no change in GAAP that would affect a calculation that measures compliance with any covenant contained in
Article V or VIII shall be given effect until such provisions are amended to reflect such changes in GAAP. 

(c) Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and
all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Account Standards 159 (or any other Financial Accounting Standard having a similar result or effect) to value
any Indebtedness or other liabilities of the Parent or any of its Subsidiaries at “fair value”, as defined therein. 
 Section 1.4
Certain Terms 
 (a) The words “herein,” “hereof” and “hereunder” and similar words refer to this
Agreement as a whole, and not to any particular Article, Section, subsection or clause in this Agreement. 
 (b) Unless otherwise expressly
indicated herein, (i) references in this Agreement to an Exhibit, Schedule, Article, Section, clause or sub-clause refer to the appropriate Exhibit or Schedule to, or Article, Section, clause or sub-clause in this Agreement, (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, and (iii) the words “above” and “below”,
when following a reference to a clause or a sub-clause of any Credit Document, refer to a clause or sub-clause within, respectively, the same Section or clause. 

  
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 (c) Each agreement defined in this Article I shall include all
appendices, exhibits and schedules thereto. References in this Agreement to such agreement shall be to such agreement as so amended, restated, supplemented or modified, unless (i) any consent is required hereunder for an amendment, restatement,
supplement or other modification to any such agreement and such consent is not obtained or (ii) it is otherwise specified that such reference refers to such agreement as of a particular date. 

(d) References in this Agreement to any statute shall be to such statute as amended or modified, together with any successor legislation, in
each case in effect at the time any such reference is operative unless it is otherwise specified that such reference refers to such statute as of a particular date. 

(e) The term “including” when used in any Credit Document means “including without limitation” except when used in the
computation of time periods. The phrase “in the aggregate”, when used in any Credit Document, means “individually or in the aggregate,” unless otherwise expressly noted. 

(f) Upon the appointment of any successor Administrative Agent pursuant to Section 10.6(a), the reference to CA CIB
or Barclays, as applicable, in the definition of Dollar Equivalent shall be deemed to refer to the financial institution then acting as the Administrative Agent or one of its Affiliates if it so designates. 

(g) Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of
Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of the Issuer document related thereto, provides for one or more automatic increases after such time in the
stated amount thereof, the amount of such Letter of Credit shall be deemed for all purposes (other than determining the Participation Fees and Fronting Fees payable in connection with such Letter of Credit) to be the maximum stated amount of such
Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time or may occur in the future. 

(h) For all purposes under the Credit Documents, in connection with any division or plan under Delaware law (or any comparable event under a
different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to
the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Stock at such time. 

Section 1.5 Dutch Terms 
 (a)
In relation to any entity that is incorporated, or where applicable, has its centre of main interest in the Netherlands, a reference to: 

  
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 (i) a moratorium includes voorlopige surseance van betaling or
surseance van betaling; 
 (ii) winding up, liquidation and reorganization (and any of those terms) includes an entity
being declared bankrupt (failliet verklaard), dissolved (ontbonden) or subjected to emergency regulations (noodregeling) on the basis of the Dutch Act on Financial Supervision (Wet op het Financieel Toezicht); 

(iii) admit in writing its inability to pay its debts generally includes with respect to an entity the filing of any notice
under section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990) (“TCA”) or section 60 paragraphs 2 and/or 3 of the Social Insurance Financing Act of the Netherlands (Wet Financiering Sociale
Verzekeringen) in conjunction with section 36 of the TCA; 
 (iv) a security interest includes any mortgage
(hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud), privilege (voorrecht), right of retention (recht van retentie), right to reclaim goods (recht van reclame), and any
other rights in rem (zakelijke rechten) or other rights created for the purpose of granting security; 
 (v) all
necessary corporate, limited liability company or partnership action includes without limitation, where applicable, (i) compliance with any requirements of the Dutch Works Councils Act (Wet op de ondernemingsraden) or the European Works
Councils Act (Wet op de Europese ondernemingsraden) and (ii) having obtained an (x) unconditional neutral advice (advies) or unconditional positive advice, or (y) a conditional positive advice, from the competent works
council. 
 For the purpose of this Section 1.5(a)(v): 

 

	 	(A)	 “unconditional neutral advice” and “unconditional positive advice” shall mean an advice
which can be read as an advice to execute and proceed with the proposed decision(s) as described in the request for advice; and 

  

	 	(B)	 “conditional positive advice” shall mean an advice of which all conditions can reasonably be expected
to be satisfied without having a Material Adverse Effect; 

 (vi) an administrator includes a
bewindvoerder and a stille bewindvoerder; 
 (vii) a distribution or dividend includes any distribution of
profits (winstuitkering) or the distribution of reserves (uitkering uit reserves); 
 (viii) organizational
documents means a copy of: 
  

	 	(1)	 the articles of association (statuten); 

  
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	 	(2)	 the deed of incorporation (akte van oprichting); and 

 

	 	(3)	 an up-to-date extract
(uittreksel) from the trade register (Handelsregister) of the Dutch chamber of commerce (Kamer van Koophandel); and 

(b) officers include managing directors of a Dutch entity. 

ARTICLE II 

LETTERS OF CREDIT 

Section 2.1 [Reserved] 
 Section 2.2
[Reserved] 
 Section 2.3 [Reserved] 

Section 2.4 [Reserved] 
 Section 2.5
Letters of Credit 
 (a) On the terms and subject to the conditions contained in this Agreement, each Issuer agrees to Issue one
or more Performance Letters of Credit at the request of, and for the account of, an Applicant to support obligations of the Parent, such Applicant, any of the Parent’s Subsidiaries or any of the Parent’s or any of its Subsidiaries’
Joint Ventures, from time to time on any Business Day during the period commencing on the Initial Utilization Date and ending on the date that is 30 days before the Maturity Date; provided that no Issuer shall Issue any Letter of Credit upon
the occurrence of any of the following: 
 (i) any order, judgment or decree of any Governmental Authority or arbitrator
shall purport by its terms to enjoin or restrain such Issuer from Issuing such Letter of Credit or any Requirement of Law applicable to such Issuer (including, without limitation, any applicable “know your customer” and anti-money
laundering rules and regulations) or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuer shall prohibit, or request that such Issuer refrain from, the Issuance of
letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuer with respect to such Letter of Credit any restriction or reserve or capital requirement (for which such Issuer is not otherwise compensated) not in
effect on the date of this Agreement or result in any unreimbursed loss, cost or expense that was not applicable, in effect or known to such Issuer as of the date of this Agreement and that such Issuer in good faith deems material to it; 

(ii) such Issuer shall have received written notice from the Administrative Agent, any Participant or an Applicant, on or prior
to the requested date of Issuance of such Letter of Credit, that one or more of the applicable 

  
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conditions contained in Section 3.2 (with respect to an Issuance on the Initial Utilization Date) or 3.3 is not then satisfied or duly waived in accordance with
Section 11.1, and such notice has not been revoked by the Person that delivered such notice; 

(iii) after giving effect to the Issuance of such Letter of Credit, (x) the Letter of Credit Obligations would exceed the
Commitments in effect at such time or (y) the aggregate outstanding amount of all Letters of Credit issued by such Issuer would exceed its Issuer Commitment; 

(iv) [reserved]; 

(v) such Letter of Credit is requested to be issued in a form that is not acceptable to such Issuer, in its sole discretion
exercised in a commercially reasonable manner; 
 (vi) with respect to any requested Letter of Credit denominated in an
Alternative Currency, the relevant Issuer or the Administrative Agent shall not have approved such Issuance; 
 (vii) such
Letter of Credit does not comply with such Issuer’s internal policies with respect thereto; or 
 (viii) such Letter of
Credit is a trade or commercial letter of credit or bank guarantee. 
 No Issuer shall be required to Issue any Letter of Credit if any fees due to the
applicable Issuer in connection with a requested Issuance have not been paid. For the avoidance of doubt, no Issuer shall be required to Issue any Letter of Credit other than a Performance Letter of Credit. 

Section 2.6 [Reserved] 
 Section 2.7
Letters of Credit Generally 
 (a) None of the Participants (other than the Issuers in their capacity as such and on the terms and
conditions hereof) shall have any obligation to Issue any Letter of Credit. 
 (b) In no event shall the expiration date of any Letter of
Credit be later than the earlier of (i) the date that is 12 months from the date of Issuance thereof or such later date as the applicable Issuer may agree in its sole discretion and (ii) the fifth Business Day prior to the Maturity Date
or, with the approval of the applicable Issuer in its sole discretion, any date that is after the fifth Business Day prior to the Maturity Date (including after the Maturity Date); provided, however, that, if the applicable Issuer
agrees in its sole discretion, any Letter of Credit with a fixed term may provide for the auto-renewal thereof for additional periods of not more than 12 months each (each, an “Auto-Renewal LC”); provided, further,
that any such Auto-Renewal LC must permit the applicable Issuer to 

  
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prevent any such extension at least once in each 12 month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof. If (A) any
Issuance or renewal of a Letter of Credit occurs during the 12 month period prior to the Maturity Date or (B) the Parent requests (and the applicable Issuer approves) the Issuance of a Letter of Credit that expires after the fifth Business Day
prior to the Maturity Date, then on or before the date that is 95 days prior to the Maturity Date (or on the date of such Issuance, if the date of such Issuance is later than the 95th day prior to the Maturity Date), the Applicants shall make
arrangements acceptable to the relevant Issuer in respect of the amount of each such Letter of Credit that expires after the fifth Business Day prior to the Maturity Date (each such Letter of Credit with regard to which acceptable arrangements have
been so made, an “Extended Letter of Credit”). Each Extended Letter of Credit shall, on the Maturity Date and if all Reimbursement Obligations have been repaid in full, for all purposes cease to be a Letter of Credit hereunder and
the obligations (if any) of the Participants to fund or risk participate their Ratable Portions of such Extended Letters of Credit pursuant to clause (i) below shall be terminated on the Maturity Date. After the Maturity Date and the
repayment in full of all Reimbursement Obligations, the terms for release of such cash collateral shall be as agreed from time to time between the Parent and the applicable Issuer; provided that in the absence of such agreement between the
Parent and such Issuer, the terms of this Agreement shall, as among the Parent, the Applicants and such Issuer, continue to govern the fees, costs and expenses payable in respect of such Extended Letters of Credit. 

(c) In connection with the Issuance of each Letter of Credit (or any amendment thereto), the Applicants shall give the relevant Issuer and the
Administrative Agent, at least three Business Days’ (unless the relevant Issuer otherwise agrees) prior written notice, in substantially the form of Exhibit E (or in such other written or electronic form as is
acceptable to such Issuer), of the requested Issuance of such Letter of Credit (a “Letter of Credit Request”); provided, that no Letter of Credit shall be required to be Issued sooner than three Business Days following the
date on which the form of such Letter of Credit has been agreed by the Issuer, the relevant Applicant, and, if such Letter of Credit is to be Issued by a correspondent bank of such Issuer, the correspondent bank. Such notice shall be irrevocable on
and after the Issuance of such Letter of Credit (and, prior to such Issuance, may be revoked only with the consent of the Issuer) and shall specify the Issuer of such Letter of Credit, the stated amount of the Letter of Credit requested, the date of
Issuance of such requested Letter of Credit, the date on which such Letter of Credit is to expire (which date shall be a Business Day), and the Person for whose benefit the requested Letter of Credit is to be issued. Unless the relevant Issuer and
Administrative Agent otherwise agree, such notice, to be effective, must be received by the relevant Issuer and the Administrative Agent not later than 11:00 a.m. (London time) on the third Business Day prior to the requested Issuance of such
Letter of Credit. 
 (d) Subject to (x) the satisfaction of the conditions set forth in this Section 2.7 and
(y) receipt from the Administrative Agent, if requested by the Issuer, of the total outstanding amount of Reimbursement Obligations at such time and any fees and expenses related to Letters of Credit that are due and payable at such time
(including the amount of any outstanding requests for Issuance), the relevant Issuer shall, on the requested 

  
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date, Issue a Letter of Credit on behalf of the Applicants in accordance with such Issuer’s usual and customary business practices. No Issuer shall Issue any Letter of Credit in the period
commencing on the first Business Day after it receives written notice from the Administrative Agent or any Participant that one or more of the conditions precedent contained in Section 3.3 shall not on such date be
satisfied, and ending when such conditions are satisfied. The relevant Issuer shall not otherwise be required to determine that, or take notice whether, the conditions precedent set forth in Section 2.5(a) and
Section 3.3 have been satisfied in connection with the Issuance of any Letter of Credit. 
 (e) If requested by the
relevant Issuer, prior to the first Issuance of a Letter of Credit by such Issuer, and as a condition of such Issuance and of the participation of each Participant in the Letter of Credit Obligations arising with respect thereto, the Applicants and
Parent shall have delivered to such Issuer a letter of credit reimbursement agreement, in such form as such Issuer may employ in its ordinary course of business for its own account (a “Reimbursement Agreement”), signed by the
Applicants and the Parent, and such other documents or items as may be required pursuant to the terms thereof. In the event of any conflict between the terms of any Reimbursement Agreement and this Agreement, the terms of this Agreement shall
govern. 
 (f) Each Issuer shall: 

(i) give the Administrative Agent written notice (or telephonic notice confirmed promptly thereafter in writing, which writing
may be a telecopy or, if consented to by the Administrative Agent, electronic mail) of the Issuance or renewal of a Letter of Credit issued by it, of all drawings under a Letter of Credit issued by it, the payment (or the failure to pay when due) by
the Applicants of any Reimbursement Obligation and of the cancellation, termination or expiration of any Letter of Credit (of which notice the Administrative Agent shall promptly notify each Participant under the LC Facility); 

(ii) upon the request of any Participant, furnish to such Participant copies of any Reimbursement Agreement to which such
Issuer is a party and such other documentation as may reasonably be requested by such Participant; and 
 (iii) no later than
five Business Days following the last Business Day of each calendar quarter, provide to the Administrative Agent (and the Administrative Agent shall provide a copy to each Participant requesting the same) and the Applicants a schedule of Letters of
Credit issued by it, in form and substance reasonably satisfactory to the Administrative Agent, setting forth the aggregate Letter of Credit Obligations outstanding at the end of each calendar quarter and any information requested by the Applicants
or the Administrative Agent relating thereto. 
 (g) [reserved]. 

(h) [reserved]. 

  
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 (i) The Applicants jointly and severally agree to pay to the Issuer of any Letter of Credit
the amount of all Reimbursement Obligations owing to such Issuer in respect of any Letter of Credit in Dollars (based on the Dollar Equivalent of such payment if such payment was made in an Alternative Currency) no later than the date that is the
next succeeding Business Day after the Applicants receive notice from such Issuer (or, if such notice is not received prior to 11:00 A.M. (London time) on any Business Day, then no later than 10:00 A.M. (London time) on the next succeeding Business
Day) that payment has been made under such Letter of Credit, irrespective of any claim, set-off, defense or other right that any Applicant may have at any time against such Issuer or any other Person. If any
Issuer makes any payment under any Letter of Credit and an Applicant shall not have repaid such amount to such Issuer pursuant to this clause (i) or any such payment in respect thereof is rescinded or set aside for any
reason, such Reimbursement Obligation shall be immediately due and payable with interest thereon at the rate specified in Section 2.13(d), and such Issuer shall promptly notify the Administrative Agent, and the
Administrative Agent shall promptly notify each Participant of such failure, and each Participant shall promptly and unconditionally pay to the Administrative Agent for the account of such Issuer the amount of such Participant’s Ratable Portion
in Dollars (based on the Dollar Equivalent thereof if such payment was made in an Alternative Currency) and in immediately available funds. If the Administrative Agent so notifies such Participant prior to 11:00 a.m. (London time) on any
Business Day, such Participant shall make available to the Administrative Agent for the account of such Issuer its Ratable Portion of the amount of such payment on such Business Day in immediately available funds promptly, but in no event later than
three Business Days from such notice. Whenever any Issuer receives from an Applicant a payment of a Reimbursement Obligation as to which the Administrative Agent has received for the account of such Issuer any payment from a Participant pursuant to
this clause (i), such Issuer shall pay to the Administrative Agent and the Administrative Agent shall promptly pay to such Participant in immediately available funds, an amount equal to such Participant’s Ratable Portion of the amount of
such payment adjusted, if necessary, to reflect the respective amounts the Participants have paid in respect of such Reimbursement Obligation. 

(j) Each Applicant’s obligation to pay each Reimbursement Obligation and the obligations of the Participants (except as otherwise set
forth in the penultimate sentence of Section 2.7(b)) to make payments to the Administrative Agent for the account of the relevant Issuers with respect to Letters of Credit shall be absolute, unconditional and irrevocable,
and shall be performed strictly in accordance with the terms of this Agreement, under any and all circumstances whatsoever, including the occurrence of any Default or Event of Default, and irrespective of any of the following: 

(i) any lack of validity or enforceability of any Letter of Credit or any Credit Document, or any term or provision therein;

 (ii) any amendment or waiver of or any consent to departure from all or any of the provisions of any Letter of Credit or
any Credit Document; 

  
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 (iii) the existence of any claim,
set-off, defense or other right that the Parent, any Applicant, any other party guaranteeing, or otherwise obligated with, the Parent, any Applicant, any Subsidiary or other Affiliate thereof or any other
Person may at any time have against the beneficiary under any Letter of Credit, any Issuer, the Administrative Agent, any Participant or any other Person, whether in connection with this Agreement, any other Credit Document or any other related or
unrelated agreement or transaction; 
 (iv) any draft or other document presented under a Letter of Credit proving to be
forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 

(v) payment by the relevant Issuer under a Letter of Credit against presentation of a draft or other document that does not
comply with the terms of such Letter of Credit; or 
 (vi) any other act or omission to act or delay of any kind of the
Issuers, the Participants, the Administrative Agent or any other Person or any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.7,
constitute a legal or equitable discharge of an Applicant’s obligations hereunder. 
 Any action taken or omitted to be taken by the relevant Issuer
under or in connection with any Letter of Credit, if taken or omitted in the absence of gross negligence or willful misconduct, shall not put such Issuer under any resulting liability to an Applicant or any Participant. In determining whether drafts
and other documents presented under a Letter of Credit comply with the terms thereof, the relevant Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or
information to the contrary and, in making any payment under any Letter of Credit, such Issuer may rely exclusively on the documents presented to it under such Letter of Credit as to any and all matters set forth therein, including reliance on the
amount of any draft presented under such Letter of Credit, whether or not the amount due to the beneficiary thereunder equals the amount of such draft and whether or not any document presented pursuant to such Letter of Credit proves to be
insufficient in any respect, if such document on its face appears to be in order, and whether or not any other statement or any other document presented pursuant to such Letter of Credit proves to be forged or invalid or any statement therein proves
to be inaccurate or untrue in any respect whatsoever. Any noncompliance in any immaterial respect of the documents presented under such Letter of Credit with the terms thereof shall, in any case, be deemed not to constitute willful misconduct or
gross negligence of the Issuer. Notwithstanding the foregoing, nothing in this clause (j) shall be deemed to release any Issuer from liability with respect to its gross negligence or willful misconduct. 

(k) If and to the extent any Participant shall not have so made its Ratable Portion of the amount of the payment required by
clause (i) above available to the Administrative Agent for the account of an Issuer, such Participant agrees to pay to the Administrative Agent for the account of such Issuer forthwith on demand any amount so unpaid
together with interest thereon, for the first Business Day after payment was first due at the Federal Funds Rate, and thereafter until such amount is repaid to the Administrative 

  
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Agent for the account of such Issuer, at a rate per annum equal to the sum of the Base Rate plus the Applicable Margin. The failure of any Participant to make available to the
Administrative Agent for the account of an Issuer its Ratable Portion of any such payment shall not relieve any other Participant of its obligation hereunder to make available to the Administrative Agent for the account of such Issuer its Ratable
Portion of any payment on the date such payment is to be made, but no Participant shall be responsible for the failure of any other Participant to make available to the Administrative Agent for the account of the relevant Issuer such other
Participant’s Ratable Portion of any such payment. 
 (l) The Administrative Agent shall determine the Dollar Equivalent of the maximum
stated amount of each Letter of Credit denominated in an Alternative Currency and each obligation due with respect thereto, and a determination thereof by the Administrative Agent shall be conclusive absent manifest error. The Dollar Equivalent of
each Reimbursement Obligation with respect to a drawn Letter of Credit shall be calculated on the date the relevant Issuer pays the draw giving rise to such Reimbursement Obligation. The Administrative Agent shall determine or redetermine the Dollar
Equivalent of the maximum stated amount of each Letter of Credit denominated in an Alternative Currency, as applicable, on the date of each Issuance of such Letter of Credit and at any time, in the Administrative Agent’s sole discretion. The
Administrative Agent may determine or redetermine the Dollar Equivalent of any Letter of Credit denominated in an Alternative Currency at any time upon request of any Participant or Issuer. 

(m) Each respective Issuer shall furnish the Administrative Agent with (i) a copy of each Letter of Credit Issued by such Issuer promptly
upon the Issuance or renewal of such Letter of Credit and (ii) a copy of any amendment to such Letter of Credit promptly upon the effectiveness of such amendment. 

(n) Notwithstanding anything in this Agreement to the contrary, no Issuer shall be under any obligation to Issue any Letter of Credit if any
Participant is at that time a Defaulting Participant, unless such Issuer has entered into arrangements, including the delivery of cash collateral, satisfactory to such Issuer (in its sole discretion) with the Applicants to eliminate such
Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.23(a)(iv)) with respect to the Defaulting Participant arising from either the Letter of Credit then proposed to be Issued or that Letter
of Credit and all other Letter of Credit Obligations, as applicable, as to which such Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion. 

Unless otherwise expressly agreed by the applicable Issuer and the applicable Applicant when a Letter of Credit is Issued, the rules of the ISP shall apply to
each Letter of Credit. 
 Section 2.8 Reduction and Termination of the Commitments 

(a) The Applicants may, upon at least three Business Days’ prior notice to the Administrative Agent, terminate in whole or reduce in part
the unused portions of the Commitments; provided, however, that (i) each partial reduction shall be in an aggregate amount that is an integral multiple of $5,000,000.00 and (ii) each such reduction shall be made
ratably in accordance with each Participant’s Commitment. A notice of 

  
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termination of the Commitments may state that such notice is conditioned upon the effectiveness of other credit facilities or other financing transactions, and if any notice so states it may be
revoked by the applicable Applicant by notice to the Administrative Agent on or prior to the date specified for the termination of the Commitments that the refinancing condition has not been met and the termination is to be revoked. 

Section 2.9 Repayment of Reimbursement Obligations 

(a) The Applicants promise to repay (in cash, in full and in immediately available funds) the entire unpaid principal amount of the
Reimbursement Obligations on the Maturity Date (it being understood that other provisions of this Agreement may require all or part of such Obligations to be repaid earlier). 

Section 2.10 Evidence of Debt 

(a) Each Participant shall maintain in accordance with its usual practice an account or accounts evidencing Reimbursement Obligations owed to
such Participant from time to time, including the amounts of principal and interest payable and paid to such Participant from time to time under this Agreement. 

(b) The Administrative Agent shall maintain accounts in accordance with its usual practice in which it shall record (i) the amount of any
fees or interest due and payable by the Applicants to each Participant hereunder and (ii) the amount of any sum received by the Administrative Agent hereunder from the Applicants, whether such sum constitutes interest, fees, expenses or other
amounts due under the Credit Documents and each Participant’s share thereof. 
 (c) The entries made in the accounts maintained pursuant
to clauses (a) and (b) above shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations recorded therein; provided, however,
that the failure of any Participant or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligations of the Applicants to repay the Reimbursement Obligations in accordance with their terms.

 Section 2.11 [Reserved] 

Section 2.12 Cash Collateralization 

(a) [reserved]. 
 (b) [reserved].

 (c) [reserved]. 
 (d)
[reserved]. 
 (e) If, at any time, the aggregate principal amount of Letter of Credit Obligations exceeds the aggregate Commitments at such
time, the Applicants shall within one Business Day provide cash collateral in respect of the Letter of Credit Obligations in the manner set forth in Section 9.3 in an amount equal to 105% of such excess. 

  
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 (f) [reserved]. 

(g) Prior to or concurrently with any cash collateralization pursuant to this Section 2.12, the Applicants
(i) shall notify the Administrative Agent of such cash collateralization and (ii) shall deliver to the Administrative Agent a certificate of a Responsible Officer of the Parent setting forth the calculation of the amount of the applicable
cash collateralization. Each such notice shall be irrevocable and shall specify the payment date and the principal amount of each Reimbursement Obligation or portion thereof to be cash collateralized and shall be given in writing. Promptly following
receipt of any such notice, the Administrative Agent shall advise the Participants of the details thereof. 
 Section 2.13 Interest 

(a) [Reserved]. 
 (b)
Rate of Interest. The outstanding amount of all Obligations shall bear interest from the date such Obligations are due and payable until, in all cases, paid in full, except as otherwise provided in clause (d) below,
at a rate per annum equal to the sum of (i) the Base Rate as in effect from time to time plus (ii) the Applicable Margin; and 

(c) Interest Payments. interest accrued on the amount of all Obligations shall be payable on demand from and after the time such
Obligation becomes due and payable (whether by acceleration or otherwise). 
 (d) Default Interest. Notwithstanding the rates of
interest specified in clause (b) above or elsewhere herein, effective immediately upon the occurrence of an Event of Default and for as long thereafter as such Event of Default shall be continuing, the interest rate otherwise in effect
shall increase 2.00% per annum; provided that, the applicable rates of interest with respect to overdue amounts other than Reimbursement Obligations shall be the rate specified in clause (b) above plus 2.00% per
annum. 
 (e) Additional Reserve Requirements. The Applicants shall pay to each Participant, as long as such Participant shall be
required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments, such additional costs (expressed as a percentage
per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment by such Participant (as determined by such Participant in good faith, which determination shall be conclusive).
Such additional costs shall be due and payable 10 days from receipt by the Applicants of notice of such additional costs from such Participant (with a copy to the Administrative Agent). 

  
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 Section 2.14 [Reserved] 

Section 2.15 Fees 
 (a)
[Reserved]. 
 (b) Commitment Fees. The Applicants jointly and severally agree to pay to the Administrative Agent for the
account of each Participant (except for any Defaulting Participant) a commitment fee (the “Commitment Fee”), accruing at a rate per annum equal to 0.50% on the actual daily amount by which the Commitment of such Participant
exceeds such Participant’s Ratable Portion of the outstanding amount of the Letter of Credit Obligations during the period from the Effective Date until the Termination Date, payable quarterly in arrears (i) no later than the fifth
Business Day after the date on which the Applicants receive an invoice for the amount of the Commitment Fees due and payable for the period and (ii) on the Termination Date. 

(c) Letter of Credit Fees. The Applicants jointly and severally agree to pay the following amounts with respect to Letters of Credit
issued by any Issuer: 
 (i) to each Issuer of a Letter of Credit, with respect to each Letter of Credit issued by such
Issuer, an issuance fee of 0.25% per annum (“Fronting Fees”) of the daily maximum amount available to be drawn under such Letter of Credit (in the case of Letters of Credit denominated in a currency other than Dollars, based
on the Dollar Equivalent of such amount on the last Business Day of such calendar quarter), payable quarterly in arrears (A) no later than the fifth Business Day after the date on which the Applicants receive an invoice for the amount of the
Fronting Fees due and payable for the period and (B) on the Termination Date; 
 (ii) to the Administrative Agent for
the account and ratable benefit of the Participants (except for any Defaulting Participant that has not provided cash collateral satisfactory to the applicable Issuers pursuant to Section 2.7(n)), with respect to each
Letter of Credit (but excluding that portion of any such Letter of Credit that has been cash collateralized by the Applicants pursuant to Section 2.7(n) as a result of any Defaulting Participant), a fee (the
“Participation Fee”) accruing at a rate per annum equal to the Applicable LC Fee Rate at such time on the daily maximum amount available to be drawn under such Letter of Credit (in any case, in the case of any Letter of
Credit denominated in a currency other than Dollars, based on the Dollar Equivalent of such amount on the last Business Day of such calendar quarter) payable quarterly in arrears (x) no later than the fifth Business Day after the date on which
the Applicants receive an invoice for the amount of the Participation Fees due and payable for the period and (y) on the Termination Date, as applicable; provided, however, that during the continuance of an Event of Default, such
fee shall be increased by 2.00% per annum and shall be payable on demand upon the election of the Requisite Participants (except, in each case, if an Event of Default has occurred under Section 9.1(a) or (f),
in which case such increase shall be immediate); and 

  
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 (iii) to the Issuer of any Letter of Credit, with respect to the Issuance,
amendment or transfer of each Letter of Credit and each drawing made thereunder, documentary and processing charges in accordance with such Issuer’s standard schedule for such charges in effect at the time of Issuance, amendment, transfer or
drawing, as the case may be. 
 (d) [Reserved]. 

(e) Additional Fees. The Parent and the Applicants have agreed to pay to the Agents, the Arrangers, the Bookrunners and the Participants
additional fees, the amount and dates of payment of which are embodied in certain fee letters executed and delivered by the Parent or any Applicants in connection with this Agreement and as may otherwise have been separately agreed upon by the
Parent or any Applicant in writing in connection herewith or therewith, including those fees set forth in the Agency Fee Letter. 
 (f)
Payment of Fees to Participants. The Administrative Agent hereby agrees to pay to each Participant such Participant’s Ratable Portion of the Commitment Fees, the Participation Fee and any other fees payable to the Administrative Agent for the
benefit of the Participants, as applicable, received by the Administrative Agent in its capacity as such, promptly following receipt of each of the same from (and only to the extent each such fee is received from) the Applicants or any other Credit
Party; provided that (i) the Ratable Portion of any Commitment Fee shall be calculated without giving effect to the Commitment of any Defaulting Participant and (ii) any Participation Fees otherwise payable for the account of a Defaulting
Participant with respect to any Letter of Credit as to which neither such Defaulting Participant nor the Applicant has provided cash collateral satisfactory to the relevant Issuer pursuant to Section 2.7(n) shall be
payable, to the maximum extent permitted by applicable law, to the other Participants in accordance with the upward adjustments in their respective Ratable Portions allocable to such Letter of Credit pursuant to
Section 2.23(a)(iv), with the balance of such fee, if any, payable to the relevant Issuer for its own account. 

Section 2.16 Payments and Computations 

(a) The Applicants shall make each payment hereunder (including fees and expenses) not later than 3:00 p.m. (London time) on the day when
due, in Dollars, to the Administrative Agent at its address referred to in Section 11.8 in immediately available funds without set-off or counterclaim. The Administrative Agent shall
promptly thereafter cause to be distributed immediately available funds relating to the payment of principal, interest or fees to the applicable Participants, in accordance with the application of payments set forth in
clauses (e) or (f) below, as applicable, for the account of their respective Applicable Offices; provided, however, that amounts payable pursuant to Section 2.18,
Section 2.19 or Section 2.17(c) or (d) shall be paid only to any affected Participant. Payments received by the Administrative Agent after 3:00 p.m. (London time) shall be deemed
(in the Administrative Agent’s sole discretion) to be received on the next Business Day. 

  
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 (b) All computations of interest and of fees shall be made by the Administrative Agent on
the basis of the actual number of days elapsed (in each case calculated to include the first day but exclude the last day) (i) over a year of 365 or 366 days, as the case may be, in the case of interest accruing at the Base Rate when the Base
Rate is determined by reference to the Prime Rate, and (ii) over a year of 360 days at all other times. Each determination by the Administrative Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent
manifest error. 
 (c) Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, the due date for such
payment shall be extended to the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or fees, as the case may be; provided, however, that if such extension
would cause payment to be made in the next calendar month, such payment shall be made on the immediately preceding Business Day. 
 (d)
[Reserved]. 
 (e) Subject to the provisions of clause (f) below and the provisions of
Section 2.12 with respect to the application of mandatory prepayments and Section 2.23, all payments and any other amounts received by the Administrative Agent from or for the benefit of any
Applicant shall be applied as follows: first, to pay any portion of the Obligations the Administrative Agent may have advanced pursuant to the express provisions of this Agreement and which have not been reimbursed, second, to pay all
other Obligations then due and payable, and third, as the Applicants so designate. 
 (f) Each Applicant hereby irrevocably waives the
right to direct the application of any and all payments in respect of the Obligations and any net proceeds of Collateral after the occurrence and during the continuance of an Event of Default, whether from a Credit Party’s sale of Collateral or
the Collateral Agent’s or any Secured Party’s receipt of proceeds from any exercise of remedies, and each Applicant and each Participant agrees that, during such time, the Administrative Agent and the Collateral Agent may, and upon either
(A) the written direction of the Requisite Participants or (B) the acceleration of the Obligations pursuant to Section 9.2 shall, apply all payments in respect of any Obligations and all other proceeds of
Collateral, in the following order (subject to any adjustments under Section 2.23(a)(ii)): 

first, to pay Obligations in respect of any expense reimbursements or indemnities and any fees then due to the
Administrative Agent, the Collateral Agent and the Issuers; 
 second, to pay Obligations in respect of any expense
reimbursements or indemnities and any fees then due to the Participants; 
 third, to pay interest on and then
principal of the Reimbursement Obligations owed to any Issuer for which such Issuer has not then been reimbursed by any Participant or the Applicants; and 

  
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 fourth, to pay or prepay Reimbursement Obligations and other
Obligations and to provide cash collateral for outstanding Undrawn Amounts in the manner described in Section 9.3, ratably to the aggregate amount of such Reimbursement Obligations and Undrawn Amounts; 

provided, however, that if sufficient funds are not available to fund all payments to be made in respect of any Obligation described in any of
clauses first through fourth above, the available funds being applied with respect to any such Obligation (unless otherwise specified in such clause) shall be allocated to the payment of such Obligations ratably, based on the
proportion of the interest of the Agent, Participant, Issuer or other Person holding such Obligations in the aggregate outstanding Obligations described in such clauses. 

If any Secured Party collects or receives any amounts or obtains any payment (whether voluntary, involuntary, through the exercise of any right of set-off or otherwise) on account of the Obligations to which it is not entitled under or in excess of the amount it would be entitled under this Section 2.16(f) if such payment had been
received by the Administrative Agent or the Collateral Agent, such Secured Party shall hold the same in trust for the applicable Secured Parties entitled thereto and shall forthwith deliver the same to the Collateral Agent, for the account of such
Secured Parties, to be applied in accordance with this Section 2.16(f), in each case until the prior payment in full in cash of the applicable Obligations of such Secured Parties. 

Section 2.17 Special Provisions 

(a) [Reserved]. 
 (b)
[Reserved]. 
 (c) Change in Law. If at any time any Participant or an Issuer determines that any Change in Law (including any
change by way of imposition or increase of reserve requirements included in determining the Eurodollar Rate) shall subject any Participant or any Issuer to any Tax (except for Taxes or Other Taxes indemnifiable pursuant to
Section 2.19) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital and the result of any of the foregoing shall be to increase the cost
to such Participant or Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such
Participant or Issuer hereunder with respect to a Letter of Credit (whether of principal, interest or any other amount) then the Applicants shall from time to time, upon demand by such Participant or such Issuer (with a copy of such demand to the
Administrative Agent), pay to the Administrative Agent for the account of such Participant or such Issuer additional amounts sufficient to compensate such Participant or such Issuer for such additional cost incurred or reduction suffered. A
certificate as to the amount of such increased cost shall be, together with supporting documents, submitted to the Applicants and the Administrative Agent by such Participant or such Issuer and shall be conclusive and binding for all purposes,
absent manifest error. Notwithstanding the 

  
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foregoing, except to the extent, if any, the change (or compliance) referred to in such certificate shall be retroactive, the Applicants shall not be required to compensate a Participant or an
Issuer pursuant to this clause (c) for any increased costs or reduction incurred more than 180 days prior to the date of such certificate. The Applicants shall pay such Participant or such Issuer the amount shown as due on
any such certificate within 30 days after its receipt of the same. Notwithstanding the foregoing, no Person shall be entitled to demand compensation for any additional cost or reduction pursuant to this Section 2.17(c) if
it is not the general policy or practice of such Person to demand it in similar circumstances under comparable provisions of other credit agreements (as reasonably determined by such Person). 

(d) [Reserved]. 
 (e)
[Reserved]. 
 (f) Without prejudice to the survival of any other agreement of the Applicants hereunder, the agreements and
obligations of the Applicants under this Section 2.17 shall survive the termination of this Agreement, the Commitments and the repayment, and the satisfaction or discharge of the Obligations. 

Section 2.18 Capital Adequacy 

If at any time any Participant or any Issuer determines that any Change in Law regarding capital or liquidity requirements has or would have
the effect of reducing the rate of return on such Participant’s or such Issuer’s (or any Person controlling such Participant’s or such Issuer’s) capital as a consequence of its obligations hereunder, under or in respect of any
Letter of Credit to a level below that which such Participant or such Issuer or Person could have achieved but for such Change in Law, then, upon demand from time to time by such Participant or such Issuer, the Applicants shall pay to the
Administrative Agent for the account of such Participant or such Issuer, from time to time as specified by such Participant or such Issuer, additional amounts sufficient to compensate such Participant or such Issuer for such reduction. A certificate
as to such amounts setting forth in reasonable detail the basis for such demand and a calculation for such amount shall be submitted to the Applicants and the Administrative Agent by such Participant or the applicable Issuer and shall be conclusive
and binding for all purposes absent manifest error; provided that no such certificate need disclose any information that is sensitive, confidential or legally restricted. Notwithstanding the foregoing, except to the extent, if any, the change
(or compliance) referred to in any such certificate shall be retroactive, the Applicants shall not be required to compensate a Participant or the applicable Issuer pursuant to this Section 2.18 for any reduction in rates of
return with respect to any period prior to the date that is 180 days prior to the date of each such certificate. Without prejudice to the survival of any other agreement of the Applicants hereunder, the agreements and obligations of the Applicants
under this Section 2.18 shall survive the termination of this Agreement, the Commitments and the repayment, and the satisfaction or discharge of the Obligations. 

  
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 Section 2.19 Taxes  

(a) All payments by or on account of any obligation of any Credit Party to or for the account of any Participant or Issuer or the
Administrative Agent hereunder or under each Credit Document shall be made free and clear of and without deduction or withholding for any and all taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto (“Taxes”), except pursuant to a Requirement of Law (which for purposes of this
Section 2.19 shall include FATCA). If a Withholding Agent shall be required by law (as determined in the good faith discretion of such Withholding Agent) to deduct or withhold any Taxes from or in respect of any such
payment to any Participant or the Administrative Agent then, (i) the applicable Withholding Agent shall be entitled to make such deductions or withholdings, (ii) the applicable Withholding Agent shall timely pay the full amount withheld or
deducted by it to the relevant Governmental Authority in accordance with the applicable Requirement of Law, and (iii) the applicable Withholding Agent shall furnish to the Administrative Agent (in case the applicable Withholding Agent is a
Credit Party) or to the Applicants (in case the applicable Withholding Agent is the Administrative Agent) the original or a certified copy of a receipt evidencing payment thereof, a copy of the return reporting such payment, or other evidence of
such payment reasonably satisfactory to the Administrative Agent or the Applicants (as applicable) within 30 days after such payment is made. In addition, in the case of any Taxes or Other Taxes (as defined below) that are, in either case,
(i) deducted or withheld by a Withholding Agent pursuant to the immediately preceding sentence and (ii) not an Excluded Tax, the sum payable by the Applicants under the applicable Credit Document shall be increased as necessary so that
after making all such required deductions or withholdings for such Taxes or Other Taxes (including deductions applicable to additional sums payable under this Section 2.19) such Participant or the Administrative Agent (as
the case may be) receives an amount equal to the sum it would have received had no such deductions or withholdings been made. 
 (b) In
addition, the Applicants shall timely pay to the relevant Governmental Authority any stamp, court or documentary, intangible, recording, filing or similar Taxes (including any interest, additions to Tax or penalties applicable thereto), in each case
arising from any payment made under any Credit Document or from the execution, delivery or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Credit Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.20) (“Other Taxes”) or, at the option of the Administrative Agent, timely reimburse it
for the payment of Other Taxes. 
 (c) The Applicants hereby agree to indemnify, jointly and severally, the Administrative Agent, each Issuer
and each Participant, for the full amount of Taxes (other than Excluded Taxes) imposed on or with respect to a payment made by or on account of an obligation of any Credit Party under any Credit Document or Other Taxes (including, without
limitation, any Taxes or Other Taxes imposed on amounts payable under this Section 2.19(c)) deducted or withheld by the Applicants or paid by the Administrative 

  
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Agent or such Participant and any penalties, interest and reasonable expenses arising therefrom or with respect thereto whether or not such Taxes or Other Taxes were correctly or legally imposed
or asserted. Payments due under this indemnification shall be made within 10 days of the date the Administrative Agent or such Participant makes demand therefor. A certificate as to the amount of such payment or liability delivered to the Applicants
by a Participant or the Administrative Agent on its own behalf or on behalf of a Participant or any other Administrative Agent, shall be conclusive absent manifest error. 

(d) Without prejudice to the survival of any other agreement of the Applicants hereunder, the agreements and obligations of the parties
contained in this Section 2.19 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Participant, the termination of this Agreement, the
Commitments and the repayment, and the satisfaction or discharge of the Obligations. 
 (e) (i) Any Participant (including, solely for this
purpose, the Administrative Agent and the Issuer) that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Credit Document shall deliver, to the Applicants and the Administrative Agent, at the
time or times reasonably requested by the Applicants or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Applicants or the Administrative Agent as will permit such payments to be made without
withholding or at a reduced rate of withholding. In addition, any Participant, if reasonably requested by the Applicants or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the
Applicants or the Administrative Agent as will enable the Applicants or the Administrative Agent to determine whether or not such Participant is subject to backup withholding or information reporting requirements. Notwithstanding anything to the
contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in sub-clause (ii)(A), (B) or
(D) below) shall not be required if in the Participant’s reasonable judgment such completion, execution or submission would subject such Participant to any material unreimbursed cost or expense or would materially prejudice the
legal or commercial position of such Participant. 
 (ii) Without limiting the generality of the foregoing, in the event that
an Applicant is a “United States Person” as defined in Section 7701(a)(30) of the Code, 
  

	 	(A)	 any Participant that is a United States Person shall deliver to the Applicants and the Administrative Agent on
or prior to the date on which such Participant becomes a Participant under this Agreement (and from time to time thereafter upon the reasonable request of the Applicants or the Administrative Agent), properly completed and executed copies of IRS
Form W-9 certifying that such Participant is exempt from U.S. federal backup withholding Tax; 

  
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	 	(B)	 any non-U.S. Participant shall, to the extent it is legally entitled to
do so, deliver to the Applicants and the Administrative Agent (in such number of copies as shall be requested by the applicable recipient) on or prior to the date on which such non-U.S. Participant becomes a
Participant under this Agreement (and from time to time thereafter upon the reasonable request of the Applicants or the Administrative Agent), whichever of the following is applicable: 

 

	 	(1)	 in the case of a non-U.S. Participant claiming the benefits of an
income Tax treaty to which the United States is a party (x) with respect to payments of interest under any Credit Document, properly completed and executed copies of IRS Form
W-8BEN-E or IRS Form W-8BEN, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to the “interest” article of such Tax treaty and (y) with respect to any other applicable payments under any Credit Document, properly completed and executed copies of IRS Form W-8BEN-E or IRS Form W-8BEN, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits”
or “other income” article of such Tax treaty; 

  

	 	(2)	 properly completed and executed copies of IRS Form W-8ECI;

  

	 	(3)	 in the case of a non-U.S. Participant claiming the benefits of the
exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit J-1 to the effect that such
non-U.S. Participant is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of any Applicant within the meaning of
Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) properly completed and executed copies of
IRS Form W-8BEN-E or IRS Form W-8BEN, as applicable; or 

 

	 	(4)	 to the extent a non-U.S. Participant is not the beneficial owner,
properly completed and executed copies of IRS Form W-8IMY, accompanied by IRS 

  
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Form W-8ECI, IRS Form W-8BEN-E or IRS Form
W-8BEN, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit J-2 or Exhibit J-3,
IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the non-U.S. Participant is a partnership and one
or more direct or indirect partners of such non-U.S. Participant are claiming the portfolio interest exemption, such non-U.S. Participant may provide a U.S. Tax
Compliance Certificate substantially in the form of Exhibit J-4 on behalf of each such direct and indirect partner; 

 

	 	(C)	 any non-U.S. Participant shall, to the extent it is legally entitled to
do so, deliver to the Applicants and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such non-U.S. Participant becomes a Participant
under this Agreement (and from time to time thereafter upon the reasonable request of the Applicants or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction
in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Applicants or the Administrative Agent to determine the withholding or deduction required to be
made. 

  

	 	(D)	 If a payment made to a Participant under any Credit Document would be subject to U.S. federal withholding Tax
imposed by FATCA if such Participant were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Participant shall deliver to the
Applicants and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Applicants or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code), and such additional documentation reasonably requested by the Applicants or the Administrative Agent as may be necessary for the Applicants and the Administrative Agent to comply with their obligations
under FATCA and to determine that such Participant has complied with such Participant’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this
sub-clause (D), “FATCA” shall include any amendments made to FATCA after the date of this agreement. 

  
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 Each Participant agrees that if any form or certification it previously delivered expires or
becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Applicants and the Administrative Agent in writing of its legal inability to do so. 

(f) If any Participant, Issuer or the Administrative Agent receives a refund (or a credit claimed in lieu of a refund) in respect of any Taxes
or Other Taxes as to which it has received a payment from or has been indemnified by a Credit Party pursuant to this Section 2.19 or a similar provision of any Credit Document, which refund or credit in solely the good
faith judgment of such Participant or Issuer or the Administrative Agent, as the case may be, is attributable to such payment or indemnification made by the Credit Party or the associated Tax or Other Tax, it shall notify the Applicants of such
receipt and shall, within 30 days after the later of the receipt of a written request by the Applicants or the receipt or application of such refund or credit (unless such Participant reasonably expects that it shall be required to repay such refund
or credit to the relevant Governmental Authority), pay the amount of such refund or credit to the Applicants, net of all out-of-pocket expenses of such Participant and
Taxes imposed on the Participant or Issuer or Administrative Agent with respect to such amounts, without interest thereon and subject to Section 11.6; provided, however, that the Applicants jointly and
severally agree to return such refund or credit paid by the Participant, Issuer or the Administrative Agent pursuant to this paragraph (f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to such
Participant or Issuer or the Administrative Agent within 30 days after receipt of written notice in the event that such Participant or Issuer or the Administrative Agent is required to repay such refund or credit to the relevant Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (f), in no event will a Participant or Issuer or the Administrative Agent be required to pay any amount to any Credit Party pursuant to this paragraph (f) the
payment of which would place the Participant or Issuer or the Administrative Agent in a less favorable net after-Tax position than the Participant or Issuer or the Administrative Agent would have been in if
the Tax subject to indemnification and giving rise to such refund or credit had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. Nothing contained
in this Section 2.19 shall require any Participant or the Administrative Agent to make available to any Credit Party any Tax Return or any other document containing information that it deems to be confidential. 

Section 2.20 Substitution of Participants 

If (a)(i) any Participant makes a claim under Section 2.17(c) or 2.18, (ii) [reserved], (iii) the
Applicants are required to make any payment pursuant to Section 2.19 that is attributable to a particular Participant, or (iv) any Participant becomes a Defaulting Participant, (b) [reserved], and (c) in the case
of clause (a)(i) above, Participants holding at least 75% of the Commitments are not subject to such increased costs or illegality, 

  
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payment or proceedings (any such Participant, an “Affected Participant”), the Applicants may, at Applicants’ sole effort and expense, substitute another financial
institution for such Affected Participant hereunder, upon reasonable prior written notice (which written notice must be given within 90 days following the notification to the Applicants of any applicable event described in
clauses (a)(i), (iii) or (iv) above) by the Applicants to the Administrative Agent and the Affected Participant that the Applicants intend to make such substitution. A substitute financial
institution (x) must be an Eligible Assignee and (y) if not already a Participant in respect of the LC Facility, must be acceptable to the Administrative Agent and each Issuer (each such consent not to be unreasonably withheld, conditioned
or delayed); provided, however, that, if more than one Participant claims increased costs, illegality or right to payment arising from the same act or condition and such claims are received by the Applicants within 30 days of each
other, then the Applicants may substitute all, but not (except to the extent the Applicants have already substituted one of such Affected Participants before the Applicants’ receipt of the other Affected Participants’ claim) less than all,
Participants making such claims. If the proposed substitute financial institution or other entity meets the conditions set forth in clauses (x) and (y) above and the written notice was properly issued under this
Section 2.20, the Affected Participant shall sell and the substitute financial institution or other entity shall purchase, at par plus accrued interest and Participation Fees, all rights and claims of such Affected
Participant under the Credit Documents and such substitute financial institution or other entity shall assume, and the Affected Participant shall be relieved of, its Commitments and all other prior unperformed obligations of the Affected Participant
under the Credit Documents (other than in respect of any damages (other than exemplary or punitive damages, to the extent permitted by applicable law) in respect of any such unperformed obligations). Such Affected Participant, upon the effectiveness
of such sale, purchase and assumption (that, in any event shall be conditioned upon the payment in full by the Applicants in cash of all fees, unreimbursed costs and expenses and indemnities accrued and unpaid through such effective date to such
Affected Participant), the substitute financial institution or other entity shall become a “Participant” hereunder in respect of the LC Facility for all purposes of this Agreement (x) having a Commitment in the amount of such Affected
Participant’s Commitment assumed by it (if any) and such Commitment of the Affected Participant shall be terminated and (y) holding the amount of Reimbursement Obligations held by the Affected Participant; provided, however,
that all indemnities under the Credit Documents shall continue in favor of such Affected Participant. Such Affected Participant shall execute and deliver to the Administrative Agent an Assignment and Acceptance to evidence such transfer;
provided, however, that the failure of the Affected Participant to execute and deliver such Assignment and Acceptance shall not invalidate such assignment, and such Assignment and Acceptance shall be deemed to be executed and delivered
upon receipt by such Affected Participant of such payment in full. 
 Section 2.21 Mitigation 

If any Participant requests compensation under Section 2.17(c), or requires the Applicants to pay any Taxes or
additional amounts to any Participant, the Administrative Agent or any Governmental Authority for the account of any Participant pursuant to Section 2.19, then such Participant shall (at the request of the Applicants) use
reasonable 

  
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efforts to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Participant, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Section 2.17(c) or 2.19, as the case may be, in the future, and (ii) would not subject such Participant to any unreimbursed cost or expense and would not otherwise
be disadvantageous to such Participant. The Applicants hereby agree to pay all reasonable costs and expenses incurred by any Participant in connection with any such designation or assignment. 

Section 2.22 Cash Collateral 

(a) Certain Credit Support Events. At any time that there shall exist a Defaulting Participant, promptly (but in any event within five
Business Days) after the request of the Administrative Agent or any Issuer, the Applicants shall deliver to the Collateral Agent cash collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to
Section 2.23(a)(iv) and any cash collateral provided by the Defaulting Participant). 
 (b) Grant of Security
Interest. All cash collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked deposit accounts at the Collateral Agent (including, in the case of cash collateral provided pursuant to
Section 9.3, the Cash Collateral Account). To the extent provided by the Applicants, the Applicants, and to the extent provided by any Participant, such Participant, hereby grants to (and subjects to the control of) the
Collateral Agent, for the benefit of the Collateral Agent, the Issuers and the Participants, a security interest in all such cash, deposit accounts and all balances therein, and in all proceeds of the foregoing, and to maintain such security
interest as a first-priority security interest, all as security for the obligations to which such cash collateral may be applied pursuant to clause (c) below. If at any time the Collateral Agent determines that cash collateral is subject
to any right or claim of any Person other than the Collateral Agent as herein provided, or that the total amount of such cash collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Applicants or the
relevant Defaulting Participant will, promptly (but in any event within 5 Business Days) after demand by the Collateral Agent, pay or provide to the Collateral Agent additional cash collateral in an amount sufficient to eliminate such deficiency.

 (c) Application. Notwithstanding anything to the contrary contained in this Agreement, cash collateral provided under this
Section 2.22 or Section 2.5, Section 2.7, Section 2.12, Section 2.16, Section 2.23, or
Section 9.3 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific Letter of Credit Obligations, obligations to fund participations therein (including, as to cash collateral provided
by a Defaulting Participant, any interest accrued on such obligation) and other obligations for which such cash collateral was so provided, prior to any other application of such property as may be provided for herein. 

(d) Release. Cash collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be
released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations 

  
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giving rise thereto (including by the termination of Defaulting Participant status of the Participant (or, as appropriate, its assignee following compliance with
Section 11.2(b)(iv)) or (ii) the Collateral Agent’s good faith determination that there exists excess cash collateral; provided, however, that (x) cash collateral furnished by or on behalf of a
Credit Party shall not be released during the continuance of a Default or Event of Default (and following application as provided in this Section 2.22 may be otherwise applied in accordance with
Section 2.16(e) and (f)), and (y) the Person providing cash collateral and the relevant Issuer may agree that cash collateral shall not be released but instead held to support future anticipated Fronting
Exposure or other obligations. 
 Section 2.23 Defaulting Participants 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Participant becomes a Defaulting
Participant, then, until such time as that Participant is no longer a Defaulting Participant, to the extent permitted by applicable law: 

(i) Waivers and Amendments. Each Participant hereby agrees that notwithstanding anything to the contrary herein, no
Defaulting Participant shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and each Participant hereby agrees that any amendment, waiver or consent which by its terms requires the consent of all Participants or
each affected Participant may be effected with the consent of the Participants other than Defaulting Participants), except as provided in the last sentence of Section 11.1(a). 

(ii) Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative
Agent for the account of that Defaulting Participant (whether voluntary or mandatory, at maturity, pursuant to Section 2.12 or otherwise, and including any amounts made available to the Administrative Agent by the
Defaulting Participant pursuant to Section 11.6), shall be applied at such time or times as may be determined by the Administrative Agent as follows: 

first, to the payment of any amounts owing by that Defaulting Participant to the Administrative Agent hereunder; 

second, to the payment on a pro rata basis of any amounts owing by that Defaulting Participant to an Issuer
hereunder; 
 third, if so determined by the Administrative Agent or requested by an Issuer, to be held as cash
collateral for future funding obligations of that Defaulting Participant of any participation in any Letter of Credit; 

fourth, to the payment of any amounts owing to the other Participants or Issuers as a result of any judgment of a court
of competent jurisdiction obtained by any Participant or any Issuer against that Defaulting Participant as a result of that Defaulting Participant’s breach of its obligations under this Agreement; 

  
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 fifth, so long as no Default or Event of Default exists, to the
payment of any amounts owing to the Applicants as a result of any judgment of a court of competent jurisdiction obtained by the Applicants against that Defaulting Participant as a result of that Defaulting Participant’s breach of its
obligations under this Agreement; and 
 sixth, to that Defaulting Participant or as otherwise directed by a court of
competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Reimbursement Obligations in respect of which that Defaulting Participant has not fully funded its appropriate share and (y) such
Reimbursement Obligations were made at a time when the conditions set forth in Section 3.3 were satisfied or waived, such payment shall be applied solely to pay the Reimbursement Obligations owed to all Non-Defaulting Participants on a pro rata basis prior to being applied to the payment of any Reimbursement Obligations owed to that Defaulting Participant. 

Any payments, prepayments or other amounts paid or payable to a Defaulting Participant that are applied (or held) to pay
amounts owed by a Defaulting Participant or to post cash collateral pursuant to this Section 2.23(a)(ii) shall be deemed paid to and redirected by that Defaulting Participant, and each Participant irrevocably consents
hereto. 
 (iii) Certain Fees. (x) No Defaulting Participant shall be entitled to receive any Commitment Fee for
any period during which that Participant is a Defaulting Participant (and the Applicants shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Participant) and (y) each Defaulting
Participant shall be limited in its right to receive Participation Fees as provided in Section 2.15(c)(ii). 

(iv) Reallocation of Ratable Portions to Reduce Fronting Exposure. During any period in which there is a Defaulting
Participant, for purposes of computing the amount of the obligation of each Non-Defaulting Participant to acquire, refinance or fund participations in Letters of Credit pursuant to
Section 2.7, the “Ratable Portion” of each Non-Defaulting Participant shall be computed without giving effect to the Commitment of that Defaulting Participant;
provided that, (i) each such reallocation shall be given effect only if, at the date the Participant becomes a Defaulting Participant, no Default or Event of Default exists; and (ii) the aggregate obligation of a Non-Defaulting Participant to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of (1) the Commitments of that
Non-Defaulting Participant minus (2) the aggregate Letter of Credit Obligations of that Participant. 

  
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 (b) Defaulting Participant Cure. If the Applicants, the Administrative Agent and the
Issuers agree in writing in their sole discretion that a Defaulting Participant should no longer be deemed to be a Defaulting Participant, the Administrative Agent will so notify the Applicants, the Participants and the Issuers, whereupon as of the
effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Participant will, to the extent applicable, purchase that portion of outstanding
Letter of Credit Obligations of the other Participants and take such other actions as the Administrative Agent may determine to be necessary to cause the Letter of Credit Obligations and participations in Letters of Credit to be held on a pro
rata basis by the Participants in accordance with their Ratable Portions (without giving effect to clause (a)(iv) above), whereupon that Participant will cease to be a Defaulting Participant; provided that no adjustments will be
made retroactively with respect to fees accrued or payments made by or on behalf of the Applicants while that Participant was a Defaulting Participant; and provided, further, that except to the extent otherwise expressly agreed by the
affected parties, no change hereunder from Defaulting Participant to Non-Defaulting Participant and no assignment by a Defaulting Participant will constitute a waiver or release of any claim of any party
hereunder arising from that Participant’s having been a Defaulting Participant. 
 (c) Replacement of Defaulting Participants. If
any Participant is a Defaulting Participant, then the Applicants may, at their sole expense and effort, upon notice to such Participant and the Administrative Agent, require such Participant to be replaced in accordance with
Section 2.20. 
 Section 2.24 Incremental Facility Commitments 

(a) [reserved]. 
 (b) From time to
time, following the Initial Utilization Date and prior to the Termination Date, the Applicants may by written notice to the Administrative Agent request to incur incremental commitments consisting of one or more increases to the LC Facility (each,
an “Incremental Facility”, and any additional Commitment provided pursuant to any Incremental Facility, a “New Incremental Commitment”) in an aggregate amount not to exceed the Available Floating LC Amount. 

(c) Each notice described in Section 2.24(b) shall specify (i) the date (each, an “Increased Amount
Date”) on which the Applicants propose that the applicable Incremental Facility shall be effective, which shall be a date not less than 10 Business Days after the date on which such notice is delivered to the Administrative Agent and
(ii) the identity of each Participant or other Person that is an Eligible Assignee (each such other Person, a “New Participant”) to whom the Applicants propose any portion of such Incremental Facility be allocated and the
amounts of such allocations; provided that the Administrative Agent may elect or decline to arrange such Incremental Facility in its sole discretion and any Participant approached to provide all or a portion of the Incremental Facility may
elect or decline, in its sole discretion, to increase its existing Commitment by providing a New Incremental Commitment. 
 (d) Such New
Incremental Commitments shall become effective, as of such Increased Amount Date; provided that: 

  
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 (i) no Default or Event of Default shall exist on such Increased Amount Date
before or after giving effect to such Incremental Facility; 
 (ii) the representations and warranties set forth in
Article IV and in the other Credit Documents that have no materiality or Material Adverse Effect qualification shall be true and correct in all material respects and the representations and warranties set forth in
Article IV and in the other Credit Documents that have a materiality or Material Adverse Effect qualification shall be true and correct in all respects, in each case with the same effect as though made on and as of the Increased Amount Date
or, to the extent such representations and warranties expressly relate to an earlier date, as of such earlier date; 
 (iii)
the Applicant shall be in compliance with each of the covenants set forth in Article V on a pro forma basis on the date of incurrence and for the most recent determination period after giving effect to such Incremental Facility; 

(iv) [reserved]; 

(v) each New Incremental Commitment shall be effected pursuant to an increase and joinder agreement (an “Increase and
Joinder Agreement”) in form and substance acceptable to the Administrative Agent and each Issuer in its reasonable discretion, which Increase and Joinder Agreement may provide for an increase in the fees or interest rates applicable to all
relevant Obligations, executed and delivered by the Applicants, any existing Participant providing a New Incremental Commitment, any New Participant providing a New Incremental Commitment and the Administrative Agent and the Issuers, and which shall
be recorded in the Register, and each New Participant shall be subject to the requirements set forth in Section 2.17(f); 

(vi) [reserved]; 

(vii) the Applicants shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the
Administrative Agent in connection with the New Incremental Commitments; and 
 (viii) the Applicants shall make any payments
required pursuant to and in accordance with Section 2.16(e) in connection with the New Incremental Commitments. 
 Notwithstanding
anything herein to the contrary, the Issuers shall have approved the New Incremental Commitments allocated to each Participant thereunder (such approval (other than with respect to Barclays, in its capacity as an Issuer, which shall be in
Barclays’ sole discretion as an Issuer) not to be unreasonably withheld, delayed or conditioned), including with respect to the New Incremental Commitments allocated to each existing Participant providing a New Incremental Commitment and each
New Participant. 

  
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 (e) On the Increased Amount Date, subject to the satisfaction of the foregoing terms and
conditions, (i) each of the existing Participants shall assign to each of the New Participants, and each of the New Participants shall purchase from each of the existing Participants, at the principal amount thereof (together with accrued
interest), such interests in the Letter of Credit Obligations outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Letter of Credit Obligations will be held by
existing Participants and New Participants ratably in accordance with their Commitments after giving effect to the applicable Incremental Facility, (ii) each New Incremental Commitment shall be deemed for all purposes a Commitment,
(iii) each New Participant shall become a Participant with respect to its New Incremental Commitment and all matters relating thereto and all other matters under this Agreement, and (iv) the Administrative Agent shall notify the
Participants (including any New Participants) of the effectiveness of the applicable Incremental Facility and each Participant’s interests in the outstanding Letter of Credit Obligations after giving effect to the assignments contemplated by
this Section 2.24. 
 (f) Except as expressly contemplated in this Section 2.24, the
terms and provisions of the New Incremental Commitments shall be identical to the existing Commitments. 
 (g) Each Increase and Joinder
Agreement may, without the consent of any other Participants, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent to effect the provision of this
Section 2.24. 
 Section 2.25 Extension Offers 

(a) The Applicants may on one or more occasions, by written notice to the Administrative Agent, make one or more offers (each, an
“Extension Offer”) to all the Participants in respect of any tranche under this LC Facility, on the same terms and conditions to each such Participant, to make one or more Extension Permitted Amendments pursuant to procedures
reasonably specified by the Administrative Agent and reasonably acceptable to the Applicants. Such notice shall set forth (i) the terms and conditions of the requested Extension Permitted Amendment and (ii) the date on which such Extension
Permitted Amendment is requested to become effective (which shall not be less than 10 Business Days nor more than 30 Business Days after the date of such notice, unless otherwise agreed to by the Administrative Agent). Extension Permitted Amendments
shall become effective only with respect to the Commitments of the Participants that accept the applicable Extension Offer (such Participants, the “Extending Participants”) and, in the case of any Extending Participant, only with
respect to such Participant’s Commitments as to which such Participant’s acceptance has been made. No such extension shall apply to Barclays’ Issuer Commitment (in its capacity as, and solely to the extent it is at the time of such
extension, an Issuer) without the consent of Barclays (which it will determine in its sole discretion). 

  
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 (b) An Extension Permitted Amendment shall be effected pursuant to an Extension Agreement
executed and delivered by the Parent, each Applicant, each applicable Extending Participant and the Administrative Agent; provided that no Extension Permitted Amendment shall become effective unless (i) the conditions set forth in
Section 3.3(b) shall have been satisfied or waived with respect to such Extension Permitted Amendment before and after giving effect to such Extension Permitted Amendment and (ii) the Parent and the Applicants shall
have delivered to the Administrative Agent such legal opinions, board resolutions, officer’s certificates and other documents as shall reasonably be requested by either Administrative Agent in connection therewith. The Administrative Agent
shall promptly notify each Participant as to the effectiveness of each Extension Agreement. Each Extension Agreement may, without the consent of any Participant other than the applicable Extending Participants, effect such amendments to this
Agreement and the other Credit Document as may be necessary or appropriate, in the opinion of the Administrative Agent, to give effect to the provisions of this Section 2.25, including any amendments necessary to treat the
Commitments of the Extending Participants as a new “tranche” or “class” of commitments hereunder. 
 ARTICLE III

 CONDITIONS TO LETTERS OF CREDIT 

Section 3.1 Conditions Precedent to Effectiveness 

The effectiveness of this Agreement and the occurrence of the Effective Date (as defined below) shall occur on the date on which the
Administrative Agent shall have received this Agreement, executed and delivered by each of the parties hereto (such date, the “Effective Date”). 

Section 3.2 Conditions Precedent to Initial Utilization 

The obligation of the Issuers to Issue Letters of Credit shall not become effective until the date on or after the Effective Date and on or
before January 15, 2019 (the “Outside Date”) on which all of the following conditions precedent are satisfied or duly waived by the Participants, the Issuers and the Agents (such date, the “Initial Utilization
Date”): 
 (a) Deliveries at Initial Utilization Date. The Administrative Agent shall have received the Reaffirmation
Agreement, in form and substance reasonably satisfactory to the Administrative Agent, executed and delivered by a Responsible Officer of each Person listed on Schedule V hereto. 

(b) Financial Statements. The Administrative Agent shall have received, for delivery to the Participants, the Closing Date Financial
Statements. 
 (c) Legal Opinions. The Administrative Agent shall have received, on behalf of itself, the Collateral Agent, the
Participants and the Issuers, favorable written opinions, each in form and substance reasonably satisfactory to the Administrative Agent, of (a) Baker Botts L.L.P., counsel to the Credit Parties on the Initial Utilization Date, (b) John M.
Freeman, Senior Vice President and General Counsel of the Parent, (c) Arias Fabrega & Fabrega, special Panamanian counsel to the Parent, and (d) NautaDutilh New 

  
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York P.C., special Dutch counsel to McDermott Technology, B.V., in each case dated as of the Initial Utilization Date and addressed to the Administrative Agent, the Collateral Agent, the
Participants and the Issuers and addressing such other matters that the Administrative Agent may reasonably request. 
 (d)
Certificates. The Administrative Agent shall have received (i) a copy of the certificate or articles of incorporation or other formation documents, including all amendments thereto, of each Person listed on Schedule V hereto,
certified, in the case of Credit Parties incorporated in the United States, as of a recent date (or as otherwise reasonably acceptable to the Administrative Agent) by the appropriate Governmental Authority of the jurisdiction of its organization,
and a certificate as to the good standing (if applicable in such jurisdiction) of each Credit Party from such Governmental Authority; (ii) a certificate of an Authorized Officer, the Secretary or the Assistant Secretary of such Credit Party and
with respect to a Dutch Credit Party, by an authorized representative of such Dutch Credit Party, dated the Initial Utilization Date and certifying (A) that attached thereto is a true and complete copy of the
by-laws or similar document of such Credit Party as in effect on the Initial Utilization Date and at all times since a date prior to the date of the resolutions described in clause (B) below,
(B) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or similar governing body) of such Credit Party authorizing the execution, delivery and performance of the Credit Documents to which
such Person is a party and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the certificate or articles of incorporation or other formation documents of such Credit Party have not
been amended since the date of the last amendment thereto furnished pursuant to clause (i) above and (D) as to the incumbency and specimen signature of each officer executing any Credit Document or any other document delivered in
connection herewith on behalf of such Credit Party and (iii) a certificate of another officer as to the incumbency and specimen signature of the Authorized Officer, or authorized representative in the case of a Dutch Credit Party, executing the
certificate pursuant to clause (ii) above. 
 (e) [Reserved]. 

(f) [Reserved]. 
 (g)
[Reserved]. 
 (h) Collateral Documents. The Administrative Agent shall have received the results of a recent customary Lien
search in each relevant jurisdiction in the United States with respect to the Parent, the Applicants and those of Persons that shall be Guarantors as of the Initial Utilization Date (whether as a condition to the Initial Utilization Date or
subsequent to the occurrence thereof). The Pledge and Security Agreement (as reaffirmed by the Reaffirmation Agreement), the Reaffirmation Agreement and the other Collateral Documents listed on Part I of Schedule 3.2 of the Existing
Credit Agreement shall be in full force and effect on the Initial Utilization Date, and each document (including each Uniform Commercial Code financing statement and documentation relating to the Mortgaged Vessels) required to be delivered pursuant
to the Pledge and Security Agreement, the Reaffirmation Agreement and such other Collateral Documents on or prior 

  
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to the Initial Utilization Date shall have been delivered to the Collateral Agent. The Pledged Stock and the Pledged Notes shall be duly and validly pledged to the Collateral Agent for the
ratable benefit of the Secured Parties (subject to the last paragraph of this Section 3.2), and certificates representing such pledged Collateral (if any), accompanied by instruments of transfer and stock powers endorsed in
blank, shall have been delivered to the Collateral Agent. 
 (i) Solvency. The Administrative Agent shall have received (a) a
certificate of a Responsible Officer of the Parent in the form of Exhibit I hereto stating that the Applicants and their Subsidiaries, taken as a whole, are Solvent immediately after giving effect to the Transactions to occur on the Initial
Utilization Date and (b) a certificate of a Responsible Officer of the Parent and each Applicant to the effect that the conditions set forth in Section 3.2(m) have been satisfied. 

(j) USA Patriot Act. To the extent requested at least ten days prior to the Initial Utilization Date, the Agents and the Participants
shall have received all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the USA Patriot Act
and a certification regarding beneficial ownership of legal entity customers (the “Beneficial Ownership Certification”) at least five days prior to the Initial Utilization Date. 

(k) Fees and Expenses. There shall have been paid to the Administrative Agent, for the account of the Administrative Agent and the
Participants, as applicable, and to each Arranger and Bookrunner, for its own account, all fees and expenses (including reasonable fees and expenses of counsel to the Administrative Agent to the extent the Applicants receive invoices therefor at
least one Business Day prior to the Initial Utilization Date) due and payable in connection with this Agreement on or before the Initial Utilization Date, or will be substantially simultaneously, paid (which amounts may be offset against the
proceeds of the LC Facility). 
 (l) [Reserved]. 

(m) Representations. The representations and warranties set forth in Article IV shall be true and correct in all material
respects (except that in the case of any representations and warranties which expressly relate to a given date or period, such representation and warranty shall be true and correct in all material respects as of the respective date or for the
respective period, as the case may be, and that any such representation qualified by materiality or material adverse effect will be true and correct in all respects). 

(n) [Reserved]. 
 (o)
[Reserved]. 
 (p) [Reserved]. 

  
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 (q) The Parent shall have delivered to the Administrative Agent Schedule 1.1,
Schedule 4.3, Schedule 4.19 and Schedule 8.8 in form and substance reasonably satisfactory to the Administrative Agent. 

(r) Parent shall have received at least $300,000,000.00 in aggregate gross proceeds (calculated before giving effect to any fees or original
issue discount) from the issuance of shares of Stock of the Parent and/or other securities (including any Stock Equivalents) that are convertible into Stock of the Parent. 

(s) The Administrative Agent shall have received an Intercreditor Joinder (as defined in the Collateral Agency and Intercreditor Agreement),
executed and delivered by the Collateral Agent and the Parent. 
 (t) The Parent and the Applicants shall (a) deliver to the
Administrative Agent and Collateral Agent each of the agreements, documents, instruments or certificates described on Schedule 3.2(t), each in form and substance reasonably satisfactory to the Administrative Agent and Collateral Agent and
(b) perform each of the actions described on Schedule 3.2(t), in each case by the Initial Utilization Date or such later date permitted by each of the Administrative Agent and Collateral Agent, in each case in its sole discretion. The
provisions of this Section 3.2(t) shall inure to the benefit of the Collateral Agent, and the Collateral Agent shall have rights as a third party beneficiary of any of such provisions or any obligations with respect hereto.

 For the avoidance of doubt, if the conditions set forth in this Section 3.2 do not occur by the Outside Date, the obligation of
each Issuer to Issue Letters of Credit shall not become effective and this Agreement shall automatically terminate without further action by any party hereto. In addition, notwithstanding anything to the contrary in this Agreement or in any other
Credit Document, to the extent that the Existing Credit Agreement and the Collateral Agency and Intercreditor Agreement permit a security interest in a portion of the Collateral to be provided and/or perfected after the Initial Utilization Date, the
provision and/or perfection of such security interest in such portion of the Collateral will not constitute a condition precedent to the availability of the LC Facility on the Initial Utilization Date (except as provided in Section 3.2(t)
above). 
 Section 3.3 Conditions Precedent to Each Letter of Credit 

The obligation of the Issuers on any date to Issue any Letter of Credit is subject to the satisfaction of each of the following conditions
precedent: 
 (a) Request for Issuance of Letter of Credit. The relevant Issuer and the Administrative Agent shall have received a
duly executed Letter of Credit Request. 
 (b) Representations and Warranties; No Defaults. The following statements shall be true on
the date of such Issuance, both before and after giving effect thereto: 

  
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 (i) the representations and warranties set forth in
Article IV and in the other Credit Documents that have no materiality or Material Adverse Effect qualification shall be true and correct in all material respects and the representations and warranties set forth in
Article IV and in the other Credit Documents that have a materiality or Material Adverse Effect qualification shall be true and correct in all respects, in each case with the same effect as though made on and as of such date or, to the extent
such representations and warranties expressly relate to an earlier date, as of such earlier date; and 
 (ii) no Default or
Event of Default shall have occurred and be continuing or shall occur as a result of such Issuance or from the application of proceeds thereof. 

(c) Immediately after giving effect to such Issuance, no more than 250 Letters of Credit shall be issued and outstanding. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

To induce the Participants, the Issuers and the Administrative Agent to enter into this Agreement, the Parent and each Applicant represents
and warrants each of the following to the Participants, the Issuers and the Administrative Agent, on and as of the Initial Utilization Date and on and as of each date as required by Section 3.3(b)(i). 

Section 4.1 Corporate Existence; Compliance with Law 

Each of the Parent, each Applicant and each Restricted Subsidiary (a) is duly organized, validly existing and, except where the failure to
be in good standing could not reasonably be expected to have a Material Adverse Effect, in good standing, to the extent applicable, under the laws of the jurisdiction of its organization, (b) is duly qualified to do business as a foreign
corporation and in good standing, to the extent applicable, under the laws of each jurisdiction where such qualification is necessary, except where the failure to be so qualified or in good standing could not reasonably be expected to have a
Material Adverse Effect, (c) has all requisite corporate or other organizational power and authority and the legal right to own, pledge, mortgage and operate its properties, to lease the property it operates under lease and to conduct its
business as now or currently proposed to be conducted, (d) is in compliance with its Constituent Documents, (e) is in compliance with all Requirements of Law, including the Investment Company Act of 1940, as amended, except where the
failure to be in compliance could not reasonably be expected to have a Material Adverse Effect; provided, however, that where such compliance relates to any Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions, each of the
Parent, each Applicant and the Parent’s Subsidiaries are in compliance in all material respects; and (f) has all necessary licenses, permits, consents or approvals from or by, has made all necessary filings with, and has given all
necessary notices to, each Governmental Authority having jurisdiction, to the extent required for such ownership, operation and conduct, except for licenses, permits, consents, approvals or filings that can be obtained or made by the taking of
ministerial action to secure the grant or transfer thereof or the failure of which to obtain or make could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 Section 4.2 Corporate Power; Authorization; Enforceable Obligations 

(a) The execution, delivery, and performance by each Credit Party of the Credit Documents to which it is a party and the consummation of the
Transactions: 
 (i) are within such Credit Party’s corporate, limited liability company, partnership or other
organizational powers; 
 (ii) have been or, at the time of delivery thereof pursuant to this Agreement will have been duly
authorized by all necessary corporate, limited liability company or partnership action, including the consent of shareholders, partners and members where required; 

(iii) do not and will not (A) contravene such Credit Party’s respective Constituent Documents, (B) violate any
other Requirement of Law applicable to such Credit Party (including Regulations T, U and X of the Federal Reserve Board), or any order or decree of any Governmental Authority or arbitrator applicable to such Credit Party, other than any violation of
any Requirement of Law relating to (I) any Excepted Consent having not been obtained at the time such representation is made or (II) any consent, authorization, approval, filing or registration with or from any non-U.S. Governmental Authority outside the control of the Parent or its Restricted Subsidiaries that the Administrative Agent agrees, in its sole discretion, to be obtained, delivered or filed after the date on
which the representation in this clause (iii) is made, (C) conflict with or result in the breach of, or constitute a default under, or result in or permit the termination or acceleration of, any lawful Contractual Obligation of such
Credit Party or any of its Restricted Subsidiaries, other than in the case of this clause (C) any such conflict, breach, default, termination or acceleration that could not reasonably be expected to have a Material Adverse Effect, or
(D) result in the creation or imposition of any Lien upon any property of such Credit Party, other than those in favor of the Secured Parties pursuant to the Collateral Documents; and 

(iv) do not require the consent of, authorization by, approval of, notice to, or filing or registration with, any Governmental
Authority or any other Person, other than (A) those that have been obtained or made and are in full force and effect, (B) resolutions of the board of directors or other similar authority of each Credit Party that have been (or such later
date upon which such Person becomes a Guarantor), obtained or made, (C) the Excepted Consents, (D) any consent, authorization, approval, filing or registration with or from any non-U.S. Governmental
Authority outside the control of the Parent or its Restricted Subsidiaries that the Administrative Agent agrees, in its sole discretion, to be obtained, delivered or filed after the date on which the representation in this clause (iv) is
made, and (E) with respect to the Collateral, filings required to perfect the Liens created by the Collateral Documents. 

  
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 (b) This Agreement has been, and each of the other Credit Documents will have been upon
delivery thereof pursuant to the terms of this Agreement, duly executed and delivered by each Credit Party who is a party thereto. This Agreement is, and the other Credit Documents will be, when delivered, the legal, valid and binding obligation of
each Credit Party who is a party thereto, enforceable against such Credit Party 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. 
 Section 4.3 Ownership of
Applicants; Subsidiaries 
 (a) All of the outstanding capital stock of the Parent and each Applicant is validly issued, fully paid
and non-assessable. 
 (b) Set forth on Schedule 4.3 is a complete and
accurate list showing, as of the Initial Utilization Date, all Subsidiaries of the Parent and, as to each such Subsidiary, its correct legal name, the jurisdiction of its organization, the number of shares of each class of Stock authorized (if
applicable), the number outstanding on the Initial Utilization Date and the percentage of the outstanding shares of each such class owned (directly or indirectly) by the Parent. Except as set forth on Schedule 4.3, as of
the Initial Utilization Date no Stock of any Restricted Subsidiary of the Parent is subject to any outstanding option, warrant, right of conversion or purchase of any similar right. Except as set forth on Schedule 4.3, all of the outstanding
Stock of each Restricted Subsidiary of the Parent owned (directly or indirectly) by the Parent has been validly issued, is fully paid and non-assessable (to the extent applicable) and is owned by the Parent or
a Subsidiary of the Parent, free and clear of all Liens, options, warrants, rights of conversion or purchase or any similar rights. As of the Initial Utilization Date, except as set forth on Schedule 4.3, neither the Parent nor any such
Restricted Subsidiary is a party to, or has knowledge of, any agreement restricting the transfer or hypothecation of any Stock of any such Subsidiary, other than the Credit Documents and, with respect to any Subsidiary that is not a Wholly-Owned
Subsidiary, the governing documents of such Subsidiary. 
 Section 4.4 Financial Statements 

(a) The Closing Date Financial Statements, copies of which have been furnished to each Participant, fairly present in all material respects the
consolidated financial condition of the Persons covered thereby as at such dates and the consolidated results of the operations of the Persons covered thereby for the period ended on such dates, all in conformity with GAAP (subject to the absence of
footnote disclosure and normal year-end audit adjustments in the case of the Closing Date Financial Statements referenced in clause (b) of the definition thereof). 

  
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 (b) The Projections have been prepared by the Parent taking into consideration past
operations of its business, and reflect in all material respects as of the Initial Utilization Date, projections for the period beginning approximately July 1, 2018 and ending approximately December 31, 2022 on a Fiscal Quarter basis for
the Fiscal Quarters ending September 30, 2018 and December 31, 2018, and on a Fiscal Year by Fiscal Year basis for the Fiscal Years 2019 through 2022. The Projections are based upon estimates and assumptions stated therein, all of which
the Parent believes in all material respects as of the Initial Utilization Date, to be reasonable in light of current conditions and current facts known to the Parent (other than any necessary adjustments due to fees payable in accordance herewith)
and, as of the Initial Utilization Date, reflect the Parent’s good faith estimates of the future financial performance of the Parent and its Subsidiaries and of the other information projected therein for the periods set forth therein (it being
understood and agreed that financial projections are not a guarantee of financial performance and are subject to significant uncertainties and contingencies many of which are beyond the Parent’s control, no assurance can be given that any
projections may be realized, and actual results may differ from the Projections and such differences may be material). 
 (c) Neither the
Parent nor any of its Subsidiaries has, as of the Initial Utilization Date, any material obligation, contingent liability or liability for Taxes, long-term leases (other than operating leases) or unusual forward or long-term commitment that is not
reflected in the financial statements referred to in clause (a) above and not otherwise permitted by this Agreement. 
 (d) The
consolidated balance sheets and the related statements of income and cash flow delivered following the Effective Date pursuant to Section 6.1, copies of which shall be furnished to each Participant, shall fairly present in
all material respects the consolidated financial condition of the Persons covered thereby as at such dates and the consolidated results of the operations of the Persons covered thereby for the period ended on such dates, all in conformity with GAAP.

 Section 4.5 Material Adverse Effect 

Since December 31, 2017, there has been no event or development that has had or could reasonably be expected to have a Material Adverse
Effect. 
 Section 4.6 Solvency 

Both before and after giving effect to the Transactions to occur on or prior to the date this representation is made, the Parent and its
consolidated Subsidiaries, taken as a whole, are Solvent. 
 Section 4.7 Litigation 

Except as set forth on Schedule 4.7, there are no pending or, to the knowledge of the Parent or Applicants, threatened actions,
investigations or proceedings against the Parent, any Applicant, or any of the Parent’s other Restricted Subsidiaries before any court, Governmental Authority or arbitrator other than those that, in the aggregate, could not reasonably be
expected to have a Material Adverse Effect. Schedule 4.7 lists all litigation pending against any Credit Party as of the Initial Utilization Date that, if adversely determined, could be reasonably expected to have a
Material Adverse Effect. 

  
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 Section 4.8 Taxes 

All federal income and other material tax returns, reports and statements (collectively, the “Tax Returns”) required to be
filed by the Parent or an Applicant or any other Tax Affiliates have been filed with the appropriate Governmental Authorities in all jurisdictions in which such Tax Returns are required to be filed, all such Tax Returns are true and correct in all
material respects, and all material Taxes, charges and other impositions reflected therein or otherwise due and payable have been paid prior to the date on which any fine, penalty, interest, late charge or loss may be added thereto for non-payment thereof (whether or not shown on any Tax Return) except where contested in good faith and by appropriate proceedings if adequate reserves therefor have been established on the books of the Parent, the
Applicants or such Tax Affiliate in conformity with GAAP. The Parent, each Applicant and each other Tax Affiliate have deducted and withheld and timely paid to the respective Governmental Authorities all material amounts required to be deducted and
withheld. 
 Section 4.9 Full Disclosure 

The Information Presentation and any other information prepared or furnished by or on behalf of any Credit Party and delivered to the
Participants in writing in connection with this Agreement or the consummation of the transactions contemplated hereunder or thereunder (in each case, taken as a whole), other than any information of a general economic or industry specific nature,
does not, as of the time of delivery of such information, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein or herein not misleading, other than information of a
general economic or industry nature; provided, however, that, to the extent any such information was based upon, or constituted, a forecast or projection, such Credit Party represents only, in respect of such projection or forecast,
that it acted in good faith and utilized reasonable assumptions and due care in the preparation of such information. 
 Section 4.10 Margin
Regulations 
 No Credit Party is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock
(within the meaning of Regulation U of the Federal Reserve Board), and no Letter of Credit will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock in contravention
of Regulation T, U or X of the Federal Reserve Board. Margin stock constitutes less than 25% of the value of those assets of the Parent and its Subsidiaries, taken as a group, which are subject to any limitation on sale, pledge, or other restriction
hereunder. 

  
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 Section 4.11 No Burdensome Restrictions; No Defaults 

(a) Neither the Parent, any Applicant, nor any other Restricted Subsidiary of the Parent (i) is a party to any Contractual Obligation
(x) the compliance with which could reasonably be expected to have a Material Adverse Effect or (y) the performance of which by any thereof would result in the creation of a Lien (other than a Lien permitted under
Section 8.2) on the property or assets of any thereof or (ii) is subject to any charter restriction that could reasonably be expected to have a Material Adverse Effect. 

(b) Neither the Parent, any Applicant, nor any other Restricted Subsidiary of the Parent is in default under or with respect to any Contractual
Obligation owed by it, other than, in either case, those defaults that could not reasonably be expected to have a Material Adverse Effect. 

(c) No Default or Event of Default has occurred and is continuing. 

Section 4.12 Statutory Indebtedness Restrictions 

Neither the Parent, any Applicant, nor any other Restricted Subsidiary of the Parent is (a) an “investment company” or a company
“controlled” by an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended or (b) subject to regulation under the Federal Power Act. 

Section 4.13 Use of Proceeds 

(a) [reserved]. 
 (b) [reserved].

 (c) Letters of Credit are being used solely by the Applicants to support warranties, bid bonds, payment or performance obligations and for
other general corporate purposes by the Applicants, the Parent, the Parent’s Subsidiaries, Joint Ventures and Affiliates. 
 (d) The
Applicants will not request any Letter of Credit, and the Parent and each Applicant shall not use, and shall procure that the Parent’s Subsidiaries and their respective directors, officers, employees and agents shall not use, the proceeds of
any Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of
funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, in either case in violation of any Sanctions applicable to such Applicant and its Subsidiaries, or
(iii) in any manner that would result in the violation of any Sanctions applicable to any Credit Party or, to the knowledge of the Parent or either Applicant, any other party hereto. 

  
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 Section 4.14 Insurance 

All material policies of insurance of any kind or nature currently maintained by the Parent, an Applicant or any other Restricted Subsidiary,
including policies of fire, theft, property damage, other commercial general liability, employee fidelity and workers’ compensation, are in full force and effect and are of a nature and provide such coverage as is sufficient and as is
customarily carried by businesses of the size and character of such Person. 
 Section 4.15 Labor Matters 

(a) There are no strikes, work stoppages, slowdowns or lockouts pending or, to the knowledge of the Parent and each Applicant, threatened
against or involving the Parent or any of its Restricted Subsidiaries, other than those that, in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

(b) There are no unfair labor practices, grievances or complaints pending, or, to the knowledge of the Parent and each Applicant, threatened,
against or involving the Parent or any of its Restricted Subsidiaries, nor, to the knowledge of the Parent and each Applicant, are there any unfair labor practices, arbitrations or grievances threatened involving the Parent or any of its Restricted
Subsidiaries, other than those that if resolved adversely to the Parent or any of its Restricted Subsidiaries, as applicable, could not reasonably be expected to have a Material Adverse Effect. 

