Document:

exv10w2

 

Exhibit 10.2

Amendment to the Asset Purchase Agreement

     AMENDMENT NO. 1 (this “Amendment”) TO THE ASSET PURCHASE AGREEMENT, dated as of
March 31, 2007, is made by and among LEAR CORPORATION, a Delaware corporation (“Lear”),
INTERNATIONAL AUTOMOTIVE COMPONENTS GROUP NORTH AMERICA, INC., a Delaware corporation (the
“Company”), WL ROSS & CO. LLC, a Delaware limited liability company (“WL Ross”),
FRANKLIN MUTUAL ADVISERS, LLC (“Franklin”), and INTERNATIONAL AUTOMOTIVE COMPONENTS GROUP
NORTH AMERICA, LLC, a Delaware limited liability company (“IACNA”).

     WHEREAS, each of the undersigned are parties to that certain Asset Purchase Agreement dated as
of November 30, 2006 (the “Original Agreement”); and

     WHEREAS, the parties wish to amend the Original Agreement as set forth herein.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
contained herein and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:

ARTICLE 1

DEFINITIONS

     1.1 Defined Terms. Capitalized terms used herein and not defined herein shall have
the respective meanings given to such terms in the Original Agreement.

ARTICLE 2

AMENDMENTS TO ORIGINAL AGREEMENT,

EXHIBITS AND DISCLOSURE SCHEDULES.

     2.1 Amendment of Section 1.1.

          (a) The definitions of “Asian Joint Venture” and “Asian Joint Venture Agreement” in Section
1.1 of the Original Agreement, and all references to such terms in the Original Agreement, are
hereby deleted in their entirety.

          (b) The definition of “Affiliate Loans” in Section 1.1 of the Original Agreement is hereby
amended and restated in its entirety as follows:

“Affiliate Loans” means (i) a loan from WL Ross (or one or more of its Affiliates)
to the Company in the principal amount of $33,333,333 on the terms and conditions set forth
in the applicable Promissory Note and (ii) loans from Affiliates of Franklin to the Company
in the aggregate principal amount of $16,666,667, in such amounts and from such affiliates
as set forth on Schedule 1.1.1A, on the terms and conditions set forth in the applicable
Promissory Note.”

   

 

          (c) The definition of “Balance Sheet” in Section 1.1 of the Original Agreement is hereby
amended and restated in its entirety as follows:

““Balance Sheet” means the unaudited consolidated balance sheet for the Business,
including the Sale Companies but excluding the financial results of the Dayton Facility, as
of the Balance Sheet Date.”

          (d) The definition of “Holding Companies” in Section 1.1 of the Original Agreement is hereby
amended and restated in its entirety as follows:

““Holding Companies” means the Canadian Holding Company, the Mexican Holding Company
and IAC Finance, LLC.”

          (e) The definition of “Holding Company Shares” in Section 1.1 of the Original Agreement is
hereby amended and restated in its entirety as follows:

““Holding Company Shares” means all of the issued and outstanding shares or other
equity ownership interests of the Mexican Holding Company, the Canadian Holding Company and
IAC Finance, LLC.”

          (f) The definition of “Financial Statements” in Section 1.1 of the Original Agreement is
hereby amended and restated in its entirety as follows:

““Financial Statements” means (i) the Balance Sheet and (ii) the related unaudited
consolidated statements of income for the Business for the nine months ended on the Balance
Sheet Date, attached hereto as Schedule 1.1.5, excluding in each case, the financial
results of the Dayton Facility.”

          (g) The definition of “Knowledge of Lear” in Section 1.1 of the Original Agreement is hereby
amended and restated in its entirety as follows:

““Knowledge of Lear”, or words of similar import, means the actual knowledge of
Roger Jackson, Douglas DelGrosso, Daniel Ninivaggi, James Kamsickas, Jeff Vanneste, Earl
LaFontaine (with respect to intellectual property matters) or Bill Brockhaus (as to the
Current Mexican Subsidiaries), collectively.”

          (h) The definition of “Purchased Assets” in Section 1.1 of the Original Agreement is hereby
amended by amending and restating in its entirety subsection (iv) thereof as follows:

“(iv) the accounts receivable and prepaid expenses arising out of or relating primarily to
the Business to the extent reflected in the calculation of the Closing Net Working Capital
(including all inter-company trade accounts receivable between an Asset Seller or a Sale
Company and Lear or any of Lear’s Subsidiaries) or to the extent related to the operation of
the Business at the Dayton Facility and the assets described in clause (i) of the definition
of Tooling and Engineering Net Assets;”

          (i) The definition of “Tooling and Engineering Net Assets” in Section 1.1 of the Original
Agreement is hereby amended and restated in its entirety as follows:

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“Tooling and Engineering Net Assets” means (i) engineering and tooling costs that
are lump sum payable by the customer and capitalized engineering and tooling costs and gains
that will be amortized following the date of determination, less (ii) divisional accounts
payable related to the Business recorded at the Dearborn, Michigan Division Office, in each
case excluding the impact of any accounting on the books and records of the Business or Lear
for the transactions contemplated by this Agreement.

          (j) Section 1.1 of the Original Agreement is hereby amended by inserting the following new
defined term therein in the appropriate alphabetical order:

““Dayton Facility” means the facility owned and operated by Lear Corporation EEDS
and Interiors and located in Dayton, Tennessee.”

