Document:

Form of 9% Convertible Notes

 Exhibit 10.84 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THEY MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT
IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION AVAILABLE UNDER SUCH ACT. 
 CONVERTIBLE PROMISSORY NOTE 
 As of             

  

			
	Plymouth Meeting, Pennsylvania	  	€ 7.500.000

 FOR VALUE RECEIVED, the undersigned, LITHIUM TECHNOLOGY CORPORATION, a Delaware corporation,
with an address at 5115 Campus Drive, 19642 Plymouth Meeting, PA (the “Company”), hereby promises to pay to the order of
                    , with an address at
                    , (together with his successors and permitted assigns, the “Holder”), in accordance with the terms hereinafter
provided, the principal amount of EUROS                     
€(            ), together with all accrued but unpaid interest, all as provided in this Convertible Promissory Note (as the same may be supplemented, modified,
amended or restated from time to time in the manner provided herein, the “Note”). 
 Any payments hereunder shall be applied,
first, against any accrued but unpaid interest and, second, against the outstanding principal balance of the Note. 
 Beginning on the date
hereof, the outstanding principal balance of this Note shall bear interest, in arrears, at a rate equal to 9% per annum; provided, however, that such rate shall increase to 18% at any time following the occurrence of an Event of
Default (as hereinafter defined). Interest shall be computed on the basis of a 360-day year of twelve 30-day months and shall be payable on the Maturity Date (as hereinafter defined). Notwithstanding anything to the contrary set forth in this Note,
the interest payable hereunder shall not exceed the maximum rate of interest permissible to be charged under the laws of the State of New York. Any amounts paid in excess of such rate shall be considered to have been payments in reduction of
principal. 
 The outstanding principal balance of this Note shall be due and payable in its entirety on September 30, 2011, or at such
earlier time as provided herein (the “Maturity Date”). Principal and interest shall be payable in Euros in immediately available funds, at the address of the Holder first set forth above or at such other place, or by wire transfer
of funds to such account of the Holder, as the Holder may designate from time to time in writing to the Company. This Note may, without the prior written consent of the Holder, be prepaid by the Company, only in full, at any time prior to the
Maturity Date, provided that (i) the Company shall concurrently pay the Holder a prepayment premium equal to 2% of the amount so prepaid and (h) this Note may not be prepaid without at least ten Business Days’ (as hereinafter
defined) prior written notice to the Holder. For purposes hereof, “Business Day” shall mean any day, other than any Saturday, Sunday or a public holiday under the laws of the State of Pennsylvania. 
 Article I 
 Transfer: Replacement

 1.1. Payment on Non-Business Days. Whenever any payment to be made shall be due on a non-Business Day, such payment shall be
made on the next succeeding Business Day and such next succeeding Business Day shall be included in the calculation of the amount of accrued interest payable on such date. 

 1.2. Transfer. This Note may, at any time, be assigned, transferred or sold, subject to the
provisions of Section 6.6 of this Note, or pledged, hypothecated or otherwise granted as security, by the Holder. 
 1.3.
Replacement. Upon receipt of a duly executed, notarized and unsecured written statement from the Holder with respect to the loss, theft or destruction of this Note (or any replacement hereof), and without requiring an indemnity bond or other
security, or, in the case of the mutilation of this Note, upon surrender and cancellation of this Note, the Company shall issue a new Note, of like tenor and amount, in lieu of such lost, stolen, destroyed or mutilated Note. 
 Article II 
 Default: Acceleration