(c) Except as set forth on Schedule 4.15, as of the Initial Utilization Date, there is no collective bargaining agreement covering any
employee of the Parent, the Applicants or any other Restricted Subsidiary. Except as set forth on Schedule 4.15, with respect to employees of the Parent, the Applicants or any other Restricted Subsidiary not already covered by a collective
bargaining agreement set forth on Schedule 4.15, as of the Initial Utilization Date no union representation question exists with respect to such employees and, to the knowledge of the Parent and each Applicant, no union organization activity
is taking place as of the Initial Utilization Date. 
 Section 4.16 ERISA 

(a) Each Employee Benefit Plan that is intended to qualify under Section 401 of the Code has received a favorable determination letter
from the IRS indicating that such Employee Benefit Plan is so qualified and nothing has occurred subsequent to the issuance of such determination letter which could cause such Employee Benefit Plan to lose its qualified status and any trust created
under any Employee Benefit Plan is exempt from Tax under the provisions of Section 501 of the Code, except where such failures could not reasonably be expected to have a Material Adverse Effect. 

(b) The Parent, each Applicant and each other Restricted Subsidiary, each Guarantor and each of their respective ERISA Affiliates is in
material compliance with all applicable provisions and requirements of ERISA, the Code and applicable Employee Benefit Plan provisions with respect to each Employee Benefit Plan except for non-compliances that
could not reasonably be expected to have a Material Adverse Effect. 

  
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 (c) With respect to each Title IV Plan and each Multiemployer Plan, the Parent, each
Applicant and each other Restricted Subsidiary, and each of their respective ERISA Affiliates has made all contributions required under ERISA and the Code and, in respect of each Title IV Plan, are in material compliance with the minimum funding
standard of Section 412 of the Code (in each case, whether or not waived in accordance with Section 412(c) of the Code). 
 (d)
Except as set forth on Schedule 4.16(d) to this Agreement, there has not been, nor is there reasonably expected to occur, any ERISA Event other than those that, either individually or in the aggregate, could not reasonably be expected to have
a Material Adverse Effect. 
 (e) Except (i) to the extent required under Section 4980B of the Code or similar state laws, and
(ii) with respect to which the aggregate liability, calculated on a FAS 106 basis as of December 31, 2017, does not exceed $65,000,000.00, no Employee Benefit Plan provides health or welfare benefits (through the purchase of insurance or
otherwise) to any retired or former employees, consultants or directors (or their dependents) of the Parent, any Applicant or any other Restricted Subsidiary of the Parent, or any of their respective ERISA Affiliates. 

(f) Except as set forth on Schedule 4.16(d) to this Agreement, none of the Parent, any Applicant or any other Restricted Subsidiary of
the Parent, or any of their respective ERISA Affiliates has incurred or reasonably expects to incur any Withdrawal Liability with respect to any Multiemployer Plan. The Parent, each Applicant and each other Restricted Subsidiary of the Parent and
each of their respective ERISA Affiliates has complied with the requirements of Section 515 of ERISA with respect to each Multiemployer Plan and are not in material “default” (as defined in Section 4219(c)(5) of ERISA) with
respect to payments to a Multiemployer Plan. 
 (g) The Credit Parties are not and will not be using “plan assets” (within the
meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans to repay the Letters of Credit or the Commitments. 

Section 4.17 Environmental Matters 

Environmental Representations. Except as disclosed on Schedule 4.17 to this Agreement: 

(a) The operations of the Parent, each Applicant and each other Restricted Subsidiary have been and are in compliance with all Environmental
Laws, including obtaining and complying with all required environmental, health and safety Permits, other than non-compliances that, in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect. 

  
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 (b) None of the Parent, any Applicant or any other Restricted Subsidiary or any Real
Property currently or, to the knowledge of the Parent or any Applicant, previously owned, operated or leased by or for the Parent, an Applicant or any other Restricted Subsidiary is subject to any pending or, to the knowledge of the Parent or any
Applicant, threatened, claim, order, agreement, notice of violation, notice of potential liability or is the subject of any pending or threatened proceeding or governmental investigation under or pursuant to Environmental Laws other than those
claims, orders, agreements, notices, proceedings or investigations that, in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

(c) To the knowledge of the Parent or any Applicant, there are no facts, circumstances or conditions arising out of or relating to the
operations or ownership of the Parent or any of its Restricted Subsidiaries or of Real Property owned, operated or leased by the Parent or any of its Restricted Subsidiaries that are not specifically included in the financial information furnished
to the Participants other than those that, in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

Section 4.18 Intellectual Property 

Except where the failure to do so could not, taken as a whole, reasonably be expected to have a Material Adverse Effect, the Parent, the
Applicants and the other Restricted Subsidiaries own or license or otherwise have the right to use all licenses, permits, patents, patent applications, trademarks, trademark applications, service marks, trade names, copyrights, copyright
applications, franchises, authorizations and other intellectual property rights (including all Intellectual Property as defined in the Pledge and Security Agreement) that are necessary for the operations of their respective businesses, without
infringement upon or conflict with the rights of any other Person with respect thereto. Except where the failure to do so could not, taken as a whole, reasonably be expected to have a Material Adverse Effect, no slogan or other advertising device,
product, process, method, substance, part or component, or other material now employed, or now contemplated to be employed, by the Parent, the Applicants or any other Restricted Subsidiary infringes upon or conflicts with any rights owned by any
other Person, and no claim or litigation regarding any of the foregoing is pending or threatened. 
 Section 4.19 Title; Real Property

 (a) Each of the Parent, each Applicant and the other Restricted Subsidiaries has good and marketable title (or the applicable
jurisdictional equivalent of good and marketable title) to, or valid leasehold interests in, or other valid contractual occupancy or use right in, all of its material properties and assets (including each Mortgaged Property) and good title to, or
valid leasehold interests in, all personal property, in each case that is purported to be owned or leased by it, including those reflected on the most recent Financial Statements delivered by the Parent, and none of such properties and assets is
subject to any Lien, except Liens permitted under Section 8.2. The information provided by the Parent to the Administrative Agent, the Collateral Agent and the Participants with respect to each Mortgaged Property is true
and correct in all material respects; provided that any information provided by or on behalf of the Credit Parties in response to flood due diligence and flood insurance compliance inquiries shall be true and correct in all respects. 

  
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 (b) Set forth on Schedule 4.19 is a complete and accurate list, as
of the Initial Utilization Date, of all (a) owned Real Property of the Credit Parties (i) located in the United States with a reasonably estimated Fair Market Value in excess of $10,000,000.00 showing, as of the Initial Utilization Date,
the street address, county and the record owner thereof and (ii) located outside of the United States with a reasonably estimated Fair Market Value in excess of $5,000,000.00 showing, as of the Initial Utilization Date, the street address,
jurisdiction and the record owner thereof and (b) leased Real Property of the Credit Parties (i) located in the United States with net annual lease payments in excess of $10,000,000.00 showing, as of the Initial Utilization Date, the
street address (or other readily identifiable description) and county thereof and (ii) located outside of the United States with net annual lease payments in excess of $5,000,000.00 showing, as of the Initial Utilization Date, the street
address (or other readily identifiable description) and jurisdiction thereof. 
 (c) No portion of any Real Property has suffered any
material damage by fire or other casualty loss that has not heretofore been completely repaired and restored to its original condition other than those that could not reasonably be expected to have a Material Adverse Effect. 

(d) Except as could not reasonably be expected to have a Material Adverse Effect, (a) each Credit Party has obtained and holds all Permits
required in respect of its Real Property and for the operation of each of its businesses as presently conducted and as proposed to be conducted, (b) all such Permits are in full force and effect, and each Credit Party has performed and observed
all requirements of such Permits, (c) no event has occurred that allows or results in, or after notice or lapse of time would allow or result in, revocation or termination by the issuer thereof or in any other impairment of the rights of the
holder of any such Permit, (d) [reserved], (e) each Credit Party reasonably believes that each of its Permits will be timely renewed and complied with, and that any additional Permits that may be required of such Person will be timely obtained and
complied with, and (f) neither the Parent, nor either Applicant has any knowledge or reason to believe that any Governmental Authority is considering limiting, suspending, revoking or renewing on materially burdensome terms any such Permit.

 (e) None of the Parent, any Applicant or any other Restricted Subsidiary has received any notice, or has any knowledge, of any pending
condemnation proceeding, or of any condemnation proceeding threatened in writing, affecting any material Real Property or any part thereof, except those that could not reasonably be expected to have a Material Adverse Effect. 

(f) Each of the Credit Parties, and, to the knowledge of the Parent and each Applicant, each other party thereto, has complied with all
material obligations under all leases of material Real Property to which it is a party other than those the failure with which to comply could not reasonably be expected to have a Material Adverse Effect and, to the knowledge of the Parent and each
Applicant, all such leases are legal, valid, binding 

  
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and in full force and effect and are enforceable in accordance with their terms other than those the failure of which to so comply with the foregoing could not reasonably be expected to have a
Material Adverse Effect. No landlord Lien has been filed of record, and, to the knowledge of the Parent and each Applicant, no claim is being asserted, with respect to any lease payment under any lease of Real Property other than those that could
not reasonably be expected to have a Material Adverse Effect. 
 (g) There are no pending or, to the knowledge of the Parent and each
Applicant, proposed special or other assessments for public improvements or otherwise affecting any material portion of the Real Property, nor are there any contemplated improvements to such owned Real Property that may result in such special or
other assessments, other than those that could not reasonably be expected to have a Material Adverse Effect. 
 Section 4.20 Mortgaged
Vessels 
 Each Mortgaged Vessel (a) is owned and operated by a Subsidiary Guarantor, (b) that is operated, is operated in
all material respects in compliance with all Requirements of Law applicable to it (including, in the case of each Mortgaged Vessel that is in class on the Initial Utilization Date, compliance in all material respects with all requirements of such
classification as required by the relevant classification society for such Mortgaged Vessel) and (c) is maintained in all material respects in accordance with all requirements set forth in the Collateral Documents. Each Mortgaged Vessel is
covered by all such insurance as is required by the respective Mortgage with respect to such Mortgaged Vessel. 
 Section 4.21 Anti-Corruption
Laws and Sanctions 
 The Parent has implemented, maintains in effect and enforces policies and procedures intended to ensure
compliance by the Parent, each Applicant, the other Subsidiaries of the Parent and their respective directors, officers, employees and agents (in their respective activities on behalf of the Parent, each Applicant and the other Subsidiaries of the
Parent) with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions, and the Parent, each Applicant and the other Restricted Subsidiaries of the Parent, its and their respective officers and directors and, to the
knowledge of the Parent and each Applicant, employees and agents (in their respective activities on behalf of the Parent, each Applicant and the other Restricted Subsidiaries of the Parent), are in compliance with applicable Anti-Corruption Laws,
Anti-Money Laundering Laws and applicable Sanctions, in each case in all material respects. None of the Parent, any Applicant, any other Restricted Subsidiary of the Parent, any of their respective directors or officers or, to the knowledge of the
Parent, any Applicant or such Subsidiary, any of their respective employees or any of their agents that will act in any capacity in connection with or benefit from the credit facilities established hereby, (a) is a Sanctioned Person with whom
the Parent, the Applicants or such Restricted Subsidiary, as applicable, is prohibited from transacting business pursuant to any applicable Sanction or (b) is currently engaging or has engaged in any dealings or transactions with, involving or
for the benefit of a Sanctioned Person, or in or involving any Sanctioned Country, in each case in violation of applicable Sanctions. 

  
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 Section 4.22 EEA Financial Institution 

No Credit Party is an EEA Financial Institution. 

Section 4.23 Security Instruments 

Subject to the Security Principles and the Collateral Agency and Intercreditor Agreement, the security interests created in favor of the
Collateral Agent for the benefit of the Secured Parties under the Collateral Documents constitute first priority perfected security interests (subject to Liens permitted by Section 8.2) in the Collateral referred to therein
to the extent that the creation, perfection or priority, as applicable, is governed by the laws of the United States, any State thereof or any other jurisdiction under whose laws the Collateral Agent has reasonably requested action to be taken under
Section 7.11(c). Except for filings and actions contemplated hereby and by the Collateral Documents and other filings and actions not required to be made pursuant to Security Principles, no consents, filings or recordings
are required under the laws of the United States, any State thereof or any other jurisdiction under whose laws the Collateral Agent has reasonably requested action to be taken under Section 7.11(c) in order to perfect,
and/or maintain the perfection and priority of, the security interests purported to be created by the Collateral Documents. 
 Section 4.24
Regulation H 
 No Mortgaged Property located in the United States is a Flood Hazard Property unless the Collateral Agent shall
have received the following: (a) the applicable Credit Party’s written acknowledgment of receipt of written notification from the Collateral Agent (i) as to the fact that such Mortgaged Property is a Flood Hazard Property,
(ii) as to whether the community in which each such Flood Hazard Property is located is participating in the National Flood Insurance Program and (iii) such other flood hazard determination forms, notices and confirmations thereof as
reasonably requested by the Collateral Agent and (b) copies of insurance policies or customary certificates of insurance of the applicable Credit Party evidencing flood insurance and naming the Collateral Agent as loss payee on behalf of the
Participants. All flood hazard insurance policies required hereunder have been obtained and remain in full force and effect, and the premiums thereon have been paid in full. 

Section 4.25 USA Patriot Act 

Each of the Credit Parties and their respective Subsidiaries are in compliance, in all material respects, with (a) the Trading with the
Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (b) the USA
Patriot Act. 

  
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 Section 4.26 Beneficial Ownership Certification 

As of the Effective Date, the information included in the Beneficial Ownership Certification is true and correct in all respects. 

ARTICLE V 

FINANCIAL COVENANTS 

From and after the Initial Utilization Date, the Applicants agree with the Participants and the Administrative Agent to each of the following,
as long as any Letter of Credit Obligation or any Commitment remains outstanding: 
 Section 5.1 Fixed Charge Coverage Ratio 

Beginning with the first full Fiscal Quarter ending after the Initial Utilization Date, the Parent and each Applicant shall maintain a minimum
Fixed Charge Coverage Ratio of at least 1.50:1.00 at the end of each Fiscal Quarter. 
 Section 5.2 Leverage Ratio 

Beginning with the first full Fiscal Quarter ending after the Initial Utilization Date, the Parent and each Applicant shall maintain, as of the
last day of any Fiscal Quarter, a maximum Leverage Ratio not to exceed 4.25:1.00 through the Fiscal Quarter ending September 30, 2019; 4.00:1.00 for the Fiscal Quarter ending December 31, 2019; 3.75:1.00 through the Fiscal Quarter ending
December 31, 2020; 3.50:100 through the Fiscal Quarter ending December 31, 2021; and 3.25:1.00 for each Fiscal Quarter ending thereafter. 

Section 5.3 Minimum Liquidity 

Beginning with the first full Fiscal Quarter ending after the Initial Utilization Date, the Parent and each Applicant shall maintain minimum
Liquidity as of the last day of any Fiscal Quarter of not less than $200,000,000.00. 
 ARTICLE VI 

REPORTING COVENANTS 

From and after the Initial Utilization Date, the Parent and each Applicant jointly and severally agree with the Participants, the Issuers and
the Administrative Agent to each of the following, as long as any Obligation or any Commitment remains outstanding: 
 Section 6.1 Financial
Statements 
 The Parent and each Applicant shall furnish each of the following to the Administrative Agent, for delivery to the
Participants: 

  
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 (a) Quarterly Reports. Within 45 days after the end of each of the first three Fiscal
Quarters of each Fiscal Year (unless such period is extended pursuant to applicable U.S. securities laws, rules, or regulations or SEC guidelines, in which case such deadline will be extended to the earlier of (x) the end of such period and (y)
60 days after the end of such Fiscal Quarter), consolidated unaudited balance sheets as of the close of such quarter and the related statements of income and cash flow for such quarter and that portion of the Fiscal Year ending as of the close of
such quarter, setting forth in comparative form the figures for the corresponding period in the prior year, in each case certified by a Responsible Officer of the Parent as fairly presenting in all material respects the consolidated financial
condition of the Parent and its Subsidiaries as at the dates indicated and the results of their operations and cash flow for the periods indicated in accordance with GAAP (subject to the absence of footnote disclosure and normal year-end audit adjustments) and accompanied by customary management discussion and analysis. 
 (b)
Annual Reports. Within 75 days after the end of each Fiscal Year (unless such period is extended pursuant to applicable U.S. securities laws, rules, or regulations or SEC guidelines, in which case such deadline will be extended to the earlier
of (x) the end of such period and (y) 120 days after the end of such Fiscal Year, consolidated balance sheets of the Parent and its Subsidiaries as of the end of such Fiscal Year and related statements of income and cash flows of the Parent and
its Subsidiaries for such Fiscal Year, all prepared in conformity with GAAP and accompanied by customary management discussion and analysis and an audit opinion from Parent’s Accountants and certified, in the case of such consolidated financial
statements, without qualification as to the scope of the audit or as to the Parent being a going concern by the Parent’s Accountants, together with the report of such accounting firm stating that (i) such financial statements fairly
present in all material respects the consolidated financial condition of the Parent and its Subsidiaries as at the dates indicated and the results of their operations and cash flow for the periods indicated in conformity with GAAP applied on a basis
consistent with prior years (except for changes with which the Parent’s Accountants shall concur and that shall have been disclosed in the notes to the financial statements) and (ii) the examination by the Parent’s Accountants in
connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards. 
 (c)
Compliance Certificate. Together with each delivery of any financial statement pursuant to clause (a) or (b) above, a certificate of a Responsible Officer of the Parent substantially in the form of Exhibit H for
delivery to the Participants (each, a “Compliance Certificate”) (i) demonstrating compliance with each of the financial covenants contained in Section 5.1, Section 5.2 and
Section 5.3 in reasonable detail and setting forth a reasonably detailed description of any savings under clause (b)(xi) of the definition of EBITDA, (ii) identifying any Asset Sale permitted by clauses
(g), (h), and (i) of Section 8.4 during the Fiscal Quarter as to which such Compliance Certificate relates (or, in the case of any Compliance Certificate delivered in connection with the financial
statements delivered pursuant to clause (b) above, in the last Fiscal Quarter of such Fiscal Year to which such Compliance Certificate relates) and identifying the aggregate consideration received in connection with each such identified
Asset Sale if the aggregate consideration received for such Asset Sale exceeds $10,000,000.00, (iii) setting forth each 

  
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Person that is a Material Wholly-Owned Subsidiary of the Parent that is not a Credit Party on the last day of the most recently ended Fiscal Quarter or Fiscal Year for which financial statements
have been delivered pursuant clause (a) or (b) above, as applicable and (iv) stating that no Default or Event of Default has occurred and is continuing or, if a Default or an Event of Default has occurred and is continuing,
stating the nature thereof and the action which the Parent has taken or proposes to take with respect thereto. 
 (d) Budget. Not
later than 90 days after the end of each Fiscal Year, the annual budget of the Parent for the Fiscal Year next succeeding such Fiscal Year then ended, in reasonable detail, as determined by the Administrative Agent (with the understanding that any
annual budget in substantially the same form, scope and substance as the annual budget of the Parent most recently prepared prior to the Initial Utilization Date is in reasonable detail), and reviewed by the board of directors of the Parent,
including a projected year-end consolidated balance sheet and income statement and statement of cash flows. 

(e) Participant Calls. The Parent shall conduct a conference call that Participants may attend to discuss the financial condition and
results of operations of the Parent and its Restricted Subsidiaries for the most recently ended measurement period for which financial statements have been delivered pursuant to Sections 6.1(a) and (b) (beginning with the fiscal period
of the Parent ending December 31, 2018), at a date and time to be determined by the Parent with reasonable advance notice to the Administrative Agent. 

(f) Changes in Ratings. Promptly and in any event within five Business Days after a Responsible Officer of the Parent or any Applicant
obtains actual knowledge of the existence thereof, the Parent or such Applicant, as applicable, shall give the Administrative Agent notice of any announcement by Moody’s or S&P of any change in a corporate rating or corporate family rating
with respect to the Parent or an Applicant that has not been publicly announced or is not otherwise publicly available. 
 The Parent, each Applicant and
each Participant acknowledge that certain of the Participants may be Public-Side Participants and, if documents or notices required to be delivered pursuant to this Section 6.1 or otherwise are being distributed through
IntraLinks, Debtdomain, SyndTrak, Barclays Deal Vault, Donnelley Financial Solutions Venue or a similar service, any document or notice that the Parent or any Applicant has indicated contains MNPI shall not be posted on the portion of such service
that is designated for Public-Side Participants. The Parent and each of the Applicants jointly and severally agree to clearly identify, in writing on the face of such information, all information provided to the Administrative Agent by or on behalf
of any Credit Party that is suitable to make available to Public-Side Participants. If neither the Parent nor any Applicant has indicated that a document, notice or other information contains MNPI, the Administrative Agent reserves the right, but
shall have no obligation, to post such document or notice solely on the portion of IntraLinks that is designated for Participants that wish to receive MNPI. 

Information required to be delivered pursuant to this Section 6.1 shall be deemed to have been delivered if such information, or one
or more annual or quarterly reports containing 

  
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such information, shall have been posted by the Administrative Agent on IntraLinks, Debtdomain, SyndTrak, Barclays Deal Vault, Donnelley Financial Solutions Venue or a similar service or shall be
available on the website of the SEC at http://www.sec.gov or on the website of the Parent (provided, in each case, that the Parent has notified the Administrative Agent that such information is available on such website and, if requested by
the Administrative Agent, shall have provided hard copies to the Administrative Agent). Information required to be delivered pursuant to this Section 6.1 may also be delivered by electronic communications pursuant to
procedures approved by the Administrative Agent. 
 Section 6.2 Collateral Reporting Requirements 

The Parent and each Applicant shall furnish to the Administrative Agent or the Collateral Agent, as applicable, for delivery to the
Participants, each of the following: 
 (a) Updated Corporate Chart. If requested by the Administrative Agent, together with each
delivery of any financial statement pursuant to Section 6.1(b), (i) a corporate organizational chart or other equivalent list, current as of the date of delivery, in form and substance reasonably acceptable to the
Administrative Agent, setting forth, for each of the Credit Parties, all Persons subject to Section 7.11(c), all Subsidiaries of any of them and any Joint Ventures entered into by any of the foregoing, and (ii) a
schedule setting forth, in respect of each such Person, (A) its full legal name, (B) its jurisdiction of organization and organizational number (if any) and (C) the number of shares of each class of its Stock authorized (if
applicable), the number outstanding as of the date of delivery, and the number and percentage of the outstanding shares of each such class owned (directly or indirectly) by the Parent. 

(b) Additional Information. From time to time, statements and schedules further identifying and describing the Collateral and such
other reports in connection with the Collateral, all as the Administrative Agent or Collateral Agent may reasonably request, and in reasonable detail. 

(c) Additional Filings. At any time and from time to time, upon the reasonable request of the Collateral Agent, and at the sole expense
of the Credit Parties, duly executed, delivered and recorded instruments and documents for the purpose of obtaining or preserving the full benefits of this Agreement, the Pledge and Security Agreement (as reaffirmed by the Reaffirmation Agreement)
and each other Credit Document and of the rights and powers herein and therein granted (and each Credit Party shall take such further action as the Administrative Agent or Collateral Agent may reasonably request for such purpose), including the
filing of any financing or continuation statement under the UCC or other similar Requirement of Law in effect in any domestic jurisdiction with respect to the security interest created by the Pledge and Security Agreement. 

(d) Mortgaged Vessels. If requested by the Administrative Agent or the Collateral Agent, an operating report for the Mortgaged Vessels
showing the current customers of such vessels and the current locations of such vessels. In addition, if requested by the Administrative Agent or the Collateral Agent, the Parent shall give the Administrative Agent or the Collateral Agent written
notice of (i) any Mortgaged Vessel commencing a new contract or moving to a work site outside the U.S. Gulf of Mexico and (ii) any bareboat charters of any Mortgaged Vessel and copies of such charter. 

  
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 (e) Appraisals. (i) No more than once in any twelve month period, within 90 days
of a request of the Collateral Agent therefor, updated appraisals for each Mortgaged Vessel performed by an Approved Appraiser and (ii) following the Initial Utilization Date, no more than once in any twenty-four month period, and within 90
days of a request of the Collateral Agent or a Participant, updated appraisals for any Mortgaged Property located in the United States of America. 
 The
reporting requirements set forth in this Section 6.2 are in addition to, and shall not modify and are not in replacement of, any rights and other obligation set forth in any Credit Document (including notice and reporting
requirements) and satisfaction of the reporting obligations in this Section 6.2 shall not, by itself, operate as an update of any Schedule or any schedule of any other Credit Document and shall not cure, or otherwise affect
in any way, any Default or Event of Default, including any failure of any representation or warranty of any Credit Document to be correct in any respect when made. 

Section 6.3 Default Notices 

(a) Promptly and in any event within five Business Days after a Responsible Officer of the Parent or any Applicant obtains actual knowledge of
the existence thereof, the Parent or such Applicant, as applicable, shall give the Administrative Agent, for delivery to the Participants, notice of any Default or Event of Default specifying the details of the occurrence referred to therein,
describing with particularity any and all provisions of this Agreement and any other Credit Document that have been breached, the anticipated effect thereof, and stating what action such Applicant has taken and proposes to take with respect thereto.

 (b) Each notice delivered pursuant to this Section 6.3, if given by telephone, shall be promptly confirmed in
writing on or before the next Business Day. 
 Section 6.4 Litigation 

Promptly after a Responsible Officer of the Parent or any Applicant obtains actual knowledge of the commencement thereof, the Parent shall give
the Administrative Agent, for delivery to the Participants, written notice of the commencement of all actions, suits and proceedings before any domestic or foreign Governmental Authority or arbitrator, regarding the Parent, any Applicant, any of
their respective Subsidiaries or any Joint Venture that (i) seeks injunctive or similar relief that, in the reasonable judgment of any Applicant, if adversely determined, could reasonably be expected to result in a Material Adverse Effect or
(ii) in the reasonable judgment of the Parent could expose an Applicant, the Parent, any Subsidiary or any Joint Venture to liability in an amount aggregating $45,000,000.00 or more or that, if adversely determined, could reasonably be expected
to have a Material Adverse Effect. 

  
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 Section 6.5 Labor Relations 

Promptly after a Responsible Officer of the Parent or an Applicant has actual knowledge of the same, the Parent shall give the Administrative
Agent, for delivery to the Participants, written notice of (a) any material labor dispute to which the Parent, an Applicant or any of their respective Subsidiaries is a party, including any strikes, lockouts or other material disputes relating
to any of such Person’s plants and other facilities, provided that such dispute, strike or lockout involves a work stoppage exceeding 30 days, (b) any material Worker Adjustment and Retraining Notification Act or related liability incurred
with respect to the closing of any plant or other facility of any such Person affecting 300 or more employees of the Parent, the Applicants and their respective Subsidiaries and (c) any material union organization activity with respect to
employees of the Parent, the Applicants or any of their respective Subsidiaries not covered by a collective bargaining agreement as of the Initial Utilization Date. 

Section 6.6 Tax Returns 
 Upon
the request of any Participant through the Administrative Agent, the Parent and each Applicant shall provide copies of all Tax Returns and reports filed by the Parent, an Applicant, any of their respective Subsidiaries or any Joint Venture in
respect of Taxes measured by income (excluding sales, use and like Taxes). 
 Section 6.7 Insurance 

As soon as is practicable and in any event within 90 days after the end of each Fiscal Year, the Parent shall furnish the Administrative Agent,
for delivery to the Participants, with a report in form and substance reasonably satisfactory to the Administrative Agent outlining all material insurance coverage maintained as of the date of such report by the Parent and its Restricted
Subsidiaries and the duration of such coverage. 
 Section 6.8 ERISA Matters 

The Parent shall furnish the Administrative Agent, for delivery to the Participants, with each of the following: 

(a) promptly and in any event within 30 days after a Responsible Officer of the Parent or an Applicant knows, or has reason to know, that any
ERISA Event (except for those events set forth on Schedule 4.16(d) to this Agreement) has occurred that, alone or together with any other ERISA Event, could reasonably be expected to result in liability of the Parent, an Applicant, any
Restricted Subsidiary, any Guarantor and/or any ERISA Affiliate in an aggregate amount exceeding $50,000,000.00, written notice describing the nature thereof, what action the Parent, an Applicant, any Subsidiary, any Guarantor or any of their
respective ERISA Affiliates has taken, is taking or proposes to take with respect thereto and, when known by such Responsible Officer, any action taken or threatened by the IRS, the Department of Labor or the PBGC with respect to such event; 

  
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 (b) promptly and in any event within 10 days after a Responsible Officer of the Parent or an
Applicant knows, or has reason to know, that a request for a minimum funding waiver under Section 412 of the Code has been filed with respect to any Title IV Plan, a written statement of an Authorized Officer of the Parent describing such
waiver request and the action, if any, the Parent, an Applicant, their respective Subsidiaries and their respective ERISA Affiliates propose to take with respect thereto and a copy of any notice filed with the PBGC or the IRS pertaining thereto;

 (c) simultaneously with the date that the Parent, an Applicant, any Subsidiary or any ERISA Affiliate files with the PBGC a notice of
intent to terminate any Title IV Plan, if, at the time of such filing, such termination would require material additional contributions in order to be considered a standard termination within the meaning of Section 4041(b) of ERISA, a copy of
each notice; and 
 (d) promptly, copies of (i) each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by
the Parent, an Applicant, any Subsidiary, any Guarantor or any of their respective ERISA Affiliates with the IRS with respect to each Title IV Plan; (ii) all notices received by the Parent, an Applicant, any Subsidiary, any Guarantor or any of
their respective ERISA Affiliates from a Multiemployer Plan sponsor concerning an ERISA Event that, alone or together with any other ERISA Event, could reasonably be expected to result in liability of the Parent, an Applicant, any Restricted
Subsidiary, any Guarantor and/or any ERISA Affiliate in an aggregate amount exceeding $50,000,000.00; and (iii) copies of such other documents or governmental reports or filings relating to any Employee Benefit Plan as the Administrative Agent
shall reasonably request. 
 Section 6.9 Environmental Matters 

The Parent shall provide the Administrative Agent, for delivery to the Participants, promptly, and in any event in the case of clauses
(a) through (c) within 20 Business Days after any Responsible Officer of the Parent or any Applicant obtains actual knowledge of any of the following, written notice of each of the following: 

(a) that any Credit Party or any Mortgaged Vessel is or may be liable to any Person as a result of a Release or threatened Release that could
reasonably be expected to subject such Credit Party to Environmental Liabilities and Costs of $35,000,000.00 or more; 
 (b) the receipt by
any Credit Party of notification that any material real or personal property or any Mortgaged Vessel of such Credit Party is or is reasonably likely to be subject to any Environmental Lien; 

(c) the receipt by any Credit Party of any notice of violation of or potential liability under, or knowledge by a Responsible Officer of the
Parent or an Applicant that there exists a condition that could reasonably be expected to result in a violation of or liability under, any Environmental Law, except for violations and liabilities the consequence of which, in the aggregate, could not
reasonably be expected to subject the Credit Parties collectively to Environmental Liabilities and Costs of $35,000,000.00 or more; and 

  
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 (d) promptly following reasonable written request by any Participant through the
Administrative Agent, a report providing an update of the status of any environmental, health or safety compliance, hazard or liability issue identified in any notice or report delivered pursuant to this Section 6.9. 

Section 6.10 Patriot Act Information 

Each Participant, each Issuer, the Collateral Agent and the Administrative Agent (each for itself and not on behalf of any other Person) hereby
notifies the Parent and the Applicants that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Parent and the Applicants, which information includes the name and address
of the Parent and the Applicants and other information that will allow such Participant, such Issuer or the Administrative Agent, as applicable, to identify the Parent and the Applicants in accordance with the USA Patriot Act. The Parent and the
Applicants shall promptly, following a request by any Agent, any Issuer or any Participant, provide all documentation and other information that such Agent, such Issuer or such Participant reasonably requests in order to comply with its ongoing
obligations under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the USA Patriot Act. 

Section 6.11 Other Information 

The Parent and each Applicant shall promptly provide the Administrative Agent, any Participant or any Issuer with any information reasonably
requested by the Administrative Agent, such Participant or such Issuer through the Administrative Agent respecting the business, properties, condition, financial or otherwise, or operations of the Parent, an Applicant, any Subsidiary or any Joint
Venture, including any information requested by the Administrative Agent or any Participant concerning the calculation of EBITDA in any Compliance Certificate delivered to the Participants pursuant to Section 6.1(c) in a
form acceptable to the Administrative Agent. The Administrative Agent shall provide copies of any written information provided to it pursuant to this Article VI to any Participant requesting the same. 

ARTICLE VII 

AFFIRMATIVE COVENANTS 

From and after the Initial Utilization Date, the Parent and each Applicant jointly and severally agree with the Participants, the Issuers and
the Administrative Agent to each of the following, as long as any Obligation or any Commitment remains outstanding: 

  
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 Section 7.1 Preservation of Corporate Existence, Etc. 

The Parent and the Applicants shall, and shall cause each of their respective Restricted Subsidiaries to, preserve and maintain its legal
existence, rights (charter and statutory) and franchises, except as permitted by Sections 8.4, 8.5 and 8.6 and except if, in the reasonable business judgment of the Parent or the Applicants, it is in the
business interest of the Parent, an Applicant or such Restricted Subsidiary not to preserve and maintain such legal existence (except with respect to the Applicants), rights (charter and statutory) and franchises, and such failure to preserve the
same could not reasonably be expected to have a Material Adverse Effect and could not reasonably be expected to materially affect the interests of the Secured Parties under the Credit Documents or the rights and interests of any of them in the
Collateral. 
 Section 7.2 Compliance with Laws, Etc. 

(a) The Parent and the Applicants shall, and shall cause each of their respective Restricted Subsidiaries to, comply with all applicable
Requirements of Law, Contractual Obligations and Permits, except where the failure so to comply could not reasonably be expected to have a Material Adverse Effect. 

(b) The Parent and the Applicants shall at all times maintain in effect and enforce policies and procedures intended to ensure compliance by
the Parent, its Subsidiaries and their respective directors, officers, employees and agents with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. 

Section 7.3 Conduct of Business 

The Parent and the Applicants shall, and shall cause each of their respective Restricted Subsidiaries to, (a) conduct its business in the
ordinary course (except for non-material changes in the nature or conduct of its business as carried on as of the Initial Utilization Date) and (b) use its reasonable efforts, in the ordinary course, to
preserve its business and the goodwill and business of the customers, suppliers and others having business relations with the Parent, the Applicants, or any of its Restricted Subsidiaries, except where the failure to comply with the covenants in
each of clauses (a) and (b) above could not reasonably be expected to have a Material Adverse Effect. 

Section 7.4 Payment of Taxes, Etc. 

The Parent and the Applicants shall, and shall cause each of their respective Restricted Subsidiaries to, pay and discharge before the same
shall become delinquent, all lawful governmental claims, Taxes, assessments, charges and levies, except where (a) contested in good faith, by proper proceedings and adequate reserves therefor have been established on the books of the Parent,
the Applicants or the appropriate Restricted Subsidiary in conformity with GAAP or (b) the failure to so pay and discharge could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 Section 7.5 Maintenance of Insurance 

The Parent and the Applicants shall, and shall cause each of its Restricted Subsidiaries to, (a) maintain insurance with responsible and
reputable insurance companies or associations in such amounts and covering such risks as, in the reasonable determination of the Parent, is usually carried by companies engaged in similar businesses and owning similar properties in the same general
areas in which the Parent or such Subsidiary operates; provided that, with respect to the Mortgaged Vessels, the Parent shall be required to provide or cause to be provided only such insurance as is required by the Collateral Documents,
(b) the Parent, the Applicants and each other applicable Credit Party shall, without limiting the foregoing, at all times, (i) maintain, if available, fully paid flood hazard insurance with respect to each Mortgaged Property containing a
Building (as defined in Section 208.25 of Regulation H of the FRB) that is located in a special flood hazard area, as designated by the Federal Emergency Management Agency of the United States Department of Homeland Security
(“FEMA”), on such terms and in such amounts as required by The National Flood Insurance Reform Act of 1994 or as otherwise reasonably required by the Collateral Agent, (ii) upon request, furnish to the Collateral Agent, for
delivery to the Administrative Agent and the Participants, evidence of the renewal of all such policies, and (iii) furnish to the Collateral Agent, for delivery to the Administrative Agent and the Participants, written notice of any
redesignation by FEMA of any such Building into or out of a special flood hazard area promptly upon obtaining knowledge of such redesignation. Additionally, the Parent and the Applicants shall deliver to the Collateral Agent, for delivery to the
Administrative Agent and the Participants, (x) standard flood hazard determination forms and (y) if any Mortgaged Property is located in a special flood hazard area (A) notices to (and confirmations of receipt by) such Credit Party as
to the existence of a special flood hazard and, if applicable, the unavailability of flood hazard insurance under the National Flood Insurance Program and (B) evidence of applicable flood insurance, if available, in each case in such form, on
such terms and in such amounts as required by The National Flood Insurance Reform Act of 1994 or as otherwise required by the Collateral Agent, and (c) cause all property and general liability insurance policies (i) to name the Collateral
Agent on behalf of the Secured Parties as additional insured with respect to liability policies or lender’s loss payee with respect to property policies (or a loss payee for any property policy the insurance provider for which will not agree to
provide a lender’s loss payee endorsement), as appropriate, and (ii) to provide that no cancellation shall be effective until at least 30 days after receipt by the Collateral Agent of written notice thereof (and the Applicants jointly and
severally agree to provide to the Administrative Agent prompt written notice of any material change in amount or material change in coverage). Subject to Section 2.12(b), so long as an Event of Default is not then
continuing, the Collateral Agent, on behalf of the Secured Parties, agrees to promptly release, endorse and turn over to the Parent or the applicable Subsidiary any insurance proceeds received by the Collateral Agent. 

Section 7.6 Access 
 The
Parent and the Applicants shall from time to time during normal business hours permit the Administrative Agent, the Collateral Agent, the Participants, the Issuers, or any 

  
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agents or representatives thereof within two Business Days after written notification of the same (except that during the continuance of an Event of Default, no such notice shall be required) to
(a) examine and make copies of and abstracts from the records and books of account of the Parent, the Applicants and each of their respective Subsidiaries, (b) visit the properties of the Parent, the Applicants and each of their respective
Subsidiaries, (c) discuss the affairs, finances and accounts of the Parent, the Applicants and each of their respective Subsidiaries with any of their respective officers or directors (subject to their availability, taking into account business
travel and vacations) and (d) examine their respective financial and accounting records and other material data relating to their respective businesses or the transactions contemplated hereby (including, without limitation, in connection with
environmental compliance, hazard or liability); provided that the Parent will not be required to permit any examination or visit as set forth in clauses (a) and (b) above with respect to the Administrative Agent and the
Participants (or any agents or representatives thereof) unless such visit is coordinated through the Administrative Agent. 
 Section 7.7 Keeping
of Books 
 The Parent and the Applicants shall, and shall cause each of their respective Subsidiaries to, keep proper books of
record and account, in which full and correct entries shall be made of the financial transactions and assets and business of the Parent, the Applicants and each of their respective Subsidiaries; provided that the consolidated books of the
Parent, the Applicants and each of their respective Subsidiaries shall be in conformity with GAAP on a consolidated basis. 
 Section 7.8
Maintenance of Properties, Etc. 
 (a) The Parent and the Applicants shall, and shall cause each of their respective Subsidiaries
to, maintain and preserve (i) in good working order and condition (ordinary wear and tear excepted) all of its properties necessary in the conduct of its business, (ii) all rights, permits, licenses, approvals and privileges (including all
Permits) necessary in the conduct of its business and (iii) all Material Intellectual Property (such term as used in this Section 7.8(a) only shall have the meaning assigned to it in the Pledge and Security Agreement),
except where failure to so maintain and preserve the items set forth in clauses (i), (ii) and (iii) above could not reasonably be expected to have a Material Adverse Effect; provided that, with
respect to the Mortgaged Vessels, the Parent and the Applicants will, or will cause the Mortgaged Vessel Owning Subsidiaries to, maintain and keep such Mortgaged Vessels in such condition, repair and working order as is required by the Collateral
Documents. 
 (b) The Parent and the Applicants shall cause all Material Intellectual Property to be owned by a Credit Party. 

Section 7.9 Application of Proceeds 

The Applicants shall use the Letters of Credit as provided in Section 4.13. 

  
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 Section 7.10 Environmental 

(a) The Parent and the Applicants shall, and shall cause each of its Restricted Subsidiaries to, exercise reasonable due diligence in order to
comply in all material respects with all Environmental Laws. 
 (b) The Parent agrees that the Administrative Agent may, from time to time,
retain, at the expense of the Parent, an independent professional consultant reasonably acceptable to the Parent to review any report relating to Contaminants prepared by or for the Parent or the Applicants and to conduct its own investigation (the
scope of which investigation shall be reasonable based upon the circumstances) of any property currently owned, leased, operated or used by the Parent, the Applicants or any of their respective Restricted Subsidiaries, if (x) a Default or an
Event of Default shall have occurred and be continuing, or (y) the Administrative Agent reasonably believes (1) that an occurrence relating to such property is likely to give rise to any Environmental Liabilities and Costs in excess of
$35,000,000.00 or (2) that a violation of an Environmental Law on or around such property has occurred or is likely to occur, which could, in either such case, reasonably be expected to result in Environmental Liabilities and Costs in excess of
$35,000,000.00, provided that, unless an Event of Default shall have occurred and be continuing, such consultant shall not drill on any property of the Parent or any of its Restricted Subsidiaries without the Parent’s prior written
consent. The Parent and the Applicants shall use their reasonable efforts to obtain for the Administrative Agent and its agents, employees, consultants and contractors the right, upon reasonable notice to Parent, to enter into or on to the
facilities or Mortgaged Vessels currently owned, leased, operated or used by the Parent, an Applicant or any of their respective Restricted Subsidiaries to perform such tests on such property as are necessary to conduct such a review and/or
investigation. Any such investigation of any property shall be conducted, unless otherwise agreed to by the Parent and the Administrative Agent, during normal business hours and shall be conducted so as not to unreasonably interfere with the ongoing
operations at any such property or Mortgaged Vessel or to cause any damage or loss at such property or Mortgaged Vessel. The Parent, the Applicants and the Administrative Agent hereby acknowledge and agree that any report of any investigation
conducted at the request of the Administrative Agent pursuant to this subsection will be obtained and shall be used by the Administrative Agent and the Participants for the purposes of the Participants’ internal credit decisions, to monitor the
Letter of Credit Obligations and to protect the Participants’ security interests created by the Credit Documents, and the Administrative Agent and the Participants hereby acknowledge and agree any such report will be kept confidential by them
to the extent permitted by law except as provided in the following sentence. The Administrative Agent agrees to deliver a copy of any such report to the Parent with the understanding that the Parent acknowledges and agrees that (i) it will
indemnify and hold harmless the Administrative Agent and each Participant from any costs, losses or liabilities relating to the Parent’s use of or reliance on such report, (ii) neither the Administrative Agent nor any Participant makes any
representation or warranty with respect to such report, and (iii) by delivering such report to the Parent, neither the Administrative Agent nor any Participant is requiring or recommending the implementation of any suggestions or
recommendations contained in such report. 

  
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 (c) Promptly after a Responsible Officer of the Parent or any Applicant obtains actual
knowledge thereof, the Parent or such Applicant shall advise the Administrative Agent, for delivery to the Participants, in writing and in reasonable detail of (i) any Release or threatened Release of any Contaminants required to be reported by
the Parent or its Restricted Subsidiaries, to any Governmental Authorities under any applicable Environmental Laws and which could reasonably be expected to have Environmental Liabilities and Costs in excess of $35,000,000.00, (ii) any and all
written communications with respect to any pending or threatened claims under Environmental Law in each such case which, individually or in the aggregate, have a reasonable possibility of giving rise to Environmental Liabilities and Costs in excess
of $35,000,000.00, (iii) any Remedial Action performed by the Parent or any other Person in response to (x) any Contaminants on, under or about any property, the existence of which has a reasonable possibility of resulting in Environmental
Liabilities and Costs in excess of $35,000,000.00, or (y) any other Environmental Liabilities and Costs that could reasonably be expected to result in Environmental Liabilities and Costs in excess of $35,000,000.00, (iv) discovery by the Parent
or its Restricted Subsidiaries of any occurrence or condition on any material property that could cause the Parent’s or its Restricted Subsidiaries’ interest in any such property to be subject to any restrictions on the ownership,
occupancy, transferability or use thereof under any applicable Environmental Laws or Environmental Liens other than those that could not reasonably be expected to result in a Material Adverse Effect, and (v) any written request for information
from any Governmental Authority that fairly suggests such Governmental Authority is investigating whether the Parent or any of its Restricted Subsidiaries may be potentially responsible for a Release or threatened Release of Contaminants which has a
reasonable possibility of giving rise to Environmental Liabilities and Costs in excess of $35,000,000.00. 
 (d) The Parent shall promptly
notify the Administrative Agent, for delivery to the Participants, of (i) any proposed acquisition of Stock, assets, or property by the Parent or any of its Restricted Subsidiaries that could reasonably be expected to expose the Parent or any
of its Restricted Subsidiaries to, or result in, Environmental Liabilities and Costs in excess of $35,000,000.00 and (ii) any proposed action to be taken by the Parent or any of its Restricted Subsidiaries to commence manufacturing, industrial
or other similar operations that could reasonably be expected to subject the Parent or any of its Restricted Subsidiaries to additional Environmental Laws, that are materially different from the Environmental Laws applicable to the operations of the
Parent or any of its Subsidiaries as of the Initial Utilization Date. 
 (e) The Parent shall, at its own expense, provide copies of such
documents or information as the Administrative Agent or any Participant may reasonably request in relation to any matters disclosed pursuant to this Section 7.10. 

(f) To the extent required by Environmental Laws or Governmental Authorities under applicable Environmental Laws, the Parent shall promptly
take, and shall cause each of its Restricted Subsidiaries promptly to take, any and all necessary Remedial Action in connection with the presence, handling, storage, use, disposal, transportation or Release or threatened Release of any Contaminants
on, under or affecting any property in 

  
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order to comply in all material respects with all applicable Environmental Laws and Governmental Authorities under applicable Environmental Laws. In the event the Parent or any of its Restricted
Subsidiaries undertakes any Remedial Action with respect to the presence, Release or threatened Release of any Contaminants on or affecting any property, the Parent or any of its Subsidiaries shall conduct and complete such Remedial Action in
material compliance with all applicable Environmental Laws, and in material accordance with the applicable policies, orders and directives of all relevant Governmental Authorities except when, and only to the extent that, the Parent or any such
Subsidiaries’ liability for such presence, handling, storage, use, disposal, transportation or Release or threatened Release of any Contaminants is being contested in good faith by Parent or any of such Subsidiaries. In the event the Parent
fails to take required actions to address such Release or threatened Release of Contaminants or to address a violation of or liability under Environmental Law, the Administrative Agent may, upon providing the Parent with 20 Business Days’ prior
written notice, enter the property and, at the Parent’s sole expense, perform whatever action the Administrative Agent reasonably deems prudent to rectify the situation. 

Section 7.11 Additional Collateral and Guaranties 

Subject to the Collateral Agency and Intercreditor Agreement, to the extent not delivered to the Administrative Agent or Collateral Agent, as
applicable, on or before the Initial Utilization Date, the Parent and the Applicants jointly and severally agree to do promptly each of the following (in each case subject to the Security Principles): 

(a) execute and deliver and cause each Guarantor to execute and deliver to the Administrative Agent such amendments to the Collateral Documents
or enter into such new Collateral Documents as are necessary, or deemed by the Administrative Agent or the Collateral Agent to be reasonably advisable, in order to grant to the Collateral Agent, for the ratable benefit of the Secured Parties, a
security interest in the Stock and Stock Equivalents and other debt Securities of any Subsidiary (other than Excluded Assets (as defined in the Pledge and Security Agreement) that are owned by the Parent, an Applicant or any other Guarantor and to
perfect such Lien as a first-priority Lien (it being understood that such actions shall be required in the United States of America and, at the reasonable request of the Administrative Agent, any other jurisdiction); 

(b) deliver and cause each Guarantor to deliver to the Collateral Agent the certificates (if any) representing such Stock and Stock Equivalents
and other debt Securities, together with (A) in the case of such certificated Stock and Stock Equivalents, undated stock powers or other instruments of transfer endorsed in blank and (B) in the case of such certificated debt Securities,
endorsed in blank, in each case executed and delivered by a Responsible Officer of the Parent, an Applicant or other Guarantor, as the case may be; 

(c) in the case of any Material Wholly-Owned Subsidiary, cause such Subsidiary (x) in the case of any direct holder of equity interests in
an Applicant, concurrently with such Person acquiring such equity interests in an Applicant and (y) otherwise, not later than 30 days (or such later date permitted by the Administrative Agent 

  
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in its sole discretion) after the earlier of the date of delivery of any Compliance Certificate or the deadline for delivery of such Compliance Certificate, (A) to become a Guarantor,
(B) to become a party to the Pledge and Security Agreement (as reaffirmed by the Reaffirmation Agreement) (or another security instrument executed and delivered by such Material Wholly-Owned Subsidiary in form and substance satisfactory to the
Administrative Agent, pursuant to which such Material Wholly-Owned Subsidiary grants a Lien to the Collateral Agent) and the applicable Collateral Documents and (C) to take such actions necessary or advisable to grant to the Collateral Agent,
for the ratable benefit of the Secured Parties, a security interest, and to perfect such security interest, in the Collateral described in the Collateral Documents with respect to such Subsidiary, including the filing of UCC financing statements in
such jurisdictions as may be required by the Collateral Documents or by law or as may be reasonably requested by the Administrative Agent or the Collateral Agent (it being understood that such actions shall be required in the United States of
America and, at the reasonable request of the Administrative Agent or the Collateral Agent, any other jurisdiction); provided that if any non-U.S. Subsidiary is an Excluded Subsidiary solely as a result
of such Subsidiary’s Guarantee having been prohibited by (A) any Governmental Authority with authority over such Subsidiary or (B) applicable law, or such Subsidiary’s Guarantee would result in a substantial risk to the officers
or directors of such Subsidiary or a civil or criminal liability, at the reasonable request of the Administrative Agent or the Collateral Agent, the Parent shall diligently pursue any relevant governmental or third party consents or other authority
to permit such Subsidiary to create or perfect a security interest in such Collateral or to mitigate such risk of liability. 
 (d) if any
Credit Party owns or acquires any marine vessel other than an Excluded Vessel with a Fair Market Value in excess of $10,000,000.00, then such Credit Party shall execute and deliver such mortgages and other security instruments as shall be necessary
to cause such vessel to become a Mortgaged Vessel subject to a perfected first-priority security interest (subject to any permitted Liens specified in the applicable Mortgage) within 20 Business Days of such Person becoming a Credit Party or such
acquisition, as applicable; 
 (e) if the Fair Market Value of any marine vessel owned by any Credit Party (other than an Excluded Vessel)
increases to an amount in excess of $10,000,000.00 because of improvements to such marine vessel, then such Credit Party shall, within 20 Business Days of a Responsible Officer of the Parent learning of such increase in Fair Market Value, execute
and deliver such mortgages and other security instruments as shall be necessary to cause such vessel to become a Mortgaged Vessel subject to a perfected first-priority security interest (subject to any permitted Liens specified in the applicable
Mortgage); 
 (f) if requested by the Administrative Agent or Collateral Agent, deliver to the Administrative Agent, the Collateral Agent and
the other Secured Parties customary legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to such Agent. 

  
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 Section 7.12 Real Property 

With respect to any (a) fee interest in any Real Property located in the United States with a reasonably estimated Fair Market Value of
$10,000,000.00 or more, or, upon the request of the Collateral Agent, any leasehold interest in any Real Property (other than in respect of any leasehold interest in any Real Property used primarily for offices of the Parent or any of its
Subsidiaries) with net lease payments of more than $10,000,000.00 annually and (b) any fee interest in any Real Property located outside of the United States with a reasonably estimated Fair Market Value of $5,000,000.00 or more, or, upon the
request of the Collateral Agent, any leasehold interest in any Real Property (other than in respect of any leasehold interest in any Real Property used primarily for offices of the Parent or any of its Subsidiaries) with net lease payments of more
than $5,000,000.00 annually, in each case acquired or leased after the Initial Utilization Date by the Parent, an Applicant or any other Credit Party (other than any such Real Property acquired with Indebtedness permitted by
Section 8.1(d), or (m)), the Parent or the applicable Credit Party shall promptly (and, in any event, within 60 days following the date of such acquisition or such later date permitted by the Collateral Agent in its
sole discretion) (i) execute and deliver a first priority Mortgage (subject only to Liens permitted by this Agreement) in favor of the Collateral Agent, for the benefit of the Secured Parties, covering such Real Property and complying with the
provisions herein and in the Collateral Documents, and shall take such further action and deliver or cause to be delivered such further documents as the Collateral Agent may reasonably request to effect the transactions contemplated by the
provisions herein and in the Collateral Documents; provided that no delivery of a Mortgage under this clause (i) shall occur on or before the Initial Utilization Date, (ii) if reasonably requested by the Collateral Agent and
available in such jurisdiction, (1) provide the Secured Parties with title reports and title insurance policies (with endorsements) in an amount at least equal to the purchase price of such Real Property (or such other amount as the Collateral
Agent shall reasonably specify), and if applicable, (2) lease estoppel certificates, (3) provide the Secured Parties with evidence of zoning compliance, ALTA surveys, appraisals, environmental assessments and reports, mortgage tax
affidavits and declarations and other customary similar information and related affidavits and certifications as are reasonably requested by, and in form and substance reasonably acceptable to, the Collateral Agent from time to time, and
(4) provide the Secured Parties with evidence that the casualty and other insurance (including, without limitation, flood insurance) required pursuant to the Credit Documents is in full force and effect; provided that with respect to any
Real Property being added as Collateral (other than as set forth on Schedule 7.14 of the Existing Credit Agreement as in effect on the date hereof), the Parent shall give at least 60 days’ prior written notice to the Collateral Agent and
the Administrative Agent (for delivery to the Participants) prior to pledging such Real Property to the Collateral Agent, and, upon confirmation from the Collateral Agent and each Participant that all flood insurance due diligence and flood
insurance compliance verification with the Flood Disaster Protection Act and regulations promulgated pursuant thereto has been completed (it being understand that a Participant shall be deemed to have confirmed completion unless it shall object
thereto by written notice to the Collateral Agent within such 60-day period), such Real Property may be pledged, all in form and substance reasonably satisfactory to the Collateral Agent; provided
further, however, that 

  
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notwithstanding anything to the contrary in any of the foregoing, no Mortgage described in this Section 7.12 shall be completed prior to the receipt by each Participant
of each item requested in clause (ii) above and any other information as needed for each Participant to conduct its flood due diligence, and any applicable time periods for any Credit Party to deliver such Mortgage pursuant to the Credit
Documents will be automatically and with no further action extended to a reasonable period of time after such receipt (it being understand that a Participant shall be deemed to have confirmed receipt unless it shall advise otherwise by written
notice to the Collateral Agent within such 60-day period), and (iii) if reasonably requested by the Administrative Agent or the Collateral Agent, deliver to the Administrative Agent, the Collateral Agent
and the other Secured Parties legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Agent requesting the same.

 Section 7.13 Undertaking with Respect to NO 105 

Within 45 days (or such longer period permitted by the Administrative Agent in its sole discretion) following the repayment in full of the NO
105 Indebtedness, the Parent or the applicable Subsidiary of the Parent shall execute and deliver such mortgages and other security instruments as shall be necessary to cause the NO 105 to become a Mortgaged Vessel subject to a perfected
first-priority security interest (other than permitted Liens specified in the applicable Mortgage, but in each case, which vessel shall not be subject to any other Liens securing Indebtedness for borrowed money). 

Section 7.14 Additional Undertakings 

The Applicants shall (a) deliver to the Administrative Agent each of the agreements, documents, instruments or certificates described on
Schedule 7.14 of the Existing Credit Agreement, each in form and substance reasonably satisfactory to the Administrative Agent (except with respect to any such agreements, documents, instruments or certificates delivered to the Administrative
Agents (as defined in the Existing Credit Agreement) prior to the Effective Date) and (b) perform each of the actions described on Schedule 7.14 of the Existing Credit Agreement, in each case by the date set forth opposite each such item
or action on Schedule 7.14 of the Existing Credit Agreement or such later date (i) permitted by the Administrative Agents (as defined in the Existing Credit Agreement) prior to the Effective Date or (ii) permitted by each of the
Administrative Agent and Collateral Agent, in each case in its sole discretion. The provisions of this Section 7.14 shall inure to the benefit of the Collateral Agent, and the Collateral Agent shall have rights as a third
party beneficiary of any of such provisions or any obligations with respect hereto. 
 Section 7.15 Maturity Date Notice 

The Applicants or the Parent shall deliver to the Administrative Agent a written notice signed by a Responsible Officer promptly after the LC
Facility Maturity Date (as defined under the Existing Credit Agreement) has occurred, stating that the LC Facility Maturity Date (as defined under the Existing Credit Agreement) has occurred. 

  
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 ARTICLE VIII 

NEGATIVE COVENANTS 

From and after the Initial Utilization Date, the Parent and each Applicant jointly and severally agree with the Participants, the Issuers and
the Administrative Agent to each of the following, as long as any Obligation or any Commitment remains outstanding: 
 Section 8.1
Indebtedness 
 None of the Parent or any Applicant shall (x) and shall not permit any Captive Insurance Subsidiary or any of
the Parent’s Restricted Subsidiaries to, directly or indirectly create, incur, assume or otherwise become or remain directly or indirectly liable with respect to any Indebtedness or (y) issue Disqualified Stock except for the following:

 (a) (i) the Credit Facility Obligations and (ii) the Obligations; 

(b) Indebtedness existing on May 10, 2018 and disclosed on Schedule 8.1; 

(c) Guaranty Obligations incurred by any Credit Party in respect of Indebtedness of any Credit Party that is permitted by this
Section 8.1; 
 (d) (i) secured Indebtedness of the Parent or any Restricted Subsidiary including Capital Lease
Obligations and purchase money Indebtedness incurred by the Parent or a Restricted Subsidiary of the Parent to finance (concurrently with or within 90 days after) the acquisition of tangible property (including marine vessels) and Indebtedness in
respect of sale and leaseback transactions permitted under Section 8.13 and (ii) unsecured Indebtedness of the Parent or any Restricted Subsidiary, not to exceed an aggregate outstanding principal amount of
$10,000,000.00 at any time; for all of the foregoing Indebtedness described in clauses (i) and (ii) above not to exceed an aggregate outstanding principal amount of $400,000,000.00 at any time; 

(e) Refinancing Indebtedness in respect of Indebtedness permitted by clause (b) above (other than the NO 105 Indebtedness),
clauses (m) and (r) below or this clause (e); 
 (f) Indebtedness arising from intercompany loans that are
Investments permitted under, or not prohibited by, Section 8.5 (i) from any Credit Party to any other Credit Party; (ii) from any Subsidiary of the Parent to any Credit Party; (iii) from any Subsidiary of the
Parent that is not a Credit Party to any Restricted Subsidiary of the Parent that is not a Credit Party; or (iv) from any Credit Party to any Restricted Subsidiary of the Parent that is not a Credit Party; provided, however, that

  

  
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	 	(A)	 all such Indebtedness of the types described in clauses (i), (ii) and (iv) above is
evidenced by that certain Global Intercompany Note dated as of May 10, 2018, subject to a first priority Lien pursuant to the Pledge and Security Agreement or another Collateral Document if the payee is a Credit Party, 

 

	 	(B)	 all such Indebtedness of the type described in clause (ii) above may not be paid when an Event of
Default exists, unless such payment is being made to a Credit Party, and 

  

	 	(C)	 any payment by any Guarantor under any guaranty of the Obligations shall result in a pro tanto reduction
of the amount of any Indebtedness owed by such Guarantor to the Applicants or to any of the other Credit Parties for whose benefit such payment is made; 

(g) Permitted Term Refinancing Debt; 

(h) Indebtedness under or in respect of Hedging Contracts that are not speculative in nature; 

(i) Indebtedness in respect of Treasury Management Arrangements; 

(j) Indebtedness in respect of any insurance premium financing for insurance being acquired by the Parent or any Restricted Subsidiary under
customary terms and conditions and not in connection with the borrowing of money; 
 (k) Alternate Program Indebtedness in an aggregate
principal amount not to exceed $400,000,000.00 at any time outstanding; 
 (l) Amazon Permitted Debt (including any unsecured Guaranty
Obligations in respect thereof) in an aggregate principal amount not to exceed $285,000,000.00 at any time outstanding; 
 (m) Indebtedness
assumed in connection with (but not in anticipation of) an Acquisition permitted under Section 8.3; 
 (n)
Indebtedness in respect of matured or drawn Performance Guarantees, provided that such Indebtedness is reimbursed or extinguished within 5 Business Days of being matured or drawn; 

(o) Indebtedness in respect of letters of credit, bank guarantees and other similar obligations in an aggregate outstanding amount not to
exceed $400,000,000.00 at any time; 
 (p) Indebtedness owed to Horton CBI, Limited in an aggregate outstanding principal amount not to
exceed $100,000,000.00 at any time; provided, that such Indebtedness shall be expressly subordinate to the payment in full in cash of the Obligations on terms satisfactory to the Administrative Agent; 

  
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 (q) Indebtedness evidenced by letters of credit, bank guarantees or other similar
instruments in an aggregate face amount not to exceed at any time $150,000,000.00 issued in the ordinary course of business to secure obligations of the Parent and its Restricted Subsidiaries under workers’ compensation and other social
security programs, and Contingent Obligations with respect to any such permitted letters of credit, bank guarantees or other similar instruments; 

(r) (i) Indebtedness in respect of the Senior Notes and the guarantees of the Credit Parties in respect of such Indebtedness and
(ii) other unsecured Junior Priority Indebtedness issued by the Parent or one or both U.S. Applicants and any Guaranty Obligations of a Credit Party in respect thereof in an unlimited principal amount so long as the Leverage Ratio does not
exceed 3.00:1.00 on a pro forma basis after giving effect to the incurrence of such Junior Priority Indebtedness and the use of proceeds thereof; provided that in respect of this clause (ii), no Default or Event of Default has occurred
and is continuing or would result from the incurrence thereof; 
 (s) unsecured Indebtedness incurred by any Applicant or any other
Subsidiary Guarantor and owing to a Joint Venture in which any Applicant or any other Subsidiary Guarantor owns any interest in an aggregate outstanding amount not to exceed $750,000,000.00 at any time; 

(t) Indebtedness in respect of Other Specified Permitted Sale/Leasebacks at any time; 

(u) Indebtedness under the Exchangeable Notes; and 

(v) Investments permitted under Section 8.5 constituting Indebtedness. 

Section 8.2 Liens, Etc. 
 The
Parent and the Applicants shall not, and shall not permit any of its Restricted Subsidiaries to, create or suffer to exist any Lien upon or with respect to any of their respective properties or assets, whether now owned or hereafter acquired, or
assign, or permit any of its Restricted Subsidiaries to assign, any right to receive income, except for the following: 
 (a) Liens created
pursuant to the Collateral Documents securing the Credit Facility Obligations and the Obligations; 
 (b) Liens existing on May 10, 2018
and disclosed on Schedule 8.2; 
 (c) Customary Permitted Liens; 

(d) Liens securing Indebtedness permitted under Section 8.1(d) or (m): 

(i) in assets that are not Collateral (other than equipment); 

  
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 (ii) in property subject to and acquired, constructed or improved with the
proceeds of a Capital Lease or purchase money Indebtedness (including any sale and leaseback transaction permitted under Section 8.13), in each case if (A) the Indebtedness secured thereby is incurred within 90 days
after the date of such acquisition, construction or improvement of such property and does not exceed the lesser of the cost or Fair Market Value of such property at the time of such acquisition, construction or improvement and (B) such Liens do
not apply to any other property (other than proceeds of such acquired, constructed or improved property) or assets of the Parent or any of its Restricted Subsidiaries; or 

(iii) to which any property is subject at the time of the Parent’s or a Restricted Subsidiary’s acquisition thereof
on or after the Initial Utilization Date in accordance with this Agreement if such Liens do not apply to any other property (other than proceeds of such acquired property) of the Parent or any of its Restricted Subsidiaries; 

(e) any Lien securing the renewal, extension, refinancing or refunding of any Indebtedness (other than the NO 105 Indebtedness) secured by any
Lien permitted by clause (b) or (d) above or this clause (e) without any material change in the assets subject to such Lien; 

(f) Liens in favor of lessors securing operating leases not prohibited hereunder; 

(g) Liens arising out of judgments or awards and not constituting an Event of Default under Section 9.1(g); 

(h) Liens encumbering inventory, work-in-process and related
property in favor of customers or suppliers securing obligations and other liabilities (other than Indebtedness) to such customers or suppliers to the extent such Liens are granted in the ordinary course of business and are consistent with past
business practices; 
 (i) Liens on pledged cash of the Parent and its Restricted Subsidiaries required for notional cash pooling
arrangements in the ordinary course of business; 
 (j) Liens with respect to foreign exchange netting arrangements and other treasury or
cash management arrangements to the extent incurred in the ordinary course of business and consistent with past business practices; provided that the aggregate outstanding amount of all such obligations and liabilities secured by such Liens
shall not exceed $50,000,000.00 at any time; 
 (k) Liens securing insurance premium financing permitted under
Section 8.1(j) under customary terms and conditions; provided that no such Lien may extend to or cover any property other than the insurance being acquired with such financing, the proceeds thereof and any unearned
or refunded insurance premiums related thereto; 

  
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 (l) Liens not otherwise permitted by the foregoing clauses of this
Section 8.2 securing obligations or other liabilities of the Parent or any Restricted Subsidiary of the Parent; provided, however, that the aggregate outstanding amount of all such obligations and liabilities
secured by such Liens shall not exceed the greater of (x) $200,000,000.00 and (y) 2.5% of Total Assets at any time; 
 (m) Liens on the
Amazon and the Amazon Equipment securing Amazon Permitted Debt; 
 (n) Liens securing reimbursement obligations in respect of Extended
Letters of Credit; 
 (o) Liens on receivables and related rights sold or purported to be sold pursuant to any Alternate Program in
accordance with Section 8.4(k) (or any document executed by the Parent or any Restricted Subsidiary of the Parent in connection therewith); 

(p) Liens on Collateral that secure Permitted Term Refinancing Debt and are subject to an Intercreditor Agreement; 

(q) Liens on Collateral securing reimbursement or other obligations in an aggregate amount not to exceed at any time the Additional LC Capacity
with regard to Performance Guarantees; provided that such Liens are subject to the Collateral Agency and Intercreditor Agreement; 

(r) Liens on assets not constituting Collateral securing Indebtedness permitted under Section 8.1(t); and 

(s) Liens on cash, bank accounts and accounts receivable securing Indebtedness described in Section 8.1(h) and
Section 8.1(o) and reimbursement or other obligations with respect to unmatured or undrawn, as applicable, Performance Guarantees; provided that the aggregate amount of cash, bank accounts and accounts receivable
securing Indebtedness described in Section 8.1(h) shall not exceed $50,000,000.00 at any time and the aggregate amount of cash, bank accounts and accounts receivable securing Performance Guarantees shall not exceed
$300,000,000.00 at any time. 
 Without limiting the foregoing limitations, (x) unless the NO 105 is a Mortgaged Vessel, the Parent and the Applicants
shall not, and shall not permit any of their respective Subsidiaries to (i) create or suffer to exist any Lien upon or with respect to the NO 105 or (ii) assign any right to receive income with respect to the NO 105, in either case to
secure Indebtedness for borrowed money other than NO 105 Indebtedness and (y) the Parent and the Applicants shall not, and shall not permit any of their respective Subsidiaries to (i) create or suffer to exist any Lien upon or with respect
to the Altamira Yard or (ii) assign any right to receive income with respect to the Altamira Yard, in either case to secure Indebtedness for borrowed money other than hereunder. 

  
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 Section 8.3 Acquisitions 

The Parent and the Applicants shall not, and shall not permit any of their respective Restricted Subsidiaries to, directly or indirectly, make
any Acquisitions except any non-hostile Acquisition subject to the satisfaction of each of the following conditions: 

(a) if the aggregate consideration in respect of any such Acquisition exceeds $100,000,000.00, the Administrative Agent shall receive prior
written notice of such Acquisition, which notice shall include, without limitation, a description of such Acquisition with such detail as the Administrative Agent shall reasonably require; 

(b) immediately after giving effect to such Acquisition, Liquidity shall not be less than $200,000,000.00; 

(c) within the applicable time periods required pursuant to Section 7.11 and Section 7.12,
after the closing of such Acquisition, the Parent, the Applicants (or the Restricted Subsidiary making such Acquisition) and the target of such Acquisition (unless it is a Subsidiary that is not a Material Wholly-Owned Subsidiary) shall have
executed such documents and taken such actions as may be required under Section 7.11 and Section 7.12; 

(d) if such Acquisition involves the acquisition of one or more marine vessels, in each case having a Fair Market Value in excess of
$10,000,000.00, such vessel or vessels, except in the case where acquired using Indebtedness permitted by Section 8.1(m) that is the subject of a Lien permitted under Section 8.2 existing at the
time of (but not incurred in anticipation of) any such acquisition, shall within the applicable time periods required pursuant to Section 7.11, become Collateral pursuant to arrangements substantially similar to those made
with respect to similar Mortgaged Vessels on or before the Initial Utilization Date; and 
 (e) at the time of such Acquisition and after
giving effect thereto, (i) no Default or Event of Default shall have occurred and be continuing, (ii) the statement set forth in Section 3.3(b)(i) shall be true and (iii) the Applicants would be in pro forma
compliance with Article V for the most recent four quarter period for which financial statements have been delivered pursuant to Section 6.1(a) or (b). 

Section 8.4 Sale of Assets 

The Parent and the Applicants shall not, and shall not permit any of its Restricted Subsidiaries to, sell, convey, transfer, lease or otherwise
dispose of (including by allocation of assets by division or allocation of assets to any series of limited liability company, limited partnership or trust that constitutes a separate legal entity or Person, in each case pursuant to a transaction
referenced in Section 1.4(h)) any of their respective assets or any interest therein (including the sale or factoring of any accounts) to any Person, or permit or suffer any other Person to acquire any interest in any of their respective assets
or, in the case of any Restricted Subsidiary, issue or sell any shares of such Restricted Subsidiary’s Stock or Stock Equivalent (any such disposition being an “Asset Sale”), except for the following: 

  
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 (a) the sale or disposition of inventory (including fabricated projects for customers, such
as offshore production platforms and related components) in the ordinary course of business; 
 (b) transfers resulting from any taking or
condemnation of any property of the Parent or any of its Restricted Subsidiaries (or, as long as no Default or Event of Default has occurred and is continuing or would result therefrom, deed in lieu thereof); 

(c) as long as no Default or Event of Default is continuing or would result therefrom, the sale or disposition of equipment that the Parent
reasonably determines is no longer useful in its or its Subsidiaries’ business, has become obsolete, damaged or surplus or is replaced in the ordinary course of business; 

(d) as long as no Default or Event of Default is continuing or would result therefrom, the lease or sublease or chartering of property not
constituting a sale and leaseback, to the extent not otherwise prohibited by this Agreement or the other Credit Documents; 
 (e) as long as
no Default or Event of Default is continuing or would result therefrom, discounts, adjustments, settlements and compromises of accounts and contract claims in the ordinary course of business; 

(f) any Asset Sale (i) to the Parent, an Applicant or any Credit Party Wholly-Owned by an Applicant or (ii) by any Restricted
Subsidiary that is not a Credit Party to the Parent, an Applicant or another Restricted Subsidiary; 
 (g) as long as no Default or
Event of Default is continuing or would result therefrom, and subject to Section 2.12(a), any other Asset Sale (other than an Asset Sale in respect of a Mortgaged Vessel or Stock in a Mortgaged Vessel Owning Subsidiary) for
Fair Market Value, at least 75% of which is payable in cash, Cash Equivalents or Specified Other Consideration upon such sale. For purposes of this clause (g), “Specified Other Consideration” shall mean, with respect to any
Asset Sale, (i) Non-cash Consideration identified by the Parent to the Administrative Agent in writing as being “Specified Other Consideration” for such Asset Sale and the amount thereof;
provided that the amount of such Non-cash Consideration, together with the amount of Specified Other Consideration described in this clause (g) for all other Asset Sales after the Initial
Utilization Date does not exceed $75,000,000.00; and (ii) in connection with any assets or property directly related to the Amazon, the amount of any liabilities or other obligations of the Parent, an Applicant or any other Restricted
Subsidiary that is expressly assumed by the transferee of any such assets or property; 
 (h) any Asset Sale of one or more Mortgaged
Properties or Mortgaged Vessels or Stock in a Mortgaged Vessel Owning Subsidiary or a Subsidiary which directly or indirectly owns a Mortgaged Vessel Owning Subsidiary, subject to Section 2.12(a), and so long as (i) no
Default or Event of Default is continuing or would result therefrom, (ii) the Asset Sale is for Fair Market Value, (iii) except to the extent that a Credit Party receives one or more marine vessels from another Person in trade or exchange
for such assets so 

  
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disposed of, at least 75% of the consideration for such Asset Sale consists of cash or Cash Equivalents received at closing of such Asset Sale, and (iv) any marine vessel received from
another Person in trade or exchange for such assets so disposed of shall concurrently with its acquisition be added to the Collateral; 
 (i)
as long as no Default or Event of Default is continuing or would result therefrom, any Asset Sale of the Stock of any Captive Insurance Subsidiary for Fair Market Value, at least 75% of which is payable in cash or Cash Equivalents upon such sale;

 (j) Asset Sales permitted by Section 8.13; 

(k) dispositions of any receivables and related rights pursuant to any Alternate Program permitted hereunder; 

(l) as long as no Default or Event of Default is continuing or would result therefrom, any Asset Sale by the Parent, the Applicants or any of
their respective Subsidiaries of any equity interests in any Restricted Subsidiaries and the issuance by any such Restricted Subsidiary of any equity interests; 

(m) as long as no Default or Event of Default is continuing or would result therefrom, non-exclusive
assignments and licenses of intellectual property of the Parent and its Restricted Subsidiaries in the ordinary course of business; 
 (n)
any Asset Sale (other than an Asset Sale of a Mortgaged Vessel) pursuant to a single transaction or series of related transactions in which the Parent or its Restricted Subsidiaries receive aggregate consideration of $10,000,000.00 or less; 

(o) the sale or disposition of equipment in the ordinary course of business to Joint Ventures and Restricted Subsidiaries that are not Credit
Parties in an aggregate amount since the Initial Utilization Date not to exceed $50,000,000.00; and 
 (p) the sale or disposition of the
Beaumont Facility. 
 Section 8.5 Restricted Payments 

The Parent and the Applicants shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, declare, order,
pay or make any sum for any Restricted Payment except for: 
 (a) Restricted Payments by the Parent to any other Credit Party; 

(b) Restricted Payments by (i) any Restricted Subsidiary of the Parent to any Credit Party or (ii) any Restricted Subsidiary that is
not a Credit Party to another Restricted Subsidiary that is not a Credit Party; 

  
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 (c) Restricted Payments by any Restricted Subsidiary that is not a Wholly-Owned Subsidiary
to any Credit Party and to holders of equity interests in such Restricted Subsidiary to the extent (i) such Restricted Payments are made pro rata among the holders of the equity interests in such Restricted Subsidiary or
(ii) pursuant to the terms of the joint venture, charter, bylaws or other distribution agreement for such Restricted Subsidiary in form and substance expressly approved by the Administrative Agent (such approval not to be unreasonably withheld
or delayed); 
 (d) (i) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or
indirect, of any Stock or Stock Equivalents of the Parent or any of its Restricted Subsidiaries (x) made solely with the proceeds received from the exercise of any warrant, option or other similar instrument or (y) that is deemed to occur
upon the cashless exercise of stock options, warrants or other similar instruments and (ii) the repurchase, redemption or other acquisition or retirement for value of any Stock or Stock Equivalents of the Parent or any Restricted Subsidiary
held by any current or former officer, director or employee pursuant to any equity-based compensation plan, equity subscription agreement, stock option agreement, shareholders’ agreement or similar agreement (including pursuant to the
“Chicago Bridge & Iron 2008 Long-Term Incentive Plan, as Amended”) in an aggregate amount not to exceed (a) $15,000,000.00 for any Fiscal Year plus (b) unused amounts from
preceding Fiscal Years; provided that amounts under this clause (d)(ii) shall not exceed $45,000,000.00 in the aggregate after the Initial Utilization Date; 

(e) (i) any payments in connection with Permitted Bond Hedge Transactions, (ii) the settlement of any related Permitted Warrant
Transactions (A) by delivery of shares of Parent’s common stock upon settlement thereof (and cash in lieu of fractional shares) or (B) by (1) set-off against the related Permitted Bond Hedge
Transaction or (2) payment of an early termination amount thereof in common stock upon an early termination thereof, and (iii) any repurchases, redemptions or other acquisitions or retirements for value of Stock or Stock Equivalents of the
Parent (and cash in lieu of fractional shares) deemed to occur upon the exercise of stock options, warrants, rights to acquire Stock of the Parent or other convertible securities to the extent such Stock of the Parent represents a portion of the
exercise or exchange price thereof; 
 (f) Investments existing on May 10, 2018 and disclosed on Schedule 8.5,
and any refinancings of such Investments to the extent constituting Indebtedness otherwise permitted under Section 8.1(b), provided such refinancing complies with the provisions of
Section 8.1(e); 
 (g) Investments in cash and Cash Equivalents; 

(h) Investments in accounts, contract rights and chattel paper (each as defined in the UCC), notes receivable and similar items arising or
acquired from the sale of Inventory in the ordinary course of business consistent with the past practice of the Parent and its Restricted Subsidiaries; 

(i) Investments received in settlement of amounts due to the Parent or any Restricted Subsidiary of the Parent effected in the ordinary course
of business; 

  
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 (j) Investments by (i) any Credit Party in any other Credit Party or (ii) a
Restricted Subsidiary of the Parent that is not a Credit Party in the Parent or any other Restricted Subsidiary of the Parent; 
 (k) loans
or advances to employees of the Applicant or any of its Restricted Subsidiaries (or guaranties of loans and advances made by a third party to employees of the Applicant or any of its Restricted Subsidiaries) in the ordinary course of business in an
aggregate outstanding principal amount not to exceed $1,000,000.00 at any time; 
 (l) Guaranty Obligations permitted by
Section 8.1; 
 (m) other direct or indirect Investments, including Letters of Credit and other credit support
obligations, in Subsidiaries that are not Guarantors or Joint Ventures that are not Guarantors and that are in each case engaged in an Eligible Line of Business if the aggregate amount thereof does not exceed $500,000,000.00 at any time;
provided that after giving effect to such Investments, all Material Intellectual Property shall be owned by a Credit Party; 
 (n)
Investments constituting Acquisitions permitted by Section 8.3; 
 (o) Restricted Payments expressly set forth in
the Parent Registration Statement as of May 10, 2018; 
 (p) [Reserved]; 

(q) (i) contributions to Joint Ventures and Restricted Subsidiaries that are not Credit Parties of assets not constituting Collateral and
not required to be Collateral (other than assets that are not Collateral or required to be Collateral under clause (i) of the definition of “Excluded Asset” in the Pledge and Security Agreement) and (ii) Hedging Contracts
(and payments thereunder) that are not speculative in nature entered into on behalf of Joint Ventures and Subsidiaries, so long as any payment by the Parent or any Restricted Subsidiary under any such Hedging Contract is reimbursed by the applicable
Joint Venture or Subsidiary in the ordinary course of business; 
 (r) other than those disclosed on Schedule 8.5, direct or indirect
Investments, including Letters of Credit and other credit support obligations, in Restricted Subsidiaries that are not Guarantors or Joint Ventures that are not Guarantors, but in each case are engaged in an Eligible Line of Business, in an
aggregate amount not to exceed at any time the lesser of (i) the Net Cash Proceeds received by the Parent and its Restricted Subsidiaries of Indebtedness permitted to be incurred hereunder and (ii) $200,000,000.00; provided that such
Investments do not involve Material Intellectual Property; 
 (s) so long as no Default or Event of Default has occurred and is continuing or
would result therefrom, Restricted Payments in an aggregate amount since the Initial Utilization Date not to exceed the sum of (i) $100,000,000.00 and (ii) so long as immediately after giving effect thereto, the Leverage Ratio at such time on a
pro forma 

  
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basis on immediately after giving effect to such Restricted Payment and for the most recent determination period is at least 0.75:1.00 less than the Closing Leverage Ratio, Restricted Payments in
an aggregate amount since the Initial Utilization Date not to exceed (A) the Available Amount less (B) the amount of payments of Junior Priority Indebtedness made pursuant to Section 8.20(c)(y); 

(t) Investments resulting from any non-cash consideration received in an Asset Sale permitted by
Section 8.4; and 
 (u) repurchases, redemptions or other acquisitions or retirements for value of Stock of the
Parent made in lieu of withholding Taxes in connection with any vesting of restricted Stock or any exercise, vesting or exchange of stock options, warrants or other similar rights. 

Section 8.6 Restriction on Fundamental Changes 

The Parent shall not, and shall not permit any of its Restricted Subsidiaries to: 

(a) merge or consolidate with any Person (provided that, if at the time thereof and immediately after giving effect thereto no Event of
Default or Default shall have occurred and be continuing (i) any Wholly-Owned Restricted Subsidiary (other than an Applicant) may merge into an Applicant so long as such Applicant is the surviving company, (ii) any Wholly-Owned Restricted
Subsidiary (other than an Applicant) may merge into or consolidate with any other Wholly-Owned Restricted Subsidiary (other than an Applicant) in a transaction in which the surviving entity is a Wholly-Owned Restricted Subsidiary and no Person other
than an Applicant or a Wholly-Owned Restricted Subsidiary of an Applicant receives any consideration (provided that if any party to any such transaction is a Credit Party, the surviving entity of such transaction shall be a Credit Party),
(iii) any Restricted Subsidiary of the Parent (other than an Applicant) may merge with another Person in a transaction constituting an Asset Sale permitted hereunder, and (iv) any Person (other than the Parent or an Applicant) may merge or
consolidate with or into any Restricted Subsidiary in a transaction in which the surviving entity is a Restricted Subsidiary (and, if any party to such merger or consolidation is an Applicant, is an Applicant and otherwise, if any party to such
merger or consolidation is a Guarantor, is a Guarantor)); or 
 (b) acquire or create any Subsidiary unless, after giving effect to such
acquisition or creation, (i) the Parent and each Applicant is in compliance with Section 7.11 and (ii) the Investment in such Subsidiary is permitted under Section 8.5. 

Section 8.7 Change in Nature of Business 

The Parent and the Applicants shall not, and shall not permit any of its Restricted Subsidiaries to, engage in any business other than the
Eligible Line of Business. 

  
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 Section 8.8 Transactions with Affiliates 

The Parent and the Applicants shall not, and shall not permit any of their respective Restricted Subsidiaries to, enter into any transaction of
any kind with any Affiliate of the Parent, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Parent, such Applicant or such Restricted Subsidiary as would be obtainable by
the Parent, such Applicant or such Restricted Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate except (a) transactions among the Parent and its Restricted Subsidiaries,
(b) Restricted Payments otherwise permitted by this Agreement, (c) the payment of the operating expenses and capital expenditures of a Subsidiary of the Parent, so long as such payment is in the ordinary course of business and consistent
with past business practices with respect to such Subsidiary prior to the date hereof, (d) transactions in accordance with the agreements listed on Schedule 8.8 hereto as the same may be amended with the prior consent of the
Administrative Agent, (e) the Transactions, and (f) transactions between the Parent or any Restricted Subsidiary and any Person that is an Affiliate solely due to the fact that a director or member of such Person is also director of the
Parent or a direct or indirect parent of the Parent. 
 Section 8.9 Restrictions on Subsidiary Distributions; No New Negative Pledge 

Other than (a) pursuant to the Credit Facility Documents or the Credit Documents or (b) pursuant to any secured Indebtedness or
Capital Lease Obligations permitted by Section 8.1(b), (d), (e), (m) or (r) so long as any prohibition or limitation is only effective against the assets securing such Indebtedness, the
Parent and the Applicants shall not, and shall not permit any Restricted Subsidiaries to, (i) other than for Joint Ventures and Subsidiaries that are not required to be Guarantors hereunder, agree to, enter into or suffer to exist or become
effective any consensual encumbrance or consensual restriction of any kind on the ability of such Subsidiary to pay dividends or make any other distribution or transfer of funds or assets or make loans or advances to or other Investments in, or pay
any Indebtedness owed to, the Parent, an Applicant or any other Restricted Subsidiary of the Parent or (ii) other than customary non-assignment provisions in contracts entered into in the ordinary course
of business or in any lease, license, contract, property right (including, without limitation, interests in Inventory) or agreement to which any Guarantor is a party or any of its rights or interests thereunder if and only for so long as the grant
of a security interest hereunder shall constitute or result in a breach, termination or default under any such lease, license, contract, property right or agreement (other than to the extent that any such term would be rendered ineffective pursuant
to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC of any relevant jurisdiction or any
other applicable Requirements of Law or principles of equity), enter into or permit to exist or become effective any enforceable agreement prohibiting or limiting the ability of the Parent, an Applicant or any other Restricted Subsidiary to create,
incur, assume or permit to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, to secure the Obligations, including any agreement requiring any other Indebtedness or Contractual Obligation to be
equally and ratably secured with the Obligations. 

  
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 Section 8.10 Modification of Documents 

The Parent and the Applicants shall not, and shall not permit any of their respective Restricted Subsidiaries amend its Constituent Documents
except those that do not materially and adversely affect the interests of the Secured Parties under the Credit Documents or the rights and interests of any of them in the Collateral. 

Section 8.11 Accounting Changes; Fiscal Year 

The Parent and the Applicants shall not, and shall not permit any of their respective Restricted Subsidiaries to, (a) make any material
change in its accounting treatment and reporting practices or Tax reporting practices, except as required by GAAP or any Requirement of Law and disclosed to the Participants and the Administrative Agent or (b) change its Fiscal Year. 

Section 8.12 Margin Regulations 

The Parent and the Applicants shall not, and shall not permit any of their respective Restricted Subsidiaries to, use all or any portion of the
proceeds of any credit extended hereunder to purchase or carry margin stock (within the meaning of Regulation U of the Federal Reserve Board) (i) directly or indirectly in connection with the Business Combination or (ii) in all other cases
in contravention of any applicable legal and regulatory requirements including, without limitation, Regulations T, U and X, the Securities Act of 1933, and the Securities Exchange Act of 1934 and the regulations promulgated thereunder. 

Section 8.13 Sale/Leasebacks 

The Parent and the Applicants shall not, and shall not permit any of their respective Restricted Subsidiaries to, enter into any sale and
leaseback transaction after the Initial Utilization Date other than (a) any sale and leaseback occurring within 90 days after the acquisition of the property subject of such sale and leaseback, (b) any sale and leaseback in respect of the
Amazon and the Amazon Equipment and (c) Other Specified Permitted Sale/Leasebacks, unless (i) the proceeds of such transaction received by the Credit Parties equal the Fair Market Value of the properties subject to such transaction,
(ii) such transaction does not involve a Mortgaged Vessel and (iii) after giving effect to such sale and leaseback transaction, the aggregate Fair Market Value of all properties covered at any one time by all sale and leaseback
transactions occurring after the Initial Utilization Date during any Fiscal Year and permitted hereunder does not exceed $10,000,000.00 in such Fiscal Year. For the avoidance of doubt, no sale and leaseback transaction shall include the sale and
licensing back of Material Intellectual Property. 