     2.2 Amendment of Section 2.2. Section 2.2(a)(i) of the Original Agreement is hereby
amended and restated in its entirety as follows:

“(i) all Current Liabilities of the Asset Sellers, to the extent included in the
calculation of the Closing Net Working Capital, all Current Liabilities of the Asset Sellers
to the extent related to the operation of the Business at the Dayton Facility, and all
liabilities under the intercompany loan payable related to the Business at the Madisonville,
Kentucky facility;”

     2.3 Amendment of Section 2.4.

          (a) The first sentence of Section 2.4(a) of the Original Agreement is hereby amended and
restated in its entirety as follows:

“In consideration of the Transfer of the Purchased Assets and the Holding Company Shares to
the Company at Closing, the Company shall (i) pay Lear $300,000 (the “Cash
Consideration”) by delivering to Lear a demand promissory note dated as of the Closing
Date in a form acceptable to Lear, which note shall be due and payable, without further
authorization or action of the parties to this Agreement, at 10:00 a.m. (Eastern Time) on
April 2, 2007, and (ii) assume the Assumed Liabilities (together with the Cash
Consideration, the “Purchase Price”).”

          (b) Section 2.4 of the Original Agreement is hereby amended by adding at the end thereof a new
subsection (c) as follows:

“(c) Lear will deliver to the Company an amended allocation and supporting
valuation report (the “Final Valuation Report”) no later than 60 days after
the Closing Date, and the Company will provide any comments, questions or objections
with respect thereto no later than 20 days after the delivery of the Final Valuation
Report, provided that the deadline for delivery of the Final Valuation Report may be
extended in 15-day increments with the Company’s prior written consent, not to be
unreasonably withheld or delayed. The parties will thereafter cooperate diligently
and in good faith to promptly resolve any disputes and agree upon an amended
Schedule 2.4, which amended Schedule 2.4 shall be prepared in a
manner consistent with Schedule 2.4 agreed to at Closing. The parties, in
connection with their respective U.S. federal, state, local and foreign tax returns
and other filings, agree not to take any position inconsistent with such purchase
price allocation for Tax reporting purposes. Any

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adjustment to the purchase price shall be allocated as provided by Treasury
Regulation Section 1.1060-1(c).“

     2.4 Amendment of Section 2.5.

          (a) The parties acknowledge and agree that set forth on Annex A attached hereto is a
list of (i) the accounts receivable that the Asset Sellers are excluding from the Purchased Assets
or the Sale Companies are distributing to another Lear Company prior to the Closing in accordance
with Section 2.5 of the Original Agreement and (ii) the accounts payable that the Asset Sellers are
excluding from the Assumed Liabilities or the Sale Companies are distributing to another Lear
Company prior to the Closing in accordance with Section 2.5 of the Original Agreement.

          (b) Section 2.5 of the Original Agreement is hereby amended by adding at the end thereof a new
subsection (l) as follows:

“(l) Notwithstanding anything to the contrary in this Agreement or the LLC
Agreement, (i) the Current Assets and the Current Liabilities of the Dayton Facility
shall be included in the calculation of the Closing Net Working Capital and the
Closing Tooling Net Assets only to the extent such Current Assets and Current
Liabilities have been recorded at the Dearborn, Michigan Division Office and (ii)
the calculation of 2007 EBITDA (as defined in the Limited Liability Company
Agreement of IACNA dated as of the date hereof) shall not take into account the
financial results of the Dayton Facility.”

     2.5 Amendment of Section 3.3. Notwithstanding anything to the contrary in Section 3.1
of the Original Agreement, the parties acknowledge and agree that the Closing Date shall be March
31, 2007 and the Closing shall be effective as of 11:59 p.m. (Eastern Time) on March 31, 2007.

     2.6 Amendment of Article VII. Article VII of the Original Agreement is hereby
amended and restated in its entirety as set forth on Annex B attached hereto.

     2.7 Amendment of Exhibits. Exhibit H of the Original Agreement is hereby
amended and restated in its entirety as set forth on Annex C attached hereto.

     2.8 Amendment of Schedules.

          (a) Schedule 1.1.1 of the Original Agreement, and all reference to such Schedule in
the Original Agreement, are hereby deleted in their entirety.

          (b) The parties hereby agree that attached hereto as Annex D is Schedule
1.1.1A

          (c) Schedule 1.1.2 of the Original Agreement is hereby amended and restated as set
forth on Annex E attached hereto.

          (d) Schedule 1.1.4 of the Original Agreement is hereby amended and restated in its
entirety as set forth on Annex F attached hereto.

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          (e) The parties hereby agree that attached hereto as Annex G is Schedule 2.4,
which Schedule 2.4 shall be subject to adjustment following the Closing in accordance with
Sections 2.4(c) and 2.5(k).

          (f) Schedule 3.1(d) of the Original Agreement is hereby amended and restated as set
forth on Annex H attached hereto.

     2.9 Amendment of Section 3.1(j). Section 3.1(j) of the Agreement is hereby amended by
clarifying that Lear is curing the shortfall in the Estimated Closing Tooling Net Assets by
increasing by $4.9 million the trade accounts receivable included in the Purchased Assets payable
from Lear to the Company.

ARTICLE 3

MISCELLANEOUS.

     3.1 From and after the date hereof, each reference in the Original Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, shall mean and be a reference
to the Original Agreement as amended hereby.

     3.2 Except as specifically set forth above, the Original Agreement shall remain unaltered and
in full force and effect and the respective terms, conditions or covenants thereof are hereby in
all respects ratified and confirmed.

     3.3 This Amendment may be executed in one or more counterparts, all of which will be
considered one and the same agreement and will become effective when one or more counterparts have
been signed by each of the parties and delivered to the other parties.

     3.4 This Amendment will be governed by, and construed in accordance with, the laws of the
State of New York, regardless of the laws that might otherwise govern under principles of conflict
of laws thereof.

[signature page follows]

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          IN WITNESS WHEREOF, the undersigned have caused this Amendment to Original Agreement to be
duly executed and delivered as of the date first above written.