 2.1. Events of Default. The occurrence of any of the following events shall be an “Event of Default” under
this Note: 
 (a) the Company shall fail to make any payment of principal or interest on the date such payment is due hereunder, whether upon
the Maturity Date or otherwise; 
 (b) default shall be made in the performance or observance of any covenant contained in this Note and such
default shall continue unremedied for a period of ten days after notice from the Holder; 
 (c) any representation or warranty made by the
Company in this Note shall prove to have been false or incorrect or breached in any respect on the date as of which made; 
 (d) the company
or any of its Subsidiaries (as hereinafter defined) shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property or
assets, (ii) make a general assignment for the benefit of its creditors, (iii) commence a voluntary case under the United States Bankruptcy code (as now or hereafter in effect), (iv) file a petition seeking to take advantage of any
bankruptcy, insolvency, moratorium, reorganization or other similar law affecting the enforcement of creditors’ rights generally, (v) acquiesce in writing to any petition filed against it in an involuntary case under United States
Bankruptcy Code (as now or hereafter in effect) or (vi) take any action under the laws of any jurisdiction (foreign or domestic) analogous to any of the foregoing; 
 (e) a proceeding or case shall be commenced in respect of the Company or any of its Subsidiaries, without its application or consent, in any court of competent jurisdiction, seeking (i) the liquidation,
reorganization, moratorium, dissolution, winding up, or composition or readjustment of its debts, (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of it or of all or any substantial part of its assets or
(iii) similar relief in respect of it under any law providing for the relief of debtors, and such proceeding or case described in clause (i), (ii) or (iii) shall continue undismissed, or unstayed and in effect, for a period of 90 days
or an order for relief shall be entered in an involuntary case under United States Bankruptcy Code (as now or hereafter in effect) against the company or action under the laws of any jurisdiction (foreign or domestic) analogous to any of the
foregoing shall be taken with respect to the Company and shall continue undismissed, or unstayed and in effect for a period of 90 days; or 
 2.2. Remedies Upon an Event of Default. If an Event of Default shall have occurred and shall be continuing, the Holder of this Note may at any time declare the entire unpaid principal balance of this Note, together with all interest
accrued thereon, due and payable, and thereupon, the same shall be accelerated and so due and payable, without presentment, demand, protest or notice, all of which are hereby expressly, unconditionally and irrevocably waived by the Company;
provided, however, that upon the occurrence of an Event of Default described in Section 2.1(d) or 2.1(e), the outstanding principal balance and accrued interest and any other amounts due hereunder shall be automatically due and
payable. No course of delay on the part of the Holder shall operate as a waiver thereof or otherwise 

 
prejudice any rights of the Holder. No remedy conferred hereby shall be exclusive of any other remedy referred to herein or now or hereafter available at
law, in equity, by statute or otherwise. 
 2.3. Acceleration of the Note. 
 (a) Upon the occurrence of (i) a Change in Control (as hereinafter defined), or (ii) a Financing (as hereinafter defined) (each of the events
described in clauses (i) and (ii) above, an “Acceleration Event”), the entire unpaid principal balance of this Note, together with all interest accrued thereon and any other amounts due hereunder, shall become due within
three (3) months and payable, without presentment, demand, protest or notice, all of which are hereby expressly, unconditionally and irrevocably waived by the Company. 
 (b) In connection with the acceleration of this Note in accordance with this Section 2.3, the Company shall promptly provide the Holder with any
information reasonably requested in writing by the Holder with respect to such Acceleration Event. In the event that the Holder intends to exercise its Conversion Option (as hereinafter defined) in connection with such Acceleration Event, the Holder
shall provide written notice of such exercise prior to the expiration of the 15-Business Day period beginning on the delivery date of the Acceleration Event Notice. Upon the occurrence of an Acceleration Event, the Company shall pay to the Holder
the entire unpaid principal balance of this Note, together with all interest accrued thereon (less the amount of any principal or interest converted by the Holder pursuant to Article III) and any other amounts due hereunder, by wire transfer of
immediately available funds, against surrender to the Company of this Note, marked “Paid In Full”. Payment of all amounts due in accordance with this Section 2.3 shall discharge all of the Company’s obligations under this Note,
and the Holder shall have no further rights with respect hereto. 
 (c) As used herein, the following terms have the following meanings:

 (i) “Change in Control” of the Company would be
deemed to have occurred if, at any time following the date hereof: (A) any “person” or “group” (as such terms are used in Sections 3(a)(9) and 13(d)(3) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (other than the shareholders of the Company identified in (1) Amendment No. 16/6 to Schedule 13D filed with respect to the Company on April 29, 2008 and (2) Schedule 13D filed with respect to the
Company on June 2, 2008) becomes a “beneficial owner” (as such term is used in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing 50°k or more of the combined voting
power of the Company’s then outstanding securities; (B) a change in “control” of the Company (as the term “control” is defined in Rule 12b-2 or any successor rule promulgated under the Exchange Act) shall have occurred;
(C) the shareholders or the Board of Directors of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; or
(D) the shareholders or the Board of Directors of the Company approve a merger or consolidation of the Company with any other company, other than a merger or consolidation which would result in the combined voting power of the Company’s
voting securities outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than S0% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation. 
 (ii) “Financing” means the consummation by the Company or any of its Subsidiaries of any debt or equity financing in
excess of $20,000,000. 
 2.4. Mandatory Prepayment of the Note. 
 (a) In the event of the receipt by the Company or any of its Subsidiaries of any proceeds from any Asset Sale or Insurance/Condemnation Award (each as
defined below), the Company shall apply within thirty (30) Business Day after the receipt thereof the net after-tax proceeds therefrom to pay in cash 