  
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 Section 8.14 Capital Expenditures 

The Parent and the Applicants shall not make or incur, or permit any of their respective Restricted Subsidiaries to make or incur, Capital
Expenditures (other than acquisitions of any marine vessel or a Subsidiary that owns a marine vessel) during any Fiscal Year beginning with the Fiscal Year ending 2018 and ending with the Fiscal Year ending 2023 except that the Parent, the
Applicants and their respective Restricted Subsidiaries may make or incur Capital Expenditures during any Fiscal Year in an aggregate amount not in excess of (a) $300,000,000.00 for such Fiscal Year plus (b) the amount by which
$300,000,000.00 exceeds the amount of Capital Expenditures made or incurred by the Parent, the Applicants and their respective Restricted Subsidiaries in such immediately preceding Fiscal Year. 

Section 8.15 Cancellation of Indebtedness Owed to It 

The Parent and the Applicants shall not, and shall not permit any of their respective Restricted Subsidiaries to, cancel any material claim or
Indebtedness owed to any of them except (a) in the ordinary course of business, or (b) if such Indebtedness is owed by a Guarantor to a Credit Party (other than the Parent), and such Indebtedness is either (i) cancelled in exchange
for Stock of such Guarantor, (ii) converted into Stock of such Guarantor or (iii) converted such that it increases the paid-in-capital of such Credit Party in
such Guarantor. 
 Section 8.16 No Speculative Transactions 

The Parent and the Applicants shall not, and shall not permit any of their respective Restricted Subsidiaries to, engage in any material
speculative transaction or in any material transaction involving the entry into of Hedging Contracts by such Person except for the sole purpose of hedging in the ordinary course of business. 

Section 8.17 Post-Termination Benefits 

Except to the extent required under Section 4980B of the Code or similar state laws, the Parent and the Applicants shall not, and shall
not permit any of their respective Restricted Subsidiaries to, adopt any new employee benefit plan that provides health or welfare benefits (through the purchase of insurance or otherwise) to any retired or former employees, consultants or directors
(or their dependents) of the Parent or any of its Subsidiaries, which plan, when combined with any existing post-retirement benefit plan of the Parent or the Applicants or any of their Restricted Subsidiaries would reasonably be expected to result
in aggregate liability, calculated on a FAS 106 basis as of the end of any fiscal year, in excess of $65,000,000.00. 
 Section 8.18
[Reserved] 
  
 Section 8.19 Vessel Flags 

The Parent and the Applicants shall not, and shall not permit any of their respective Restricted Subsidiaries to, change the flag under which
any Mortgaged Vessel is registered or register a Mortgaged Vessel under any flag unless (a) the Parent shall have provided at least 10 Business Days’ (or such shorter period permitted by the Administrative Agent in its sole discretion)
advance notice to the Administrative Agent, (b) the flag under which such Mortgaged Vessel is to be registered is listed on Schedule 8.19 or is otherwise acceptable to the Administrative Agent in its sole discretion and (c) each
Applicant: 

  
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 (i) immediately after the occurrence of such transfer, causes the applicable
Restricted Subsidiary to execute and deliver such new mortgages, recorded as required by the laws of the new flag state, new deeds of covenants, as applicable, all substantially similar to the existing mortgages and deeds of covenants for Mortgaged
Vessels under such flag (“New Mortgage”), and other security instruments and other documents as shall be necessary to create in favor of the Collateral Agent for the ratable benefit of the Secured Parties a valid, legal and
perfected first-priority Lien on, and security interest in, such vessel such that such vessel is a Mortgaged Vessel under the jurisdiction under which such vessel is to be flagged (subject to any liens expressly permitted by this Agreement and the
Lien of the New Mortgage); 
 (ii) substantially simultaneously with such transfer, if requested by the Administrative Agent,
provides to the Administrative Agent an opinion of counsel that the New Mortgage, upon recording, has been perfected under the laws of the new flag state and that it constitutes a valid, enforceable and first priority ship mortgage on the Mortgaged
Vessel (other than liens expressly permitted by this Agreement and the Lien of the New Mortgage), or as the Administrative Agent may otherwise reasonably request; and 

(iii) promptly after recording the New Mortgage, provides to the Administrative Agent with respect to the Mortgaged Vessel: to
the extent applicable to such Mortgaged Vessel, corresponding certificates of financial responsibility; an abstract of title or, at its discretion, a certificate of ownership or other similar document that reveals no Liens on the Mortgaged Vessel
other than Liens expressly permitted by this Agreement and the Lien of the New Mortgage; copies of certificates of registries documentation and a copy of a confirmation of class certificate issued by the American Bureau of Shipping, DNV GL,
Lloyd’s Register or another classification society acceptable to the Administrative Agent showing no conditions affecting class. 

Section 8.20 Payments of Junior Priority Indebtedness  

The Parent and the Applicants shall not, and shall not permit any of their respective Restricted Subsidiaries to, make any cash payment or
prepayment (including any redemption, purchase, retirement, defeasance (including in-substance or legal defeasance), sinking fund or similar payment) on account of principal of any Junior Priority
Indebtedness, except (a) regularly scheduled principal payments as and when due in respect of any Junior Priority Indebtedness, (b) refinancings of Junior Priority Indebtedness with the proceeds of other Indebtedness permitted under
Section 8.1, (c) so long as no Default or Event of Default has occurred and is continuing, or would result therefrom, prepayments since the Initial Utilization Date in an aggregate principal amount not to exceed the
sum of (x) $100,000,000.00 and (y) so long as immediately after giving effect thereto, the Leverage Ratio at such time on a pro forma basis immediately after giving effect to such 

  
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prepayment and for the most recent determination period is at least 0.75:1.00 less than the Closing Leverage Ratio, an amount not to exceed the (A) Available Amount less (B) the amount
of Restricted Payments made pursuant to Section 8.5(s)(ii) and (d) cash payments in connection with the conversion of Convertible Indebtedness. For purposes of calculating the amount of payments or prepayments under
this Section 8.20, the amount of such payment or prepayment shall be the aggregate amount of cash paid by the Parent and its Restricted Subsidiaries. The prepayment of NO 105 Indebtedness shall not be restricted by this
Section 8.20. 
 Section 8.21 Use of Proceeds 

(a) The Parent and the Applicants shall not use, whether directly or indirectly, the proceeds of any Letter of Credit, (i) in any manner
that would constitute a violation of Sanctions by any party hereto or (ii) for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an
official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in each case in violation of any Anti-Corruption Law applicable to the Parent, the Applicants or their applicable Subsidiaries. 

(b) The Applicants shall not, directly or indirectly, fund all or part of any repayment or reimbursement of the Obligations out of proceeds
derived from any transaction or activity involving a Sanctioned Person or Sanctioned Country, in each case in violation of Sanctions applicable to the Applicants or its applicable Subsidiaries. 

ARTICLE IX 

EVENTS OF DEFAULT 

Section 9.1 Events of Default 

Each of the following events shall be an “Event of Default”: 

(a) the Applicants shall fail to pay any Reimbursement Obligation when the same becomes due and payable; or 

(b) the Applicants shall fail to pay when due and payable any fee under any of the Credit Documents or any other Obligation (other than one
referred to in clause (a) above) and such non-payment continues for a period of three Business Days after the due date therefor; or 

(c) any representation or warranty made or deemed made by any Credit Party in any Credit Document shall prove to have been incorrect in any
material respect when made or deemed made; or 

  
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 (d) any Credit Party shall fail to perform or observe (i) any term, covenant or
agreement contained in Article V, Section 6.3, Section 7.1, Section 7.6, Section 7.13 or Article VIII or
(ii) any other term, covenant or agreement contained in this Agreement or in any other Credit Document if such failure under this clause (ii) shall remain unremedied for 30 days after the earlier of (A) the date
on which a Responsible Officer of the Parent or an Applicant obtains actual knowledge of such failure and (B) the date on which written notice thereof shall have been given to the Parent or an Applicant by the Administrative Agent or any
Participant; or 
 (e) (i) the Parent, an Applicant or any of the Parent’s Material Subsidiaries shall fail to make any payment on
any Indebtedness of the Applicants or any such Material Subsidiary (other than (x) the Obligations and (y) Non-Recourse Indebtedness) or any Guaranty Obligation in respect of Indebtedness of any
other Person, and, in each case, such failure relates to Indebtedness having a principal amount of $75,000,000.00 or more when the same becomes due and payable, (ii) any other event shall occur or condition shall exist under any agreement or
instrument relating to any such Indebtedness, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness (other than the occurrence of customary conditions to the conversion of
Convertible Indebtedness) or (iii) any such Indebtedness shall become or be declared to be due and payable, or required to be prepaid or repurchased (other than by a regularly scheduled required prepayment), prior to the stated maturity
thereof; provided that clauses (ii) and (iii) above shall not apply to any secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; or 

(f) (i) the Parent, an Applicant or any of the Parent’s Material Subsidiaries shall generally not pay its debts as such debts become
due, shall admit in writing its inability to pay its debts generally or shall make a general assignment for the benefit of creditors, (ii) any proceeding shall be instituted by or against the Parent, an Applicant or any of the Parent’s
Material Subsidiaries seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts, under any Requirement of Law relating to
bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a custodian, receiver, trustee or other similar official for it or for any substantial part of its property;
provided, however, that, in the case of any such proceedings instituted against the Parent, an Applicant or any of the Parent’s Material Subsidiaries (but not instituted by the Parent or any of its Subsidiaries), either such
proceedings shall remain undismissed or unstayed for a period of 45 days or more or an order or decree approving or ordering any of the foregoing shall be entered, or (iii) the Parent, an Applicant or any of the Parent’s Material
Subsidiaries shall take any corporate action to authorize any action set forth in clause (i) or (ii) above; or 

(g) one or more judgments, injunctions or orders (or other similar process) involving, in the case of a money judgment, an amount in excess of
$75,000,000.00 in the aggregate (to the extent not covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage), shall be rendered against one or more of the Parent, an Applicant and the Parent’s
Material Subsidiaries and shall remain unpaid and either (x) enforcement proceedings shall have been commenced by any creditor upon such judgment, injunction or order or (y) there shall be any period of 30 consecutive days during which a
stay of enforcement of such judgment, injunction or order, by reason of a pending appeal or otherwise, shall not be in effect; or 

  
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 (h) (i) one or more ERISA Events (except for those events set forth on Schedule
4.16(d) to this Agreement) shall occur and the amount of all liabilities and deficiencies resulting therefrom imposed on or which could reasonably be expected to be imposed directly on the Parent, an Applicant, any of their respective Restricted
Subsidiaries or any Guarantor, whether or not assessed, when taken together with amounts of all such liabilities and deficiencies for all other such ERISA Events exceeds $75,000,000.00 in the aggregate, or (ii) there exists any fact or
circumstance that reasonably could be expected to result in the imposition of a Lien or security interest under Section 430 of the Code or under ERISA; or 

(i) any provision of any Collateral Document or any other Credit Document (including this Agreement) shall for any reason, except as permitted
by the Credit Documents, cease to be valid and binding on, or enforceable against, any Credit Party which is a party thereto, or any Credit Party shall so state in writing; or 

(j) any Collateral Document shall for any reason fail or cease to create a valid Lien on any Collateral with an aggregate value of
$15,000,000.00 or more purported to be covered thereby or, except as permitted by the Credit Documents, such Lien shall fail or cease to be a perfected and first priority Lien or any Credit Party shall so state in writing; 

(k) there shall occur any Change of Control; or 

(l) there shall occur any “Event of Default” under and as defined in the Lloyds Facility. 

Section 9.2 Remedies 
 During
the continuance of any Event of Default, 
 (a) [reserved]. 

(b) The Administrative Agent (i) may, and, at the request of the Requisite Participants, shall, by notice to the Applicants declare that
all or any portion of the Commitments be terminated, whereupon the obligation of each Issuer to Issue any Letter of Credit shall immediately terminate and (ii) may and, at the request of the Requisite Participants, shall, by notice to the
Applicants, declare the Obligations to be forthwith due and payable, whereupon the Obligations shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly
waived by the Applicants; provided, however, that upon the occurrence of any Event of Default specified in Section 9.1(f), (x) the Commitments of each Participant and the commitments of each Participant
and Issuer to Issue or participate in Letters of Credit shall each automatically be terminated and (y) the Letter of Credit Obligations shall automatically become and be due and payable, without presentment, demand, protest or any notice of any
kind, all of which are hereby expressly waived by the Applicants. 

  
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 (c) [reserved]. 

In addition to the remedies set forth above, the Administrative Agent and the Collateral Agent may exercise any remedies provided for by the
Collateral Documents in accordance with the terms thereof or any other remedies provided by applicable law. 
 Section 9.3 Actions in Respect of
Letters of Credit 
 Upon the Termination Date and as required by Section 2.12, the Applicants shall pay to
the Administrative Agent in immediately available funds at the Administrative Agent’s office referred to in Section 11.8, for deposit in the Cash Collateral Account in accordance with
Section 2.22(b), an amount equal to 105% of the sum of all outstanding Letter of Credit Obligations (or such lesser amount as is required to cash collateralize Letter of Credit Obligations under
Section 2.12, as applicable). The Administrative Agent may, from time to time after funds are deposited in any Cash Collateral Account with respect to Letters of Credit (and while an Event of Default has occurred and is
continuing), apply funds then held in such Cash Collateral Account to the payment of any amounts as shall have become or shall become due and payable by the Applicants to the Issuers or Participants in respect of the Letter of Credit Obligations.
The Administrative Agent shall promptly give written notice of any such application; provided, however, that the failure to give such written notice shall not invalidate any such application. 

ARTICLE X 

THE ADMINISTRATIVE AGENT AND OTHER AGENTS 

Section 10.1 Authorization and Action 

(a) Appointment and Authority. (i) Each of the Participants and each Issuer hereby irrevocably appoints Barclays to act on its
behalf as the Administrative Agent hereunder and under the other Credit Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto and (ii) each of the Participants, each Issuer and the other Secured Parties irrevocably authorizes and directs the Administrative Agent to enter into the
Collateral Agency and Intercreditor Agreement pursuant to which the Administrative Agent, on behalf of the Secured Parties, will irrevocably appoint CA CIB to act on its behalf as the Collateral Agent hereunder and under the Collateral Documents and
authorizes the Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The
provisions of this Article X are solely for the benefit of the Administrative Agent, the Collateral Agent, the Participants and the Issuers, and neither the Parent, the Applicants nor any other Credit Party shall have rights as a third party
beneficiary of any of such provisions or any obligations with respect thereto. 

  
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 (b) Exculpatory Provisions. Neither the Administrative Agent or the Collateral Agent
shall have any duties or obligations except those expressly set forth herein, in the other Credit Documents and in the Collateral Agency and Intercreditor Agreement. Without limiting the generality of the foregoing, neither the Administrative Agent
or the Collateral Agent: (i) shall be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default has occurred and is continuing; (ii) shall have any duty to take any discretionary action or
exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent or the Collateral Agent, as applicable, is required to exercise as directed in
writing by the Requisite Participants (or such other number or percentage of the Participants as shall be expressly provided for herein or in the other Credit Documents), provided that neither the Administrative Agent nor the Collateral Agent
shall be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Credit Document or applicable law; and (iii) shall, except as expressly set forth herein and
in the other Credit Documents, have any duty to disclose, nor shall be liable for the failure to disclose, any information relating to the Parent, the Applicants or any of its Affiliates that is communicated to or obtained by the Person serving as
the Administrative Agent, the Collateral Agent or any Affiliates of the foregoing in any capacity. 
 Neither the Administrative Agent or
the Collateral Agent shall be liable for any action taken or not taken by it (A) with the consent or at the request of the Requisite Participants (or such other number or percentage of the Participants as shall be necessary, or as the
Administrative Agent or the Collateral Agent, as applicable, shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.1 and 9.2) or (B) in the absence of its own gross negligence or
willful misconduct. The Administrative Agent and the Collateral Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given to the Administrative Agent
or the Collateral Agent, as applicable, by the Parent, the Applicants, a Participant or an Issuer. 
 Neither the Administrative Agent or
the Collateral Agent shall be responsible for or have any duty to ascertain or inquire into (u) any statement, warranty or representation made in or in connection with this Agreement or any other Credit Document, (v) the contents of any
certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (w) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or
the occurrence of any Default, (x) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien
purported to be created by the Collateral Documents, (y) the value or the sufficiency of any Collateral, or (z) the satisfaction of any condition set forth in Article III or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent or the Collateral Agent, as applicable. 

  
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 (c) Delegation of Duties. The Administrative Agent and the Collateral Agent may
perform any and all of its duties and exercise its rights and powers hereunder or under any other Credit Document by or through any one or more sub agents appointed by the Administrative Agent or the Collateral Agent, as applicable. The
Administrative Agent, the Collateral Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any
such sub agent and to the Related Parties of the Administrative Agent, the Collateral Agent and any such sub agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as
well as activities as Administrative Agent or Collateral Agent, as applicable. 
 Section 10.2 Administrative Agent’s
Reliance, Etc. 
 The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any
notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or
otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the Issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of the relevant Issuer, the Administrative Agent may presume that such condition is
satisfactory to such Issuer unless the Administrative Agent shall have received notice to the contrary from such Issuer prior to the Issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for
the Applicants or any other Credit Party), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

Section 10.3 The Agents Individually 

The Person serving as each Agent hereunder shall have the same rights and powers in its capacity as a Participant as any other Participant and
may exercise the same as though it were not such Agent and the term “Participant” or “Participants” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Persons serving as the Agents
hereunder in such Person’s individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the
Applicants or any Subsidiary or other Affiliate thereof as if such Person were not an Agent hereunder and without any duty to account therefor to the Participants. 

  
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 Section 10.4 Participant Credit Decision 

Each Participant and each Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other
Participant or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Participant and each Issuer also acknowledges that it
will, independently and without reliance upon the Administrative Agent or any other Participant or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Credit Document or any related agreement or any document furnished hereunder or thereunder. 

Section 10.5 Indemnification 

(a) Each Participant agrees to indemnify the Administrative Agent, the Collateral Agent and each Issuer (in such capacities) and each of their
respective Affiliates, and each of their respective Related Parties (to the extent not reimbursed by the Applicants), from and against such Participant’s aggregate Ratable Portion (determined at the time such indemnity is made) of any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses and disbursements (including fees, expenses and disbursements of financial and legal advisors) of any kind or nature whatsoever that may be imposed on,
incurred by, or asserted against, the Administrative Agent, the Collateral Agent or such Issuer or any of their respective Related Parties in any way relating to or arising out of this Agreement or the other Credit Documents or any action taken or
omitted by the Administrative Agent, the Collateral Agent, or such Issuer under this Agreement or the other Credit Documents; provided, however, that no Participant shall be liable for any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s, Collateral Agent’s or such Issuer’s or such Related Party’s gross negligence or willful
misconduct. Without limiting the foregoing, each Participant agrees to reimburse the Administrative Agent, the Collateral Agent, or the Issuers, as applicable, promptly upon demand for its Ratable Portion (determined at the time such reimbursement
is made) of any out-of-pocket expenses (including fees, expenses and disbursements of financial and legal advisors) incurred by the Administrative Agent, the Collateral
Agent, or such Issuer, as applicable, in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of
its rights or responsibilities under, this Agreement or the other Credit Documents, to the extent that the Administrative Agent, the Collateral Agent, or such Issuer, as applicable, is not reimbursed for such expenses by the Applicants or another
Credit Party. 
 (b) To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Participant
an amount equivalent to any applicable withholding Tax. If the IRS or any other Governmental Authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for
the account of any Participant because the 

  
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appropriate form was not delivered, was not properly executed or because such Participant failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from,
or reduction of, withholding Tax ineffective or for any other reason, or if the Administrative Agent determines that it otherwise did not withhold an applicable Tax from amounts paid to or for the account of any Participant, such Participant shall
indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent in respect of Tax or otherwise, including any penalties and interest and together with any all costs and expenses (including legal
expenses, and any out of pocket expenses) incurred, whether or not such Tax was correctly or legally imposed or asserted by the relevant Governmental Authority. 

Section 10.6 Successor Agents 

The Administrative Agent may at any time give notice of its resignation to the Participants, the Issuers and the Applicants. Upon receipt of
any such notice of resignation, the Requisite Participants shall have the right, in consultation with the Applicants, to appoint a successor, which shall be a bank (other than a Defaulting Participant), or an Affiliate of any such bank (such
successor, the “Successor Agent”). If no successor shall have been so appointed by the Requisite Participants and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its
resignation, then the retiring Administrative Agent may on behalf of the Participants and the Issuers, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify
the Applicants and the Participants that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged
from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of or for the benefit of the Participants or the Issuers under any of the
Credit Documents, the retiring Administrative Agent shall continue to hold such collateral security and the rights and obligations under the Parallel Debt until such time as a successor Administrative Agent is appointed and all rights and
obligations of the retiring Administrative Agent under the Parallel Debt have been assigned and assumed by such successor Administrative Agent) and (2) all payments, communications and determinations provided to be made by, to or through the
Administrative Agent (other than, for the avoidance of doubt, with respect to the Parallel Debt) shall instead be made by or to each applicable Participant and each applicable Issuer directly, until such time as the Requisite Participants appoint a
successor Administrative Agent as provided for above in this paragraph. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties (including all rights and obligations with respect to the Parallel Debt) of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations
hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this paragraph). Each party to the Collateral Documents governed by Dutch law shall enter into any documents as reasonably necessary or
reasonably requested by the successor Collateral Agent to ensure that the successor 

  
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Collateral Agent shall have substantially the same rights and obligations under the Collateral Documents governed by Dutch law as it would have had if such successor had been an original party
thereto. The fees payable by the Applicants to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Applicants and such successor. After the retiring Administrative Agent’s
resignation hereunder and under the other Credit Documents, the provisions of this Article X and Sections 11.3 and 11.4 shall continue in effect for the benefit of such retiring Administrative Agent, its sub agents and their
respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

Section 10.7 Concerning the Collateral and the Collateral Documents 

(a) Each Participant and each Issuer agrees that any action taken by the Administrative Agent, the Collateral Agent or the Requisite
Participants (or, where required by the express terms of this Agreement, a different proportion of the Participants) in accordance with the provisions of this Agreement or the other Credit Documents or the Collateral Agency and Intercreditor
Agreement, and the exercise by the Administrative Agent, the Collateral Agent or the Requisite Participants (or, where so required, such other proportion) of the powers set forth herein or therein, together with such other powers as are reasonably
incidental thereto, shall be deemed authorized by and shall be binding upon all of the Participants, Issuers and other Secured Parties. Without limiting the generality of the foregoing: 

(i) the Administrative Agent shall have the sole and exclusive right and authority to (A) act as the disbursing and
collecting agent for the Participants and the Issuers with respect to all payments and collections arising in connection herewith and with the Collateral Documents, (B) execute and deliver the Collateral Agency and Intercreditor Agreement, and
(C) except as may be otherwise specifically restricted by the terms hereof or of any other Credit Document, exercise all remedies given to the Administrative Agent, the Participants and the Issuers with respect to the Collateral under the
Credit Documents relating thereto, applicable law or otherwise; 
 (ii) [reserved]; and 

(iii) the Collateral Agent shall, in accordance with the Collateral Agency and Intercreditor Agreement, have the sole and
exclusive authority to (A) act as collateral agent for the Participants, the Issuers and the other Secured Parties for purposes of the perfection of all security interests and Liens created by such agreements and all other purposes stated
therein, (B) manage, supervise and otherwise deal with the Collateral, (C) take such action as is necessary or desirable to maintain the perfection and priority of the security interests and Liens created or purported to be created by the
Collateral Documents and (D) except as may be otherwise specifically restricted by the terms hereof or of any other Credit Document, exercise all remedies given to the Administrative Agent, the Collateral Agent, the Participants, the Issuers
and the other Secured Parties with respect to the Collateral under the Credit Documents relating thereto, applicable law or otherwise. 

  
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 (b) Each of the Participants and the Issuers hereby irrevocably consents, in accordance with
the terms hereof, to the Collateral Agent’s release (or, in the case of clause (ii) below, release or subordination) of any Lien held by the Collateral Agent for the benefit of the Secured Parties against any of the
following: 
 (i) all of the Collateral, upon termination or expiration of the Commitments and payment in full of all
Obligations, including the cash collateralization or other required arrangements in respect of any obligations in respect of Letters of Credit to the extent required under this Agreement (other than contingent indemnification obligations for which
no claims has been asserted) that the Collateral Agent has been notified in writing are then due and payable (and, in respect of Contingent Obligations in respect of Letters of Credit, with respect to which cash collateral has been deposited or a back-up letter of credit has been issued, in either case on terms reasonably satisfactory to the Administrative Agent and the applicable Issuer); 

(ii) any assets that are subject to a Lien permitted by Section 8.2(b), (d)(ii),
(d)(iii) or (l) or any refinancings thereof permitted under Section 8.2(e); 

(iii) if such sale or disposition is permitted by this Agreement (or permitted pursuant to a waiver or consent of a transaction
otherwise prohibited by this Agreement), any Collateral sold or disposed of by a Credit Party and/or the guaranty of any Subsidiary Guarantor which has been voluntarily sold or disposed of by a Credit Party or otherwise ceases to be a Subsidiary of
the Parent as a result of a transaction permitted by this Agreement; and 
 (iv) to the extent certified in writing by the
Parent, any other Collateral that is no longer required to be subject to a Lien pursuant to the Credit Documents. 
 Each of the Participants and the
Issuers hereby irrevocably consents, in accordance with the terms hereof, to the Administrative Agent’s release of any Guarantor from its Guarantee or its obligations under the Pledge and Security Agreement and any other Collateral Document if
such release is permitted by Section 11.1(a)(ix). Each of the Participants and the Issuers hereby irrevocably consents to the Collateral Agent’s execution, delivery and filing of such termination and partial release
statements and such other things as are necessary to release Liens and guaranties to be released pursuant to this Section 10.7 promptly upon the effectiveness of any such release. 

(c) Each of the Administrative Agent and the Collateral Agent is hereby authorized to enter into (i) the Collateral Agency and
Intercreditor Agreement and (ii) intercreditor arrangements with holders of any Permitted Term Refinancing Debt to be secured by Liens on the Collateral that are (A) pari passu in priority to the Liens on the

  
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Collateral securing the Obligations pursuant to the Collateral Agency and Intercreditor Agreement or (B) junior in priority to the Liens on the Collateral securing the Obligations
substantially in the form of Exhibit K to the Existing Credit Agreement as in effect on the date hereof or in such other form as may be approved by the Requisite Participants. A copy of any documents evidencing such intercreditor arrangements will
be made available to each Secured Party upon request. Each Secured Party (by receiving the benefits thereunder) acknowledges and agrees to the terms of such intercreditor arrangements and agrees that the terms thereof shall be binding on such
Secured Party and its successors and assigns as if it were a party thereto. 
 Section 10.8 Collateral Matters Relating to Related
Obligations 
 The benefit of the Credit Documents and of the provisions of this Agreement relating to the Collateral shall extend to
and be available in respect of any Obligation that is otherwise owed to Persons other than the Administrative Agent, the Collateral Agent, the Participants and the Issuers (collectively, “Related Obligations”) solely on the
condition and understanding, as among the Collateral Agent and all Secured Parties, that (a) the Related Obligations shall be entitled to the benefit of the Credit Documents and the Collateral to the extent expressly set forth in this Agreement
and the other Credit Documents and to such extent the Collateral Agent shall hold, and have the right and power to act with respect to, the Collateral Documents and the Collateral on behalf of and as agent for the holders of the Related Obligations,
but the Collateral Agent is otherwise acting solely as agent for the Participants and the Issuers and shall have no fiduciary duty, duty of loyalty, duty of care, duty of disclosure or other obligation whatsoever to any holder of Related
Obligations, (b) all matters, acts and omissions relating in any manner to the Collateral Documents, the Collateral, or the omission, creation, perfection, priority, abandonment or release of any Lien, shall be governed solely by the provisions
of this Agreement and the other Credit Documents and no separate Lien, right, power or remedy shall arise or exist in favor of any Secured Party under any separate instrument or agreement or in respect of any Related Obligation, (c) each
Secured Party shall be bound by all actions taken or omitted, in accordance with the provisions of this Agreement and the other Credit Documents, by the Administrative Agent, the Collateral Agent and the Requisite Participants (or such other group
of the Participants as shall be expressly provided for herein or in the other Credit Documents), each of whom shall be entitled to act at its sole discretion and exclusively in its own interest given its own Commitment and its own interest in the
Obligations arising under this Agreement or the other Credit Documents, without any duty or liability to any other Secured Party or as to any Related Obligation and without regard to whether any Related Obligation remains outstanding or is deprived
of the benefit of the Collateral or becomes unsecured or is otherwise affected or put in jeopardy thereby, and (d) no holder of Related Obligations and no other Secured Party (except the Administrative Agent, the Collateral Agent, the
Participants and the Issuers, to the extent set forth in this Agreement) shall have any right to be notified of, or to direct, require or be heard with respect to, any action taken or omitted in respect of the Collateral or under this Agreement or
the Credit Documents. 

  
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 Section 10.9 Other Agents 

Anything herein to the contrary notwithstanding, none of the Syndication Agents, the Arrangers or Bookrunners listed on the cover page hereof
shall have any powers, duties or responsibilities under this Agreement or any of the other Credit Documents, except in its capacity, as applicable, as the Administrative Agent, the Collateral Agent, a Participant or an Issuer hereunder. 

Section 10.10 Certain ERISA Matters 

(a) Each Participant (x) represents and warrants, as of the date such Person became a Participant party hereto, to, and
(y) covenants, from the date such Person became a Participant party hereto to the date such Person ceases being a Participant party hereto, for the benefit of the Administrative Agent and each Arranger and their respective Affiliates, and not,
for the avoidance of doubt, to or for the benefit of the Applicant or any other Credit Party, that at least one of the following is and will be true: 

(i) such Participant is not using “plan assets” (within the meaning of 29 CFR §
2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Letters of Credit or the Commitments, 

(ii) the prohibited transaction exemption set forth in one or more PTEs, such as PTE
84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house
asset managers), is applicable so as to exempt from the prohibitions of ERISA Section 406 and Code Section 4975, such Participant’s entrance into, participation in, administration of and performance of the Letters of Credit, the
Commitments and this Agreement, 
 (iii) (A) such Participant is an investment fund managed by a “Qualified Professional
Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Participant to enter into, participate in,
administer and perform the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Participant, the requirements of subsection (a) of Part I of
PTE 84-14 are satisfied with respect to such Participant’s entrance into, participation in, administration of and performance of the Letters of Credit, the Commitments and this Agreement, or 

  
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 (iv) such other representation, warranty and covenant as may be agreed in
writing between the Administrative Agent, in its sole discretion, and such Participant. 
 (b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Participant or such Participant has provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Participant further (x) represents and warrants, as of the date such Person became a Participant party hereto, to, and
(y) covenants, from the date such Person became a Participant party hereto to the date such Person ceases being a Participant party hereto, for the benefit of the Administrative Agent and each Arranger and their respective Affiliates, and not,
for the avoidance of doubt, to or for the benefit of the Applicant or any other Credit Party, that: 
 (i) none of the
Administrative Agent, Arrangers or any of their respective Affiliates are a fiduciary with respect to the assets of such Participant (including in connection with the reservation or exercise of any rights by the Administrative Agent under this
Agreement, any Credit Document or any documents related to hereto or thereto), 
 (ii) the Person making the investment
decision on behalf of such Participant with respect to the entrance into, participation in, administration of and performance of the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as
described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E), 
 (iii) the Person making the
investment decision on behalf of such Participant with respect to the entrance into, participation in, administration of and performance of the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment risks
independently, both in general and with regard to particular transactions and investment strategies (including in respect of the Obligations), 

(iv) the Person making the investment decision on behalf of such Participant with respect to the entrance into, participation
in, administration of and performance of the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Letters of Credit, the Commitments and this Agreement and is responsible for
exercising independent judgment in evaluating the transactions hereunder, and 
 (v) no fee or other compensation is being
paid directly to the Administrative Agent, Arranger or any of their respective Affiliates for investment advice (as opposed to other services) in connection with the Letters of Credit, the Commitments or this Agreement. 

  
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 (c) The Administrative Agent and Arrangers hereby inform the Participants that each such
Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated
hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Letters of Credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Letters of Credit, or the
Commitments for an amount less than the amount being paid for an interest in the Letters of Credit, or the Commitments by such Participant or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the
Credit Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage
fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 

ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Amendments, Waivers, Etc. 

(a) Except as provided in Sections 2.24 and 2.25 no amendment or waiver of any provision of this Agreement or any other Credit
Document nor consent to any departure by any Credit Party therefrom shall in any event be effective unless the same shall be in writing and signed by the Requisite Participants (or by the Administrative Agent with the consent of the Requisite
Participants) and, in the case of any amendment, by the Applicants, and then any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, notwithstanding
the foregoing, each Credit Document may be amended in accordance with its express terms; provided, further, that no amendment, waiver or consent shall, unless in writing and signed by each Participant or Issuer directly affected
thereby (or the Administrative Agent with the consent thereof), do any of the following: 
 (i) [reserved]; 

(ii) [reserved]; 

(iii) increase the Commitment of such Participant (it being agreed that a waiver of any condition precedent or the waiver of
any Default, Event of Default or mandatory prepayment will not constitute a Commitment increase under this clause (iii)); 

(iv) extend the scheduled final maturity of any Reimbursement Obligation payable to such Participant, or waive, reduce or
postpone any scheduled date fixed for the payment of any such Reimbursement Obligation or for the reduction of such Participant’s Commitment (it being agreed that a waiver of any condition precedent or the waiver of any Default, Event of
Default or mandatory prepayment will not constitute an extension, waiver, reduction or postponement under this clause (iv)); 
  

  
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 (v) reduce the amount of any Reimbursement Obligation payable to such
Participant (in each case, other than by the payment thereof); 
 (vi) reduce the rate or amount of interest on any
Reimbursement Obligations outstanding or any fee payable hereunder to such Participant; provided, however, that only the consent of the Requisite Participants shall be necessary to waive any obligation of the Applicants to pay interest
or Participation Fees payable hereunder at the default rate set forth in Section 2.7(i), 2.13(d) and Section 2.15(c)(ii), respectively; 

(vii) postpone any scheduled date fixed for payment of such interest or fees owing to such Participant (it being agreed that a
waiver of any condition precedent or the waiver of any Default, Event of Default or mandatory prepayment will not constitute a postponement under this clause (vii)); 

(viii) (x) alter the manner in which payments or prepayments of Reimbursement Obligations, interest or other amounts hereunder
shall be applied as among the Participants or (y) change the aggregate Ratable Portions of Participants required for any or all Participants to take any action hereunder; 

(ix) (x) release all or substantially all of the Collateral except as provided in Section 10.7(b)(i)
or (y) release an Applicant from its payment obligations to such Participant under this Agreement or (z) release any Guarantor from its Guarantee or its obligations under the Pledge and Security Agreement except (I) in connection with
the sale or other disposition of such Guarantor (or all or substantially all of the assets thereof) permitted by this Agreement (or permitted pursuant to a waiver or consent of a transaction otherwise prohibited by this Agreement) and (II) in
connection with any other transaction permitted pursuant to this Agreement in which such Subsidiary Guarantor ceases to be a Guarantor (including, without limitation, in connection with any transaction permitted pursuant to
Section 8.6 and in connection with the designation of any Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with this Agreement); provided, however, that notwithstanding the foregoing clause
(z), each of the following may be released: (x) any Immaterial Guarantor with the consent of the Administrative Agent, (y) any other Guarantor that ceases to be a Subsidiary of the Parent as the result of a transaction permitted
hereunder and (z) with the consent of the Administrative Agent, any Guarantor that, as a result of its status as a Guarantor, would be required to take any action that at such time (I) is prohibited by (A) any Governmental Authority
with authority over such Guarantor or (B) applicable law, (II) requires the consent of a Governmental Authority that has not been obtained or (III) is not within such Guarantor’s legal capacity or authority; or 

  
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 (x) amend Section 2.16(e) or (f),
Section 10.7(b), this Section 11.1, the sharing provisions of Section 11.7 or the definitions of the terms “Requisite Participants” or “Ratable
Portion”; and 
 provided, further, that notwithstanding the foregoing: (s) any modification or amendment to any Collateral Document
or the Guaranty Agreement to modify or amend the form, scope or content of any such Collateral Document or the Guaranty Agreement to conform or comply with local law requirements or custom shall only require the consent of the Administrative Agent
and the Collateral Agent, (t) [reserved] (u) [reserved], (v) no amendment shall be made to this clause (a) without the prior written consent of each Participant, (w) [reserved], (x) (i) no amendment, waiver or
consent shall, unless in writing and signed by the Administrative Agent in addition to the Participants required above to take such action, affect the rights or duties of the Administrative Agent under this Agreement or the other Credit Documents
and (ii) no amendment, waiver or consent shall, unless in writing and signed by the Collateral Agent in addition to the Participants required above to take such action, affect the rights or duties of the Collateral Agent under this Agreement or
the other Credit Documents, (y) no amendment, waiver or consent shall, unless in writing and signed by such Issuer, affect the rights or duties of such Issuer under this Agreement or the other Credit Documents and (z) each fee letter
entered into by a Credit Party in connection with this Agreement may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Participant
shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment waiver or consent which by its terms requires the consent of all Participants or each affected Participant may be effected with the consent
of the Participants other than Defaulting Participant), except that (x) the Commitments of any Defaulting Participant may not be increased or extended without the consent of such Participant, (y) the amount of any Reimbursement Obligation
payable to such Defaulting Participant may not be reduced without the consent of such Participant (in each case, other than by the payment or prepayment thereof) and (z) any waiver, amendment or modification requiring the consent of all
Participants or each affected Participant that by its terms affects any Defaulting Participant more adversely than other affected Participants shall require the consent of such Defaulting Participant. 

(b) The Administrative Agent may, but shall have no obligation to, with the concurrence of any Participant, execute amendments, modifications,
waivers or consents on behalf of such Participant. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on an Applicant in any case shall entitle the
Applicants to any other or further notice or demand in similar or other circumstances. 
 (c) If, in connection with any proposed amendment,
modification, waiver or termination requiring the consent of all affected Participants, the consent of Requisite Participants is obtained but the consent of other Participants whose consent is required is not obtained (any such Participant whose
consent is not obtained as described in this Section 11.1(c) being referred to as a “Non-Consenting Participant”), then, at the

  
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Applicants’ request, the Administrative Agent or an Eligible Assignee reasonably acceptable to the Administrative Agent (provided that any Participant, Affiliate of a Participant or
an Approved Fund shall be acceptable to the Administrative Agent) shall have the right (but shall have no obligation) to purchase from such Non-Consenting Participant, and such
Non-Consenting Participant agrees that it shall, upon such request and acceptance, sell and assign to such Participant, Affiliate of a Participant, Approved Fund or Eligible Assignee, all of the Commitments
and Letter of Credit Obligations of such Non-Consenting Participant for an amount equal to the principal balance of all applicable Obligations held by the Non-Consenting
Participant and all accrued interest and fees with respect thereto and other amounts due and payable hereunder through the date of sale, such purchase and sale to be consummated pursuant to an Assignment and Acceptance delivered to the
Administrative Agent, and the Eligible Assignee shall pay any processing and recordation fee (which fee may be waived or reduced in the sole discretion of the Administrative Agent); provided, however, that the failure to execute and
deliver such Assignment and Acceptance by the Non-Consenting Participant shall not invalidate such assignment, and such Assignment and Acceptance shall be deemed to be executed and delivered upon receipt by
such Non-Consenting Participant of the proceeds of such sale and acceptance. 
 (d) Notwithstanding
anything herein to the contrary, the Agency Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. 

Section 11.2 Assignments and Facility Participations 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that no Credit Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each
Participant and no Participant may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of clause (b) below, (ii) by way of participation in
accordance with the provisions of clause (d) below or (iii) by way of pledge or assignment of a security interest subject to the restrictions of clause (f) below (and any other attempted assignment or transfer by any
party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Sub-Participants to the extent provided in clause (d) below and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the Arrangers,
the Bookrunners, the Syndication Agents, the Participants, and the Issuers) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
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 (b) Assignments by Participants. Any Participant may at any time assign to one or
more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Reimbursement Obligations at the time owing to it); provided that any such assignment shall be
subject to the following conditions: 
  

	 	(i)	 Minimum Amounts. 

 

	 	(A)	 LC Facilities. (1) In the case of an assignment of the entire remaining amount of the assigning
Participant’s Commitment and the Reimbursement Obligations at the time owing to it or in the case of an assignment to a Participant, an Affiliate of a Participant or an Approved Fund, no minimum amount need be assigned; and (2) in any case
not described in clause (1) above, the aggregate amount of the Commitment (which for this purpose includes Letter of Credit Obligations outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding
balance of the Reimbursement Obligations of the assigning Participant subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent or, if
“Trade Date” is specified in the Assignment and Acceptance, as of the Trade Date) shall not be less than $5,000,000.00 unless the Administrative Agent and, so long as no Event of Default under Section 9.1(a),
(b) or (f) has occurred and is continuing, the Applicants otherwise consent (each such consent not to be unreasonably withheld or delayed). 

 

	 	(B)	 [reserved]. 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of the
assigning Participant’s rights and obligations under this Agreement with respect to the LC Facility. 
 (iii)
Required Consents. No consent shall be required for any assignment except to the extent required by clause (b)(i)(A)(2) above and, in addition, (x) in the case of assignments of Commitments or Letter of Credit Obligations:
(A) the consent of the Applicants (such consent not to be unreasonably withheld) shall be required unless (x) an Event of Default under Section 9.1(a), (b) or (f) has occurred and is continuing
at the time of such assignment or (y) such assignment is to a Participant, an Affiliate of a Participant or an Approved Fund with regard to a Participant; provided that an Applicant shall be deemed to have consented to any such
assignment unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof; (B) the consent of the Administrative Agent and the Issuers (such consents not to be
unreasonably withheld or delayed) shall be required if such assignment is to a Person that is not a Participant, an Affiliate of such Participant or an Approved Fund with respect to such Participant; and (C) the consent of Barclays (in its

  
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capacity as, and solely to the extent it is at the time of such assignment, an Issuer) (such consent not to be unreasonably withheld or delayed) shall be required for any assignment that
increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding). 

(iv) Assignment and Acceptance. The parties to each assignment (A) under the LC Facility shall execute and deliver
to the Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500.00, and the assignee, if it is not a Participant, shall deliver to the Administrative Agent the Administrative Questionnaire and (B)
[reserved]. 
 (v) [Reserved]. 

(vi) No Assignment to Applicants. No such assignment under the LC Facility shall be made to the Parent, the Applicants
or any of the Parent’s Affiliates or Subsidiaries. 
 (vii) No Assignment to Natural Persons. No such assignment
shall be made to a natural person. 
 (viii) No Assignment to Defaulting Participants. No such assignment shall be
made to any Defaulting Participant or any of its Subsidiaries, or any Person who, upon becoming a Participant hereunder, would constitute any of the foregoing Persons. 

(ix) No Assignment to Disqualified Institutions. No assignment shall be made to any Disqualified Institution. Upon any
Participant’s written request to the Administrative Agent, the Administrative Agent shall make available to such Participant the list of the Disqualified Institutions. 

(x) No Assignment Prior to Initial Utilization Date. No assignment of any Commitment shall be made in any respects
during the period after the Effective Date but on or prior to the Initial Utilization Date. 
 (xi) Certain Additional
Payments. In connection with any assignment of rights and obligations of any Defaulting Participant hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to
the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or
subparticipations, or other compensating actions, including funding, with the consent of the Applicants and the Administrative Agent, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in
full all payment liabilities then owed by such Defaulting Participant to the Administrative Agent or any Participant hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all
participations in Letters of Credit in accordance with its 

  
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Ratable Portion. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Participant hereunder shall become effective under applicable law
without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Participant for all purposes of this Agreement until such compliance occurs. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to clause (c) below, from and after the effective date specified
in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Participant under this Agreement, and
the assigning Participant thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the
assigning Participant’s rights and obligations under this Agreement, such Participant shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.17, 11.4 and 11.5 with respect to facts
and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Participant of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this
Agreement as a sale by such Participant of a participation in such rights and obligations in accordance with clause (d) below. 

(c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent
of the Applicants, shall maintain at its address referred to in Section 11.8 a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Participants and
Issuers and the Commitments of, and Reimbursement Obligations owing to, each Participant and Issuer pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest
error, and the Applicants, the Administrative Agent, Participants and Issuers, shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Participant, as applicable, hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Participant as a Defaulting Participant. The Register shall be
available for inspection by the Applicants, the Issuers and any Participant at any reasonable time and from time to time upon reasonable prior notice. 

(d) Facility Participations. Any Participant may at any time, without the consent of, or notice to, the Applicants or the Administrative
Agent, sell participations to any Person (other than a Disqualified Institution, a natural person, a Defaulting Participant, the Parent, any Applicant, or any of the Parent’s other Affiliates or Subsidiaries) (each, a “Sub-Participant”) in all or a portion of such Participant’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Reimbursement Obligations owing to
it); provided that (i) such Participant’s obligations under this Agreement shall remain unchanged, (ii) such Participant shall remain solely responsible to the other parties hereto for the performance of such obligations and
(iii) the Applicants, the Administrative Agent, the Participants, the Issuers shall continue 

  
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to deal solely and directly with such Participant in connection with such Participant’s rights and obligations under this Agreement. Each Participant that sells a participation shall, acting
solely for this purpose as a non-fiduciary agent of the Applicants, maintain a register on which it enters the name and address of each Sub-Participant and the principal
amounts (and stated interest) of each Sub-Participant’s interest in the obligations under the Credit Documents (the “Sub-Participant Register”);
provided that no Participant shall have any obligation to disclose all or any portion of the Sub-Participant Register (including the identity of any
Sub-Participant or any information relating to a Sub-Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Credit
Document) to any Person except to the extent such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Treasury Regulations
Section 5f.103-1(c) and Proposed Treasury Regulations Section 1.163-5(b) (or any amended or successor version). The entries in the Sub-Participant Register shall be conclusive absent manifest error, and such Participant shall treat each Person whose name is recorded in the Sub-Participant Register as the
owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall not have any responsibility for
maintaining a Sub-Participant Register. 
 Any agreement or instrument pursuant to which a Participant sells such a
participation shall provide that such Participant shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may
provide that such Participant will not, without the consent of the Sub-Participant, agree to any amendment, modification or waiver which would (x) reduce the amount, or postpone any date fixed for any
amount (whether of principal, interest or fees) payable to such Sub-Participant under the Credit Documents, to which such Sub-Participant would otherwise be entitled
under such participation, (y) increase the commitment applicable to such Sub-Participant or (z) result in the release of all or substantially all of the Collateral or the release of all or
substantially all of the Guarantees. Subject to clause (e) below, each Applicant jointly and severally agrees that each Sub-Participant shall be entitled to the benefits of
Section 2.17 to the same extent as if it were a Participant and had acquired its interest by assignment pursuant to clause (b) above. To the extent permitted by law, each
Sub-Participant also shall be entitled to the benefits of Section 11.6 as though it were a Participant, provided such Sub-Participant
agrees to be subject to Section 11.7 as though it were a Participant. 
 (e) Limitations upon Sub-Participant Rights. A Sub-Participant shall not be entitled to receive any greater payment under Sections 2.17(c), 2.18 and 2.19 than the
applicable Participant would have been entitled to receive with respect to the participation sold to such Sub-Participant unless the sale of the participation to such
Sub-Participant is made with the Applicants’ prior written consent, except to the extent such entitlement to receive a greater payment results from a change in applicable Requirement of Law that occurs
after the Sub-Participant acquired the applicable participation. A Sub-Participant shall be entitled to the benefits of Section 2.19 as if it
were a Participant which received its interest pursuant to an assignment pursuant to paragraph (b) of this Section, but only if each Applicant is notified of the participation sold to such
Sub-Participant and such Sub-Participant agrees, for the benefit of the Applicants, to comply with Sections 2.19, 2.20 and 2.21 as though it were a
Participant. 

  
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 (f) Certain Pledges. Any Participant may at any time pledge or assign a security
interest in all or any portion of its rights under this Agreement to secure obligations of such Participant, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any central bank; provided that no such pledge
or assignment shall release such Participant from any of its obligations hereunder or substitute any such pledgee or assignee for such Participant as a party hereto. 

(g) [Reserved]. 
 (h) Any Issuer
may, with, unless an Event of Default under Section 9.1(a), (b) or (f) has occurred and is continuing, the prior written consent of the Applicants (such consent not to be unreasonably withheld or delayed)
at any time assign its rights and obligations hereunder to any other Participant that is not a Defaulting Participant by an instrument in form and substance satisfactory to the Applicants, the Administrative Agent, such Issuer and such Participant.
If any Issuer ceases to be a Participant hereunder by virtue of any assignment made pursuant to this Section 11.2(h), then, as of the effective date of such cessation, such Issuer’s obligations to Issue Letters of
Credit pursuant to Section 2.5, as applicable, shall terminate and such Issuer shall be an Issuer hereunder only with respect to outstanding Letters of Credit issued prior to such date. 

Section 11.3 Costs and Expenses 

(a) The Parent and the Applicants jointly and severally agree upon demand to pay, or reimburse the Administrative Agent and the Collateral
Agent for all of such Agent’s reasonable external audit, valuation, filing, document duplication and reproduction and investigation expenses and all reasonable and documented
out-of-pocket legal expenses (limited to the reasonable and documented fees, expenses and disbursements of the Collateral Agent’s counsel, Bracewell LLP, the
Administrative Agent’s counsel, Latham & Watkins LLP and one firm of local legal counsel in each relevant jurisdiction) and for all of such Agent’s other reasonable and documented out-of-pocket costs and expenses of every type and nature (including, without limitation, the reasonable and documented fees, expenses and disbursements of auditors, accountants, printers, insurance and
environmental advisors, and other consultants and agents, including any third party consultant engaged by the Administrative Agent or the Collateral Agent to evaluate the Parent and its Subsidiaries) reasonably incurred by any Agent (without
duplication) in connection with any of the following: (i) the Administrative Agent’s audit and investigation of the Parent and its Subsidiaries in connection with the preparation, negotiation or execution of any Credit Document or, if an
Event of Default has occurred and is continuing, the Administrative Agent’s periodic audits of the Parent or any of its Subsidiaries (which audit expenses shall be reimbursed only if conducted when an Event of Default has occurred and is
continuing), as the case may be, (ii) the preparation, negotiation, execution or interpretation of this Agreement (including, without limitation, the satisfaction or attempted satisfaction of any condition set forth in
Article III, any Credit Document or any proposal letter or engagement letter issued in connection therewith), 

  
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(iii) the creation, perfection or protection of the Liens under any Credit Document, (iv) the ongoing administration of this Agreement and the Letters of Credit, including consultation
with attorneys in connection therewith and with respect to the Administrative Agent’s and the Collateral Agent’s rights and responsibilities hereunder and under the other Credit Documents, (v) the protection, collection or enforcement
of any Obligation or the enforcement of any Credit Document, (vi) the commencement, defense or intervention in any court proceeding relating in any way to the Obligations, any Credit Party, any of the Parent’s Subsidiaries, this Agreement
or any other Credit Document, (vii) the response to, and preparation for, any subpoena or request for document production with which any Agent is served or deposition or other proceeding in which any Agent is called to testify, in each case,
relating in any way to the Obligations, any Credit Party, any of the Parent’s Subsidiaries, this Agreement or any other Credit Document, or (viii) any amendment, consent, waiver, assignment, restatement, or supplement to any Credit
Document or the preparation, negotiation, and execution of the same; provided, however, that the Applicants shall not have any obligation under clauses (vi) and (vii) hereunder in connection with any action brought
by one Secured Party against another Secured Party (except in its capacity as an Agent, if applicable). The Applicants also agree upon demand to pay all reasonable and documented
out-of-pocket expenses incurred by an Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder. Notwithstanding anything to the contrary herein, unless an Event of Default exists, the Applicants shall not be responsible for any fees and expenses under this clause (a) for any advisors, consultants or other third party
service providers engaged by any of the Administrative Agent, the Collateral Agent, the Arrangers, the Bookrunners and the Issuers or any of their respective Affiliates unless the Applicants shall have approved such engagement of such advisor,
consultant or other third party advisor in writing prior to such engagement (such consent not to be unreasonably withheld, conditioned or delayed); provided, further, that the Applicants shall not have any obligation under clause
(vi) hereunder in connection with any action brought by one Secured Party against another Secured Party (except in its capacity as an Agent, if applicable). 

(b) The Parent and the Applicants further jointly and severally agree to pay or reimburse each Agent and each of the Participants and Issuers
upon demand for all reasonable out-of-pocket costs and expenses, including, without limitation, reasonable and documented out-of-pocket attorneys’ fees (including allocated costs of settlement, but excluding in-house counsel and limited to the reasonable and documented fees, expenses
and disbursements of the Collateral Agent’s counsel, Bracewell LLP, the Administrative Agent’s counsel, Latham & Watkins LLP and one firm of local legal counsel in each relevant jurisdiction), incurred by such Agent, such
Participants or Issuers in connection with any of the following: (i) in enforcing any Credit Document or any security therefor or exercising or enforcing any other right or remedy available by reason of an Event of Default, (ii) following
the occurrence and during the existence of an Event of Default, in connection with any refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work-out” or in
any insolvency or bankruptcy proceeding, (iii) in commencing, defending or intervening in any litigation or in filing a petition, complaint, answer, motion or other pleadings in any legal proceeding relating to the Obligations, any Credit
Party, any of the Parent’s Subsidiaries and related to or arising out 

  
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of the transactions contemplated hereby or by any other Credit Document or (iv) in taking any other action in or with respect to any suit or proceeding (bankruptcy or otherwise) described in
clause (i), (ii) or (iii) above; provided, however, that the Applicant shall not have any obligation under clause (iii) hereunder in connection with any action brought by one
Secured Party against another Secured Party (except in its capacity as an Agent, if applicable). 
 (c) Without prejudice to the survival of
any other agreement of the Parent and the Applicants hereunder, the agreements and obligations of the Parent and the Applicants contained in this Section 11.3 shall survive the resignation and/or replacement of the
Administrative Agent or Collateral Agent, any assignment of rights by, or the replacement of, a Participant or an Issuer, the termination of this Agreement, the Commitments and the repayment, and the satisfaction or discharge of the Obligations.

 Section 11.4 Indemnities 

(a) The Parent and the Applicants jointly and severally agree to and hereby do indemnify and hold harmless the Administrative Agent, the
Collateral Agent, Arrangers, Bookrunners, Syndication Agents, Issuers and Participants (together with their respective Affiliates (and controlling persons) and the respective officers, directors, employees, agents, members (and successors and
assigns) of each of the foregoing, each such Person being an “Indemnitee”) from and against any and all claims, damages, liabilities, obligations, losses, penalties, actions, judgments, suits, costs, disbursements and expenses of
any kind or nature (including reasonable, documented and customary fees, disbursements and expenses of financial and legal advisors to any such Indemnitee, provided that legal advisors shall be limited to the reasonable and documented fees,
disbursements and expenses of (x) one firm of counsel for all Agents, Participants and Issuers, (y) one firm of local counsel in each relevant jurisdiction, and (z) in the case of an actual or perceived conflict of interest where the
person affected by such conflict retains its own counsel, of another firm of counsel for such affected person in each relevant jurisdiction) that may be imposed on, incurred by or asserted against any such Indemnitee in connection with or arising
out of any investigation, litigation or proceeding, whether or not any such Indemnitee is a party thereto and regardless of whether such matter is initiated by a third party or by the Applicants or any of its Affiliates, whether direct, indirect, or
consequential and whether based on any federal, state or local law or other statutory regulation, securities or commercial law or regulation, or under common law or in equity, or on contract, tort or otherwise, in any manner relating to or arising
out of this Agreement, any other Credit Document, any Obligation, any Letter of Credit, the Business Combination or any act, event or transaction related or attendant to any thereof, or the use or intended use of the Letters of Credit or in
connection with any investigation of any potential matter covered hereby (collectively, the “Indemnified Matters”); provided, however, that the Applicants shall not have any obligation under this
Section 11.4 to an Indemnitee with respect to (i) any Indemnified Matter caused by or resulting from the gross negligence, bad faith or willful misconduct of such Indemnitee, as determined by a court of competent
jurisdiction in a final non-appealable judgment or order or order of an arbitral tribunal, (ii) a material breach of the Credit Documents by such Indemnitee, as determined

  
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by a court of competent jurisdiction in a final non-appealable judgment or order or order of an arbitral tribunal and (iii) any action brought by one
Indemnitee against another Indemnitee (except in its capacity as an Agent) which does not involve an act or omission by the Parent or any of its Affiliates or (iv) any settlement entered into by such Indemnitee without the Parent’s written
consent (such consent not to be unreasonably withheld, conditioned or delayed); provided that the foregoing indemnity will apply to any such settlement in the event that the Parent was offered the ability to assume the defense of the action
that was the subject matter of such settlement and elected not to so assume; provided, further, that if there is a final and non-appealable judgment by a court of competent jurisdiction, the
Parent agrees to indemnify and hold harmless each Indemnitee from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with the other provisions of this
Section 11.4. Without limiting the foregoing, but subject to the express limitations of the foregoing, “Indemnified Matters” include (i) all Environmental Liabilities and Costs arising from or
connected with the past, present or future operations of the Parent, the Applicants, or any of their respective Subsidiaries involving any property subject to a Collateral Document, or damage to real or personal property or natural resources or harm
or injury alleged to have resulted from any Release of Contaminants on, upon or into such property or any contiguous real estate, (ii) any costs or liabilities incurred in connection with any Remedial Action concerning the Parent, the
Applicants, or any of their respective Subsidiaries, (iii) any costs or liabilities incurred in connection with any Environmental Lien and (iv) any costs or liabilities incurred in connection with any other matter under any Environmental
Law, including the Comprehensive Environmental Response, Compensation and Liability Act of 1980, (49 U.S.C. § 9601 et seq.) and applicable state property transfer laws, whether, with respect to any such matter, such Indemnitee is a
mortgagee pursuant to any leasehold mortgage, a mortgagee in possession, the successor in interest to the Parent or any of its Subsidiaries, or the owner, lessee or operator of any property of the Parent or any of its Subsidiaries by virtue of
foreclosure, except, with respect to those matters referred to in clauses (i), (ii), (iii) and (iv) above, to the extent (x) incurred following foreclosure (or deed in lieu thereof) by the
Administrative Agent, any Participant or any Issuer, or the Administrative Agent, the Collateral Agent, any Participant or any Issuer having become the successor in interest to the Parent, the Applicants, or any of their respective Subsidiaries and
(y) attributable solely to acts of the Administrative Agent, such Participant or such Issuer or any agent on behalf of the Administrative Agent, such Participant or such Issuer. This Section 11.4(a) shall not apply
with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim. 

(b) The Parent and each Applicant shall and does hereby jointly and severally indemnify each Agent, each Participant and each Issuer for, and
hold each Agent, each Participant and each Issuer harmless from and against, any and all claims for brokerage commissions, fees and other compensation made against any Agent, any Participant and any Issuer for any broker, finder or consultant with
respect to any agreement, arrangement or understanding made by or on behalf of any Credit Party or any of its Subsidiaries in connection with the transactions contemplated by this Agreement. 

  
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 (c) Promptly after receipt by an Indemnitee of service of any complaint or the commencement
of any action or proceeding with respect to an Indemnified Matter, such Indemnitee will notify the Parent in writing of such complaint or of the commencement of such action or proceeding, but failure to so notify the Parent will relieve the Parent
or the Applicants from the obligation to indemnify such Indemnitee only if and only to the extent that such failure results in the forfeiture by the Parent or the Applicants of substantial rights and defenses that actually and materially prejudice
the Parent or the Applicants, and will not in any event relieve the Parent or the Applicants from any other obligation or liability that the Parent or the Applicants may have to any Indemnitee otherwise than in accordance with the provisions hereof.
If the Parent or any Applicant so elects following its acknowledgment of its obligation to indemnify the Indemnitee, or if requested by such Indemnitee, the Parent or such Applicant will assume the defense of such action or proceeding, including the
employment of counsel reasonably satisfactory to such Indemnitee and the payment of the fees and disbursements of such counsel. In the event, however, such Indemnitee reasonably determines in its judgment that having common counsel would present
such counsel with a conflict of interest or if the defendants in or targets of any such action or proceeding include an Indemnitee and the Parent or the Applicants and such Indemnitee reasonably concludes that there may be legal defenses available
to it or other Indemnitees that are different from or in addition to those available to the Parent or the Applicants, or if the Parent or the Applicants fail to assume the defense of the action or proceeding or to employ counsel reasonably
satisfactory to such Indemnitee in a timely manner, then such Indemnitee may employ separate counsel to represent or defend it in any such action or proceeding and the Parent and the Applicants will pay the reasonable and customary fees and
disbursements of such counsel; provided, however, that the Parent and the Applicants will not be required to pay the fees and disbursements of more than one separate counsel (in addition to local counsel) for such Indemnitee in any
jurisdiction in any single action or proceeding. In any action or proceeding the defense of which the Parent or the Applicants assume, the Indemnitee will have the right to participate in such litigation and to retain its own counsel at such
Indemnitee’s own expense. 
 (d) The Parent and the Applicants jointly and severally agree that any indemnification or other protection
provided to any Indemnitee pursuant to this Agreement (including pursuant to this Section 11.4) or any other Credit Document shall (i) survive the termination of this Agreement and the payment in full of the
Obligations and (ii) inure to the benefit of any Person that was at any time an Indemnitee under this Agreement or any other Credit Document. 

Section 11.5 Limitation of Liability 

The Parent and the Applicants jointly and severally agree that no Indemnitee shall have any liability (whether direct or indirect, in contract,
tort or otherwise) to any Credit Party or any of their respective Subsidiaries or any of their respective equity holders or creditors for or in connection with the transactions contemplated hereby and in the other Credit Documents, except for direct
damages (as opposed to special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings)) determined in a final non-appealable judgment
by a court 

  
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of competent jurisdiction to have resulted from such Indemnitee’s gross negligence, bad faith or willful misconduct. The Parent and each Applicant hereby waives, releases and agrees (for
itself and on behalf of its Subsidiaries) not to sue upon any such claim for any special, indirect, consequential or punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor. 

Section 11.6 Right of Set-off 

Upon the occurrence and during the continuance of any Event of Default, each Participant and each Affiliate of any of them is hereby authorized
at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such
Participant or any of their respective Affiliates to or for the credit or the account of the Parent or any Applicant against any and all of the Obligations now or hereafter existing whether or not such Participant shall have made any demand under
this Agreement or any other Credit Document and even though such Obligations may be unmatured. Each Participant agrees promptly to notify the Parent or such Applicant after any such set-off and application
made by such Participant or its respective Affiliates; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application. In the event that any
Defaulting Participant shall exercise any right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.23
and, pending such payment, shall be segregated by such Defaulting Participant from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Participants, and (y) the Defaulting Participant shall provide
promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Participant as to which it exercised such right of setoff. The rights of each Participant under this
Section 11.6 are in addition to the other rights and remedies (including other rights of set-off) that such Participant may have. 

Section 11.7 Sharing of Payments, Etc. 

Subject to Section 2.16(f): 

(a) (i) (A) [reserved]. 
  

	 	(B)	 [reserved]. 

  

	 	(C)	 If any Participant obtains any payment (whether voluntary, involuntary, through the exercise of any right of set-off or otherwise) of the Obligations owing to it, any interest thereon, fees in respect thereof or other Obligations hereunder (other than payments pursuant to Section 2.17, 2.18
or 2.19) in excess of its Ratable Portion of all payments of such Obligations obtained by all the Participants, except as a result of a refinancing of such Obligations, such Participant (each, a “Purchasing LC Participant”)
shall 

  
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forthwith purchase from the other Participants (each, a “Selling Participant”) such participations in their Letter of Credit Obligations as shall be necessary to cause such
Purchasing LC Participant to share the excess payment ratably with each of them. 

  

	 	(D)	 [reserved]. 

  

	 	(E)	 Except as expressly provided otherwise with respect to Defaulting Participants, each payment of the Commitment
Fees and each reduction of the Commitments shall be allocated pro rata among the Participants in accordance with their respective Commitments (or, if the Commitments shall have expired or been terminated, in accordance with the respective LC
Facility Exposure). 

 (b) If all or any portion of any payment received by a Purchasing LC Participant is thereafter
recovered from such Purchasing LC Participant, such purchase from each applicable Selling Participant shall be rescinded and such Selling Participant shall repay to the Purchasing LC Participant the purchase price to the extent of such recovery
together with an amount equal to such Selling Participant’s ratable share (according to the proportion of (i) the amount of such Selling Participant’s required repayment in relation to (ii) the total amount so recovered from the
Purchasing LC Participant) of any interest or other amount paid or payable by the Purchasing LC Participant in respect of the total amount so recovered. 

(c) Each Applicant jointly and severally agrees that any Purchasing LC Participant so purchasing a participation from a Selling Participant
pursuant to this Section 11.7 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as
fully as if such Purchasing LC Participant were the direct creditor of such Applicant in the amount of such participation. 
 Section 11.8
Notices, Etc. 
 All notices, demands, requests and other communications provided for in this Agreement shall be given in writing,
or, if consented to by the Administrative Agent, by any telecommunication device capable of creating a written record (including electronic mail), and addressed to the party to be notified as follows: 

(a) if to the Parent or the Applicants: 

McDermott International, Inc. 

757 North Eldridge Parkway 

Houston, Texas 77079 

Attention: Treasurer 
 Email:
khargrove@mcdermott.com 

  
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 with a copy to: 

McDermott International, Inc. 

757 North Eldridge Parkway 

Houston, Texas 77079 

Attention: Chief Legal Officer 

Email: jfreeman@mcdermott.com 

and 
 Baker Botts L.L.P. 

910 Louisiana Street 
 Houston,
TX 77002 
 Attention: Ted Paris, Esq. 

Telecopy No.: (713) 229-7738 

Email: ted.paris@bakerbotts.com 

(b) if to any Participant, at its Domestic Office; 

(c) if to the Issuer, (i) at its Domestic Office, if such Issuer is a Participant or (ii) otherwise, at the Domestic Office of any
Participant Affiliated therewith or, in each case at any other address set forth in a notice sent to the Administrative Agent and the Applicants; and 

(d) if to the Administrative Agent: 

Notices: 
 Barclays Bank PLC

 European Loans Agency 
 1
Churchill Place 
 London 

E14 5HP 
 United Kingdom 

Attn: Ashley Jay
 Tel: +44 (0)20
7773 3935 
 Switchboard: +44 (0)20 7623 2323 

Facsimile: +44 (0)20 7773 4893 

Email: loans.agency@barclays.com 

For Payments: 
 Barclays Bank
PLC 
 Loan Operations 
 1
Churchill Place 
 London 

E14 5HP 
 United Kingdom 

  
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 Attn: Agency Services—McDermott International Inc. Sidecar LC 

Facility; Contact Name— Shankar Subbaiah 

Tel: +44 203 5555 768 
 Email:
shankar.subbaiah@barclays.com 
 or at such other address as shall be notified in writing (x) in the case of the Applicants and the Administrative
Agent, to the other parties and (y) in the case of all other parties, to the Applicants and the Administrative Agent. All such notices and communications shall be effective upon personal delivery (if delivered by hand, including any overnight
courier service), when deposited in the mails (if sent by mail), or when properly transmitted (if sent by a telecommunications device or through the Internet); provided, however, that notices and communications to the Administrative
Agent pursuant to Article II or X shall not be effective until received by the Administrative Agent (unless otherwise expressly provided hereunder); provided, further, that all notices and
communications to the Administrative Agent that would otherwise become effective after 5:00 p.m. (London time) on any day shall be deemed not to become effective until the immediately succeeding Business Day. 

Each Public-Side Participant agrees to cause at least one individual at or on behalf of such Public-Side Participant to at all times have selected the
“Private-Side Information” or similar designation on the content declaration screen of IntraLinks, Debtdomain, SyndTrak, Barclays Deal Vault or Donnelley Financial Solutions Venue in order to enable such Public-Side Participant or its
delegate, in accordance with such Public-Side Participant’s compliance procedures and applicable law, including United States federal and state securities laws, to make reference to information that is not made available through the
“Public-Side Information” portion of IntraLinks and that may contain MNPI. In the event that any Public-Side Participant has determined for itself to not access any information disclosed through IntraLinks, Debtdomain, SyndTrak, Barclays
Deal Vault, Donnelley Financial Solutions Venue or otherwise, such Public-Side Participant acknowledges that (x) other Participants may have availed themselves of such information and (y) neither any Credit Party nor any Agent has any
responsibility for such Public-Side Participant’s decision to limit the scope of the information it has obtained in connection with this Agreement and the other Credit Documents. 

Section 11.9 No Waiver; Remedies 

No failure on the part of any Participant, any Issuer, any Collateral Agent or the Administrative Agent to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law. 
 Notwithstanding anything to the contrary contained herein or in any other Credit Document,
the authority to enforce rights and remedies hereunder and under the other Credit Documents against the Credit Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be

  
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instituted and maintained exclusively by, the Administrative Agent and the Collateral Agent in accordance with Section 9.2 for the benefit of all the Secured Parties;
provided, however, that the foregoing shall not prohibit (a) the Administrative Agent or the Collateral Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as
Administrative Agent or Collateral Agent) hereunder and under the other Credit Documents, (b) the Issuers from exercising the rights and remedies that inure to their respective benefit (solely in their capacity as Issuers) hereunder and under
the other Credit Documents, (c) any Participant from exercising setoff rights in accordance with Section 11.6 (subject to the terms of Section 11.7), or (d) any Participant from filing
proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Credit Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as
Administrative Agent or Collateral Agent hereunder and under the other Credit Documents, then (i) the Requisite Participants shall have the rights otherwise ascribed to the Administrative Agent or Collateral Agent pursuant to
Section 9.2 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) above and subject to Section 11.7, any Participant may, with the consent of the
Requisite Participants, enforce any rights and remedies available to it and as authorized by the Requisite Participants. 
 Section 11.10 Binding
Effect 
 This Agreement shall become effective when it shall have been executed by each of the parties hereto and when the
Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto. 

Section 11.11 Governing Law 

This Agreement and the rights and obligations of the parties hereto (including the submission to jurisdiction in
Section 11.12) shall be governed by, and construed and interpreted in accordance with, the law of the State of New York, without regard to its conflicts of laws provisions. 

Section 11.12 Submission to Jurisdiction; Service of Process 

(a) Any legal action or proceeding with respect to this Agreement or any other Credit Document shall be brought in the courts of the State of
New York sitting in New York County or of the United States of America for the Southern District of New York, and, by execution and delivery of this Agreement, each Credit Party hereby accepts for itself and in respect of its property, generally and
unconditionally, the exclusive jurisdiction of the aforesaid courts, except that the Agents, Issuers or Participants may bring legal action or proceedings in other appropriate jurisdictions with respect to the enforcement of its rights with respect
to the Collateral. The parties hereto hereby irrevocably waive any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing of any
such action or proceeding in such respective jurisdictions. 

  
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 (b) The Parent and each Applicant irrevocably consents to the service of any and all process
in any such action or proceeding by the mailing (by registered or certified mail, postage prepaid) of copies of such process to J. Ray McDermott Holdings, LLC (at 757 North Eldridge Parkway, Houston, Texas 77079) or the Parent at its address
specified in Section 11.8. The Parent and each Applicant agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. 
 (c) Nothing contained in this Section 11.12 shall affect the right of the Administrative
Agent or any Participant to serve process in any other manner permitted by law or commence legal proceedings or otherwise proceed against the Applicants or any other Credit Party in any other jurisdiction. 

(d) To the extent that either the Parent or an Applicant has or hereafter may acquire any immunity from jurisdiction of any court or from any
legal process (whether from service or notice, attachment prior to judgment, attachment in aid of execution of a judgment, execution or otherwise), such Person hereby irrevocably waives such immunity in respect of its obligations hereunder. 

Section 11.13 Waiver of Jury Trial 

EACH AGENT AND EACH OF THE
PARTICIPANTS, THE ISSUERS, THE PARENT AND EACH APPLICANT WAIVES TRIAL BY
JURY IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR
ANY OTHER CREDIT DOCUMENT. 
 Section 11.14 Marshaling; Payments Set
Aside 
 None of the Administrative Agent, the Collateral Agent, any Participant or any Issuer shall be under any obligation to
marshal any assets in favor of the Applicants or any other party or against or in payment of any or all of the Obligations. To the extent that any Applicant makes a payment or payments to the Administrative Agent, the Collateral Agent, the
Participants or the Issuers or any such Person receives payment from the proceeds of the Collateral or exercises its rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all
Liens, right and remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred. 

Section 11.15 Section Titles 

The section titles contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a
part of the agreement between the parties hereto, except when used to reference such section. If a numbered reference to a clause, sub-clause or subsection hereof is immediately followed by a reference in
parenthesis to the title of a section hereof containing such clause, sub-clause or subsection, the reference is only to such clause, sub-clause or subsection and not to
the section generally. If a numbered reference to a section hereof is immediately followed by a reference in parenthesis to a section hereof, the title reference shall govern in case of direct conflict. 

  
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 Section 11.16 Execution in Counterparts 

This Agreement may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are
attached to the same document. Delivery of an executed signature page of this Agreement or any other Credit Document (unless originals are required by applicable Requirements of Law) by facsimile transmission or other electronic imaging means shall
be as effective as delivery of a manually executed counterpart hereof. 
 Section 11.17 Entire Agreement 

This Agreement, together with all of the other Credit Documents and all certificates and documents delivered hereunder or thereunder, embodies
the entire agreement of the parties and supersedes all prior agreements and understandings relating to the subject matter hereof. A set of the copies of this Agreement signed by all parties shall be lodged with the Applicants and the Administrative
Agent. 
 Section 11.18 Confidentiality 

The Administrative Agent, each Participant and each Issuer agrees to maintain the confidentiality of the Information, except that Information
may be disclosed (i) to its Affiliates and to its and its Affiliates’ respective Related Parties, to any insurance broker, and to any provider of credit protection (it being understood that the Persons to whom such disclosure is made will
be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in connection with the
exercise of any remedies hereunder or under any other Credit Document or any action or proceeding relating to this Agreement or any other Credit Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement
containing provisions substantially the same as those of this Section, to (A) any assignee of or Sub-Participant in, or any prospective assignee of or
Sub-Participant in, any of its rights or obligations under this Agreement, (B) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Applicants and
its obligations or (C) any pledgee referred to in Section 11.2(f) or (g) (other than a pledgee to which disclosure is permitted under clause (ii) above), (vii) with the consent of the Applicants or
(viii) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 11.18 or (y) becomes available 

  
 -158- 

 
to the Administrative Agent, any Participant, any Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Parent and its Subsidiaries. Any Person
required to maintain the confidentiality of Information as provided in this Section 11.18 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain
the confidentiality of such Information as such Person would accord to its own confidential information. The Administrative Agent, each Participant and each Issuer acknowledges that (a) the Information may include MNPI concerning the Parent or
its Subsidiaries, as the case may be and (b) it has developed compliance procedures regarding the use of such MNPI. Notwithstanding the foregoing, the Administrative Agent, each Arranger and each Participant may disclose the existence of the LC
Facility and information about the LC Facility to market data collectors, similar services providers to the lending industry, and service provides to each of the foregoing in connection with the LC Facility and the other Credit Documents. 

Section 11.19 Judgment Currency 

(a) If, for the purposes of obtaining or enforcing any judgment or award in any court, or for making or filing a claim or proof, it is
necessary to convert a sum due hereunder in any currency (the “Original Currency”) into another currency (the “Other Currency”), the parties hereto agree, to the fullest extent permitted by law, that the rate of
exchange used shall be that at which, in accordance with normal banking procedures, Administrative Agent could purchase the Original Currency with such Other Currency in New York, New York on the Business Day immediately preceding the day on which
any such judgment, or any relevant part thereof, is given. 
 (b) The obligations of the Parent or any Applicant in respect of any sum due
from it to any Agent or Participant hereunder shall, notwithstanding any judgment or award in such Other Currency, be discharged only to the extent that on the Business Day following receipt by such Agent or Participant of any sum adjudged to be so
due in such Other Currency such Agent or Participant may in accordance with normal banking procedures purchase the Original Currency with such Other Currency; if the Original Currency so purchased is less than the sum originally due such Agent or
Participant in the Original Currency, the Applicants jointly and severally agree, as a separate obligation and notwithstanding any such judgment, to indemnify such Agent or Participant against such loss, and if the Original Currency so purchased
exceeds the sum originally due to such Agent or Participant in the Original Currency, such Agent or Participant shall remit such excess to the Applicants. 

Section 11.20 Severability 

If any provision of this Agreement or the other Credit Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Credit Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall

  
 -159- 

 
not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 11.20, if and to the extent
that the enforceability of any provisions in this Agreement relating to Defaulting Participants shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent or any Issuer, as applicable, then such provisions shall
be deemed to be in effect only to the extent not so limited. 
 Section 11.21 Acknowledgement and Consent to
Bail-In of EEA Financial Institutions 
 Notwithstanding anything to the contrary in any
Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Credit Document, to the extent such liability is
unsecured, may be subject to the write-down and conversion powers of an EEA 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 an EEA
Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and (b) the effects of any Bail-In Action on any such
liability, including, if applicable, (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise 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 this Agreement or any other Credit Document; or (iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

Section 11.22 Interest Rate Limitation 

Notwithstanding anything to the contrary contained in any Credit Document, the interest paid or agreed to be paid under the Credit Documents
shall not exceed the maximum rate of non-usurious interest permitted by applicable Requirements of Law (the “Maximum Rate”). If the Administrative Agent or any Participant shall receive
interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to cash collateralize the Reimbursement Obligations, or if no such Reimbursement Obligations are outstanding, refunded to the Applicants. In determining
whether the interest contracted for, charged, or received by the Administrative Agent or a Participant exceeds the Maximum Rate, such Person may, in its sole discretion, to the extent permitted by applicable Law, (a) characterize any payment
that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest
throughout the contemplated term of the Obligations hereunder. 

  
 -160- 

 Section 11.23 Obligations Joint and Several and Unconditional 

The obligations of each Applicant under this Agreement and each other Credit Document are joint and several and absolute and unconditional
irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of any other Applicant under this Agreement or any other Credit Document (collectively, the “Other Applicant Obligations”), or any
substitution, release or exchange of any other guarantee of or security for any of the Other Applicant Obligations, and, to the fullest extent permitted by applicable Requirement of Law, irrespective of any other circumstance whatsoever which might
otherwise constitute a legal or equitable discharge or defense of a surety or guarantor (other than a defense of payment or performance hereunder or thereunder), it being the intent of this Section 11.23 and this Agreement
that the obligations of each Applicant under this Agreement shall be absolute and unconditional under any and all circumstances (other than to the extent already paid or performed hereunder or thereunder). Without limiting the generality of the
foregoing, it is agreed that the occurrence of any one or more of the following shall not affect the liability of any Applicant under this Agreement or any other agreement referred to herein: 

(a) at any time or from time to time, without notice to any Applicant, the time for any performance of or compliance with any of the Other
Applicant Obligations shall be extended, or such performance or compliance shall be waived; 
 (b) any of the acts mentioned in any of the
provisions of this Agreement or any other agreement or instrument referred to herein or therein shall be done or omitted; 
 (c) the maturity
of any of the Other Applicant Obligations shall be accelerated, or any of the Other Applicant Obligations shall be modified, supplemented or amended in any respect, or any right under this Agreement or any other Credit Document shall be waived or
any other guarantee of any of the Other Applicant Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; or 

(d) any lien or security interest granted to, or in favor of, the Administrative Agent, any Issuer or any Participant or Participants as
security for any of the Other Applicant Obligations shall fail to be perfected. 
 ARTICLE XII 

GUARANTY 

Section 12.1 The Guaranty 

The Parent hereby guarantees to each Secured Party as hereinafter provided, as primary obligor and not as surety, the prompt payment of the
Obligations in full when due (whether at stated maturity, by acceleration, as a mandatory cash collateralization or otherwise) strictly in accordance with the terms thereof. The Parent hereby further agrees that if any of the Obligations are not
paid in full when due (whether at stated maturity, by 

  
 -161- 

 
acceleration, as a mandatory cash collateralization or otherwise), the Parent will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of
payment or renewal of any of the Obligations, the same will be promptly paid in full when due (whether at stated maturity, by acceleration, as a mandatory cash collateralization or otherwise) in accordance with the terms thereof. 

Notwithstanding any provision to the contrary contained herein or in any other of the Credit Documents or the other documentation governing
the Obligations (such other documentation, the “Other Documents”), the obligations of the Parent under this Agreement and the other Credit Documents shall be limited to an aggregate amount equal to the largest amount that would not
render such obligations subject to avoidance under Debtor Relief Laws or any comparable provisions of any applicable state law. 
 Section 12.2
Obligations Unconditional 
 The obligations of the Parent under Section 12.1 are absolute and
unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of any of the Credit Documents, the Other Documents or any other agreement or instrument referred to therein, or any substitution, release, impairment or
exchange of any other guarantee of or security for any of the Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or
defense of a surety or guarantor (other than defense of payment or satisfaction), it being the intent of this Section 12.2 that the obligations of the Parent hereunder shall be absolute and unconditional under any and all
circumstances. The Parent agrees that it shall have no right of subrogation, indemnity, reimbursement or contribution against either the Applicants or any other Credit Party for amounts paid under this Section 12.2 until
the Final Satisfaction Date. Without limiting the generality of the foregoing, it is agreed that, to the fullest extent permitted by law, the occurrence of any one or more of the following shall not alter or impair the liability of the Parent
hereunder, which shall remain absolute and unconditional as described above: 
 (a) at any time or from time to time, without notice to the
Parent, the time for any performance of or compliance with any of the Obligations shall be extended, or such performance or compliance shall be waived; 

(b) [Reserved]; 
 (c) the maturity
of any of the Obligations shall be accelerated, or any of the Obligations shall be modified, supplemented or amended in any respect, or any right under any of the Credit Documents, the Other Documents or any other agreement or instrument referred to
therein shall be waived or any other guarantee of any of the Obligations or any security therefor shall be released, impaired or exchanged in whole or in part or otherwise dealt with; 

(d) any Lien granted to, or in favor of, any Secured Party as security for any of the Obligations shall fail to attach or be perfected; or 

  
 -162- 

 (e) any of the Obligations shall be determined to be void or voidable (including, without
limitation, for the benefit of any creditor of the Parent) or shall be subordinated to the claims of any Person (including, without limitation, any creditor of the Parent). 

With respect to its obligations hereunder, the Parent hereby expressly waives diligence, presentment, demand of payment, protest and all notices whatsoever,
and any requirement that any Secured Party exhaust any right, power or remedy or proceed against any Person under any of the Credit Documents, the Other Documents or any other agreement or instrument referred to therein or against any other Person
under any other guarantee of, or security for, any of the Obligations. 
 Section 12.3 Reinstatement 

The obligations of the Parent under this Article XII shall be automatically reinstated if and to the extent that for any reason any
payment by or on behalf of any Person in respect of the Obligations is rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, and the
Parent agrees that it will indemnify in accordance with Section 11.4 each Indemnitee on demand for all documented and reasonable costs and expenses (including, without limitation, the documented and reasonable fees, charges
and disbursements of counsel) incurred by such Indemnitee in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference,
fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law. 
 Section 12.4 Certain Additional Waivers 

The Parent further agrees that it shall have no right of recourse to security for the Obligations until the Final Satisfaction Date. 

Section 12.5 Remedies 
 The
Parent agrees that, to the fullest extent permitted by law, as between the Parent, on the one hand, and the Secured Parties, on the other hand, the commitments hereunder may be terminated and the Obligations may be declared to be forthwith due and
payable as provided in Section 9.2 (and shall be deemed to have become automatically due and payable in the circumstances provided in said Section 9.2) for purposes of this Article XII
notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing the commitments hereunder from being terminated and the Obligations from becoming automatically due and payable) as against any other Person and
that, in the event of such declaration (or such commitments being deemed to have been terminated and the Obligations being deemed to have become automatically due and payable), the Obligations (whether or not due and payable by any other Person)
shall forthwith become due and payable by the Parent for purposes of Section 12.1. The Parent acknowledges and agrees that its obligations hereunder are secured in accordance with the terms hereof and of the Other Documents
and that the Secured Parties may exercise their remedies thereunder in accordance with the terms thereof. 