	 	 	 	 	 	 	 	 	 
	 	 	LEAR CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Daniel A. Ninivaggi	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Daniel A. Ninivaggi	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:
	 	Executive Vice President, Secretary and General Counsel
	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	INTERNATIONAL AUTOMOTIVE COMPONENTS GROUP NORTH AMERICA, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Stephen Toy	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Stephen Toy	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:
	 	Director and Vice President	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	WL ROSS & CO. LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Stephen Toy	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Stephen Toy	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:
	 	Managing Director	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	FRANKLIN MUTUAL ADVISERS, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Bradley Takahashi	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Bradley Takahashi	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	INTERNATIONAL AUTOMOTIVE COMPONENTS GROUP NORTH AMERICA, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Stephen Toy	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Stephen Toy	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:
	 	Director and Vice President	 	 
	 

	 	 	 	 	 	 	 	 

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ANNEX B

ARTICLE 7

EMPLOYMENT MATTERS; EMPLOYEE BENEFITS

     7.1 Employee Benefit Plans.

          (a) Schedule 7.1(a) hereto lists all material Benefit Plans in effect as of November
30, 2006 including, without limitation, all pension, profit-sharing, savings and thrift, bonus,
incentive or deferred compensation, severance pay and medical and life insurance plans in which any
current or former Employees participate (collectively, “Employee Benefit Plans”).

          (b) Lear has provided or made available to the Company: (i) a complete copy of each written
Employee Benefit Plan and a description of any unwritten Employee Benefit Plan, each as in effect
on the date hereof; (ii) a copy of each trust agreement or other funding vehicle with respect to
each such plan; (iii) a copy of the most recently received determination letter, if any, and any
and all currently effective rulings or notices issued by a governmental or regulatory authority,
with respect to each such plan; (iv) a copy of the Form 5500 Annual Report (or similar governmental
report applicable outside of the United States), if any, for each of the two most recent plan years
for each such plan; and (vi) the most recent summary plan description, if any, with respect to each
such plan (excluding for purposes of this subsection (b) any documents not available to Lear
relating to any “multiemployer plan”, as defined in Section 4001(a)(3) of ERISA and any Canadian
multiemployer plan to which a Lear Company is contributing on behalf of non-U.S. Employees).

          (c) Each U.S. Employee Benefit Plan (other than a multiemployer plan) has been operated and
administered in material compliance with its terms and all applicable requirements of ERISA and the
Code and with any applicable reporting and disclosure requirements, including but not limited to
the requirement of Part 6 of Subtitle B of Title I of ERISA and Section 4980B of the Code.

          (d) Each Employee Benefit Plan (other than a multiemployer plan) which is intended to meet the
requirements of a “qualified plan” under Section 401(a) of the Code is so qualified and has either
received a favorable determination letter from the Internal Revenue Service that such plan is so
qualified or has requested such a favorable determination letter within the remedial amendment
period of Section 401(b) of the Code and neither Lear nor any Lear Company is aware of any facts or
circumstances that would jeopardize the qualification of such plan or the tax exempt status of any
related trust maintained by any Lear Company or an ERISA Affiliate intended to be exempt from U.S.
federal income taxation under Section 501 of the Code, or the qualified or registered status of any
Benefit Plan or trust maintained outside the United States.

          (e) Except as set forth on Schedule 7.1(e), no U.S. Employee Benefit Plan (other than
a multiemployer plan) which is a defined benefit plan or is subject to Title IV of ERISA or any
trust established thereunder has incurred any “accumulated funding deficiency” (as defined in
Section 302 of ERISA and Section 412 of the Code), whether or not waived, as of the last day of the
most recent fiscal year of each Title IV Plan ended prior to the Closing Date.

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          (f) Except as otherwise set forth on Schedule 7.1(f), none of the Employee Benefit
Plans provides or obligates any Lear Company or its Subsidiaries to provide any Employee (or any
dependent thereof) any life insurance or medical or health or any other welfare benefits after
their termination of employment with a Lear Company or any of its Subsidiaries, other than as
required under Part 6 of Subtitle B of Title I of ERISA, Section 4980B of the Code or any similar
state law, and except as otherwise set forth on Schedule 7.1(f), neither the Company nor
any Subsidiary has at any time made a promise or guarantee, or any expression that could be
construed as such a promise or guarantee, to any Employee that any such retiree benefit is or will
be provided for the life of the retiree, spouse or dependent or on a permanent, “lifetime” or
vested basis.

          (g) Except as set forth on Schedule 7.1(g), neither Lear nor any of its Subsidiaries
is required with respect to the Business to contribute to, or during the five-year period ending on
the Closing Date will have been required to contribute to, any “multiemployer plan”, as such term
is defined in Section 4001(a)(3) of ERISA, and neither Lear nor any of its Subsidiaries is subject
to any withdrawal or partial withdrawal liability within the contemplation of Section 4201 of ERISA
with respect to the Business and will not become subject thereto as a result of the transactions
contemplated by this Agreement. To the Knowledge of Lear, no U.S. multiemployer plan is insolvent
or is in reorganization status under ERISA Section 4241. Except as set forth on Schedule
7.1(g), neither Lear nor any of its Subsidiaries is required with respect to Employees to
contribute to any Canadian multi-employer plan, and, to the Knowledge of Lear, the only obligation
to or in respect of any Canadian Benefit Plan that is a multi-employer plan is to make the required
contributions to such plan in the amounts and in the manner set forth in the applicable collective
bargaining agreements.

          (h) Except as otherwise set forth on Schedule 7.1(h) hereto, neither the execution and
delivery of this Agreement nor the consummation of the transactions contemplated hereby will (i)
result in any material payment (including, without limitation, severance, unemployment
compensation, golden parachute or otherwise) becoming due from Lear or any of its Subsidiaries
under any Employee Benefit Plan, (ii) materially increase any benefits otherwise payable under any
Employee Benefit Plan or (iii) result in the acceleration of the time of payment or vesting of any
such benefits to any material extent, except as provided in Section 7.4.