 
the principal and all accrued but unpaid interest hereunder. Any such payment shall be applied first to the accrued but unpaid interest hereunder and then to
the outstanding principal hereunder. 
 (b) “Asset Sale” means any sale, transfer, conveyance or other disposition by the
Company or any of its Subsidiaries of any of its property or assets, other than the sale of inventory in the ordinary course of business. 
 (c) “Insurance/Condemnation Award” means the receipt by the Company or any of its Subsidiaries of any proceeds received under any casualty insurance polity maintained by or for the benefit of the Company or any of its
Subsidiaries or as a result of the taking of any assets of the Company or any of its Subsidiaries pursuant to the power of eminent domain or condemnation. 
 Article III 
 Conversion 
 31. Conversion Option. 
 (a) The outstanding principal amount of this Note and any interest
outstanding hereunder shall be convertible (in whole or in part), at the option (the “Conversion Option”) of the Holder, at any time during the period from the date of this Note until the payment in full by the Company of the entire
principal balance of this Note, together with all interest accrued thereon and any other amounts due hereunder (the “Conversion Period”), into either: (i) such number of the Company’s shares of common stock, $0.01 par
value per share (the “Common Stock”), equal to the quotient of (A) the amount of unpaid principal and interest outstanding hereunder being converted, converted from Euros into Dollars based upon the Exchange Rate of the Euro to
the Dollar at the date hereof, divided by (B) the Conversion Price (as hereinafter defined) per share of Common Stock then in effect, the maximum number of shares of Common Stock in which the principal amount and the interest amount can
be converted to, is given in Exhibit A; or (ii) any equity securities (or debt securities convertible into equity securities) of any series or class issued by the Company at any time following the date hereof, at an effective conversion price
equal to the Conversion Price, (provided. however, that this clause (ii) shall not apply to any securities issued upon exercise of any stock option outstanding on the date hereof or securities hereafter issued to employees and directors
of the Company pursuant to stock option or stock purchase plans or an arm’s length agreement adopted or approved by the Company’s Board of Directors, provided that the aggregate amount of Common Stock deemed issued or issuable under all
such transactions described in this parenthetical sentence does not exceed two percent (2%) of the number of shares then outstanding on a fully-diluted basis calculated immediately post-issuance). “Conversion Price” shall mean
$0.10, as such price shall be appropriately adjusted from time to time in the event of any equity split, dividend, recapitalization, reclassification or similar event by the Company with respect to its equity securities. The Common Stock and other
securities referred to in clauses (i) and (ii) of the immediately preceding sentence shall be referred to herein as the “Conversion Securities”. 
 (b) The Holder may, at any time and from time to time during the Conversion Period, exercise the Conversion Option. To convert this Note (in whole or in
part) in accordance with Section 3.1(a), the Holder hereof shall deliver written notice thereof, substantially in the form of Exhibit “B” to this Note, with appropriate insertions (the “Conversion Notice”), to the Company at
its address as set forth herein. The date upon which the conversion shall be effective (the “Conversion Date”) shall be deemed to be the date set forth in the Conversion Notice. Within five Business Days after the date of the receipt of
the Notification of Conversion by the Company, the Company shall deliver to the Holder one or more certificates representing the number “Conversion Securities” and, in the event of a partial conversion, a confirmation that this Convertible
Promissory Note will remain valid for the remainder of the principal balance and the remainder of the outstanding interest balance, such certificates and confirmation, if applicable, shall the Notice of Conversion for all purposes be deemed to be
issued and outstanding as of the date of the receipt of this Note by the Company. 