  
 -163- 

 Section 12.6 Guarantee of Payment; Continuing Guarantee 

The guarantee in this Article XII is a guaranty of payment and not of collection, is a continuing guarantee, and shall apply to all
Obligations whenever arising. 
 [Remainder of this page intentionally left blank] 

  
 -164- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	 MCDERMOTT TECHNOLOGY (AMERICAS), INC.,

as Applicant

		
	By:	 	 /s/ Kevin Hargrove

	Name:	 	Kevin Hargrove
	Title:	 	Treasurer

  

			
	 MCDERMOTT TECHNOLOGY (US), INC.,

as Applicant

		
	By:	 	 /s/ Kevin Hargrove

	 Name:
	 	 Kevin Hargrove

	 Title:
	 	 Treasurer

  

			
	 MCDERMOTT TECHNOLOGY, B.V.,
 as
Applicant

		
	By:	 	 /s/ Kevin Hargrove

	Name:	 	Kevin Hargrove
	Title:	 	Attorney
	
	 MCDERMOTT INTERNATIONAL, INC.,
 as
Parent

		
	By:	 	 /s/ Kevin Hargrove

	Name:	 	Kevin Hargrove
	Title:	 	Assistant Treasurer

 [Signature Page – Credit Agreement] 

 
			
	 BARCLAYS BANK PLC,
 as
Administrative Agent, Issuer and Participant

		
	By:	 	 /s/ Javier Ortega

	Name:	 	Javier Ortega
	Title:	 	Director

 [Signature Page – Credit Agreement] 

 
			
	 CRÉDIT AGRICOLE CORPORATE AND

INVESTMENT BANK
 as Participant

		
	By:	 	 /s/ Page Dillehunt

	Name:	 	Page Dillehunt
	Title:	 	Managing Director
		
	By:	 	 /s/ Michael Willis

	Name:	 	Michael Willis
	Title:	 	Managing Director

 [Signature Page – Credit Agreement] 

 
			
	ABN AMRO CAPITAL USA LLC
		
	By:	 	 /s/ Remco Jongkind

	Name:	 	Remco Jongkind
	Title:	 	Managing Director
		
	By:	 	 /s/ Justin K. Martin

	Name:	 	Justin K. Martin
	Title:	 	Director

 [Signature Page – Credit Agreement] 

 
			
	 GOLDMAN SACHS BANK USA,
 as
Participant

		
	By:	 	 /s/ Thomas M. Manning

	Name:	 	Thomas M. Manning
	Title:	 	Authorized Signatory

 [Signature Page – Credit Agreement] 

 
			
	 ROYAL BANK OF CANADA
 as
Participant

		
	By:	 	 /s/ Richard C. Smith

	Name:	 	Richard C. Smith
	Title:	 	Authorized Signatory

 [Signature Page – Credit Agreement] 

 
			
	 EVEREST INSURANCE (IRELAND), DAC,

as Participant

		
	By:	 	 /s/ Mark Kealy

	Name:	 	Mark Kealy
	Title:	 	Acting Chief Underwriting Officer

 [Signature Page – Credit Agreement] 

 
			
	 BMO Harris Bank, N.A.
 as
Participant

		
	By:	 	 /s/ John Armstrong

	Name:	 	John Armstrong
	Title:	 	Managing Director

 [Signature Page – Credit Agreement] 

 
			
	 MARKEL INTERNATIONAL INSURANCE

COMPANY LIMITED
 as Participant

		
	By:	 	 /s/ Damian Manning

	Name:	 	Damian Manning
	Title:	 	Head of Surety

  

			
	In the presence of
	Signature of Witness:	 	 /s/ David Chandler

	Name of Witness:	 	David Chandler
	Address of Witness:	 	 20 Fenchurch St, London EC3M
 8AP

		
	Occupation of Witness:	 	Senior Underwriter

 [Signature Page – Credit Agreement] 

 
			
	 WELLS FARGO BANK, N.A.
 as
Participant

		
	By:	 	 /s/ Robert Corder

	Name:	 	Robert Corder
	Title:	 	Director

 [Signature Page – Credit Agreement] 

 Schedule II(B) 

to the Credit Agreement 
 ISSUER
COMMITMENTS 
  

					
	 Participant
	  	Issuer Commitment	 
	 BARCLAYS BANK PLC
	  	$	230,000,000	 
		  	  
	  
	 
	 Total
	  	$	230,000,000	 
		  	  
	  
	 

 Schedule III 

to the Credit Agreement 

COMMITMENTS 
  

					
	 Participant
	  	Commitment	 
	 BARCLAYS BANK PLC
	  	$	40,000,000	 
	 CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
	  	$	40,000,000	 
	 ABN AMRO CAPITAL USA LLC
	  	$	40,000,000	 
	 GOLDMAN SACHS BANK USA
	  	$	30,000,000	 
	 ROYAL BANK OF CANADA
	  	$	30,000,000	 
	 EVEREST INSURANCE (IRELAND), DAC
	  	$	20,000,000	 
	 BMO HARRIS BANK, N.A.
	  	$	10,000,000	 
	 MARKEL INTERNATIONAL INSURANCE COMPANY LIMITED
	  	$	10,000,000	 
	 WELLS FARGO BANK, N.A.
	  	$	10,000,000	 
		  	  
	  
	 
	 Total
	  	$	230,000,000	 
		  	  
	  
	 

 Schedule V 

to the Credit Agreement 
 GUARANTORS1 
  

					
	 	  	 Name
	  	 Jurisdiction of

Organization

	 1.
	  	CHARTERING COMPANY (SINGAPORE) PTE. LTD.	  	Singapore
	 2.
	  	EASTERN MARINE SERVICES, INC.	  	Panama
	 3.
	  	HYDRO MARINE SERVICES, INC.	  	Panama
	 4.
	  	J. RAY HOLDINGS, INC.	  	Delaware
	 5.
	  	J. RAY MCDERMOTT (AUST.) HOLDING PTY. LIMITED	  	Australia
	 6.
	  	J. RAY MCDERMOTT (NORWAY), AS	  	Norway
	 7.
	  	J. RAY MCDERMOTT (QINGDAO) PTE. LTD.	  	Singapore
	 8.
	  	J. RAY MCDERMOTT DE MEXICO, S.A. DE C.V.	  	Mexico
	 9.
	  	J. RAY MCDERMOTT FAR EAST, INC.	  	Panama
	 10.
	  	J. RAY MCDERMOTT HOLDINGS, LLC	  	Delaware
	 11.
	  	J. RAY MCDERMOTT INTERNATIONAL, INC.	  	Panama
	 12.
	  	J. RAY MCDERMOTT INTERNATIONAL VESSELS, LTD.	  	Cayman Islands
	 13.
	  	J. RAY MCDERMOTT SOLUTIONS, INC.	  	Delaware
	 14.
	  	J. RAY MCDERMOTT TECHNOLOGY, INC.	  	Delaware
	 15.
	  	J. RAY MCDERMOTT, S.A.	  	Panama
	 16.
	  	J. RAY MCDERMOTT UNDERWATER SERVICES, INC.	  	Panama
	 17.
	  	MCDERMOTT (AMAZON CHARTERING), INC.	  	Panama
	 18.
	  	MCDERMOTT ASIA PACIFIC PTE. LTD.	  	Singapore
	 19.
	  	MCDERMOTT AUSTRALIA PTY. LTD.	  	Australia
	 20.
	  	MCDERMOTT BLACKBIRD HOLDINGS, LLC	  	Delaware
	 21.
	  	MCDERMOTT CASPIAN CONTRACTORS, INC.	  	Panama
	 22.
	  	MCDERMOTT CAYMAN LTD.	  	Cayman Islands
	 23.
	  	MCDERMOTT ENGINEERING, LLC	  	Texas
	 24.
	  	MCDERMOTT FINANCE L.L.C.	  	Delaware
	 25.
	  	MCDERMOTT GULF OPERATING COMPANY, INC.	  	Panama
	 26.
	  	MCDERMOTT HOLDINGS (U.K.) LIMITED	  	England
	 27.
	  	MCDERMOTT INTERNATIONAL INVESTMENTS CO., INC.	  	Panama
	 28.
	  	MCDERMOTT INTERNATIONAL MANAGEMENT, S. DE RL.	  	Panama
	 29.
	  	MCDERMOTT INTERNATIONAL MARINE INVESTMENTS N.V.	  	Curacao
	 30.
	  	MCDERMOTT INTERNATIONAL TRADING CO., INC.	  	Panama
	 31.
	  	MCDERMOTT INTERNATIONAL VESSELS, INC.	  	Panama
	 32.
	  	MCDERMOTT INTERNATIONAL, INC.	  	Panama
	 33.
	  	MCDERMOTT INVESTMENTS, LLC	  	Delaware
	 34.
	  	MCDERMOTT MARINE CONSTRUCTION LIMITED	  	England
	 35.
	  	MCDERMOTT MARINE MEXICO, S.A. DE C.V.	  	Mexico
	 36.
	  	MCDERMOTT MIDDLE EAST, INC.	  	Panama

  

	1 	 Subject to change before the Initial Utilization Date. 

					
	 37.
	  	MCDERMOTT OFFSHORE SERVICES COMPANY, INC.	  	Panama
	 38.
	  	MCDERMOTT OLD JV OFFICE, INC.	  	Panama
	 39.
	  	MCDERMOTT OVERSEAS INVESTMENT CO. N.V.	  	Curacao
	 40.
	  	MCDERMOTT OVERSEAS, INC.	  	Panama
	 41.
	  	MCDERMOTT SUBSEA ENGINEERING, INC.	  	Delaware
	 42.
	  	MCDERMOTT SUBSEA, INC.	  	Panama
	 43.
	  	MCDERMOTT TECHNOLOGY (AMERICAS), INC.	  	Delaware
	 44.
	  	MCDERMOTT TECHNOLOGY (US), INC.	  	Delaware
	 45.
	  	MCDERMOTT TECHNOLOGY, B.V.	  	Netherlands
	 46.
	  	MCDERMOTT TECHNOLOGY (2), B.V.	  	Netherlands
	 47.
	  	MCDERMOTT TECHNOLOGY (3), B.V.	  	Netherlands
	 48.
	  	MCDERMOTT, INC.	  	Delaware
	 49.
	  	NORTH ATLANTIC VESSEL, INC.	  	Panama
	 50.
	  	OFFSHORE PIPELINES INTERNATIONAL, LTD.	  	Cayman Islands
	 51.
	  	OPI VESSELS, INC.	  	Delaware
	 52.
	  	SERVICIOS DE FABRICACION DE ALTAMIRA, S.A. DE C.V.	  	Mexico
	 53.
	  	SERVICIOS PROFESIONALES DE ALTAMIRA, S.A. DE C.V.	  	Mexico
	 54.
	  	SPARTEC, INC.	  	Delaware
	 55.
	  	VARSY INTERNATIONAL N.V.	  	Curacao
	 56.
	  	850 PINE STREET LLC	  	Delaware
	 57.
	  	A & B BUILDERS, LTD.	  	Texas
	 58.
	  	AITON & CO LIMITED	  	England
	 59.
	  	ARABIAN CBI LTD.	  	Saudi Arabia
	 60.
	  	ARABIAN CBI TANK MANUFACTURING CO. LTD.	  	Saudi Arabia
	 61.
	  	ASIA PACIFIC SUPPLY CO.	  	Delaware
	 62.
	  	ATLANTIC CONTINGENCY CONSTRUCTORS II, LLC	  	Delaware
	 63.
	  	ATLANTIS CONTRACTORS INC.	  	Delaware
	 64.
	  	CATALYTIC DISTILLATION TECHNOLOGIES	  	Texas
	 65.
	  	CB&I BRAZIL HOLDINGS, INC.	  	Louisiana
	 66.
	  	CB&I CANADA LTD.	  	Canada (British Columbia)
	 67.
	  	CB&I CLEARFIELD, INC.	  	Delaware
	 68.
	  	CB&I COJAFEX B.V.	  	Netherlands
	 69.
	  	CB&I CONNECTICUT, INC.	  	Delaware
	 70.
	  	CB&I CONSTRUCTORS LIMITED	  	England
	 71.
	  	CB&I EL DORADO, INC.	  	Arkansas
	 72.
	  	CB&I ENERGY SERVICES, LLC	  	Louisiana
	 73.
	  	CB&I EUROPE B.V.	  	Netherlands
	 74.
	  	CB&I FABRICATION, LLC	  	Louisiana
	 75.
	  	CB & I FINANCE COMPANY LIMITED	  	Ireland
	 76.
	  	CB&I FINANCIAL RESOURCES LLC	  	Delaware
	 77.
	  	CB&I GLOBAL OPERATIONS INTERNATIONAL PTE. LTD.	  	Singapore
	 78.
	  	CB&I GLOBAL OPERATIONS US PTE. LTD.	  	Singapore
	 79.
	  	CB&I GLOBAL, L.L.C.	  	Delaware
	 80.
	  	CB&I GROUP UK HOLDINGS	  	England

					
	 81.
	  	CB&I GROUP INC.	  	Louisiana
	 82.
	  	CB&I HOLDCO INTERNATIONAL, LLC	  	Louisiana
	 83.
	  	CB&I HOLDCO, LLC	  	Louisiana
	 84.
	  	CB&I HOLDINGS (UK) LIMITED	  	England
	 85.
	  	CB&I HOLDINGS B.V.	  	Netherlands
	 86.
	  	CB&I HOUSTON 06 LLC	  	Delaware
	 87.
	  	CB&I HOUSTON 07 LLC	  	Delaware
	 88.
	  	CB&I HOUSTON 08 LLC	  	Delaware
	 89.
	  	CB&I HOUSTON 09 LLC	  	Delaware
	 90.
	  	CB&I HOUSTON 10 LLC	  	Delaware
	 91.
	  	CB&I HOUSTON 11 LLC	  	Delaware
	 92.
	  	CB&I HOUSTON 12 LLC	  	Delaware
	 93.
	  	CB&I HOUSTON 13 LLC	  	Delaware
	 94.
	  	CB&I HOUSTON LLC	  	Delaware
	 95.
	  	CB&I INTERNATIONAL ONE, LLC	  	Louisiana
	 96.
	  	CB&I INTERNATIONAL, INC.	  	Louisiana
	 97.
	  	CB&I INTERNATIONAL, LLC	  	Louisiana
	 98.
	  	CB&I LAKE CHARLES, L.L.C.	  	Louisiana
	 99.
	  	CB&I LAURENS, INC.	  	South Carolina
	 100.
	  	CB&I LLC	  	Texas
	 101.
	  	CB&I LONDON	  	United Kingdom
	 102.
	  	CB&I MATAMOROS, S. DE R. L. DE C.V.	  	Mexico
	 103.
	  	CB&I MIDDLE EAST HOLDING, INC.	  	Cayman Islands
	 104.
	  	CB&I NEDERLAND B.V.	  	Netherlands
	 105.
	  	CB&I NORTH CAROLINA, INC.	  	North Carolina
	 106.
	  	CB&I OFFSHORE SERVICES, INC.	  	Louisiana
	 107.
	  	CB&I OIL & GAS EUROPE B.V.	  	Netherlands
	 108.
	  	CB&I PADDINGTON LIMITED	  	England
	 109.
	  	CB&I POWER COMPANY B.V.	  	Netherlands
	 110.
	  	CB&I POWER INTERNATIONAL, INC.	  	Louisiana
	 111.
	  	CB&I POWER LIMITED	  	England
	 112.
	  	CB&I POWER, LLC	  	Louisiana
	 113.
	  	CB&I PROJECT SERVICES GROUP, LLC	  	Delaware
	 114.
	  	CB&I RIO GRANDE HOLDINGS, L.L.C.	  	Louisiana
	 115.
	  	CB&I RIO GRANDE VALLEY FABRICATION & MANUFACTURING, L.L.C.	  	Louisiana
	 116.
	  	CB&I RUSLAND B.V.	  	Netherlands
	 117.
	  	CB&I SINGAPORE PTE. LTD.	  	Singapore
	 118.
	  	CB&I TYLER LLC	  	Delaware
	 119.
	  	CB&I UK LIMITED	  	England
	 120.
	  	CB&I WALKER LA, L.L.C.	  	Louisiana
	 121.
	  	CBI AMERICAS LTD.	  	Delaware
	 122.
	  	CBI COMPANY B.V.	  	Netherlands
	 123.
	  	CBI COMPANY TWO B.V.	  	Netherlands
	 124.
	  	CBI CONSTRUCTORS PTY. LTD.	  	Australia

					
	 125.
	  	CBI EASTERN ANSTALT	  	Liechtenstein
	 126.
	  	CBI HOLDCO TWO INC.	  	Delaware
	 127.
	  	CBI OVERSEAS (FAR EAST) INC.	  	Delaware
	 128.
	  	CBI OVERSEAS, LLC	  	Delaware
	 129.
	  	CBI PANAMA, S.A.	  	Panama
	 130.
	  	CBI SERVICES, LLC	  	Delaware
	 131.
	  	CBI UK CAYMAN ACQUISITION LIMITED	  	England
	 132.
	  	CBI US HOLDING COMPANY INC.	  	Delaware
	 133.
	  	CENTRAL TRADING COMPANY LTD.	  	Delaware
	 134.
	  	CHEMICAL RESEARCH AND LICENSING, LLC	  	Texas
	 135.
	  	CHICAGO BRIDGE & IRON (ANTILLES) N.V.	  	Curacao
	 136.
	  	CHICAGO BRIDGE & IRON COMPANY	  	Delaware
	 137.
	  	CHICAGO BRIDGE & IRON COMPANY	  	Illinois
	 138.
	  	CHICAGO BRIDGE & IRON COMPANY (DELAWARE)	  	Delaware
	 139.
	  	CHICAGO BRIDGE & IRON COMPANY (NETHERLANDS), LLC	  	Delaware
	 140.
	  	CHICAGO BRIDGE & IRON COMPANY B.V.	  	Netherlands
	 141.
	  	CHICAGO BRIDGE DE MÉXICO, S.A. DE C.V.	  	Mexico
	 142.
	  	COMET II B.V.	  	Netherlands
	 143.
	  	CONSTRUCTORS INTERNATIONAL, L.L.C.	  	Delaware
	 144.
	  	CSA TRADING COMPANY LTD.	  	Delaware
	 145.
	  	EDS EQUIPMENT COMPANY, LLC	  	Delaware
	 146.
	  	ENVIRONMENTAL SOLUTIONS (CAYMAN) LTD.	  	Cayman Islands
	 147.
	  	ENVIRONMENTAL SOLUTIONS HOLDING LTD.	  	Cayman Islands
	 148.
	  	ENVIRONMENTAL SOLUTIONS LTD.	  	Cayman Islands
	 149.
	  	HBI HOLDINGS, LLC	  	Delaware
	 150.
	  	HIGHLAND TRADING COMPANY, LTD.	  	Cayman Islands
	 151.
	  	HORTON CBI, LIMITED	  	Canada
	 152.
	  	HOWE-BAKER ENGINEERS, LTD.	  	Texas
	 153.
	  	HOWE-BAKER HOLDINGS, L.L.C.	  	Delaware
	 154.
	  	HOWE-BAKER INTERNATIONAL MANAGEMENT, LLC	  	Delaware
	 155.
	  	HOWE-BAKER INTERNATIONAL, L.L.C.	  	Delaware
	 156.
	  	HOWE-BAKER MANAGEMENT, L.L.C.	  	Delaware
	 157.
	  	INTERNATIONAL CONSULTANTS, L.L.C.	  	Louisiana
	 158.
	  	LEALAND FINANCE COMPANY B.V.	  	Netherlands
	 159.
	  	LUMMUS ARABIA LTD. CO.	  	Saudi Arabia
	 160.
	  	LUMMUS CONSULTANTS INTERNATIONAL LIMITED	  	England
	 161.
	  	LUMMUS CONSULTANTS INTERNATIONAL LLC	  	Louisiana
	 162.
	  	LUMMUS GASIFICATION TECHNOLOGY LICENSING LLC	  	Delaware
	 163.
	  	LUMMUS TECHNOLOGY VENTURES LLC	  	Delaware
	 164.
	  	LUMMUS TECHNOLOGY B.V.	  	Netherlands
	 165.
	  	LUMMUS TECHNOLOGY HEAT TRANSFER B.V.	  	Netherlands
	 166.
	  	LUMMUS TECHNOLOGY INTERNATIONAL LLC	  	Delaware
	 167.
	  	LUMMUS TECHNOLOGY LLC	  	Delaware
	 168.
	  	LUMMUS TECHNOLOGY OVERSEAS LLC	  	Delaware
	 169.
	  	LUMMUS TECHNOLOGY SERVICES LLC	  	Delaware

					
	 170.
	  	LUTECH PROJECT SOLUTIONS B.V.	  	Netherlands
	 171.
	  	LUTECH PROJECTS B.V.	  	Netherlands
	 172.
	  	LUTECH RESOURCES B.V.	  	Netherlands
	 173.
	  	LUTECH RESOURCES CANADA LTD.	  	Canada (Alberta)
	 174.
	  	LUTECH RESOURCES INC.	  	Delaware
	 175.
	  	LUTECH RESOURCES LIMITED	  	England
	 176.
	  	MATRIX ENGINEERING, LTD.	  	Texas
	 177.
	  	MATRIX MANAGEMENT SERVICES, LLC	  	Delaware
	 178.
	  	NETHERLANDS OPERATING COMPANY B.V.	  	Netherlands
	 179.
	  	NOVOLEN TECHNOLOGY HOLDINGS C.V.	  	Netherlands
	 180.
	  	NUCLEAR ENERGY HOLDINGS, L.L.C.	  	Delaware
	 181.
	  	OASIS SUPPLY COMPANY, LTD.	  	Cayman Islands
	 182.
	  	OCEANIC CONTRACTORS, INC.	  	Delaware
	 183.
	  	OXFORD METAL SUPPLY LIMITED	  	England
	 184.
	  	PIKE PROPERTIES II, INC.	  	Louisiana
	 185.
	  	PIPEWORK ENGINEERING AND DEVELOPMENTS LIMITED	  	England
	 186.
	  	PROSPECT INDUSTRIES (HOLDINGS) INC.	  	Delaware
	 187.
	  	S C WOODS, L.L.C.	  	Delaware
	 188.
	  	SHAW ALLOY PIPING PRODUCTS, LLC	  	Louisiana
	 189.
	  	SHAW BENECO, INC.	  	Louisiana
	 190.
	  	SHAW CONNEX, INC.	  	Delaware
	 191.
	  	SHAW DUNN LIMITED	  	England
	 192.
	  	SHAW E & I INTERNATIONAL LTD.	  	Cayman Islands
	 193.
	  	SHAW ENERGY SERVICES, INC.	  	Louisiana
	 194.
	  	SHAW FABRICATORS, INC.	  	Louisiana
	 195.
	  	SHAW FAR EAST SERVICES, LLC	  	Louisiana
	 196.
	  	SHAW GROUP UK LIMITED	  	England
	 197.
	  	SHAW HOME LOUISIANA, LLC	  	Louisiana
	 198.
	  	SHAW INTERNATIONAL INC.	  	Delaware
	 199.
	  	SHAW INTERNATIONAL MANAGEMENT SERVICES TWO, INC.	  	Louisiana
	 200.
	  	SHAW JV HOLDINGS, L.L.C.	  	Louisiana
	 201.
	  	SHAW MANAGED SERVICES, LLC	  	Louisiana
	 202.
	  	SHAW MANAGEMENT SERVICES ONE, INC.	  	Louisiana
	 203.
	  	SHAW NC COMPANY, INC.	  	North Carolina
	 204.
	  	SHAW NUCLEAR ENERGY HOLDINGS (UK), INC.	  	Louisiana
	 205.
	  	SHAW OVERSEAS (MIDDLE EAST) LTD.	  	Cayman Islands
	 206.
	  	SHAW POWER DELIVERY SYSTEMS, INC.	  	Louisiana
	 207.
	  	SHAW POWER SERVICES GROUP, L.L.C.	  	Louisiana
	 208.
	  	SHAW POWER SERVICES, LLC	  	Louisiana
	 209.
	  	SHAW POWER TECHNOLOGIES, INC.	  	Louisiana
	 210.
	  	SHAW PROCESS FABRICATORS, INC.	  	Louisiana
	 211.
	  	SHAW SERVICES, L.L.C.	  	Louisiana
	 212.
	  	SHAW SSS FABRICATORS, INC.	  	Louisiana
	 213.
	  	SHAW TRANSMISSION & DISTRIBUTION SERVICES INTERNATIONAL, INC.	  	Delaware

					
	 214.
	  	SHAW TRANSMISSION & DISTRIBUTION SERVICES, INC.	  	Louisiana
	 215.
	  	TVL LENDER II, INC.	  	Delaware
	 216.
	  	WHESSOE PIPING SYSTEMS LIMITED	  	England

 Schedule 1.1 

to the Credit Agreement 
 JOINT
VENTURES2 
  

	1.	 Deep Oil Technology, Inc. 

 

	2.	 Deepwater Marine Technology, L. L. C. 

 

	3.	 FloaTEC, LLC 

  

	4.	 FloaTEC Singapore Pte. Ltd. 

 

	5.	 FloaTEC de México, S.A. de C.V. 

 

	6.	 FloaTEC Offshore Servicos de Petroleo do Brasil Ltda.  

 

	7.	 io Oil & Gas Management LLC 

 

	8.	 io Oil & Gas US LLC 

 

	9.	 io Oil & Gas UK LLP 

 

	10.	 Qingdao McDermott Wuchuan Offshore Engineering Co. Ltd. 

 

	11.	 Spars International, Inc. 

 

	12.	 WD 140 Platform LLC 

  

	13.	 McDermott Engineering Sdn. Bhd. 

 

	14.	 CB&I/Zachry Joint Venture 

 

	15.	 CB&I/Zachry/Chiyoda JV 

 

	16.	 CBI Cough JV Pte Ltd 

 

	17.	 CBI Kentz Joint Venture 

 

	18.	 CCJV 

  

	19.	 CCS Netherlands B.V. 

 

	20.	 North Caspian Engineering LLP 

 

	21.	 CB&I Nass Pipe Fabrication W.L.L, 

 
  

	2 	 Subject to change before the Initial Utilization Date. 

	22.	 CCSJV Engineering Services Lda (Zona Franca de Madeira) 

 

	23.	 Chevron Lummus Global, LLC 

 

	24.	 Net Power LLC 

  

	25.	 CCS LNG Mozambique, LDA. 

 

	26.	 CB&I–CTCI B.V. 

 

	27.	 Disaster Response Solutions, L.L.C. 

 

	28.	 Pacific Contingency Services, LLC 

 Schedule 3.2(t) 

to the Credit Agreement 
 INITIAL
UTILIZATION DATE DELIVERABLES 
 [To come before the Initial Utilization Date] 

 Schedule 4.3 

to the Credit Agreement 
 OWNERSHIP
OF SUBSIDIARIES3 
  

											
	 Name
	  	Jurisdiction of
Organization	  	Number of
Shares
Authorized	  	Number of
Shares
Outstanding	  	% of Shares
Outstanding held
by Parent (directly
or indirectly)	 
	BERLIAN MCDERMOTT (L) LIMITED	  	Malaysia	  	125,000
 ordinary375,000
preferred
	  	125,000
 ordinary0 preferred
	  	 	70	% 
	BERLIAN MCDERMOTT SDN. BHD.	  	Malaysia	  	199,990,000
 ordinary

100,000
preferred
	  	146,160,400
 ordinary

100,000
preferred
	  	 
 
 	26
 100
	%4 
 % 

	BOUDIN INSURANCE COMPANY, LTD.	  	Bermuda	  	120,000	  	120,000	  	 	100	% 
	CHARTERING COMPANY (SINGAPORE) PTE. LTD.	  	Singapore	  	Unlimited	  	25,000	  	 	100	% 
	DEEPSEA (AMERICAS) LLC	  	Texas	  	N/A	  	N/A	  	 	100	% 
	DEEPSEA (EUROPE) LIMITED	  	England	  	1,000	  	102	  	 	100	% 
	DEEPSEA GROUP LIMITED	  	United
Arab
Emirates	  	1,758 Class A
 242 Class B
	  	1,758 Class A
 242 Class B
	  	 
 
	100
 100
	% 
 % 

	DEEPSEA (UK) LIMITED	  	England	  	100	  	100	  	 	100	% 
	DEEPSEA (US) INCORPORATED	  	Texas	  	1,000	  	1,000	  	 	100	% 
	DELTA CATALYTIC (HOLLAND) B.V.	  	Netherlands	  	3,000,000	  	600,000	  	 	100	% 
	EASTERN MARINE SERVICES, INC.	  	Panama	  	100,000	  	100,000	  	 	100	% 
	ELDRIDGE PTE. LTD.	  	Singapore	  	100	  	100	  	 	100	% 
	HYDRO MARINE SERVICES, INC.	  	Panama	  	100,000	  	100,000	  	 	100	% 
	INTERNATIONAL VESSELS LTD	  	Mauritius	  	2	  	2	  	 	100	% 
	J. RAY HOLDINGS, INC.	  	Delaware	  	1,000	  	1,000	  	 	100	% 
	J. RAY MCDERMOTT (AUST.) HOLDING PTY. LIMITED	  	Australia	  	1,000,000	  	1,000,000	  	 	100	% 
	J. RAY MCDERMOTT CANADA HOLDING, LTD.	  	Nova
Scotia	  	100,000,000	  	3,868,301	  	 	100	% 
	J. RAY MCDERMOTT DE MEXICO, S.A. DE C.V.	  	Mexico	  	1,116,000,000
 comUnlimited
	  	1,116,000,000
 com2,845,409,094
var
	  	 
 
	100
 100
	% 
 % 

	J. RAY MCDERMOTT ENGINEERING SERVICES PRIVATE LIMITED	  	India	  	50,000	  	10,000	  	 	100	% 
	J. RAY MCDERMOTT FAR EAST, INC.	  	Panama	  	100,000	  	1,000	  	 	100	% 
	J. RAY MCDERMOTT HOLDINGS, LLC	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	J. RAY MCDERMOTT INTERNATIONAL, INC.	  	Panama	  	100,000	  	1,000	  	 	100	% 
	J. RAY MCDERMOTT INVESTMENTS B.V.	  	Netherlands	  	1,360,000	  	272,268	  	 	100	% 
	J. RAY MCDERMOTT INTERNATIONAL VESSELS, LTD.	  	Cayman
Islands	  	100,000	  	100	  	 	100	% 
	J. RAY MCDERMOTT KAZAKHSTAN LIMITED LIABILITY PARTNERSHIP	  	Kazakhstan	  	N/A	  	N/A	  	 	100	% 
	J RAY MCDERMOTT LOGISTIC SERVICES PRIVATE LIMITED	  	India	  	50,000	  	10,000	  	 	100	% 

  

	3 	 Subject to change before the Initial Utilization Date. 

	4 	 25% is owned by J. RAY MCDERMOTT, S.A. and 75% is owned by MCDERMOTT HOLDINGS (M) SDN. BHD.

											
	 Name
	  	Jurisdiction of
Organization	  	Number of
Shares
Authorized	  	Number of
Shares
Outstanding	  	% of Shares
Outstanding held
by Parent (directly
or indirectly)	 
	J. RAY MCDERMOTT (LUXEMBOURG), S.A R.L.	  	Luxembourg	  	12,500	  	12,500	  	 	100	% 
	J. RAY MCDERMOTT (NIGERIA) LIMITED	  	Nigeria	  	5,000,000	  	5,000,000	  	 	100	% 
	J. RAY MCDERMOTT (NORWAY), AS	  	Norway	  	100,000	  	100,000	  	 	100	% 
	J. RAY MCDERMOTT (QINGDAO) PTE. LTD.	  	Singapore	  	Unlimited	  	1	  	 	100	% 
	J. RAY MCDERMOTT SOLUTIONS, INC.	  	Delaware	  	1,000	  	1,000	  	 	100	% 
	J. RAY MCDERMOTT TECHNOLOGY, INC.	  	Delaware	  	1,000	  	1,000	  	 	100	% 
	J. RAY MCDERMOTT UNDERWATER SERVICES, INC.	  	Panama	  	100,000	  	1,000	  	 	100	% 
	J. RAY MCDERMOTT, S.A.	  	Panama	  	500	  	500	  	 	100	% 
	MALMAC SDN. BHD.	  	Malaysia	  	5,000,000	  	5,000,000	  	 	100	% 
	MCDERMOTT (AMAZON CHARTERING), INC.	  	Panama	  	1,000	  	1,000	  	 	100	% 
	MCDERMOTT ARABIA COMPANY LIMITED	  	Saudi Arabia	  	2,020	  	2,020	  	  	93	%5 
	MCDERMOTT ARABIA HOLDINGS, INC.	  	Panama	  	1,000	  	1,000	  	  	90	%6 
	MCDERMOTT ASIA PACIFIC PTE. LTD.	  	Singapore	  	Unlimited	  	7,450,000	  	 	100	% 
	MCDERMOTT ASIA PACIFIC SDN. BHD.	  	Malaysia	  	5,000,000	  	2,500,100	  	 	100	% 
	MCDERMOTT AUSTRALIA PTY. LTD	  	Australia	  	1,000,000	  	1,000,000	  	 	100	% 
	MCDERMOTT AZERBAIJAN MARINE CONSTRUCTION, INC.	  	Panama	  	125,000	  	125,000	  	  	80	%7 
	MCDERMOTT BLACKBIRD HOLDINGS, LLC	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	MCDERMOTT CAPEHYDRA LIMITED	  	Ghana	  	5,000,000	  	200,000	  	  	75	%8 
	MCDERMOTT CAPITAL MALAYSIA SDN. BHD.	  	Malaysia	  	25,000,000	  	1,000	  	  	49	%9 
	MCDERMOTT CASPIAN CONTRACTORS, INC.	  	Panama	  	100,000	  	100,000	  	 	100	% 
	MCDERMOTT CAYMAN LTD.	  	Cayman
Islands	  	5,000,000	  	1,000	  	 	100	% 
	MCDERMOTT (DLV 2000 CHARTERING), INC.	  	Panama	  	100,000	  	1,000	  	 	100	% 
	MCDERMOTT EASTERN HEMISPHERE, LTD.	  	Mauritius	  	7,000	  	6,502	  	 	100	% 
	MCDERMOTT ENGINEERING L.L.C. AND KHALID SUHAIL AL SHOAIBI FOR ENGINEERING CONSULTANCY	  	Saudi Arabia	  	100	  	100	  	  	75	%10 
	MCDERMOTT ENGINEERING, LLC	  	Texas	  	N/A	  	N/A	  	 	100	% 
	MCDERMOTT ENGINEERING SDN. BHD.	  	Malaysia	  	5,000,000	  	5,000,000	  	  	30	%11 
	MCDERMOTT FAR EAST, INC.	  	Panama	  	50,000	  	50,000	  	 	100	% 
	MCDERMOTT FINANCE L.L.C.	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	MCDERMOTT GULF OPERATING COMPANY, INC.	  	Panama	  	100,000	  	100,000	  	 	100	% 
	MCDERMOTT HOLDINGS (M) SDN. BHD.	  	Malaysia	  	100,000	  	100	  	  	1	%12 
	MCDERMOTT HOLDINGS (U.K.) LIMITED	  	England	  	50,000,000	  	29,005,333	  	 	100	% 
	MCDERMOTT, INC.	  	Delaware	  	2,000	  	1,000	  	 	100	% 
	MCDERMOTT INTERNATIONAL B.V.	  	Netherlands	  	2,000,000	  	400,000	  	 	100	% 
	MCDERMOTT INTERNATIONAL INVESTMENTS CO., INC.	  	Panama	  	100,000	  	100,000	  	 	100	% 

  

	5 	 30% is owned by J. RAY MCDERMOTT, S.A. and 70% is owned by MCDERMOTT ARABIA HOLDINGS, INC.

	6 	 90% is owned by J. RAY MCDERMOTT, S.A. and 10% is owned by an individual. 

	7 	 80% is owned by MCDERMOTT INTERNATIONAL TRADING CO., INC. and 20% is owned by a third party.

	8 	 75% is owned by MCDERMOTT MARINE CONSTRUCTION GHANA LIMITED and 25% is owned by third parties.

	9 	 48% is owned by J. RAY MCDERMOTT, S.A. and 52% is owned by MCDERMOTT HOLDINGS (M) SDN. BHD.

	10 	 75% is owned by MCDERMOTT ENGINEERING, LLC and 25% is owned by a third party. 

	11 	 30% is owned by MCDERMOTT ASIA PACIFIC SDN. BHD. and 70% is owned by individuals. 

	12 	 1% is owned by MALMAC SDN. BHD. and 99% is owned by an individual. 

											
	 Name
	  	Jurisdiction of
Organization	  	Number of
Shares
Authorized	  	Number of
Shares
Outstanding	  	% of Shares
Outstanding held
by Parent (directly
or indirectly)	 
	MCDERMOTT INTERNATIONAL MANAGEMENT, S. DE RL.	  	Panama	  	10,000	  	1,000	  	 	100	% 
	MC DERMOTT INTERNATIONAL MARINE INVESTMENTS N.V.	  	Curacao	  	6,000 pref.
 24,000
common
	  	6,000 pref.
 24,000
common
	  	 
 
	100
 100
	% 
 % 

	MCDERMOTT INTERNATIONAL TRADING CO., INC.	  	Panama	  	100,000	  	100,000	  	 	100	% 
	MCDERMOTT INTERNATIONAL VESSELS, INC.	  	Panama	  	100,000	  	1,000	  	 	100	% 
	MCDERMOTT INVESTMENTS, LLC	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	MCDERMOTT MARINE CONSTRUCTION GHANA LIMITED	  	Ghana	  	1,000,000	  	814,000	  	 	100	% 
	MCDERMOTT MARINE CONSTRUCTION LIMITED	  	England	  	10,000,000	  	10,000,000	  	 	100	% 
	MCDERMOTT MARINE MEXICO, S.A. DE C.V.	  	Mexico	  	Unlimited	  	50,000	  	 	100	% 
	MCDERMOTT MIDDLE EAST, INC.	  	Panama	  	1,000,000	  	10,000	  	 	100	% 
	MCDERMOTT OFFSHORE SERVICES COMPANY, INC.	  	Panama	  	100,000	  	100,000	  	 	100	% 
	MCDERMOTT OLD JV OFFICE, INC.	  	Panama	  	1,000,000	  	1,000	  	 	100	% 
	MCDERMOTT OVERSEAS, INC.	  	Panama	  	10,000	  	10,000	  	 	100	% 
	MC DERMOTT OVERSEAS INVESTMENT CO. N.V.	  	Curacao	  	6,000 Pref. A
 24,000

Common B
	  	6,000 Pref. A
 24,000
 Common
B
	  	 
 
	100
 100
	% 
 % 

	MCDERMOTT PROJECT SUPPORT FZE	  	United Arab
Emirates	  	1	  	1	  	 	100	% 
	MCDERMOTT SERVICOS OFFSHORE DO BRASIL LTDA.	  	Brazil	  	7,000,000	  	7,000,000	  	 	100	% 
	MCDERMOTT SUBSEA ENGINEERING, INC.	  	Delaware	  	1,000	  	1,000	  	 	100	% 
	MCDERMOTT SUBSEA, INC.	  	Panama	  	100,000	  	100,000	  	 	100	% 
	MCDERMOTT TECHNOLOGY, B.V.	  	Netherlands	  	1	  	1	  	 	100	% 
	MCDERMOTT TECHNOLOGY (2), B.V.	  	Netherlands	  	1	  	1	  	 	100	% 
	MCDERMOTT TECHNOLOGY (3), B.V.	  	Netherlands	  	1	  	1	  	 	100	% 
	MCDERMOTT TECHNOLOGY (AMERICAS), INC.	  	Delaware	  	100	  	100	  	 	100	% 
	MCDERMOTT TECHNOLOGY (US), INC.	  	Delaware	  	100	  	100	  	 	100	% 
	NORTH ATLANTIC VESSEL, INC.	  	Panama	  	100,000	  	100,000	  	 	100	% 
	NORTH OCEAN 105 AS	  	Norway	  	100,000
 Series A38,000 Series
B
	  	100,000
 Series A19,000
Series B
	  	 	100	% 
	OFFSHORE PIPELINES INTERNATIONAL, LTD.	  	Cayman
Islands	  	100,000	  	1,100	  	 	100	% 
	OFFSHORE PIPELINES NIGERIA LIMITED	  	Nigeria	  	500,000	  	500,000	  	 	60	% 
	OPI VESSELS, INC.	  	Delaware	  	1,000	  	20	  	 	100	% 
	P. T. MCDERMOTT INDONESIA	  	Indonesia	  	17,340
Class A
 Common9,201
Class B pref.
	  	17,340
Class A
 Common9,201
Class B
pref.
	  	  	49	%13 
	PT. BAJA WAHANA INDONESIA	  	Indonesia	  	17,000	  	10,600	  	 	100	% 
	PT. J. RAY MCDERMOTT INDONESIA	  	Indonesia	  	1,000,000	  	1,000,000	  	  	75	%14 
	SERVICIOS DE FABRICACION DE ALTAMIRA, S.A. DE C.V.	  	Mexico	  	Unlimited	  	50,000	  	 	100	% 

  

	13 	 17% is owned by MCDERMOTT FAR EAST, INC., 32% is owned by MCDERMOTT ASIA PACIFIC PTE. LTD. and 51% is owned by
third parties. 

	14 	 75% is owned by MCDERMOTT ASIA PACIFIC PTE. LTD. and 25% is owned by a third party. 

											
	 Name
	  	Jurisdiction of
Organization	 	Number of
Shares
Authorized	  	Number of
Shares
Outstanding	  	% of Shares
Outstanding held
by Parent (directly
or indirectly)	 
	SERVICIOS PROFESIONALES DE ALTAMIRA, S.A. DE C.V.	  	Mexico	 	Unlimited	  	50,000	  	 	100	% 
	SINGAPORE HUANGDAO PTE. LTD.	  	Singapore	 	Unlimited	  	1	  	 	100	% 
	SPARTEC, INC.	  	Delaware	 	1,000	  	1,000	  	 	100	% 
	VARSY INTERNATIONAL N.V.	  	Curacao	 	6,000 pref.
 24,000
common
	  	6,000 pref.
 1 common
	  	 
 
	100
 100
	% 
 % 

	850 PINE STREET LLC	  	Delaware	 	1,000	  	1,000	  	 	100	% 
	A & B BUILDERS, LTD.	  	Texas	 	N/A	  	N/A	  	 	100	% 
	AITON & CO LIMITED	  	England	 	1,000	  	1	  	 	100	% 
	ARABIAN CBI LTD.	  	Saudi Arabia	 	400	  	400	  	 	100	% 
	ARABIAN CBI TANK MANUFACTURING CO. LTD.	  	Saudi Arabia	 	400	  	400	  	 	100	% 
	ASIA PACIFIC SUPPLY CO.	  	Delaware	 	100,000	  	100	  	 	100	% 
	ATLANTIC CONTINGENCY CONSTRUCTORS II, LLC	  	Delaware	 	N/A	  	N/A	  	 	100	% 
	ATLANTIS CONTRACTORS INC.	  	Delaware	 	100	  	100	  	 	100	% 
	BLUE WATER TECHNOLOGIES, INC.	  	Idaho	 	12,000,000	  	12,000,000	  	 	100	% 
	CATALYTIC DISTILLATION TECHNOLOGIES	  	Texas	 	N/A	  	N/A	  	 	100	% 
	CB&I (NIGERIA) LIMITED	  	Nigeria	 	5,000,000	  	5,000,000	  	 	100	% 
	CB&I AREVA MOX SERVICES, LLC	  	South Carolina	 	N/A	  	N/A	  	 	70	% 
	CB&I BRAZIL HOLDINGS, INC.	  	Louisiana	 	1,000,000	  	100	  	 	100	% 
	CB&I CAIRO, L.L.C.	  	Egypt	 	144,050	  	144,050	  	 	100	% 
	CB&I CANADA LTD.	  	Canada (British
Columbia)	 	Unlimited	  	100	  	 	100	% 
	CB&I CLEARFIELD, INC.	  	Delaware	 	10,000,000	  	10,000,000	  	 	100	% 
	CB&I COJAFEX B.V.	  	Netherlands	 	20	  	4	  	 	100	% 
	CB&I CONNECTICUT, INC.	  	Delaware	 	200	  	200	  	 	100	% 
	CB&I CONSTRUCTORS LIMITED	  	England	 	200,000	  	163,536	  	 	100	% 
	CB&I EL DORADO, INC.	  	Arkansas	 	100,000	  	520	  	 	100	% 
	CB&I ENERGY SERVICES, LLC	  	Louisiana	 	N/A	  	N/A	  	 	100	% 
	CB&I ENGINEERING (THAILAND) LTD.	  	Thailand	 	1,500,000	  	150,000	  	 	49	% 
	CB&I ENGINEERING AND CONSTRUCTION CONSULTANT (SHANGHAI) CO. LTD.	  	China	 	140,000	  	140,000	  	 	100	% 
	CB&I ENGINEERING NEW YORK, P.C.	  	New York	 	1,000	  	1000	  	 	100	% 
	CB&I EUROPE B.V.	  	Netherlands	 	18,152	  	18,152	  	 	100	% 
	CB&I FABRICATION, LLC	  	Louisiana	 	N/A	  	N/A	  	 	100	% 
	CB & I FINANCE COMPANY LIMITED	  	Ireland	 	100,000	  	2	  	 	100	% 
	CB&I FINANCIAL RESOURCES LLC	  	Delaware	 	N/A	  	N/A	  	 	100	% 
	CB&I GLOBAL OPERATIONS INTERNATIONAL PTE. LTD.	  	Singapore	 	1	  	1	  	 	100	% 
	CB&I GLOBAL OPERATIONS US PTE. LTD.	  	Singapore	 	10	  	10	  	 	100	% 
	CB&I GLOBAL, L.L.C.	  	Delaware	 	N/A	  	100	  	 	100	% 
	CB&I GROUP UK HOLDINGS	  	England	 	10,000,000	  	8,850,002	  	 	100	% 
	CB&I GROUP INC. (F/K/A THE SHAW GROUP INC.)	  	Louisiana	 	220,000,000
 common 
 20,000,000
preferred
	  	84,961,999
 common
  

999,999
 preferred
	  	   
  

	 100 
  

100
	 %  
  

% 

	CB&I HOLDCO INTERNATIONAL, LLC	  	Louisiana	 	N/A	  	N/A	  	 	100	% 
	CB&I HOLDCO, LLC	  	Louisiana	 	N/A	  	N/A	  	 	100	% 
	CB&I HOLDINGS (UK) LIMITED	  	England	 	1,000,002	  	1,000,002	  	 	100	% 

											
	 Name
	  	Jurisdiction of
Organization	  	Number of
Shares
Authorized	  	Number of
Shares
Outstanding	  	% of Shares
Outstanding held
by Parent (directly
or indirectly)	 
	CB&I HOLDINGS B.V.	  	Netherlands	  	9,000,000	  	1,800,000	  	 	100	% 
	CB&I HOUSTON 06 LLC	  	Delaware	  	N/A	  	1	  	 	100	% 
	CB&I HOUSTON 07 LLC	  	Delaware	  	N/A	  	14,555,597	  	 	100	% 
	CB&I HOUSTON 08 LLC	  	Delaware	  	N/A	  	14,555,597	  	 	100	% 
	CB&I HOUSTON 09 LLC	  	Delaware	  	N/A	  	14,395,135	  	 	100	% 
	CB&I HOUSTON 10 LLC	  	Delaware	  	N/A	  	14,394,564	  	 	100	% 
	CB&I HOUSTON 11 LLC	  	Delaware	  	N/A	  	14,434,526	  	 	100	% 
	CB&I HOUSTON 12 LLC	  	Delaware	  	N/A	  	14,474,488	  	 	100	% 
	CB&I HOUSTON 13 LLC	  	Delaware	  	N/A	  	1	  	 	100	% 
	CB&I HOUSTON LLC	  	Delaware	  	N/A	  	1	  	 	100	% 
	CB&I HUNGARY HOLDING LIMITED LIABILTIY COMPANY (CBI HUNGARY KFT.)	  	Hungary	  	N/A	  	1 Quota	  	 	100	% 
	CB&I INDIA PRIVATE LIMITED	  	India	  	50,000,000	  	2,486,630	  	 	100	% 
	CB&I INTERNATIONAL ONE, LLC	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	CB&I INTERNATIONAL, INC.	  	Louisiana	  	10,000	  	1,000	  	 	100	% 
	CB&I INTERNATIONAL, LLC	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	CB&I KOREA LIMITED	  	Korea	  	50,000	  	50,000	  	 	100	% 
	CB&I LAKE CHARLES, L.L.C.	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	CB&I LAURENS, INC.	  	South Carolina	  	1,000	  	1,000	  	 	100	% 
	CB&I LLC	  	Texas	  	N/A	  	N/A	  	 	100	% 
	CB&I LONDON	  	England	  	1	  	1	  	 	100	% 
	CB&I LUMMUS DEUTSCHLAND GMBH	  	Germany	  	50,000	  	50,000	  	 	100	% 
	CB&I LUMMUS ENGINEERING & TECHNOLOGY CHINA CO. LTD.	  	China	  	N/A	  	N/A	  	 	100	% 
	CB&I LUMMUS LTDA.	  	Brazil	  	68,988,520	  	68,988,520	  	 	100	% 
	CB&I MASSACHUSETTS, INC.	  	Massachusetts	  	1000	  	1000	  	 	100	% 
	CB&I MATAMOROS, S. DE R. L. DE C.V.	  	Mexico	  	N/A	  	N/A	  	 	100	% 
	CB&I MAURITIUS	  	Mauritius	  	10	  	10	  	 	100	% 
	CB&I MEIO AMBIENTE E INFRAESTRUCTURA LTDA.	  	Brazil	  	4796551	  	4796551	  	 	100	% 
	CB&I MICHIGAN, INC.	  	Michigan	  	1000	  	1000	  	 	100	% 
	CB&I MIDDLE EAST HOLDING, INC.	  	Cayman Islands	  	50,000	  	100	  	 	100	% 
	CB&I MOZAMBIQUE LIMITADA	  	Mozambique	  	9,152,649	  	9,152,649	  	 	100	% 
	CB&I NASS PIPE FABRICATION W.L.L.	  	Bahrain	  	51	  	51	  	 	100	% 
	CB&I NASS PIPE FABRICATION W.L.L.	  	Bahrain	  	49	  	49	  	 	49	% 
	CB&I NATIONAL ENGINEERING, P.C.	  	Massachusetts	  	1000	  	200	  	 	100	% 
	CB&I NEDERLAND B.V.	  	Netherlands	  	272,270	  	54,454	  	 	100	% 
	CB&I NORTH CAROLINA, INC.	  	North Carolina	  	2,500	  	330	  	 	100	% 
	CB&I OFFSHORE SERVICES, INC.	  	Louisiana	  	1,000,000	  	1,500	  	 	100	% 
	CB&I OIL & GAS EUROPE B.V.	  	Netherlands	  	1,115	  	225	  	 	100	% 
	CB&I PADDINGTON LIMITED	  	England	  	1	  	1	  	 	100	% 
	CB&I POWER COMPANY B.V.	  	Netherlands	  	60,000,000	  	42,889,195	  	 	100	% 
	CB&I POWER INTERNATIONAL, INC.	  	Louisiana	  	1,000,000	  	1,000	  	 	100	% 
	CB&I POWER LIMITED	  	England	  	172	  	172	  	 	100	% 
	CB&I POWER, LLC	  	Louisiana	  	1,000,000	  	1,000	  	 	100	% 
	CB&I PROJECT SERVICES GROUP, LLC	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	CB&I RIO GRANDE HOLDINGS, L.L.C.	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	CB&I RIO GRANDE VALLEY FABRICATION & MANUFACTURING, L.L.C.	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	CB&I RUSLAND B.V.	  	Netherlands	  	18,000	  	18,000	  	 	100	% 

											
	 Name
	  	Jurisdiction of
Organization	  	Number of
Shares
Authorized	  	Number of
Shares
Outstanding	  	% of Shares
Outstanding held
by Parent (directly
or indirectly)	 
	CB&I S.R.O.	  	Czech Republic	  	100,000	  	100,000	  	 	100	% 
	CB&I SINGAPORE PTE. LTD.	  	Singapore	  	550,000	  	527,802	  	 	100	% 
	CB&I SKE&C MIDDLE EAST LTD.	  	Cayman Islands	  	50,000	  	49,999	  	 	53	% 
	CB&I TYLER COMPANY	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	CB&I UK LIMITED	  	England	  	127,704,958	  	127,704,958	  	 	100	% 
	CB&I WALKER LA, L.L.C.	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	CB&I WOODLANDS LLC	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	CBI (MALAYSIA) SDN. BHD.	  	Malaysia	  	5,000,000	  	1,900,000	  	 	100	% 
	CBI (PHILIPPINES) INC.	  	Philippines	  	2,000,000	  	1,200,000	  	 	100	% 
	CBI (THAILAND) LIMITED	  	Thailand	  	1,000,000	  	1,000,000	  	 	100	% 
	CBI AMERICAS LTD.	  	Delaware	  	10,000	  	10,000	  	 	100	% 
	CBI ARUBA N.V.	  	Aruba	  	500	  	100	  	 	100	% 
	CBI BAHAMAS LIMITED	  	Bahamas	  	5000	  	5000	  	 	100	% 
	CBI CARIBE, LTD.	  	Delaware	  	3,000	  	2,128	  	 	100	% 
	CBI CLOUGH JV PTE LTD	  	Singapore	  	N/A	  	N/A	  	 	65	% 
	CBI COLOMBIANA S.A.	  	Colombia	  	500,000,000	  	229,927,004	  	 	100	% 
	CBI COMPANY B.V.	  	Netherlands	  	Unlimited	  	100	  	 	100	% 
	CBI COMPANY LTD.	  	Delaware	  	10,000	  	5,310	  	 	100	% 
	CBI COMPANY TWO B.V.	  	Netherlands	  	100	  	100	  	 	100	% 
	CBI CONSTRUCTORS FZE	  	UAE	  	1	  	1	  	 	100	% 
	CBI CONSTRUCTORS PTY. LTD.	  	Australia	  	500,000	  	302,623	  	 	100	% 
	CBI CONSTRUCTORS S.A. (PROPRIETARY) LIMITED	  	South Africa	  	275,000	  	263,000	  	 	100	% 
	CBI COSTA RICA, S.A.	  	Costa Rica	  	2,000	  	2,000	  	 	100	% 
	CBI DE NICARAGUA, SOCIEDAD ANÓNIMA	  	Nicaragua	  	1,000	  	1,000	  	 	100	% 
	CBI DE VENEZUELA, C. A.	  	Venezuela	  	25,050	  	25,050	  	 	100	% 
	CBI DOMINICANA, SRL	  	Dominican
Republic	  	6,900	  	6,900	  	 	100	% 
	CBI EASTERN ANSTALT	  	Liechtenstein	  	1	  	1	  	 	100	% 
	CBI HOLDCO TWO INC.	  	Delaware	  	200 common;
4,800 total
preferred	  	60 common;
2,550 total
preferred	  	 	100	% 
	CBI JAMAICA LIMITED	  	Jamaica	  	5,000	  	5,000	  	 	100	% 
	CBI (MALAYSIA) SDN. BHD.	  	Malaysia	  	1,121,000	  	5,000,000	  	 	100	% 
	CBI MONTAJES DE CHILE LIMITADA	  	Chile	  	1,000	  	1,000	  	 	100	% 
	CBI OVERSEAS (FAR EAST) INC.	  	Delaware	  	218	  	218	  	 	100	% 
	CBI OVERSEAS, LLC	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	CBI PANAMA, S.A.	  	Panama	  	1,000	  	1,000	  	 	100	% 
	CBI PERUANA S.A.C.	  	Peru	  	5,000	  	5,000	  	 	100	% 
	CBI SERVICES, LLC	  	Delaware	  	1	  	1	  	 	100	% 
	CBI UK CAYMAN ACQUISITION LIMITED	  	England	  	299,488,000	  	299,488,000	  	 	100	% 
	CBI US HOLDING COMPANY INC.	  	Delaware	  	200	  	200	  	 	100	% 
	CBI VENEZOLANA, S. A.	  	Venezuela	  	25,524,336	  	25,524,336	  	 	100	% 
	CBIT I, LLC	  	Delaware	  	N/A	  	N/A	  	 	49	% 
	CBIT II, LLC	  	Delaware	  	N/A	  	N/A	  	 	49	% 
	CBIT III, LLC	  	Delaware	  	N/A	  	N/A	  	 	49	% 
	CBIT IV, LLC	  	Delaware	  	N/A	  	N/A	  	 	49	% 
	CENTRAL TRADING COMPANY LTD.	  	Delaware	  	1,000	  	1,000	  	 	100	% 
	CFS-KBR MARIANAS SUPPORT SERVICES, LLC	  	Delaware	  	N/A	  	N/A	  	 	50	% 
	CHEMICAL RESEARCH AND LICENSING, LLC	  	Texas	  	N/A	  	N/A	  	 	100	% 

											
	 Name
	  	Jurisdiction of
Organization	  	Number of
Shares
Authorized	  	Number of
Shares
Outstanding	  	% of Shares
Outstanding held
by Parent (directly
or indirectly)	 
	CHICAGO BRIDGE & IRON (ANTILLES) N.V.	  	Curacao	  	30,000	  	6,000	  	 	100	% 
	CHICAGO BRIDGE & IRON COMPANY	  	Delaware	  	3,000	  	100	  	 	100	% 
	CHICAGO BRIDGE & IRON COMPANY	  	Illinois	  	1,000	  	1,000	  	 	100	% 
	CHICAGO BRIDGE & IRON COMPANY (DELAWARE)	  	Delaware	  	1,000	  	1,000	  	 	100	% 
	CHICAGO BRIDGE & IRON COMPANY, (NETHERLANDS) LLC	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	CHICAGO BRIDGE & IRON COMPANY B.V.	  	Netherlands	  	200	  	50	  	 	100	% 
	CHICAGO BRIDGE & IRON COMPANY N.V.	  	Netherlands	  	250,000,000	  	98,083,608	  	 	100	% 
	CHICAGO BRIDGE DE MÉXICO, S.A. DE C.V.	  	Mexico	  	1,000	  	1,000	  	 	100	% 
	CHICAGO BRIDGE SERVICIOS PETROLEROS S.A.	  	Bolivia	  	35	  	35	  	 	100	% 
	CHICAGO BRIDGE URUGUAY S.A.	  	Uruguay	  	1,050,000	  	262,500	  	 	100	% 
	COMET II B.V.	  	Netherlands	  	1	  	1	  	 	100	% 
	CONSTRUCTORA C.B.I. LIMITADA	  	Chile	  	205,000	  	205,000	  	 	100	% 
	CONSTRUCTORS INTERNATIONAL, L.L.C.	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	CSA TRADING COMPANY LTD.	  	Delaware	  	10,000	  	10,000	  	 	100	% 
	EDS EQUIPMENT COMPANY, LLC	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	EMERGENCY RESPONSE SERVICES, LLC	  	Delaware	  	N/A	  	N/A	  	 	51	% 
	ENVIRONMENTAL SOLUTIONS (CAYMAN) LTD.	  	Cayman Islands	  	50,000	  	100	  	 	100	% 
	ENVIRONMENTAL SOLUTIONS HOLDING LTD.	  	Cayman Islands	  	50,000	  	100	  	 	100	% 
	ENVIRONMENTAL SOLUTIONS LTD.	  	Cayman Islands	  	50,000	  	100	  	 	100	% 
	ENVIRONMENTAL SOLUTIONS OF ECUADOR S.A. ENVISOLUTEC	  	Ecuador	  	799	  	800	  	 	100	% 
	ES3 – EBSE SHAW SPOOL SOLUTIONS FABRICACAO DE SISTEMAS DE TUBULACAO LTDA.	  	Brazil	  	N/A	  	N/A	  	 	50	% 
	FIBRE MAKING PROCESSES, INC.	  	Illinois	  	750	  	750	  	 	100	% 
	HBI HOLDINGS, LLC	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	HIGHLAND TRADING COMPANY, LTD.	  	Cayman Islands	  	50,000	  	2	  	 	100	% 
	HOLDING MANUFACTURAS SHAW SOUTH AMERICA, C.A.	  	Venezuela	  	50	  	50	  	 	100	% 
	HORTON CBI, LIMITED	  	Canada	  	65,000	  	64,981	  	 	100	% 
	HOWE-BAKER ENGINEERS, LTD.	  	Texas	  	N/A	  	N/A	  	 	100	% 
	HOWE-BAKER HOLDINGS, L.L.C.	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	HOWE-BAKER INTERNATIONAL MANAGEMENT, LLC	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	HOWE-BAKER INTERNATIONAL, L.L.C.	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	HOWE-BAKER MANAGEMENT, L.L.C.	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	INTEGRATED SITE SOLUTIONS, L.L.C.	  	Michigan	  	N/A	  	N/A	  	 	100	% 
	INTERNATIONAL CONSULTANTS, L.L.C.	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	LEALAND FINANCE COMPANY B.V.	  	Netherlands	  	Unlimited	  	18,152	  	 	100	% 
	LONE STAR RISK CORPORATION	  	Texas	  	250,000	  	250,000	  	 	100	% 
	LUMMUS ARABIA LTD. CO.	  	Saudi Arabia	  	35,000	  	35,000	  	 	100	% 
	LUMMUS CONSULTANTS INTERNATIONAL LIMITED	  	England	  	1,000	  	1	  	 	100	% 
	LUMMUS CONSULTANTS INTERNATIONAL LLC	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	LUMMUS GASIFICATION TECHNOLOGY LICENSING LLC	  	Delaware	  	N/A	  	N/A	  	 	100	% 

											
	 Name
	  	Jurisdiction of
Organization	 	Number of
Shares
Authorized	  	Number of
Shares
Outstanding	  	% of Shares
Outstanding held
by Parent (directly
or indirectly)	 
	LUMMUS NOVOLEN TECHNOLOGY GMBH (F/K/A CB&I NOVOLEN TECHNOLOGY GMBH)	  	Germany	 	2,600,000	  	2,600,000	  	 	100	% 
	LUMMUS TECHNOLOGY VENTURES LLC (F/K/A CB&I TECHNOLOGY VENTURES, INC.)	  	Delaware	 	N/A	  	N/A	  	 	100	% 
	LUMMUS TECHNOLOGY B.V.	  	Netherlands	 	1,000	  	200	  	 	100	% 
	LUMMUS TECHNOLOGY HEAT TRANSFER B.V.	  	Netherlands	 	22,690	  	4,538	  	 	100	% 
	LUMMUS TECHNOLOGY INTERNATIONAL LLC (F/K/A CB&I TECHNOLOGY INTERNATIONAL CORPORATION)	  	Delaware	 	N/A	  	N/A	  	 	100	% 
	LUMMUS TECHNOLOGY LLC (F/K/A CB&I TECHNOLOGY INC.)	  	Delaware	 	N/A	  	N/A	  	 	100	% 
	LUMMUS TECHNOLOGY OVERSEAS LLC (F/K/A CB&I TECHNOLOGY OVERSEAS CORPORATION)	  	Delaware	 	N/A	  	N/A	  	 	100	% 
	LUMMUS TECHNOLOGY SERVICES LLC (F/K/A CB&I TECHNOLOGY SERVICES COMPANY)	  	Delaware	 	N/A	  	N/A	  	 	100	% 
	LUTECH PROJECT SOLUTIONS B.V.	  	Netherlands	 	N/A	  	N/A	  	 	100	% 
	LUTECH PROJECTS B.V.	  	Netherlands	 	N/A	  	N/A	  	 	100	% 
	LUTECH RESOURCES AUSTRALIA PTY LTD	  	Australia
(Western
Australia)	 	1	  	1	  	 	100	% 
	LUTECH RESOURCES B.V.	  	Netherlands	 	900	  	180	  	 	100	% 
	LUTECH RESOURCES CANADA LTD.	  	Canada
(Alberta)	 	Unlimited	  	100	  	 	100	% 
	LUTECH RESOURCES CZECH REPUBLIC S.R.O.	  	Czech Republic	 	N/A	  	N/A	  	 	100	% 
	LUTECH RESOURCES INC.	  	Delaware	 	1,000	  	1,000	  	 	100	% 
	LUTECH RESOURCES INDIA PRIVATE LIMITED	  	India	 	50,000,000	  	2,486,630	  	 	100	% 
	LUTECH RESOURCES LIMITED	  	England	 	1,000	  	1,000	  	 	100	% 
	MANUFACTURAS SHAW SOUTH AMERICA, C.A.	  	Venezuela	 	1642	  	1642	  	 	100	% 
	MATRIX ENGINEERING, LTD.	  	Texas	 	N/A	  	N/A	  	 	100	% 
	MATRIX MANAGEMENT SERVICES, LLC	  	Delaware	 	N/A	  	N/A	  	 	100	% 
	NETHERLANDS OPERATING COMPANY B.V.	  	Netherlands	 	Unlimited	  	182	  	 	100	% 
	NETHERLANDS OPERATING COMPANY B.V.—INDIA PROJECT OFFICE	  	India	 	N/A	  	N/A	  	 	100	% 
	NOVOLEN TECHNOLOGY HOLDINGS C.V.	  	Netherlands	 	N/A	  	N/A	  	 	100	% 
	NUCLEAR ENERGY HOLDINGS, L.L.C.	  	Delaware	 	N/A	  	N/A	  	 	100	% 
	OASIS SUPPLY COMPANY, LTD.	  	Cayman Islands	 	100	  	2	  	 	100	% 
	OCEANIC CONTRACTORS, INC.	  	Delaware	 	100,000	  	45,720	  	 	100	% 
	OOO LUMMUS TECHNOLOGY	  	Russia	 	1	  	1	  	 	100	% 
	OXFORD METAL SUPPLY LIMITED	  	England	 	10,000	  	1,000	  	 	99	% 
	OXFORD METAL SUPPLY LIMITED	  	England	 	10,000	  	10,000	  	 	100	% 
	P.T. CHICAGO BRIDGE & IRON	  	Indonesia	 	6,624	  	341	  	 	100	% 
	PACIFIC SUPPORT GROUP LLC	  	Hawaii	 	N/A	  	N/A	  	 	75	% 
	PIKE PROPERTIES II, INC.	  	Louisiana	 	10,000	  	1,000	  	 	100	% 
	PIPEWORK ENGINEERING AND DEVELOPMENTS LIMITED	  	England	 	10,000	  	10,000	  	 	100	% 
	PROSPECT INDUSTRIES (HOLDINGS) INC.	  	Delaware	 	1,000	  	341	  	 	100	% 
	PT STONE & WEBSTER INDONESIA	  	Indonesia	 	80	  	40	  	 	100	% 

											
	 Name
	  	Jurisdiction of
Organization	  	Number of
Shares
Authorized	  	Number of
Shares
Outstanding	  	% of Shares
Outstanding held
by Parent (directly
or indirectly)	 
	S C WOODS, L.L.C.	  	Delaware	  	N/A	  	N/A	  	 	100	% 
	SHAW ALASKA, INC.	  	Alaska	  	1,000	  	1,000	  	 	100	% 
	SHAW ALLOY PIPING PRODUCTS, LLC	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	SHAW APP TUBELINE, L.L.C.	  	New Jersey	  	N/A	  	N/A	  	 	100	% 
	SHAW ARABIA CO. LTD.	  	Saudi Arabia	  	5,000	  	1,000	  	 	40	% 
	SHAW ASIA COMPANY, LIMITED	  	Thailand	  	N/A	  	N/A	  	 	50	% 
	SHAW BENECO, INC.	  	Louisiana	  	100,000	  	1,000	  	 	100	% 
	SHAW CENTCOM SERVICES, L.L.C.	  	Louisiana	  	N/A	  	N/A	  	 	60	% 
	SHAW CONNEX, INC.	  	Delaware	  	1,000,000	  	1,000	  	 	100	% 
	SHAW DUNN LIMITED	  	England	  	10,000,000	  	2	  	 	100	% 
	SHAW E & I INTERNATIONAL LTD.	  	Cayman Islands	  	50,000	  	50,000	  	 	100	% 
	SHAW EMIRATES PIPES MANUFACTURING LIMITED LIABILITY COMPANY	  	UAE	  	10,000,000	  	5,350,002	  	 	49	% 
	SHAW ENERGY SERVICES, INC.	  	Louisiana	  	1,000,000	  	1,000	  	 	100	% 
	SHAW FABRICATORS, INC.	  	Louisiana	  	100,000,000	  	1,000	  	 	100	% 
	SHAW FAR EAST SERVICES, LLC	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	SHAW GROUP UK LIMITED	  	England	  	18,850,002	  	18,850,002	  	 	100	% 
	SHAW GRP OF CALIFORNIA	  	California	  	1,000,000	  	1,000	  	 	100	% 
	SHAW HEAT TREATING SERVICE, C.A.	  	Venezuela	  	N/A	  	N/A	  	 	100	% 
	SHAW HOME LOUISIANA, LLC	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	SHAW INTERNATIONAL INC.	  	Delaware	  	5,000	  	2,150	  	 	100	% 
	SHAW INTERNATIONAL MANAGEMENT SERVICES TWO, INC.	  	Louisiana	  	1,000,000	  	1,000	  	 	100	% 
	SHAW JV HOLDINGS, L.L.C.	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	SHAW KUWAIT, W.L.L.	  	Kuwait	  	1,000,000	  	1,000	  	 	100	% 
	SHAW MANAGED SERVICES, LLC	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	SHAW MANAGEMENT SERVICES ONE, INC.	  	Louisiana	  	1,000,000	  	1,000	  	 	100	% 
	SHAW NC COMPANY, INC.	  	North Carolina	  	10,0000	  	100	  	 	100	% 
	SHAW NUCLEAR ENERGY HOLDINGS (UK), INC.	  	Louisiana	  	1,000,000	  	1,000	  	 	100	% 
	SHAW OVERSEAS (MIDDLE EAST) LTD.	  	Cayman Islands	  	N/A	  	N/A	  	 	100	% 
	SHAW PACIFIC PTE. LTD.	  	Singapore	  	1	  	1	  	 	100	% 
	SHAW POWER ARABIA	  	Saudi Arabia	  	1,000,000	  	1,000	  	 	100	% 
	SHAW POWER DELIVERY SYSTEMS, INC.	  	Louisiana	  	1,000	  	1,000	  	 	100	% 
	SHAW POWER SERVICES GROUP, L.L.C.	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	SHAW POWER SERVICES, LLC	  	Louisiana	  	N/A	  	N/A	  	 	100	% 
	SHAW POWER TECHNOLOGIES, INC.	  	Louisiana	  	1,000,000	  	1,000	  	 	100	% 
	SHAW PROCESS FABRICATORS, INC.	  	Louisiana	  	1,000	  	1,000	  	 	100	% 
	SHAW SERVICES, L.L.C.	  	Louisiana	  	1,000,000	  	1,000	  	 	100	% 
	SHAW SSS FABRICATORS, INC.	  	Louisiana	  	1,000,000	  	1,000	  	 	100	% 
	SHAW STONE & WEBSTER ARABIA CO., LTD.	  	Saudi Arabia	  	2,000	  	2,000	  	 	80	% 
	SHAW TRANSMISSION & DISTRIBUTION SERVICES INTERNATIONAL, INC.	  	Delaware	  	100	  	1	  	 	100	% 
	SHAW TRANSMISSION & DISTRIBUTION SERVICES, INC.	  	Louisiana	  	1,000,000	  	1,000	  	 	100	% 
	SHAW TULSA FABRICATORS, INC.	  	Oklahoma	  	50,000	  	1,000	  	 	100	% 
	THE SHAW GROUP UK 1997 PENSION SCHEME LIMITED	  	England	  	1,000	  	2	  	 	100	% 
	THE SHAW GROUP UK 2001 PENSION PLAN LIMITED	  	England	  	1,000	  	2	  	 	100	% 

											
	 Name
	  	Jurisdiction of
Organization	  	Number of
Shares
Authorized	  	Number of
Shares
Outstanding	  	% of Shares
Outstanding held
by Parent (directly
or indirectly)	 
	THE SHAW GROUP UK PENSION PLAN LIMITED	  	England	  	1	  	1	  	 	100	% 
	TIYA GROUP, LLC	  	Louisiana	  	N/A	  	N/A	  	 	49	% 
	TVL LENDER II, INC.	  	Delaware	  	1,000	  	99	  	 	100	% 
	WHESSOE PIPING SYSTEMS LIMITED	  	England	  	1,000	  	1	  	 	100	% 
	WOODLANDS INTERNATIONAL INSURANCE LTD (F/K/A WOODLANDS INTERNATIONAL INSURANCE COMPANY DESIGNATED ACTIVITY COMPANY OR WOODLANDS INTERNATIONAL INSURANCE COMPANY)	  	Ireland	  	N/A	  	N/A	  	 	100	% 
	WORLD BRIDGE GENERAL CONTRACTING COMPANY	  	Iraq	  	10,000,000	  	10,000,000	  	 	100	% 

 Schedule 4.7 

to the Credit Agreement 
 LITIGATION15 
 Arbitrations 
  

	 	1.	 CBI Kentz Joint Venture v. Chevron Australia PTY Ltd., Institute of Arbitrators and Mediators, Western
Australia Chapter, (No Case Number). 

  

	 	2.	 Reficar de Cartagena S.A. v. Chicago Bridge & Iron N.V., et al., International Chamber of
Commerce, Case No. 2174/RD. 

 Administrative 
  

	 	1.	 Contraloria General de la Republic v. Chicago Bridge & Iron Company N.V., et al.

 Litigations 
  

	 	1.	 Cantrell v. LuTech Resources, Inc., Case No. 4:17-CV-2679, United States District Court, Southern District of Texas. 

 Miscellaneous

  

	 	1.	 Westinghouse Electric Company / Chicago Bridge & Iron N.V. Working Capital Dispute.

  
  

	15 	 Subject to change before the Initial Utilization Date. 

 Schedule 4.15 

to the Credit Agreement 
 LABOR
MATTERS16 
  

	 	1.	 J. Ray McDermott de Mexico, S.A. de C.V. – Convenio de Revisión Salarial del Contrato Colectivo de
Trabajo with the Sindicato Progresista de Trabajadores de la Industria de Construcción de la República Mexicana and the Sindicato Progresista Justo Sierra de Trabajadores de Servicios de la República Mexicana.

  

	 	2.	 Servicios de Fabricación de Altamira, S.A. de C.V. – Contrato Colectivo de Trabajo en
Revisión Integral with the Sindicato Progresista “Justo Sierra” de Trabajadores de Servicios de la República Mexicana and the Sindicato Progresista Justo Sierra de Trabajadores de Servicios de la República Mexicana.

  

	 	3.	 Servicios Profesionales de Altamira, S.A. de C.V. – Contrato Colectivo de Trabajo en Revisión
Integral with the Sindicato Progresista “Justo Sierra” de Trabajadores de Servicios de la República Mexicana and the Sindicato Progresista Justo Sierra de Trabajadores de Servicios de la República Mexicana.

  

	 	4.	 McDermott Serviços Offshore do Brasil Ltda– Acordo Coletivo de Trabalho with the SINDITOB –
Sindicato Trabalhadores Offshore do Brasil. 

  

	 	5.	 McDermott Australia Pty. Ltd. – Ichthys Project Offshore Construction Agreement 2016.

  

	 	6.	 PT. McDermott Indonesia – Collective Labor Agreement Fabrication Operations in Batam with All Indonesia
Workers Union. 

  

	 	7.	 GWF2 Project Agreement (McDermott Australia Pty Ltd Greater Western
Flank-2 Offshore Construction Project Greenfields Agreement 2017) for employing personnel on the GWF2 Project. 

  

	 	8.	 CB&I Clearfield, Inc and Union Local No. 140 of the United Association of Journeymen and Apprentices
of the Plumbing and Pipefitting Industry of the United States and Canada (AFL-CIO) – Clearfield, UT Pipe Fabrication Shop. 

 

	 	9.	 CB&I LLC and Shopmen’s Local Union No. 493 of the International Association of Bridge,
Structural, Ornamental and Reinforcing Iron Workers (AFL-CIO) – Clive, IA Plate Fabrication Shop. 

  

	 	10.	 CB&I El Dorado, Inc and Local Union 155 United Association of Journeymen and Apprentices of the Plumbing
and Pipefitting Industry of the United States and Canada. 

  

	 	11.	 CB&I Laurens, Inc and Local 421 United Association of Journeymen and Apprentices of the Plumbing and
Pipefitting Industry of the United States and Canada. 

  

	 	12.	 Shaw Fabrication & Manufacturing, Inc. and United Association of Journeymen and Apprentices of the
Plumbing and Pipe Fitting Industry of the United States and Canada, AFL-CIO. 

  

 

	16 	 Subject to change before the Initial Utilization Date. 

	 	13.	 National Construction Agreement with North American Contractors Association Representing the Affiliated
Building Trades Unions (AFL-CIO) – Calpine York CCGT Project. 

  

	 	14.	 National Construction Agreement with North American Contractors Association Representing the Affiliated
Building Trades Unions (AFL-CIO) – Eagle Valley CCGT Project. 

  

	 	15.	 CBI Services LLC and International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and
Helpers (IBB)—National Transient Division. 

  

	 	16.	 CBI Services, LLC and National Maintenance Agreement (NMA)—12 Building Trades Unions.

  

	 	17.	 CBI Services LLC and General President’s Project Maintenance Agreement with Building and Constructions
Trade Department Representing the Affiliated Building Trades Unions (AFL-CIO) – Beasley Point, NJ Project (presently on hold). 

 

	 	18.	 CBI Services, LLC and Interational Brotherhood of Boildermakers, Iron Shipbuilders, Blacksmiths, Forgers,
Welders and Helpers of America, AFL-CIO, Local No. 104 – Everest, Washington Shop Agreement. 

  

	 	19.	 Shaw Project Services Group, LLC (SPSG, LLC) and Signatory Unions for MOX Project Aiken, South Carolina.

  

	 	20.	 CBI Constructors Pty Ltd Kwinana Facility Enterprise Agreement 2013. 

 

	 	21.	 CBI Constructors Pty Ltd Queensland Enterprise Agreement 2014. 

 

	 	22.	 CBI Constructors Project Services National Enterprise Agreement 2015 – Australia National Project Services
Enterprise Agreement. 

  

	 	23.	 CBI Constructors Project Services National Enterprise Agreement 2017 – Replaces No. 21 upon its
expiration in 2019. 

  

	 	24.	 Collective Agreement by and between International Brotherhood Of Boilermakers, Iron Ship Builders, Blacksmith,
Forgers And Helpers Local Lodge 146 and The Boilermaker Contractors’ Association Of Alberta. 

 Schedule 4.16(d) 

to the Credit Agreement 
 ERISA
EVENTS17 
  

	 	1.	 A claim by the Alaska Teamster-Employer Pension Plan for withdrawal liability against CBI.

  

	 	2.	 A potential claim by the Greenville Plumbers and Pipefitters Pension Fund, for withdrawal liability against
CBI. 

  
  

	17 	 Subject to change before the Initial Utilization Date. 

 Schedule 4.17 

to the Credit Agreement 

ENVIRONMENTAL MATTERS 
 None. 

 Schedule 4.19 

to the Credit Agreement 
 REAL
PROPERTY19 
 A) Owned 
  

	 	1.	 Fabrication yard owned by J. Ray McDermott de Mexico, S.A. de C.V., located at Polygon 1 “D” which is
232, 511.663 square meters, located in the Port of Altamira, Tamaulipas, Mexico. 

  

	 	2.	 Pipe, module shop, yard and building owned by Horton CBI, Limited, located at Highway 825, Sturgeon Industrial
Park, Fort Saskatchewan, Alberta, Canada. 

  

	 	3.	 Plate fabrication shop, warehouse and office owned by CBI Constructors Pty Ltd., located at 58 Thomas Road,
Kwinana, Australia. 

  

	 	4.	 Plate fabrication shop owned by CB&I LLC, located as 8900 Fairbanks N. Houston Road, Houston, Harris
County, Texas, 77064. 

  

	 	5.	 Pipe fabrication shop owned by CB&I Walker LA, L.L.C. and Shaw Alloy Piping Products, LLC located at 30103
Sunland Drive, Walker, Livingston Parish, Louisiana, 70785. 

  

	 	6.	 Research, development and manufacturing operations owned by Chemical Research & Licensing, LLC at
10100 Bay Area Blvd, Pasadena, Harris County, Texas, 77507. 

 B) Leased 

 

	 	1.	 Leased fabrication facility occupying Berths 54, 55 and 56 in Jebel Ali Port in the Jebel Ali Free Trade Zone,
Dubai, United Arab Emirates. Lessor is The Government of Dubai. 

  

	 	2.	 Leased office, 40 Eastborne Terrace, London, UK between Land Securities PLC as Lessor and CB&I UK Limited
as Lessee. 

  
  

	19 	 Subject to change before the Initial Utilization Date. 

 Schedule 8.1 

to the Credit Agreement 
 EXISTING
INDEBTEDNESS20 
  

	 	1.	 Indebtedness in the principal amount of approximately $13,943,305.78 as of May 10, 2018 owed or to be owed
by J. Ray McDermott de Mexico, S.A. de C.V., and guaranteed by McDermott International Management, S. de RL., to Caterpillar Crédito, S.A. de C.V. pursuant to the Master Loan Agreement, effective as of February 10, 2017.

  

	 	2.	 NO 105 Indebtedness in the principal amount of approximately $20,424,440.00 as of May 10, 2018.

  

	 	3.	 Capital Lease Obligations in the principal amount of approximately $1,529,265.37 as of May 10, 2018 owed
by Eastern Marine Services, Inc. pursuant to a bareboat charter for the launch barge Intermac 408 from PT. Pelayaran Citranstirta Tatasarana. 

  

	 	4.	 Capital Lease Obligation in the principal amount of approximately $21,000,000.00 as of May 10, 2018 owed
by Eastern Marine Services, Inc. pursuant to a bareboat charter for the Jack Up Barge Aqua Lift-II from Water Lift Limited. 

 
  

	20 	 Subject to change before the Initial Utilization Date. 

 Schedule 8.2 

to the Credit Agreement 
 EXISTING
LIENS21 
  

	 	1.	 Liens securing the Indebtedness described in items 1 through 4 of Schedule 8.1. 

 
  

	21 	 Subject to change before the Initial Utilization Date. 

 Schedule 8.5 

to the Credit Agreement 
 EXISTING
INVESTMENTS22 
  

	 	1.	 Investments in Subsidiaries and Joint Ventures of the Parent existing on the Effective Date after giving effect
to the consummation of the Combination. 

  

	 	2.	 Loans in the principal amount of $41,750,000.00, made by J. Ray McDermott, S.A. to P.T. McDermott Indonesia.

  

	 	3.	 Loans in the principal amount of MYR 109,620,820.00, made by J. Ray McDermott, S.A. to McDermott Holdings
(M) Sdn. Bhd. 

  

	 	4.	 Investment with a book value of approximately $83,300,000.00, made by Lummus Novolen Technology GMBH in
Clariant International AG. 

  
  

	22 	 Subject to change before the Initial Utilization Date. 

 Schedule 8.8 

to the Credit Agreement 
 AFFILIATE
AGREEMENTS23 
  

	 	1.	 Amended and Restated Support Services Agreement dated as of December 31, 2011, as amended effective
January 1, 2016, among McDermott Incorporated, J. Ray McDermott, S.A. and certain Affiliates of J. Ray McDermott, S.A. 

  

	 	2.	 Tax Sharing Agreement between J. Ray Holdings, Inc. and Babcock & Wilcox Holdings, Inc.

  

	 	3.	 Assignment and Loss Allocation Agreement by and among ACE American Insurance Company, acting for itself and the
ACE Affiliates, McDermott International, Inc. and The Babcock & Wilcox Company. 

  

 

	23 	 Subject to change before the Initial Utilization Date. 

 Schedule 8.19 

to the Credit Agreement 
 PERMITTED
FLAGS24 
  

	 	1.	 The Republic of Liberia 

 

	 	2.	 The Republic of the Marshall Islands 

 

	 	3.	 The Republic of Vanuatu 

 

	 	4.	 The Commonwealth of the Bahamas 

 

	 	5.	 The Republic of Panama 

 

	 	6.	 The United States of America 

 

	 	7.	 Canada 

  

	 	8.	 Barbados 

  

	 	9.	 Isle of Man 

  

	 	10.	 Malta 

  

 

	24 	 Subject to change before the Initial Utilization Date. 

 EXHIBIT A1 

TO LETTER OF CREDIT AGREEMENT 

FORM OF ASSIGNMENT AND ACCEPTANCE 

This Assignment and Acceptance (this “Assignment and Acceptance”) is dated as of the Effective Date set forth below and is
entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the
meanings given to them in the Letter of Credit Agreement identified below, receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto (the “Standard Terms
and Conditions”) are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Acceptance as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases
and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Letter of Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the
Assignor’s rights and obligations in its capacity as a Participant under the Letter of Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified
below of all of such outstanding rights and obligations of the Assignor under the Letter of Credit Agreement (including without limitation any letters of credit and guarantees included in such facilities) and (ii) to the extent permitted to be
assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Participant) against any Person, whether known or unknown, arising under or in connection with the Letter of Credit
Agreement, any other documents or instruments delivered pursuant thereto or the transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims,
statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being
referred to herein collectively as, the “Assigned Interest”). Each such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Acceptance, without representation or warranty
by the Assignor. 
  

					
	Assignor:	  	  
	  	
			
	Assignee:	  	  
	  	
		  	[and is a Participant/an Affiliate/Approved Fund of [identify Participant]2]
		
	Applicants:	  	McDermott Technology (Americas), Inc., McDermott Technology (US), Inc., and McDermott Technology, B.V.

 

	1 	 All Exhibits subject to change. 

	2 	 If applicable. 

  
 A-1 

					
	Administrative Agent:	  	Barclays Bank PLC, as the Administrative Agent under the Letter of Credit Agreement
		
	 Credit Agreement:
	  	the Letter of Credit Agreement dated as of [October 29], 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Letter of Credit Agreement”) among the Applicants,
McDermott International, Inc., a Panamanian corporation (the “Parent”), the Participants, the Issuer, and Barclays Bank PLC, as administrative agent (in such capacity, and together with its successors pursuant to Section 10.6
of the Letter of Credit Agreement, the “Administrative Agent”).
			
	 Assigned Interest:
	  		  	

  

											
	
Aggregate Amount of
Commitments/Obligations
in respect of
such
Commitments for all
Participants3
	 	  	Amount of Commitments/
Obligations in respect of
such Commitments
Assigned	 	  	Percentage Assigned of
Commitments/Obligations
in respect of such
Commitments 4	 
	$	 	 	  	$	 	 	  	 	%	 
	$	 	 	  	$	 	 	  	 	%	 

 [Trade Date:
                                
5 
 Effective Date:
                            ,
20    6 
  
  

 
  

 

	3 	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the
Trade Date and the Effective Date. 

	4 	 Set forth, to at least 9 decimals, as a percentage of the Commitments of all Participants, as applicable,
thereunder. 

	5 	 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined
as of the Trade Date. 

	6 	 To be inserted by Administrative Agent following receipt of a processing and recordation fee of $3,500 and an
administrative questionnaire (if required) and satisfaction of all “know your customer” requirements of the Administrative Agent as applicable, and which shall be the Effective Date of recordation of transfer in the register therefor.

  
 A-2 

 The terms set forth in this Assignment and Acceptance are hereby agreed to: 

 

			
	ASSIGNOR
	 [NAME OF ASSIGNOR]

		
	By:	 	 
	 Title:
	 	
	
	ASSIGNEE
	 [NAME OF ASSIGNEE]

		
	By:	 	 
	 Title:
	 	

  

			
	[Consented to:
	BARCLAYS BANK PLC, as Administrative Agent
		
	By:	 	 
	Title:]7	 	

  
  

	7 	 To be added only if the consent of the Administrative Agent is required by the terms of the Letter of Credit
Agreement. 

  
 A-3 

			
	[Consented to:
	MCDERMOTT TECHNOLOGY (AMERICAS), INC.
		
	By:	 	 
	Title:	 	
	
	MCDERMOTT TECHNOLOGY (US), INC.
		
	By:	 	 
	Title:	 	
	
	MCDERMOTT TECHNOLOGY, B.V.
		
	By:	 	 
	Title:]8	 	
	
	[NAME OF ISSUER
		
	By:	 	 
	Title:]9	 	

  
  

 

	8 	 To be added only if the consent of the Applicants is required by the terms of the Letter of Credit Agreement.

	9 	 To be added only if the consent of the Issuer is required by the terms of the Letter of Credit Agreement.
Duplicate Issuer signature blocks as needed. 

  
 A-4 

 Annex 1 

to Assignment and Acceptance 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ACCEPTANCE 
 1.
Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal
and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Letter of
Credit Agreement or any other Credit Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial condition of the Applicants,
the Parent, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document or (iv) the performance or observance by the Applicants, the Parent, any of its Subsidiaries or Affiliates or any other Person of
any of their respective obligations under any Credit Document. 
 1.2 Assignee. The Assignee (a) represents and warrants that
(i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Participant or Issuer (as applicable) under
the Letter of Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Letter of Credit Agreement (subject to receipt of such consents as may be required under the Letter of Credit Agreement), (iii) from and after the
Effective Date, it shall be bound by the provisions of the Letter of Credit Agreement as a Participant or Issuer (as applicable) thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Participant or Issuer (as
applicable) thereunder, (iv) it has received a copy of the Letter of Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.1 thereof and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and
without reliance on the Administrative Agent or any other Participant, Issuer or any of their Related Parties, (v) attached to this Assignment and Acceptance is the documentation referred to in Section 2.19(e) of the
Letter of Credit Agreement and any other documentation required to be delivered by it pursuant to the terms of the Letter of Credit Agreement, duly completed and executed by the Assignee, (vi) it is not a Applicant, the Parent, nor is it an
Affiliate or Subsidiary of any Applicant or the Parent, as applicable, (vii) it is not a natural person and (viii) it is not a Defaulting Participant or a Subsidiary of a Defaulting Participant or a Person who, upon becoming a Participant
under the Letter of Credit Agreement, would constitute any of the foregoing Persons; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Participant, Issuer or their
Related Parties and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis and decisions in taking or not taking action under the Credit Documents, and (ii) it will perform in
accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a Participant or Issuer (as applicable). 

  
 A-5 

 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have
accrued from and after the Effective Date. “Trade Date” means, in relation to an assignment or a transfer, the proposed Trade Date specified in the relevant Assignment and Acceptance, or in the event that no Trade Date is specified
in the relevant Assignment and Acceptance, the date on which the Administrative Agent executes the relevant Assignment and Acceptance. 
 3.
General Provisions. This Assignment and Acceptance shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Acceptance may be executed in any number of
counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from
multiple separate counterparts and attached to a single counterpart so that all signature pages are attached to the same document. Delivery of an executed counterpart of a signature page of this Assignment and Acceptance by telecopy or by other
electronic imaging means shall be effective as delivery of a manually executed counterpart thereof. This Assignment and Acceptance and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted in accordance
with, the law of the State of New York, without regard to its conflicts of laws provisions. 