          (i) Except as otherwise set forth on Schedule 7.1(i) hereto or as would not reasonably
be expected, individually or in the aggregate, to have a Material Adverse Effect, each Employee
Benefit Plan which is not a U.S. Employee Benefit Plan and is not a multiemployer plan (a
“Foreign Company Plan”) has been maintained in all material respects in accordance with its
terms and with all material legal requirements applicable thereto and is funded and/or book
reserved for in accordance with applicable laws. With respect to any non-U.S. multiemployer plan,
Lear or its Affiliate has made all required contributions when due.

          (j) Subject to any applicable collective bargaining agreement and any non-U.S. law to the
contrary and except for any Canadian pension Employee Benefit Plan or multiemployer plan, or as may
be disclosed on Schedule 7.1(j), Lear and, where applicable, each Lear Company has the
right to amend or terminate its participation with respect to, and sponsorship of, each Employee
Benefit Plan.

     7.2 Employment Offers. Prior to the Closing Date, the Company will offer employment
to all current Employees of the Asset Sellers (including such Employees on short-term disability,
conditioned upon their acceptance of the Company’s employment offer by the

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earlier of the expiration of the period of short-term disability or the date on which they are
no longer disabled, and excluding Employees on long-term disability), such employment to be
effective as of 12:01 a.m. on the Closing Date. With respect to bargaining unit Employees of the
Asset Sellers, the terms of their employment will be subject to the Company’s ability to negotiate
or implement new or modified wages, hours and other terms and conditions of employment with the
appropriate authorized collective bargaining representative at each such acquired location. Until
such time as new or modified wages, hours and terms and conditions are negotiated or implemented,
such bargaining unit employees will continue to work under the existing wages, hours and other
terms and conditions of employment set forth in the existing collective bargaining agreement at
each such acquired location, but in no event will such employees participate in the Benefit Plans
beyond the applicable “New Plan Effective Date,” as defined in Section 7.6. With respect to the
non-bargaining unit Employees, the offer of employment or the continued employment of Transferred
Employees will be in the same or a comparable position with wages, compensation and benefits
(excluding any benefits under a defined benefit plan or any retiree medical or life insurance
program) that are not, in the aggregate, materially less favorable to the Employee than those in
place immediately prior to the Closing Date, as determined by the Company, with such wages,
compensation and benefits, except with respect to defined benefit pension plans and post-retirement
benefits, being maintained for a minimum period of three months after the Closing Date. Those
Employees accepting such offers of employment by the Company will be deemed “Hired
Employees”. Within 10 days after the Closing Date, the Company will give Lear a list of all
Hired Employees.

     7.3 Termination of Participation. Except as otherwise provided in this Article VII,
as of the Closing Date, Lear shall cause the Sale Companies to cease participating in each Employee
Benefit Plan and the active participation in each Employee Benefit Plan of Transferred Employees
shall cease as of the Closing Date, and no additional benefits shall be accrued thereunder for such
Transferred Employees.

     7.4 Pension Plans. Lear and its Affiliates shall retain (a) except as specifically
set forth in this Section 7.4 related to the transfer of plan assets, all assets and liabilities
accrued through the Closing Date under the Employee Benefit Plans in which Employees in the United
States (“U.S. Company Employees”) participate (“U.S. Employee Benefit Plans”) that
are pension plans intending to be qualified under Code Section 401(a) (“U.S. Pension
Plans”), and shall make all contributions required to be made under the terms of each U.S.
Pension Plan for periods ending on or before the Closing Date, and (b) all liabilities under any
supplemental or other non-qualified retirement or pension plan maintained for the benefit of U.S.
Company Employees prior to the Closing Date. Each Hired Employee’s accrued benefit and account
balance under the U.S. Pension Plans shall be 100% vested as of the Closing Date. The accrued
benefits of each Hired Employee who is a participant, as of the Closing Date, in the Pension
Equalization Program and/or the Pension Make-Up Account under the Executive Supplemental Savings
Plan shall be 100% vested with respect to such program and/or account as of the Closing Date, but
only to the extent such Hired Employee would have attained full vesting if: (i) for full vesting
based solely on the age of the participant, the participant is credited with an additional five (5)
years of age as of the Closing Date; (ii) for full vesting based solely on the years of service of
the participant, the participant is credited with an additional five (5) years of service as of the
Closing Date; and/or (iii) for full vesting based on both the age and years of service of the
participant, the participant is credited with an additional five (5) years of age and five (5)
years of service as of the Closing Date.

          For purposes of benefit accruals, Lear shall give each participant under the Lear Combined
Pension Plan (the “Hourly Plan”) who is employed by the Company credit for service

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with the Company for the period beginning the day after the Closing Date and ending on the New
Plan Effective Date or, if earlier, the participant’s termination of employment with the Company
(the “Participation Period”). Such crediting will be done by Lear under the Hourly Plan,
and is not an adoption of the Hourly Plan by the Company. The Company shall be required to pay to
Lear, on a monthly basis, the Company’s allocable share (equivalent to the full aggregate amount
credited to such accounts, as determined by the applicable formula set forth in the Hourly Plan) of
employer contributions required to be made to the Hourly Plan during the Participation Period, with
respect to the Hourly Plan participants who are employees of the Company. With respect to the Lear
Corporation Hourly Retirement Savings Plan and the Lear Corporation Salaried Retirement Savings
Plan (collectively, the “401(k) Plans”), the Company shall become a participating employer
beginning the day after the Closing Date and ending on the “New Plan Effective Date.” The Company
shall be required to make all contributions due to the 401(k) Plans on behalf of its employees on a
timely basis in accordance with Lear’s past practices, the terms of the 401(k) Plans, and ERISA.
Within a reasonable period of time after the New Plan Effective Date with respect to the 401(k)
Plans, Lear and the Company shall take such actions as are necessary to transfer those portions of
the 401(k) Plan assets that relate to the Hired Employees to the applicable New Plan(s). The
Company shall also be responsible for its ratable share of any and all costs of administration with
respect to the Hourly Plan and 401(k) Plans during such period, which share shall be reasonably
determined by Lear, in consultation with the Company.