 (c) The Company shall provide the Holder at least 15 Business Days prior written notice of any repayment
by the Company of this Note or any other event that, if it were to occur, would impair the right of the Holder to convert this Note. 
 (d)
The Company recognizes and acknowledges that a breach by the Company of the provisions of this Section 3.1 will cause irreparable and material harm to the Holder, that the Holder may bring a suit to enforce or remedy a breach of the provisions
of this Section 3.1, that in any such suit an action for damages would be inadequate, and that the Holder may seek and obtain such equitable relief (without being required to post a bond or other security), including but not limited to
injunctive relief, as may be appropriate in any court of competent jurisdiction, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. 
 3.2. Certain Rights of the Holder. Nothing contained in this Note shall be construed as conferring upon the Holder, prior to the conversion of
this Note, the right to vote or to receive distributions or to consent or to receive notice as a member in respect of any meeting of members for the election of directors (as the case may be) of the Company or of any other matter, or any other
rights as a shareholder of the Company. 
 Article IV 
 Secured Nature of the Note 
 All obligations of the Company under this note are and will be secured
by a certain first priority security interest in all of the tangible and intangible fixed assets, including real estate, of the Company, the Company hereby represents and warrants to the Holder as follows: 
 4.1. The Company agrees to pledge in favor off all subscribers of this Note of € 7,500,000 all of the tangible and intangible fixed assets,
consisting of (but not limited to) production machinery, office equipment, office furniture, testing and laboratory equipment, patents, etc. it owns now or will own in the future. 
 4.2. The Company agrees not to grant any security interest in any form or fashion in the pledged assets for any other Note or any other debt, without
prior written consent from the Holder. 
 4.3. The Company agrees, on the first request of the Holder, to grant a mortgage security on all
real estate it now owns or will own in the future under such terms and conditions as the Holder will require. The Company will take all actions that are required to record and file all legally required documents in all relevant and applicable
governmental offices. 
 4.4. The Company agrees not to grant a mortgage or any other security interest in any form or fashion in all real
estate it now owns or will own in the future. The Company further agrees not to sell, lease, rent, give in use or restrict the availability for the Company of the real estate it now owns or will own in the future in any form or fashion. 

4.5. So long as no Event of Default (as defined in Article II of this Note) shall have occurred and be continuing: 
 (i) the Company shall be entitled to exercise any and all rights pertaining to the pledged assets or any part thereof for any purpose not
inconsistent with the terms of this article and necessary for the normal course of business; and 
 (ii) the Company shall be
entitled to receive and retain any and all payments paid or made in respect of the pledged assets for use in the normal course of business. 

 Article V 
 Representations and Warranties of the Company 
 The Company hereby represents and warrants to the
Holder as follows: 
 5.1. Organization. The Company is a corporation duly organized and validly existing under the laws of the State
of Delaware and has the power and authority to enter into this Note and to carry out the transactions contemplated hereby. The Company has the requisite corporate power and authority to own, lease and operate the properties used in its business and
to carry on its business as currently conducted and currently contemplated to be conducted. 
 5.2. Authority. The Company has the
corporate power and authority to enter into this Note and to perform its obligations hereunder. The execution, delivery and performance by the Company of this Note and the consummation by the Company of the transactions contemplated hereby have been
duly authorized and approved by the Board of Directors of the Company and no other corporate proceedings on the part of the Company or any shareholder are necessary to authorize and approve this Note and the transactions contemplated hereby. This
Note has been duly executed and delivered by the Company and constitutes the valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except that (i) such enforcement may be subject to
bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights and (ii) the remedy of specific performance and injunctive and other forms of equitable relief may be subject
to equitable defenses and to the discretion of the court before which any proceeding therefore may be brought. 
 5.3. Consents and
Approvals. There is no requirement applicable to the Company which has not already been satisfied to make any filing with, or to obtain any permit, authorization, consent, waiver or approval of, any person (including, but not limited, the Board
of Directors and shareholders of the Company) or any governmental or regulatory authority as a condition to the lawful consummation by the Company of the issuance of the Conversion Securities or any other transaction contemplated by this Note,
except for securities filings which can legally be made after the sale of the Shares. 
 5.4. No Violation. Neither the execution and
delivery of this Note by the Company nor the consummation of the transactions contemplated hereby will (i) conflict with or result in any breach of any provision of the Company’s Restated Certificate of Incorporation, as amended through
the date of this Note, or Bylaws, as amended through the date of this Note, (ii) result in a default or constitutes an event of default or a breach (or gives rise to any right of termination, cancellation or acceleration, or result in any
Encumbrance (as hereinafter defined) upon any property or assets of the Company or any Subsidiary) under any of the terms, conditions or provisions of any note, bond, mortgage, indenture, agreement, lease or other instrument or obligation to which
the Company or any Subsidiary is a party or by which the Company or any Subsidiary or any of their respective properties or assets is bound, or (iii) violate any order, writ, injunction, decree, statute or regulation or any other restriction of
any kind or character applicable to the Company or any Subsidiary or any of their respective properties or assets. 
 5.5. SEC Reports;
Financial Statements. The Company has filed all reports required to be filed by it under the Securities Act of 1933 as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), including pursuant to Section 13(a) or Section 15(d) of the Exchange Act, for the three years preceding the date hereof (or such shorter period as the Company was required by law to file such material) (the foregoing
materials, including the exhibits thereto, being collectively referred to herein as the “SEC Reports”). The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting
requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a
consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GMP, and
fairly present in all material respects the financial position of the Company and its consolidated subsidiaries as of and for the dates thereof and the 