  
 A-6 

 EXHIBIT E 

TO LETTER OF CREDIT AGREEMENT 

FORM OF LETTER OF CREDIT REQUEST 

Reference is made to the Letter of Credit Agreement dated as of [October 29], 2018 (as amended, restated, supplemented or otherwise modified
from time to time, the “Letter of Credit Agreement”) among McDermott Technology (Americas), Inc., a Delaware corporation, McDermott Technology (US), Inc., a Delaware corporation, and McDermott Technology, B.V., a private company
with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (each a “Applicant” and collectively the “Applicants”), McDermott International,
Inc., a Panamanian corporation (the “Parent”), the Participants, the Issuer, and Barclays Bank PLC, as administrative agent. Terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the
Letter of Credit Agreement. 
 Pursuant to Section 2.7 of the Letter of Credit Agreement, the Applicants request a
Letter of Credit to be issued in accordance with the terms and conditions of the Letter of Credit Agreement on [__/__/20__1] (the “Credit Date”) in an aggregate face amount of
[$][Alternative Currency][__,__,__]. 
 Attached hereto for each such Letter of Credit are the following: 

(a) the requested Issuer of such Letter of Credit; 

(b) the stated amount of such Letter of Credit; 

(c) the name and address of the beneficiary; 

(d) the expiration date;2 and 

(e) either (i) the verbatim text of such proposed Letter of Credit or (ii) a description of the proposed terms and
conditions of such Letter of Credit, including a precise description of any documents to be presented by the beneficiary which, if presented by the beneficiary prior to the expiration date of such Letter of Credit, would require the Issuer to make
payment under such Letter of Credit. 
  
  

	1 	 Unless the Issuer and the Administrative Agent otherwise agrees, such notice, to be effective, must be received
by the relevant Issuer and the Administrative Agent not later than 11:00 a.m. (London time) on the third Business Day prior to the Credit Date. 

	2 	 The expiration date must be a Business Day. 

  
 E-1 

 The Applicants hereby certify that the following statements will be true on the Credit Date,
both before and after giving effect to the Issuance requested hereunder: 
 (A) (i) The representations and warranties
contained in Article IV of the Letter of Credit Agreement and in the other Credit Documents that have no materiality or Material Adverse Effect qualification are true and correct in all material respects and (ii) the representations and
warranties set forth in Article IV of the Letter of Credit Agreement and in the other Credit Documents that have a materiality or Material Adverse Effect qualification are true and correct in all respects, in each case with the same effect as
though made on and as of such date or, to the extent such representations and warranties expressly relate to an earlier date, as of such earlier date; and 

(B) No Default or Event of Default has occurred and is continuing or will occur as a result of the proposed Issuance or from
the application of proceeds thereof. 
 Immediately after giving effect to such Issuance, no more than 250 Letters of Credit shall be issued
and outstanding. 
  

									
	Date: __/__/20___	 		 	Very truly yours,
			
		 		 	MCDERMOTT TECHNOLOGY (AMERICAS), INC.
				
		 		 	By:	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	
			
		 		 	MCDERMOTT TECHNOLOGY (US), INC.
				
		 		 	By:	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	
			
		 		 	MCDERMOTT TECHNOLOGY, B.V.
				
		 		 	By:	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	

  
 E-2 

 EXHIBIT H 

TO LETTER OF CREDIT AGREEMENT 

FORM OF LC FACILITY COMPLIANCE CERTIFICATE 

For Fiscal [Quarter/Year] Ended [___________], 20[__] (the “Calculation Period”) 

This certificate dated as of [___________], 20[__] is prepared pursuant to the Letter of Credit Agreement dated as of [October 29], 2018 (as
amended, restated, supplemented or otherwise modified from time to time, the “Letter of Credit Agreement”) among McDermott Technology (Americas), Inc., a Delaware corporation, McDermott Technology (US), Inc., a Delaware corporation,
and McDermott Technology, B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (each a “Applicant” and collectively the
“Applicants”), McDermott International, Inc., a Panamanian corporation (the “Parent”), the Participants, the Issuer, and Barclays Bank PLC, as administrative agent (in such capacity, and together with its
successors, the “Administrative Agent”). The terms used herein and not otherwise defined herein have the meanings attributed thereto in the Letter of Credit Agreement. 

The undersigned hereby certifies to the Administrative Agent in his or her capacity as a Responsible Officer of the Parent and not in his or
her individual capacity that (a) except as disclosed on Schedule [_] hereto, during the Calculation Period (or during the last Fiscal Quarter of the Calculation Period if such Calculation Period is in respect of a Fiscal Year), the Parent, the
Applicants and their Restricted Subsidiaries have not undertaken any Asset Sale permitted by clauses (g), (h) or (i) of Section 8.4 of the Letter of Credit Agreement (and that such schedule
identifies the aggregate consideration received in connection with such Asset Sale(s) if the such aggregate consideration exceeds $10,000,000.00), (b) that[, except as disclosed on Schedule [_] hereto (including the nature thereof and the action
with the Applicants have taken or proposed to take with respect thereto)], no Default or Event of Default has occurred and is continuing, (c) except as disclosed on Schedule [_] hereto, as of the last day of the most recently ended Fiscal
Quarter or Fiscal Year for which financial statements have been delivered pursuant to clause (a) or (b), as applicable, of Section 6.1 of the Letter of Credit Agreement, there are no new Material Wholly-Owned
Subsidiaries that are not Credit Parties and (d) that as of the last day of the Calculation Period, the following amounts and calculations were true and correct: 

  
 H1-1 

							
	1.	  	Section 5.1 – Fixed Charge Coverage Ratio1	  		  	
				
	 	  	EBITDA2 for the most recently ended four Fiscal Quarter period for which financial statements
have been delivered	  	 	  	(a)
		  		  	  
	  	
				
	 	  	Interest Expense for the most recently ended four Fiscal Quarter period for which financial
statements have been delivered	  	 	  	(b)
		  		  	  
	  	
				
	 	  	In respect of the most recently ended four Fiscal Quarter period for which financial statements
have been delivered, the aggregate principal amount of all regularly scheduled principal payments
(not including any voluntary
or contingent mandatory prepayments for any Indebtedness) or
scheduled redemptions or similar acquisitions for value in respect of outstanding Indebtedness for
borrowed money during such period made by the Parent and its Restricted
Subsidiaries	  	 	  	(c)
		  		  	  
	  	
				
	 	  	In respect of the most recently ended four Fiscal Quarter period for which financial statements
have been delivered, the aggregate amount of federal, state, local and foreign income Taxes of the
Parent and its Restricted
Subsidiaries paid in cash	  	 	  	(d)
		  		  	  
	  	
				
	 	  	Fixed Charge Coverage Ratio: a / (b + c + d)	  	 	  	 
		  		  	  
	  	
				
	 	  	Minimum Fixed Charge Coverage Ratio	  	1.50:1.00	  	 
				
	 	  	Compliance	  	Yes         No	  	 
				
	2.	  	Section 5.2 – Leverage Ratio Debt	  		  	
				
	 	  	 Leverage
                        Ratio
                        Debt
 = (i)
+ (ii + iii + iv + v + vi + vii + viii + ix +x)3
	  	 	  	(a)
		  		  	  
	  	

  

	1 	 For each Fiscal Quarter ending after the Effective Date. 

	2 	 To the extent there are any savings under clause (xi) of the definition of EBITDA for the Calculation
Period, a reasonably detailed description of such savings shall be set forth in this Compliance Certificate. 

	3 	 Items (ii) – (x) calculated without duplication and include Indebtedness of the Parent and its Restricted
Subsidiaries of the type specified in such clauses (but in the case of clause (x), only to the extent that, in accordance with GAAP, such Alternate Program Indebtedness is required to be included as a liability of the Parent or its Restricted
Subsidiaries on its financial statements), in each case, determined on a consolidated basis in accordance with GAAP. For the avoidance of doubt, the term “Leverage Ratio Debt” shall not include (a) reimbursement or other
obligations with respect to unmatured or undrawn, as applicable, Performance Guarantees and (b) Indebtedness of the Parent or any of its Restricted Subsidiaries that is owed to the Parent, any of its Restricted Subsidiaries or any Joint Venture
that is a Guarantor or permitted pursuant to Section 8.1(s) of the Letter of Credit Agreement. 

  
 H1-2 

							
		  		  		  	
		  		  	  
	  	
				
	 	  	(i) Disqualified Stock of the Applicants	  	 	  	(i)
		  		  	  
	  	
				
	 	  	(ii) all indebtedness for borrowed money	  	 	  	(ii)
		  		  	  
	  	
				
	 	  	(iii) all obligations evidenced by promissory notes, bonds, debentures or similar instruments	  	 	  	(iii)
		  		  	  
	  	
				
	 	  	(iv) all matured reimbursement obligations with respect to letters of credit, bankers’ acceptances,
surety bonds, performance bonds, bank guarantees, and other similar obligations	  	 	  	(iv)
		  		  	  
	  	
				
	 	  	(v) all other obligations with respect to letters of credit, bankers’ acceptances, surety bonds,
performance bonds, bank guarantees and other similar obligations4	  	 	  	(v)
		  		  	  
	  	
				
	 	  	(vi) all indebtedness for the deferred purchase price of property or services5	  	 	  	(vi)
		  		  	  
	  	
				
	 	  	(vii) all indebtedness created or arising under any conditional sale or other title retention
agreement (other than operating leases) with respect to property acquired6	  	 	  	(vii)
		  		  	  
	  	
				
	 	  	(viii) all Capital Lease Obligations	  	 	  	(viii)
		  		  	  
	  	
				
	 	  	(ix) all Guaranty Obligations	  	 	  	(ix)
		  		  	  
	  	
				
	 	  	(x) all Alternate Program Indebtedness	  	 	  	(x)
		  		  	  
	  	
				
	 	  	Unsecured mark-to-market foreign exchange exposure of the Parent and its Restricted
Subsidiaries, as determined by the Parent using market
convention	  	 	  	(b)
		  		  	  
	  	
				
	 	  	The least of (i) the amount of funds on deposit in the Cash Secured LC Cash Collateral Account
(as defined in the Existing Credit Agreement), (ii) the aggregate principal amount of Term Loans
outstanding at such time
and (iii) the Specified Term Loan Amount (as defined in the Existing
Credit Agreement)7	  	 	  	(c)
		  		  	  
	  	

  
  
  

 
  

	4 	 Whether or not matured, other than unmatured or undrawn, as applicable, obligations with respect to Performance
Guarantees. 

	5 	 Other than trade payables incurred in the ordinary course of business that are not overdue by more than 90 days
or disputed in good faith. 

	6 	 Even though the rights and remedies of the seller or Participant under such agreement in the event of default
are limited to repossession or sale of such property. 

	7 	 Select the lesser amount. 

  
 H1-3 

							
		  		  		  	
		  		  	  
	  	
				
	 	  	EBITDA for the most recently ended four Fiscal Quarter period for which financial statements
have been delivered	  	 	  	(d)
		  		  	  
	  	
				
	 	  	Leverage Ratio: (a + b - c) / (d)	  	 	  	 
		  		  	  
	  	
				
	 	  	Maximum Leverage Ratio	  	 [4.25:1.00]8

 
 [4.00:1.00]9

 
 [3.75:1.00]10

 
 [3.50:1.00]11

 
 [3.25:1.00]12
	  	 
				
	 	  	Compliance	  	Yes     No	  	 
				
	3.	  	Section 5.3 – Minimum Liquidity	  	 	  	 
		  		  	  
	  	
				
	 	  	Unrestricted cash and Cash Equivalents of the Parent and its Restricted Subsidiaries	  	 	  	(a)
		  		  	  
	  	
				
	 	  	Unused Revolving Commitments (as defined in the Existing Credit Agreement) available for
Borrowings pursuant to Section 2.1(b) of the Existing Credit Agreement	  	 	  	(b)
		  		  	  
	  	
				
	 	  	Amount on deposit in the Cash Secured LC Cash Collateral Account (as defined in the Existing
Credit Agreement) in excess of 103% of the sum of (x) the stated amount of all Cash Secured
Letters of Credit (as defined in
the Existing Credit Agreement) outstanding and (y) all Cash
Secured Reimbursement Obligations (as defined in the Existing Credit Agreement)	  	 	  	(c)
		  		  	  
	  	
				
	 	  	Liquidity: a + b + c	  	 	  	 
		  		  	  
	  	
				
	 	  	Minimum Liquidity	  	$200,000,000.00	  	 

  
  
  

 
  

 

	8 	 For each Fiscal Quarter ending after the Effective Date and on or before September 30, 2019.

	9 	 For the Fiscal Quarter ending December 31, 2019. 

	10 	 For each Fiscal Quarter ending after December 31, 2019 and on or before December 31, 2020.

	11 	 For each Fiscal Quarter ending after December 31, 2020 and on or before December 31, 2021.

	12 	 For each Fiscal Quarter ending after December 31, 2021. 

  
 H1-4 

 IN WITNESS WHEREOF, I have hereto signed my name to this LC Facility Compliance Certificate as of the date
first above written. 
  

			
	 MCDERMOTT INTERNATIONAL,
INC.

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 H1-5 

 EXHIBIT I 

TO LETTER OF CREDIT AGREEMENT 

FORM OF INITIAL UTILIZATION DATE CERTIFICATE 

[    ], 2018 

The undersigned hereby certifies as follows: 
 1.
I, [____________], am a Responsible Officer of McDermott International, Inc., a Panamanian corporation (the “Parent”). 

2. This certificate is delivered pursuant to Section 3.2(i) of the Letter of Credit Agreement dated as of [October
29], 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Letter of Credit Agreement”) among McDermott Technology (Americas), Inc., a Delaware corporation, McDermott Technology (US), Inc., a
Delaware corporation, and McDermott Technology, B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (each a “Applicant” and
collectively the “Applicants”), the Parent, the Participants, the Issuer, and Barclays Bank PLC, as administrative agent. Terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the
Letter of Credit Agreement. 
 3. I have reviewed the terms of each of the Credit Documents and the definitions relating thereto, and in my
opinion I have made, or have caused to be made under my supervision, such examination or investigation as is necessary to enable me to express an informed opinion as to the matters referred to herein. 

4. Based upon my review and examination described in paragraph 3 above, I certify, on behalf of the Parent in my capacity as a
Responsible Officer of the Parent and not in my individual capacity, that: 
 (a) The Applicants and their Subsidiaries,
taken as a whole, are Solvent immediately after giving effect to the Transactions to occur on the Initial Utilization Date. 

(b) The conditions set forth in Section 3.2(m) of the Letter of Credit Agreement have been satisfied. 

The foregoing certifications are made and delivered as of the first date set forth above. 

 

			
	 MCDERMOTT INTERNATIONAL,
INC.

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

  
 I-1 

 
			
	MCDERMOTT TECHNOLOGY (AMERICAS), INC.

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	MCDERMOTT TECHNOLOGY (US), INC.

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	MCDERMOTT TECHNOLOGY, B.V.

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 I-2 

 EXHIBIT J-1 

TO LETTER OF CREDIT AGREEMENT 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Letter of Credit Agreement dated as of [October 29], 2018 (as amended, restated, supplemented or otherwise modified from time
to time, the “Letter of Credit Agreement”) among McDermott Technology (Americas), Inc., a Delaware corporation, McDermott Technology (US), Inc., a Delaware corporation, and McDermott Technology, B.V., a private company with limited
liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (each a “Applicant” and collectively the “Applicants”), McDermott International, Inc., a
Panamanian corporation (the “Parent”), the Participants, the Issuer, and Barclays Bank PLC, as administrative agent. 

Pursuant to the provisions of Section 2.19(e) of the Letter of Credit Agreement, the undersigned hereby certifies
that (i) it is the sole record and beneficial owner of the Letter(s) of Credit in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a
ten percent shareholder of any Applicant within the meaning of Section 881(c)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to any Applicant as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Applicants with a certificate of its
non-U.S. Person status on IRS Form W-8BEN-E or IRS Form W-8BEN, as applicable. By
executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Applicants and the Administrative Agent, and (2) the undersigned shall have
at all times furnished the Applicants and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar
years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Letter of Credit Agreement and used herein shall
have the meanings given to them in the Letter of Credit Agreement. 
  

			
	 [NAME OF PARTICIPANT]

		
	By:	 	 
		 	 Name:

		 	 Title:

	
	 Date: ________ __, 20[ ]

  
 J-1 

 EXHIBIT J-2 

TO LETTER OF CREDIT AGREEMENT 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Non-U.S. Sub-Participants That Are Not Partnerships For
U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Letter of Credit Agreement dated as of [October 29], 2018 (as amended,
restated, supplemented or otherwise modified from time to time, the “Letter of Credit Agreement”) among McDermott Technology (Americas), Inc., a Delaware corporation, McDermott Technology (US), Inc., a Delaware corporation, and
McDermott Technology, B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (each a “Applicant” and collectively the
“Applicants”), McDermott International, Inc., a Panamanian corporation (the “Parent”), the Participants, the Issuer, and Barclays Bank PLC, as administrative agent. 

Pursuant to the provisions of Section 2.19(e) of the Letter of Credit Agreement, the undersigned hereby certifies
that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten
percent shareholder of any Applicant within the meaning of Section 881(c)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to any Applicant as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Participant with a certificate of its non-U.S. Person
status on IRS Form W-8BEN-E or IRS Form W-8BEN, as applicable. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Participant in writing, and (2) the undersigned shall have at all times furnished such Participant with a properly completed and
currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Letter of Credit Agreement and used herein shall have the meanings given to them in the
Letter of Credit Agreement. 
  

			
	 [NAME OF SUB-PARTICIPANT]

		
	By:	 	 
		 	 Name:

		 	 Title:

	
	 Date: ________ __, 20[ ]

  
 J-2 

 EXHIBIT J-3 

TO LETTER OF CREDIT AGREEMENT 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Non-U.S. Sub-Participants That Are Partnerships For U.S.
Federal Income Tax Purposes) 
 Reference is hereby made to the Letter of Credit Agreement dated as of [October 29], 2018 (as amended,
restated, supplemented or otherwise modified from time to time, the “Letter of Credit Agreement”) among McDermott Technology (Americas), Inc., a Delaware corporation, McDermott Technology (US), Inc., a Delaware corporation, and
McDermott Technology, B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (each a “Applicant” and collectively the
“Applicants”), McDermott International, Inc., a Panamanian corporation (the “Parent”), the Participants, the Issuer, and Barclays Bank PLC, as administrative agent. 

Pursuant to the provisions of Section 2.19(e) of the Letter of Credit Agreement, the undersigned hereby certifies
that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect to
such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of any Applicant within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect
partners/members is a controlled foreign corporation related to any Applicant as described in Section 881(c)(3)(C) of the Code. 
 The
undersigned has furnished its participating Participant with IRS Form W-8IMY accompanied by one of the following forms from each of its direct or indirect partners/members that is claiming the portfolio
interest exemption: (i) an IRS Form W-8BEN-E or IRS Form W-8BEN, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN-E or IRS Form W-8BEN, as applicable, from each of such
partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform such Participant and (2) the undersigned shall have at all times furnished such Participant with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Letter
of Credit Agreement and used herein shall have the meanings given to them in the Letter of Credit Agreement. 
  

			
	 [NAME OF SUB-PARTICIPANT]

		
	By:	 	 
		 	 Name:

		 	 Title:

	
	 Date: ________ __, 20[ ]

  
 J-3 

 EXHIBIT J-4 

TO LETTER OF CREDIT AGREEMENT 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Letter of Credit Agreement dated as of [October 29], 2018 (as amended, restated, supplemented or otherwise
modified from time to time, the “Letter of Credit Agreement”) among McDermott Technology (Americas), Inc., a Delaware corporation, McDermott Technology (US), Inc., a Delaware corporation, and McDermott Technology, B.V., a private
company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (each a “Applicant” and collectively the “Applicants”), McDermott
International, Inc., a Panamanian corporation (the “Parent”), the Participants, the Issuer, and Barclays Bank PLC, as administrative agent. 

Pursuant to the provisions of Section 2.19(e) of the Letter of Credit Agreement, the undersigned hereby certifies
that (i) it is the sole record owner of the Letter(s) of Credit in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Letter(s) of Credit, (iii) with
respect to the extension of credit pursuant to the Letter of Credit Agreement or any other Credit Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered
into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of any Applicant within the meaning of
Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to any Applicant as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Applicants with IRS Form W-8IMY
accompanied by one of the following forms from each of its direct or indirect partners/members that is claiming the portfolio interest exemption: (i) an IRS Form
W-8BEN-E or IRS Form W-8BEN, as applicable, or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN-E or IRS Form W-8BEN, as applicable, from each of such partner’s/member’s beneficial owners that
is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Applicants and the Administrative
Agent, and (2) the undersigned shall have at all times furnished the Applicants and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Letter
of Credit Agreement and used herein shall have the meanings given to them in the Letter of Credit Agreement. 
  

			
	 [NAME OF PARTICIPANT]

		
	By:	 	 
		 	 Name:

		 	 Title:

	
	 Date: ________ __, 20[ ]

  
 J-4EX-10.1

 Exhibit 10.1 

SECURITIES PURCHASE AGREEMENT 

BY AND AMONG 
 MCDERMOTT
INTERNATIONAL, INC. 
 AND 

THE PURCHASERS NAMED ON SCHEDULE A HERETO 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Rules of Construction
	  	 	6	 
		
	 ARTICLE II AGREEMENT TO SELL AND PURCHASE
	  	 	7	 
			
	 Section 2.01
	 	 Sale and Purchase
	  	 	7	 
	 Section 2.02
	 	 Closing
	  	 	7	 
	 Section 2.03
	 	 Allocation of Purchase Price Between Purchased Shares and Warrants
	  	 	7	 
	 Section 2.04
	 	 Mutual Conditions
	  	 	8	 
	 Section 2.05
	 	 Each Purchaser’s Conditions
	  	 	8	 
	 Section 2.06
	 	 The Company’s Conditions
	  	 	9	 
	 Section 2.07
	 	 Company Deliveries
	  	 	10	 
	 Section 2.08
	 	 Purchaser Deliveries
	  	 	11	 
	 Section 2.09
	 	 Independent Nature of Purchasers’ Obligations and Rights
	  	 	11	 
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	11	 
			
	 Section 3.01
	 	 Incorporation and Good Standing of the Company
	  	 	11	 
	 Section 3.02
	 	 Capitalization; Valid Issuance of Purchased Shares and Warrants
	  	 	12	 
	 Section 3.03
	 	 No Violations or Defaults
	  	 	13	 
	 Section 3.04
	 	 Corporate Power
	  	 	13	 
	 Section 3.05
	 	 No Conflicts; Consents
	  	 	13	 
	 Section 3.06
	 	 Authorization, Execution and Delivery of This Agreement
	  	 	14	 
	 Section 3.07
	 	 Authorization, Execution, Delivery and Enforceability of the Other Operative Documents
	  	 	14	 
	 Section 3.08
	 	 No Registration Rights
	  	 	14	 
	 Section 3.09
	 	 Periodic Reports
	  	 	15	 
	 Section 3.10
	 	 Financial Statements
	  	 	15	 
	 Section 3.11
	 	 Undisclosed Liabilities
	  	 	15	 
	 Section 3.12
	 	 Independent Registered Public Accounting Firm
	  	 	16	 
	 Section 3.13
	 	 No Material Actions or Proceedings
	  	 	16	 
	 Section 3.14
	 	 Title to Properties
	  	 	16	 
	 Section 3.15
	 	 Permits
	  	 	16	 
	 Section 3.16
	 	 Intellectual Property
	  	 	16	 
	 Section 3.17
	 	 No Labor Dispute; No Notice of Labor Law Violations
	  	 	17	 
	 Section 3.18
	 	 Environmental Compliance
	  	 	17	 
	 Section 3.19
	 	 Investment Company
	  	 	17	 
	 Section 3.20
	 	 Accounting System
	  	 	17	 
	 Section 3.21
	 	 Disclosure Controls and Procedures
	  	 	18	 
	 Section 3.22
	 	 Tax Returns
	  	 	18	 
	 Section 3.23
	 	 Anti-Corruption
	  	 	18	 
	 Section 3.24
	 	 Money Laundering
	  	 	19	 
	 Section 3.25
	 	 OFAC
	  	 	19	 

  
 i 

							
	 Section 3.26
	 	 Listing and Maintenance Requirements
	  	 	19	 
	 Section 3.27
	 	 Form S-3 Eligibility
	  	 	19	 
	 Section 3.28
	 	 Certain Fees
	  	 	19	 
	 Section 3.29
	 	 Insurance
	  	 	19	 
	 Section 3.30
	 	 Distributions Restrictions
	  	 	20	 
	 Section 3.31
	 	 Compliance with Laws
	  	 	20	 
	 Section 3.32
	 	 Solvency
	  	 	20	 
	 Section 3.33
	 	 No Registration
	  	 	21	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS
	  	 	21	 
			
	 Section 4.01
	 	 Existence
	  	 	21	 
	 Section 4.02
	 	 Authorization, Enforceability
	  	 	21	 
	 Section 4.03
	 	 No Conflicts; Consents
	  	 	21	 
	 Section 4.04
	 	 Certain Fees
	  	 	22	 
	 Section 4.05
	 	 Investment
	  	 	22	 
	 Section 4.06
	 	 Nature of Purchaser
	  	 	22	 
	 Section 4.07
	 	 Restricted Securities
	  	 	22	 
	 Section 4.08
	 	 Reliance by the Company
	  	 	23	 
	 Section 4.09
	 	 Legend
	  	 	23	 
	 Section 4.10
	 	 Company Information
	  	 	23	 
	 Section 4.11
	 	 Short Selling
	  	 	23	 
	 Section 4.12
	 	 Sufficient Funds
	  	 	23	 
		
	 ARTICLE V COVENANTS
	  	 	24	 
			
	 Section 5.01
	 	 Taking of Necessary Action
	  	 	24	 
	 Section 5.02
	 	 Transfer Restrictions
	  	 	24	 
	 Section 5.03
	 	 Securities Compliance
	  	 	25	 
	 Section 5.04
	 	 Standstill Agreements
	  	 	27	 
	 Section 5.05
	 	 Expenses
	  	 	28	 
	 Section 5.06
	 	 Protective Provisions
	  	 	29	 
	 Section 5.07
	 	 Tax Matters
	  	 	29	 
		
	 ARTICLE VI INDEMNIFICATION
	  	 	30	 
			
	 Section 6.01
	 	 Indemnification by the Company
	  	 	30	 
	 Section 6.02
	 	 Indemnification by Purchasers
	  	 	31	 
	 Section 6.03
	 	 Indemnification Procedure
	  	 	31	 
		
	 ARTICLE VII TERMINATION
	  	 	32	 
			
	 Section 7.01
	 	 Termination
	  	 	32	 
	 Section 7.02
	 	 Effect of Termination
	  	 	33	 
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	33	 
			
	 Section 8.01
	 	 Survival of Representations and Warranties
	  	 	33	 
	 Section 8.02
	 	 Notices and Communications
	  	 	34	 
	 Section 8.03
	 	 Entire Agreement
	  	 	35	 
	 Section 8.04
	 	 No Waiver; Modifications in Writing
	  	 	35	 

  
 ii 

							
	 Section 8.05
	 	 Binding Effect; Benefits of This Agreement
	  	 	35	 
	 Section 8.06
	 	 Governing Law; Jurisdiction and Venue; Waiver of Jury Trial
	  	 	36	 
	 Section 8.07
	 	 Specific Performance
	  	 	37	 
	 Section 8.08
	 	 Severability
	  	 	37	 
	 Section 8.09
	 	 Counterparts
	  	 	37	 
	 Section 8.10
	 	 Table of Contents and Headings
	  	 	37	 
	 Section 8.11
	 	 No Presumption
	  	 	37	 
	 Section 8.12
	 	 Obligations Limited to Parties to This Agreement
	  	 	37	 
	 Section 8.13
	 	 Confidentiality
	  	 	38	 

  

			
	Schedule A —	 	List of Purchasers and Purchase Prices
		
	Exhibit A —	 	Form of Warrant Agreement
	Exhibit B —	 	Form of Registration Rights Agreement
	Exhibit C —	 	Form of Certificate of Designation
	Exhibit D —	 	Form of Opinion of Baker Botts L.L.P.
	Exhibit E —	 	Form of Opinion of Arias, Fabrega and Fabrega
	Exhibit F —	 	Form of Opinion of Chief Legal Officer
	Exhibit G —	 	Form of Joinder
	Exhibit H —	 	Form of PFIC Annual Information Statement

  
 iii 

 This SECURITIES PURCHASE AGREEMENT, dated as of October 30, 2018 (this
“Agreement”), is by and among McDermott International, Inc., a company organized under the laws of the Republic of Panama (the “Company”), and each of the purchasers listed on Schedule A (each a
“Purchaser” and collectively, the “Purchasers”); provided that if there is only one Purchaser set forth on Schedule A, the “Purchasers” shall refer to such Purchaser. 

WHEREAS, the Company desires to sell to the Purchasers, and the Purchasers desire to purchase from the Company, certain shares of Preferred
Stock and Warrants (each as defined below), in accordance with the provisions of this Agreement; and 
 WHEREAS, the Company and the
Purchasers will enter into a registration rights agreement (the “Registration Rights Agreement”), substantially in the form attached hereto as Exhibit B, pursuant to which the Company will provide the Purchasers with certain
registration rights with respect to the shares of Common Stock issuable upon the exercise of the Warrants. 
 NOW THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and each of the Purchasers, severally and not jointly, hereby
agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. As used in this Agreement, and unless the context requires a different meaning, the following terms have
the meanings indicated: 
 “10% Owner” has the meaning set forth in Section 5.07(e). 

“Affiliate” has the meaning assigned to such term, as of the date hereof, in Rule 405 under the Securities Act. 

“Agreement” has the meaning set forth in the introductory paragraph to this Agreement. 

“Appraiser” has the meaning specified in Section 2.03. 

“Articles of Incorporation” means the amended and restated articles of incorporation of the Company, as amended or modified.

 “Banking Regulations” means all federal, state and foreign Laws applicable to banks, bank holding companies and their
subsidiaries and Affiliates, including the Bank Holding Company Act of 1956, the Federal Reserve Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

“Big Four Accounting Firm” means any of Ernst & Young LLP, Deloitte & Touche LLP, KPMG US LLP and
PricewaterhouseCoopers LLP. 

  
 1 

 “Business Day” means any day other than a Saturday, Sunday, any federal
legal holiday or day on which banking institutions in the State of New York or State of Texas are authorized or required by Law to close. 

“By-Laws” means the Amended and Restated
By-Laws of the Company, as amended. 
 “Certificate of Designation” means the
Certificate of Designation of 12% Redeemable Preferred Stock of the Company, substantially in the form attached as Exhibit C, to be filed with the Public Registry of the Republic of Panama prior to the Closing Date. 

“CFC” has the meaning set forth in Section 5.07(e). 

“Closing” has the meaning specified in Section 2.02. 

“Closing Date” has the meaning specified in Section 2.02. 

“Code” has the meaning set forth in Section 5.07(a). 

“Common Stock” means the common stock of the Company, par value $1.00 per share. 

“Company” has the meaning set forth in the introductory paragraph to this Agreement. 

“Company Related Parties” has the meaning specified in Section 6.02. 

“Credit Agreement” means that certain Credit Agreement, dated as of May 10, 2018, among McDermott Technology (Americas),
Inc., McDermott Technology (US), Inc., and McDermott Technology, B.V., as Borrowers, the Corporation, as Parent, Barclays Bank PLC, as Administrative Agent for the term facility, Credit Agricole Corporate and Investment Bank, as Administrative Agent
for the other facilities, and the other lender parties thereto, as heretofore amended and as the same may be amended, supplemented, modified, extended or replaced from time to time hereafter (unless otherwise specified herein). 

“Current Draft Form 10-Q” means the latest draft Quarterly Report on Form 10-Q of the Company for the quarterly period ended September 30, 2018 provided to the Purchasers prior to 8:00 pm ET on October 29, 2018. 

“Environmental Claim” means any claim, whether pursuant to any order, directive, decree, proceeding or otherwise, for any
loss, cost, expense, liability, penalty or damage arising, incurred or otherwise asserted pursuant to any Environmental Law. 

“Environmental Laws” means any and all Laws pertaining to prevention of pollution, protection of the environment (including
natural resources), remediation of contamination or restoration of environmental quality, or workplace health and safety, and all orders, regulations or directives issued by a Governmental Authority to implement any of the foregoing. 

“Environmental Permit” means any permit, license, registration, approval or other similar form of
authorization required pursuant to Environmental Laws. 

  
 2 

 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended,
and the rules and regulations of the SEC promulgated thereunder. 
 “FCPA” has the meaning specified in Section 3.23.

 “GAAP” means accounting principles generally accepted in the United States. 

“Governmental Authority” means the government of the United States of America or any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Hazardous Substance” means and includes each substance or material defined, designated or
classified as a hazardous waste, hazardous substance, hazardous material, solid waste, pollutant, contaminant or toxic substance under any Environmental Law. 

“Holder” means the Purchaser or, to the extent permitted under the Operative Documents, any transferee, assignee or
successor, to the extent holding Preferred Stock, Warrants or Warrant Shares in the Company. 
 “Industry Competitor” means
a company engaged primarily in providing engineering, procurement and construction services to the energy industry or any holding company thereof or its Subsidiaries; provided, however, that for the avoidance of doubt, a private equity
fund, financial institution, asset management firm or similar firm shall not be considered an “Industry Competitor” but any of its portfolio companies that are engaged primarily in providing engineering, procurement and construction
services to the energy industry would be considered an “Industry Competitor.” 
 “Law” means any statute, law,
ordinance, regulation, rule, order, code, governmental restriction, decree, injunction or other requirement of law, or any judicial or administrative interpretation thereof, of any Governmental Authority. 

“Lien” means any mortgage, pledge, security interest, lien, charge or encumbrance, whether based on common law, statute or
contract. 
 “Material Adverse Effect” means any change, event, effect, occurrence, state of facts or development that
(i) has a material adverse effect on the condition (financial or otherwise), business or results of operations of the Company and its Subsidiaries, taken as a whole, or (ii) materially impairs the ability of the Company to perform its
obligations under this Agreement. 
 “Money Laundering Laws” has the meaning specified in Section 3.24. 

“New LC Facility” has the meaning specified in Section 2.05(j). 

“NYSE” means the New York Stock Exchange. 

  
 3 

 “Operative Documents” means, collectively, this Agreement, the Certificate
of Designation, the Registration Rights Agreement, the Warrant Agreement and the Warrants. 
 “Permits” means permits,
licenses, franchises and other approvals or authorizations of Governmental Authorities. 
 “Permitted Transferee” has the
meaning specified in Section 5.02(b)(i). 
 “Person” any individual, corporation, company, voluntary association,
partnership, joint venture, trust, limited liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof or any other form of entity. 

“PFIC” has the meaning set forth in Section 5.07(d). 

“Preferred Stock” means 12% Redeemable Preferred Stock of the Company, par value $1.00 per share. 

“Purchase Price” means, with respect to a particular Purchaser, the amount set forth opposite such Purchaser’s name
under the column titled “Purchase Price” set forth on Schedule A. 
 “Purchased Shares” means, with respect
to a particular Purchaser, the number of shares of Preferred Stock equal to the aggregate Purchase Price set forth opposite such Purchaser’s name under the column titled “Purchase Price” set forth on Schedule A divided by the Share
Price. 
 “Purchaser” and “Purchasers” have the meanings set forth in the introductory paragraph to this
Agreement. 
 “Purchaser Related Parties” has the meaning specified in Section 6.01. 

“Registration Rights Agreement” has the meaning set forth in the recitals hereto. 

“Regulatory Concern” means any set of facts or circumstances in which the Purchaser’s ownership of securities issued by
the Company (a) gives rise to a violation of Banking Regulations by such Purchaser or any of its Affiliates, or gives rise to a reasonable belief by such Purchaser, in good faith, based on the advice of counsel, that such a violation is likely
to occur, (b) gives rise to a limitation in Law (solely with respect to the Banking Regulations) that will materially impair the ability of such Purchaser or any of its Affiliates to conduct its business or gives rise to a reasonable belief by
such Purchaser, in good faith, based on the advice of counsel, that such a limitation is likely to arise, or (c) otherwise presents a material adverse regulatory risk for such Purchaser or any of its Affiliates. 

“Release” means any depositing, spilling, leaking, pumping, pouring, placing,
emitting, discarding, abandoning, emptying, discharging, migrating, injecting, escaping, leaching, seeping, dumping or disposing. 

“Representatives” of any Person means the Affiliates, officers, directors, managers, employees, agents, counsel and other
representatives of such Person. 

  
 4 

 “Resale Shelf Registration Statement” has the meaning set forth in the
Registration Rights Agreement. 
 “Restricted Securities” has the meaning specified in Section 5.03(b). 

“Sanctions” has the meaning specified in Section 3.25. 

“SEC” means the U.S. Securities and Exchange Commission. 

“SEC Reports” means reports and statements filed by the Company under the Exchange Act since January 1, 2017 but prior
to 8:00 pm ET on October 29, 2018, including all amendments (to the extent filed prior to 8:00 pm ET on October 29, 2018), exhibits and schedules thereto. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Share Price” means the amount per share of Preferred Stock each Purchaser will pay to the Company to
purchase the Purchased Shares, which shall be $965.00. 
 “Short Sales” means, all “short sales” as defined in
Rule 200 promulgated under Regulation SHO under the Exchange Act, whether or not “against the box,” and forward sale contracts, options, puts, calls, short sales, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements, and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. 

“Significant Subsidiary” of the Company means a Subsidiary of the Company that, as of the date hereof, would be deemed a
“significant subsidiary” of the Company under Rule 1-02(w) of Regulation S-X promulgated by the SEC. 

“Subsidiary” means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares
entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly or indirectly, at the date of determination, by such Person, by one or more
Subsidiaries of such Person or a combination thereof, (b) a partnership (whether general or limited) in which such Person or a Subsidiary of such Person is, at the date of determination, a general or limited partner of such partnership, but
only if more than 50% of the partnership interests of such partnership (considering all of the partnership interests of the partnership as a single class) is owned, directly or indirectly, at the date of determination, by such Person, by one or more
Subsidiaries of such Person, or a combination thereof, or (c) any other Person (other than a corporation or a partnership) in which such Person, one or more Subsidiaries of such Person, or a combination thereof, directly or indirectly, at the
date of determination, has (i) at least a majority ownership interest or (ii) the power to elect or direct the election of a majority of the directors or other governing body of such Person. 

“Third-Party Claim” has the meaning specified in Section 6.03(b). 

“Transfer” has the meaning specified in Section 5.02(a). 

  
 5 

 “Voting Debt” has the meaning specified in Section 3.02(c). 

“Warrant Agent” means Computershare Inc. and Computershare Trust Corporation, N.A. 

“Warrant Agreement” means the Warrant Agreement to be entered into at Closing, among the Company, Computershare Inc. and
Computershare Trust Corporation, N.A., substantially in the form attached hereto as Exhibit A. 
 “Warrant Shares”
means the shares of Common Stock issuable upon exercise of the Warrants. 
 “Warrants” means the Series A warrants to be
issued at Closing, as evidenced by certificates substantially in the form attached as Exhibit A to the Warrant Agreement. 

Section 1.02 Rules of Construction. Unless the context otherwise requires, as used in this Agreement: 

(a) a defined term has the meaning assigned to it for all purposes of this Agreement, regardless of where it is defined herein; 

(b) all accounting terms not otherwise defined shall have the respective meanings assigned to them under GAAP; 

(c) “or” is not exclusive but shall be used in the inclusive sense of “and/or”; 

(d) defined terms and other words used in the singular shall be deemed to include the plural, and vice versa; 

(e) The terms “herein,” “hereof” and “hereunder” and words of similar import refer to this Agreement as a whole
and not to any particular Article, Section or other subdivision of this Agreement; 
 (f) when the words “include,”
“includes” or “including” are used herein, they shall be deemed to be followed by the phrase “without limitation”; 

(g) unless expressly qualified otherwise (e.g., by “Business”), all references to “days” are deemed to be references to
calendar days; 
 (h) the words “to the knowledge of the Company,” or similar phrases, mean the actual conscious awareness of the
persons set forth on Schedule 1.02(h); 
 (i) all references to Sections, Articles, Schedules or Exhibits refer to Sections or Articles
of, or Schedules or Exhibits to, this Agreement unless otherwise indicated; and 
 (j) references to agreements or instruments, or to
statutes or regulations, are to such agreements or instruments, or statutes or regulations, as amended, supplemented or modified from time to time (or to successor statutes and regulations). 

  
 6 

 ARTICLE II 

AGREEMENT TO SELL AND PURCHASE 

Section 2.01 Sale and Purchase. Subject to the terms and conditions hereof, the Company hereby agrees to issue and sell to each
Purchaser, and each Purchaser hereby agrees, severally and not jointly, to purchase from the Company (a) the number of Purchased Shares set forth opposite such Purchaser’s name on Schedule A and (b) a number of Warrants equal to
the product of (i) 3.75% times the total number of shares of Common Stock outstanding as of the Closing Date and (ii) the quotient of the number of Purchased Shares set forth opposite such Purchaser’s name on Schedule A, divided
by the total number of Purchased Shares to be purchased pursuant to this Agreement, and each Purchaser agrees, severally and not jointly, to pay the Company its respective amount of the Purchase Price as set forth opposite such Purchaser’s name
on Schedule A. The obligations of each Purchaser under this Agreement are independent of the obligations of each other Purchaser, and the failure or waiver of performance by any Purchaser does not excuse performance by any other Purchaser. If
after the date of this Agreement but prior to the Closing Date, any event described in Section 6.01 of the Warrant Agreement occurs that, had such event occurred following the Closing Date, would have resulted in an adjustment to the Exercise
Price (as defined in the Warrant Agreement) of the Warrants, then the Exercise Price (as defined in the Warrant Agreement) of the Warrants issued at Closing will be proportionately adjusted. 

Section 2.02 Closing. Subject to the terms and conditions hereof, the consummation of the purchase and sale of the
Purchased Shares and the Warrants hereunder (the “Closing”) shall take place at the offices of Baker Botts L.L.P., 910 Louisiana Street, Houston, Texas 77002, or such other location as mutually agreed by the parties, on the later of
November 29, 2018 or the second Business Day following the satisfaction or, to the extent permitted by applicable Law, waiver of the conditions set forth in Sections 2.04, 2.05 and 2.06 (other than such conditions as may, by their nature,
only be satisfied at the Closing or on the Closing Date, but subject to the satisfaction or waiver of those conditions) or on such other date as may be mutually agreed by the parties (the date of the Closing, the “Closing Date”).

 Section 2.03 Allocation of Purchase Price Between Purchased Shares and Warrants. Prior to the Closing, the Company and
the Purchasers shall use reasonable efforts to mutually agree upon the allocation of the Purchase Price among the Purchased Shares and the Warrants based upon their relative fair market values; provided, however, that if the Company
and the Purchasers are unable to mutually agree upon such allocation, the allocation of the Purchase Price shall be submitted to PricewaterhouseCoopers LLP or such other firm mutually agreed by the Company and the Purchasers (the
“Appraiser”) for determination. The Appraiser shall make such determination as promptly as practicable after its appointment hereunder and may take into account all factors as such Appraiser deems appropriate in making such
determination based upon the relative fair market values of the Purchased Shares and the Warrants. The Appraiser shall have such access to the books, records and properties of the Company as it may reasonably request for the purpose of making such a
determination. Notwithstanding the foregoing, the Warrants shall be allocated a value such that the Warrant Shares have a value in excess of $1.00 per share. 

  
 7 

 Section 2.04 Mutual Conditions. The respective obligations of the
Purchasers, on the one hand, and the Company, on the other hand, to effect the Closing shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by a party on behalf
of itself in writing, in whole or in part, to the extent permitted by applicable Law): 
 (a) no Law shall have been enacted or promulgated,
and no action shall have been taken, by any Governmental Authority of competent jurisdiction that permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated by this Agreement or makes the
transactions contemplated by this Agreement illegal; and 
 (b) there shall not be pending any suit, action or proceeding by any Governmental
Authority seeking to restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement. 
 Section 2.05 Each
Purchaser’s Conditions. The obligation of each Purchaser to effect the Closing shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived
by a particular Purchaser on behalf of itself in writing with respect to its Purchased Shares and Warrants, in whole or in part, to the extent permitted by applicable Law): 

(a) the Company shall have performed and complied, in all material respects, with the covenants and agreements contained in this Agreement that
are required to be performed and complied with by the Company on or prior to the Closing Date; 
 (b) (i) the representations and
warranties of the Company (A) set forth in Sections 3.01, 3.02, 3.04, 3.06, 3.07, 3.28 and 3.33 or (B) contained in this Agreement that are qualified by materiality or a Material Adverse Effect shall be true and correct when made and
as of the Closing Date and (ii) all other representations and warranties of the Company shall be true and correct in all material respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except
that representations and warranties made as of a specific date shall be required to be true and correct or true and correct in all material respects, as applicable, as of such date only, it being expressly understood and agreed that representations
and warranties made “as of the date hereof” or “as of the date of this Agreement,” or a similar phrase, are made as of October 30, 2018, and will not be required to be true and correct as of the Closing Date); 

(c) the NYSE shall have authorized, subject to official notice of issuance, the listing of the Warrant Shares; 

(d) each Purchaser shall have received a counterpart of the Warrant Agreement, duly executed by the Company and the Warrant Agent and a
certificate or certificates representing such Warrant, duly executed by the Company and the Warrant Agent; 
 (e) each Purchaser shall have
received a counterpart of the Registration Rights Agreement, duly executed by the Company; 

  
 8 

 (f) each Purchaser shall have received each of the other documents to be delivered by the
Company pursuant to Section 2.07; 
 (g) the Company shall have adopted and filed the Certificate of Designation with the Public
Registry of the Republic of Panama; 
 (h) the Company shall have delivered (i) a certification from the Public Registry of Panama
certifying the registration and existence of the Company and (ii) evidence of the payment of the last annual tax tariff (tasa única) of the Company; 

(i) except as disclosed in the SEC Reports or the Current Draft Form 10-Q, there shall not have
occurred an event or events that individually or in the aggregate could reasonably be expected to have a Material Adverse Effect on the Company; 

(j) the Company or one or more subsidiaries of the Company shall have entered into one or more letter of credit facilities (which may be in the
form of an increase to the Company’s letter of credit facilities existing on the date hereof) pursuant to which issuing banks have committed to issue, or banks or other institutional investors have agreed to participate in, at least
$200 million in aggregate face amount of performance letters of credit (the “New LC Facility”), in addition to the letter of credit facilities of the Company as of October 29, 2018, for the account of the Company or
one or more subsidiaries of the Company; all conditions to the availability of the full face amount of such New LC Facility (other than the consummation of the transactions contemplated by this Agreement, if applicable) shall have been satisfied or
waived; and the Company shall have delivered to the Purchasers true and complete copies of such New LC Facility not later than two Business Days prior to the Closing; and 

(k) each Purchaser shall have received a counterpart signature page to a management rights letter in a customary form and which is sufficient
to permit such Purchaser to qualify as a “venture capital operating company” (as such term is defined in the U.S. Employee Retirement Income Security Act of 1974, as amended to date, and the regulations promulgated thereunder), duly
executed by the Company. 
 Section 2.06 The Company’s Conditions. The obligation of the Company to
effect the Closing to a Purchaser shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions with respect to such Purchaser (any or all of which may be waived by the Company in writing, in whole or in
part, to the extent permitted by applicable Law): 
 (a) each Purchaser shall have performed and complied, in all material respects, with the
covenants and agreements contained in this Agreement that are required to be performed and complied with by such Purchaser on or prior to the Closing Date; 

(b) the representations and warranties of such Purchaser contained in this Agreement that are qualified by materiality shall be true and
correct when made and as of the Closing Date (except that representations and warranties made as of a specific date shall be required to be true and correct as of such date only, it being expressly understood and agreed that representations and
warranties made “as of the date hereof” or “as of the date of this Agreement,” or a similar phrase, are made as of October 30, 2018, and will not be required to be true and correct as of the Closing Date); 

  
 9 

 (c) the Company shall have received counterparts of the Registration Rights Agreement, duly
executed by each Purchaser; and 
 (d) the Company shall have received the payments and each of the other documents to be delivered by the
Purchasers pursuant to Section 2.08. 
 Section 2.07 Company Deliveries. At the Closing, subject to the terms and
conditions hereof, the Company shall deliver, or cause to be delivered, to each Purchaser (in addition to the documents described in Sections 2.05(d), (e), (g), (h) and (k)): 

(a) evidence of the issuance of the Purchased Shares to each Purchaser credited to book-entry accounts maintained by the Company; 

(b) a cross-receipt, dated as of the Closing Date, executed by the Company and delivered to the Purchasers certifying as to the Company’s
receipt of payments of the Purchase Price pursuant to Section 2.08(a); 
 (c) an opinion addressed to the Purchasers from Baker Botts
L.L.P., legal counsel to the Company, dated as of the Closing Date, in the form and substance attached hereto as Exhibit C; 
 (d) an
opinion addressed to the Purchasers from Arias, Fabrega and Fabrega, Panamanian counsel of the Company, dated as of the Closing Date, in the form and substance attached hereto as Exhibit D; 

(e) an opinion addressed to the Purchasers from the Chief Legal Officer of the Company, dated as of the Closing Date, in the form and substance
attached hereto as Exhibit E; 
 (f) a certificate, dated the Closing Date and signed by the Chief Executive Officer and the Chief
Financial Officer of the Company, certifying (i) that the conditions set forth in Sections 2.05(a), (b), (g), (i) and (j) have been satisfied and (ii) as to the number of shares of Common Stock that are outstanding as of the
Closing Date; and 
 (g) a certificate of the Secretary or Assistant Secretary of the Company, certifying as to (i) the Articles of
Incorporation (including the Certificate of Designation) and the By-Laws, (ii) resolutions of the Board of Directors of the Company (or a duly authorized committee thereof) authorizing the execution and
delivery of the Operative Documents and the consummation of the transactions contemplated thereby, including the issuance and sale of the Purchased Shares and the Warrants and (iii) the Certificate of Designation being in full force and effect.

  
 10 

 Section 2.08 Purchaser Deliveries. At the Closing, subject to the terms
and conditions hereof, each Purchaser will deliver, or cause to be delivered, to the Company (in addition to the document described in Section 2.06(c)): 

(a) payment to the Company of the Purchase Price set forth opposite such Purchaser’s name under the column titled “Purchase
Price” on Schedule A by wire transfer of immediately available funds to an account designated by the Company in writing at least two Business Days prior to the Closing Date; and 

(b) a certificate, dated the Closing Date and signed by an authorized representative of each Purchaser, certifying that the conditions set
forth in Section 2.06(a) and Section 2.06(b) have been satisfied. 
 Section 2.09 Independent Nature of
Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Operative Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way
for the performance of the obligations of any other Purchaser under any Operative Document. Nothing contained herein or in any other Operative Document, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the
Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by
the Operative Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including the rights arising out of this Agreement or out of the other Operative Documents, and it shall not be necessary for any other
Purchaser to be joined as an additional party in any legal proceeding for such purpose. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company represents and warrants to each Purchaser as follows: 

Section 3.01 Incorporation and Good Standing of the Company.  

(a) The Company has been duly incorporated, is validly existing as a corporation in good standing under the laws of the Republic of Panama, has
the corporate power and authority to conduct the business in which it is engaged and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business requires such qualification, except to the
extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material Adverse Effect. True and accurate copies of the Articles of Incorporation and By-Laws, each
as in effect as of the date of this Agreement, have been made available to the Purchasers prior to the date hereof. 
 (b) Each material
Subsidiary of the Company is duly organized and validly existing as an entity in good standing under the laws of its jurisdiction of formation, has all requisite power and authority to conduct the business in which it is engaged and is duly
qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not reasonably be
expected to have a Material Adverse Effect. 

  
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 Section 3.02 Capitalization; Valid Issuance of Purchased Shares and Warrants.

 (a) The authorized capital stock of the Company consists of 25,000,000 shares of preferred stock, par value $1.00 per share, and
255,000,000 shares of Common Stock. At the close of business on October 29, 2018, there were 180,584,114 shares of Common Stock issued and outstanding and 2,838,898 shares of Common Stock held by the Company as treasury stock. There are no
shares of preferred stock of the Company, par value $1.00 per share, issued and outstanding except for the Purchased Shares to be issued pursuant to this Agreement. All outstanding shares of Common Stock have been duly authorized and validly issued
and are fully paid and nonassessable. The Company does not have a shareholder rights plan that is currently in effect. As of Closing, the Company will have no issued and outstanding capital stock ranking senior to or in parity with the Preferred
Stock except for the Purchased Shares to be issued pursuant to this Agreement. 
 (b) The Purchased Shares will be duly authorized by the
Company and, when issued and delivered by the Company in accordance with this Agreement and the Certificate of Designation against payment of the consideration set forth herein, will be validly issued, fully paid and nonassessable, will not subject
the holders thereof to personal liability, and will effectively vest in the Purchasers good and marketable title to all such securities, free and clear of all Liens, except for any transfer restrictions imposed by the Securities Act,
Section 5.02, the other Operative Documents, the Articles of Incorporation and any applicable state or foreign securities laws and except for any Liens caused or created by any action of any Purchaser. 

(c) Except for such approvals as may be required from time to time under the Credit Agreement, as in effect on the date hereof, or pursuant to
the New LC Facility (to the extent such requirements are no more burdensome than as are provided in the Credit Agreement), the Company has no bonds, debentures, notes or other indebtedness having the right to vote on any matters on which the holders
of shares of Common Stock may vote (“Voting Debt”). 
 (d) There are no persons entitled to statutory, preemptive or other
similar contractual rights to subscribe for the Purchased Shares; and, except (i) for the Purchased Shares to be issued pursuant to this Agreement or as set forth in the Certificate of Designation, (ii) for awards issued pursuant to the
Company’s or any of its Subsidiaries’ benefit plans (including any employment agreements), (iii) as disclosed in the SEC Reports and (iv) the Warrants and the Warrant Agreement, no options, warrants or other rights to purchase,
agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, shares of capital stock of the Company or Voting Debt that are binding on the Company are outstanding. 

(e) The Certificate of Designation has been duly authorized by the Company. The Certificate of Designation sets forth the rights, preferences
and priorities of the Preferred Stock, and the holders of the Preferred Stock will have the rights set forth in the Certificate of Designation upon filing with the Public Register of the Republic of Panama, subject to the provisions of Sections 5.02
through 5.04 and any transfer restriction in any Operative Document. 
 (f) The Warrants and the Warrant Shares have been duly authorized by
the Company. The Warrant Agreement and the certificates representing the Warrants (in the form attached as Exhibit A to the Warrant Agreement) set forth the rights of the holders of the Warrants, and the holders thereof will have the rights set
forth therein upon the Closing, subject to any transfer 

  
 12 

 
restriction in any Operative Document. Upon issuance in accordance with this Agreement and the Operative Documents, the Warrants will be duly authorized, validly issued, fully paid and
nonassessable, will not subject the holders thereof to personal liability, will not be subject to preemptive rights of any other stockholder of the Company, and will effectively vest in the Purchasers good and marketable title to the Warrants, free
and clear of all Liens, except for any restrictions imposed by the Securities Act, Section 5.02, the Articles of Incorporation and any applicable state or foreign securities laws and except for any Liens caused or created by any action of any
Purchaser. The Company has reserved for issuance, out of the Company’s authorized and unissued shares of the Company’s Common Stock, a number of shares sufficient to provide for the issuance of the Warrant Shares, and, upon any exercise of
any Warrants into the Warrant Shares pursuant to the Warrant Agreement, the Warrant Shares issued upon such exercise will be validly issued, fully paid and nonassessable, will not subject the holder thereof to personal liability, will not be subject
to preemptive rights of any other stockholder of the Company, and will effectively vest in the Purchasers good and marketable title to all such securities, be free and clear of all Liens, except for any transfer restrictions imposed by the
Securities Act, Section 5.02, the Articles of Incorporation and any applicable state or foreign securities laws and except for any Liens caused or created by any action of any Purchaser. At or prior to Closing, the Warrant Shares to be issued
upon any exercise of the Warrants shall have been approved for listing on the NYSE, subject to official notice of issuance. 

Section 3.03 No Violations or Defaults. Neither the Company nor any of its Significant Subsidiaries is (a) in
violation of its organizational documents, (b) in default in the performance or observance of any material obligation, agreement, covenant or condition contained in any material contract, indenture, mortgage, loan agreement, note, lease or
other instrument to which it is a party or by which it may be bound, or to which any of its property or assets is subject, except for any such defaults as are disclosed in the SEC Reports, or (c) in material violation of any applicable law,
rule or regulation, or any judgment, order or decree of any court with jurisdiction over such entities, or other Governmental Authority with jurisdiction over such entities, except for any such violations as are disclosed in the SEC Reports. 

Section 3.04 Corporate Power. The Company has the full corporate power and authority to execute and deliver this Agreement
and the other Operative Documents and to perform its obligations hereunder and thereunder; and the Company has duly and validly taken all corporate action required to be taken by it for the due and proper authorization, execution and delivery by it
of each of this Agreement and the other Operative Documents and the consummation of the transactions contemplated hereby and thereby. 

Section 3.05 No Conflicts; Consents. The execution and delivery by Company of, and the performance by the Company of its
obligations under, each of the Operative Documents will not: (a) violate or otherwise contravene any provision of (i) applicable Law or (ii) the Articles of Incorporation or the By-Laws; or
(b) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, loan agreement, note, lease or other instrument to which the Company or any of its Subsidiaries
is a party or is bound, or to which any of their properties or assets are subject, that is filed as an exhibit to the SEC Reports (including, for this purpose, any statement or report that would be an SEC Report but for the fact that it was filed
after 8:00 pm ET on October 29, 2018) or material to the Company 

  
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and its Subsidiaries, taken as a whole, or any judgment, order or decree of any Governmental Authority having jurisdiction over the Company or any of its Subsidiaries or their respective
properties or assets, except, in the cases of clauses (a)(i) and (b), for such violations, contraventions, breaches or defaults as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or prevent the
consummation of the transactions contemplated by this Agreement and the other Operative Documents. No consent, approval, authorization or order of, or filing, registration or qualification with, any Governmental Authority or other Person under any
agreement or other arrangement filed as an exhibit to any SEC Report (including, for this purpose, any statement or report that would be an SEC Report but for the fact that it was filed after 8:00 pm ET on October 29, 2018) is required for the
issue and sale of the Purchased Shares and the Warrants or the consummation by the Company of the transactions contemplated by this Agreement, except for the filing of the Certificate of Designation with the Public Registry of the Republic of Panama
and except such as may be required by the Exchange Act, applicable state securities Laws, the listing standards of the NYSE and the bylaws and rules of the Financial Industry Regulatory Authority in connection with the offer and sale of the
Purchased Shares and the Warrants. 
 Section 3.06 Authorization, Execution and Delivery of This Agreement. This
Agreement has been duly authorized and validly executed and delivered by the Company and constitutes a valid and legally binding agreement of the Company, enforceable against the Company in accordance with its terms; provided that the
enforceability thereof may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights and remedies generally or by general
principles of equity, including principles of commercial reasonableness, good faith and fair dealing. 
 Section 3.07 Authorization,
Execution, Delivery and Enforceability of the Other Operative Documents. On the Closing Date, each of the Operative Documents (other than this Agreement) will have been duly authorized, executed and delivered by the Company and
will be a valid and legally binding agreement of the Company, enforceable against the Company in accordance with its terms; provided that, with respect to each such agreement, the enforceability thereof may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance or transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights and remedies generally or by general principles of equity, including principles of commercial
reasonableness, good faith and fair dealing. 
 Section 3.08 No Registration Rights. Except as contemplated by this
Agreement, the Registration Rights Agreement or the Warrant Agreement, there are no existing contracts, agreements or understandings between the Company and any Person granting such Person the right to require the Company to file a registration
statement under the Securities Act with respect to any securities of the Company owned by such person or to require the Company to include such securities in the Resale Shelf Registration Statement or in any securities registered or to be registered
pursuant to any registration statement filed by or required to be filed by the Company under the Securities Act. 

  
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 Section 3.09 Periodic Reports. The Company has filed all reports, proxy
statements, forms, and other documents required to be filed by the Company with the SEC pursuant to the Exchange Act since January 1, 2017 in a timely manner and such reports, proxy statements, forms and other documents, including any audited
or unaudited financial statements and any notes thereto or schedules included therein, at the time filed (or in the case of registration statements, solely on the dates of effectiveness) (except to the extent corrected by a subsequent filing)
(a) did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading and (b) complied in all material respects with the applicable requirements of the Exchange Act. 
 Section 3.10
Financial Statements. The historical financial statements and related notes of the Company and its Subsidiaries included in or incorporated by reference in the SEC Reports (including, for this purpose, any statement or report that
would be an SEC Report but for the fact that it was filed after 8:00 pm ET on October 29, 2018) present fairly, in all material respects, the consolidated financial position of the entities to which they relate as of and at the dates indicated
and the results of their operations and cash flows for the periods specified, and complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, in each
case as of the date each such SEC Report was filed. Such financial statements have been prepared in conformity with GAAP applied on a consistent basis throughout the periods covered thereby, except as may be stated in the related notes thereto and
except, in the case of the unaudited interim financial statements contained in any such SEC Report, for (a) such exceptions as may be permitted by Form 10-Q of the SEC, (b) normal, year-end adjustments and (c) any other adjustments stated therein or in the notes thereto. 

Section 3.11 Undisclosed Liabilities. 

(a) Except for (i) those liabilities that are reflected or reserved for in the consolidated financial statements of the Company included
in (A) its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018 or (B) the Current Draft Form 10-Q, (ii) liabilities incurred since June 30, 2018 in the ordinary
course of business (including incremental borrowings under the Credit Agreement) that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and (iii) liabilities incurred pursuant to the
transactions contemplated by this Agreement and the Operative Documents, neither the Company nor any of its Subsidiaries has any material liabilities or obligations of any nature whatsoever that are required to be reflected in the Company’s
financial statements in accordance with GAAP. 
 (b) To the knowledge of the Company, there are no liabilities or obligations (whether
accrued, absolute, contingent or otherwise) of Company or any of its Subsidiaries under any contract or agreement entered into with respect to any work or project for engineering, procurement or construction activities (including any liabilities or
obligations for (i) liquidated damages or any other amount payable for delay in the performance of any obligations or failure to meet performance standards, (ii) defects in completed work or services or (iii) costs for goods or
materials in excess of any plan, budget, bid, forecast, contract or agreement for such costs) required to be reflected or reserved for in the consolidated financial statements of the Company included in (i) its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018 or (ii) the Current Draft Form 10-Q. 

  
 15 

 (c) Except as disclosed in the SEC Reports, the consolidated financial statements of the
Company included in its Quarterly Report on Form 10-Q for the six months ended June 30, 2018 do not include or contain any provision for or reflect any revenue or savings that would result from the
approval of an unapproved change order. 
 Section 3.12 Independent Registered Public Accounting Firm.
Deloitte & Touche LLP, which expressed its opinion with respect to the financial statements of the Company and its Subsidiaries included in the SEC Reports, is an independent registered public accounting firm within the meaning of
applicable rules and regulations of the SEC, the Exchange Act and the applicable rules of the Public Company Accounting Oversight Board. Ernst & Young LLP, which expressed its opinion with respect to the financial statements of Chicago
Bridge & Iron Company N.V. and its Subsidiaries, included or incorporated by reference in the SEC Reports is an independent registered public accounting firm within the meaning of applicable rules and regulations of the SEC, the Exchange
Act and the applicable rules of the Public Company Accounting Oversight Board. 
 Section 3.13 No Material Actions or
Proceedings. Except as disclosed in the SEC Reports or in the Current Draft Form 10-Q, there are no legal or governmental proceedings pending or, to the knowledge of the Company, threatened to which
the Company or any of its Subsidiaries is a party or to which any of the properties of the Company or any of its Subsidiaries is subject, other than proceedings that would not reasonably be expected to, individually or in the aggregate, have a
Material Adverse Effect. 
 Section 3.14 Title to Properties. The Company and its Subsidiaries have good and marketable
title in fee simple to, or have valid rights to lease or otherwise use, all material items of real and personal property that are necessary to conduct the respective businesses of the Company and its Subsidiaries, taken as a whole, in each case free
and clear of all liens, encumbrances, claims and defects except those that (a) are disclosed in the SEC Reports or the Current Draft Form 10-Q or (b) do not materially interfere with the use made and
proposed to be made of such property by the Company and its Subsidiaries. 
 Section 3.15 Permits. The Company and its
Subsidiaries possess such certificates, authorizations or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct the respective businesses now operated by them, except for such certificates,
authorizations or permits of which the failure to possess such certificates, authorizations or permits would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect, and neither the Company nor any of its
Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such certificate, authority or permit which, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to,
individually or in the aggregate, have a Material Adverse Effect. 
 Section 3.16 Intellectual Property. The Company owns
or possesses the right to use, or can acquire on reasonable terms, the material patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks and trade names (collectively, “patent and proprietary rights”) presently employed by it in

  
 16 

 
connection with the businesses now operated by it, and the Company has not received any notice or is otherwise aware of any infringement of or conflict with asserted rights of others with respect
to any patent or proprietary rights, or of any facts which would render any patent and proprietary rights invalid or inadequate to protect the interest of the Company and which infringement or conflict (if the subject of any unfavorable decision,
ruling or finding) or invalidity or inadequacy would reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect. 

Section 3.17 No Labor Dispute; No Notice of Labor Law Violations. No labor dispute with the employees of the Company
or its Subsidiaries exists or, to the knowledge of the Company, is imminent, except for any such disputes that would not, in the aggregate, have a Material Adverse Effect; and the Company is not aware of any existing or imminent labor disturbance by
the employees of any of its principal suppliers, manufacturers or contractors which would reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect. 

Section 3.18 Environmental Compliance. Except as specifically disclosed in the SEC Report or in the Current Draft Form 10-Q and except as would not reasonably be expected to have a Material Adverse Effect: (a) the Company and its Subsidiaries and their properties and operations are and, since January 1, 2018, have been in
compliance with Environmental Laws; (b) the Company and its Subsidiaries possess, and are in compliance with, all Environmental Permits required under applicable law for their operations as presently conducted; (c) the Company and its
Subsidiaries and their properties and operations are not subject to any pending or, to the knowledge of the Company, threatened Environmental Claims, nor has the Company or any of its Subsidiaries received any written notice of violation,
noncompliance, enforcement or investigation from any Governmental Authority pursuant to Environmental Laws that remains pending or unresolved; (d) to the knowledge of the Company, there has been no Release of any Hazardous Substance by the
Company or its Subsidiaries or in connection with their properties or operations in violation of any Environmental Laws or in a manner that could reasonably be expected to give rise to a material remedial or corrective action obligation pursuant to
Environmental Laws; (e) to the knowledge of the Company, there has been no exposure of any Person or property to any Hazardous Substance in connection with the Company’s or its Subsidiaries’ properties or operations that could
reasonably be expected to form the basis for a material Environmental Claim; and (f) the Company and its Subsidiaries have not assumed or retained by contract or operation of Law any liability (i) of any Person (other than the Company and
its Subsidiaries) in respect of any Environmental Claim or pursuant to Environmental Laws, or (ii) with respect to the environmental condition of any property formerly owned or operated by the Company or its Subsidiaries. 

Section 3.19 Investment Company. The Company is not, and after giving effect to the offering and sale of the
Purchased Shares and the Warrants and the application of the proceeds thereof, will not be, an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act
of 1940, as amended. 
 Section 3.20 Accounting System. The Company maintains a system of internal control over financial
reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) that complies in all material respects with the applicable requirements of the Exchange Act and that has been designed by, or under the
supervision of, the Company’s principal executive and principal 

  
 17 

 
financial officers, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. The
Company maintains a system of accounting controls that is in compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 and includes controls sufficient to provide reasonable assurances that: (a) transactions are executed in
accordance with management’s general or specific authorization; (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (c) access to
assets is permitted only in accordance with management’s general or specific authorization; and (d) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with
respect to any differences. 
 Section 3.21 Disclosure Controls and Procedures. The Company has established and maintains
disclosure controls and procedures (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act); such disclosure controls and procedures are designed to
ensure that (a) information required to be disclosed by the Company in reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and
(b) information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive officer and principal
financial officer, as appropriate to allow timely decisions regarding required disclosure; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in
other factors that have affected or could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses. 

Section 3.22 Tax Returns. Except as disclosed in the SEC Reports, each of the Company and its Subsidiaries has filed all
foreign, federal or state income and franchise tax returns required to be filed after giving effect to any applicable extension in the time for filing (except insofar as the failure to file such returns would not reasonably be expected to,
individually or in the aggregate, have a Material Adverse Effect) and have paid all taxes shown thereon as due (except insofar as the failure to pay such taxes would not reasonably be expected to, individually or in the aggregate, have a Material
Adverse Effect); and all tax liabilities of the Company and its Subsidiaries are adequately provided for on the books of the Company and its Subsidiaries, as applicable (except insofar as the failure to so provide for such tax liabilities would not
reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect). 
 Section 3.23
Anti-Corruption. Except as disclosed in the SEC Reports or in the Current Draft Form 10-Q, neither the Company nor any of its Subsidiaries nor, to the knowledge of the Company, any of its
or their directors, officers, employees, Affiliates, agents, or representatives has, while acting on behalf of the Company or its Subsidiaries, authorized, offered, provided or promised to authorize, offer, or provide anything of value, including
the payment of any money or other property, gift, hospitality, or reward, to any “government official” (including any officer or employee of a Government Authority, of any government-owned, -operated, or -controlled entity, of any public
international organization, or any Person acting in an official capacity for or on behalf of any of the foregoing), or to any political party, party official, or candidate for political office, for the purpose of obtaining or retaining business or
favorable government action or to 

  
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secure an improper business advantage, in any case in violation in any material respect of the FCPA, the Bribery Act 2010 of the United Kingdom or any other similar laws and regulations
prohibiting bribery and corruption applicable to the Company or its Subsidiaries. “FCPA” means U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder. 

Section 3.24 Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times
since January 1, 2016 in compliance in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all
applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”), and
no action, suit or proceeding by or before any Governmental Authority or any arbitrator involving the Company or its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 

Section 3.25 OFAC. None of the Company nor its Subsidiaries nor, to the knowledge of the Company, any director,
officer, agent, employee, Affiliate or representative of the Company or such Subsidiaries is a Person currently the subject or target of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets
Control, the U.S. Department of State, the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom (collectively, “Sanctions”), nor are the Company nor any of such Subsidiaries
located, organized or resident in a country or territory that is the subject or target of Sanctions in violation in any material respect of any such Sanctions; and the Company will not directly or indirectly use the proceeds of the sale of the
Purchased Shares, or the Warrants, or lend, contribute or otherwise make available such proceeds to any Subsidiaries, joint venture partners or other Person, to fund any activities of or business with any Person, or in any country or territory, in
violation, in any material respect, of any Sanctions. 
 Section 3.26 Listing and Maintenance Requirements. Shares of the
Common Stock are listed on the NYSE, and the Company has not received any pending notice of delisting. The issuance and sale of the Purchased Shares, the Warrants and the Warrant Shares do not contravene NYSE rules and regulations. 

Section 3.27 Form S-3 Eligibility. The Company is eligible to register the Warrant
Shares for resale by the Purchasers under Form S-3 promulgated under the Securities Act. 

Section 3.28 Certain Fees. The Company is not a party to any contract, agreement or understanding with any person (other
than this Agreement) that would give rise to a valid claim against the Purchasers for a brokerage commission, finders’ fee or like payment in connection with the offering and sale of the Purchased Shares or the Warrants. 

Section 3.29 Insurance. Each of the Company and its Subsidiaries carry, or are covered by, insurance from insurers of
recognized financial responsibility in such amounts and covering such risks as is reasonably adequate for the conduct of their respective businesses and the value of their respective properties. All policies of insurance of the Company and its
Subsidiaries are in full force and effect; the Company and its Subsidiaries are in compliance with the terms of such 

  
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policies in all material respects; except as disclosed in the SEC Reports or in the Current Draft Form 10-Q, there are no material claims by the Company or
any of its Subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; and none of the Company or any of its Subsidiaries has any reason to believe that
it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business. 

Section 3.30 Distributions Restrictions. The Company is not currently prohibited, nor as a result of the transactions
contemplated by this Agreement, will be prohibited, directly or indirectly, from paying any distributions or dividends with respect to its equity securities, from repaying to any Subsidiary of the Company loans or advances, or from transferring
property or assets to a Subsidiary of the Company, except (a) as prohibited under the Credit Agreement in place as of the date hereof (including the letter of credit facility provided for in the Credit Agreement), the New LC Facility (provided
that any restrictions in such New LC Facility are no more restrictive than the restrictions set forth in the Credit Agreement as of the date hereof), any indenture filed by the Company with the SEC as of the date hereof or the Operative Documents or
(b) such prohibitions mandated by the Laws of each of the Company’s or Subsidiary of the Company’s jurisdiction of formation and the terms of their respective organizational documents. 

Section 3.31 Compliance with Laws. Except as disclosed in the SEC Reports or in the Current Draft Form 10-Q and except as would not reasonably be expected to have a Material Adverse Effect: (i) the Company and each of its Subsidiaries are, and since January 1, 2018 have been, in compliance with, and are not
in material default under or in material violation of, any Law; and (ii) the Company and each of its Subsidiaries have not received any written notice from any Governmental Authority regarding any actual or potential violation of, or failure to
comply with, any Law. 
 Section 3.32 Solvency. On and immediately after the Closing, the Company and its Subsidiaries on
a consolidated basis (after giving effect to the issuance of the Purchased Shares and Warrants) is and will be Solvent. As used in this paragraph, the term “Solvent” means, with respect to a particular date, that on such date (a) the
present fair market value (or present fair saleable value) of the assets of the Company and its Subsidiaries on a consolidated basis is not less than the total amount required to pay the liabilities on their total existing debts and liabilities
(including contingent liabilities) as they become absolute and matured; (b) the Company and its Subsidiaries on a consolidated basis are able to pay their debts and other liabilities, contingent obligations and commitments as they mature and
become due in the normal course of business; (c) assuming consummation of the issuance of the Purchased Shares as contemplated by this Agreement, the Company and its Subsidiaries on a consolidated basis are not incurring debts or liabilities
beyond their ability to pay as such debts and liabilities mature; and (d) the Company and its Subsidiaries on a consolidated basis are not engaged in any business or transaction, and do not propose to engage in any business or transaction, for
which their property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which the Company and its Subsidiaries are engaged. 

  
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 Section 3.33 No Registration. Assuming the accuracy of the
representations and warranties of each Purchaser contained in Article IV, the issuance and sale of the Purchased Shares and the Warrants pursuant to this Agreement is exempt from registration requirements of the Securities Act, and neither the
Company nor, to the knowledge of the Company, any authorized Representative acting on its behalf has taken or will take any action hereafter that would cause the loss of such exemption. Without limiting the foregoing, neither the Company nor, to the
knowledge of the Company, any other Person authorized by the Company to act on its behalf, has engaged in a general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) of investors with respect to offers or
sales of the Purchased Shares, Warrants or Warrant Shares and neither the Company nor, to the knowledge of the Company, any Person acting on its behalf has made any offers or sales of any security or solicited any offers to buy any security, under
circumstances that would cause the offering or issuance of Purchased Shares, Warrants or Warrant Shares under this Agreement to be integrated with prior offerings by the Company for purposes of the Securities Act, nor will the Company take any
action or steps that would cause the offering or issuance of the Purchased Shares, Warrants or Warrant Shares under this Agreement to be integrated with other offerings. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS 

Each Purchaser, severally and not jointly, hereby represents and warrants to the Company that: 

Section 4.01 Existence. Such Purchaser is duly organized and validly existing and in good standing under the Laws of its
jurisdiction of organization, with all requisite power and authority to conduct its business as currently conducted and to consummate the transactions contemplated by the Operative Documents. 

Section 4.02 Authorization, Enforceability. Such Purchaser has all necessary corporate, limited liability company or
partnership power and authority to execute, deliver and perform its obligations under the Operative Documents and to consummate the transactions contemplated thereby, and the execution, delivery and performance by such Purchaser of this Agreement
and the other Operative Documents has been duly authorized by all necessary action on the part of such Purchaser; and this Agreement constitutes, and the other Operative Documents will, from and after the Closing, constitute the valid and legally
binding obligations of such Purchaser, enforceable in accordance with their terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or transfer, reorganization, moratorium and similar laws
relating to or affecting creditors’ rights generally or by general principles of equity, including principles of commercial reasonableness, good faith and fair dealing. 

Section 4.03 No Conflicts; Consents. The execution and delivery by such Purchaser of, and the performance by such Purchaser
of its obligations under, this Agreement and the other Operative Documents will not: (a) violate or otherwise contravene any provision of (i) applicable Law or (ii) the organizational documents of such Purchaser; or (b) conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, loan agreement, note, lease or other instrument to which such Purchaser is a party or by

  
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which such Purchaser is bound, or to which any of the properties or assets of such Purchaser are subject, or any judgment, order or decree of any Governmental Authority having jurisdiction over
such Purchaser or any of the properties or assets of such Purchaser, except in the cases of clauses (a)(i) and (b), for such violations, contraventions, breaches or defaults as would not prevent the consummation of the transactions contemplated by
this Agreement and the other Operative Documents. No consent, approval, authorization or order of, or filing, registration or qualification with, any Governmental Authority is required for the consummation by such Purchaser of the transactions
contemplated by this Agreement and the other Operative Documents. 
 Section 4.04 Certain Fees. No fees or commissions
are or will be payable by such Purchaser to brokers, finders or investment bankers with respect to the purchase of any of the Purchased Shares or the Warrants or the consummation of the transaction contemplated by this Agreement for which the
Company or its Subsidiaries will become liable. 
 Section 4.05 Investment. The Purchased Shares and the Warrants are
being acquired for such Purchaser’s own account, the account of its Affiliates or the accounts of clients of Purchaser or its Affiliates (all of whom such Purchaser hereby represents and warrants are “accredited investors” within the
meaning of Rule 501(a) of Regulation D promulgated by the SEC pursuant to the Securities Act), not as a nominee or agent, and such Purchaser has no present intention of selling or granting any participation in or otherwise distributing the
same in any transaction in violation of the securities Laws of the United States or any state. If such Purchaser should in the future decide to dispose of any of the Purchased Shares, the Warrants or the Warrant Shares, the Purchaser understands and
agrees (a) that it may do so only in compliance with the Securities Act and applicable state securities Laws, as then in effect, including a sale contemplated by any registration statement pursuant to which such securities are being offered, or
pursuant to an exemption from the Securities Act, and (b) that stop-transfer instructions to that effect will be in effect with respect to such securities. 

Section 4.06 Nature of Purchaser. Such Purchaser represents and warrants to, and covenants and agrees with, the Company
that, (a) it is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated by the SEC pursuant to the Securities Act and (b) by reason of its or its Affiliates’ business and financial
experience it has such knowledge, sophistication and experience in making similar investments and in business and financial matters generally so as to be capable of evaluating the merits and risks of the prospective investment in the Purchased
Shares, the Warrants and the Warrant Shares, is able to bear the economic risk of such investment and, at the present time, would be able to afford a complete loss of such investment. 

Section 4.07 Restricted Securities. Such Purchaser understands that the Purchased Shares, the Warrants and the Warrant
Shares are characterized as “restricted securities” under the federal securities Laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such Laws and applicable regulations
such securities may not be resold absent registration under the Securities Act or an exemption therefrom. 

  
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 Section 4.08 Reliance by the Company. Such Purchaser understands that the
Purchased Shares and the Warrants are being offered and sold in reliance on a transactional exemption from the registration requirements of federal and state securities Laws and that the Company is relying upon the truth and accuracy of the
representations, warranties, agreements, acknowledgments and understandings of such Purchaser set forth herein in order to determine the applicability of such exemptions and the suitability of such Purchaser to acquire the Purchased Shares and the
Warrants and the Warrant Shares. 
 Section 4.09 Legend. Such Purchaser understands that the Purchased Shares, the Warrants and
the Warrant Shares will bear the following legend: 
 “These securities have not been registered under the Securities Act of 1933, as
amended (the “Securities Act”). These securities may not be sold or offered for sale except pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from registration thereunder, in each case in
accordance with all applicable securities Laws of the states or other jurisdictions, and in the case of a transaction exempt from registration, such securities may only be transferred if the transfer agent for such securities has received
documentation satisfactory to it that such transaction does not require registration under the Securities Act.” 
 Such Purchaser understands that the
Purchased Shares, the Warrants and the Warrant Shares will bear such legend until such time as such legend is removed in accordance with Section 5.02(a). 

Section 4.10 Company Information. Such Purchaser has been furnished with all materials relating to the business, finances
and operations of the Company that have been requested by and on behalf of such Purchaser and materials relating to the offer and sale of the Purchased Shares and the Warrants that have been requested by such Purchaser. Such Purchaser has been
afforded the opportunity to ask questions of the Company. Neither such inquiries nor any other due diligence investigations conducted at any time by such Purchaser shall modify, amend or affect such Purchaser’s right (a) to rely on the
Company’s representations and warranties contained in Article III or (b) to indemnification or any other remedy based on, or with respect to, the accuracy or inaccuracy of, or compliance with, the representations, warranties, covenants and
agreements in this Agreement or any other Operative Document. Such Purchaser understands that its purchase of the Purchased Shares and the Warrants involves a high degree of risk. Such Purchaser has sought such accounting, legal and tax advise as it
has considered necessary to make an informed investment decision with respect to its acquisition of the Purchased Shares and the Warrants. 

Section 4.11 Short Selling. Such Purchaser currently owns no equity securities of the Company and has not made any trades
in the Common Stock or other equity interest of the Company or entered into or effected any Short Sales of the Common Stock since the time it first began discussions with the Company about the transactions contemplated by this Agreement and, without
limiting the foregoing, has not during such time entered into a total return swap or similar hedging or derivative transaction with respect to the Company’s equity securities. 

Section 4.12 Sufficient Funds. Such Purchaser (and any transferee of Purchaser’s obligations hereunder prior to the
Closing pursuant to Section 8.05) will have at the Closing sufficient funds to enable such Purchaser to pay in full at the Closing the entire amount of the Purchase Price payable by such Purchaser hereunder in immediately available cash funds.

  
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 ARTICLE V 

COVENANTS 

Section 5.01 Taking of Necessary Action. Each of the parties hereto shall use its commercially reasonable efforts promptly
to take or cause to be taken all action and promptly to do or cause to be done all things necessary, proper or advisable under applicable Law and regulations to consummate and make effective the transactions contemplated by this Agreement. Without
limiting the foregoing, the Company and each Purchaser shall use its commercially reasonable efforts to make all filings and obtain all consents of Governmental Authorities that may be necessary for the consummation of the transactions contemplated
by the Operative Documents. 
 Section 5.02 Transfer Restrictions. 

(a) Except with the prior consent of the Company or as permitted in Section 5.02(b), until the first anniversary of the Closing Date, the
Purchasers will not (i) offer, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, pledge or otherwise transfer or dispose of, directly
or indirectly (each a “Transfer”) any shares of Preferred Stock, (ii) Transfer any of the Warrants or any Warrant Shares or (iii) directly or indirectly, make or engage in any Short Sale of, grant any option for the
purchase of, or enter into any hedging or similar transaction with the same economic effect as a Short Sale of or the purpose of which is to offset the loss which results from a decline in the market price of, any of the Preferred Stock, the
Warrants or the Warrant Shares, or otherwise establish or increase, directly or indirectly, a put equivalent position, as defined in Rule 16a-1(h) under the Exchange Act, or any other derivative or hedging
transaction, in each case with respect to any of the Preferred Stock, the Warrants or the Warrant Shares, regardless of whether such transaction is to be settled by delivery of Common Stock, other securities, cash or otherwise. 

(b) Notwithstanding the provisions of Section 5.02(a), any Purchaser shall be permitted to make Transfers at any time under the following
circumstances: 
 (i) Transfers of any portion or all of their Preferred Stock, Warrants or Warrant Shares to any Affiliate,
any limited partner of such Purchaser or any of its Affiliates, or any managed account, investment fund, or other vehicle that is managed or sponsored by Goldman, Sachs & Co. LLC on behalf of its Merchant Banking Division (the recipient of
the shares so Transferred, a “Permitted Transferee”), but only if the transferee, to the extent such transferee becomes a direct holder of the Preferred Stock, Warrants or Warrant Shares, agrees in writing prior to such Transfer for
the express benefit of the Company (with a copy thereof to be furnished to the Company) to be bound by the transferor’s obligations hereunder (including Section 5.04) with respect to the applicable Preferred Stock, Warrants or Warrant
Shares by executing a joinder in the form attached hereto as Exhibit F or to the Warrant Agreement, as applicable; or 

  
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 (ii) Transfers of any portion or all of such Purchaser’s Preferred
Stock, Warrants or Warrant Shares, including by way of exercise of Warrants, (A) in connection with a Change of Control (as defined in the Certificate of Designation) that has not been initiated by any Purchaser and pursuant to which the
Preferred Stock is redeemed in exchange for cash or equity securities or in connection with a Liquidation Event (as defined in the Certificate of Designation) or (B) with the prior written consent of the Company (such consent not to be
unreasonably withheld); and 
 (iii) Transfers solely to the extent necessary to address a Regulatory Concern. 

(c) Notwithstanding anything to the contrary, the Purchasers will not at any time, directly or indirectly (without the prior written consent of
the Board of Directors of the Company), Transfer any Preferred Stock, Warrants or Warrant Shares to an Industry Competitor; provided, however, that nothing in this Section 5.02(c) shall restrict (i) any Transfer of Warrant
Shares into the public market pursuant to a registered offering under the Registration Rights Agreement or (ii) any Purchaser or Permitted Transferee thereof from exercising its registration rights pursuant to the Registration Rights Agreement.

 (d) Notwithstanding anything to the contrary contained in this Section 5.02, no Purchaser will at any time Transfer Preferred Stock
unless (i) at least 20,000 shares of Preferred Stock are Transferred by such Purchaser (together with its Affiliates or Permitted Transferees) pursuant to such Transfer, in the event such Purchaser (together with its Affiliates or Permitted
Transferees) owns greater than 20,000 shares of Preferred Stock, or (ii) all of the Preferred Stock owned such Purchaser (and any of its Affiliates or Permitted Transferees) are Transferred pursuant to such Transfer, in the event such Purchaser
(together with its Affiliates or Permitted Transferees) owns less than 20,000 shares of the Preferred Stock at the time of such Transfer. 

(e) In connection with any proposed Transfer of any shares of Preferred Stock by any Purchaser (together with its Affiliates or Permitted
Transferees) of at least 60,000 shares of Preferred Stock or at least 1,500,000 Warrant Shares, the Company shall provide reasonable cooperation to such Purchaser and its Affiliates to facilitate such transfer, including (i) making management
of the Company available, at reasonable times following reasonable notice, for any reasonable due diligence and (ii) subject to the proposed transferee entering into a customary confidentiality agreement with the Company, in form and substance
reasonably satisfactory to the Company, making such information available to the proposed transferee regarding financial results, results of operations and assets of the business of the Company as is generally made available to the Board of
Directors of the Company (“Confidential Information”) (but without the Company taking on any obligation to make “cleansing” disclosures with respect thereto) and confirming to such Purchaser upon its reasonable request as
to whether the Confidential Information provided to the proposed transferee then constitutes material nonpublic information. 