          Lear and its Affiliates shall (i) except as specifically set forth in Section 7.7(e) related
to the transfer of plan assets, retain all assets and liabilities accrued through the Closing Date
with respect to Employees of the Canadian Holding Company and Canadian Subsidiaries under the
Employee Benefit Plans that are defined benefit or defined contribution pension plans, excluding
any Canadian multiemployer plan, (ii) make all contributions required to be made under the terms of
each defined benefit or defined contribution plan (or, with respect to any Canadian multiemployer
plan, under the terms of the applicable collective bargaining agreement) with respect to which
Employees of the Canadian Holding Company or Canadian Subsidiaries participate for periods ending
on or before the Closing Date, and (iii) retain all liabilities under any supplemental pension plan
maintained for the benefit of Employees of the Canadian Holding Company and Canadian Subsidiaries.

     7.5 Welfare Plans. Lear shall retain all assets relating to the Employee Benefit
Plans in which Employees participate that are welfare benefit plans and shall be liable for and
shall hold the Company and its Subsidiaries harmless from and against all claims for the benefits
described below by participants of such plans which are incurred prior to the Closing Date. The
Company shall be liable (and shall hold Lear and its Affiliates harmless) for all claims for
benefits incurred during the period beginning the day after the Closing Date and ending on the “New
Plan Effective Date” (as defined in Section 7.6), with respect to each welfare plan participant who
is a Hired Employee (or who becomes employed by the Company after the Closing Date but on or before
the “New Plan Effective Date”), and his or her covered dependents and beneficiaries (collectively,
the “Covered Individuals”). The Company shall be responsible for its ratable share of any
and all costs of administration and insurance with respect to the welfare plans during such period,
which share shall be reasonably determined by Lear, in consultation with the Company. For purposes
of this Agreement, the following claims shall be deemed to be incurred as follows: (i) life,
accidental death and dismemberment and business travel accident insurance benefits, upon the death
or accident giving rise to such benefits; (ii) health, dental, vision, and/or prescription drug
benefits, upon provision of such services, materials or supplies; (iii) long-term disability
benefits, as of the date of the event giving rise to the long-term disability benefit by Lear’s
insurance carrier; (iv) workers’

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compensation claims, upon the event giving rise to the claim; and (v) short-term disability
benefits, upon provision of each payment (with respect to the payroll period within which the
Closing Date falls, the liability for the short-term disability benefit will be split ratably
between Lear and the Company, as reasonably determined by Lear in consultation with the Company).

          Lear shall be liable for and shall hold the Company and its Subsidiaries harmless from and
against any retiree welfare benefits to be provided to retirees of any Lear Company and its
Subsidiaries who have actually retired prior to the Closing Date, under any U.S. Employee Benefit
Plan. In addition, Lear shall remain liable for payment of amounts credited as of the Closing Date
to the HRA notional account for Mendon Employees covered by the collective bargaining agreement
with the UAW, such payments being due if a union employee leaves employment with Company and its
Subsidiaries or Lear and its Subsidiaries after attaining 10 years of service and 55 years of age.
The Company will provide timely notification to Lear, no less frequently than quarterly, of the
termination of employment of any Mendon Employee covered by the collective bargaining agreement
with the UAW.

     7.6 Assistance with Benefit Plan Transition. From the date of signing this Agreement
until the respective dates as of which the Company’s or its Affiliates’ new pension and welfare
benefit plans (the “New Plans”) become effective, or, if no such plan is established by the
Company, as of the date specified by the Company, but no later than December 31, 2007 (or such
earlier date as specifically provided in this Section 7.6) (each such date constituting a “New
Plan Effective Date”), Lear and its Affiliates agree to work with the Company to enable the
Company or its Affiliates to establish New Plans that will cover eligible Hired Employees and
Transferred Employees and their eligible dependents, so that on the respective New Plan Effective
Dates, said individuals may obtain coverage under the applicable New Plan. Notwithstanding
anything in the Agreement to the contrary, the New Plan Effective Date will in no event be later
than November 30, 2007 with respect to New Plans that are pension plans. The Company agrees to use
its best efforts to establish New Plans effective as soon as administratively practicable after the
Closing Date. Lear agrees to use its reasonable best efforts to obtain from its welfare benefits
providers comparable terms and conditions for the Company from the New Plan Effective Date with
respect to the New Plans that are welfare plans, through the remainder of 2007, if applicable. The
Company and Lear agree to work together to effect a transition with respect to the continuation of
the flexible spending accounts for the Hired Employees. After the end of the 2007 plan year, Lear
and the Company shall reconcile the amounts that each withheld from pay and paid out under a
flexible spending account plan and determine if either party is entitled to reimbursement from the
other.

     7.7 Company’s Obligations.

          (a) Except as may be required by non-U.S. law with respect to non-U.S. bargaining unit
Employees of the Sale Companies, the Company (i) expressly declines and refuses to assume or adopt
any collective bargaining agreement or other agreement, letter, memorandum, past practice or
understanding with any collective bargaining representative or labor organization at any acquired
location, and (ii) retains all of its rights and obligations as a successor employer to the Lear
Companies in connection with the Business, including to bargain in good faith with the authorized
collective bargaining representative at each acquired location to seek to establish new or modified
collective bargaining agreements, as well as other agreements, letters, memoranda, or
understandings.