 
results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit
adjustments. Amper, Politziner & Mattia P.C., which have certified certain financial statements of the Company and its consolidated subsidiaries included in the SEC Reports, are independent public accountants as required by the Securities
Act, the Exchange Act and the respective rules and regulations of the Commission thereunder and are registered and in good standing with the Public Company Accounting Oversight Board in accordance with the Sarbanes-Oxley Act of 2002. 
 5.6. Material Changes. Since December 31, 2007, other than as described in registration statements and reports filed with the Commission,
(i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any material liabilities (contingent or otherwise) other
than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or required
to be disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its holders of Common
Stock or other capital stock, or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or affiliate, except pursuant to
existing Company stock option plans. 
 5.7. Certain Definitions. For purposes of this Note, the following terms shall have the
respective definitions set forth below: 
 (a) “Encumbrance” shall mean any lien, charge, claim, pledge, security interest,
conditional sale agreement or other title retention agreement, lease, mortgage, security agreement, right of first refusal, option, restriction, tenancy, license, covenant, right-of-way, easement or other encumbrance (including the filing of, or
agreement to give, any financing statement under the UCC or any other law of any jurisdiction). 
 (b) “Material Adverse
Effect” shall mean any material adverse change in the business, operations or assets of the Company, financial or otherwise, taken as a whole with its Subsidiaries. 
 (c) “Person” shall mean any individual, corporation, partnership, joint venture, trust, unincorporated organization, limited liability
company, estate, association, joint stock company, company other form of business or legal entity or governmental authority. 
 (d)
“Subsidiary” shall have the meaning provided in Rule 12b-2 under the Exchange Act. 
 Article VI 
 Covenants of the Company 
 6.1. The
Company shall not declare or pay any dividend or other distribution to any of its shareholders until this Note has been paid in full or converted in full in accordance with the terms hereof. 
 6.2. The Company initially will take steps to reserve Common Stock a number of shares of Common Stock for the Note equal to 130% of the quotient of
(i) the amount of unpaid principal and interest outstanding hereunder divided by (ii) the Conversion Price as of the Issuance Date. Thereafter, a as long as the Note is outstanding, the Company shall take all action necessary to
reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose of effecting the conversion of this Note, 130% of the number of shares of Common Stock as shall from time to time be necessary to effect the
conversion at the then-effective Conversion Price of the Note (the “Required Reserve Amount”). 
 6.3. If at any time while
this Note remains outstanding the Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for 

 
issuance upon conversion of this Note at least a number of shares of Common Stock equal to the Required Reserve Amount (an “Authorized Share
Failure”), then the Company shall immediately take all action necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for the Notes then
outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than 90 days after the occurrence of such Authorized Share Failure,
the Company shall hold a meeting of its shareholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting, the Company shall provide each shareholder with a proxy statement and shall use
its best efforts to solicit its shareholders’ approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the shareholders that they approve such proposal. 
 Article VII 
 Miscellaneous 

7.1. Governing Law. This Note is being delivered as a sealed instrument in the State of Delaware and shall be governed by and construed and
enforced in accordance with the laws of the State of Delaware (regardless of the laws that might otherwise govern under applicable principles of conflicts of law of such State). 
 7.2. Headings. Article and section headings in this Note are included herein for purposes of convenience of reference only and shall not
constitute a part of this Note for any other purpose. 
 7.3. Certain Expenses. Each of the Company, on the one hand, and the Holder,
on the other hand, shall bear all of its own expenses incurred in connection with the negotiation, execution and delivery of this Note. In the event of litigation hereunder, the non-prevailing party shall pay all reasonable out-of-pocket costs and
expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred by the prevailing party. 
 7.4. Binding
Effect. The obligations of the Company and the Holder set forth herein shall be binding upon the successors and assigns of each such party, whether or not such successors or assigns are permitted by the terms hereof. 
 7.5. Amendments. This Note may not be modified or amended in any manner except in a writing executed by the Company and the Holder. 
 7.6. Compliance with Securities Laws. The Holder of this Note acknowledges that this Note is being acquired solely for the Holder’s own
account and not as a nominee for any other party, and for investment, and that the Holder shall not offer, sell or otherwise dispose of this Note or any securities acquired upon conversion of this Note in the absence of a registration statement in
effect with respect thereto under the Securities Act except pursuant to an exemption from registration under the Securities Act and, if requested, delivery of an opinion of counsel reasonably satisfactory to the Company that such registration is not
required. Any Note issued in substitution or replacement for this Note, as well as any securities acquired upon conversion thereof, shall be stamped or imprinted with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THEY MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION AVAILABLE UNDER SUCH ACT.” 
 7.7. Jurisdiction. Each of the Company and the Holder hereby irrevocably consents and submits to the exclusive jurisdiction of the United States
District Court of Delaware in connection with any dispute arising out of or relating to this Note, waives any objection to venue in such District (unless such 