Section 5.03 Securities Compliance. 

(a) In connection with a sale of the Preferred Stock, the Warrants or the Warrant Shares by a Purchaser (or its transferee in accordance with
Section 5.02) in reliance on Rule 144 promulgated under the Securities Act, the applicable Purchaser (or its transferee in accordance with Section 5.02) or its broker shall deliver to the transfer agent (which, for the avoidance of
doubt, may be the Company with respect to the Preferred Stock) and the Company a broker 

  
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representation letter providing to the transfer agent and the Company any information the Company deems necessary to determine that the sale of such Preferred Stock, Warrants or Warrant Shares is
made in compliance with Rule 144 promulgated under the Securities Act, including, as may be appropriate, a certification that the Purchaser is not an “affiliate” of the Company (as defined in Rule 144 promulgated under the Securities
Act) and a certification as to the length of time the Preferred Stock, Warrants or Warrant Shares have been held. Upon receipt of such representation letter and such determination, the Company shall promptly direct its transfer agent to remove the
notation of a restrictive legend to the extent relating to securities Law compliance in such Purchaser’s or the book-entry account maintained by the transfer agent, including the legend referred to in Section 4.09 to the extent relating to
securities Law compliance, and the Company shall bear all costs associated with the removal of such legend in the Company’s books. At such time as the Preferred Stock, the Warrants or the Warrant Shares have been sold pursuant to an effective
registration statement under the Securities Act permitting the public resale of the Preferred Stock, the Warrants or the Warrant Shares or have been held by any Purchaser (or its transferee in accordance with Section 5.02) for more than one
year where such Purchaser is not, and has not been in the preceding three months, an “affiliate” of the Company (as defined in Rule 144 promulgated under the Securities Act), if the book-entry account of such Purchaser (or its
transferee in accordance with Section 5.02) still bears the notation of the restrictive legend referred to in Section 4.09, the Company agrees, upon request of the Purchaser (or its transferee in accordance with Section 5.02), to take
all steps necessary to promptly effect the removal of such legend to the extent relating to securities Law compliance and the Company shall bear all costs associated with the removal of such legend in the Company’s books, regardless of whether
the request is made in connection with a sale or otherwise, so long as such Purchaser (or its transferee in accordance with Section 5.02) provides to the Company any information the Company deems reasonably necessary to determine that the
legend is no longer required under the Securities Act or applicable state Laws, including (if there is no such registration statement) a certification that the holder is not an “affiliate” of the Company (as defined in Rule 144
promulgated under the Securities Act) and regarding the length of time the Preferred Stock, the Warrants and the Warrant Shares have been held, a covenant to inform the Company if it should thereafter become such an “affiliate” (as defined
in Rule 144 promulgated under the Securities Act) and to consent to the notation of an appropriate restriction, and a certification as to the length of time such Preferred Stock, Warrants and Warrant Shares have been held. The Company shall
cooperate with each Purchaser (or its transferee in accordance with Section 5.02) to effect the removal of the legend referred to in Section 4.09 at any time such legend is no longer appropriate. 

(b) The Purchased Shares, the Warrants and the Warrant Shares (the “Restricted Securities”) may only be Transferred, subject
to any other Transfer restriction applicable to such Restricted Securities, if the conditions specified in this Agreement and the other Operative Documents, which conditions are in part intended to ensure compliance with the provisions of the
Securities Act in respect of the Transfer thereof have been satisfied on or in connection with such Transfer. 
 (c) In the event that the
legend relating to securities Law compliance has not been removed in accordance with Section 5.03(a), then this Section 5.03(c) shall apply (other than with respect to the Warrants and the Warrant Shares, which shall be subject to the
terms of the Warrant Agreement and the Warrants). Each holder shall, prior to any Transfer of any Restricted Securities 

  
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(other than a sale to be made in compliance with Rule 144 promulgated under the Securities Act, which sales shall be subject to compliance with Section 5.03(a)), give three Business
Days prior written notice to the Company of such holder’s intention to effect such Transfer. Each such notice shall describe the manner and circumstances of the proposed Transfer. Upon request by the Company, the holder delivering such notice
shall deliver a written opinion, addressed to the Company, of counsel for such holder, stating that in the opinion of such counsel (which opinion must be reasonably satisfactory to the Company) such proposed Transfer does not involve a transaction
requiring registration of such Restricted Securities under the Securities Act. If no other Transfer restrictions exist, such holder shall be entitled to Transfer the Restricted Securities in accordance with the terms of the notice delivered to the
Company (i) if the Company does not reasonably object to such Transfer on the basis of securities Law compliance or request such opinion, upon the third Business Day after delivery of such notice or (ii) if the Company does request such
opinion within such three Business Day period, upon its receipt thereof. Each certificate or other instrument evidencing the securities issued upon the Transfer of any Restricted Securities (and each certificate or other instrument evidencing any
untransferred balance of such Restricted Securities) shall bear a legend relating to securities Law compliance, as set forth in this Agreement. Any transferee (other than in connection with a sale made in compliance with Rule 144 promulgated
under the Securities Act), by acceptance of the Restricted Securities in accordance with this Section 5.03(c) must agree to be bound by this Section 5.03(c). 

Section 5.04 Standstill Agreements. Each Purchaser hereby agrees that, until the expiration of the earlier of
(a) seven years from the Closing Date, (b) the date that is one year after the date on which such Purchaser and its Permitted Transferees, collectively, no longer own at least 50% of the Purchased Shares acquired by such Purchaser on the
date hereof or (c) the filing of any voluntary petition in, or the consent to the filing of any petition in, or the institution of any bankruptcy, reorganization, or liquidation proceeding involving the Company or any material “restricted
subsidiary” (as defined in the Credit Agreement) of the Company as a debtor under any federal or state bankruptcy Law or any other applicable Law, neither such Purchaser nor such Permitted Transferees shall, without the prior written consent of
the Board of Directors of the Company, directly or indirectly: (i) effect or seek, offer or propose (whether publicly or otherwise) to effect, or cause or participate in or in any way assist any other Person to effect or seek, offer or propose
(whether publicly or otherwise) to effect or participate in: (A) any acquisition of any securities or rights to acquire any securities of (or any other beneficial ownership thereof), other than the Purchased Shares, the Warrants and the Warrant
Shares (pursuant to the exercise of Warrants), or a substantial portion of the assets of, the Company or any of its Subsidiaries; (B) any merger or other business combination or tender or exchange offer or any similar transaction involving the
Company or any of its Subsidiaries; or (C) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company or any of its Subsidiaries; (ii) make or become a participant in any
“solicitation” of “proxies” (as such terms are used in the proxy rules under the Exchange Act) or consent to vote or otherwise with respect to any voting securities of the Company, or make any communication exempted from the
definition of “solicitation” by Rule 14a-1(1)(2)(iv) under the Exchange Act; (iii) form, join or in any way participate in, or act in concert with, a “group” (within the meaning
of Section 13(d)(3) of the Exchange Act) with respect to the Company which would be required to file a statement on Schedule 13D or Schedule 13G with the SEC (other than (x) pursuant to securities of the Company acquired by Affiliates of
Purchaser that are part of the Securities Division of Goldman Sachs & 

  
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Co. LLC or (y) as a result of any board appointment or observation rights under the Certificate of Designation); (iv) otherwise act, alone or in concert with others, to seek to control,
change or influence the management, Board of Directors or policies of the Company (other than pursuant to the express terms of the Certificate of Designation, including, for the avoidance of doubt, in connection with any board appointment or
observation rights thereunder); (v) have any discussions or enter into any arrangements, understandings or agreements (oral or written) with, or advise, finance, assist or encourage, any third party with respect to any of the matters set forth
in this paragraph, or make any investment in any other Person that engages, or offers or proposes to engage, in any of such matters (it being understood that, without limiting the generality of the foregoing, neither such Purchaser nor any of such
Permitted Transferees shall be permitted to act as a joint bidder or co-bidder with any other person with respect to the Company); (vi) take any action which might cause or require the Company or any
Purchaser to make a public announcement regarding any of the types of matters set forth in this Section 5.04; or (vii) disclose any intention, plan or arrangement prohibited by, or inconsistent with, the foregoing provisions of this
Section 5.04. Each Purchaser further agrees, during such period, not to request the Company (or any of its Representatives), directly or indirectly, to amend or waive any provision of this Section 5.04 (including this sentence). Each
Purchaser understands that the Company is relying on the provisions of this Section 5.04 as a material inducement to enter into this Agreement. Notwithstanding anything to the contrary in this Section 5.04, nothing in this
Section 5.04 shall limit the rights of any holder of Purchased Shares pursuant to the Certificate of Designation and other Operative Documents. For the avoidance of doubt and notwithstanding anything in this Agreement, (x) none of the
provisions of this Agreement shall in any way limit Goldman Sachs & Co. LLC or any of its Affiliates (other than Purchaser or any Permitted Transferee to which Purchased Shares are transferred) from engaging in any brokerage, investment
advisory, financial advisory, anti-raid advisory, principaling, merger advisory, financing, asset management, trading, market making, arbitrage, investment activity and other similar activities conducted in the ordinary course of their business or
(y) prohibit changes in the composition of any Purchaser (and its Permitted Transferees that acquired Purchased Shares) or its partners or members so long as such changes in composition only relate to changes in direct or indirect ownership of
the Purchaser among such Purchaser, its Affiliates and the limited partners of the private equity fund vehicles that indirectly own such Purchaser. Nothing in this Section 5.04 shall prohibit Purchaser or its Affiliates from purchasing any
indebtedness of, or other creditors’ claims against, the Company or any of its Subsidiaries, in any such case that ranks senior to the Purchased Shares with respect to rights upon liquidation. 

Section 5.05 Expenses. Each of the parties to this Agreement will bear and pay all costs and expenses incurred by it or on
its behalf in connection with the transactions contemplated pursuant to the Operative Documents; provided, however, the Company shall, upon the Closing or the termination of this Agreement (other than pursuant to
Section 7.01(d)), reimburse the Purchasers for up to $1,000,000.00 of their and their respective Affiliates’ reasonable and documented out-of-pocket fees and
expenses, including legal and consulting fees, in each case incurred in connection with the due diligence related to the Purchased Shares, Warrants and Warrant Shares, the negotiation, structuring, implementing and preparation of the Operative
Documents and the undertaking of the transactions contemplated pursuant to the Operative Documents. 

  
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 Section 5.06 Protective Provisions. Notwithstanding anything contained
herein or any of the other Operating Documents to the contrary, the Company hereby covenants and agrees that it will not, without the prior written consent of the Purchasers who are obligated to purchase a majority of the Purchased Shares under this
Agreement, take any action on or after the date of this Agreement and prior to the Closing Date that would require the approval of the holders of a majority of the Purchased Shares under the Certificate of Designation if the Purchased Shares had
been issued pursuant to this Agreement simultaneously with the execution of this Agreement. 
 Section 5.07 Tax Matters.

 (a) The Company shall cooperate with the Holders, and shall provide the Holders with information that the Holders may request, in
connection with the Holders’ tax reporting and withholding obligations or any tax audit or proceeding, in each case, relating to the Preferred Stock, the Warrants, or the Warrant Shares. Without limiting the foregoing, with respect to each
dividend paid or that may become payable (including, in each case, any deemed dividends under Section 305 of the Internal Revenue Code of 1986, as amended (the “Code”)) on the Preferred Stock, the Warrant or the Warrant Shares,
the Company shall provide the Holders no later than 45 days after each calendar year the amount of any such dividend (or deemed dividend) that is expected to be treated as a dividend pursuant to Section 301(c)(1) of the Code for such year, and
reasonably promptly upon request of any Holder prior to such date, a reasonable estimate thereof. 
 (b) The Company agrees it will not
report any accruing dividends as a distribution for purposes of Section 301 of the Code unless and until such distributions are declared by the Board of Directors of the Company and paid in cash. 

(c) If the Company determines that withholding of tax with respect to the Preferred Stock, the Warrants or the Warrant Shares held by any
Holder is necessary, the Company shall use reasonable best efforts to notify such Holder reasonably in advance of such withholding, and provide such Holder with a reasonable opportunity to establish an exemption or other basis for reducing or
eliminating such withholding tax. 
 (d) (i) The Company in consultation with a Big Four Accounting Firm will determine each year
whether or not it is likely to become a passive foreign investment company (a “PFIC”) within the meaning of Section 1297 of the Code, and shall notify each Holder of this determination within 45 days at the end of each taxable
year; (ii) the Company agrees, at the Company’s expense, to make available to any Holder, upon request, all information that it used to determine whether or not it is or is not likely to be a PFIC; (iii) upon a determination by the
Company that it is likely to become a PFIC, the Company shall (A) provide to each Holder, upon request, within 45 days at the end of each taxable year, at the Company’s expense, all information reasonably available to the Company and its
Affiliates to permit such Holder (or its direct or indirect owners) to (I) accurately prepare all tax returns and comply with any reporting requirements as a result of such determination, and (II) make any election (including a
“qualified electing fund” election under Section 1295 of the Code) with respect to the Company and comply with any reporting or other requirements incidental to such election; (B) timely provide such Holder with a completed
“PFIC Annual Information Statement” as required by Treasury Regulation Section 1.1295-1(g) in form substantially identical to Exhibit G for such year and for each year thereafter and otherwise
comply with applicable Treasury Regulation requirements; and (C) with respect to any relevant Subsidiary 

  
 29 

 
of the Company that the Company determines is also likely to be a PFIC, provide such Holder with the information described in clause (A) and clause (B) above with respect to such
Subsidiary; and (iv) the Company will promptly notify such Holder of any assertion by the IRS that it or any relevant Subsidiary is or is likely to become a PFIC. 

(e) The Company shall cooperate in good faith with any Holder in connection with such Holder’s efforts to determine whether it owns or
could own 10% or more (within the meaning of Section 951(b) of the Code) of the Company or any Subsidiary (any such Holder, “10% Owner”) and if any Holder is or could be a 10% Owner with respect to the Company or any
Subsidiary, the Company shall determine whether it or any of its Subsidiaries is a “controlled foreign corporation” within the meaning of Section 957 of the Code (a “CFC”) as to which such 10% Owner is a “U.S.
Shareholder” (as defined in Section 951(b) of the Code). If the Company determines it or any Subsidiary is a CFC as to which any Holder is a U.S. Shareholder, the Company shall (i) furnish to such Holder within 180 days following the
end of each taxable year, and at the Company’s expense, all information necessary to satisfy the U.S. income tax compliance requirements of such Holder arising from its investment in the Company and relating to the Company’s or
Subsidiaries’ classification as a CFC (including such Holder’s pro rata share of income includable under Sections 951 or Section 951A of the Code and any credits to which such Holder may be entitled under Section 960 of the
Code), and within 75 days following the end of each taxable year, reasonable good faith best estimates thereof; (ii) if the Company becomes aware that it or any Subsidiary has become a CFC or has ceased to be a CFC, provide prompt written
notice to such U.S. Shareholder; and (iii) cooperate in good faith with such Holder to minimize the amount of income includible in such Holder’s gross income under Section 951 or Section 951A of the Code arising from its
investment in the Company, provided that such cooperation (x) is limited to making entity classification elections for U.S. federal income tax purposes and (y) does not result in a significant tax or other material, unreimbursed cost to
the Company or any of its Subsidiaries. 
 (f) If the Closing occurs, the provisions of this Section 5.07 shall survive any termination
of this Agreement for so long as any Purchased Shares, Warrants or Warrant Shares remain outstanding. The Holders shall be third party beneficiaries of this Section 5.07, entitled to the benefits of, and to enforce against the Company, the
provisions of this Section 5.07 whether or not such Holder has executed a joinder to this Agreement. This Section 5.07 shall not be amended in any manner that adversely affects any Holder without the prior written consent of the
Holders of at least a majority of the Purchased Shares or, if no Purchased Shares are outstanding, the Holders of a majority of the Warrant Shares assuming all of the Warrants have been exercised. 

ARTICLE VI 

INDEMNIFICATION 

Section 6.01 Indemnification by the Company. The Company agrees to indemnify each Purchaser, its Affiliates
and their respective Representatives (collectively, “Purchaser Related Parties”) from all costs, losses, liabilities, damages or expenses of any kind or nature whatsoever, and hold each of them harmless against, any and all actions,
suits, proceedings (including any investigations, litigation or inquiries), demands and causes of action, and, in connection therewith, 

  
 30 

 
promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever (including the reasonable fees and disbursements of
outside counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them), whether or not involving a
Third-Party Claim (as defined below), as a result of, arising out of or in any way related to the breach of any representations, warranties or covenants of the Company contained herein; provided that such claim for indemnification relating to
a breach of the representations or warranties is made prior to the expiration of the survival periods for such representations or warranties set forth in Section 8.01; provided, further, that for purposes of determining when an
indemnification claim has been made, the date upon which a Purchaser Related Party shall have given notice (stating in reasonable detail the basis of the claim for indemnification) to the Company shall constitute the date upon which such claim has
been made. No Purchaser Related Party shall be entitled to recover special, consequential (including lost profits) or punitive damages from the Company; provided, however, that such limitation shall not prevent any Purchaser Related Party
from recovering under this Section 6.01 for any such damages to the extent that such damages are in the form of diminution in value or are payable to a third party in connection with any Third-Party Claims. 

Section 6.02 Indemnification by Purchasers. Each Purchaser agrees, severally and not jointly, to indemnify the Company and
its respective Representatives (collectively, “Company Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands and
causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages or expenses of any kind or nature whatsoever, including the reasonable fees and disbursements of
counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of, or in any
way related to the breach of any of the representations, warranties or covenants of such Purchaser contained herein; provided that such claim for indemnification relating to a breach of the representations and warranties is made prior to the
expiration of such representations and warranties; provided, further, that no Company Related Party shall be entitled to recover special, consequential (including lost profits) or punitive damages from any Purchaser. 

Section 6.03 Indemnification Procedure. 

(a) A claim for indemnification for any matter not involving a Third-Party Claim may be asserted by notice to the party from whom
indemnification is sought; provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under Sections 6.01 or 6.02 except to the extent it has been materially
prejudiced by such failure. 
 (b) Promptly after receipt by an indemnified party under this Article VI of notice of any claim or the
commencement of any action, suit or proceeding by a third-party that the indemnified party believes in good faith is an indemnifiable claim under this Agreement (each, a “Third-Party Claim”), the indemnified party shall, if a claim
in respect thereof is to be made against the indemnifying party under this Article VI, notify the indemnifying party in writing of such Third-Party Claim; provided, however, that the failure to notify the indemnifying party shall

  
 31 

 
not relieve it from any liability which it may have under Sections 6.01 or 6.02 except to the extent it has been materially prejudiced by such failure. If any such Third-Party Claim shall be
brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying
party, to assume the defense thereof with counsel reasonably satisfactory to the indemnified party. After notice from the indemnifying party to the indemnified party of its election to assume the defense of such Third-Party Claim, and so long as the
indemnifying party pursues the same diligently and in good faith, the indemnifying party shall not be liable to the indemnified party under this Article VI for any legal or other expenses subsequently incurred by the indemnified party in connection
with the defense thereof other than reasonable costs of investigation; provided, however, that the indemnified party shall have the right to employ one separate counsel to represent jointly the indemnified party and those other
indemnified parties and their respective directors, officers, employees and controlling persons who may be subject to liability arising out of any Third-Party Claim in respect of which indemnity may be sought under this Article VI if (a) the
indemnified party and the indemnifying party shall have so mutually agreed; (b) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party; (c) the indemnified party and
its directors, officers, employees and controlling persons shall have reasonably concluded, based on advice of counsel, that there may be legal defenses available to them that are different from or in addition to those available to the indemnifying
party; or (d) the named parties in any such proceeding (including any impleaded parties) include both the indemnified parties or their respective directors, officers, employees or controlling persons, on the one hand, and the indemnifying
party, on the other hand, and representation of both sets of parties by the same counsel would be inappropriate due to actual or potential differing interests between them, and in any such event the fees and expenses of such separate counsel shall
be paid by the indemnifying party. No indemnifying party shall (i) without the prior written consent of the indemnified parties (which consent shall not be unreasonably withheld), settle or compromise or consent to the entry of any judgment
with respect to any pending or threatened Third-Party Claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such Third-Party Claim) unless such
settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such Third-Party Claim and does not include a statement as to, or an admission of fault, culpability or a failure to act
by or on behalf of any indemnified party, or (ii) be liable for any settlement of any such action effected without its written consent, but if settled with the consent of the indemnifying party or if there be a final judgment for the plaintiff
in any such action, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. The remedies set forth in this Article VI are cumulative and are
not exclusive of any remedies that may be available to a party at law or in equity or otherwise. 
 ARTICLE VII 

TERMINATION 

Section 7.01 Termination. Notwithstanding anything herein to the contrary, this Agreement may be terminated prior to
the Closing: 
 (a) by mutual written agreement of the Company and the Purchasers representing a majority of the Purchased Shares; 

  
 32 

 (b) by the Company or the Purchasers representing a majority of the Purchased Shares with
respect to itself or themselves, as applicable, upon written notice to the other party in the event that the Closing shall not have occurred on or before December 31, 2018; provided, however that the right to terminate this Agreement
pursuant to this Section 7.01(b) shall not be available to any party whose failure to fulfill any obligations under this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing to occur on or prior to such
date; 
 (c) by either the Company or the Purchasers representing a majority of the Purchased Shares if a United States court of competent
jurisdiction shall permanently enjoin the consummation of the purchase and sale of the Purchased Shares and such injunction shall be final and non-appealable; 

(d) by notice given by the Company to the Purchasers if there have been one or more inaccuracies in or breaches of one or more representations,
warranties, covenants or agreements made by the Purchasers in this Agreement such that the conditions in Section 2.06(a) or Section 2.06(b) would not be satisfied and which have not been cured by the Purchasers within 10 days after
receipt by the Purchasers of written notice from the Company requesting such inaccuracies or breaches to be cured; or 
 (e) by notice given
by the Purchasers representing a majority of the Purchased Shares to the Company, if there have been one or more inaccuracies in or breaches of one or more representations, warranties, covenants or agreements made by the Company in this Agreement
such that the conditions in Section 2.05(a) or Section 2.05(b) would not be satisfied and which have not been cured by the Company within 10 days after receipt by the Company of written notice from the Purchasers requesting such
inaccuracies or breaches to be cured. 
 Section 7.02 Effect of Termination. In the event that this Agreement is
terminated pursuant to Section 7.01, no party (or any of its Affiliates) shall have any liability or obligation to any other party (or any of its Affiliates) under or in respect of this Agreement, except (a) to the extent of any liability
arising from any breach by such party of its obligations of this Agreement arising prior to such termination, (b) in the case of termination pursuant to Section 7.01(d), to the extent of such Purchaser’s indemnification obligations
under Section 6.02, (c) in the case of termination pursuant to Section 7.01(e), to the extent of the Company’s indemnification obligations under Section 6.01 and (d) to the extent of any fraud or intentional or willful
breach of this Agreement. In the event of any such termination, this Agreement shall become void and have no effect, and the transactions contemplated hereby shall be abandoned without further action by the parties hereto, in each case, except
(x) as set forth in the preceding sentence and Section 5.05 and (y) that this Article VII shall survive the termination of this Agreement. 

ARTICLE VIII 

MISCELLANEOUS 

Section 8.01 Survival of Representations and Warranties. The representations and warranties set forth in Sections 3.01,
3.02, 3.04, 3.06, 3.07, and 3.28 shall survive indefinitely, and all other representations and warranties set forth herein shall survive for a period of 18 months following the Closing Date regardless of any investigation made by or on behalf
of the Company or any Purchaser. 

  
 33 

 Section 8.02 Notices and Communications. Any notice or communication by
the Company, on the one hand, or any of the Purchasers, on the other hand, to the other shall be in writing and shall be deemed to have been duly given and received (a) when delivered in person, (b) when actually received when mailed by
first class mail, postage prepaid, (c) when actually received by overnight delivery by a nationally recognized courier service, or (d) when receipt has been acknowledged when sent via electronic mail “email”). In each case the
notice or communication shall be addressed as follows: 
  

	 	(a)	 if to the Purchasers: 

West Street Capital Partners VII Offshore Investments, L.P. 

c/o Goldman Sachs & Co. LLC 

200 West Street 
 New York, NY
10282 
 Attn: Chris Crampton 

With a copy to 
 Goldman
Sachs & Co. LLC 
 200 West Street 

New York, NY 10282 
 Attn: David
Thomas, General Counsel, Merchant Banking Division 
 with copies (which shall not constitute notice) to: 

Vinson & Elkins L.L.P. 

1001 Fannin Street, Suite 2500 

Houston, TX 77002 

					
		 	Attention:	  	Caroline Blitzer Phillips
		 		  	Shamus Crosby
		 	Email:	  	cphillips@velaw.com
		 		  	scrosby@velaw.com

  

	 	(b)	 if to the Company: 

McDermott International, Inc. 

757 N. Eldridge Parkway 
 Houston,
TX 77079 

					
		 	Attention:	  	John Freeman
		 	Email:	  	jfreeman@mcdermott.com

  
 34 

 with copies (which shall not constitute notice) to: 

Baker Botts L.L.P. 
 910 Louisiana
Street 
 Houston, TX 77002 

					
		 	Attention:	  	Ted W. Paris
		 		  	James H. Mayor
		 	Email:	  	ted.paris@bakerbotts.com
		 		  	james.mayor@bakerbotts.com

 or to such other address as the Company or any such Purchaser may designate in writing by notice delivered to the other in
accordance with this Section 8.02. 
 Section 8.03 Entire Agreement. This Agreement, the other Operative Documents
and the other agreements and documents referred to herein and therein are intended by the parties hereto as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties
hereto in respect of the subject matter hereof and thereof. There are no restrictions, promises, representations, warranties or undertakings, other than those set forth or referred to herein or in the other Operative Documents, with respect to the
rights granted by the Company or any of its Affiliates or any Purchaser or any of its Affiliates set forth herein or therein. This Agreement, the other Operative Documents and the other agreements and documents referred to herein or therein
supersede all prior written or oral agreements and understandings among the parties hereto and thereto with respect to such subject matter. 

Section 8.04 No Waiver; Modifications in Writing. 

(a) Delay. No failure or delay on the part of any party in exercising any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not
exclusive of any remedies that may be available to a party at law or in equity or otherwise. 
 (b) Specific Waiver. Except as
otherwise provided herein, no amendment, waiver, consent, modification or termination of any provision of this Agreement shall be effective unless signed by each of the parties hereto affected by such amendment, waiver, consent, modification or
termination. Any amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this Agreement and any consent to any departure by a party from the terms of any provision of this Agreement shall be
effective only in the specific instance and for the specific purpose for which made or given. 
 Section 8.05 Binding Effect;
Benefits of This Agreement. This Agreement shall be binding upon the Company, the Purchasers and their respective successors and permitted assigns (in accordance with Section 5.02). Except as expressly provided in this Agreement, nothing in
this Agreement, express or implied, is intended to confer upon any other Person any legal or equitable right, remedy or claim of any nature whatsoever under or by reason of this Agreement. Notwithstanding anything to the contrary in this Agreement,
prior to the Closing any Purchaser may assign all or part of its rights and obligations under this Agreement to one or more Permitted Transferees, but only if the transferee agrees in writing prior to such Transfer for the express benefit of the
Company (with a copy thereof to be furnished to the Company) to be bound by the transferor’s obligations hereunder (including Section 5.04). 

  
 35 

 Section 8.06 Governing Law; Jurisdiction and Venue; Waiver of Jury Trial.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York (without giving effect to any principles of conflicts of laws thereof that would result in the application of the laws of any other
jurisdiction, except to the extent that the New York conflicts of laws principles would apply applicable Laws of the Republic of Panama to internal matters relating to corporations organized thereunder). The Company and each Purchaser hereby
irrevocably and unconditionally: 
 (a) submits for itself in any legal action or proceeding relating solely to this Agreement or the
transactions contemplated hereby, to the exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States of America, in each case located within the Southern District of New York, and appellate courts
thereof; 
 (b) consents that any such action or proceeding may be brought in such courts, and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same to the extent permitted by applicable law; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to the party, as the case may be, at its address set forth herein or at such other address of which the other party shall have been notified pursuant hereto; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by applicable Law or shall
limit the right to sue in any other jurisdiction for recognition and enforcement of any judgment or if jurisdiction in the courts referenced in the foregoing clause (a) are not available despite the intentions of the parties hereto; 

(e) agrees that final judgment in any such suit, action or proceeding brought in such a court may be enforced in the courts of any jurisdiction
to which such party is subject by a suit upon such judgment, provided that service of process is effected upon such party in the manner specified herein or as otherwise permitted by applicable Law; 

(f) agrees that to the extent that such party has or hereafter may acquire any immunity from jurisdiction of any court or from any legal
process with respect to itself or its property, such party hereby irrevocably waives such immunity in respect of its obligations under this Agreement, to the extent permitted by applicable Law; and 

(g) IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING IN RELATION TO THIS AGREEMENT. 

  
 36 

 Section 8.07 Specific Performance. Damages in the event of breach of this
Agreement by a party hereto may be difficult, if not impossible, to ascertain, and it is therefore agreed that each such party, in addition to and without limiting any other remedy or right it may have, shall have the right to seek an injunction or
other equitable relief in a court of competent jurisdiction in accordance with Section 8.06, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto, to the extent permitted by
applicable Law, hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an injunction or other equitable relief. The existence of this right shall not preclude any such party from
pursuing any other rights and remedies at law or in equity that such party may have. 
 Section 8.08 Severability. Any
provision of this Agreement or any of the other Operative Documents that is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without
invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other jurisdiction. 

Section 8.09 Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. Delivery of an executed counterpart
of a signature page to this Agreement by facsimile or .pdf attachment to electronic mail shall be effective as delivery of a manually executed counterpart to this Agreement. 

Section 8.10 Table of Contents and Headings. The Table of Contents and headings of the Articles and Sections of this
Agreement have been inserted for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

Section 8.11 No Presumption. If any claim is made by a party hereto relating to any conflict, omission or ambiguity in this
Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel. 

Section 8.12 Obligations Limited to Parties to This Agreement. Each of the parties hereto covenants, agrees and
acknowledges that, other than as set forth herein, no Person other than the Purchasers, their respective permitted assignees and the Company shall have any obligation hereunder and that, notwithstanding that one or more of such Purchasers, assignees
or the Company may be a corporation, partnership or limited liability company, no recourse under this Agreement or under any documents or instruments delivered in connection herewith shall be had against any former, current or future director,
officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of such Persons or their respective permitted assignees, or any former, current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no
personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of such Persons
or any of their respective assignees, or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of 

  
 37 

 
any of the foregoing, as such, for any obligations of such Persons or their respective permitted assignees under this Agreement or any documents or instruments delivered in connection herewith or
for any claim based on, in respect of or by reason of such obligation or its creation, except, in each case, for any assignee of any Purchaser hereunder. 

Section 8.13 Confidentiality. Notwithstanding anything herein to the contrary, to the extent that any Purchaser has
executed or is otherwise bound by a confidentiality agreement in favor of the Company, such Purchaser shall continue to be bound by such confidentiality agreement in accordance with the terms thereof. 

(Signature pages follow) 
  

  
 38 

 IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date
first above written. 
  

			
	MCDERMOTT INTERNATIONAL, INC.
		
	By:	 	 /s/ Stuart A. Spence

		 	 Name:  Stuart A. Spence

		 	 Title:   Executive Vice President and

		 	       Chief Financial Officer

 Signature Page to Securities Purchase Agreement 

 
			
	WEST STREET CAPITAL PARTNERS VII OFFSHORE INVESTMENTS, L.P.
	
	By: Goldman Sachs & Co. LLC, Duly Authorized Agent of the General Partner

 
			
		
	By:	 	 /s/ Chris Crampton

		 	Name: Chris Crampton
		 	Title: Managing Director

 Signature Page to Securities Purchase Agreement 

 Schedule A – List of Purchasers and Purchase Prices 

 

									
	 Purchaser
	  	Shares	 	  	Purchase Price	 
	 West Street Capital Partners VII Offshore Investments, L.P.
	  	 	300,000	 	  	$	289,500,000	 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	300,000	 	  	$	289,500,000	 

 Schedule A to Securities Purchase Agreement 

 Schedule 1.02(h) – Knowledge Parties 

 

	1.	 David Dickson 

  

	2.	 Samik Mukherjee 

  

	3.	 Stuart Spence 

  

	4.	 John Freeman 

  

	5.	 Daniel McCarthy 

  

	6.	 Stephen Allen 

  

	7.	 Brian McLaughlin 

  

	8.	 Neil Gunnion 

  

	9.	 Richard Heo 

  

	10.	 Linh Austin 

  

	11.	 Tareq Kawash 

  

	12.	 Ian Prescott 

  

	13.	 Scott Munro 

Schedule 1.02(h) to Securities Purchase Agreement 

 Exhibit A – Form of Warrant Agreement 

 MCDERMOTT INTERNATIONAL, INC. 

(as Issuer) 
 and

 Computershare Inc. and Computershare Trust Company, N.A. 

(as Warrant Agent) 
  

 
 Warrant
Agreement 
 Dated as of November [    ], 2018 

Warrants Exercisable for 

Shares of Common Stock 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Rules of Construction
	  	 	5	 
		
	 ARTICLE II APPOINTMENT OF WARRANT AGENT
	  	 	6	 
			
	 Section 2.01
	 	 Appointment of Warrant Agent
	  	 	6	 
		
	 ARTICLE III THE WARRANTS
	  	 	6	 
			
	 Section 3.01
	 	 Form and Dating; Legends
	  	 	6	 
	 Section 3.02
	 	 Execution and Countersignature
	  	 	7	 
	 Section 3.03
	 	 Warrant Registrar and Countersignature Agent
	  	 	7	 
	 Section 3.04
	 	 Replacement Warrants
	  	 	7	 
	 Section 3.05
	 	 Outstanding Warrants
	  	 	7	 
	 Section 3.06
	 	 Cancellation
	  	 	8	 
	 Section 3.07
	 	 CUSIP Numbers
	  	 	8	 
	 Section 3.08
	 	 Registration, Transfer and Exchange
	  	 	8	 
	 Section 3.09
	 	 Restrictions on Transfer and Exchange
	  	 	9	 
		
	 ARTICLE IV SEPARATION OF WARRANTS; TERMS OF WARRANTS; EXERCISE OF WARRANTS
	  	 	10	 
			
	 Section 4.01
	 	 Terms of Warrants; Exercise of Warrants
	  	 	10	 
	 Section 4.02
	 	 Conditional Exercise
	  	 	13	 
	 Section 4.03
	 	 Opinion of Counsel
	  	 	13	 
	 Section 4.04
	 	 Cost Basis Information
	  	 	13	 
		
	 ARTICLE V COVENANTS OF THE COMPANY
	  	 	13	 
			
	 Section 5.01
	 	 Maintenance of Office or Agency
	  	 	13	 
	 Section 5.02
	 	 Payment of Taxes
	  	 	14	 
	 Section 5.03
	 	 Rule 144A(d)(4) Information
	  	 	14	 
	 Section 5.04
	 	 Reservation of Warrant Shares
	  	 	14	 
	 Section 5.05
	 	 Listing
	  	 	14	 
	 Section 5.06
	 	 HSR Act
	  	 	15	 
		
	 ARTICLE VI ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES ISSUABLE
	  	 	15	 
			
	 Section 6.01
	 	 Adjustment to Number of Warrant Shares
	  	 	15	 
	 Section 6.02
	 	 Fractional Interests
	  	 	21	 
	 Section 6.03
	 	 Notices to Warrant Holders
	  	 	22	 
	 Section 6.04
	 	 No Rights as Stockholders; Limitations of Liability
	  	 	23	 

  
 i 

							
	 ARTICLE VII WARRANT AGENT
	  	 	23	 
			
	 Section 7.01
	 	 Warrant Agent
	  	 	23	 
	 Section 7.02
	 	 Compensation; Indemnity; Limitation on Liability
	  	 	25	 
	 Section 7.03
	 	 Individual Rights of Warrant Agent
	  	 	26	 
	 Section 7.04
	 	 Replacement of Warrant Agent
	  	 	27	 
	 Section 7.05
	 	 Successor Warrant Agent by Merger
	  	 	27	 
	 Section 7.06
	 	 Holder Lists
	  	 	28	 
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	28	 
			
	 Section 8.01
	 	 Holder Actions
	  	 	28	 
	 Section 8.02
	 	 Notices and Communications
	  	 	28	 
	 Section 8.03
	 	 Entire Agreement
	  	 	30	 
	 Section 8.04
	 	 Amendments, Supplements and Waivers
	  	 	30	 
	 Section 8.05
	 	 Benefits of This Agreement
	  	 	32	 
	 Section 8.06
	 	 Successors and Assigns
	  	 	32	 
	 Section 8.07
	 	 Governing Law; Jurisdiction and Venue; Waiver of Jury Trial
	  	 	32	 
	 Section 8.08
	 	 Severability
	  	 	33	 
	 Section 8.09
	 	 Counterparts
	  	 	33	 
	 Section 8.10
	 	 Table of Contents and Headings
	  	 	33	 
	 Section 8.11
	 	 No Adverse Interpretation of Other Agreements
	  	 	33	 
	 Section 8.12
	 	 No Presumption
	  	 	33	 
	 Section 8.13
	 	 Obligations Limited to Parties to This Agreement and Holders
	  	 	33	 
	 Section 8.14
	 	 Bank Accounts
	  	 	34	 
	 Section 8.15
	 	 Further Assurances
	  	 	34	 
	 Section 8.16
	 	 Confidentiality
	  	 	34	 
	 Section 8.17
	 	 Force Majeure
	  	 	34	 

 EXHIBITS 
 Exhibit
A    Form of Series A Warrant 
 Exhibit B    Restricted Legend 

Exhibit C    Rule 144A Certificate 
 Exhibit
D    Accredited Investor Certificate 
  

  
 ii 

 WARRANT AGREEMENT, dated as of November [    ], 2018, among McDermott
International, Inc., a corporation organized under the laws of the Republic of Panama (as further defined below, the “Company”), and Computershare Inc., a Delaware corporation (“Computershare”), and its
wholly owned subsidiary Computershare Trust Company, N.A., a federally chartered trust company (collectively, the “Warrant Agent”). 

WHEREAS, the Company proposes to issue Series A warrants (the “Warrants”), that upon exercise may be settled solely
for shares of Common Stock (as defined herein) (the Common Stock issuable on exercise of the Warrants being referred to herein as the “Warrant Shares”) or, at the option of the Company, via net share settlement, to certain third-party purchasers; and 
 WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company, and the Warrant Agent is willing so to act in connection with the issuance of the Warrants and other matters as provided herein; 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Definitions. As used in this Agreement, the following terms shall have the following respective
meanings. 
 “act” has the meaning set forth in Section 8.01. 

“Accredited Investor Certificate” means a certificate substantially in the form of Exhibit D hereto. 

“Affiliate” has the meaning assigned to such term, as of the date hereof, in Rule 405 under the Securities Act. 

“Agent” means any Registrar or Countersignature Agent as the context so requires. 

“Agreement” means this Warrant Agreement, as amended or supplemented from time to time. 

“Articles of Incorporation” means the Amended and Restated Articles of Incorporation of the Company, as amended or
modified. 
 “Average VWAP” per share over any specified period means the arithmetic average of the VWAP per share
for each Trading Day in such period. 
 “Board of Directors” means the Board of Directors of the Company or, with
respect to any action to be taken by the Board of Directors, any committee of the Board of Directors duly authorized to take such action. 

  
 1 

 “Business Combination” means a merger, consolidation, business
combination or similar transaction of the Company with another Person. 
 “Business Day” means any day other than a
Saturday, Sunday, any federal legal holiday or day on which banking institutions in the State of New York or State of Texas are authorized or required by law or other governmental action to close. 

“Capital Stock” means: 
  

	 	(1)	 in the case of a corporation, corporate stock; 

 

	 	(2)	 in the case of an association or business entity, any and all shares, interests, participations, rights or
other equivalents (however designated) of corporate stock; 

  

	 	(3)	 in the case of a partnership or limited liability company, partnership interests (whether general or limited)
or membership interests, respectively; and 

  

	 	(4)	 any other interest or participation that confers on a Person the right to receive a share of the profits and
losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.

 “Certificate of Designation” means the Certificate of Designation of 12% Redeemable
Preferred Stock of the Company, dated as of November [•], 2018. 
 “Closing Sale Price” per share of the Common
Stock means, as of any date, the closing sale price per share (or if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing
ask prices) on such date as reported (1) on the principal National Securities Exchange on which the Common Stock is traded, (2) if the Common Stock is not listed on a National Securities Exchange, on the principal regional securities
exchange, or (3) if the Common Stock is not listed on a National Securities Exchange or regional securities exchange, in the over-the-counter market as reported by
OTC Markets Group Inc. or a similar organization. In the absence of such a quotation, the Closing Sale Price shall be an amount determined by the Board of Directors to be the fair market value of a share of Common Stock. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Common Stock” means the common stock, par value $1.00 per share, of the Company or any other Capital Stock of the
Company into which such common stock shall be reclassified or changed. 
 “Company” means McDermott International,
Inc., a corporation organized under the laws of the Republic of Panama, or any successor to the Company. 
 “Computershare”
has the meaning assigned to such term in the recitals to this Agreement. 

  
 2 

 “Corporate Trust Office” means the office of the Warrant Agent
designated for the purposes contemplated hereunder, which at the Issue Date is located at [250 Royall Street, Canton, MA 02021]. 

“Countersignature Agent” refers to a Person engaged to countersign the Warrants in the stead of the Warrant Agent.

 “Ex-Date” means, when used with respect to any issuance of or
distribution in respect of the Common Stock or any other securities, the first date on which the Common Stock or such other securities trade without the right to receive such issuance or distribution. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 “Exercise Notice” has the meaning assigned to such term in
Section 4.01(b). 
 “Exercise Price” means the exercise price for the Warrants as set forth on Exhibit A,
subject to adjustment pursuant to Section 6.01. 
 “Expiration Time” has the meaning assigned to such term in
Section 4.01(a). 
 “Full Share Settlement” has the meaning assigned to such term in Section 4.01(b). 

“Full Share Settlement Election” has the meaning assigned to such term in Section 4.01(b). 

“Funds” has the meaning assigned to such term in Section 8.14. 

“GAAP” means accounting principles generally accepted in the United States. 

“Holder” means the registered holder of any Warrant. 

“HSR Act” has the meaning assigned to such term in Section 5.06. 

“Industry Competitor” means a company engaged primarily in providing engineering, procurement and construction services to
the energy industry or any holding company thereof or its Subsidiaries; provided, however, that for the avoidance of doubt, a private equity fund, financial institution, asset management firm or similar firm shall not be considered an
“Industry Competitor” but any of its portfolio companies that are engaged primarily in providing engineering, procurement and construction services to the energy industry would be considered an “Industry Competitor.” 

“Issue Date” means the date on which the Warrants are originally issued under this Agreement. 

  
 3 

 “Market Value” means, the Average VWAP during a five consecutive
Trading Day period ending on the Trading Day immediately prior to the date of determination, as reported (1) on the principal National Securities Exchange on which the Common Stock is traded, (2) if the Common Stock is not listed on a
National Securities Exchange, on the principal regional securities exchange, or (3) if the Common Stock is not listed on a National Securities Exchange or regional securities exchange, in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization. In the absence of such a listing or reporting, the Market Value shall be an amount determined by the Board of
Directors. 
 “National Securities Exchange” means an exchange registered with the Commission under
Section 6(a) of the Exchange Act. 
 “Net Share Settlement” has the meaning assigned to such term in
Section 4.01(b). 
 “Net Share Settlement Election” has the meaning assigned to such term in
Section 4.01(b). 
 “Officer” means any of the Chief Executive Officer, the Chief Financial Officer, the Chief
Accounting Officer and the General Counsel of the Company. 
 “Officers’ Certificate” means a certificate
signed by two Officers, and delivered to the Warrant Agent, that meets the requirements set forth herein. 
 “Opinion of
Counsel” means a written opinion of counsel who shall be reasonably acceptable to the Warrant Agent that meets the requirements set forth herein. 

“Pro Rata Repurchases” means any purchase of shares of Common Stock by the Company or any Affiliate thereof pursuant to
(i) any tender offer or exchange offer directed to all of the holders of Common Stock subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated thereunder or (ii) any other tender offer available to
substantially all holders of Common Stock, in the case of both (i) and (ii), whether for cash, shares of Capital Stock of the Company, other securities of the Company, evidences of indebtedness of the Company or any other Person or any other
property (including shares of Capital Stock, other securities or evidences of indebtedness of a subsidiary), or any combination thereof, effected while the Warrants are outstanding. The “Effective Date” of a Pro Rata Repurchase shall mean
the date of purchase with respect to any Pro Rata Purchase. 
 “Person” means any individual, corporation, company,
voluntary association, partnership, joint venture, trust, limited liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof or any other form of entity. 

“Purchase Agreement” means the Preferred Stock Purchase Agreement, dated October 30, 2018, entered into by and
among the Company and the purchasers party thereto. 
 “Register” means the register established by the Warrant
Agent pursuant to Section 3.08. 
 “Registrar” means a Person engaged to maintain the Register. 

“Restricted Legend” means the legend set forth in Exhibit B. 

“Rule 144” means Rule 144 promulgated under the Securities Act. 

  
 4 

 “Rule 144A” means Rule 144A under the Securities Act. 

“Rule 144A Certificate” means a certificate substantially in the form of Exhibit C hereto. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “Trading Day” means a day during which trading in securities generally occurs on the New
York Stock Exchange or, if the Common Stock is not listed on the New York Stock Exchange, on the principal other National Securities Exchange or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not
listed on a National Securities Exchange or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, “Trading Day” shall mean a Business Day. 

“Transfer Agent” has the meaning assigned to such term in Section 5.04(b). 

“Trigger Event” has the meaning assigned to such term in Section 6.01(a)(viii). 

“VWAP” per share of Common Stock on any Trading Day means the per share volume-weighted average price as displayed on
Bloomberg page “MDR <Equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from 9:30 a.m. to 4:00 p.m., New York City time, on such Trading Day; or, if such price is not
available, “VWAP” means the market value per share of Common Stock on such Trading Day as determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained by the Company for this
purpose. 
 “Warrant Agent” means the party named as such in the first paragraph of this Agreement or any successor
warrant agent under this Agreement pursuant to Article VII. 
 “Warrant Shares” has the meaning assigned to such
term in the recitals to this Agreement. 
 “Warrants” has the meaning assigned to such term in the recitals to this
Agreement. 
 Section 1.02 Rules of Construction. Unless the context otherwise requires, as used in this Agreement: 

(a) a defined term has the meaning assigned to it for all purposes of this Agreement, regardless of where it is defined herein; 

(b) all accounting terms not otherwise defined shall have the respective meanings assigned to them under GAAP; 

(c) “or” is not exclusive but shall be used in the inclusive sense of “and/or”; 

(d) defined terms and other words used in the singular shall be deemed to include the plural, and vice versa; 

  
 5 

 (e) The terms “herein,” “hereof” and “hereunder” and words of
similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision of this Agreement; 
 (f)
when the words “include,” “includes” or “including” are used herein, they shall be deemed to be followed by the phrase “without limitation”; 

(g) unless expressly qualified otherwise (e.g., by “Business” or “Trading”), all references to “days” are
deemed to be references to calendar days; 
 (h) all references to Sections or Articles or Exhibits refer to Sections or Articles or Exhibits
of or to this Agreement unless otherwise indicated; and 
 (i) references to agreements or instruments, or to statutes or regulations, are to
such agreements or instruments, or statutes or regulations, as amended, supplemented or modified from time to time (or to successor statutes and regulations). 

ARTICLE II 
 APPOINTMENT
OF WARRANT AGENT 
 Section 2.01 Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act
as agent for the Company with respect to the Warrants in accordance with the instructions set forth hereinafter in this Agreement and the Warrant Agent hereby accepts such appointment and shall perform the same in accordance with the express terms
and conditions set forth in this Agreement. 
 ARTICLE III 

THE WARRANTS 

Section 3.01 Form and Dating; Legends. The Warrants will be categorized as Series A Warrants and, if certificated, will be
substantially in the form attached as Exhibit A. The terms and provisions contained in the form of the Warrants attached as Exhibit A constitute, and are hereby expressly made, a part of this Agreement. The Warrants may have notations, legends or
endorsements required by law, rules of or agreements with National Securities Exchanges to which the Company is subject, or usage. Each Warrant will be dated the date of its countersignature. 

(a) Except as otherwise provided in Section 3.01(c) or Section 3.09, each Warrant will bear the Restricted Legend. 

(b) If the Company determines (upon the advice of counsel and such other certifications and evidence as the Company may reasonably require)
that a Warrant is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need to satisfy current information or other requirements therein and that the Restricted Legend is no longer necessary or
appropriate in order to ensure that subsequent transfers of the Warrant are effected in compliance with the Securities Act, the Company may instruct the Warrant Agent in writing to cancel the Warrant and issue to the Holder thereof (or to its
transferee) a new Warrant of like tenor, registered in the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend, and the Warrant Agent will comply with such instruction. 

  
 6 

 (c) By its acceptance of any Warrant bearing the Restricted Legend, each Holder thereof and
each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Warrant set forth in this Agreement and in the Restricted Legend and agrees that it will transfer such Warrant only in accordance with this Agreement and
such legend. 
 Section 3.02 Execution and Countersignature. (a) An Officer shall execute the Warrants for the Company by
facsimile or manual signature in the name and on behalf of the Company. If an Officer whose signature is on a Warrant no longer holds that office after the time the Warrant is countersigned, the Warrant will still be valid. 

(b) A Warrant will not be valid until the Warrant Agent countersigns the Warrant, by manual or facsimile signature, and the signature shall be
conclusive evidence that the Warrant has been countersigned under this Agreement. At any time and from time to time after the execution and delivery of this Agreement, the Company may deliver Warrants executed by the Company to the Warrant Agent for
countersignature. The Warrant Agent will countersign and deliver Warrants for original issue after receipt by the Warrant Agent of an Officers’ Certificate specifying (i) the number of Warrants to be countersigned and the date on which the
Warrants are to be countersigned and (ii) other information the Company may determine to include or the Warrant Agent may reasonably request. 

Section 3.03 Warrant Registrar and Countersignature Agent. The Company may appoint one or more Registrars, and the Warrant
Agent may appoint a Countersignature Agent, in which case each reference in this Agreement to the Warrant Agent in respect of the obligations of the Warrant Agent to be performed by that Countersignature Agent will be deemed to be references to the
Countersignature Agent. The Company may act as Registrar. In each case the Company and the Warrant Agent will enter into an appropriate agreement with the Countersignature Agent implementing the provisions of this Agreement relating to the
obligations of the Warrant Agent to be performed by the Countersignature Agent and the related rights. The Company initially appoints the Warrant Agent as Registrar. 

Section 3.04 Replacement Warrants. The Warrant Agent shall issue replacement Warrants in a form mutually agreed to by the
Warrant Agent and the Company for those certificates alleged to have been lost, stolen or destroyed, upon receipt by Warrant Agent and the Company of (i) evidence reasonably satisfactory to the Warrant Agent of such loss, theft or destruction
of such Warrants, and (ii) indemnity reasonably satisfactory to the Warrant Agent, which indemnity shall include an open penalty surety bond reasonably satisfactory to the Warrant Agent (unless waived by the Warrant Agent) and holding it and
Company harmless, absent notice to Warrant Agent that such certificates have been acquired by a bona fide purchaser. The Warrant Agent may, at its option, issue replacement Warrants for mutilated certificates upon presentation thereof without
such indemnity. The Company may charge the Holder for the expenses of the Company and the Warrant Agent in replacing a Warrant. 

Section 3.05 Outstanding Warrants. Warrants outstanding at any time are all Warrants that have been countersigned by the Warrant
Agent except for: 
 (i) Warrants canceled by the Warrant Agent or Company or delivered to the Warrant Agent for
cancellation; 

  
 7 

 (ii) Warrants exercised by the Holder thereof; and 

(iii) any Warrant which has been replaced pursuant to Section 3.04 unless and until the Warrant Agent and the Company
receive proof satisfactory to them that the replaced Warrant is held by a bona fide purchaser, in which case the replacement Warrant issued pursuant to Section 3.04 shall be automatically canceled. 

Section 3.06 Cancellation. Notwithstanding any Warrants cancelled in accordance with Section 4.01, the Company will
promptly deliver to the Warrant Agent for cancellation any Warrants previously countersigned and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Warrant Agent for cancellation any Warrants
previously countersigned hereunder which the Company has not issued and sold. Any Registrar will forward to the Warrant Agent any Warrants surrendered to it for transfer or exchange. The Warrant Agent will cancel all Warrants surrendered for
transfer, exchange or cancellation and dispose of them in accordance with its normal procedures. Certification of the cancellation of all canceled Warrants shall be delivered to the Company upon written request. The Company may not issue new
Warrants to replace Warrants that have been exercised or delivered to the Warrant Agent for cancellation. 
 Section 3.07 CUSIP
Numbers. The Company in issuing the Warrants shall obtain and use “CUSIP” numbers for the Warrants and the Warrant Agent will use such CUSIP numbers in notices as a convenience to Holders, with any such notice stating that no
representation is made as to the correctness of such numbers either as printed on the Warrants or as contained in any notice to any Holder. The Company will promptly notify the Warrant Agent and Holders in writing of any change in such CUSIP
numbers. 
 Section 3.08 Registration, Transfer and Exchange. (a) The Company shall cause the Registrar to maintain a
register (the “Register”) for registering the record ownership of the Warrants by the Holders and transfers and exchanges of the Warrants. Each Warrant will be registered in the name of the Holder thereof or its nominee. 

(b) Subject to Section 3.09 hereof, a Holder may transfer a Warrant to another Person or exchange a Warrant for another Warrant by
presenting to the Registrar a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or other document required by this Agreement together with a certification
from such Holder that such transfer is in compliance with Section 5.02 of the Purchase Agreement. The Registrar will promptly register any transfer or exchange that meets the requirements of this Section 3.08 by noting the same in the
Register maintained by the Registrar for such purpose; provided that no transfer or exchange will be effective until it is registered in the Register. Prior to the registration of any transfer, the Company, the Warrant Agent and their agents
will treat the Person in whose name the Warrant is registered as the owner and Holder thereof for all purposes, and will not be affected by notice to the contrary. 

From time to time the Company will execute and the Warrant Agent will countersign additional Warrants as necessary in order to permit the
registration of a transfer or exchange in accordance with this Section. All Warrants issued upon transfer or exchange shall be the duly authorized, executed and delivered Warrants of the Company entitled to the benefits of this Agreement. 

  
 8 

 No service charge will be imposed solely in connection with any transfer or exchange of any
Warrant, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith. 

A party requesting transfer of Warrants or other securities must provide any evidence of authority that may be required by the Warrant Agent,
including a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association. 

(c) Subject to compliance with Section 3.09(b), if a Warrant is transferred or exchanged for another Warrant, the Warrant Agent will
(i) cancel the Warrant being transferred or exchanged, (ii) deliver one or more new Warrants which (in the aggregate) reflect the amount equal to the amount of Warrants being transferred or exchanged to the transferee (in the case of a
transfer) or the Holder of the canceled Warrant (in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (iii) if such transfer or exchange involves less than the entire amount of the canceled
Warrant, deliver to the Holder thereof one or more Warrants which (in the aggregate) reflect the amount of the untransferred or unexchanged portion of the canceled Warrant, registered in the name of the Holder thereof. 

Section 3.09 Restrictions on Transfer and Exchange. (a) The transfer or exchange of any Warrant may only be made in
accordance with this Section 3.09 and Section 3.08; provided that no such transfer or exchange shall be made to an Industry Competitor. The Registrar shall refuse to register any requested transfer or exchange that does not comply
with the immediately preceding sentence; however, unless and until the Company provides the Warrant Agent and Registrar with written notice that a proposed transferee is an Industry Competitor, the Warrant Agent and Registrar shall have no
obligation under this Agreement to confirm or verify whether a proposed transferee is an Industry Competitor. Subject to Section 3.09(b), the Person requesting the transfer or exchange must deliver or cause to be delivered to the Warrant Agent
a duly completed Rule 144A Certificate or Accredited Investor Certificate and such other certifications and evidence as the Company may reasonably require in order to determine that the proposed transfer or exchange is being made in compliance with
this Section 3.09 and the applicable provisions of the Securities Act and any applicable securities laws of any state of the United States. 

(b) No Rule 144A Certificate, Accredited Investor Certificate or other certification and evidence is required in connection with any transfer
or exchange of any Warrant (or a beneficial interest therein) after such Warrant is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need to satisfy current information or other requirements
therein; provided that the Company and Registrar may require from any Person requesting a transfer or exchange in reliance upon this paragraph any other reasonable certifications and evidence in connection with such resale. Any Warrant delivered in
reliance upon this paragraph will not bear the Restricted Legend. 

  
 9 

 (c) The Registrar will retain electronic copies of all certificates and other documents
received in connection with the transfer or exchange of a Warrant, and the Company will have the right to inspect and make copies thereof at any reasonable time upon written notice to the Registrar. 

(d) Notwithstanding anything to the contrary contained in this Agreement or in the Certificate of Designation, the number of shares of Common
Stock that may be issued under the Warrants and the 12% Redeemable Preferred Stock of the Company for any reason shall not exceed the maximum number of shares of Common Stock which the Company may issue without stockholder approval under the
stockholder approval rules of the New York Stock Exchange or any other National Securities Exchange on which the shares of Common Stock are then listed, including New York Stock Exchange Listing Rule 312.03, unless the requisite stockholder approval
has been obtained. The foregoing restriction shall continue notwithstanding any failure of the Common Stock to continue to be listed on the New York Stock Exchange or any other National Securities Exchange on which the shares of Common Stock are
then listed. 
 ARTICLE IV 

SEPARATION OF WARRANTS; TERMS OF WARRANTS; 

EXERCISE OF WARRANTS 

Section 4.01 Terms of Warrants; Exercise of Warrants. 

(a) Subject to the terms of this Agreement, a Warrant shall be exercisable, at the election of the Holder thereof, either in full or from time
to time in part during the period commencing at the earlier of (i) any Change of Control (as defined in the Certificate of Designation) or the commencement of proceedings for the voluntary or involuntary dissolution, liquidation or winding up
of the Company and (ii) opening of business on November [•], 2019 and until 5:00 p.m., New York City time, on November [•], 2028 (the “Expiration Time”), and shall entitle the Holder thereof to receive Warrant
Shares from the Company. No adjustments as to dividends will be made upon exercise of the Warrants. Each Warrant not exercised prior to the Expiration Time shall become void and all rights thereunder and all rights in respect thereof under this
Agreement shall cease as of such time. The Company shall notify the Warrant Agent in writing upon the occurrence of either of the events described in this Section 4.01(a)(i), and until such written notice is received by the Warrant Agent, the
Warrant Agent may presume conclusively for all purposes that neither of the events described in this Section 4.01(a)(i) has occurred. 

(b) In order to exercise all or any of the Warrants, the Holder thereof must deliver to the Company (i) such Warrants and (ii) the
form of election to exercise on the reverse thereof duly filled in and signed (the “Exercise Notice”). Following its receipt of any Exercise Notice, the Company will promptly (and in any event, within two Business Days) provide
written notice to the Warrant Agent whether (A) the Company elects (a “Net Share Settlement Election”) to have the exercise of Warrants set forth in the Exercise Notice (the “Warrant Exercise”) net share
settled pursuant to the procedures set forth in Section 4.01(c) (a “Net Share Settlement”) or (B) the Company elects (a “Full Share Settlement Election”) to have the Warrant Exercise settled
solely in shares of Common Stock pursuant to the procedures set forth in Section 4.01(d) (a “Full Share Settlement”). If the Company shall not have provided such a notice to the Warrant Agent by 5:00 p.m., New York City
time, on the second Business Day following the Company’s receipt of any such Exercise Notice, the Company will be deemed to have made a Full Share Settlement Election with respect to the Warrants to which such Exercise Notice relates, as of
such time. 

  
 10 

 (c) If the Company makes a Net Share Settlement Election pursuant to Section 4.01(b)
with respect to the Warrant Exercise, then the Warrant Exercise shall be “net share settled” whereupon the Warrant will be converted into shares of Common Stock pursuant to a cashless exercise, after which the Company will issue to the
Holder the Warrant Shares equal to the result obtained by (i) subtracting B from A, (ii) dividing the result by A, and (iii) multiplying the difference by C as set forth in the following equation: 

X = ((A - B)/A) x C 
 where: 

 

			
	 X =
	  	the Warrant Shares issuable upon exercise pursuant to this paragraph (c).
		
	 A =
	  	the Market Value as of the date on which the Holder delivers the applicable Exercise Notice.
		
	B =	  	the Exercise Price.
		
	C =	  	with respect to the Warrant then being exercised, the number of shares of Common Stock for which such Warrant is exercisable, prior to the Net Share Settlement procedures pursuant to this paragraph (c).

 If the foregoing calculation results in a negative number, then no shares of Common Stock shall be issued upon exercise
pursuant to this paragraph (c). The Company shall calculate and transmit to the Warrant Agent, and the Warrant Agent shall have no obligation under this Agreement to make, any calculations in respect of any Net Share Settlements. The number of
Warrant Shares to be issued on such Net Share Settlement will be determined by the Company (with written notice thereof to the Warrant Agent) using the formula set forth in this Section 4.01(c). The Warrant Agent shall have no duty or
obligation to investigate or confirm whether the Company’s determination of the number of Warrant Shares to be issued on such exercise, pursuant to this Section 4.01(c) is accurate or correct. 

(d) If a Full Share Settlement Election is made pursuant to Section 4.01(b) with respect to a Warrant Exercise, then within one Business
Day following the date of the Full Share Settlement Election, the Holder shall deliver payment to the Company of an amount equal to the Exercise Price multiplied by the number of Warrant Shares issuable as to which the Warrant was so exercised in
cash or via wire transfer of immediately available funds. 
 (e) Upon compliance with the provisions set forth above, the Company shall
promptly deliver or cause to be delivered, to or upon the written order of the Holder and in such name or names as the Holder may designate, a certificate or certificates for the number of whole Warrant Shares issuable upon the exercise of such
Warrants or other securities or property to which such Holder is entitled, together with cash in lieu of fractional shares as provided in Section 6.02. Such certificate or certificates or other securities or property shall be deemed to have
been issued, and any person so designated to be named therein shall be deemed to have become a holder of record 

  
 11 

 
of such Warrant Shares or other securities or property, as of the date of the surrender of such Warrants, notwithstanding that the stock transfer books of the Company shall then be closed or the
certificates or other securities or property have not been delivered. If applicable, the Company shall provide to Computershare an initial funding of one thousand dollars ($1,000) for the purpose of issuing cash in lieu of fractional shares. From
time to time thereafter, Computershare may request additional funding to cover fractional payments. Computershare shall have no obligation to make fractional payments unless the Company shall have provided the necessary funds to pay in full all
amounts due and payable with respect thereto. 
 (f) If less than all the Warrants represented by a Warrant certificate are exercised, such
Warrant certificate shall be surrendered and a new Warrant certificate of the same tenor and for the number of Warrants which were not exercised shall be executed by the Company and delivered to the Warrant Agent and the Warrant Agent shall
countersign the new Warrant certificate, registered in such name or names as may be directed in writing by the Holder, and shall deliver the new Warrant certificate to the Person or Persons entitled to receive the same. 

(g) All Warrant certificates surrendered upon exercise of Warrants shall be canceled by the Company. Such canceled Warrant certificates shall
then be disposed of by the Company in accordance with its standard procedures. The Company shall promptly notify the Warrant Agent in writing of any exercise of Warrants, and to the extent that less than all the Warrants represented by a Warrant
certificate are exercised, the Company shall notify the Warrant Agent in writing of such exercise of Warrants concurrently with the delivery of the executed Warrant certificate as provided in Section 4.01(f). 

(h) The Warrant Agent shall keep copies of this Agreement and any notices given or received hereunder available for inspection by the Holders
during normal business hours at its office upon reasonable notice to the Warrant Agent by the Holders. The Company shall supply the Warrant Agent from time to time with such numbers of copies of this Agreement as the Warrant Agent may reasonably
request. 
 (i) Certificates, if any, representing Warrant Shares shall bear a Restricted Legend (with all references to Warrants therein
replaced by references to Common Stock, and with such changes thereto as the Company may deem appropriate) if (i) the Warrants for which they were issued carried a Restricted Legend or (ii) the Warrant Shares are issued in a transaction
exempt from registration under the Securities Act (other than the exemption provided by Section 3(a)(9) of the Securities Act), in each case until and unless the circumstances set forth in Section 3.01(c) apply to such Shares, and any
transfers thereof shall comply with the Restricted Legend. 
 (j) Notwithstanding anything to the contrary herein, (i) unless otherwise
agreed by the Company and the Holder, the Warrant Shares shall be in uncertificated, book-entry form as permitted by the by-laws of the Company and the laws of the
Republic of Panama, and (ii) delivery of Warrant Shares upon exercise of a Warrant shall be made to the applicable Holder through the facilities of The Depository Trust Company as directed by such Holder unless such Holder shall otherwise
instruct. 

  
 12 

 (k) If a Holder elects to partially exercise a Warrant, the number of Warrant Shares
deliverable upon such partial exercise (before giving effect to any Net Share Settlement with respect thereto) must be not less than 50,000 Warrant Shares. 

Section 4.02 Conditional Exercise. Notwithstanding any other provision hereof, if an exercise of any portion of a Warrant
is to be made in connection with a public offering or a sale of the Company (pursuant to a merger, sale of stock or otherwise), such exercise may at the election of the Holder be conditioned upon the consummation of such transaction, in which case
such exercise shall not be deemed to be effective until immediately prior to the consummation of such transaction. 
 Section 4.03
Opinion of Counsel. The Company shall provide one or more Opinions of Counsel prior to the issuance of Warrants to set up a reserve of warrants and related Common Stock. The opinions shall, taken together, state that all warrants or Common
Stock, as applicable, are: (i) registered under the Securities Act, as amended, or are exempt from such registration, and all appropriate state securities law filings have been made with respect to the warrants or shares; and (ii) validly
issued, fully paid and non-assessable. 
 Section 4.04 Cost Basis Information. 

(a) In the event of a Full Share Settlement, the Company shall instruct the Warrant Agent to record cost basis for newly issued Warrant Shares
issued pursuant to a Full Share Settlement in a manner reasonably determined by the Company to be subsequently communicated by the Company to the Warrant Agent. 

(b) In the event of a Net Share Settlement, the Company shall provide cost basis for Warrant Shares issued pursuant to a Net Share Settlement
at the time the Company confirms the number of Warrant Shares issuable in connection with the Net Share Settlement to the Warrant Agent. 

ARTICLE V 
 COVENANTS OF
THE COMPANY 
 Section 5.01 Maintenance of Office or Agency. The Company will maintain in the United States an office
or agency where Warrants may be surrendered for registration of transfer or exchange or for presentation for exercise. The Company hereby initially designates the Corporate Trust Office of the Warrant Agent as such office of the Company. The Company
will give prompt written notice to the Warrant Agent of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Warrant Agent
with the address thereof, such presentations and surrenders may be made or served to the Warrant Agent. 
 The Company may also from time to
time designate one or more other offices or agencies where the Warrants may be surrendered or presented for any of such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Warrant Agent of
any such designation or rescission and of any change in the location of any such other office or agency. 

  
 13 

 Section 5.02 Payment of Taxes. The Company will pay all documentary,
stamp or similar issue or transfer taxes in respect of the issuance or delivery of Warrant Shares upon the exercise of Warrants; provided that the exercising Holder shall be required to pay any tax or taxes which may be payable in respect of
any transfer involved in the issue of any Warrants or any Warrant Shares in a name other than that of the registered holder of a Warrant surrendered upon exercise, and the Company and the Warrant Agent shall not be required to issue or deliver such
Warrant unless or until the exercising Holder shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company and the Warrant Agent that such tax has been paid. 

Section 5.03 Rule 144A(d)(4) Information. For so long as any of the Warrants or Warrant Shares remain outstanding and
constitute “restricted securities” under Rule 144, the Company will make available upon request to any prospective purchaser of the Warrants or Warrant Shares or beneficial owner of Warrants or Warrants Shares in connection with any sale
thereof the information required by Rule 144A(d)(4) under the Securities Act; provided that such information shall be deemed conclusively to be made available pursuant to this Section 5.03 if the Company has filed such information with
the Commission via its Electronic Data Gathering, Analysis and Retrieval System (or any successor electronic system maintained by the Commission) and such information is publicly available on such system. 

Section 5.04 Reservation of Warrant Shares. The Company will reserve and keep available for issuance and delivery such number of
its authorized but unissued shares of Common Stock or other securities of the Company as will from time to time be sufficient to permit the exercise in full of all outstanding Warrants, which shares or securities will, when issued, be free and clear
of all liens, security interests, charges and other encumbrances and free and clear of all preemptive rights. 
 The Company will authorize
and direct the transfer agent for the Common Stock (the “Transfer Agent”) and every subsequent transfer agent for any securities of the Company issuable upon the exercise of the Warrants to reserve such number of authorized
securities as shall be required for such purpose. The Company will supply such Transfer Agent with duly executed certificates for such purposes and will provide or otherwise make available any cash which may be payable as provided in Sections
4.01(e) and 6.02. The Company will furnish such Transfer Agent a copy of all notices of adjustments, and certificates related thereto, transmitted to each Holder pursuant to Section 6.01(d). 

Section 5.05 Listing. The Company shall use commercially reasonable efforts to cause the Warrant Shares, immediately upon
such exercise, to be listed on the New York Stock Exchange or the principal securities exchange on which shares of Common Stock or other securities constituting Warrant Shares are listed at the time of such exercise. The Company shall take all such
actions as may be necessary to ensure that all Warrant Shares are issued without violation by the Company of any applicable law or governmental regulation or any requirements of any securities exchange upon which shares of Common Stock or other
securities constituting Warrant Shares may be listed at the time of such exercise. 

  
 14 

 Section 5.06 HSR Act. If the Company or any Holder of Warrants
determines, after consultation with the other, that a filing is required pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), solely in connection with the exercise of Warrants hereunder,
then the Company, on the one hand, and such Holder of Warrants, on the other hand, shall (A) as promptly as practicable make, or cause to be made, all filings and submissions required under the HSR Act with respect to the exercise of such
Warrants and (B) use their commercially reasonable efforts to obtain, or cause to be obtained, consent in respect of such filings and submissions (or the termination or expiration of the applicable waiting period, as applicable) as soon as
possible thereafter. 
 ARTICLE VI 

ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF 

WARRANT SHARES ISSUABLE 

Section 6.01 Adjustment to Number of Warrant Shares. The Exercise Price and the number of Warrant Shares issuable upon the
exercise of each Warrant are subject to adjustment from time to time upon the occurrence of the events enumerated in this Section 6.01. 

In the event that, at any time as a result of the provisions of this Section 6.01, the Holders of the Warrants shall become entitled upon
subsequent exercise to receive any shares of Capital Stock of the Company other than Common Stock, the number of such other shares so receivable upon exercise of this Warrant shall thereafter be subject to adjustment from time to time in a manner
and on terms as nearly equivalent as practicable to the provisions contained herein. 
 (a) Adjustments for Change in Capital Stock.

 (i) If the Company pays a dividend (or other distribution) in shares of Common Stock to all holders of the Common Stock,
then the Exercise Price in effect immediately following the record date for such dividend (or distribution) shall be divided by the following fraction: 

OS1 

 
 OS0 
 where 
  

			
	OS0 =	  	the number of shares of Common Stock outstanding immediately prior to the record date for such dividend or distribution; and
		
	OS1 =	  	the sum of (A) the number of shares of Common Stock outstanding immediately prior to the record date for such dividend or distribution and (B) the total number of shares of Common Stock constituting such
dividend.

 In any such event, the number of Warrant Shares issuable upon exercise of each Warrant at the time of
the record date for such dividend or distribution shall be proportionately adjusted so that the Holder, after such date, shall be entitled to purchase the number of shares of Common Stock that such Holder would have owned or been entitled to receive
in respect of the shares of Common Stock subject to the Warrant after such date had the Warrant been exercised immediately prior to such date. 

  
 15 

 (ii) If the Company issues to all holders of shares of the Common Stock
rights, options or warrants entitling them, for a period of not more than 60 days from the date of issuance of such rights, options or warrants, to subscribe for or purchase shares of Common Stock at less than the Market Value determined on the Ex-Date for such issuance, then the Exercise Price in effect immediately following the close of business on the Ex-Date for such issuance shall be divided by the following
fraction: 
 OS0 + X 

 
 OS0 + Y 
 where 

 

			
	OS0  =	  	the number of shares of Common Stock outstanding at the close of business on the record date for such issuance;
		
	X  =	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
		
	Y  =	  	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants divided by the Market Value determined as of the last trading day preceding the date of the agreement on pricing
such rights, options or warrants.

 In any such event, the number of Warrant Shares issuable upon the exercise of each Warrant immediately
prior to the date of the agreement on pricing of such rights, options or warrants (the “Initial Number”) shall be increased to the number obtained by multiplying the Initial Number by a fraction (i) the numerator of which shall
be the sum of (x) the number of shares of Common Stock outstanding on such date and (y) the number of additional shares of Common Stock issuable in connection with such rights, options or warrants and (ii) the denominator of which
shall be the sum of (1) the number of shares of Common Stock outstanding on such date and (2) the number of shares of Common Stock that the aggregate consideration receivable by the Company for the total number of shares of Common Stock so
issuable in connection with such rights, options or warrants would purchase at the Market Value on the last trading day preceding the date of the agreement on pricing such rights, options or warrants. 

To the extent that such rights, options or warrants are not exercised prior to their expiration or shares of Common Stock are otherwise not
delivered pursuant to such rights or warrants upon the exercise of such rights or warrants, the Exercise Price and the number of Warrant Shares shall be readjusted to the Exercise Price and the number of Warrant Shares that would have then been in
effect had the adjustment made upon the issuance of such rights, options or warrants been made on the basis of the delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are only exercisable
upon the occurrence of certain triggering events, then the Exercise Price and the number of Warrant Shares shall not be adjusted until such triggering events occur. In determining the aggregate offering price payable for such shares of Common Stock,
the conversion agent shall take into account any consideration received for such rights, options or warrants and the value of such consideration (if other than cash, to be determined by the Board of Directors). 

  
 16 

 (iii) If the Company subdivides, combines or reclassifies the shares of
Common Stock into a greater or lesser number of shares of Common Stock, then the Exercise Price in effect immediately following the effective date of such share subdivision, combination or reclassification shall be divided by the following fraction:

 OS1 

 
 OS0 
 where 
  

			
	OS0 =  	  	the number of shares of Common Stock outstanding immediately prior to the effective date of such share subdivision, combination or reclassification; and
		
	OS1 =	  	the number of shares of Common Stock outstanding immediately after the opening of business on the effective date of such share subdivision, combination or reclassification (after giving effect thereto).

 In any such event, the number of Warrant Shares issuable upon exercise of each Warrant at the time of
the effective date of such subdivision, combination or reclassification, shall be proportionately adjusted so that the Holder, after such date, shall be entitled to purchase the number of shares of Common Stock that such Holder would have owned or
been entitled to receive in respect of the shares of Common Stock subject to the Warrant after such date had the Warrant been exercised immediately prior to such date. 

(iv) If the Company distributes to all holders of shares of Common Stock evidences of indebtedness, shares of Capital Stock
(other than Common Stock) or other assets (including cash or securities, but excluding any dividend or distribution referred to in clause (i) above; any rights or warrants referred to in clause (ii) above; and any dividend of shares of
Capital Stock of any class or series, or similar equity interests, of or relating to a subsidiary or other business unit in the case of certain spin-off transactions as described below), then the Exercise
Price in effect immediately following the close of business on the record date for such distribution shall be divided by the following fraction: 

SP0 

 
 SP0 - FMV 
 where 

 

			
	SP0 =  	  	the Closing Sale Price per share of Common Stock on the Trading Day immediately preceding the Ex-Date; and
		
	FMV =	  	the fair market value of the portion of the distribution applicable to one share of Common Stock on the Trading Day immediately preceding the Ex-Date as determined by the Board of
Directors.

  
 17 

 In any such event, the number of Warrant Shares issuable upon the exercise of each Warrant
shall be increased to the number obtained by dividing (x) the product of (1) the number of Warrant Shares issuable upon the exercise of the Warrant before such adjustment, and (2) the Exercise Price in effect immediately prior to the
distribution giving rise to this adjustment by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. 

In a spin-off, where the Company makes a distribution to all holders of shares of Common Stock
consisting of Capital Stock of any class or series, or similar equity interests of, or relating to, a subsidiary or other business unit the Exercise Price shall be adjusted on the fourteenth Trading Day after the effective date of the distribution
by dividing the Exercise Price in effect immediately prior to such fourteenth Trading Day by the following fraction: 
 MP0 + MPS 

 
 MP0 
 where 

			
		
	MP0 =	  	the average of the Closing Sale Price of the Common Stock over each of the first 10 Trading Days commencing on and including the fifth Trading Day following the effective date of such distribution; and
		
	MPS =	  	the average of the closing sale price of the Capital Stock or equity interests representing the portion of the distribution applicable to one share of Common Stock over each of the first 10 Trading Days commencing on and including
the fifth Trading Day following the effective date of such distribution, or, as reported in the principal securities exchange or quotation system or market on which such shares are traded, or if not traded on a national or regional securities
exchange or over-the-counter market, the fair market value of the Capital Stock or equity interests representing the portion of the distribution applicable to one share
of Common Stock on such date as determined by the Board of Directors.

 In any such event, the number of Warrant Shares issuable upon the exercise of each Warrant shall be
increased to the number obtained by dividing (x) the product of (1) the number of Warrant Shares issuable upon the exercise of the Warrant before such adjustment, and (2) the Exercise Price in effect immediately prior to the
distribution giving rise to this adjustment by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. 

In the event that such distribution described in this clause (iv) is not so made, the Exercise Price shall be readjusted, effective as of
the date the Board of Directors publicly announces its decision not to pay such dividend or distribution, to the Exercise Price that would then be in effect if such dividend distribution had not been declared. 

(v) In case the Company effects a Pro Rata Repurchase of Common Stock, then the Exercise Price shall be adjusted to the price
determined by multiplying the Exercise Price in effect immediately prior to the effective date of such Pro Rata Repurchase by a fraction of which the numerator shall be (i) the product of (x) the number of shares of Common Stock
outstanding immediately before such Pro Rata Repurchase and (y) the Market Value of a share of Common Stock on the trading day immediately preceding the 

  
 18 

 
first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of
which the denominator shall be the product of (1) the number of shares of Common Stock outstanding immediately prior to such Pro Rata Repurchase minus the number of shares of Common Stock so repurchased and (2) the Market Value per share
of Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase. In such event, the number of Warrant Shares be adjusted to the number
obtained by dividing (A) the product of (I) the number of Warrant Shares issuable upon the exercise of the Warrant before such adjustment, and (II) the Exercise Price in effect immediately prior to the Pro Rata Repurchase giving rise
to this adjustment by (B) the new Exercise Price determined in accordance with the immediately preceding sentence. 

(vi) In case of any Business Combination or reclassification of Common Stock (other than a reclassification of Common Stock
referred to in Section 6.01(a)(iii)), the Holder’s right to receive Warrant Shares upon exercise of the Warrants shall be converted into the right to exercise the Warrants to acquire the number of shares of stock or other securities or
property (including cash) that the Common Stock issuable (at the time of such Business Combination or reclassification) upon exercise of each Warrant immediately prior to such Business Combination or reclassification would have been entitled to
receive upon consummation of such Business Combination or reclassification; and in any such case, if necessary, the provisions set forth herein with respect to the rights and interests thereafter of the Holder shall be appropriately adjusted so as
to be applicable, as nearly as may reasonably be, to the Holder’s right to exercise each Warrant in exchange for any shares of stock or other securities or property pursuant to this Section 6.01(a)(vi). In determining the kind and amount
of stock, securities or the property receivable upon exercise of each Warrant following the consummation of such Business Combination, if the holders of Common Stock have the right to elect the kind or amount of consideration receivable upon
consummation of such Business Combination, then the Holder shall have the right to make a similar election (including being subject to similar proration constraints) upon exercise of each Warrant with respect to the number of shares of stock or
other securities or property that the Holder will receive upon exercise of a Warrant. 
 (vii) Notwithstanding anything
herein to the contrary, no adjustment under this Section 6.01 need be made to the Exercise Price unless such adjustment would require a cumulative increase or decrease of at least 2.0% of the Exercise Price then in effect. Any lesser adjustment
shall be carried forward and shall be made at the time of and together with the next subsequent adjustment, if any, which, together with any adjustment or adjustments so carried forward, shall amount to a cumulative increase or decrease of at least
2.0% of such Exercise Price. 
 (viii) The Company reserves the right to make such reductions in the Exercise Price in
addition to those required in the foregoing provisions as it considers advisable in order that any event treated for Federal income tax purposes as a dividend or distribution of stock or stock rights will result in less or no tax to the recipients.
In the event the Company elects to make such a reduction in the Exercise Price, the Company shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and
regulations thereunder if and to the extent that such laws and regulations are applicable in connection with the reduction of the Exercise Price. 

  
 19 

 (ix) Notwithstanding any other provisions of this Section 6.01(a),
rights or warrants distributed by the Company to all holders of Common Stock entitling the holders thereof to subscribe for or purchase shares of the Company’s Capital Stock (either initially or under certain circumstances), which rights or
warrants, until the occurrence of a specified event or events (“Trigger Event”): (A) are deemed to be transferred with such shares of Common Stock; (B) are not exercisable; and (C) are also issued in respect
of future issuances of Common Stock, shall be deemed not to have been distributed for purposes of this Section 6.01(a) (and no adjustment to the Exercise Price under this Section 6.01(a) will be required) until the occurrence of the
earliest Trigger Event, whereupon such rights and warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Exercise Price shall be made under Section 6.01(a)(ii). In addition, in the event of
any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Exercise Price under this
Section 6.01 (a) was made, (1) in the case of any such rights or warrants that shall all have been redeemed or repurchased without exercise by any holders thereof, the Exercise Price shall be readjusted upon such final redemption or
repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or repurchase price received by a holder or holders of Common Stock with respect to such
rights or warrants (assuming such holder had retained such rights or warrants), made to all holders of Common Stock as of the date of such redemption or repurchase, and (2) in the case of such rights or warrants that shall have expired or been
terminated without exercise thereof, the Exercise Price shall be readjusted as if such expired or terminated rights and warrants had not been issued. To the extent that the Company has a rights plan or agreement in effect upon exercise of the
Warrants, which rights plan provides for rights or warrants of the type described in this clause, then upon exercise of the Warrants, the Holder will receive, in addition to the Common Stock to which he is entitled, a corresponding number of rights
in accordance with the rights plan, unless a Trigger Event has occurred and the adjustments to the Exercise Price with respect thereto have been made in accordance with the foregoing. In lieu of any such adjustment, the Company may amend such
applicable stockholder rights plan or agreement to provide that upon exercise of the Warrants, the Holders will receive, in addition to the Common Stock issuable upon such exercise, the rights that would have attached to such Common Stock if the
Trigger Event had not occurred under such applicable stockholder rights plan or agreement. 
 (b) Notwithstanding anything to the contrary in
this Section 6.01, no adjustment to the Exercise Price shall be made with respect to any distribution or other transaction if Holders are entitled to participate in such distribution or transaction as if they held a number of shares of Common
Stock issuable upon exercise of the Warrants immediately prior to such event, without having to exercise their Warrants. 

  
 20 

 (c) If the Company shall take a record of the holders of its Common Stock for the purpose of
entitling them to receive a dividend or other distribution, and shall thereafter (and before the dividend or distribution has been paid or delivered to stockholders) abandon its plan to pay or deliver such dividend or distribution, then thereafter
no adjustment in the Exercise Price then in effect shall be required by reason of the taking of such record. 
 (d) Notice of
Adjustment. Whenever the Exercise Price is adjusted, the Company shall provide the notices required by Section 6.03. 
 (e)
Company Determination Final. Notwithstanding anything to the contrary herein, whenever the Board of Directors is permitted or required to determine Market Value or fair market value, such determination shall be made in good faith and,
absent manifest error, shall be final and binding on the Holders and the Warrant Agent. 
 (f) When Issuance or Payment May Be
Deferred. In any case in which this Section 6.01 shall require that an adjustment in the Exercise Price be made effective as of a record date for a specified event, the Company may elect to defer until the occurrence of such event
(i) issuing to the Holder of any Warrant exercised after such record date the Warrant Shares and other Capital Stock of the Company, if any, issuable upon such exercise over and above the Warrant Shares and other Capital Stock of the Company,
if any, issuable upon such exercise on the basis of the Exercise Price and (ii) paying to such Holder any amount in cash in lieu of a fractional share pursuant to Section 6.02; provided that the Company shall deliver to such Holder
a due bill or other appropriate instrument evidencing such Holder’s right to receive such additional Warrant Shares, other Capital Stock and cash upon the occurrence of the event requiring such adjustment. 

(g) Form of Warrants. Irrespective of any adjustments in the Exercise Price or the number or kind of shares purchasable upon the
exercise of the Warrants, Warrants theretofore or thereafter issued may continue to express the same price and number and kind of shares as are stated in the Warrants initially issuable pursuant to this Agreement. 

(h) No Adjustments Below Par Value. Notwithstanding anything herein to the contrary, no adjustment will be made to the Exercise
Price if, as a result of such adjustment, the Exercise Price per Warrant Share would be less than the par value of the Company’s Common Stock (or other Capital Stock for which any Warrant is exercisable); provided that, before taking any
action which would but for the foregoing limitation in this sentence have caused an adjustment to reduce the Exercise Price below the then par value (if any) of its Common Stock (or other Capital Stock for which any Warrant is exercisable), the
Company will take any commercially reasonable corporate action which would, in the opinion of its counsel, be necessary in order that the Company may validly issue Warrant Shares at the Exercise Price as so adjusted. 