          (b) Except as may be required by non-U.S. law with respect to non-U.S. bargaining unit
Employees of the Sale Companies, from and after the Closing Date (or, to

5

 

the extent applicable with respect to any welfare or pension plan, the New Plan Effective
Date) and notwithstanding any other provision of this Agreement, the management and direction of
the Company’s and its subsidiaries’ workforce and business, and the terms and conditions thereof,
including all wage and salary programs (including bonuses, and incentive compensation), medical and
other benefit programs, other compensation and benefit programs and the establishment of
procedures, policies and protocols for hiring, disciplining and firing employees and setting
general employee standards, shall be determined by the Board of Directors of the Company (as
delegated to the officers of the Company and its subsidiaries).

          (c) To the extent the Company is required by any non-U.S. law to pay notice, severance or
other separation benefits or damages to an Employee of a Sale Company who as of the Closing Date is
on long-term disability (including employees who have exhausted short-term disability benefits, but
have not been medically cleared to return to work), Lear shall reimburse the Company for the cost
of any such notice, severance or separation benefits or damages; provided, however, that (i) the
Company shall use commercially reasonable efforts to mitigate any such damages (it being agreed
that the Company shall have no obligation to return such Employees to work); (ii) should the
Company return any such Employee to work, Lear shall have no reimbursement obligation with respect
to any such Employee following such Employee’s return to work, and (iii) the Company shall tender
the defense of any claim for damages by such an Employee to Lear and shall not settle any such
claim without Lear’s prior written consent. For the avoidance of doubt, this subsection (c) does
not apply with respect to any Employee who as of the Closing Date is on short-term disability.

          (d) Subject to the provisions of Section 7.2 of this Agreement and this Section 7.7, the
Company agrees to give Hired Employees and Transferred Employees service credit for all periods of
employment with Lear or its Affiliates prior to the Closing Date for all purposes (other than for
pension benefit accruals, except as otherwise specifically provided in this Agreement) under any
plan adopted or maintained by the Company or any of its Subsidiaries in which Employees
participate. The Company agrees to waive any limitations regarding pre-existing conditions, and to
give full credit for any co-payments made and deductibles fully or partially satisfied prior to the
Closing Date with respect to any welfare or other employee benefit plans maintained by the Company
or any of its Subsidiaries in which Employees participate after the Closing Date.

          (e) Effective no later than the New Plan Effective Date, the Company shall have in effect a
defined contribution plan that is intended to be qualified under Section 401(a) of the Code and
that includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the
Code with terms and conditions no less favorable than those in Lear’s Savings Plan, in which U.S.
Company Employees shall be eligible to participate; provided, however, that the terms and
conditions of participation and benefits under such plan with respect to bargaining employees shall
be established pursuant to Section 7.2. From the date of this Agreement until the Closing Date,
Lear and its Affiliates agree to work with the Company to enable the Company and its Affiliates,
and the Company agrees, to establish or to cause its Affiliates to establish, effective as of the
Closing Date, one or more registered defined contribution pension plans (and, to the extent
required by applicable non-U.S. law, associated funding vehicles) to provide benefits to salaried
and hourly Canadian Transferred Employees who immediately prior to the Closing Date are actively
participating in registered Canadian pension plans sponsored by Lear and its Affiliates and to
register such plans and funding vehicles with each appropriate Governmental Entity (subject, where
applicable with respect to bargaining Employees at the Maple location, to the terms and conditions
set forth in the collective bargaining agreement with UNITE HERE Ontario Council Local 1813). The

6

 

contribution rates under such plans to be established shall be at the discretion of the
Company, but in no event shall such contribution rates be so low as to cause Lear or its Affiliates
to have a “wind-up” with respect to its registered pension plans. Within a reasonable period of
time after the New Plan Effective Date with respect to the registered defined contribution plans
for Canadian Transferred Employees, Lear and the Company shall take such actions as are necessary,
subject to regulatory approval, to transfer those portions of the applicable Canadian pension
plans’ assets that relate to the defined contribution account balances of the Canadian Transferred
Employees to the applicable New Plans.

          (f) The Company shall be liable for and shall hold Lear and its Affiliates harmless from and
against any and all Assumed Employee Liabilities with respect to or arising out of: (i) Employees’
employee benefits, including, without limitation, Assumed Employee Liabilities, arising from or
with respect to, the Company’s employee benefit plans; (ii) the employment of Hired Employees by
the Company or the employment of Transferred Employees by the Sale Companies from and after the
Closing Date; and (iii) any business associate agreement entered into by Lear or a Benefit Plan for
the benefit of the Company or its Affiliates establishing New Plans, but only with respect to
protected health information that the business associate creates, receives, uses, or discloses on
or before the applicable New Plan Effective Date, and except to the extent that any such liability
is caused by the negligence of Lear or its employees.

          (g) The Lear Companies will take no action, or enter into any transaction, whatsoever contrary
to, or otherwise inconsistent with, the provisions of this Section 7.7.

(h) If, as of the Closing Date, an Employee was not actively at work, or was at work on
other than a full-time basis, in either case, due to an injury for which the employee was
receiving benefits under the workers’ compensation law, or was working in accordance with a
return to work program in any applicable collective bargaining agreement, the Company agrees
that at the time an Employee is found by a third-party, which is independent of Lear or its
Subsidiaries, to be able to return to work, it will offer employment to such Employee.

     7.8 Plant Closing Laws. The Company shall be responsible for providing any notice
required, pursuant to the United States Federal Worker Adjustment and Retraining Notification Act
of 1988, any successor United States federal law, and any applicable plant closing notification law
with respect to a mass layoff or plant closing relating to the Business that occurs after the
Closing Date.

     7.9 Accrued Vacation. Subject to the requirements of relevant state labor laws, the
Company will permit Hired Employees, during the vacation accrual year containing the Closing Date,
to take accrued, but unused as of the Closing Date, vacation days with pay in accordance with the
applicable policies of Lear and its Subsidiaries as in effect as of the Closing Date. Lear shall
reimburse the Company for the cost of any such vacation days to the extent they were earned prior
to the date that is 12 months prior to the Closing Date.