 
court lacks jurisdiction with respect to such dispute, in which case, each of the parties hereto irrevocably consents to the jurisdiction of the courts of
the State of Pennsylvania in connection with such dispute and waives any objection to venue in Pennsylvania), and agrees that service of any summons, complaint, notice or other process relating to such dispute may be effected in the manner provided
by Section 6.10. 
 7.8. No Assignment by Company. The Company shall not be permitted to assign any of its rights or obligations
under this Note, and any such assignment shall be null and void ab initio. 
 7.9. Company Waivers. 
 (a) Except as otherwise specifically provided herein, the Company and all others that may become liable for all or any part of the obligations evidenced
by this Note, hereby waive presentment, demand, notice of nonpayment, protest and all other demands and notices in connection with the delivery, acceptance, performance or enforcement of this Note, and do hereby consent to any number of renewals of
extensions of the time or payment hereof and agree that any such renewals or extensions may be made without notice to any such persons and without affecting their liability herein and do further consent to the release of any person liable hereon,
all without affecting the liability of the other persons, firms or corporations liable for the payment of this Note AND DO HEREBY WAIVE TRIAL BY JURY. 
 (b) No delay or omission on the part of the Holder in exercising its rights under this Note, or course of conduct relating hereto, shall operate as a waiver of such rights or any other right of the Holder, nor shall
any waiver by the Holder of any such right or rights on any one occasion be deemed a waiver of the same right or rights on any future occasion. 
 (c) THE COMPANY ACKNOWLEDGES THAT THE TRANSACTION OF WHICH THIS NOTE IS A PART ISA COMMERCIAL TRANSACTION AND, TO THE EXTENT ALLOWED BY APPLICABLE LAW, HEREBY WAIVES ITS RIGHT TO NOTICE AND HEARING WITH RESPECT TO ANY PREJUDGMENT REMEDY
WHICH THE HOLDER OR ITS SUCCESSORS OR ASSIGNS MAY DESIRE TO USE. 
 7.10. Notices. All notices, claims, certificates, requests,
demands and other communications hereunder shall be in writing and shall be deemed to have been duly given upon receipt if personally delivered, mailed or transmitted by recognized international courier service (return receipt requested) or
transmitted by telecopier (with receipt acknowledged by the recipient or confirmed electronically) to the respective addresses set forth on the first page hereof, or to such other address as the person to whom notice is to be given may have
previously furnished to the other persons in writing in the manner set forth above. 
 7.11. Counterparts. This Note may be executed
in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 
 IN WITNESS WHEREOF, this Convertible Promissory Note has been executed and delivered by the Company as of the date first written above. 
  

			
	LITHIUM TECHNOLOGY CORPORATION
		
	By:	 	 /s/ Theo M.M. Kremers

	Name:	 	Theo M.M. Kremers
	Title:	 	CEO

  

			
	Accepted and agreed:
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT “A” 
  

												
	 Date
	  	Principle Amount
(€)	  	Principal Amount
($)	  	Exercise Price	  	Maximum
Number of
Common
Shares
		  	€	 	  	$	 	  	$	0.10	  	
					
	 Maturity In Years
	  	Maximum Interest
Amount (€)	  	Maximum Interest
Amount ($)	  	Exercise Price	  	Maximum
Number of
Common
Shares
		  	€	 	  	$	 	  	$	0.10	  	

 EXHIBIT “B” 
 NOTICE OF CONVERSION 
 (To be executed by the Holder in order to Convert the Convertible
Promissory Note) 
 in whole / in part * 
  

	TO:	LITHIUM TECHNOLOGY COMPANY 

 The undersigned hereby
irrevocably elects to convert €
                                        
of the principal amount and accrued interest of the above Note into Shares of Common Stock of Lithium Technology Corporation, according to the conditions stated therein, as of the Conversion Date written below. 
  