Section 6.02 Fractional Interests. The Company shall not be required to issue fractional Warrant Shares or scrip
representing fractional shares on the exercise of Warrants. If more than one Warrant shall be presented for exercise in full at the same time by the same Holder, the number of full Warrant Shares which shall be issuable upon the exercise thereof
shall be computed on the basis of the aggregate number of Warrant Shares issuable on exercise of the Warrants so presented. If any fraction of a Warrant Share would, except for the provisions of this Section 6.02, be issuable on the exercise of
any Warrants (or specified portion thereof), the Company may, at its option, either pay an amount in cash equal to the current Closing Sale Price per Warrant Share, as determined on the date the Warrant is presented for exercise, multiplied by such
fraction, computed 

  
 21 

 
to the nearest whole U.S. cent, or round the number of Warrant Shares issued up to the nearest number of whole Warrant Shares. Whenever a payment for fractional Warrant Shares is to be made by
the Warrant Agent, the Company shall (i) promptly prepare and deliver to the Warrant Agent a certificate setting forth in reasonable detail the facts related to such payments and the prices and formulas utilized in calculating such payments,
and (ii) provide sufficient monies to the Warrant Agent in the form of fully collected funds to make such payments. The Warrant Agent shall be fully protected in relying upon such a certificate and shall have no duty with respect to, and shall
not be deemed to have knowledge of, any payment for fractional Warrant Shares under any section of this Agreement relating to the payment of fractional Warrant Shares unless and until the Warrant Agent shall have received such a certificate and
sufficient monies. The Company shall provide an initial funding of one thousand dollars ($1,000) for the purpose of paying cash in lieu of fractional Warrant Shares. From time to time thereafter, Computershare may request additional funding to cover
payments in lieu of fractional Warrant Shares. 
 Section 6.03 Notices to Warrant Holders. (a) Upon any adjustment of the
Exercise Price pursuant to Section 6.01, the Company shall promptly thereafter (i) cause to be filed with the Warrant Agent a certificate of the Chief Financial Officer of the Company setting forth the Exercise Price after such adjustment
and setting forth in reasonable detail the method of calculation and the facts upon which such calculations are based and setting forth the number of Warrant Shares (or portion thereof) or other securities or property issuable after such adjustment
in the Exercise Price, upon exercise of a Warrant, which certificate shall be presumed, absent manifest error, to correctly present the matters set forth therein, and (ii) cause to be given to each of the Holders written notice of such
adjustments by first-class mail, postage prepaid. Where appropriate, such notice may be given in advance and included as a part of the notice required to be mailed under the other provisions of this Section 6.03. Until such certificate is
received by the Warrant Agent, the Warrant Agent may presume conclusively for all purposes that no such adjustments have been made, and the Warrant Agent shall have no duty or obligation to investigate or confirm whether any of the Company’s
determinations are accurate or correct. 
 (b) In case: 

(i) the Company shall authorize the issuance to all holders of shares of Common Stock of rights, options or warrants to
subscribe for or purchase shares of Common Stock or of any other subscription rights or warrants; 
 (ii) the Company shall
authorize the distribution to all holders of shares of Common Stock of evidences of its indebtedness or assets (other than dividends or distributions referred to in Section 6.01(a)); 

(iii) of any reclassification or change of Common Stock issuable upon exercise of the Warrants (other than a change in par
value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), or a tender offer or exchange offer for shares of Common Stock by the Company; 

(iv) of the voluntary or involuntary dissolution, liquidation or winding up of the Company; or 

  
 22 

 (v) the Company proposes to take any action which would require an
adjustment of the Exercise Price pursuant to Section 6.01; 
 then the Company shall cause to be filed with the Warrant Agent and shall cause to be
given to each of the Holders, at least 10 days prior to any applicable record date, or promptly in the case of events for which there is no record date, by first-class mail, postage prepaid, a written notice stating (x) the date as of which the
holders of record of shares of Common Stock to be entitled to receive any such rights, options, warrants or distribution are to be determined, (y) the initial expiration date set forth in any tender offer or exchange offer for shares of Common
Stock, or (z) the date on which any such transaction is expected to become effective or consummated, and the date as of which it is expected that holders of record of shares of Common Stock shall be entitled to exchange such shares for
securities or other property, if any, deliverable upon such transaction. The failure to give the notice required by this Section 6.03 or any defect therein shall not affect the legality or validity of any transaction, or the vote upon any
action. 
 Section 6.04 No Rights as Stockholders; Limitations of Liability. Nothing contained in this Agreement
or the Warrants shall be construed (i) as conferring upon the holders of Warrants the right to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any
other matter, or any rights whatsoever, including the right to receive dividends or other distributions, as stockholders of the Company, or the right to share in the assets of the Company in the event of its liquidation, dissolution or winding up,
except in respect of Common Stock received following exercise of Warrants or (ii) imposing any fiduciary or other duties on the Company or any of its directors or officers, all of which rights and duties are expressly waived by the Holders. In
addition, nothing contained in this Agreement or the Warrants shall be construed as imposing any liabilities on the Holder as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. 

ARTICLE VII 
 WARRANT
AGENT 
 Section 7.01 Warrant Agent. The Warrant Agent undertakes the express duties and obligations imposed by this
Agreement upon the following terms and conditions (and no duties or obligations shall be inferred), by all of which the Company and the holders of Warrants, by their acceptance thereof, shall be bound: 

(a) The statements and recitals contained herein and in the Warrants shall be taken as statements of the Company, and the Warrant Agent assumes
no responsibility and shall not be liable for the correctness of any of the same except such as describe the Warrant Agent. The Warrant Agent assumes no responsibility with respect to the distribution of the Warrants except as herein otherwise
expressly provided. 
 (b) The Warrant Agent has no duty to determine when an adjustment under Article VI should be made, how any such
adjustment should be made or what any such adjustment should be. Nor shall the Warrant Agent have any obligation hereunder to determine whether an adjustment event has occurred. The Warrant Agent makes no representation as to the validity or value
of any securities or assets issued upon exercise of Warrants. The Warrant Agent shall have no obligation under this Agreement to calculate, confirm, investigate or verify the accuracy of the correctness of, the number of Warrant Shares issuable in
connection with any exercise hereunder. 

  
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 (c) The Warrant Agent shall not be accountable with respect to (i) the validity, value,
kind or amount of any Warrant Shares, securities or property which may be issued or delivered at any time upon the exercise of any Warrant or (ii) whether any such Warrant Shares or other securities will, when issued, be validly issued, fully
paid and nonassessable; and in each case, makes no representation with respect thereto. 
 (d) The Warrant Agent shall not be responsible for
any failure of the Company to comply with any of the covenants contained in this Agreement or in the Warrants. 
 (e) The Warrant Agent may
rely on, and will be held harmless, indemnified and protected and shall incur no liability in acting or refraining from acting, upon any resolution, certificate, statement, instrument, instruction, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document from the Company with respect to any matter relating to its acting as Warrant Agent hereunder believed by it to be genuine and to have been signed or
presented by the proper Person. The Warrant Agent need not investigate any fact or matter stated in the document. The Warrant Agent, in its discretion, may make further inquiry or investigation into such facts or matters as it sees fit. The Warrant
Agent shall not be held to have notice of any change of authority of any Person, until receipt of written notice thereof from the Company. 

(f) The Warrant Agent may consult with legal counsel, and the advice of such counsel or any Opinion of Counsel will be full and complete
authorization and protection to the Warrant Agent and the Warrant Agent will incur no liability for or in respect of any action taken, suffered or omitted by it hereunder in the absence of willful misconduct, bad faith or gross negligence (each as
determined by a final judgment of a court of competent jurisdiction) in reliance thereon. 
 (g) The Warrant Agent may act through its
attorneys and agents and will not be responsible for the misconduct or negligence of any agent absent gross negligence, bad faith or willful misconduct (each as determined by a final judgment of a court of competent jurisdiction) in the appointment
of such agent. 
 (h) The Warrant Agent shall act hereunder solely as agent for the Company, and its duties shall be determined solely by the
express provisions hereof. No provision of this Agreement shall be construed to relieve the Warrant Agent from liability for its own gross negligence, bad faith or willful misconduct (each as determined by a final judgment of a court of competent
jurisdiction). 
 (i) The Warrant Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any
Holder of Warrants with respect to any action or default by the Company, including any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company. 

(j) The Warrant Agent shall not be obligated to expend or risk its own funds or to take any action that it believes would expose or subject it
to expense or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of repayment or indemnity satisfactory to it; provided, further, that the Warrant Agent may in any event resign pursuant to
Section 7.04(i) instead of taking any such action. 

  
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 (k) The Warrant Agent shall not be liable or responsible for any failure of the Company to
comply with any of its obligations relating to any registration statement filed with the Commission or this Agreement, including obligations under applicable regulation or law. 

(l) The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any Warrants authenticated by
the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the issue and sale, or exercise, of the Warrants. 

(m) The Warrant Agent shall act hereunder solely as agent for the Company, and its duties shall be determined solely by the express provisions
hereof (and no duties or obligations shall be inferred or implied). The Warrant Agent shall not assume any obligations or relationship of agency or trust with any of the owners or holders of the Warrants. The Warrant Agent shall not be charged with
knowledge or notice of any fact or circumstance not expressly set forth herein, and shall not be bound by the provisions of any other agreement or document (including, but not limited to, the Purchase Agreement) among the Company and the Holders
except this Agreement. 
 (n) The Warrant Agent may rely on and be fully authorized and protected in acting or failing to act upon
(i) any guaranty of signature by an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program” or insurance program
in addition to, or in substitution for, the foregoing; or (ii) any law, act, regulation or any interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed. 

(o) In the event the Warrant Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or
other communication, paper or document received by the Warrant Agent hereunder, the Warrant Agent, may, in its sole discretion, refrain from taking any action, and shall be fully protected and shall not be liable in any way to Company, any Holder of
a Warrant or any other Person for refraining from taking such action, unless the Warrant Agent receives written instructions signed by the Company which eliminates such ambiguity or uncertainty to the reasonable satisfaction of Warrant Agent. 

(p) The provisions of this Section 7.01, Section 7.02 and Section 7.03 will survive the termination of this Agreement, the
exercise or expiration of the Warrants and the resignation, replacement or removal of the Warrant Agent. 
 Section 7.02
Compensation; Indemnity; Limitation on Liability. (a) The Company will pay the Warrant Agent compensation for all services rendered by it hereunder as agreed upon in writing for its services. The Company will reimburse the Warrant Agent upon
request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Warrant Agent in the exercise and performance of its duties
hereunder, except any such expense, disbursement or advance attributable to its gross negligence, bad faith or willful misconduct (each as determined by a final non-appealable judgment of a court of competent
jurisdiction). Such expenses shall include the reasonable compensation and expenses of the Warrant Agent’s third-party agents and outside counsel. 

  
 25 

 (b) The Company will indemnify the Warrant Agent for, and hold it harmless against, any
loss, liability, suit, action, proceeding, damage, judgment, fine, penalty, claim, demand, settlement, costs or expense incurred (including the reasonable fees and expenses of outside legal counsel) without gross negligence, bad faith or willful
misconduct (each as determined by a final, non-appealable judgment of a court of competent jurisdiction) on the part of the Warrant Agent, for anything done or omitted to be done by the Warrant Agent in
connection with the acceptance, administration of, exercise and performance of its duties under this Agreement, including the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly. The reasonable
costs and expenses incurred in enforcing this right of indemnification will be paid by the Company if the Warrant Agent is entitled to indemnification by the Company pursuant to this Agreement (as determined by a final, non-appealable judgment of a court of competent jurisdiction). The Warrant Agent shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Warrant Agent to so notify the Company
shall not relieve the Company of its obligations hereunder, except to the extent the Company is prejudiced thereby. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 

(c) Notwithstanding anything contained herein to the contrary, the Warrant Agent’s aggregate liability during the term of this Agreement
with respect to, or arising from or in connection with this Agreement, or from any services provided or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid
hereunder by the Company to Warrant Agent as fees and charges (but not including reimbursable expenses) during the 12 months immediately preceding the event for which recovery from the Warrant Agent is being sought. 

(d) Notwithstanding anything in this Agreement to the contrary, in no event will the Warrant Agent be liable for special, punitive, indirect,
incidental or consequential loss or damage of any kind whatsoever (including lost profits), even if the Warrant Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. The Warrant Agent will not be
deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Warrant Agent will be fully protected and will incur no liability for failing to take any action in connection therewith unless and until it
has received such notice. 
 Section 7.03 Individual Rights of Warrant Agent. The Warrant Agent, and any stockholder,
director, officer or employee of it, may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the
Company or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. An Agent may do
the same with like rights. 

  
 26 

 Section 7.04 Replacement of Warrant Agent. (a) The Warrant Agent 

(i) may resign and be discharged from its duties under this Agreement at any time by not less than 30 days’ written notice
to the Company (pursuant to Section 8.02), 
 (ii) may be removed at any time by the Company, for any reason, by at
least 30 days’ written notice to the Warrant Agent, and 
 (iii) may be removed immediately by the Company if:
(A) the Warrant Agent is adjudged a bankrupt or an insolvent; (B) a receiver or other public officer takes charge of the Warrant Agent or its property; or (C) the Warrant Agent becomes incapable of acting. 

In the event the transfer agency relationship in effect between the Company and the Warrant Agent terminates, the Warrant Agent will be deemed to have
resigned automatically and be discharged from its duties under this Agreement as of the effective date of such termination. 
 (b) If the
Warrant Agent resigns or is removed, or if a vacancy exists in the office of Warrant Agent for any reason, the Company will promptly appoint a successor Warrant Agent. If the successor Warrant Agent does not deliver its written acceptance within 30
days after the retiring Warrant Agent resigns or is removed, the retiring Warrant Agent, the Company or the Holders of a majority of the outstanding Warrants may petition any court of competent jurisdiction for the appointment of a successor Warrant
Agent. 
 (c) Upon delivery by the successor Warrant Agent of a written acceptance of its appointment to the retiring Warrant Agent and to
the Company, (i) the retiring Warrant Agent will transfer all property held by it as Warrant Agent to the successor Warrant Agent, (ii) the resignation or removal of the retiring Warrant Agent will become effective, and (iii) the
successor Warrant Agent will have all the rights, powers and duties of the Warrant Agent under this Agreement. Upon request of any successor Warrant Agent, the Company will execute any and all instruments for fully and vesting in and confirming to
the successor Warrant Agent all such rights and powers. The Company will give notice of any resignation and any removal of the Warrant Agent, and the transfer agent, as the case may be, and each appointment of a successor Warrant Agent to all
Holders, and include in the notice the name of the successor Warrant Agent and the address of its Corporate Trust Office. 
 (d)
Notwithstanding replacement of the Warrant Agent pursuant to this Section, the Company’s obligations under Section 7.02 will continue for the benefit of the retiring Warrant Agent. 

Section 7.05 Successor Warrant Agent by Merger. (a) If the Warrant Agent consolidates with, merges or converts into, or
transfers all or substantially all of its shareholder services business to, another Person or national banking association, the resulting, surviving or transferee Person or national banking association without any further act will be the successor
Warrant Agent with the same effect as if the successor Warrant Agent had been named as the Warrant Agent in this Agreement. 
 (b) If, at the
time such successor to the Warrant Agent shall succeed to the agency created by this Agreement, any of the Warrants have been countersigned but not delivered, the successor Warrant Agent may adopt the countersignature of the original Warrant Agent;
and if any of the Warrants shall not have been countersigned, the successor Warrant Agent may countersign such Warrants, and in all such cases such Warrants shall have the full force and effect provided in the Warrants and in this Agreement. 

  
 27 

 Section 7.06 Holder Lists. The Warrant Agent shall preserve in as current
a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Warrant Agent is not the Registrar, the Company shall promptly furnish to the Warrant Agent at such times as the Warrant Agent
may request in writing, a list in such form and as of such date as the Warrant Agent may reasonably require of the names and addresses of the Holders. 

ARTICLE VIII 

MISCELLANEOUS 

Section 8.01 Holder Actions. (a) Any notice, consent to amendment, supplement or waiver provided by this Agreement to
be given by a Holder (an “act”) may be evidenced by an instrument signed by the Holder delivered to the Warrant Agent. 

(b) Any act by the Holder of any Warrant binds that Holder and every subsequent Holder of a Warrant certificate that evidences the same Warrant
of the acting Holder, even if no notation thereof appears on the Warrant certificate. Subject to paragraph (c), a Holder may revoke an act as to its Warrants, but only if the Warrant Agent receives the notice of revocation before the date the
amendment or waiver or other consequence of the act becomes effective. 
 (c) The Company may, but is not obligated to, fix a record date for
the purpose of determining the Holders entitled to act with respect to any amendment or waiver or in any other regard. If a record date is fixed, those Persons that were Holders at such record date and only those Persons will be entitled to act, or
to revoke any previous act, whether or not those Persons continue to be Holders after the record date. No act will be valid or effective if given or made more than 90 days after any applicable record date with respect thereto. 

Section 8.02 Notices and Communications. (a) Any notice or communication by the Company, on the one hand, or the
Warrant Agent, on the other hand, to the other shall be in writing and shall be deemed to have been duly given and received (i) when delivered in person, (ii) when actually received when mailed by first class mail, postage prepaid,
(iii) when actually received by overnight delivery by a nationally recognized courier service, or (iv) when receipt has been acknowledged when sent via electronic mail “email”). In each case the notice or communication shall be
addressed as follows: 
 if to the Company: 

McDermott International, Inc. 

757 N. Eldridge Parkway 
 Houston,
TX 77079 
 Attention: John Freeman 

Email:       jfreeman@mcdermott.com 

  
 28 

 With copies (which shall not constitute notice) to: 

Baker Botts L.L.P. 
 910 Louisiana
Street 
 Houston, TX 77002 

Attention:  Ted W. Paris 

         James H. Mayor 

Email:        ted.paris@bakerbotts.com 

         james.mayor@bakerbotts.com 

if to the Warrant Agent: 

[Computershare Inc. 

Computershare Trust Company, N.A. 

250 Royall Street, 

Canton, MA 02021 

Attention: Client Services] 
 other address as
the Company or the Warrant Agent may designate in writing by notice delivered to the other party in accordance with this Section 8.02. 

(b) Except as otherwise expressly provided with respect to published notices, any notice or communication to a Holder will be deemed duly given
and received (i) five days after mailing when mailed to the Holder at its address set forth below or as it appears on the Register by first class mail or (ii) on the date sent by email of a .pdf document (with confirmation of transmission)
if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient; provided that if the Company has been made aware of a different address pursuant to the Certificate of
Designation or an applicable Warrant, the Company shall provide such notice to such address instead. Copies of any notice or communication to a Holder, if given by the Company, will be mailed to the Warrant Agent at the same time. Defect in mailing
a notice or communication to any particular Holder will not affect its sufficiency with respect to other Holders. The notice or communication should be addressed as follows: 

if to the Holders: 
 West
Street Capital Partners VII Investments, L.P. 
 c/o Goldman Sachs & Co. LLC 

200 West Street 
 New York, NY
10282 
 Attention: Chris Crampton 

With a copy to: 
 Goldman
Sachs & Co. LLC 
 200 West Street 

New York, NY 10282 
 Attention:
General Counsel, Merchant Banking Division 

  
 29 

 With a copy (which shall not constitute notice) to: 

Vinson & Elkins L.L.P. 

666 Fifth Avenue, 26th Floor 
 New
York, NY 10103 
 Attention: Caroline Blitzer Phillips 

Email:       cphillips@velaw.com 

if to any other purchaser party to the Purchase Agreement, to the addresses set forth on Schedule 1 hereto. 

(c) Where this Agreement provides for notice, the notice may be waived in writing by the Person entitled to receive such notice, either before
or after the event, and the waiver will be the equivalent of the notice. Waivers of notice by Holders must be filed with the Warrant Agent, but such filing is not a condition precedent to the validity of any action taken in reliance upon such
waivers. 
 Section 8.03 Entire Agreement. This Agreement is intended by the parties hereto as a final expression of their
agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter hereof. There are no restrictions, promises, representations, warranties or undertakings, other
than those set forth or referred to herein or in the certificates representing the Warrants, with respect to the rights granted by the Company set forth herein and therein. This Agreement supersedes all prior written or oral agreements and
understandings among the parties hereto with respect to such subject matter. 
 Section 8.04 Amendments, Supplements and
Waivers. (a) The Company and the Warrant Agent may amend, supplement or modify this Agreement or the Warrants without notice to or the consent of any Holder: 

(i) to cure any ambiguity, omission, inconsistency or mistake in this Agreement or the Warrants in a manner that is not
inconsistent with the provisions of this Agreement and that does not adversely affect the rights, preferences and privileges of the Warrants or any Holder; 

(ii) to evidence and provide for the acceptance of an appointment hereunder by a successor Warrant Agent; or 

(iii) to make any other change that does not adversely affect the rights of any Holder. 

  
 30 

 (b) Except as otherwise provided in paragraphs (a) or (c) of this Section 8.04,
this Agreement and the Warrants may be amended or modified only by means of a written amendment signed by the Company, the Warrant Agent and the Holders of a majority of the outstanding Warrants. Any amendment or modification of or supplement to
this Agreement or the Warrants, any waiver of any provision of this Agreement, and any consent to any departure by the Company or any Purchaser from the terms of any provision of this Agreement shall be effective only in the specific instance and
for the specific purpose for which such amendment, supplement, modification, waiver or consent has been made or given. In addition, any term of a specific Warrant may be amended or waived with the written consent of the Company and the Holder of
such Warrant. 
 (c) Notwithstanding the provisions of paragraph (b), without the consent of each Holder affected, an amendment or waiver may
not: 
 (i) increase the Exercise Price; 

(ii) reduce the term of the Warrants; 

(iii) make a material and adverse change that does not equally affect all Warrants; or 

(iv) decrease the number of shares of Common Stock, cash or other securities or property issuable upon exercise of the Warrants

 except, in each case, for adjustments expressly provided for in this Agreement. 

(d) It is not necessary for Holders to approve the particular form of any proposed amendment, supplement or waiver if their consent approves
the substance thereof. 
 (e) Subject to Section 8.04(h), an amendment, supplement or waiver under this Section 8.04(e) will become
effective on receipt by the Warrant Agent of written consents from the Holders of the requisite percentage of the outstanding Warrants. After an amendment, supplement or waiver under this Section 8.04(e) becomes effective, the Company will send
to the Holders affected thereby a notice describing the amendment, supplement or waiver in reasonable detail. Any failure of the Company to send such notice, or any defect therein, will not, however, in any way impair or affect the validity of any
such amendment, supplement or waiver. 
 (f) After an amendment, supplement or waiver becomes effective, it will bind every Holder unless it
is of the type requiring the consent of each Holder affected, pursuant to the terms of this Agreement. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment, supplement or waiver will bind
each Holder that has consented to it and every subsequent Holder of a Warrant with respect to which consent was granted. 
 (g) If an
amendment, supplement or waiver changes the terms of a Warrant, the Company or the Warrant Agent may require the Holder to deliver it to the Warrant Agent so that the Warrant Agent may place an appropriate notation of the changed terms on the
Warrant and return it to the Holder, or exchange it for a new Warrant that reflects the changed terms. The Warrant Agent may also place an appropriate notation on any Warrant thereafter countersigned. However, the effectiveness of the amendment,
supplement or waiver shall not be not affected by any failure to annotate or exchange Warrants in this fashion. 

  
 31 

 (h) The Warrant Agent shall be entitled to receive, and will be fully protected in relying
on, an Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized pursuant to this Section 8.04 is authorized or permitted by this Agreement. If the Warrant Agent has received such an Opinion of Counsel, it
shall sign the amendment, supplement or waiver so long as the same does not adversely affect the rights of the Warrant Agent. The Warrant Agent may, but shall not be obligated to, execute any amendment, supplement or waiver that affects the Warrant
Agent’s own rights, duties or immunities under this Agreement. 
 Section 8.05 Benefits of This Agreement. Nothing
in this Agreement shall be construed to give to any Person other than the Company, the Warrant Agent and the registered holders of Warrants any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole
and exclusive benefit of the Company, the Warrant Agent and the registered holders of Warrants. 
 Section 8.06 Successors and
Assigns. All agreements of the Company in this Agreement and the Warrants will bind its successors and assigns. All agreements of the Warrant Agent in this Agreement will bind its successors and assigns. Subject to the transfer conditions
referred to in any legend in effect as set forth herein and Sections 3.08 and 3.09, each Holder may freely assign its Warrants and its rights under this Agreement, in whole or in part, to any Person; provided that no such assignment shall be
made to an Industry Competitor. 
 Section 8.07 Governing Law; Jurisdiction and Venue; Waiver of Jury Trial. This
Agreement and the Warrants shall be governed by and construed in accordance with the laws of the State of New York (without giving effect to any principles of conflicts of laws thereof that would result in the application of the laws of any other
jurisdiction, except to the extent that the New York conflicts of laws principles would apply applicable laws of the Republic of Panama to internal matters relating to corporations organized thereunder). The Company, the Warrant Agent and each
Holder of a Warrant each hereby irrevocably and unconditionally: 
 (a) submits for itself in any legal action or proceeding relating solely
to this Agreement and the Warrant or the transactions contemplated hereby, to the exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States of America; 

(b) consents that any such action or proceeding may be brought in such courts, and waives any objection that it may now or hereafter have to
the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same to the extent permitted by applicable law; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to the party, as the case may be, at its address set forth in Section 8.02 or at such other address of which the other party shall have been notified pursuant thereto; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by applicable law or shall
limit the right to sue in any other jurisdiction for recognition and enforcement of any judgment or if jurisdiction in the courts referenced in the foregoing clause (a) are not available despite the intentions of the parties hereto; 

  
 32 

 (e) agrees that final judgment in any such suit, action or proceeding brought in such a
court may be enforced in the courts of any jurisdiction to which such party is subject by a suit upon such judgment, provided that service of process is effected upon such party in the manner specified herein or as otherwise permitted by
applicable law; 
 (f) agrees that to the extent that such party has or hereafter may acquire any immunity from jurisdiction of any court or
from any legal process with respect to itself or its property, such party hereby irrevocably waives such immunity in respect of its obligations under this Agreement and the Warrants issued hereunder, to the extent permitted by applicable law; and

 (g) IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING IN RELATION TO THIS AGREEMENT AND THE WARRANTS
ISSUED HEREUNDER. 
 Section 8.08 Severability. In case any provision in this Agreement or in the Warrants is invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

Section 8.09 Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. Delivery of an executed counterpart
of a signature page to this Agreement by facsimile or .pdf attachment to electronic mail shall be effective as delivery of a manually executed counterpart to this Agreement. 

Section 8.10 Table of Contents and Headings. The Table of Contents and headings of the Articles and Sections of this
Agreement have been inserted for convenience of reference only, and shall not limit or otherwise affect the meaning hereof. 

Section 8.11 No Adverse Interpretation of Other Agreements. This Agreement may not be used to interpret another agreement
of the Company, and no such agreement may be used to interpret this Agreement. 
 Section 8.12 No Presumption. If any claim is
made by a party relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or
its counsel. 
 Section 8.13 Obligations Limited to Parties to This Agreement and Holders. Each of the parties
hereto covenants, agrees and acknowledges that, other than as set forth herein, no Person other than the Warrant Agent, the Holders, their respective permitted assignees and the Company shall have any obligation hereunder and that, notwithstanding
that one or more of such Persons may be a corporation, partnership or limited liability company, no recourse under this Agreement or under any documents or instruments delivered in connection herewith shall be had against any former, current or
future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of such Persons or their respective permitted assignees, or any former, current or future director, officer, employee, agent,
general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of 

  
 33 

 
any assessment or by any legal or equitable proceeding, or by virtue of any applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be
imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of such Persons or any of their respective assignees, or any
former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of such Persons or their respective permitted assignees under
this Agreement or any documents or instruments delivered in connection herewith or for any claim based on, in respect of or by reason of such obligation or its creation, except, in each case, for any assignee of any Holder hereunder. 

Section 8.14 Bank Accounts. All funds received by Computershare under this Agreement that are to be distributed or applied
by the Warrant Agent in the performance of services under this Agreement (the “Funds”) shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare in its name
as agent for the Company. Until paid pursuant to the terms of this Agreement, Computershare will hold the Funds through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating
above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or
liability for any diminution of the Funds that may result from any deposit made by Computershare in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. Computershare
may from time to time receive interest, dividends or other earnings in connection with such deposits. Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party. 

Section 8.15 Further Assurances. The Company shall perform, acknowledge and deliver or cause to be performed, acknowledged
and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Warrant Agent for the carrying out or performing by the Warrant Agent of the provisions of this Agreement. 

Section 8.16 Confidentiality. The Warrant Agent and the Company agree that all books, records, information and data
pertaining to the business of the other party, including personal, non-public Holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement including the
fees for services agreed upon by the parties hereto shall remain confidential, and shall not be voluntarily disclosed to any other Person, except as may be required by law or regulation, including pursuant to subpoenas from state or federal
government authorities (e.g., in divorce and criminal actions). 
 Section 8.17 Force Majeure.
Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including acts of God, terrorist acts, shortage of
supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest. 

  
 34 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, as of
the day and year first above written. 
  

			
	MCDERMOTT INTERNATIONAL, INC.

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 Signature Page to Warrant Agreement 

 
			
	COMPUTERSHARE Inc., and
	COMPUTERSHARE TRUST COMPANY, N.A.
	
	collectively, as Warrant Agent

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 Signature Page to Warrant Agreement 

 SCHEDULE 1 

PURCHASER ADDRESSES 
 [To
Come] 

  
 S-1 

 EXHIBIT A 

[Face of Series A Warrant] 

[Insert appropriate legend] 
  

					
	 No. _____________________
	 		  	 Warrants

		 		  	 CUSIP No. _____________

		 		  	 CUSIP No. _____________

 Series A Warrant Certificate 

This Series A Warrant Certificate certifies (this “Warrant Certificate”)
that                , or its registered assigns, is the registered holder of Series A Warrants (the “Warrants”), exercisable for shares of common stock,
par value $1.00 (the “Common Stock”), of McDermott International, Inc., a corporation organized under the laws of the Republic of Panama (the “Company”). This Warrant Certificate is exercisable for
[                ] shares of Common Stock. Each Warrant entitles the registered holder upon exercise at any time from 9:00 a.m., New York City time, on the earlier of
(i) any Change of Control (as defined in the Certificate of Designation) or the commencement of proceedings for the voluntary or involuntary dissolution, liquidation or winding up of the Company and
(ii) November [•], 2019 until 5:00 p.m., New York City time, on November [•], 2028 (the “Expiration Time”), to receive from the Company an amount of fully paid and
nonassessable shares of Common Stock (the “Warrant Shares”) at an initial exercise price (the “Exercise Price”) of $0.01 per Warrant Share (as such price may be adjusted as provided in the Warrant Agreement),
subject to the conditions and terms set forth herein and in the Warrant Agreement referred to on the reverse hereof. The Exercise Price and the number of Warrant Shares issuable upon exercise of the Warrants are subject to adjustment upon the
occurrence of certain events set forth in the Warrant Agreement. 
 Reference is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be signed below by its duly authorized officer. 

Dated: [•] 

  
 A-1 

 
			
	MCDERMOTT INTERNATIONAL, INC.

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 A-2 

			
	Countersigned on November [•], 2018:
	
	COMPUTERSHARE Inc., and
	COMPUTERSHARE TRUST COMPANY, N.A.
	
	collectively, as Warrant Agent
		
	By:	 	  

		 	Authorized Signatory

  
 A-3 

 MCDERMOTT INTERNATIONAL, INC. 

[Reverse of Series A Warrant] 
  

	1.	 Warrant Agreement 

The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants issued or to be issued pursuant to a Warrant
Agreement dated as of November [•], 2018 (the “Warrant Agreement”), among the Company and Computershare Inc., a Delaware corporation (“Computershare”), and its wholly owned subsidiary
Computershare Trust Company, N.A., a federally chartered trust company (collectively, the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to
for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the registered holders
or registered holder) of the Warrants. To the extent permitted by applicable law, in the event of an inconsistency or conflict between the terms of this Warrant and the Warrant Agreement, the terms of the Warrant Agreement will prevail. 

 

	2.	 Exercise 

Warrants may be exercised at any time after 9:00 a.m., New York City time, on November [•], 2019 and on or
before the Expiration Time. 
 In order to exercise all or any of the Warrants represented by this Warrant Certificate, the holder must
deliver to the Company this Series A Warrant Certificate and the form of election to exercise on the reverse hereof duly completed, which signature shall be medallion guaranteed by an institution which is a member of a Securities Transfer
Association recognized signature guarantee program. 
 The exercise of Warrants is subject to certain restrictions on exercise (including a
minimum number of Warrants being exercised in a partial exercise of Warrants) as described in the Warrant Agreement. 
 No Warrant may be
exercised after the Expiration Time, and, to the extent not exercised by such time, the Warrants evidenced hereby shall become void. 
  

	3.	 Adjustments 

The Warrant Agreement provides that, upon the occurrence of certain events, the Exercise Price and, if applicable, the number of shares of
Common Stock issuable upon the exercise of each Warrant shall be adjusted. 
  

	4.	 No Fractional Shares 

No fractions of a share of Common Stock will be issued upon the exercise of any Warrant, but the Company will pay the cash value thereof
determined as provided in the Warrant Agreement. 

  
 A-4 

	5.	 Registered Form; Transfer and Exchange 

The Warrants have been issued in registered form. Warrant Certificates, when surrendered at the office of the Registrar by the registered
holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge (except as
specified in the Warrant Agreement), for another Warrant Certificate or Warrant Certificate of like tenor evidencing in the aggregate a like number of Warrants. 

Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Registrar, a new Warrant Certificate or
Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge
except for any tax or other governmental charge imposed in connection therewith. 
 The Company and the Warrant Agent may deem and treat the
registered holder(s) thereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s)
hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. This Warrant Certificate does not entitle any holder hereof to any rights of a stockholder of the Company. 

 

	6.	 Countersignature 

This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent. 

 

	7.	 Governing Law; Jurisdiction and Venue; Waiver of Jury Trial 

This Warrant shall be governed by and construed in accordance with the laws of the State of New York (without giving effect to any principles
of conflicts of laws thereof that would result in the application of the laws of any other jurisdiction, except to the extent that the New York conflicts of laws principles would apply applicable laws of the Republic of Panama to internal matters
relating to corporations organized thereunder). The Company and the Holder of this Warrant each hereby irrevocably and unconditionally: 

(i) submits for itself in any legal action or proceeding relating solely to this Warrant or the transactions contemplated
hereby, to the exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States of America, in each case located within the Southern District of New York, and appellate courts thereof; 

(ii) consents that any such action or proceeding may be brought in such courts, and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same to the extent permitted by applicable law; 

(iii) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to the party, as the case may be, at its address set forth in the Register or at such other address of which the other party shall have been notified pursuant to the
provisions of the Warrant Agreement; 

  
 A-5 

 (iv) agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by applicable law or shall limit the right to sue in any other jurisdiction for recognition and enforcement of any judgment or if jurisdiction in the courts referenced in the foregoing clause (i) are not
available despite the intentions of the parties hereto; 
 (v) agrees that final judgment in any such suit, action or
proceeding brought in such a court may be enforced in the courts of any jurisdiction to which such party is subject by a suit upon such judgment, provided that service of process is effected upon such party in the manner specified herein or
as otherwise permitted by applicable law; 
 (vi) agrees that to the extent that such party has or hereafter may acquire any
immunity from jurisdiction of any court or from any legal process with respect to itself or its property, such party hereby irrevocably waives such immunity in respect of its obligations under this Warrant Certificate, to the extent permitted by
applicable law; and 
 (vii) IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING IN
RELATION TO THIS WARRANT CERTIFICATE. 
 A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the
Company. 

  
 A-6 

 [Form of Exercise Notice] 

(To Be Executed Upon Exercise Of Series A Warrant) 

The undersigned holder (the “Holder”) hereby elects to exercise the right, represented by this Warrant Certificate, to
acquire                shares of Common Stock to be settled pursuant to the procedures set forth in the Warrant Agreement. 

The Holder requests that delivery of such shares be made through the facilities of The Depository Trust Company as follows. 

 

	
	 DTC Participant ______________________________________________________________

	 Participant Account Number: ______________________________________________

	 Contact Person: _______________________________________________________________

	 Telephone: ___________________________________________________________________

	 E-mail address:
________________________________________________________________

 Payment of the Exercise Price shall, at the option of the Company, be either by Net Share Settlement as set
forth in Sections 4.01(b) and (c) of the Warrant Agreement or through the procedures (including payment) for Full Share Settlement as set forth in Sections 4.01(b) and 4.01(d) of the Warrant Agreement. 

[This exercise is made in connection with [insert relevant public offering or sale of the Company] and is conditioned upon consummation
of such transaction. The exercise shall not be deemed to be effective until immediately prior to the consummation of such transaction.] 

If said number of shares is less than all of the shares of Common Stock issuable hereunder, the Holder requests that a new Warrant Certificate
representing the remaining balance of such shares be registered in the name of                , whose address
is                , and that such Warrant Certificate be delivered to                ,
whose address is                . 
 The undersigned
represents and warrants that (x) it is a qualified institutional buyer (as defined in Rule 144A) and is receiving the Warrant Shares for its own account or for the account of another qualified institutional buyer, and it is aware that the
Company is issuing the Warrant Shares to it in reliance on Rule 144A; (y) it is an “accredited investor” within the meaning of Rule 501 under the Securities Act; or (z) it is receiving the Warrant Shares pursuant to another
available exemption from the registration requirements of the Securities Act. Prior to receiving Warrant Shares pursuant to clause (x) above, the Company and the Warrant Agent may request a certificate substantially in the form of Exhibit C to
the Warrant Agreement. Prior to receiving Warrant Shares pursuant to clause (y) above, the Company and the Warrant Agent may request a certificate substantially in the form of Exhibit D and/or an opinion of counsel. Prior to receiving Warrant
Shares pursuant to clause (z) above, the Company and the Warrant Agent may request appropriate certificates and/or an opinion of counsel. 

  
 A-7 

			
	Date:	  	  

		  	 Signature

		
		  	 [

		  	 Signature Guaranteed]

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Warrant Agent,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Warrant Agent in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-8 

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto
                 (the “Assignee”) 

(Please type or print block letters) 
  

 
 (Please print or typewrite name and
address including zip code of assignee) 
 the within Warrant and all rights thereunder (the “Securities”), hereby irrevocably constituting
and appointing attorney to transfer said Warrant Certificate on the books of the Company with full power of substitution in the premises. 

[THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND] 

In connection with any transfer of this Warrant Certificate occurring prior to the removal of the Restricted Legend, the undersigned confirms
(i) the understanding that the Securities have not been registered under the Securities Act of 1933, as amended; (ii) that such transfer is made without utilizing any general solicitation or general advertising; and (iii) further as
follows: 
 Check One 
  

	☐	 (1) This Warrant Certificate is being transferred to a “qualified institutional buyer” in compliance
with Rule 144A under the Securities Act of 1933, as amended and certification in the form of Exhibit C to the Warrant Agreement is being furnished herewith. 

or 
  

	☐	 (2) This Warrant Certificate is being transferred other than in accordance with (1) above and documents
are being furnished which comply with the conditions of transfer set forth in this Warrant and the Warrant Agreement. 

If none of the foregoing boxes is checked, the Warrant Agent is not obligated to register this Warrant in the name of any Person other than
the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the Warrant Agreement have been satisfied. 
  

			
	Date:	 	  

	
	  

Seller

			
		
	By:	 	  

  
 A-9 

 NOTICE: The signature to this assignment must correspond with the name as written upon the
face of the within-mentioned instrument in every particular, without alteration or any change whatsoever. 
  

 
 [Signature Guaranteed] 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Warrant Agent, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Warrant Agent in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-10 

 EXHIBIT B 

RESTRICTED LEGEND 
 THIS WARRANT AND THE
UNDERLYING COMMON STOCK THAT MAY BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. 

THIS WARRANT EVIDENCES AND ENTITLES THE REGISTERED HOLDER HEREOF TO CERTAIN RIGHTS AS SET FORTH IN THE WARRANT AGREEMENT AMONG MCDERMOTT INTERNATIONAL, INC.
AND COMPUTERSHARE INC. AND COMPUTERSHARE TRUST COMPANY, N.A. (OR ANY SUCCESSOR WARRANT AGENT) DATED AS OF NOVEMBER [•], 2018, AS IT MAY FROM TIME TO TIME BE SUPPLEMENTED OR AMENDED, THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY REFERENCE
AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICES OF THE COMPANY. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) OR (B) IT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH WARRANT AND THE UNDERLYING COMMON STOCK THAT MAY BE ISSUED
UPON ITS EXERCISE, PRIOR TO THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT, ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE
SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY
FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (D) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE WARRANT AGENT’S (INCLUDING
ANY SUCCESSOR WARRANT AGENT) RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (C) OR (D) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO THE

  
 B-1 

 
WARRANT AGENT, AND IN EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE WARRANT
AGENT. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT. 

  
 B-2 

 EXHIBIT C 

Rule 144A Certificate 
 _________,
____ 
 [                ] 

[                ] 

Attention: [                ] 

 

	Re:	 Warrants to acquire Common Stock McDermott International, Inc. (the “Warrants”) Issued under
the Warrant Agreement (the “Agreement”) dated as of November [•], 2018 relating to the Warrants 

 Ladies and
Gentlemen: 
 This Certificate relates to: 

[CHECK A OR B AS APPLICABLE.] 
  

	☐	 A. Our proposed purchase of
                 Warrants issued under the Agreement. 

 

	☐	 B. Our proposed exchange of
                 Warrants issued under the Agreement for an equal number of Warrants to be held by us. 

We and, if applicable, each account for which we are acting, in the aggregate owned and invested more than $100,000,000 in securities of
issuers that are not affiliated with us (or such accounts, if applicable), as of                , 20    , which is a date on or since close of our
most recent fiscal year. We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the
“Securities Act”). If we are acting on behalf of an account, we exercise sole investment discretion with respect to such account. We are aware that the transfer of Warrants to us, or such exchange, as applicable, is being made in
reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to the date of this Certificate we have received such information regarding the Company as we have requested pursuant to Rule
144A(d)(4) or have determined not to request such information. 

  
 C-1 

 You and the Company are entitled to rely upon this Certificate and are irrevocably
authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	[NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

 
			
		
	By:	 	  

 
			
		
	Name:	 	  

 
			
		
	Title:	 	  

 
			
		
	Address:	 	  

 
			
		
	Date:	 	  

  
 C-2 

 EXHIBIT D 

Accredited Investor Certificate 

_________, ____ 

[                 ] 

[                 ] 

Attention: [                 ] 

 

	Re:	 Warrants to acquire Common Stock of McDermott International, Inc. (the “Warrants”) Issued
under the Warrant Agreement (the “Agreement”) dated as of November [•], 2018 relating to the Warrants 

 Ladies and
Gentlemen: 
 This Certificate relates to: 

[CHECK A OR B AS APPLICABLE.] 
  

	☐	 A. Our proposed purchase of
                 Warrants issued under the Agreement. 

  

	☐	 B. Our proposed exchange of
                 Warrants issued under the Agreement for an equal number of Warrants to be held by us. 

We hereby confirm that: 
 1. We
are an “accredited investor” (an “Accredited Investor”) within the meaning of Rule 501 under the Securities Act of 1933, as amended (the “Securities Act”). 

2. Any acquisition of Warrants by us will be for our own account or for the account of one or more other Accredited Investors as to which we
exercise sole investment discretion. 
 3. We have such knowledge and experience in financial and business matters that we are capable of
evaluating the merits and risks of an investment in the Warrants and we and any accounts for which we are acting are able to bear the economic risks of and an entire loss of our or their investment in the Warrants. 

4. We are not acquiring the Warrants with a view to any distribution thereof in a transaction that would violate the Securities Act or the
securities laws of any State of the United States or any other applicable jurisdiction; provided that the disposition of our property and the property of any accounts for which we are acting as fiduciary will remain at all times within our
and their control. 
 5. We acknowledge that the Warrants have not been registered under the Securities Act and that the Warrants may not be
offered or sold within the United States or to or for the benefit of U.S. persons except as set forth below. 

  
 D-1 

 We agree for the benefit of the Company, on our own behalf and on behalf of each account for
which we are acting, that such Warrants may be offered, sold, pledged or otherwise transferred only in accordance with the Securities Act and any applicable securities laws of any State of the United States and only (a) to the Company or any
subsidiary thereof, (b) pursuant to a registration statement that has been declared effective under the Securities Act, (c) to a person it reasonably believes is a qualified institutional buyer in compliance with Rule 144A under the
Securities Act, (d) to an Accredited Investor that, prior to such transfer, delivers to the Warrant Agent a duly completed and signed certificate (the form of which may be obtained from the Warrant Agent) relating to the restrictions on
transfer of the Warrants, or (e) pursuant to any other available exemption from the registration requirements of the Securities Act. 

Prior to the registration of any transfer in accordance with clause (c) of the immediately preceding paragraph, we acknowledge that a
duly completed and signed certificate (the form of which may be obtained from the Warrant Agent) must be delivered to the Warrant Agent. Prior to the registration of any transfer in accordance with clause (d) or (e) of the immediately preceding
paragraph, we acknowledge that the Company reserves the right to require the delivery of such legal opinions, certifications or other evidence as may reasonably be required in order to determine that the proposed transfer is being made in compliance
with the Securities Act and applicable state securities laws. We acknowledge that no representation is made by or on behalf of the Company or the Warrant Agent as to the availability of any exemption from the registration requirements of the
Securities Act. 
 We understand that the Warrant Agent will not be required to accept for registration of transfer any Warrants acquired by
us, except upon presentation of evidence satisfactory to the Company and the Warrant Agent that the foregoing restrictions on transfer have been complied with. We further understand that the Warrants acquired by us will bear a legend reflecting the
substance of the immediately preceding paragraph. We further agree to provide to any person acquiring any of the Warrants from us a notice advising such person that resales of the Warrants are restricted as stated herein and that the Warrants will
bear a legend to that effect. 
 We agree to notify you promptly in writing if any of our acknowledgments, representations or agreements
herein ceases to be accurate and complete. 
 We represent to you that we have full power to make the foregoing acknowledgments,
representations and agreements on our own behalf and on behalf of any account for which we are acting. 
 You and the Company are entitled
to rely upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	[NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

 
			
		
	By:	 	  

 
			
		
	Name:	 	  

 
			
		
	Title:	 	  

 
			
		
	Address:	 	  

 
			
		
	Date:	 	  

  
 D-2 

 Upon transfer, the Warrants would be registered in the name of the new beneficial owner as follows: 

 
  

Taxpayer ID number: _________________ 

  
 D-3 

 Exhibit B – Form of Registration Rights Agreement 

 REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 
 MCDERMOTT
INTERNATIONAL, INC. 
 AND 

THE PURCHASERS PARTY HERETO 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Registrable Securities
	  	 	4	 
	 Section 1.03
	 	 Rules of Construction
	  	 	5	 
		
	 ARTICLE II REGISTRATION RIGHTS
	  	 	5	 
			
	 Section 2.01
	 	 Shelf Registration
	  	 	5	 
	 Section 2.02
	 	 Delay Rights
	  	 	7	 
	 Section 2.03
	 	 Underwritten Offering
	  	 	8	 
	 Section 2.04
	 	 Sale Procedures
	  	 	9	 
	 Section 2.05
	 	 Cooperation by Holders
	  	 	13	 
	 Section 2.06
	 	 Restrictions on Sales
	  	 	13	 
	 Section 2.07
	 	 Expenses
	  	 	13	 
	 Section 2.08
	 	 Indemnification
	  	 	13	 
	 Section 2.09
	 	 Rule 144 Reporting
	  	 	16	 
	 Section 2.10
	 	 Transfer or Assignment of Registration Rights
	  	 	16	 
	 Section 2.11
	 	 Liquidated Damages Payments Under Certain Circumstances
	  	 	16	 
	 Section 2.12
	 	 Limitations on Subsequent Registration Rights
	  	 	17	 
		
	 ARTICLE III MISCELLANEOUS
	  	 	17	 
			
	 Section 3.01
	 	 Termination and Effect of Termination
	  	 	17	 
	 Section 3.02
	 	 Notices and Communications
	  	 	17	 
	 Section 3.03
	 	 Entire Agreement
	  	 	18	 
	 Section 3.04
	 	 Amendments and Waivers
	  	 	19	 
	 Section 3.05
	 	 Binding Effect; Benefits of This Agreement
	  	 	19	 
	 Section 3.06
	 	 Assignment of Holders’ Rights
	  	 	19	 
	 Section 3.07
	 	 Recapitalization, Exchanges, Etc.
	  	 	19	 
	 Section 3.08
	 	 Specific Performance
	  	 	19	 
	 Section 3.09
	 	 Governing Law; Jurisdiction and Venue; Waiver of Jury Trial
	  	 	20	 
	 Section 3.10
	 	 Severability
	  	 	20	 
	 Section 3.11
	 	 Counterparts
	  	 	21	 
	 Section 3.12
	 	 Table of Contents and Headings
	  	 	21	 
	 Section 3.13
	 	 No Adverse Interpretation of Other Agreements
	  	 	21	 
	 Section 3.14
	 	 No Presumption
	  	 	21	 
	 Section 3.15
	 	 Obligations Limited to Parties to This Agreement
	  	 	21	 

  
 i 

 This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered
into as of November [•], 2018, by and among McDermott International, Inc., a company organized under the laws of the Republic of Panama (the “Company”), and the purchasers that are identified in Schedule A to the Purchase
Agreement (as defined below) and specified on the signature pages hereof (the “Purchasers”). 
 WHEREAS, this Agreement is
entered into in connection with the closing of the issuance of the Preferred Shares (as defined below) and the Warrants (as defined below) to the Purchasers pursuant to the Securities Purchase Agreement, dated October 30, 2018 (the
“Purchase Agreement”), by and among the Company and the Purchasers; and 
 WHEREAS, the Company has agreed to provide the
registration and other rights set forth in this Agreement for the benefit of the Purchasers pursuant to the Purchase Agreement; and 

WHEREAS, it is a condition to the obligations of the Purchasers and the Company under the Purchase Agreement that this Agreement be executed
and delivered. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Definitions. Capitalized terms used herein without definition shall have the meanings given to them in the
Purchase Agreement. The terms set forth below are used herein as so defined: 
 “Affiliate” has the meaning assigned to such
term, as of the date hereof, in Rule 405 under the Securities Act. 
 “Agreement” has the meaning specified therefor in the
introductory paragraph to this Agreement. 
 “Beneficially Own” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right
is currently exercisable or is exercisable only after the passage of time. 
 “Board” means the Board of Directors of the
Company or, with respect to any action to be taken by the Board of Directors, any committee of the Board of Directors duly authorized to take such action. 

“Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking institutions in
the State of New York or State of Texas are authorized or required by law or other governmental action to close. 

  
 1 

 “Certificate of Designation” means the Certificate of Designation of 12%
Redeemable Preferred Stock of the Company, dated as of November [•], 2018. 
 “Closing Date” means November
[•], 2018. 
 “Common Share Price” means the volume weighted average closing price of Common Shares (as reported
by the NYSE or, if the NYSE is not the primary securities exchange or market for the Common Shares, such primary securities exchange or market) for the ten (10) trading days immediately preceding the date on which the determination is made (or,
if such price is not available, as determined in good faith by the Board). 
 “Common Shares” means the shares of common
stock, par value $1.00 per share, of the Company. 
 “Company” has the meaning specified therefor in the introductory
paragraph to this Agreement. 
 “Delay Notice” has the meaning specified therefor in Section 2.02. 

“Effective Date” means, with respect to a particular Shelf Registration Statement, the date of effectiveness of such Shelf
Registration Statement. 
 “Effectiveness Period” means, with respect to a Shelf Registration Statement, the period
beginning on the Effective Date for the Shelf Registration Statement and ending at the time all Registrable Securities the sale or distribution of which is covered by such Shelf Registration Statement shall have ceased to be Registrable Securities.

 “Electing Holders” has the meaning specified therefor in Section 2.03. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “FINRA” has the meaning specified therefor in Section 2.04(f). 

“Governmental Authority” means any federal, state, local or foreign government, or other governmental, regulatory or
administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body. 
 “Holder” means the
record holder of any Registrable Securities. 
 “Interruption Period” has the meaning specified therefor in
Section 2.04. 
 “Law” means any statute, law, ordinance, regulation, rule, order, code, governmental restriction,
decree, injunction or other requirement of law, or any judicial or administrative interpretation thereof, of any Governmental Authority. 

“Liquidated Damages Payments” has the meaning specified therefor in Section 2.11(a). 

  
 2 

 “Losses” has the meaning specified therefor in Section 2.08(a). 

“Managing Underwriter” means, with respect to an Underwritten Offering, the book-running lead manager for an Underwritten
Offering. 
 “NYSE” means the New York Stock Exchange. 

“Person” means any individual, corporation, company, voluntary association, partnership, joint venture, trust,
limited liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof or any other form of entity. 

“Preferred Shares” means the shares of 12% Redeemable Preferred Stock, par value $1.00 per share, of the Company issued by
the Company to the Purchasers pursuant to the Purchase Agreement, and all securities issued upon division or combination of, or in substitution for, such shares of Series A preferred stock, including any Substantially Equivalent Security (as defined
in the Certificate of Designation). 
 “Purchase Agreement” has the meaning specified therefor in the recitals to this
Agreement. 
 “Purchasers” has the meaning specified therefor in the introductory paragraph to this Agreement. 

“Registrable Securities” means, subject to Section 1.02, (i) the Common Shares issued or issuable upon the
exercise of the Warrants and (ii) the Common Shares issued in lieu of a cash redemption payment as a result of a Cash Election (as defined in the Certificate of Designation). 

“Registrable Securities Amount” means the calculation based on the product of the Common Share Price times the number of
applicable Registrable Securities. 
 “Registration Default” has the meaning specified therefor in Section 2.11(a).

 “Registration Expenses” means the following expenses incident to the Company’s performance under or compliance with
this Agreement to effect the registration of Registrable Securities on a Shelf Registration Statement pursuant to Section 2.01 or an Underwritten Offering covered under this Agreement, and the disposition of such Registrable Securities,
including, all registration, filing, securities exchange listing and NYSE fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the FINRA, fees of transfer agents and
registrars, all word processing, duplicating and printing expenses, and the fees and disbursements of counsel and independent public accountants for the Company, including the expenses of any special audits or “comfort” letters required by
or incident to such performance and compliance, and up to $50,000 of reasonable and documented fees and expenses of one counsel for all Holders for Underwritten Offerings hereunder. 

“Required Holders” means Holders of greater than 50% of the Registrable Securities initially subject to this Agreement. 

  
 3 

 “Resale Shelf Registration Statement” has the meaning specified therefor in
Section 2.01(a). 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “Selling Expenses” means all underwriting discounts and selling commissions or similar fees or
arrangements and related expenses allocable to the sale of the Registrable Securities, transfer taxes and fees and disbursements of counsel to the Selling Holders, except for the reasonable fees and disbursements of counsel for the Selling Holders
required to be paid by the Company pursuant to Section 2.08, if applicable. 
 “Selling Holder” means a Holder who is
selling Registrable Securities under a registration statement pursuant to the terms of this Agreement. 
 “Selling Holder
Indemnified Persons” has the meaning specified therefor in Section 2.08(a). 
 “Shelf Registration Statement”
means a registration statement under the Securities Act to permit the public resale of the Registrable Securities from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then
in effect), including the Resale Shelf Registration Statement or a Subsequent Shelf Registration Statement, as applicable. 

“Subsequent Shelf Registration Statement” has the meaning specified therefor in Section 2.01(b). 

“Underwritten Offering” means the offering (including an offering pursuant to a Shelf Registration Statement) in which
Registrable Securities are sold to one or more underwriters on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” or “block trade” with one or more investment banks. 

“Underwritten Offering Notice” has the meaning specified therefor in Section 2.03. 

“Underwritten Offering Threshold” means $25 million of Registrable Securities (calculated based on the Registrable
Securities Amount of Common Shares). 
 “Warrants” means the Series A warrants, and all warrants issued upon division or
combination of, or in substitution for such warrants, issued pursuant to the Warrant Agreement, to be dated as of the Closing Date, among the Company, Computershare Inc. and Computershare Trust Company, N.A. (the “Warrant
Agreement”). 
 Section 1.02 Registrable Securities. Any Registrable Security shall cease to be a Registrable Security
at the earliest of the following: (a) when a registration statement covering the sale or distribution of such Registrable Security becomes or has been declared effective by the SEC and such Registrable Security has been sold or disposed of
pursuant to such effective 

  
 4 

 
registration statement; (b) when such Registrable Security has been sold or disposed of (excluding transfers or assignments by a Holder to an Affiliate) pursuant to Rule 144 under the
Securities Act (or any successor or similar provision adopted by the SEC then in effect) under circumstances in which all of the applicable conditions of Rule 144 (as then in effect) are met; (c) when such Registrable Security is held by
the Company or one of its subsidiaries or ceases to be outstanding (whether as a result of repurchase or cancellation); or (d) when such Registrable Security has been sold or disposed of in a private transaction in which the transferor’s
rights under this Agreement are not assigned to the transferee of such securities pursuant to Section 2.10. 
 Section 1.03
Rules of Construction. Unless the context otherwise requires, as used in this Agreement: 
 (a) a defined term has the meaning
assigned to it for all purposes of this Agreement, regardless of where it is defined herein; 
 (b) “or” is not exclusive but shall
be used in the inclusive sense of “and/or”; 
 (c) defined terms and other words used in the singular shall be deemed to include
the plural, and vice versa; 
 (d) The terms “herein,” “hereof” and “hereunder” and words of similar
import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision of this Agreement; 
 (e) when the
words “include,” “includes” or “including” are used herein, they shall be deemed to be followed by the phrase “without limitation”; 

(f) unless expressly qualified otherwise (e.g., by “Business” or “trading”), all references to “days” are
deemed to be references to calendar days; 
 (g) all references to Sections or Articles refer to Sections or Articles of this Agreement
unless otherwise indicated; and 
 (h) references to agreements or instruments, or to statutes or regulations, are to such agreements or
instruments, or statutes or regulations, as amended, supplemented or modified from time to time (or to successor statutes and regulations). 

ARTICLE II 
 REGISTRATION
RIGHTS 
 Section 2.01 Shelf Registration. 

(a) Resale Shelf Registration Statements. Within 90 days of the Closing Date, the Company shall use its commercially reasonable efforts
to prepare and file with the SEC a registration statement covering the sale or distribution from time to time by the Holders, on a delayed or continuous basis pursuant to Rule 415 of the Securities Act, to permit the public resale of all Registrable
Securities on the terms and conditions specified in this Section 2.01 (the “Resale Shelf Registration Statement”). If any additional Common Shares become Registrable 

  
 5 

 
Securities, the Company shall use its commercially reasonable efforts to amend the Shelf Registration Statement, or file a new Shelf Registration Statement, within 10 days to include such
additional Common Shares. The Resale Shelf Registration Statement shall not include the Registrable Securities of any Person who is not a Holder under this Agreement. Each Resale Shelf Registration Statement filed with the SEC pursuant to this
Section 2.01 shall be on Form S-3 or, if Form S-3 is not then available to the Company, on Form S-1 or such
other form of registration statement as is then available to effect a registration for resale of the Registrable Securities, covering the Registrable Securities, and shall contain a prospectus in such form as to permit any Selling Holder covered by
such Resale Shelf Registration Statement to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect) at any time beginning on the Effective Date for
such Resale Shelf Registration Statement and while such Resale Shelf Registration continues to be effective under the Securities Act. The Company shall use its commercially reasonable efforts to cause any Resale Shelf Registration Statement filed
pursuant to this Section 2.01 to be declared effective as soon as practicable after the filing thereof (it being agreed that each Resale Shelf Registration Statement shall be an automatic shelf registration statement that shall become effective
upon filing with the SEC pursuant to Rule 462(e) if Rule 462(e) is available to the Company), but in any event by the first anniversary of the Closing Date. 

(b) Subsequent Shelf Registration Statement. If a Shelf Registration Statement filed pursuant to this Agreement ceases to be effective
under the Securities Act for any reason at any time during the Effectiveness Period, the Company shall use its commercially reasonable efforts as promptly as is reasonably practicable to cause such Shelf Registration Statement to again become
effective under the Securities Act, and shall use its commercially reasonable efforts as promptly as is reasonably practicable to amend such Shelf Registration Statement in a manner reasonably expected to result in the withdrawal of any order of the
SEC suspending the effectiveness of such Shelf Registration Statement or file an additional registration statement (a “Subsequent Shelf Registration Statement”) for an offering to be made on a delayed or continuous basis pursuant to
Rule 415 of the Securities Act registering the resale from time to time by the Holders thereof of all securities that are Registrable Securities as of the time of such filing and not registered pursuant to another Shelf Registration Statement. If
the sale or distribution of any Registrable Securities is not included by the Company on the Resale Shelf Registration Statement, the Company shall, upon written request by the Required Holders, file a Subsequent Shelf Registration Statement. If a
Subsequent Shelf Registration Statement is filed, the Company shall use its commercially reasonable efforts to cause such Subsequent Shelf Registration Statement to become effective under the Securities Act as promptly as is reasonably practicable
after the filing thereof (it being agreed that the Subsequent Shelf Registration Statement shall be an automatic shelf registration statement that shall become effective upon filing with the SEC pursuant to Rule 462(e) if Rule 462(e) is available to
the Company) and (b) keep such Subsequent Shelf Registration Statement continuously effective until the end of the Effectiveness Period. Any such Subsequent Shelf Registration Statement shall be a registration statement on Form S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration Statement shall be on another appropriate form and shall provide for the registration of such
Registrable Securities for resale by the Holders in accordance with any reasonable method of distribution elected by the Required Holders. 

  
 6 

 (c) Effectiveness Period. A Shelf Registration Statement shall provide for the resale
pursuant to any method or combination of methods legally available to, and requested by, the Selling Holders, including by way of an Underwritten Offering, if such an election has been made pursuant to Section 2.03. During the Effectiveness
Period, the Company shall, subject to the applicable provisions of the Securities Act, use its commercially reasonable efforts to cause a Shelf Registration Statement filed pursuant to this Section 2.01 to remain effective, and to be
supplemented and amended to the extent necessary to ensure that such Shelf Registration Statement is available or, if not available, that another registration statement is available for the resale of the Registrable Securities until all Registrable
Securities have ceased to be Registrable Securities. The Company shall prepare and file all necessary information with the NYSE (or such other national securities exchange on which the Registrable Securities are then listed and traded) to list the
Registrable Securities covered by a Shelf Registration Statement and shall use its commercially reasonable efforts to have such Registrable Securities approved for listing on the NYSE (or such other national securities exchange on which the
Registrable Securities are then listed and traded) by the date of any sale or distribution of such Registrable Securities, subject only to official notice of issuance. As soon as practicable following the Effective Date of a Shelf Registration
Statement, but in any event within three Business Days of such date, the Company shall notify the Holders of the effectiveness of such Shelf Registration Statement. 

(d) Underwriting. If the Managing Underwriter of the proposed Underwritten Offering of Registrable Securities advises the Company that
the inclusion of all of the Selling Holders’ Registrable Securities that the Selling Holders intend to include in such offering exceeds the number that can be sold in such offering without being likely to have a material adverse effect on the
price, timing or distribution of the Registrable Securities offered or the market for the Registrable Securities, then the Registrable Securities to be included in an Underwritten Offering shall include the number of Registrable Securities that such
Managing Underwriter advises the Company can be sold without having such material adverse effect, with such number to be allocated to the Selling Holders, allocated among such Selling Holders pro rata on the basis of the number of Registrable
Securities held by each such Selling Holder or in such other manner as such Selling Holders may agree. 
 Section 2.02 Delay
Rights. Notwithstanding anything to the contrary contained herein, the Company may, upon written notice (a “Delay Notice”) to (i) all Holders, delay the filing of a Shelf Registration Statement required under
Section 2.01, or (ii) all Selling Holders whose Registrable Securities are included in a Shelf Registration Statement or other registration statement contemplated by this Agreement, suspend such Selling Holders’ use of any prospectus
that is a part of such Shelf Registration Statement or other registration statement (in which event the Selling Holder shall discontinue sales of the Registrable Securities pursuant to such Shelf Registration Statement or other registration
statement contemplated by this Agreement but may settle any previously made sales of Registrable Securities) if the Company (x) is pursuing an acquisition, merger, tender offer, reorganization, disposition, financing, securities offering or
other similar transaction and the Board determines in good faith that (A) the Company’s ability to pursue or consummate such a transaction would be materially adversely affected by any required disclosure of such transaction in such Shelf
Registration Statement or other registration statement (in each case, including any document incorporated by reference therein) or (B) such transaction or the pursuit thereof renders the Company unable to comply with SEC requirements, in each
case under circumstances that would make it impractical or inadvisable to cause the Shelf Registration 

  
 7 

 
Statement (or such filings) to become effective or to promptly amend or supplement the Shelf Registration Statement on a post-effective basis, as applicable, (y) has experienced some other
material non-public event the disclosure of which at such time, in the good faith judgment of the Board, would materially adversely affect the Company or (z) would, in the absence of such delay or
suspension, either be required to prematurely disclose material information that the Company has a bona fide business purpose for preserving as confidential or would be rendered unable to comply with the requirements under the Securities Act
or the Exchange Act; provided, however, in no event shall (A) such filing of such Shelf Registration Statement be delayed under this Section 2.02 for a period that exceeds 90 calendar days or (B) such Selling Holders be
suspended under this Section 2.02 from selling Registrable Securities pursuant to such Shelf Registration Statement or other registration statement for a period that exceeds an aggregate of 90 calendar days in any 365 calendar-day period, in each case, exclusive of days covered by any lock-up agreement executed by a Selling Holder in connection with an Underwritten Offering. The
Holders agree to keep the existence and contents of any Delay Notice confidential and not to use such information for any other purpose. Upon disclosure of such information or the termination of the condition described above, the Company shall
provide prompt notice, but in any event within one Business Day of such disclosure or termination, to the Selling Holders whose Registrable Securities are included in such Shelf Registration Statement and shall promptly terminate any suspension of
sales it has put into effect and shall take such other reasonable actions to permit registered sales of Registrable Securities as contemplated in this Agreement. 

Section 2.03 Underwritten Offering. In the event that one or more Holders elect to sell or distribute at least an Underwritten
Offering Threshold in the aggregate pursuant to a Shelf Registration Statement pursuant to an Underwritten Offering of Common Shares, such Holder(s) shall deliver a written notice of such election to the Company (such request, an
“Underwritten Offering Notice,” and such electing Holders, the “Electing Holders”); provided, however, that the Required Holders shall have the option and right to require the
Company to effect not more than two Underwritten Offerings pursuant to and subject to the conditions of this Section 2.03. Upon delivery of such Underwritten Offering Notice to the Company, the Company shall as soon as practicable (but in no
event later than two Business Days following the date of delivery of an Underwritten Offering Notice to the Company) deliver notice of such Underwritten Offering Notice to all other Holders, who shall then have two Business Days (or one Business Day
in the case of an underwritten “bought deal” or “block trade”) from the date that such notice is given to them to notify the Company in writing of the number of Registrable Securities held by such Holder that they want to be
included in an Underwritten Offering. Upon receipt of an Underwritten Offering Notice, the Company shall as soon as practicable use its commercially reasonable efforts to facilitate an Underwritten Offering. In the case of an underwritten
“bought deal” or “block trade,” an Underwritten Offering Notice shall be given not less than three Business Days prior to the day the offering is to commence. In connection with an Underwritten Offering of Registrable Securities
under this Agreement, the Managing Underwriter or Underwriters shall be selected by the Electing Holders and shall be reasonably acceptable to the Company. In connection with an Underwritten Offering contemplated by this Agreement in which a Selling
Holder participates, each Selling Holder and the Company shall be obligated to enter into an underwriting agreement that contains such representations, warranties, covenants, indemnities and other rights and obligations as are customary in
underwriting agreements for firm commitment offerings of securities. No Selling Holder may participate in an Underwritten Offering unless such Selling Holder agrees to sell its Registrable Securities on the basis provided in such underwriting

  
 8 

 
agreement and completes and executes all questionnaires, powers of attorney, indemnities and other documents reasonably required under the terms of such underwriting agreement. No Selling Holder
shall be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Selling Holder, its authority to enter into such underwriting
agreement and to sell, and its ownership of, the securities whose offer and resale will be registered, on its behalf, its intended method of distribution and any other representation required by applicable Law. If any Selling Holder disapproves of
the terms of an underwriting, such Selling Holder may elect to withdraw therefrom by notice to the Company, the Electing Holders and the Managing Underwriter; provided, however, that any such withdrawal must be made no later than the time of
pricing of an Underwritten Offering. If all Selling Holders withdraw from an Underwritten Offering prior to the pricing of an Underwritten Offering or if the registration statement relating to an Underwritten Offering is suspended pursuant to
Section 2.02, the events will not be considered to be an Underwritten Offering and the Holders will continue to have the right and option to request an Underwritten Offering under this Section 2.03. No such withdrawal or abandonment shall
affect the Company’s obligation to pay Registration Expenses pursuant to Section 2.07. 
 Section 2.04 Sale
Procedures. In connection with its obligations under this Article II, the Company shall, as expeditiously as possible: 
 (a) prepare and
promptly file with the SEC a Shelf Registration Statement with respect to any Registrable Securities and use commercially reasonable efforts to cause such Shelf Registration Statement to become and remain effective for the Effectiveness Period, in
accordance with and subject to the applicable provisions of this Agreement and the Securities Act; 
 (b) furnish to the Holders’ legal
counsel copies of each Shelf Registration Statement and the prospectus included therein (including each preliminary prospectus) proposed to be filed and provide such legal counsel a reasonable opportunity to review and comment on any such Shelf
Registration Statement; 
 (c) prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any
Shelf Registration Statement and the prospectus used in connection herewith as may be necessary to keep any such Shelf Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities covered by any such Shelf Registration Statement in accordance with the Selling Holders’ intended method of distribution set forth in such Shelf Registration
Statement; 
 (d) to the extent not publicly available, furnish or otherwise make available to each Selling Holder (i) as far in advance
as reasonably practicable before filing a Shelf Registration Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such
documents proposed to be filed (including exhibits and each document incorporated by reference therein to the extent then required by the rules and regulations of the SEC other than annual or quarterly reports on
Forms 10-K or 10-Q, respectively, current reports on Form 8-K or proxy statements; provided, however,
that such reports or proxy statements shall be provided at least two Business Days prior to filing in connection with an Underwritten Offering), and provide each such Selling 

  
 9 

 
Holder the opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by such
Selling Holder with respect to such information prior to filing a Shelf Registration Statement or such other registration statement or supplement or amendment thereto, and (ii) such number of copies of such Registration Statement or such other
registration statement and the prospectus included therein and any supplements and amendments thereto as such Selling Holder may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by
such Shelf Registration Statement or other registration statement; 
 (e) if applicable, use its commercially reasonable efforts to register
or qualify the Registrable Securities covered by a Shelf Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of
an Underwritten Offering, the Managing Underwriter, shall reasonably request; provided, however, that the Company shall not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify
or to take any action that would subject it to general service of process or taxation in any such jurisdiction where it is not then so subject; 

(f) cooperate with the Selling Holders and each underwriter or agent participating in the disposition of Registrable Securities and their
respective counsel in connection with any filings required to be made with Financial Industry Regulatory Authority, Inc. (“FINRA”), including the use of commercially reasonable efforts to obtain FINRA’s pre-clearance or pre-approval of the registration statement and applicable prospectus upon filing with the SEC; 

(g) upon request and subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal
letters or other material correspondence with the SEC or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such offering of Registrable
Securities; 
 (h) promptly notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by any of
them under the Securities Act, of (i) the filing of a Shelf Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement to be used in connection therewith, or any
amendment or supplement thereto, and, with respect to such Shelf Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective; (ii) the receipt of any written comments
from the SEC with respect to any filing referred to in clause (i); and (iii) any written request by the SEC for amendments or supplements to such Shelf Registration Statement or any other registration statement or any prospectus or
prospectus supplement thereto or for additional information; 
 (i) promptly notify each Selling Holder, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in a Shelf Registration Statement or any other registration
statement contemplated by this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of
any prospectus contained 

  
 10 

 
therein, in the light of the circumstances under such statements are made); (ii) the issuance or express threat of issuance by the SEC of any stop order suspending the effectiveness of such
Shelf Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Company of any notification with respect to the suspension of
the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Company agrees to as promptly as practicable amend or supplement the
prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading in the light of the circumstances under which they are made and to take such other commercially reasonable action as is necessary to remove a stop order, suspension, threat thereof or proceedings related
thereto; 
 (j) in connection with a customary due diligence review, make available for inspection by any Selling Holder, any Managing
Underwriter or any other underwriter participating in any such disposition of Registrable Securities, and any counsel or accountants retained by such Selling Holder, Managing Underwriter or underwriter, at the offices where normally kept, during
reasonable business hours, all financial and other records, pertinent corporate documents of the Company and its subsidiaries, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information and
participate in customary due diligence sessions in each case reasonably requested by any such Selling Holder, Managing Underwriter, underwriter, counsel or accountant in connection with such Registration Statement, subject to appropriate
confidentiality obligations; 
 (k) in the case of an Underwritten Offering, use its commercially reasonable efforts to furnish to the
underwriters, (i) an opinion of counsel for the Company dated the date of the closing under the underwriting agreement, addressed to the underwriters, and (ii) a customary “comfort” letter, dated the pricing date of an
Underwritten Offering and a “bring-down” comfort letter dated the date of the closing under the underwriting agreement, in each case addressed to the underwriters, signed by the independent public accountants who have certified the
Company’s financial statements included or incorporated by reference into the applicable registration statement, and each of the opinion and the “comfort” letter shall be in customary form and covering substantially the same matters
with respect to such registration statement (and the prospectus and any prospectus supplement included therein) as have been customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in
underwritten offerings of securities by the Company and such other matters as such underwriters may reasonably request; 
 (l) in the event
that the Registrable Securities are being offered in an Underwritten Offering, enter into an underwriting agreement in accordance with the applicable provisions of this Agreement; provided, however, that no underwriting agreement shall
require: (1) the Company to enter into a lock-up agreement unless (i) such underwriting agreement is executed in connection with an Underwritten Offering of Common Shares and (ii) the lock-up agreement required under such underwriting agreement does not exceed 60 days from the date of the pricing of such offering and contains customary exceptions from the Company’s own immediately preceding
underwritten offering; or (2) the officers, directors or any Affiliate of the Company to enter into a lock-up agreement; 

  
 11 

 (m) otherwise use its commercially reasonable efforts to comply with all applicable rules
and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement, covering a period of 12 months beginning within three months after the Effective Date of such Shelf Registration
Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 

(n) use its commercially reasonable efforts to cause all such Registrable Securities registered pursuant to this Agreement to be listed on the
primary securities exchange or nationally recognized quotation system on which such Registrable Securities are then listed or quoted; 
 (o)
use its commercially reasonable efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable
the Selling Holders to consummate the disposition of such Registrable Securities; 
 (p) provide a transfer agent and registrar for all
Registrable Securities covered by such registration statement not later than the Effective Date of such registration statement; 
 (q) enter
into customary agreements and take such other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of such Registrable Securities (including, in the case of an
Underwritten Offering, making appropriate officers of the Company available to participate in no more than one telephonic “road show” presentation before analysts), and other customary marketing activities (including one-on-one conference calls with prospective purchasers of the Registrable Securities)); and 

(r) if requested by the Managing Underwriter or underwriters, or any Selling Holder, (i) as soon as practicable incorporate in a
prospectus supplement or post-effective amendment such information as the Managing Underwriter or underwriters, or any Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities,
including information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering, and (ii) as
soon as practicable make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment. 

The Company shall not name a Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act in any Shelf Registration
Statement without such Holder’s consent. 
 Each Selling Holder, upon receipt of notice from the Company of the happening of any event
of the kind described in Section 2.04(h)(iii) or Section 2.04(i) shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of the
copies of the supplemented or amended prospectus contemplated by Section 2.04(h)(iii) or Section 2.04(i) or until it is advised in writing by the Company that the use of the prospectus may be resumed and has received copies of any
additional or supplemental filings incorporated by reference in the prospectus (such period during which disposition is discontinued being an “Interruption Period”), and, if so directed by the Company, such Selling Holder shall, or
shall request the Managing Underwriter, if any, to deliver to the 

  
 12 

 
Company (at the Company’s expense) all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such
Registrable Securities current at the time of receipt of such notice. As soon as practicable after the Company has determined that the use of the applicable prospectus may be resumed, the Company will notify the Selling Holders thereof. In the event
the Company invokes an Interruption Period hereunder and, in the discretion of the Company, the need for the Company to continue the Interruption Period ceases for any reason, the Company shall, as soon as reasonably practicable, provide written
notice to the Selling Holders that such Interruption Period is no longer applicable. 
 Section 2.05 Cooperation by Holders. The
Company shall have no obligation to include Registrable Securities of a Holder in a registration statement who has failed to timely furnish after receipt of a written request from the Company such information that the Company determines, after
consultation with its counsel, is reasonably required in order for the registration statement or prospectus supplement, as applicable, to comply with the applicable provisions of the Securities Act. 

Section 2.06 Restrictions on Sales. To the extent requested by the Managing Underwriter, each Holder of Registrable Securities
that participates in an Underwritten Offering will enter into a customary letter agreement with underwriters providing such Holder will not effect any public sale or distribution of Registrable Securities during the period of 60 days beginning on
the date of a prospectus or prospectus supplement filed with the SEC with respect to the pricing of an Underwritten Offering, provided that (i) the duration of the foregoing restrictions shall be no longer than the duration of the
shortest restriction generally imposed by the underwriters on the Company and (ii) the restrictions set forth in this Section 2.06 shall not apply to any Registrable Securities that are included in an Underwritten Offering by such Holder.

 For the avoidance of doubt, this Section 2.06 shall not apply to any Holder that does not elect to participate in an Underwritten
Offering. 
 Section 2.07 Expenses. The Company shall pay all reasonable Registration Expenses, as determined in good faith by
the Board, including, in the case of an Underwritten Offering, the Registration Expenses of an Underwritten Offering, regardless of whether any sale is made pursuant to an Underwritten Offering. Each Selling Holder shall pay its pro rata
share of all Selling Expenses in connection with any sale of its Registrable Securities hereunder. For the avoidance of doubt, each Selling Holder’s pro rata allocation of Selling Expenses shall be the percentage derived by dividing
(i) the number of Registrable Securities sold by such Selling Holder in connection with such sale by (ii) the aggregate number of Registrable Securities sold by all Selling Holders in connection with such sale. In addition, except as
otherwise provided in this Section 2.07 and Section 2.08, the Company shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder. 

Section 2.08 Indemnification. 

(a) By the Company. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement,
the Company shall indemnify and hold harmless each Selling Holder thereunder, and its directors, officers, managers, employees, agents and Affiliates and each Person, if any, who controls such Selling Holder or its Affiliates

  
 13 

 
within the meaning of the Securities Act and the Exchange Act, and its directors, officers, employees or agents (collectively, the “Selling Holder Indemnified Persons”), against
any losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder Indemnified Person may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material
fact (in the case of any prospectus, in light of the circumstances under which such statement is made) contained in (which, for the avoidance of doubt, includes documents incorporated by reference in) any registration statement contemplated by this
Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, and the Company shall
reimburse each such Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating, defending or resolving any such Loss or actions or proceedings; provided, however, that the
Company shall not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by
such Selling Holder Indemnified Person in writing specifically for use in any such document. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder Indemnified Person, and
shall survive the transfer of such securities by such Selling Holder. 
 (b) By Each Selling Holder. Each Selling Holder agrees
severally and not jointly to indemnify and hold harmless the Company, its directors, officers, employees and agents and each Person, if any, who controls the Company within the meaning of the Securities Act or of the Exchange Act, and its directors,
officers, employees and agents, to the same extent as the foregoing indemnity from the Company to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder
expressly for inclusion in any registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing prospectus
relating thereto; provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from the sale of the
Registrable Securities giving rise to such indemnification. 
 (c) Notice. Promptly after receipt by an indemnified party hereunder of
notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission to so notify the
indemnifying party shall not relieve it from any liability that it may have to any indemnified party under this Section 2.08 except to the extent that the indemnifying party is materially prejudiced in its ability to defend such action by such
failure. In any action brought against any indemnified party, it shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake
the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of 

  
 14 

 
its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 2.08 for any legal expenses subsequently
incurred by such indemnified party in connection with the defense thereof; provided, however, that, (i) if the indemnifying party has failed to assume the defense or employ counsel reasonably acceptable to the indemnified party or
(ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are
different from or additional to those available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the
right to select one separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such
participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this Agreement, no indemnifying party shall settle any action brought against any indemnified party with respect to which such indemnified
party is entitled to indemnification hereunder without the consent of the indemnified party (which shall not be unreasonably withheld, delayed or conditioned), unless the settlement thereof imposes no liability or obligation on, and includes a
complete and unconditional release from all liability of, the indemnified party. In addition, no indemnifying party shall be liable for the settlement of any action effected without its prior written consent (which shall not be unreasonably
withheld, delayed or conditioned). 
 (d) Contribution. If the indemnification provided for in this Section 2.08 is held by a
court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu of indemnifying such indemnified party,
shall contribute to the amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of such indemnified party on the other
in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall such Selling Holder be required to contribute an aggregate
amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of the indemnifying party on the one hand and
the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact has been made by, or relates
to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if
contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to herein. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 

(e) Other Indemnification. The provisions of this Section 2.08 shall be in addition to any other rights to indemnification or
contribution that an indemnified party may have pursuant to applicable Law, contract or otherwise. 

  
 15 

 Section 2.09 Rule 144 Reporting. With a view to making available the benefits of
certain rules and regulations of the SEC that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

(a) make and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under the
Securities Act (or any successor or similar provision adopted by the SEC then in effect), at all times from and after the date hereof; 
 (b)
file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at all times from and after the date hereof; and 

(c) so long as a Holder owns any Registrable Securities, furnish, unless otherwise available electronically at no additional charge via the
SEC’s EDGAR system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other reports and documents as such Holder may reasonably request in availing itself of any rule or
regulation of the SEC allowing such Holder to sell any such securities without registration. 
 Section 2.10 Transfer or Assignment
of Registration Rights. The rights to cause the Company to register Registrable Securities granted to the Purchasers by the Company under this Article II may be transferred or assigned by the Purchasers to one or more transferees or assignees of
Registrable Securities without the consent of the Company; provided, however, that, (a) the transfer or assignment relates to a transfer or assignment of Warrants made in accordance with the applicable provisions of the Warrant
Agreement, (b) any such transfer or assignment is for a number of Registrable Securities representing an aggregate Registrable Securities Amount of at least $5 million or any such transfer or assignment is to a Permitted Transferee (as
defined in the Purchase Agreement), (c) the Company is given written notice prior to any said transfer or assignment, stating the name and address of each of the transferee or assignee, (d) each such transferee or assignee assumes in
writing responsibility for its portion of the obligations of the Purchasers under this Agreement and (e) the transferor or assignor is not relieved of any obligations or liabilities hereunder arising out of events occurring prior to such
transfer. 
 Section 2.11 Liquidated Damages Payments Under Certain Circumstances. 

(a) Payments (“Liquidated Damages Payments”) with respect to the Registrable Securities required to be covered by the Resale
Shelf Registration Statement shall be assessed if the Resale Shelf Registration Statement has not been declared effective by the first anniversary of the Closing Date (a “Registration Default”). Liquidated Damages Payments shall
accrue on such Registrable Securities (based on the Common Share Price as of such Business Day) for each such day from and including the date on which any such Registration Default occurs to but excluding the date on which all such Registration
Defaults have been cured, at a rate of 6% per annum. Liquidated Damages Payments shall be paid in accordance with Section 2.11(c) below. Other than the obligation of payment of any Liquidated Damages Payments in accordance with the terms
hereof, the Company will have no other liabilities for monetary damages with respect to its registration obligations. With respect to each Holder, the Company’s obligations to pay Liquidated Damages Payments remain in effect only so long as the
securities held by the Holder are Registrable Securities. 

  
 16 

 (b) In the event the Company provides a Delay Notice pursuant to Section 2.02, a
Registration Default shall be deemed not to have occurred and be continuing, and no Liquidated Damages Payments shall accrue as a result thereof, in relation to the Resale Shelf Registration Statement or the related prospectus, until the end of the 90-day period described in Section 2.02. 
 (c) Any amounts of Liquidated Damages Payments due
pursuant to this Section 2.11 will be payable in cash to the applicable Holders on the regular dividend payment dates described in the Certificate of Designation; provided, however, to the extent the Company is unable to pay Liquidated
Damages Payments in cash because such payment would result in a breach under a credit facility or other debt instrument, then the Company will pay such Liquidated Damages Payments using as much cash as the Company is permitted without causing a
breach of or default under such credit facility or other debt instrument. The amount of Liquidated Damages Payments will be determined on the basis of a 360-day year comprised of twelve 30-day months and the actual number of days on which Liquidated Damages Payments accrued during such period. 

Section 2.12 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not,
without the prior written consent of the Holders, enter into any agreement with any current or future holder of any securities of the Company that would provide such holder with rights that would allow such holder to participate with respect to any
registration for the benefit of the Holders pursuant to this Agreement. 
 ARTICLE III 

MISCELLANEOUS 

Section 3.01 Termination and Effect of Termination. This Agreement shall terminate with respect to each Holder on the date as of
which such Holder no longer holds any Registrable Securities (including, for the avoidance of doubt, Warrants the Common Shares issuable upon exercise of which Warrants would be Registrable Securities) and will terminate in full on the date as of
which no Holder holds any Registrable Securities, except for the provisions of Section 2.06 and Section 2.07, which shall survive any such termination. No termination under this Agreement shall relieve any Person of liability for
Registration Expenses or Selling Expenses incurred prior to termination. In the event this Agreement is terminated, each Person entitled to indemnification or contribution rights pursuant to Section 2.08 shall retain such rights with respect to
any matter that (i) may be an indemnified liability thereunder and (ii) occurred prior to such termination. 
 Section 3.02
Notices and Communications. Any notice or communication by the Company, on the one hand, or any of the Holders, on the other hand, to the other shall be in writing and shall be deemed to have been duly given and received (i) when
delivered in person, (ii) when actually received when mailed by first class mail, postage prepaid, (iii) when actually received by overnight delivery by a nationally recognized courier service, or (iv) when receipt has been
acknowledged when sent via electronic mail “email”). In each case the notice or communication shall be addressed as follows: 

  
 17 

 (a) if to the Purchasers: 

[•] 
 c/o Goldman
Sachs & Co. LLC 
 200 West Street 

New York, NY 10282 
 Attention:
Chris Crampton 
 with a copy to: 

Goldman Sachs & Co. LLC 

200 West Street 
 New York, NY
10282 
 Attention: General Counsel, Merchant Banking Division 

with a copy (which shall not constitute notice) to: 

Vinson & Elkins L.L.P. 

666 Fifth Avenue, 26th Floor 

New York, NY 10103 
 Attention:
Caroline Blitzer Phillips 
 Email: cphillips@velaw.com 

(b) if to a transferee of a Purchaser, to such Holder at the address provided pursuant to Section 2.10 above; and 

(c) if to the Company: 

McDermott International, Inc. 

757 N. Eldridge Parkway 

Houston, TX 77079 
 Attention:
John Freeman 
 Email: jfreeman@mcdermott.com 

with copies (which shall not constitute notice) to: 

Baker Botts L.L.P. 
 910
Louisiana Street 
 Houston, TX 77002 

Attention: Ted W. Paris 
 James
H. Mayor 
 Email: ted.paris@bakerbotts.com 

james.mayor@bakerbotts.com 
 or to such other
address as any such party may designate in writing by notice delivered to the other parties hereto in accordance with this Section 3.02. 

Section 3.03 Entire Agreement. This Agreement is intended by the parties hereto as a final expression of their agreement and
intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter hereof. There are no restrictions, promises, representations, warranties or undertakings, other than those
set forth or referred to herein, with respect to the rights granted by the Company set forth herein. This Agreement supersedes all prior written or oral agreements and understandings among the parties hereto with respect to such subject matter. 