     7.10 Miscellaneous. Lear and the Company agree to furnish each other with such
information concerning Employees and Benefit Plans, and to take all such other reasonable action,
as is necessary and appropriate to effect the transactions contemplated by this Article VII, in
each case to the extent permitted under applicable law. The Relevant Lear Companies hereby agree
to use their commercially reasonable best efforts to assist the Company in making

7

 

offers and hiring any of the Employees, including providing the Company with access to such
Employees and their work and personnel and related files, such access to files to be consistent
with applicable law, during a reasonable period of time prior to the Closing Date. Neither Lear
nor any of the Relevant Lear Companies shall take any action that would impede, hinder, interfere
or otherwise compete with Company’s effort to hire any Employees.

     7.11 Equity Incentives. IACNA and the Company agree that each offer of employment to
a management Employee shall (1) be conditioned on such Employee signing a waiver and termination of
rights under Lear’s equity incentive plans with respect to all unvested equity interests as of the
Closing Date and (2) provide for an equity grant from IACNA or the Company to such Employee of
substantially equivalent value to the unvested equity interests in Lear with respect to which such
Employee is forfeiting his or her rights (treating the Closing Date as a pro rata vesting date with
respect to restricted stock units).

8exv10w1

 

Exhibit 10.1

FOURTH AMENDMENT TO

REVOLVING CREDIT AND SECURITY AGREEMENT

     THIS FOURTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT (this “Amendment”) is
made and entered into effective as of April 4, 2007 (the “Effective Date”), by and between
HORIZON OFFSHORE, INC., a Delaware corporation (“Holdings”), HORIZON OFFSHORE CONTRACTORS,
INC., a Delaware corporation (“Contractors”), HOC OFFSHORE, S. DE R.L. DE C.V., a Mexican
limited liability company (“HOC”), HORIZON MARINE CONTRACTORS (MALAYSIA) SDN BHD, a
Malaysian private company (“Malaysia”), PT HORIZON OFFSHORE INDONESIA, an Indonesia PMA
(“Indonesia”), HORIZON MARINE CONSTRUCTION (MAURITIUS) LTD., a Mauritius limited liability
company (“Mauritius”) and HORIZON MARINE CONSTRUCTION LTD., a Cayman Islands limited
liability company (“Construction”) (Holdings, Contractors, HOC, Malaysia, Indonesia,
Mauritius, and Construction, individually and collectively, “Borrower” or
“Borrowers”), and PNC BANK, NATIONAL ASSOCIATION, as Agent and a Lender (the
“Agent”).

PRELIMINARY STATEMENTS

     A. The Borrowers, the Agent and the Lenders signatory thereto (the “Lenders”) are
parties to that certain Revolving Credit and Security Agreement dated as of April 28, 2006, as
amended by (i) that certain Amendment to Revolving Credit and Security dated as of April 28, 2006,
(ii) that certain First Amendment to Revolving Credit and Security Agreement dated as of August 10,
2006, (iii) that certain Second Amendment to Revolving Credit and Security Agreement dated as of
August 16, 2006, and (iv) that certain Third Amendment to Revolving Credit and Security Agreement
dated as of November 15, 2006 (as further amended, restated, modified and/or supplemented from time
to time, the “Credit Agreement”); and

     B. The Borrowers, Agent and the Lenders desire to amend the Credit Agreement and Agent and the
Lenders are willing to do so subject to the terms and conditions set forth herein.

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

ARTICLE I

DEFINITIONS

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

 

 

ARTICLE II

AMENDMENT

     2.01 Amendment to Section 1.2. Effective as of the date hereof, Section 1.2
of the Credit Agreement is hereby amended by amending and restating the definition of “Letter of
Credit Sublimit” contained therein in its entirety to provide as follows:

     “‘Letter of Credit Sublimit’ shall mean $30,000,000.”

ARTICLE III

CONDITIONS PRECEDENT

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

     (a) The Agent shall have received this Amendment duly executed by each Borrower, and a
Consent, Ratification and Release duly executed by each Guarantor, each in form and
substance satisfactory to the Agent and its legal counsel;

     (b) The representations and warranties contained herein and in the Credit Agreement and
the Other Documents shall be true and correct as of the date hereof, as if made on the date
hereof; and

     (c) No Default or Event of Default shall have occurred and be continuing.

ARTICLE IV

NO WAIVER

     4.01 No Waiver. Nothing contained in this Amendment shall be construed as a waiver by
the Agent or any Lender of any covenant or provision of the Credit Agreement, the Other Documents,
this Amendment, or of any other contract or instrument between any Borrower and the Agent or any
Lender, and the failure of the Agent or any Lender at any time or times hereafter to require strict
performance by each Borrower of any provision thereof shall not waive, affect or diminish any right
of the Agent to thereafter demand strict compliance therewith. The Agent and each Lender hereby
reserves all rights granted under the Credit Agreement, the Other Documents, this Amendment and any
other contract or instrument between any of them.

ARTICLE V

RATIFICATIONS, REPRESENTATIONS AND WARRANTIES

     5.01 Ratifications. The terms and provisions set forth in this Amendment shall modify
and supersede all inconsistent terms and provisions set forth in the Credit Agreement and the Other
Documents, and, except as expressly modified and superseded by this Amendment, the terms and
provisions of the Credit Agreement and the Other Documents are ratified and confirmed and shall
continue in full force and effect. Each Borrower hereby agrees that all liens and security
interest securing payment of the Obligations under the Credit Agreement are hereby

 

 

collectively renewed, ratified and brought forward as security for the payment and performance
of the Obligations. Each Borrower, the Agent and the Lenders agree that the Credit Agreement and
the Other Documents, as amended hereby, shall continue to be legal, valid, binding and enforceable
in accordance with their respective terms.