			
	 Conversion Date:
	 	                                       
                                         
               
		
	 Applicable Conversion Price:
	 	$0,10
		
	 Applicable Exchange Rate:
	 	(Dollar to Euro)
		
	 Signature:
	 	                                       
                                         
               
		
	 Name:
	 	                                       
                                         
               
		
	 Address:
	 	                                       
                                         
               
		
	 Amount to be converted (Principal)
	 	€                                      
                                         
              
		
	 Amount to be converted (Interest)
	 	€                                      
                                         
              
		
	 Amount of Note unconverted (Principal)
	 	€                                      
                                         
              
		
	 Amount of Note unconverted (Interest)
	 	€                                      
                                         
              
		
	 Conversion Price per share
	 	€                                      
                                         
              
		
	 Number of shares of Common Stock to be issued:
	 	                                       
                                         
               
		
	Please issue the shares of Common Stock in the following name and to the following address:	 	                                       
                                         
               
		
	 Issue to:
	 	                                       
                                         
               
		
	 Authorized Signature:
	 	                                       
                                         
               
		
	 Name:
	 	                                       
                                         
               
		
	 Title:
	 	                                       
                                         
               
		
	 Phone Number:
	 	                                       
                                         
               
		
	 Broker DTC Participant Code:
	 	                                       
                                         
               
		
	 Account Number:
	 	                                       
                                         
               

  

	*	elect what is applicable.Amended and Restated Commercial Paper Dealer Agreement (Barclays)

 Exhibit 10.1 
 AMENDED AND RESTATED 
 COMMERCIAL PAPER DEALER AGREEMENT 
 4(2) PROGRAM 
 between

 TRANSOCEAN INC., as Issuer 
 and 
 BARCLAYS CAPITAL INC., as Dealer 
  

	
	 Concerning Notes to be issued pursuant to an Issuing and
 Paying Agency Agreement dated as of December 20, 2007
 between the Issuer and Citibank NA, as Issuing and
Paying
 Agent (as the same may be amended, supplemented, and
 restated from time to time)

 Dated as of 
 December 3, 2008 

 Commercial Paper Dealer Agreement 
 4(2) Program 
 This amended and restated agreement (the “Agreement”) sets forth the understandings between
the Issuer and the Dealer, each named on the cover page hereof, in connection with the issuance and sale by the Issuer of its short-term promissory notes (the “Notes”) through the Dealer. This Agreement amends and restates in its entirety
the original agreement of the Issuer and Dealer dated as of December 20, 2007. 
 As used herein, “Redomestication Transactions” means the
transactions pursuant to which, among other things, (i) the Issuer shall organize or cause to be organized (x) Transocean Ltd., a Swiss corporation registered in Zug, Switzerland (“Guarantor”), as a direct wholly owned subsidiary
of the Issuer, and (y) Transocean Cayman Ltd., a Cayman Islands company (“Transocean-Acquisition”), as a direct wholly owned subsidiary of the Guarantor, (ii) the Issuer shall merge with Transocean-Acquisition, pursuant to the
Agreement and Plan of Merger dated as of October 9, 2008 among the Issuer, the Guarantor and Transocean-Acquisition, as amended (the “Agreement and Plan of Merger”), by way of schemes of arrangement under Cayman Islands law (the
“Schemes of Arrangement”) as provided in the Agreement and Plan of Merger, with the Issuer being the surviving company in such merger and becoming the direct wholly owned subsidiary of the Guarantor, and (iii) the Guarantor shall
issue, pursuant to the Agreement and Plan of Merger, one share of the Guarantor in exchange for each share of the Issuer issued and outstanding immediately prior to such merger. NOTWITHSTANDING ANY OTHER PROVISION HEREIN, THE ISSUER AND THE DEALER
AGREE THAT GUARANTOR SHALL HAVE NO RIGHTS OR OBLIGATIONS HEREUNDER OR UNDER THE GUARANTEE, NOR SHALL GUARANTOR BE DEEMED TO HAVE MADE ANY REPRESENTATIONS OR COVENANTS HEREUNDER OR UNDER THE GUARANTEE, UNTIL THE ACCESSION DELIVERY DATE, WHICH, AS
DEFINED IN SECTION 3.7, SHALL OCCUR ONLY UPON THE EXECUTION AND DELIVERY BY THE GUARANTOR OF AN ACCESSION AGREEMENT AND THE GUARANTEE, IN ACCORDANCE WITH AND SUBJECT TO ADDITIONAL REQUIREMENTS SET FORTH IN SECTION 3.7. 
 Certain terms used in this Agreement are defined in Section 6 hereof. 
 The Addendum to this Agreement, and any Annexes or Exhibits described in this Agreement or such Addendum, are hereby incorporated into this Agreement and made fully a part hereof. 
  