  
 18 

 Section 3.04 Amendments and Waivers. This Agreement may be amended only by means
of a written amendment signed by the Company and the Holders of greater than 50% of the Registrable Securities then outstanding that are Common Shares issued or issuable upon the exercise of the Warrants; provided that any amendment of any of
the provisions of this Agreement which disproportionately materially adversely affects any Holder shall not be effective without the written approval of such Holder. Any Holder may (with respect to itself), at any time: (i) extend the time for
the performance of any of the obligations of the Company; or (ii) waive compliance by the Company with any of its agreements or covenants contained herein. The Company may, at any time: (i) extend the time for the performance of any of the
obligations or other acts of any Holder; and (ii) waive compliance by any Holder with any of its agreements or covenants contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the
party to be bound thereby. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Securities whose securities are to be
offered or distributed pursuant to a Registration Statement, and that does not affect the rights of other Holders, may be given by Holders of greater than 50% of the Registrable Securities to be offered or distributed by such Holders pursuant to
such Registration Statement. 
 Section 3.05 Binding Effect; Benefits of This Agreement. This Agreement shall inure to the
benefit of and be binding upon each of the parties hereto and their respective successors and assigns, including subsequent Holders of Registrable Securities (but only to the extent expressly permitted herein); and, except as expressly provided in
Section 2.08, nothing in this Agreement, express or implied, is intended to confer upon any other Person any legal or equitable right, remedy or claim of any nature whatsoever under or by reason of this Agreement. 

Section 3.06 Assignment of Holders’ Rights. All or any portion of the rights and obligations of the Purchasers
under this Agreement may be transferred or assigned by each such Purchaser only in accordance with Section 2.10. 
 Section 3.07
Recapitalization, Exchanges, Etc. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all equity interests of the Company or any successor or assign of the Company (whether by merger,
consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for any combinations, share splits, recapitalizations, pro rata
distributions of shares and the like occurring after the date of this Agreement. 
 Section 3.08 Specific Performance. Damages
in the event of breach of this Agreement by a party hereto may be difficult, if not impossible, to ascertain, and it is therefore agreed that each such party, in addition to and without limiting any other remedy or right it may have, shall have the
right to seek an injunction or other equitable relief in a court of competent jurisdiction in accordance with Section 3.09, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto,
to the extent permitted by applicable Law, hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an injunction or other equitable relief. The existence of this right shall not
preclude any such party from pursuing any other rights and remedies at law or in equity that such party may have. 

  
 19 

 Section 3.09 Governing Law; Jurisdiction and Venue; Waiver of Jury Trial. This
Agreement shall be governed by and construed in accordance with the laws of the State of New York (without giving effect to any principles of conflicts of laws thereof that would result in the application of the laws of any other jurisdiction,
except to the extent that the New York conflicts of laws principles would apply applicable Laws of the Republic of Panama to internal matters relating to corporations organized thereunder). The Company and each Holder of a Registrable Security each
hereby irrevocably and unconditionally: 
 (a) submits for itself in any legal action or proceeding relating solely to this Agreement or the
transactions contemplated hereby, to the exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States of America, in each case located within the Southern District of New York, and appellate courts
thereof; 
 (b) consents that any such action or proceeding may be brought in such courts, and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same to the extent permitted by applicable law; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to the party, as the case may be, at its address set forth herein or in the applicable register for the Registrable Securities or at such other address of which the other party shall have
been notified pursuant hereto; 
 (d) agrees that nothing herein shall affect the right to effect service of process in any other manner
permitted by applicable Law or shall limit the right to sue in any other jurisdiction for recognition and enforcement of any judgment or if jurisdiction in the courts referenced in the foregoing clause (a) are not available despite the
intentions of the parties hereto; 
 (e) agrees that final judgment in any such suit, action or proceeding brought in such a court may be
enforced in the courts of any jurisdiction to which such party is subject by a suit upon such judgment, provided that service of process is effected upon such party in the manner specified herein or as otherwise permitted by applicable Law; 

(f) agrees that to the extent that such party has or hereafter may acquire any immunity from jurisdiction of any court or from any legal
process with respect to itself or its property, such party hereby irrevocably waives such immunity in respect of its obligations under this Agreement, to the extent permitted by applicable Law; and 

(g) IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING IN RELATION TO THIS AGREEMENT. 

Section 3.10 Severability. Any provision of this Agreement that is invalid, illegal or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other
jurisdiction. 

  
 20 

 Section 3.11 Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same
Agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or .pdf attachment to electronic mail shall be effective as delivery of a manually executed counterpart to this Agreement. 

Section 3.12 Table of Contents and Headings. The Table of Contents and headings of the Articles and Sections of this Agreement
have been inserted for convenience of reference only, and shall not limit or otherwise affect the meaning hereof. 
 Section 3.13 No
Adverse Interpretation of Other Agreements. This Agreement may not be used to interpret another agreement of the Company, and no such agreement may be used to interpret this Agreement. 

Section 3.14 No Presumption. If any claim is made by a party hereto relating to any conflict, omission or ambiguity in this
Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel. 

Section 3.15 Obligations Limited to Parties to This Agreement. Each of the parties hereto covenants, agrees and acknowledges that,
other than as set forth herein, no Person other than the Holders, their respective permitted assignees and the Company shall have any obligation hereunder and that, notwithstanding that one or more of such Persons may be a corporation, partnership
or limited liability company, no recourse under this Agreement or under any documents or instruments delivered in connection herewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner,
manager, member, stockholder or Affiliate of any of such Persons or their respective permitted assignees, or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of
any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be
imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of such Persons or any of their respective assignees, or any
former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of such Persons or their respective permitted assignees under
this Agreement or any documents or instruments delivered in connection herewith or for any claim based on, in respect of or by reason of such obligation or its creation, except, in each case, for any assignee of any Holder hereunder. 

(Signature pages follow) 
  

  
 21 

 IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date
first above written. 
  

			
	MCDERMOTT INTERNATIONAL, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 Signature Page to Registration Rights Agreement 

 
			
	PURCHASERS:
		
	[•]	 	

 
			
		
	By:	 	  

	Name:	 	[•]
	Title:	 	[•]

 Signature Page to Registration Rights Agreement 

 Exhibit C – Form of Certificate of Designation 

 CERTIFICATE OF DESIGNATION 

OF 
 12% REDEEMABLE
PREFERRED STOCK 
 OF 

MCDERMOTT INTERNATIONAL, INC. 

MCDERMOTT INTERNATIONAL, INC., a corporation incorporated and existing under the laws of the Republic of Panama (the
“Corporation”), in accordance with the provisions of Section III, Article 20 of Law 32 of February 26, 1927 on Corporations of the Republic of Panama, DOES HEREBY CERTIFY: 

That pursuant to the authority contained in Article Three of the Amended and Restated Articles of Incorporation, as amended, of the
Corporation, a duly authorized committee of the Board of Directors of the Corporation duly approved and adopted on October [●], 2018 the following resolution creating and providing for the establishment and issuance of a series of shares
of Redeemable Preferred Stock (as hereinafter described), providing for the designations, preferences, limitations and relative rights, voting, redemption and other rights thereof and the qualifications, limitations or restrictions thereof, in
addition to those set forth in the Amended and Restated Articles of Incorporation, all in accordance with the provisions of the Corporation Law of Panama, Law 32 of February 26, 1927, which resolution remains in full force and effect on the
date hereof: 
 RESOLVED, that, pursuant to the authority vested in the Board of Directors of McDermott International,
Inc., a Panamanian corporation (the “Corporation”), in accordance with the provisions of the Amended and Restated Articles of Incorporation, as amended, of the Corporation, a series of Preferred Stock, par value of ONE DOLLAR ($1.00
U.S. Cy.) per share, of the Corporation be, and hereby is, created, and that the designation and number of shares thereof and the designations, preferences, and relative rights, and the qualifications, limitations or restrictions thereof, are as
follows: 
 SECTION 1. Designation and Amount; Ranking. 

(a) There shall be created from the 25,000,000 shares of preferred stock, par value of ONE DOLLAR ($1.00 U.S.) per share, of the Corporation
authorized to be issued pursuant to the Articles of Incorporation, a series of preferred stock, designated as the “12% Redeemable Preferred Stock,” par value of ONE DOLLAR ($1.00 U.S.) per share (the “Redeemable Preferred
Stock”), and the authorized number of shares of Redeemable Preferred Stock shall be 300,000 shares. To the extent not prohibited by the Articles of Incorporation, the provisions hereof or other provisions of applicable law, such number of
shares may be increased or decreased by resolution of the Board of Directors; provided, however, that no decrease shall reduce the number of shares of Redeemable Preferred Stock to less than the number of shares of Redeemable Preferred
Stock then outstanding. Shares of the Redeemable Preferred Stock that are redeemed, purchased or otherwise acquired by the Corporation shall be cancelled, and shall revert to authorized but unissued shares of Preferred Stock undesignated as to
series and subject to later issuance. 
 (b) The Redeemable Preferred Stock, with respect to dividend rights and rights upon the liquidation,
winding-up or dissolution of the Corporation, ranks: (i) senior in all respects to all Junior Stock; (ii) on a parity in all respects with all Parity Stock; and (iii) junior in all respects to
all Senior Stock, in each case as provided more fully herein. 
  

 SECTION 2. Definitions. 

As used herein, the following terms shall have the following meanings: 

“12% Redeemable Preferred Director” has the meaning set forth in Section 3(e)(i). 

“Accreted Value” shall mean, with respect to each share of Redeemable Preferred Stock, the Share Purchase Price as the same
may be increased pursuant to Section 3. 
 “Accrued Dividends” shall mean, with respect to any share of Redeemable
Preferred Stock, as of any date, the accrued and unpaid dividends on such share, whether or not declared, accruing from, and including, the last day of the most recently preceding Dividend Period (or the Issue Date, if there has been no prior
Dividend Period) to, but not including, such date, and including, for the sake of clarity, any then accrued and unpaid dividends on such share from a prior Dividend Period. 

“Affiliate” has the meaning assigned to such term, on the date hereof, in Rule 405 under the Securities Act. 

“Affiliate Transaction” has the meaning set forth in Section 4(b)(xi). 

“Articles of Incorporation” means the Amended and Restated Articles of Incorporation of the Corporation, as complemented by
this Certificate of Designation, as further amended or restated in accordance with applicable Law and this Certificate of Designation. 

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and 13d-5 under the Exchange Act. 
 “Board of Directors” means the Board of Directors of the
Corporation or, with respect to any action to be taken by the Board of Directors, any committee of the Board of Directors duly authorized to take such action. 

“Board Observer” has the meaning set forth in Section 4(j). 

“Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking institutions in
the State of New York or State of Texas are authorized or required by law or other governmental action to close. 
 “By-Laws” means the Amended and Restated By-Laws of the Corporation, as amended from time to time. 

“Cash Dividends” has the meaning set forth in Section 3(a). 

“Cash Election” has the meaning set forth in Section 8(c)(i). 

  
 2 

 “Change of Control” means the occurrence of any of the following: 

(a) the consummation of an acquisition the result of which is that a “person” or “group” (each within the meaning of
Section 13(d) of the Exchange Act) has become the direct or indirect Beneficial Owner of, or directly or indirectly controls, more than 50% of the voting power of the total outstanding Voting Stock of the Corporation on a fully diluted basis;
or 
 (b) the direct or indirect sale, transfer, conveyance or other disposition, in one or a series of related transactions, of the
properties and assets of the Corporation and its Subsidiaries (i) substantially as an entirety or (ii) in a manner that gives rise to the obligation of the issuers under the Indenture to make an offer to purchase the notes issued
thereunder pursuant to Section 4.14 of the Indenture. 
 (c) the consummation of any other transaction or series of transactions
(whether by recapitalization, merger or otherwise) in which the Company (or a wholly owned subsidiary (immediately prior to such transaction) of the Company) is not the survivor or successor entity; 

(d) the consummation of a merger, consolidation or other business combination transaction which results in the Common Stock (or other
securities into which shares of Common Stock have been converted or exchanged) not being listed on one of The New York Stock Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market (or any of their respective
successors) or any other major national securities exchange or automated quotation system; or 
 (e) the adoption by the stockholders of the
Company of a plan relating to the liquidation or dissolution of the Company. 
 provided, however, that (x) none of the transactions
described in clause (a), (c), or (d) above shall constitute a “Change of Control” if the holders of Common Stock immediately prior to such transaction continue to own, directly or indirectly, more than 50% of the voting power of the
outstanding common equity interests of the surviving corporation or transferee, as the case may be, or the parent entity thereof, immediately after the completion of such transaction and (y) none of the transactions described in
clause (a), (b) or (c) above shall constitute a “Change of Control” if such transaction is effected solely to change the Corporation’s jurisdiction of formation or to form a holding company for the Corporation and, in
either case, results in a share exchange or reclassification or similar exchange of the outstanding Common Stock solely into common stock of the surviving entity or new holding company. 

“Change of Control Redemption Date” has the meaning set forth in Section 8(d). 

“Change of Control Notice” has the meaning set forth in Section 8(b). 

“close of business” means 5:00 p.m. (Houston, Texas time). 

“Common Stock” means the common stock, par value of ONE DOLLAR ($1.00 U.S.), of the Corporation or any other capital
stock of the Corporation into which such Common Stock shall be reclassified or changed. 

  
 3 

 “Corporation” means McDermott International, Inc., a Panamanian
corporation. 
 “Corporation Indebtedness Documents” means any agreement, document or instrument governing or evidencing
any indebtedness of the Corporation or any of its Subsidiaries that is in excess of $10,000,000 (U.S.) (including, without limitation, as of the Issue Date, the Current Credit Agreement, the LC Agreement and the Indenture). 

“Corporation Law of Panama” means the Corporation Law of Panama, Law 32 of February 26, 1927, as amended. 

“Corporation Redemption Date” has the meaning set forth in Section 6(b). 

“Corporation Redemption Notice” has the meaning set forth in Section 6(b). 

“Corporation Securities Election” has the meaning set forth in Section 8(c)(iii). 

“Current Credit Agreement” means that certain Credit Agreement, dated as of May 10, 2018, among the Corporation, as
Borrower, Barclays Bank PLC, as Administrative Agent for the term facility, Credit Agricole Corporate and Investment Bank, as Administrative Agent for the other facilities, and the other lender parties thereto, as heretofore amended and as the same
may be amended, supplemented, modified, extended or replaced from time to time hereafter (unless otherwise specified herein). 

“Director Rights Triggering Event” has the meaning set forth in Section 3(e)(i). 

“Dividend Payment Date” means March 31, June 30, September 30 and December 31 of each year,
commencing on December 31, 2018. 
 “Dividend Period” has the meaning set forth in Section 3(a). 

“Dividend Rate” shall mean the rate per Dividend Period of 3.00% (12.0% per annum) per share of Redeemable Preferred
Stock. 
 “Dividend Record Date” means, with respect to any Dividend Payment Date, the March 15, June 15,
September 15 or December 15, as the case may be, immediately preceding such Dividend Payment Date. 
 “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 

“Governmental Authority” means the government of the United States of America or any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Holder” means, unless the context otherwise indicates or requires, a holder of record
of a share of Redeemable Preferred Stock, as reflected in the transfer books of the Corporation. 

  
 4 

 “Holder Change of Control Election” has the meaning set forth in
Section 8(c). 
 “Holder Redemption Right” has the meaning set forth in Section 7(a). 

“Holder Redemption Date” has the meaning set forth in Section 7(b). 

“Holder Redemption Notice” has the meaning set forth in Section 7(b). 

“HSR Act” has the meaning set forth in Section 3(e)(iv). 

“Indenture” means that certain Indenture, dated as of April 18, 2018, by and among the Subsidiaries of the Corporation
named as issuers therein, Wells Fargo Bank, National Association, as Trustee, the Corporation and the other guarantors party thereto, as heretofore amended or supplemented and as the same may be amended or supplemented from time to time hereafter
(unless otherwise specified herein). 
 “Initial Period” has the meaning set forth in Section 3(b). 

“Issue Date” means the original date of issuance of the Redeemable Preferred Stock. 

“Junior Stock” means Common Stock and each other class or series of capital stock of the Corporation established after
the Issue Date, by the Board of Directors, the terms of which do not expressly provide that such class or series ranks senior to or on a parity with the Redeemable Preferred Stock as to dividend rights or rights upon the liquidation, winding-up or dissolution of the Corporation. 
 “Law” means any statute, law, ordinance,
regulation, rule, order, code, governmental restriction, decree, injunction or other requirement of law, or any judicial or administrative interpretation thereof, of any Governmental Authority. 

“LC Agreement” means that certain Letter of Credit Agreement, dated as of October 30, 2018, by and among McDermott
International, Inc., as a guarantor, McDermott Technology (Americas), Inc., McDermott Technology (US), Inc. and McDermott Technology, B.V., as co-applicants, a syndicate of participants and letter of credit issuers, and Barclays Bank PLC, as
administrative agent. 
 “Leverage Ratio” has the meaning assigned to such term in the Current Credit Agreement, as in
effect on the Issue Date without any changes, modifications or supplements to the Current Credit Agreement or to any other defined terms in the Current Credit Agreement that are used in the definition of “Leverage Ratio.” 

“Liquidation Preference” means, with respect to each share of Redeemable Preferred Stock, an amount equal to the then
applicable Minimum Return. 
 “Minimum Return” means, with respect to each share of Redeemable Preferred Stock,
(i) prior to January 1, 2020, an amount sufficient to cause the MOIC of such share of Redeemable Preferred Stock to be 1.2, (ii) on or after January 1, 2020 but prior to January 1, 2022, an amount sufficient to cause the MOIC of each
such share of Redeemable Preferred Stock to be 1.25, (iii) on 

  
 5 

 
or after January 1, 2022 but prior to January 1, 2023, an amount sufficient to cause the MOIC of each such share of Redeemable Preferred Stock to be 1.20, (iv) on or after
January 1, 2023 but prior to January 1, 2025, an amount sufficient to cause the MOIC of each such share of Redeemable Preferred Stock to be 1.15 and (v) on or after January 1, 2025, an amount sufficient to cause the MOIC of each
such share of Redeemable Preferred Stock to be 1.20. 
 “MOIC” means, as of any measurement date in respect of each share
of Redeemable Preferred Stock, the quotient of (a) all cash redemption payments and other cash payments made by the Corporation in respect of such share of Redeemable Preferred Stock (but excluding all Cash Dividends paid in respect of the
Redeemable Preferred Stock) divided by (b) the Accreted Value of such share of Redeemable Preferred Stock. 

“NYSE” means the New York Stock Exchange. 

“Ownership Notice” means the notice of ownership of capital stock of the Corporation containing the information
required to be set forth or stated on certificates pursuant to the Corporation Law of Panama and, in the case of an issuance of capital stock by the Corporation, in substantially the form attached hereto as Exhibit A. 

“Parity Stock” means any class or series of the Corporation’s capital stock established after the Issue Date, the
terms of which expressly provide that such class or series will rank on a parity with the Redeemable Preferred Stock as to dividend rights or rights upon the liquidation, winding-up or dissolution of the
Corporation. 
 “Paying Agent” means the Transfer Agent, acting in its capacity as paying agent for the Redeemable
Preferred Stock, and its successors and assigns, or any other Person appointed to serve as paying agent by the Corporation (which such other Person must be a bank or trust company with an office in the Borough of Manhattan, the City of New York,
having a capital and surplus of at least $50,000,000 (U.S.). 
 “Payment Default” has the meaning set forth in
Section 3(b). 
 “Payment Default Rate” means an additional 0.25% per Dividend Period (1.0% per annum) upon each
occurrence of a Payment Default (which shall be additive each time a Payment Default occurs until each such Payment Default is cured), cumulative to the Dividend Rate as in effect for the applicable period, computed on the basis of a 360-day year comprised of 30-day months; provided, however, that, subject to Section 5(e), the Payment Default Rate shall not exceed
1.0% per Dividend Period (4.0% per annum) in the aggregate. 
 “Permitted Cash Amount” is defined in Section 8(c)(i).

 “Permitted Distributions” means (i) a dividend payable in shares of Parity Stock (if the issuance of such Parity
Stock has been approved in accordance with the provisions of Section 4(b)(ii), as applicable) or Junior Stock and cash in lieu of fractional shares with respect to the foregoing, (ii) the repurchase, redemption or other acquisition of
shares of Common Stock or other Junior Stock in exchange for shares of Common Stock or other Junior Stock and the payment of cash in lieu of fractional shares of Common Stock or other Junior Stock; (iii) purchases or acquisition of fractional
interests in shares of Parity Stock (which issuance of Parity Stock must 

  
 6 

 
be approved in accordance with the provisions of Section 4(b)(ii), as applicable), Common Stock or other Junior Stock (x) pursuant to the exercise, conversion or exchange provisions of
such shares or any securities exercisable for, exchangeable for or convertible into such shares or (y) in connection with any merger or other business combination; (iv) payments in connection with the satisfaction of employees’ tax
withholding obligations pursuant to employee benefit plans or outstanding awards (and payment of any corresponding requisite amounts to the appropriate Governmental Authority); (v) redemptions, purchases or other acquisitions or retirement for value
of shares of Common Stock or other Junior Stock in connection with the administration of any employee benefit plan or employment contract in the ordinary course of business, including, without limitation, (A) the forfeiture of unvested shares
of restricted stock or share withholdings upon exercise, delivery or vesting of equity awards granted to officers, directors, consultants and employees and the payment of cash in lieu of fractional shares of Common Stock or other Junior Stock and
(B) acquisitions in connection with the exercise or vesting of any equity compensation (including, without limitation, stock options, restricted stock and phantom stock) in order to satisfy any tax withholding obligation with respect to such
exercise or vesting; (vi) any dividends or distributions of rights in connection with a stockholders’ rights plan or any redemption or repurchase of rights pursuant to any stockholders’ rights plan that do not result in cash outflows
of greater than $0.01 (U.S.) per right plus amounts paid for fractional rights; and (vii) the exchange or conversion of Junior Stock for or into other Junior Stock and the payment of cash in lieu of fractional shares of other Junior
Stock. 
 “Person” means any individual, corporation, company, voluntary association, partnership, joint venture,
trust, limited liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof or any other form of entity. 

“PIK Dividend Rate” shall mean the rate per Dividend Period of 3.25% (13.0% per annum) per share of Redeemable
Preferred Stock. 
 “Purchase Agreement” means the Securities Purchase Agreement, dated October 30, 2018 by and
between the Corporation and the Purchasers named therein. 
 “Purchaser” has the meaning set forth in the Purchase
Agreement. 
 “Redeemable Preferred Stock” has the meaning set forth in Section 1(a). 

“Redemption Consideration” has the meaning set forth in Section 6. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Redemption Date” means the applicable redemption date set forth in Section 6. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “Senior Stock” means each class of the Corporation’s capital stock established after
the Issue Date, the terms of which expressly provide that such class or series will rank senior to the Redeemable Preferred Stock as to dividend rights or rights upon the liquidation, winding-up or dissolution
of the Corporation. 

  
 7 

 “Share Purchase Price” means $1,000. 

“Subsidiary” means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares
entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly or indirectly, at the date of determination, by such Person, by one or more
Subsidiaries of such Person or a combination thereof, (b) a partnership (whether general or limited) in which such Person or a Subsidiary of such Person is, at the date of determination, a general or limited partner of such partnership, but
only if more than 50% of the partnership interests of such partnership (considering all of the partnership interests of the partnership as a single class) is owned, directly or indirectly, at the date of determination, by such Person, by one or more
Subsidiaries of such Person, or a combination thereof, or (c) any other Person (other than a corporation or a partnership) in which such Person, one or more Subsidiaries of such Person, or a combination thereof, directly or indirectly, at the
date of determination, has (i) at least a majority ownership interest or (ii) the power to elect or direct the election of a majority of the directors or other governing body of such Person. 

“Substantially Equivalent Security” means a security in a surviving or successor entity to the Corporation that has
substantially similar rights, preferences and privileges as the Redeemable Preferred Stock (it being understood that the differences in rights to the extent required by a security issued by a surviving or successor entity organized in a different
jurisdiction shall not be grounds for such security not to be deemed a Substantially Equivalent Security). 
 “Substantially
Equivalent Security Election” has the meaning set forth in Section 8(c)(ii). 
 “Transfer Agent”
means Computershare Trust Corporation, N.A., acting as the Corporation’s duly appointed transfer agent, registrar, and dividend disbursing agent for the Redeemable Preferred Stock, and its successors and assigns, or any other person
appointed to serve as transfer agent, registrar, conversion agent and dividend disbursing agent by the Corporation. 
 “Voting
Stock” with respect to any Person, means securities of any class of equity interests (including securities convertible into or exchangeable for such equity interests) of such Person entitling the holders thereof at such time (without
regard to the occurrence of any contingency) to vote generally in the election of members of the Board of Directors of such Person. 

SECTION 3. Dividends. 

(a) Subject to Section 3(c), from and after the Issue Date, dividends shall, with respect to each outstanding share
of Redeemable Preferred Stock, accrue on the Accreted Value at the Dividend Rate (or the Dividend Rate, plus the Payment Default Rate pursuant to Section 3(b)) for each Dividend Period (as defined below) to and including the next Dividend
Payment Date. Such cash dividends on the Redeemable Preferred Stock (“Cash Dividends”) shall be payable only when, as and if declared by the Board of Directors, and when so declared and paid, Cash Dividends shall be paid in cash out
of funds legally available therefor and shall be payable on the next Dividend Payment Date following such declaration by the Board of Directors to the holders of Redeemable Preferred Stock as they appear on the Corporation’s stock register at
the close of 

  
 8 

 
business on the relevant Dividend Record Date. Dividends on the Redeemable Preferred Stock shall accumulate and become Accrued Dividends on a day-to-day basis from the last day of the most recent Dividend Period, or if there has been no prior Dividend Period, from the Issue Date, until Cash Dividends are paid pursuant to this Section 3(a) in
respect of such Accrued Dividends or pursuant to Sections 3(b) and 3(c). If a Dividend Payment Date is not a Business Day, then any Cash Dividend in respect of such Dividend Payment Date shall be due and payable on the first Business Day following
such Dividend Payment Date and no additional dividends or Accreted Value on such payment will accrue or accumulate, as the case may be, in respect of such delay. The period from the Issue Date to and including the first Dividend Payment Date and
each period from but excluding a Dividend Payment Date to and including the following Dividend Payment Date is herein referred to as a “Dividend Period.” Notwithstanding the foregoing, and without limiting the Holders’ rights
herein (including, but not limited to, those set forth in this Section 3 and Section 7), the Corporation shall not be required to pay Cash Dividends on the Redeemable Preferred Stock to the extent prohibited by any Corporation Indebtedness
Document or applicable Law, but in such case, such unpaid amounts will be cumulative and will compound as provided in Section 3(b) below. 

(b) Notwithstanding anything to the contrary in Section 3(a), if all or a portion of a Cash Dividend is not declared and paid in
accordance with Section 3(a) on a Dividend Payment Date for any Dividend Period (or, if less than all of such dividend is to be declared and paid in cash, the portion thereof for which a Cash Dividend is due) ending on or prior to
December 31, 2021 (the “Initial Period”), then with respect to such portion of any Cash Dividend that is not declared and paid, (i) such amount of dividends shall be deemed to have accrued and accumulated at the PIK
Dividend Rate and the Accreted Value of each outstanding share of Redeemable Preferred Stock shall automatically increase on such Dividend Payment Date by such amount of dividends that so accrued and (ii) any increase in the Accreted Value
pursuant to this Section 3(b) shall reduce and fully discharge, on a dollar-for-dollar basis, the amount of accrued and unpaid Cash Dividends to which such increase
relates for all purposes, including paragraph (12) of Part A of Article 3 of the Articles of Incorporation. If the Corporation fails to pay in cash in full all or any part of any Cash Dividend when due and payable in accordance with
Section 3(a) for any quarter following the Initial Period (such failure, a “Payment Default”), then from and after the first day of the immediately following Dividend Period and continuing until such failure is cured by payment
in full in cash of all arrearages (for the avoidance of doubt, including arrearages attributable to the Payment Default Rate), (i) the Cash Dividends pursuant to Section 3(a) shall accrue at the Dividend Rate plus the Payment Default Rate and
(ii) the amount of such accrued but unpaid cash dividends shall constitute arrearages that shall accrue and accumulate (and compound quarterly) at the Dividend Rate plus the Payment Default Rate until paid. 

(c) Dividends payable under Section 3(a), and any increase in Accreted Value under Section 3(b) (or deemed increase in Accreted Value
under Section 3(d)) for any period less than a full quarterly dividend or accretion period (based upon the number of days elapsed during the period), shall each be computed on the basis of a 360-day year consisting of twelve 30-day months. 

(d) Under this Certificate of Designation, in calculating the Accreted Value of each share of Redeemable Preferred Stock for purposes of the
Redemption Consideration, Liquidation Preference or otherwise, such Accreted Value shall be increased by the amount of Accrued Dividends during the then-current Dividend Period regardless of whether, at the time of

  
 9 

 
redemption or other relevant event (including in respect of a Change of Control), a dividend payable on the next immediately succeeding Dividend Payment Date has been declared pursuant to
Section 3(a). Subject to Section 3(c), Holders of shares of Redeemable Preferred Stock subject to redemption (including in respect of a Change of Control) shall not be entitled to receive any payment of dividends declared pursuant to
Section 3(a) in respect of the Dividend Period in which such redemption occurs notwithstanding that a Dividend Record Date may have occurred for the payment of such dividends prior to such redemption. 

(e) Failure to Pay Dividends. 

(i) If the Corporation fails (a) following the Initial Period, to pay in cash the Cash Dividends in respect of any two
consecutive subsequent Dividend Periods on or prior to the applicable Dividend Payment Dates or (b) at any time, to redeem the shares of Redeemable Preferred Stock (1) on any Holder Redemption Date or (2) after any Holder Change of
Control Election that is a Cash Election, on the later of 15 Business Days after such election and the Change of Control Redemption Date (without regard to the tolling of the Change of Control Redemption Date pursuant to Section 8(d)) (any of
(a) or (b), a “Director Rights Triggering Event”), then the Holders of the then-outstanding shares of Redeemable Preferred Stock, voting as a separate class, shall be entitled to elect by majority vote (with each outstanding
share of Redeemable Preferred Stock entitling the Holder thereof to one vote) one director to the Board of Directors (a “12% Redeemable Preferred Director”) to serve until such time as all dividends in arrears or redemption
payments, the nonpayment of which caused the Director Rights Triggering Event, have been paid in full in cash; provided that: (A) any such director must, in the reasonable judgment of the Board of Directors, have the requisite skill and
experience to serve as a director of a public company in the engineering, procurement and construction industry, (B) the election of any such director shall not violate the bylaws of the Corporation as in effect on the effective date of this
Certificate of Designation or the corporate governance requirements of the NYSE (or any other exchange or automated quotation system on which securities of the Corporation may be listed or quoted) that requires listed or quoted companies to have a
majority of independent directors and (C) any such director must not be an employee or director of any Industry Competitor (as defined in the Purchase Agreement); provided, further, that, if the Board of Directors validly rejects
any such individual, the Holders may propose another individual for election to the Board of Directors until such an individual is accepted and elected to the Board of Directors in accordance with the provisions of this Section 3(e)(i). In the
event the Holders become entitled to elect directors to the Board of Directors pursuant to the provisions of paragraph (12) of Part A of Article 3 of the Articles of Incorporation, the 12% Redeemable Preferred Director shall be counted as one
of those directors. 
 (ii) Subject to the provisions of Section 3(e)(i), the 12% Redeemable Preferred Director elected
pursuant to the provisions of Section 3(e)(i) shall serve until the next annual meeting of the Corporation or until his or her successor is duly elected and qualified (provided that the Holders may reelect such 12% Redeemable Preferred
Director, by majority vote, voting as a separate class, at such annual meeting (and at any subsequent annual meeting) so long as the Holders continue to have the right to appoint such director in accordance with the provisions of
Section 3(e)(i)) or his or her earlier death, resignation, 

  
 10 

 
retirement, disqualification or removal; any vacancy or newly created directorship in the position of the 12% Redeemable Preferred Director may be filled only by the Holders of a majority of the
then-outstanding shares of Redeemable Preferred Stock; provided that, in the event that the Holders shall fail to fill any such vacancy, such seat on the Board of Directors shall remain vacant until such time as the Holders elect an
individual to fill such seat in accordance with this Section 3(e)(ii) and during any period where such seat remains vacant, the Board of Directors nonetheless shall be deemed duly constituted. Subject to the provisions of
Section 3(e)(iii), the 12% Redeemable Preferred Director may, during his or her term of office, be removed at any time, with or without cause, by (but only by) the Holders of a majority of the then-outstanding shares of Redeemable Preferred
Stock. 
 (iii) Notwithstanding the foregoing, the Holders’ right to appoint a 12% Redeemable Preferred Director
pursuant to the provisions of Section 3(e)(i) shall be at all times subject to the application and limitations of the rules and regulations of the NYSE or the national securities exchange on which the Common Stock is then-traded. 

(iv) If the Corporation or any Holder determines, after consultation with the other, that a filing is required pursuant to the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), solely in connection with any rights the Redeemable Preferred Stock may have under this Certificate of Designation to elect a 12% Redeemable
Preferred Director, then the Corporation, on the one hand, and such Holder, on the other hand, shall (A) as promptly as practicable make, or cause to be made, all filings and submissions required under the HSR Act with respect to the 12%
Redeemable Preferred Director and (B) use their commercially reasonable efforts to obtain, or cause to be obtained, consent in respect of such filings and submissions (or the termination or expiration of the applicable waiting period, as
applicable) as soon as possible thereafter. 
 (f) Holders of shares of Redeemable Preferred Stock shall not be entitled to any dividend
other than as set forth in this Section 3 or as otherwise provided for in the Certificate of Designation. 
 (g) Subject to the
provisions of this Section 3 and Section 4 below, such dividends (payable in cash, securities or other property) as may be determined by the Board of Directors may be declared and paid on any of the Corporation’s securities, including
Common Stock, from time to time out of funds legally available for such payment, and the Holders shall not be entitled to participate in any such dividends. 

SECTION 4. Special Rights. 

(a) Holders shall not have any voting or consent rights (including, without limitation, for the election of directors) except as set forth in
Section 3(e) or this Section 4 or as otherwise from time to time may be specifically required by the Corporation Law of Panama or the Articles of Incorporation. 

(b) So long as there are any shares of Redeemable Preferred Stock outstanding, in addition to any other vote or consent of stockholders
required by the Corporation Law of Panama or the Articles of Incorporation, the written consent of the Holders of a majority of the then-outstanding shares of Redeemable Preferred Stock shall be necessary for the Corporation, or its wholly owned
subsidiaries, to effectuate: 

  
 11 

 (i) other than as contemplated by this Certificate of Designation, any
amendment, modification or alteration of, or supplement to, the Articles of Incorporation or this Certificate of Designation, whether by merger, consolidation or otherwise, that would adversely affect the rights, preferences, powers or privileges of
the Redeemable Preferred Stock; provided, however, that, for the avoidance of doubt, any such amendment to increase or decrease the authorized Common Stock or adjust the par value thereof shall not require any consent hereunder; 

(ii) any issuance, authorization or creation of, or any increase by the Corporation in the issued or authorized amount of, any
specific class or series of Senior Stock or any Parity Stock or security convertible into or evidencing the right to purchase, or any security convertible into or exchangeable for, any shares of Senior Stock or Parity Stock; provided, that,
for the avoidance of doubt, this provision shall not require any consent in connection with the issuance, authorization or creation of any preferred stock of the Corporation in connection with any stockholder rights plan that may be adopted by the
Corporation after the Issue Date; 
 (iii) any issuance, authorization or creation of any additional shares of preferred
stock of the Corporation that would have any voting rights in common with the Redeemable Preferred Stock; provided, that, for the avoidance of doubt, this provision shall not require any consent in connection with the issuance, authorization
or creation of any preferred stock of the Corporation in connection with any stockholder rights plan that may be adopted by the Corporation after the Issue Date; 

(iv) except as may be required by applicable Law, the filing of any voluntary petition in, or consent to the filing of any
petition in, or the institution of, any bankruptcy, reorganization, or liquidation proceeding involving the Corporation or any material “restricted subsidiary” (as defined in the Current Credit Agreement) of the Corporation as a debtor
under any federal or state bankruptcy Law or any other applicable law; 
 (v) other than any Permitted Distribution, the
payment of dividends on, or repurchases or redemptions of, any issued and outstanding Common Stock or other Junior Stock or any non-pro rata dividend on or redemption or repurchase of Parity Stock; 

(vi) the incurrence, creation, assumption or guarantee of any Indebtedness (as defined in the Current Credit Agreement, as in
effect on the Issue Date without any amendments, modifications or supplements thereto) that would cause the Leverage Ratio as of the date on which such Indebtedness is incurred, created, assumed or guaranteed to exceed (A) on or prior to
September 30, 2019, 4.72 to 1.00, (B) on or after October 1, 2019 but prior to January 1, 2020, 4.44 to 1.00, (C) on or after January 1, 2020 but prior to January 1, 2021, 4.17 to 1.00, (D) on or after
January 1, 2021 but prior to January 1, 2022, 3.89 to 1.00, (D) on or after January 1, 2022, 3.61 to 1.00, in each case after giving pro forma effect to such incurrence, creation, assumption or guarantee and the application of the
proceeds thereof; 

  
 12 

 (vii) (A) the entry into any agreement that by its terms expressly
prohibits the payment of dividends or redemption payments on the Redeemable Preferred Stock; (B) the amendment of any Corporation Indebtedness Document to include restrictions on the payment of dividends or redemption payments on the Redeemable
Preferred Stock that are more restrictive than those in the Corporation Indebtedness Documents as in effect on the Issue Date without any amendment, modification or supplement thereto; or (C) the entry into any new indebtedness agreement
(including any modification, supplement or refinancing of the Corporation Indebtedness Documents in effect on the Issue Date) that includes restrictions on the payment of dividends or redemption payments on the Redeemable Preferred Stock that
(1) are more restrictive than those in the Corporation Indebtedness Documents in existence on the Issuance Date without any amendment, modification or supplement thereto or (2) that characterizes the Redeemable Preferred Stock as
“disqualified stock,” “disqualified equity interests” or indebtedness or other similar designation; provided, however, that, for the avoidance of doubt, any amendment, modification or supplement to the Corporation
Indebtedness Documents that does not amend or modify the term “disqualified stock,” “disqualified equity interests” or indebtedness or other similar designation shall not require any consent under this clause (C)(2); 

(viii) the entry into a Change of Control transaction or any transaction that would cause a “Change of Control” or
“Fundamental Change” under the Corporation Indebtedness Documents if the Corporation Indebtedness Documents would prohibit or otherwise prevent the redemption of the shares of Redeemable Preferred Stock for cash in an amount equal to the
Liquidation Preference of all outstanding shares of Redeemable Preferred Stock plus all Accrued Dividends thereon at the time of such transaction unless such transaction provides that, prior to or concurrently with the consummation of such
transaction, the Corporation shall redeem all shares of Redeemable Preferred Stock that are the subject of a Cash Election in cash at the Liquidation Preference plus all Accrued Dividends on the outstanding shares of Redeemable Preferred Stock or
shall otherwise pay an amount in cash in respect of such shares equal to the aggregate Liquidation Preference plus all Accrued Dividends on the outstanding shares of Redeemable Preferred Stock applicable thereto in connection with such transaction;

 (ix) the making of any “Restricted Payments” pursuant to Section 8.5(s) (or any successor provision
thereto) of the Current Credit Agreement or any payments of “Junior Priority Indebtedness” pursuant to Section 8.20(c) (or any successor provisions thereto) of the Current Credit Agreement in an aggregate amount greater than
$50,000,000 plus 50% of the aggregate amount that could be incurred under Section 8.5(s)(ii) of the Current Credit Agreement (or any successor provision) (other than cash dividend payments or redemption payments on the Redeemable Preferred
Stock); 
 (x) (i) the issuance of any equity securities of any of the Company’s wholly owned subsidiaries, other
than to the Company or another of the Company’s wholly owned subsidiaries, (ii) the formation or creation of a subsidiary of the Company that is not wholly owned (directly or indirectly) by the Company; or (iii) the contribution of
any assets to any person that is not wholly owned by the Company, in the cases of clauses (ii) and (iii), that is not permitted under the Corporation Indebtedness Documents; 

  
 13 

 (xi) the authorization, entry into, amendment to, modification of, extension
of, enforcement of or termination of any transaction, contract or arrangement between the Corporation or one of its subsidiaries, on the one hand, and any controlling Affiliate of the Corporation, on the other hand, involving an amount in excess of
$5,000,000 (each, an “Affiliate Transaction”) or waiver of any rights of the Corporation in connection with any such Affiliate Transaction, except for any such Affiliate Transactions that are on terms no less favorable to the
Corporation (or its subsidiaries, as applicable) than those that would reasonably be expected to be obtained in a comparable arm’s-length transaction with an independent third party, unless such Affiliate
Transaction is approved by the Board of Directors, or a committee of the Board of Directors consisting entirely of directors who are independent within the meaning of Rule 10A-3(b)(1)(ii) under the Exchange
Act. 
 (c) Notwithstanding anything to the contrary herein, without the consent of any Holder, the Corporation may amend, alter, supplement
or repeal any terms of the Redeemable Preferred Stock by amending or supplementing the Articles of Incorporation, this Certificate of Designation or any stock certificate representing shares of the Redeemable Preferred Stock to: 

(i) cure any ambiguity, omission, inconsistency or mistake in any such instrument that does not adversely affect the rights,
preferences, privileges or voting powers of the Redeemable Preferred Stock or any Holder, as applicable; 
 (ii) make any
provision with respect to matters or questions relating to the Redeemable Preferred Stock that is not inconsistent with the provisions of this Certificate of Designation and that does not adversely affect the rights, preferences, privileges or
voting powers of the Redeemable Preferred Stock or any Holder; or 
 (iii) make any other change that does not adversely
affect the rights, preferences, privileges or voting powers of the Redeemable Preferred Stock or any Holder (other than any Holder that consents to such change). 

(d) In exercising the voting rights set forth in Section 3(e) or this Section 4, each share of Redeemable Preferred Stock shall
entitle the Holder thereof to one vote. 
 (e) The rules and procedures for calling and conducting any meeting of the Holders (including,
without limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other procedural aspect or matter with regard to such a meeting or such
consents shall be governed by any rules the Board of Directors, in its sole discretion, may adopt from time to time, which rules and procedures shall conform to the requirements of the Articles of Incorporation, the
By-Laws and applicable Law. 
 (f) To the extent that the Holders shall have the right to vote as a
class (alone or together with any other series of stock of the Corporation) pursuant to the requirements of applicable Law or the Articles of Incorporation on any matter not set forth herein as otherwise requiring the vote of such Holders, the
approval of such matter shall require only the vote of the Holders of a majority of the then-outstanding shares of Redeemable Preferred Stock entitled to vote thereon (unless a higher percentage is required by applicable Law or the Articles of
Incorporation) or the written 

  
 14 

 
consent of the Holders of a majority of the then-outstanding shares of Redeemable Preferred Stock entitled so to vote (unless a higher percentage is required by applicable Law or the Articles of
Incorporation). At any meeting at which the Holders of shares of the Redeemable Preferred Stock shall have the right to elect a 12% Redeemable Preferred Director, the presence in person or by proxy of the holders of shares representing more than
fifty percent (50%) in voting power of the then-outstanding shares of Redeemable Preferred Stock shall be required and shall be sufficient to constitute a quorum for the election of a 12% Redeemable Preferred Stock Director by such Holders. 

(g) The rights of the Holders to take any action as provided in this Certificate of Designation or otherwise (including, without limitation,
the waiver of any rights of such Holders) may be exercised at any annual meeting of stockholders or at a special meeting of stockholders held for such purpose or at any adjournment or postponement thereof, or without a meeting, without prior notice
and without a vote, if a consent or counterpart consents in writing, setting forth the action so taken, shall be signed by the Holder or Holders having not less than the minimum number of votes that would be necessary to take such action at a
meeting at which the Holders of all shares of Redeemable Preferred Stock entitled to vote on the action were present and voted. 
 (h) For
the taking of any action as provided in this Section 4 by the Holders or for any action as to which the Holders are entitled to vote, each Holder shall have one vote for each share of Redeemable Preferred Stock standing in its name on the
transfer books of the Corporation as of any record date fixed for such purpose or, if no such date be fixed, at the close of business on the Business Day next preceding the day on which notice is given, or if notice is waived, at the close of
business on the Business Day next preceding the day on which the meeting is held. 
 (i) So long as the right to vote pursuant to this
Section 4 continues (and unless such right has been exercised by written consent of the Holders of the minimum number of shares of Redeemable Preferred Stock required to take such action), upon the written request of Holders of shares of
Redeemable Preferred Stock representing a majority of the then-outstanding shares of Redeemable Preferred Stock addressed to the Secretary of the Corporation at the principal office of the Corporation, the Secretary of the Corporation shall call a
special meeting of the Holders of shares of Redeemable Preferred Stock entitled to vote as provided herein. Such meeting shall be held on a date selected by the Board of Directors within 60 days after delivery of such request to the Secretary, at
the place and upon the notice provided by applicable Law and in the By-Laws, for the holding of meetings of stockholders. 

(j) For as long as Purchaser, its Affiliates and its Permitted Transferees (as defined in the Purchase Agreement, but only to the extent the
Purchaser has voting or dispositive power over the shares of Redeemable Preferred Stock held by such Permitted Transferees) is the Beneficial Owner of at least 51% of the outstanding shares of the Redeemable Preferred Stock, Purchaser shall be
entitled to designate one natural person to attend all meetings of the Board of Directors (the “Board Observer”). The Board Observer shall be entitled to attend all meetings (including telephonic meetings), including all committee
meetings, of the Board of Directors. The Corporation shall provide to the Board Observer any notices delivered to the members of the Board of Directors and a copy of all meeting materials concurrently with providing such notices and materials to the
Board of Directors. The Board Observer shall be subject to customary confidentiality restrictions on 

  
 15 

 
board observers, shall not be a member of the Board of Directors and shall not have any voting rights with respect to any action brought before the Board of Directors or count towards any quorum
with respect to such actions. Notwithstanding any rights to be granted or provided to the Board Observer hereunder, the Board of Directors may exclude the Board Observer from access to any materials or meeting or portion thereof if the Board of
Directors determines, in good faith, that (i) access would reasonably be expected to prevent the members of the Board of Directors from engaging in attorney-client privileged communication or result in a bona fide conflict of interest
with the Corporation involving any arrangement or transaction (or potential arrangement or transaction) between the Corporation or one or more of its any of its Subsidiaries, on the one hand, and Purchaser or any of its Affiliates, on the other
hand, or (ii) such portion of a meeting is an executive session limited solely to independent director members of the Board of Directors, independent auditors and/or legal counsel, as the Board of Directors may designate for purposes of
discussion, vote or otherwise, and the Board Observer (assuming the Board Observer was a member of the Board of Directors) would not meet the then-applicable standards for independence adopted by the New York Stock Exchange, or such other exchange
on which the Common Stock is then traded; provided, however, that such exclusion shall be limited to the portion of the material and/or meeting that is the basis for such exclusion and shall not extend to any portion of the material
and/or meeting that does not involve or pertain to such exclusion. Notwithstanding the foregoing, (i) the members of the Board of Directors may engage in discussions with one another outside of any meetings of the Board of Directors without the
need to include the Board Observer in such discussions or otherwise inform the Board Observer of such discussions, (ii) the Board of Directors may take actions by unanimous written consent without giving prior notice to the Board Observer, so
long as the Board Observer is provided substantially contemporaneous notice of such action by unanimous written consent and is otherwise provided as and when provided to the members of the Board of Directors all materials relating to such action by
written consent and (iii) the Board Observer shall have no rights to attend meetings or receive materials during the term of office of any 12% Redeemable Preferred Director (unless they are the same person). For so long as Purchaser and its
Permitted Transferees (as defined in the Purchase Agreement) is the Beneficial Owner of less than 51% but at least 25% of the outstanding shares of the Redeemable Preferred Stock and other than during the term of office of any 12% Redeemable
Preferred Director, Purchaser shall be entitled to receive, upon request, the same materials that a Board Observer would have received (subject to customary confidentiality restrictions) but shall not be entitled to receive notice of or attend any
meetings of the Board of Directors. 
 SECTION 5. Liquidation Rights. 

(a) In the event of any liquidation, winding-up or dissolution of the Corporation, whether voluntary or
involuntary, each Holder shall be entitled to receive, in respect of each share of Redeemable Preferred Stock held of record by such Holder, and to be paid out of the assets of the Corporation legally available for such purposes, an amount equal to
the Liquidation Preference plus all Accrued Dividends on such shares of Redeemable Preferred Stock as of the date of such liquidation, winding-up or dissolution of the Corporation, in preference to the holders
of, and before any payment or distribution is made on, any Junior Stock in respect of payment on liquidation, winding-up or dissolution. 

  
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 (b) Neither the sale, conveyance, exchange or transfer (for cash, shares of stock,
securities or other consideration) of all of the assets of the Corporation substantially as an entirety (other than in connection with the liquidation, winding up or dissolution of its business), nor the merger, consolidation or other business
combination of the Corporation into or with any other Person shall be deemed to be a liquidation, winding-up or dissolution, voluntary or involuntary, for the purposes of this Section 5. 

(c) After the payment in full to the Holders of the amounts provided for in this Section 5, such Holders as such shall have no right or
claim to any of the remaining assets of the Corporation in respect of their ownership of such Redeemable Preferred Stock. 
 (d) In the event
the assets of the Corporation available for distribution to the Holders upon any liquidation, winding-up or dissolution of the Corporation, whether voluntary or involuntary, shall be insufficient to pay in
full all amounts to which such Holders are entitled pursuant to the provisions of Section 5(a), no such distribution shall be made on account of any shares of Parity Stock (which issuance of Parity Stock must be approved in accordance with the
provisions of Section 4(b)(ii), as applicable) upon such liquidation, dissolution or winding-up unless proportionate distributable amounts shall be paid on account of the shares of Redeemable Preferred
Stock, equally and ratably, in proportion to the full distributable amounts for which Holders of all Redeemable Preferred Stock and the holders of any Parity Stock are entitled upon such liquidation,
winding-up or dissolution. 
 SECTION 6. Corporation Optional Redemption. 

(a) At any time and from time to time, the Corporation shall have the right, subject to applicable Law, to redeem, out of funds legally
available for such purposes, the Redeemable Preferred Stock for cash, in whole or in part, at a redemption price per share equal to the Liquidation Preference of each such share of Redeemable Preferred Stock plus all Accrued Dividends on such share
of Redeemable Preferred Stock (such amount, as of the applicable Corporation Redemption Date or Holder Redemption Date, as applicable, the “Redemption Consideration”). 

(b) The Corporation shall mail notice of its election to redeem the Redeemable Preferred Stock (such notice, the “Corporation
Redemption Notice”) pursuant to the provisions of this Section 6 not less than 30 days and not more than 90 days before the applicable Corporation Redemption Date, to the Holders as their names appear (as of the close of business on
the Business Day next preceding the day on which notice is given) on the books of the Corporation at the respective addresses of the Holders shown therein. Any notice of redemption by the Corporation provided to a Holder pursuant to the provisions
of this Section 6 shall state: (i) the date on which such redemption shall occur (the “Corporation Redemption Date”), (ii) the number of shares of Redeemable Preferred Stock to be redeemed from such Holder, (iii) the
applicable Redemption Consideration and (iv) whether or not such notice is conditioned and if so, the conditions to such redemption. Any notice of redemption may be subject to one or more conditions as determined by the Board of Directors, in
its sole discretion, and as specified therein; provided that any Corporation Redemption Notice shall automatically expire on the Corporation Redemption Date if the conditions set forth therein are not satisfied as of such date. 

(c) If the Corporation elects to redeem fewer than all of the outstanding shares of Redeemable Preferred Stock pursuant to the provisions of
this Section 6, the number of shares of Redeemable Preferred Stock to be redeemed shall be determined by the Corporation in a manner consistent with the applicable provisions of the Articles of Incorporation. The shares of Redeemable Preferred
Stock not redeemed shall remain outstanding. 

  
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 (d) If the Corporation gives a Corporation Redemption Notice as to which all conditions have
been satisfied, the Corporation shall deposit with the Paying Agent funds sufficient to redeem the shares of Redeemable Preferred Stock as to which such Corporation Redemption Notice shall have been given, no later than the opening of business on
the Corporation Redemption Date, and the Corporation shall, at the time of such deposit, give the Paying Agent irrevocable instructions and authority to pay the applicable Redemption Consideration to the Holders to be redeemed as set forth in the
Corporation Redemption Notice. If the Corporation Redemption Notice shall have been given, then from and after the Corporation Redemption Date, unless the Corporation defaults in providing funds sufficient for such redemption at the time and place
specified for payment pursuant to the Company Redemption Notice to all Holders who submit their shares of Redeemable Preferred Stock for redemption, (i) all dividends on such shares of Redeemable Preferred Stock to be redeemed shall cease to
accrue, (ii) shares of Redeemable Preferred Stock to be redeemed shall be deemed to no longer be outstanding and (iii) all rights with respect to such shares of Redeemable Preferred Stock to be redeemed, including the rights, if any, to
receive notices, will terminate, except only the rights of Holders thereof to receive the Redemption Consideration. 
 (e) Notwithstanding
any Corporation Redemption Notice, there shall be no redemption of any shares of Redeemable Preferred Stock called for redemption until funds sufficient to pay the full amount of the applicable Redemption Consideration with respect to each such
share shall have been deposited by the Corporation with the Paying Agent. The Corporation shall be entitled to receive from the Paying Agent the interest income, if any, earned on such funds deposited (to the extent that such interest income is not
required to pay the Redemption Consideration for the shares of Redeemable Preferred Stock to be redeemed), and the Holders of any shares of Redeemable Preferred Stock so redeemed shall have no claim to any such interest income. Any funds deposited
with the Paying Agent hereunder by the Corporation for any reason, including redemption of shares of Redeemable Preferred Stock, that remain unclaimed or unpaid more than two years after the applicable Corporation Redemption Date or other payment
date, shall be, to the extent permitted by applicable Law, repaid to the Corporation upon its written request, after which repayment the Holders entitled to such redemption or other payment shall have recourse only to the Corporation. 

SECTION 7. Holder Optional Redemption 

(a) At any time after the seventh anniversary of the Issue Date, each Holder shall have the right, subject to applicable Law, to cause the
Corporation to redeem, out of funds legally available for such purposes, all but not less than all of such Holder’s then-outstanding shares of Redeemable Preferred Stock for cash (the “Holder Redemption Right”), for a price per
share of Redeemable Preferred Stock equal to the Redemption Consideration with respect thereto, which amount shall be payable in accordance with the provisions of Section 7(c) below. 

  
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 (b) A Holder may only exercise the Holder Redemption Right by delivering a fully executed
notice of redemption (the “Holder Redemption Notice”) to the Corporate Secretary of the Corporation at its principal office by certified mail, postage prepaid at least 30 days before the date fixed for redemption in the Holder
Redemption Notice (such date, the “Holder Redemption Date”). Such Holder Redemption Notice must set forth the Holder Redemption Date as of which such Holder desires to exercise the Holder Redemption Right. 

(c) If required to redeem the Redeemable Preferred Stock pursuant to the provisions of this Section 7, the Corporation shall deposit with
the Paying Agent the Redemption Consideration in cash sufficient to redeem the shares of Redeemable Preferred Stock as to which such Holder Redemption Notice shall have been given, no later than the opening of business on the Holder Redemption Date,
and the Corporation shall, at the time of such deposit, give the Paying Agent irrevocable instructions and authority to deliver the applicable Redemption Consideration to each such Holder. If, after the Corporation receives a Holder Redemption
Notice, the Corporation deposits with the Paying Agent funds sufficient to redeem the shares of Redeemable Preferred Stock as to which such Holder Redemption Notice shall have been given, then from and after the Holder Redemption Date, (i) all
dividends on such Redeemable Preferred Stock shall cease to accrue, (ii) such shares of Redeemable Preferred Stock shall be deemed to no longer be outstanding and (iii) all rights with respect to such shares of Redeemable Preferred Stock
to be redeemed, including the rights, if any, to receive notices, will cease and terminate, except only the rights of such Holder thereof to receive the Redemption Consideration. Notwithstanding any Holder Redemption Notice, there shall be no
redemption of any shares of Redeemable Preferred Stock called for redemption in such notice until funds sufficient to pay the full Redemption Consideration of such shares shall have been deposited by the Corporation with the Paying Agent. The
Corporation shall be entitled to receive from the Paying Agent the interest income, if any, earned on such funds deposited (to the extent that such interest income is not required to pay the Redemption Consideration), and such Holder shall have no
claim to any such interest income. Any funds deposited with the Paying Agent hereunder by the Corporation for any reason, including redemption of shares of Redeemable Preferred Stock, that remain unclaimed or unpaid more than two years after the
applicable Holder Redemption Date or other payment date, shall be, to the extent permitted by applicable Law, repaid to the Corporation upon its written request, after which repayment the Holder(s) entitled to such redemption or other payment shall
have recourse only to the Corporation. 
 SECTION 8. Change of Control. 

(a) Notwithstanding anything to the contrary contained in this Section 8, (i) if the Corporation and the Holders of a majority of the
then-outstanding shares of Redeemable Preferred Stock agree, in their respective sole discretion, in writing (which may include a vote or other consent of the Holders representing a majority of the then-outstanding Redeemable Preferred Stock that is
a condition to the Change of Control), prior to the consummation of a Change of Control to a treatment of the Redeemable Preferred Stock in connection with such Change of Control other than as a result required or permitted pursuant to the
provisions of this Section 8, the terms of such agreement shall govern the treatment of all shares of Redeemable Preferred Stock with respect to such Change of Control, (ii) the redemptions required by the provisions of this Section 8
shall be made only out of funds legally available for such purposes and (iii) nothing herein shall be deemed to limit the ability of the Corporation at any time to redeem the Redeemable Preferred Stock in accordance with the provisions of
Section 6 in lieu of compliance with the provisions of this Section 8. 

  
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 (b) In the event of an actual or anticipated Change of Control at any time when shares of
Redeemable Preferred Stock are outstanding and the Holders of a majority of the then-outstanding shares of Redeemable Preferred Stock shall not have otherwise agreed in writing to the treatment of the Redeemable Preferred Stock in connection with
such Change of Control pursuant to the provisions of Section 8(a), the Corporation shall give notice of the Change of Control (the “Change of Control Notice”) to the Holders no later than 20 Business Days prior to the date on
which the Corporation anticipates that a Change of Control will be consummated (or, if later, promptly after the Corporation discovers that a Change of Control may or has occurred). Such Change of Control Notice shall include a summary of the
material terms of the Change of Control transaction, including the transaction consideration. 
 (c) Within 10 Business Days after the
Holders’ receipt of a Change of Control Notice (or such later date established by the Corporation in the Change of Control Notice, if applicable), each Holder may, with respect to all but not less than all of its shares of Redeemable Preferred
Stock, elect, by written notice to the Corporation, one of the following (such election, a “Holder Change of Control Election”): 

(i) to cause the Corporation to redeem all, but not less than all, of such Holder’s shares of Redeemable Preferred Stock
for consideration (which amounts may be provided on behalf of the Corporation by an acquirer in connection with such Change of Control) or otherwise provide for such Holder to receive consideration in such Change of Control in exchange for such
Holder’s shares of Redeemable Preferred Stock (including receipt of such amounts as merger consideration) in each case in an amount per share of Redeemable Preferred Stock equal to the Redemption Consideration, which shall be payable as
follows: (A) if the Company has, at the time of the Change of Control, any bonds that are outstanding under the Indenture, (1) 101% of the Share Purchase Price of each share of Redeemable Preferred Stock to be paid in cash (or such lower
amount in cash as may be required under the Indenture as in effect on the Issue Date without any amendments, modification or supplements thereto in order for the Redeemable Preferred Stock not to be regarded thereunder as “Disqualified Equity
Interests”) (such amount in cash, the “Permitted Cash Amount”) and (2) the issuance by the Company to such Holder of a number of shares of Common Stock with a value (valuing such shares at 96% of the volume-weighted
average trading price of the Common Stock on the New York Stock Exchange during the ten-day trading period ending on the last trading day preceding the day of announcement of such Change of Control) equal to
the Liquidation Preference on each such share of Redeemable Preferred Stock plus all Accrued Dividends thereon minus the Permitted Cash Amount and (B) if the Company does not have, at the time of the Change of Control, any bonds that are
outstanding under the Indenture, the Liquidation Preference for each such share of Redeemable Preferred Stock plus all Accrued Dividends thereon in cash; provided, however, that any such redemption shall be subject to the applicable Change of
Control features of the Company’s indebtedness documents; provided, further, that this election shall not be available if it would result in the Redeemable Preferred Stock being deemed “disqualified stock” under the Current
Credit Agreement; provided, further, notwithstanding anything to the contrary contained in this Section 8, the number of shares of Common Stock that may be issued in connection with this Section 8, when added to the number of
shares of Common Stock issued or issuable pursuant to the Warrant Agreement contemplated by the Purchase Agreement, shall not 

  
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exceed the maximum number of shares of Common Stock which the Company may issue without stockholder approval under the stockholder approval rules of the New York Stock Exchange or any other
national securities exchange on which the shares of Common Stock are then listed, including New York Stock Exchange Listing Rule 312.03, unless and until the requisite stockholder approval has been obtained, which restriction shall continue
notwithstanding any failure of the Common Stock to continue to be listed on the New York Stock Exchange or any other national securities exchange on which the shares of Common Stock are then listed (provided, that if a Cash Election is made
and any such stockholder approval is required, the Company will take all actions reasonably necessary to obtain such stockholder approval as soon as practicable, including using commercially reasonable efforts to (x) solicit votes or proxies in
favor of such issuance, (y) file with the SEC proxy materials (including a Preliminary Proxy Statement and Definitive Proxy Statement) meeting the requirements of Section 14A of the Exchange Act and that are reasonably acceptable to the
Holders of a majority of the Redeemable Preferred Stock in respect of which a Cash Election has been made pursuant to this Section 8(c)(i) and (z) subject to applicable Law and fiduciary or other duties, recommend to the stockholders that
they approve such issuance) (the “Cash Election”); 
 (ii) to receive a Substantially Equivalent Security,
in the event the Corporation will not be the surviving entity of such Change of Control transaction (a “Substantially Equivalent Security Election”); or 

(iii) to continue to hold the Redeemable Preferred Stock, in the event the Corporation will be the surviving entity of such
Change of Control transaction (a “Corporation Securities Election”). 
 If a Substantially Equivalent Security Election is
available, the Corporation will, concurrently with providing the Change of Control Notice, provide the Holders with substantially final documents governing the Substantially Equivalent Security to be issued in connection with such Substantially
Equivalent Security Election. 
 Notwithstanding the foregoing, if any Holder fails to deliver to the Corporation a written Holder Change of Control
Election within 10 Business Days following receipt of a Change of Control Notice, such Holder shall be deemed to have elected the Cash Election; unless such Cash Election is not available pursuant to the terms of 8(c)(i), in which case such Holder
shall be deemed to have elected the Substantially Equivalent Securities Election in the event the Corporation will not be the surviving entity of such Change of Control transaction or the Corporation Securities Election in the event the Corporation
will be the surviving entity of such Change of Control transaction, as applicable. 
 (d) If any Holder has made a Substantially Equivalent
Security Election in accordance with the provisions of Section 8(c)(ii), any conversion or exchange of any such Holder’s Redeemable Preferred Stock into the Substantially Equivalent Security shall occur upon consummation of the Change of
Control. If the Corporation is required to redeem the Redeemable Preferred Stock of any Holder for cash in accordance with the provisions of Section 8(c)(i), such redemption shall occur on the later of (i) the date of the consummation of
such Change of Control, (ii) as soon as reasonably practicable following receipt of the applicable timely Holder Change of Control 

  
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Election, or (iii) such other date as the Corporation and the Holders of a majority of the then-outstanding shares of Redeemable Preferred Stock that have made a valid Cash Election may
agree or consent (the “Change of Control Redemption Date”); provided that, if such redemption would cause the Redeemable Preferred Stock to be characterized as “disqualified stock,” “disqualified equity
interests,” “disqualified capital stock” or any similar concept pursuant to the terms of the Corporation Indebtedness Documents, the Change of Control Redemption Date will, in each case, solely to the extent required to prevent such
characterization, be tolled until the applicable loans and other debt obligations under any such Corporation Indebtedness Documents are, to the extent required, repaid (and, if applicable, any commitments are terminated and any obligations to offer
to redeem, repay or repurchase such loans or other debt obligations as a result of the Change of Control have expired) prior to such redemption of the Redeemable Preferred Stock, and the Corporation will comply with any “change of control
offer” or similar requirements under the terms of any such Corporation Indebtedness Documents, if applicable. For the avoidance of doubt, the proviso to the immediately preceding sentence shall not be deemed to constitute a waiver by any Holder
of its right to receive from the Corporation and/or its successor the cash payment required in connection with a Cash Election related to such Change of Control and redemption, if applicable. 

(e) If the Corporation is required to redeem the Redeemable Preferred Stock of any Holder in accordance with the provisions of
Section 8(c)(i), the Corporation shall deposit with the Paying Agent funds sufficient to redeem such shares of Redeemable Preferred Stock as to which such Change of Control Notice shall have been given, no later than the opening of business on
the Change of Control Redemption Date, and the Corporation shall, at the time of such deposit, give the Paying Agent irrevocable instructions and authority to pay the applicable Redemption Consideration for each such share of Redeemable Preferred
Stock to be redeemed as set forth in the Change of Control Notice to the Holder thereof. If a Change of Control Notice shall have been given, then from and after the Change of Control Redemption Date, unless the Corporation defaults in providing
cash sufficient for such redemption at the time and place specified for payment pursuant to the Change of Control Notice, (i) all dividends on such shares of Redeemable Preferred Stock to be redeemed shall cease to accrue, (ii) shares of
Redeemable Preferred Stock to be redeemed shall be deemed to no longer be outstanding and (iii) all rights with respect to the shares of Redeemable Preferred Stock to be redeemed, including the rights, if any, to receive notices, will
terminate, except only the rights of Holders thereof to receive the Redemption Consideration for each such share of Redeemable Preferred Stock. The Corporation shall be entitled to receive from the Paying Agent the interest income, if any, earned on
such funds deposited with the Paying Agent (to the extent that such interest income is not required to pay the Redemption Consideration for each of the shares of Redeemable Preferred Stock to be redeemed), and the Holders of any shares of Redeemable
Preferred Stock so redeemed shall have no claim to any such interest income. Notwithstanding any Change of Control Notice, there shall be no redemption of any shares of Redeemable Preferred Stock called for redemption until funds sufficient to pay
the full Redemption Consideration for each such share subject to a Cash Election shall have been deposited by the Corporation with the Paying Agent. Any funds deposited with the Paying Agent hereunder by the Corporation for any reason, including
redemption of shares of Redeemable Preferred Stock, that remain unclaimed or unpaid more than two years after the Change of Control Redemption Date, shall be, to the extent permitted by applicable Law, repaid to the Corporation upon its written
request, after which repayment the Holders entitled to such redemption shall have recourse only to the Corporation. 

  
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 SECTION 9. Uncertificated Shares 

(a) Form. Notwithstanding anything to the contrary herein, the shares of Redeemable Preferred Stock shall be in uncertificated,
book-entry form as permitted by the Corporation Law of Panama. Within a reasonable time after the issuance or transfer of uncertificated shares, the Corporation shall, or shall cause the Transfer Agent to, send to the registered owner thereof an
Ownership Notice. 
 (b) Transfer. Transfers of Redeemable Preferred Stock held in uncertificated, book-entry form shall be made only
upon the transfer books of the Corporation kept at an office of the Transfer Agent upon receipt of proper transfer instructions from the registered owner of such uncertificated shares, or from a duly authorized attorney or from an individual
presenting proper evidence of succession, assignment or authority to transfer the stock. The Corporation may refuse any requested transfer until furnished evidence satisfactory to it that such transfer is proper. 

(c) Legends. Each Ownership Notice issued with respect to a share of Redeemable Preferred Stock shall, in addition to any legend
required under the Purchase Agreement or any other agreement, bear a legend in substantially the following form: 
 “THE SECURITIES
REPRESENTED BY THIS OWNERSHIP NOTICE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 

THE PREFERRED SHARES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED WITH THE SUPERINTENDENCY OF CAPITAL MARKETS OF PANAMA. ACCORDINGLY,
(I) THE PREFERRED SHARES CANNOT BE PUBLICLY OFFERED OR SOLD IN PANAMA, EXCEPT IN TRANSACTIONS EXEMPT FROM REGISTRATION UNDER THE PANAMANIAN SECURITIES LAWS, (II) THE SUPERINTENDENCY OF THE CAPITAL MARKETS HAS NOT REVIEWED THE INFORMATION
CONTAINED HEREIN, (III) THE PREFERRED SHARES AND ITS OFFER ARE NOT SUBJECT TO THE SUPERVISION OF THE PANAMANIAN SUPERINTENDENCY OF CAPITAL MARKETS, AND (IV) THE PREFERRED SHARES DO NOT BENEFIT FROM THE TAX INCENTIVES PROVIDED BY THE
PANAMANIAN SECURITIES LAWS AND REGULATIONS.” 
 In addition, each Ownership Notice issued with respect to a share of Redeemable
Preferred Stock shall bear a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS OWNERSHIP NOTICE ARE
SUBJECT TO THE CERTIFICATE OF DESIGNATION, WHICH ESTABLISHES THE POWERS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER RIGHTS OF THE 12% REDEEMABLE PREFERRED STOCK OF THE CORPORATION.” 

  
 23 

 (d) Certain Obligations with Respect to Transfers and Exchanges of Redeemable Preferred
Stock. 
 (i) All shares of Redeemable Preferred Stock issued upon any registration of transfer or exchange of
such shares of Redeemable Preferred Stock shall be the valid obligations of the Corporation, entitled to the same benefits under this Certificate of Designation as the shares of Redeemable Preferred Stock surrendered upon such registration of
transfer or exchange. 
 (ii) Prior to due presentment for registration of transfer of any shares of Redeemable Preferred
Stock, the Transfer Agent and the Corporation may deem and treat the Person in whose name such shares of Redeemable Preferred Stock are registered as the absolute owner of such Redeemable Preferred Stock and neither the Transfer Agent nor the
Corporation shall be affected by notice to the contrary. 
 (iii) No service charge shall be made to a Holder for any
registration of transfer or exchange of any Redeemable Preferred Stock on the transfer books of the Corporation or the Transfer Agent. However, the Corporation may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any registration of transfer or exchange of Redeemable Preferred Stock in a name other than the name in which the shares of Redeemable Preferred Stock were registered, and the Corporation may withhold any
issuance or delivery of Redeemable Preferred Stock unless and until the Person requesting such issuance or delivery has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has
been paid or is not required to be paid. 
 (e) No Obligation of the Transfer Agent. The Transfer Agent shall have no
obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Certificate of Designation or under applicable Law with respect to any transfer of any interest in any Redeemable Preferred
Stock other than to require documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Certificate of Designation, and to examine the same to determine substantial compliance as to form
with the express requirements hereof. 
 SECTION 10. Other Provisions. 

(a) The shares of Redeemable Preferred Stock shall not be subject to the operation of any retirement or sinking fund. Except as provided
herein, the shares of Redeemable Preferred Stock shall not be convertible into, or exchangeable for, shares of stock of any other class or classes, or of any other series of the same class. 

(b) All notice periods referred to herein shall commence: (i) when made, if made by hand delivery or electronic mail; (ii) one
Business Day after being deposited with a nationally recognized next-day courier, postage prepaid; or (iii) three Business Days after being sent by first-class mail, postage prepaid. Notice to any Holder
shall be given to the registered address set forth in the Corporation’s records for such Holder. 

  
 24 

 (c) With respect to any notice to a Holder required to be provided hereunder, neither
failure to send such notice, nor any defect therein or in the sending thereof, to any particular Holder shall affect the sufficiency of the notice or the validity of the proceedings referred to in such notice with respect to the other Holders or
affect the legality or validity of any vote upon any such action (assuming due and proper notice to such other Holders). Any notice which was sent in the manner herein provided shall be conclusively presumed to have been duly given whether or not
the Holder actually receives the notice. 
 (d) The shares of Redeemable Preferred Stock shall be issuable only in whole shares. 

(e) Any payments required to be made hereunder on any day that is not a Business Day shall be made on the next succeeding Business Day without
interest or additional payment for such delay. All payments required hereunder shall be made by wire transfer of immediately available funds in United States Dollars to the Holders in accordance with the payment instructions as such Holders may
deliver by written notice to the Corporation from time to time. 
 (f) The shares of Redeemable Preferred Stock shall have no preemptive or
subscription rights, except those that may be expressly provided by contract. 
 (g) Without limiting the rights or claims of the Holders
hereunder, the Corporation’s ability to redeem shares of Redeemable Preferred Stock or pay dividends on the Redeemable Preferred Stock is subject to applicable Law limiting the Corporation’s ability to make such redemptions or pay such
dividends if (i) after giving effect to the redemption or dividend, the Corporation would be insolvent, (ii) the net assets of the Corporation would be less than the amount of the proposed redemption or dividend and (iii) funds are
otherwise not legally available therefor under the Corporation Law of Panama. 
 (h) For as long as any shares of Redeemable Preferred Stock
are outstanding, the Corporation shall deliver, upon at least five Business Days prior written request, to the Holders that are subject to a customary confidentiality agreement in form and substance satisfactory to and for the benefit of the
Corporation: 
 (i) within 60 days after the end of each quarterly fiscal period in each fiscal year of the Corporation
(other than the last quarterly fiscal period of each such fiscal year), unaudited quarterly financial statements; and 

(ii) within 120 days after the end of each fiscal year of the Corporation, audited annual financial statements. 

Notwithstanding the foregoing, to the extent any of the above financial statements are filed or furnished by the Corporation with the SEC in any annual,
quarterly or other report, such financial statements shall be deemed furnished by the Corporation to the Holders for purposes of this Section 10(h). 

  
 25 

 (i) In case any one or more of the provisions contained in this Certificate of Designation
shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. Furthermore, in lieu of any such invalid, illegal
or unenforceable provision, there shall be added automatically as a part of this Certificate of Designation a provision as similar in terms to such invalid, illegal or unenforceable provision as may be possible and be legal, valid and enforceable,
unless the requisite parties separately agree to a replacement provision that is valid, legal and enforceable. 
 (j) For the avoidance of
doubt, all amounts expressed in dollars in this Certificate of Designation are references to United States dollars. 
 [Signature page
follows.] 

  
 26 

 IN WITNESS WHEREOF, the Corporation has caused this Certificate of Designation to be signed
and attested this     th day of October, 2018. 
  

			
	MCDERMOTT INTERNATIONAL, INC.

 
					
		
	By:	 	  

		 	Name: 	 	
		 	Title:	 	

 [Signature Page to Certificate of Designation] 

 Exhibit A 

OWNERSHIP NOTICE 
 THE
SECURITIES REPRESENTED BY THIS OWNERSHIP NOTICE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED
OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 

THE SECURITIES REPRESENTED BY THIS OWNERSHIP NOTICE ARE SUBJECT TO THE CERTIFICATE OF DESIGNATION (THE “CERTIFICATE OF
DESIGNATION”), WHICH ESTABLISHES THE POWERS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER RIGHTS OF THE 12% REDEEMABLE PREFERRED STOCK, PAR VALUE OF ONE DOLLAR ($1.00 U.S. CY.) PER SHARE (“PREFERRED STOCK”) OF
MCDERMOTT INTERNATIONAL, INC., A PANAMANIAN CORPORATION (THE “CORPORATION”). 
 SUBJECT TO THE TERMS AND CONDITIONS SET
FORTH IN THE AMENDED AND RESTATED ARTICLES OF INCORPORATION OF THE CORPORATION, INCLUDING THE CERTIFICATE OF DESIGNATION (AS FURTHER AMENDED AND RESTATED FROM TIME TO TIME, THE “CHARTER”), A COPY OF WHICH IS ON FILE WITH THE PUBLIC
REGISTRY OFFICE OF PANAMA. THE CORPORATION IS AUTHORIZED TO ISSUE MORE THAN ONE CLASS OF STOCK OR MORE THAN ONE SERIES OF ANY CLASS AND THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS THE POWERS, DESIGNATIONS,
PREFERENCES AND RELATIVE PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS. ANY SUCH REQUEST SHOULD BE DIRECTED TO THE
SECRETARY OF THE CORPORATION. THE SHARES EVIDENCED BY THIS NOTICE ARE SUBJECT TO THE OBLIGATIONS AND RESTRICTIONS STATED IN, AND ARE TRANSFERABLE ONLY IN ACCORDANCE WITH, THE PROVISIONS OF THE CHARTER. THE TERMS OF THE CHARTER ARE HEREBY
INCORPORATED INTO THIS NOTICE BY REFERENCE. 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE TRANSFER AGENT SUCH
CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

 This notice confirms and acknowledges that you are the registered owner of the number and
the class or series of shares of capital stock of the Corporation listed on Schedule A to this notice. 
 Dated: _____________ 

 

			
	Computershare Trust Corporation, N.A., as Transfer Agent
		
	By:	 	  

		 	Name:
		 	Title:

 Exhibit D – Form of Opinion of Baker Botts L.L.P. 

1. No consent, approval or authorization of, or filing with, any governmental authority or agency of the United States is required on the part
of the Company as a condition to the Company’s valid execution, delivery and performance of its obligations under the Operative Documents, or to the offer, sale or issuance of the Purchased Shares by the Company, except (a) as may be
required in connection with the Company’s obligations under the Registration Rights Agreement to register the resale of the Registrable Securities (as such term is defined in the Registration Rights Agreement) under the Securities Act,
(b) consents, approvals or authorizations not customarily obtained, or filings not customarily made, at the time of entry into agreements like the Operative Documents but, instead, customarily obtained or made at an appropriate later date for
future transactions, (c) where the failure to receive such consent, approval or authorization or make such filing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (d) those that have
been obtained, or (e) as may be required under state securities or “Blue Sky” laws, as to which we do not express any opinion. In rendering the opinion in this paragraph 1, each counsel will express no opinion as to the matters
discussed in paragraph 3 below. 
 2. Neither the Company nor any of its Subsidiaries is an “investment company” or an entity
controlled by an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended. 
 3. Assuming
the accuracy of the representations and warranties of the Purchasers and the Company contained in this Agreement, and the compliance by the Purchasers and the Company with the covenants contained in this Agreement, the offer, issuance and sale of
the Purchased Shares, Warrants and Warrant Shares by the Company to the Purchasers solely in the manner contemplated by this Agreement, the Certificate of Designation and the Warrant Agreement are exempt from the registration requirements of the
Securities Act; provided, however, that no opinion will be expressed as to any subsequent sale or resale of the Purchased Shares or the Warrants. 

4. None of (a) the offering, issuance and sale by the Company of the Purchased Shares, Warrants or Warrant Shares and the application of
the proceeds therefrom or (b) the execution, delivery and performance of the Operative Documents by the Company and the consummation of the transactions contemplated thereby, constitutes or will constitute a violation of any of the terms or
provisions of, or constitute a default under, any agreement (other than the Company’s Articles of Incorporation and By-Laws) filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 or any Current Report on Form 8-K or Quarterly Report on Form 10-Q filed thereafter and
prior to the date hereof, except for any such breach or violation that would not, individually or in the aggregate, have a Material Adverse Effect; it being understood that we will express no opinion pursuant to this paragraph 4 as to the
application of any federal or state securities or Blue Sky laws or federal or state antifraud laws, rules of regulations. 
 5. Each of the
Operative Documents has been duly executed and delivered by the Company. 
 Exhibit D to Securities Purchase Agreement 

 Exhibit E – Form of Opinion of Arias, Fabrega and Fabrega 

1. The Company is validly existing and in good standing under the laws of the Republic of Panama. The Company has all necessary corporate
power and authority to conduct the business in which it is engaged as described in the SEC Reports. 
 2. The Company has all requisite
corporate power and authority to execute and deliver the Operative Documents to which it is a party and to perform its obligations thereunder. The execution, delivery and performance by the Company of the Operative Documents, and the consummation of
the transactions to be performed by the Company thereunder have been duly and validly authorized by all necessary action on the part of the Board of Directors (except for any action with respect to future transactions not customarily taken at the
time of entering into agreements like the Operative Documents, but instead, customarily taken at an appropriate later date), and no other corporate proceedings on the part of the Company are necessary to authorize the execution and delivery of the
Operative Documents by the Company or to consummate the transactions contemplated to be performed by the Company thereunder (except for any corporate proceeding for a future transaction not customarily undertaken at the time of entering into
agreements like the Operative Documents, but instead, customarily undertaken at an appropriate later date). 
 3. The Purchased Shares,
Warrants and Warrant Shares when issued and delivered by the Company against payment of the consideration set forth herein in accordance with the terms of this Agreement and the Certificate of Designation, will be duly authorized, validly issued,
fully paid and non-assessable, and will not have been issued in violation of or subject to any preemptive rights, rights of first refusal or other similar rights to subscribe for or to purchase of any
securityholder of the Company arising under the Articles of Incorporation or the By-Laws or under the laws of the Republic of Panama or, to our knowledge, similar rights under any agreement that entitle or
will entitle any person to acquire any shares of capital stock upon issuance of such Purchased Shares by the Company. 
 4. The Certificate
of Designation sets forth the rights, preferences and priorities of the Preferred Stock, and the holders of the Preferred Stock will have the rights set forth in the Certificate of Designation upon filing with the Public Register of the Republic of
Panama, subject to the provisions of Sections 5.02 through 5.04 of this Agreement and any transfer restriction in any of the Operative Documents. 

5. There have been reserved for issuance, out of the authorized and unissued shares of the Company’s Common Stock, a number of shares
sufficient to provide for the exercise of the rights represented by the Warrants, and such shares, when issued upon exercise in accordance with the terms of the Warrants, will be duly authorized, legally and validly issued, fully paid and
nonassessable and will not have been issued in violation of or subject to any preemptive rights, rights of first refusal or other similar rights to subscribe for or to purchase of any securityholder of the Company existing as of the date hereof
arising under the Articles of Incorporation or the By-Laws or under the laws of the Republic of Panama or, to our knowledge, similar rights existing as of the date hereof under any agreement that entitle or
will entitle any person to acquire any shares of capital stock upon issuance of such shares of capital stock by the Company. 
 Exhibit E to
Securities Purchase Agreement 

 6. Each of the Operative Documents has been duly authorized by the Company and is, assuming
due execution and delivery by the parties thereto, a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization
and other laws of general applicability relating to or affecting creditors’ rights and by general principles of equity and public policy, applicable law relating to fiduciary duties and indemnification and an implied covenant of good faith and
fair dealing. 
 7. None of (a) the offering, issuance and sale by the Company of the Purchased Shares, Warrants or Warrant Shares and
the application of the proceeds therefrom or (b) the execution, delivery and performance of the Operative Documents by the Company and the consummation of the transactions contemplated thereby, (i) constitutes or will constitute a
violation of the Articles of Incorporation or the By-Laws of the Company or (ii) results or will result in any violation of the laws of the Republic of Panama or any order, judgment, decree or injunction
known to us having jurisdiction over the Company or any of its or its subsidiaries’ respective properties, except, in the case of clauses (ii) above, for any such breach or violation that would not, individually or in the aggregate, have a
Material Adverse Effect. 
 Exhibit E to Securities Purchase Agreement 

 Exhibit F – Form of Opinion of Chief Legal Officer 

1. The execution and delivery by the Company of the Operative Documents and the consummation of the transactions provided for therein do not
and will not with the passage of time (a) result in a breach or violation of any of the terms or provisions of, or constitute a default under the Articles of Incorporation or the By-Laws of the Company;
(b) to my knowledge, result in any breach or violation of any terms, provisions or conditions of, or constitute a default of or result in the creation of any lien, charge or encumbrance upon any property or assets of Company pursuant to any
indenture, mortgage, deed of trust, note, contract, commitment, instrument or document filed as an exhibit to the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2017, as
filed with the SEC on February 21, 2018, quarterly report on Form 10-Q for the quarter ended March 31, 2018, as filed with the SEC on April 24, 2018, quarterly report on Form 10-Q for the quarter ended June 30, 2018, as filed with the SEC on July 31, 2018, quarterly report on Form 10-Q for the quarter ended September 30, 2018, as
filed with the SEC on October 30, 2018, or any Form 8-Ks filed with the SEC since January 1, 2018 and prior to the date hereof, except for such contracts for which consents or waivers have been
obtained as of the date hereof; or (c) to the knowledge of such counsel, result in a violation by the Company of any law, statute, rule or regulation of the United States applicable to the Company (other than securities laws or anti-fraud
laws); which, in the case of either (b) or (c), breach, violation, default or creation of a lien, charge or encumbrance would, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect or adversely affect the
Company’s legal ability to perform its obligations under the Operative Documents. 
 Exhibit F to Securities Purchase Agreement 

 Exhibit G – Form of Joinder Agreement 

                    ,
                 
 This Joinder Agreement is
executed by the undersigned pursuant to the Securities Purchase Agreement, dated as of October 30, 2018 (the “Agreement”) among McDermott International, Inc., a company organized under the laws of the Republic of Panama (the
“Company”), and each of the purchasers listed on Schedule A thereto (the “Purchasers”), which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meaning given to
such terms in the Agreement. By the execution of this Joinder Agreement, the undersigned agrees as follows: 
 1. The undersigned
acknowledges that the undersigned is acquiring ________________ shares of Preferred Stock, subject to the terms and conditions of the Agreement (including the Exhibits thereto). 

2. The undersigned hereby joins in, and agrees to be bound by and subject to, the Agreement, with the same force and effect as if the
undersigned were originally a Purchaser party thereto. 
 3. Any notice required or permitted by the Agreement shall be given to the
undersigned at the address listed below. 
 4. The Company hereby acknowledges and agrees that the undersigned shall be deemed a Purchaser
under the Agreement with respect to the number of shares of Preferred Stock set forth above and that such Purchaser shall be entitled to all of the rights and benefits, and subject to all of the obligations, of a Purchaser under the Agreement. 

(Signature page follows) 

Exhibit G to Securities Purchase Agreement 

 IN WITNESS WHEREOF, the parties hereto execute this Joinder Agreement, effective as of the
date first above written. 
  

			
	[JOINING PARTY]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	ACKNOWLEDGE AND AGREED:
	
	MCDERMOTT INTERNATIONAL, INC.

			
		
	By:	 	  

			
		 	Name:
		 	Title:

 Signature Page to Joinder Agreement 

 Exhibit H – Form of PFIC Annual Information Statement 

 EXHIBIT H 

PFIC ANNUAL INFORMATION STATEMENT 

[Must be signed by an authorized representative of the Company] 

PFIC Annual Information Statement pursuant to U.S. Treasury Regulation § 1.1295-1(g). 

                          
                               (the “Company”) hereby represents that: 

 

	1.	 This PFIC Annual Information Statement applies to the Company’s taxable year beginning on
                 and ending on                 . 

 

	2.	 The pro rata shares of the Company’s ordinary earnings and net capital gain attributable to the Holder (as
defined in the Securities Purchase Agreement dated October 30, 2018, by and among the Company and the purchasers that were parties thereto) for the taxable year specified in paragraph (1) are: 

Ordinary Earnings: $_____________ 

Net Capital Gain: $______________ 
  

	3.	 The amount of cash and the fair market value of other property distributed or deemed distributed by the Company
to the Holder during the taxable year specified in paragraph (1) are as follows: 

 Cash:
$_______________________________________ 
 Fair Market Value of Property: $___________________ 

 

	4.	 The Company will permit the shareholder to inspect the Company’s permanent books of account, records, and
such other documents as may be maintained by the Company that are necessary to establish that the Company’s ordinary earnings and net capital gain are computed in accordance with U.S. Federal income tax principles, and to verify these amounts
and the shareholder’s direct or indirect pro rata shares thereof. 

  

			
	By:	 	  

	Title:
	Date:

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