     5.02 Representations and Warranties. Each Borrower hereby represents and warrants to
the Agent and the Lenders that (a) the execution, delivery and performance of this Amendment and
any and all Other Documents executed and/or delivered in connection herewith have been authorized
by all requisite corporate action on the part of such Borrower and will not violate the Certificate
of Incorporation or By-Laws (or applicable organization or governing documents) of any Borrower;
(b) the representations and warranties contained in the Credit Agreement, as amended hereby, and
the Other Documents are true and correct on and as of the date hereof and on and as of the date of
execution hereof as though made on and as of each such date; (c) no Default or Event of Default
under the Credit Agreement, as amended hereby, has occurred and is continuing, unless such Default
or Event of Default has been specifically waived in writing by the Agent; (d) each Borrower is in
full compliance with all covenants and agreements contained in the Credit Agreement and the Other
Documents, as amended hereby; and (e) no Borrower has amended its Certificate of Incorporation or
By-Laws (or applicable organizational or governing documents) since the date of the Credit
Agreement.

ARTICLE VI

MISCELLANEOUS PROVISIONS

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

     6.02 Reference to Credit Agreement. Each of the Credit Agreement and the Other
Documents, and any and all other agreements, documents or instruments now or hereafter executed and
delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement, as amended
hereby, are hereby amended so that any reference in the Credit Agreement and such Other Documents
to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby.

     6.03 Expenses of the Agent. Each Borrower agrees to pay on demand all reasonable
costs and expenses incurred by the Agent in connection with any and all amendments, modifications,
and supplements to the Loan Documents, including, without limitation, the costs and fees of the
Agent’s legal counsel, and all costs and expenses incurred by the Agent in connection with the
enforcement or preservation of any rights under the Credit Agreement, as amended hereby, or any
other Loan Documents, including, without, limitation, the costs and fees of the Agent’s legal
counsel.

     6.04 Severability. Any provision of this Amendment held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this

 

 

Amendment and the effect thereof shall be confined to the provision so held to be invalid or
unenforceable.

     6.05 Successors and Assigns. This Amendment is binding upon and shall inure to the
benefit of the Agent, the Lenders and Borrowers and their respective successors and assigns, except
that no Borrower may assign or transfer any of its rights or obligations hereunder without the
prior written consent of the Agent.

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

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

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

     6.09 Applicable Law. THIS AMENDMENT AND ALL OTHER AGREEMENTS EXECUTED PURSUANT HERETO
SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

     6.10 Final Agreement. THE CREDIT AGREEMENT AND THE OTHER DOCUMENTS, EACH AS AMENDED
HEREBY, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON
THE DATE THIS AMENDMENT IS EXECUTED. THE CREDIT AGREEMENT AND THE OTHER DOCUMENTS, AS AMENDED
HEREBY, MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. NO MODIFICATION,
RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT
BY A WRITTEN AGREEMENT SIGNED BY THE COMPANY AND THE AGENT.

     6.11 Release. EACH BORROWER HEREBY ACKNOWLEDGES THAT IT HAS NO DEFENSE, COUNTERCLAIM,
OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO
REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY ANY LOANS OR EXTENSIONS OF CREDIT
FROM AGENT OR ANY LENDER TO BORROWER UNDER THE CREDIT AGREEMENT OR THE OTHER DOCUMENTS OR TO SEEK
AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM THE AGENT OR ANY LENDER. EACH BORROWER
HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES THE AGENT OR ANY LENDER, ITS
PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS,
ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS,

 

 

EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED,
SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN
WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH ANY BORROWER MAY NOW OR
HEREAFTER HAVE AGAINST THE AGENT, ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF
ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR
REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY LOANS OR EXTENSIONS OF CREDIT FROM THE AGENT TO THE
COMPANY UNDER THE CREDIT AGREEMENT OR THE OTHER DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY
CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE
HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT
OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT.

[Remainder of Page Intentionally Blank; Signature Pages Follow.]

 

 

     IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment as of the date
first above-written.

	 	 	 	 	 
	 
	 	 	 	 
	 	 	Borrowers:
	 
	 	 	 	 
	 	 	HORIZON OFFSHORE, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	Ronald D. Mogel
	 

	 	 	 	 
	 

	 	Title:	 	Vice President, Treasurer & CFO 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	HORIZON OFFSHORE CONTRACTORS, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	Ronald D. Mogel 
	 

	 	 	 	 
	 

	 	Title:	 	Vice President, Treasurer & CFO 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	HOC OFFSHORE, S. DE R.L. DE C.V.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	Ronald D. Mogel 
	 

	 	 	 	 
	 

	 	Title:	 	Treasurer 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	HORIZON MARINE CONSTRUCTION LTD.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	Ronald D. Mogel 
	 

	 	 	 	 
	 

	 	Title:	 	Vice President & Treasurer
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	HORIZON MARINE CONTRACTORS (MALAYSIA) SDN BHD
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	Ronald D. Mogel 
	 

	 	 	 	 
	 

	 	Title:	 	Director 
	 

	 	 	 	 

 

 

	 	 	 	 	 
	 
	 	 	 	 
	 	 	PT HORIZON OFFSHORE INDONESIA
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	Ronald D. Mogel 
	 

	 	 	 	 
	 

	 	Title:	 	Commissioner 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	HORIZON MARINE CONSTRUCTION (MAURITIUS) LTD.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	Ronald D. Mogel 
	 

	 	 	 	 
	 

	 	Title:	 	Director 
	 

	 	 	 	 

 

 

	 	 	 	 	 
	 
	 	 	 	 
	 	 	Agent and Sole Lender:
	 
	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	Robert Reaser 
	 

	 	 	 	 
	 

	 	Title:	 	VP

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