	1.	Offers, Sales and Resales of Notes. 

  

	 	1.1	While (i) the Issuer has and shall have no obligation to sell the Notes to the Dealer or to permit the Dealer to arrange any sale of the Notes for the account of the Issuer,
and (ii) the Dealer has and shall have no obligation to purchase the Notes from the Issuer or to arrange any sale of the Notes for the account of the Issuer, the parties hereto agree that in any case where the Dealer purchases Notes from the
Issuer, or arranges for the sale of Notes by the Issuer, such Notes will be purchased or sold by the Dealer in reliance on the representations, warranties, covenants and agreements of the Issuer and the Guarantor contained herein or made pursuant
hereto and on the terms and conditions and in the manner provided herein and sold by the Issuer in reliance on the representations, warranties, covenants and agreements of the Dealer contained herein or made pursuant hereto and on the terms and
conditions and in the manner provided herein. 

  

	 	1.2	 So long as this Agreement shall remain in effect, and in addition to the limitations contained in Section 1.7 hereof, neither the Issuer nor the Guarantor
shall, without the consent of the Dealer which consent shall not be unreasonably withheld or delayed, offer, solicit or accept offers to purchase, or sell, any Notes except (a) in transactions with one or more dealers which may from 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 2 

	 	 
time to time after the date hereof become dealers with respect to the Notes by executing with the Issuer and the Guarantor one or more agreements which
contain provisions substantially identical to those contained in Section 1 of this Agreement, of which the Issuer and the Guarantor hereby undertake to provide the Dealer prompt notice or (b) in transactions with the other dealers listed
on the Addendum hereto, which are executing agreements with the Issuer and the Guarantor which contain provisions substantially identical to Section 1 of this Agreement contemporaneously herewith. In no event shall the Issuer or the Guarantor
offer, solicit or accept offers to purchase, or sell, any Notes directly on its own behalf in transactions with persons other than broker-dealers as specifically permitted in this Section 1.2. 

  

	 	1.3	The Notes shall be in a minimum denomination of $250,000 or integral multiples of $1,000 in excess thereof, will bear such interest rates, if interest bearing, or will be sold at
such discount from their face amounts, as shall be agreed upon by the Dealer and the Issuer, shall have a maturity not exceeding 397 days from the date of issuance (exclusive of days of grace) and may have such terms as are specified in Exhibit C
hereto or the Private Placement Memorandum. The Notes shall not contain any provision for extension, renewal or automatic “rollover.” 

  

	 	1.4	The authentication and issuance of, and payment for, the Notes shall be effected in accordance with the Issuing and Paying Agency Agreement, and the Notes shall be either individual
physical certificates or book-entry notes evidenced by one or more master notes (each, a “Master Note”) registered in the name of The Depository Trust Company (“DTC”) or its nominee, in the form or forms annexed to the Issuing
and Paying Agency Agreement. 

  

	 	1.5	If the Issuer and the Dealer shall agree on the terms of the purchase of any Note by the Dealer or the sale of any Note arranged by the Dealer (including, but not limited to,
agreement with respect to the date of issue, purchase price, principal amount, maturity and interest rate or interest rate index and margin (in the case of interest-bearing Notes) or discount thereof (in the case of Notes issued on a discount
basis), and appropriate compensation for the Dealer’s services hereunder) pursuant to this Agreement, the Issuer shall cause such Note to be issued and delivered in accordance with the terms of the Issuing and Paying Agency Agreement and
payment for such Note shall be made by the purchaser thereof, either directly or through the Dealer, to the Issuing and Paying Agent, for the account of the Issuer. Except as otherwise agreed, in the event that the Dealer is acting as an agent and a
purchaser shall either fail to accept delivery of or make payment for a Note on the date fixed for settlement, the Dealer shall promptly notify the Issuer, and if the Dealer has theretofore paid the Issuer for the Note, the Issuer will promptly
return such funds to the Dealer against its return of the Note to the Issuer, in the case of a certificated Note, and upon notice of such failure in the case of a book-entry Note. If such failure occurred for any reason other than default by the
Dealer, the Issuer and the Guarantor agree, jointly and severally, to reimburse the Dealer on an equitable basis for the Dealer’s loss of the use of such funds for the period such funds were credited to the Issuer’s account.

  

	 	1.6	The Dealer, the Issuer and the Guarantor hereby establish and agree to observe the following procedures in connection with offers, sales and subsequent resales or other transfers of
the Notes: 

  

	 	(a)	Offers and sales of the Notes by or through the Dealer shall be made only to: (i) investors reasonably believed by the Dealer to be Qualified Institutional Buyers,
Institutional Accredited Investors or Sophisticated Individual Accredited Investors and (ii) non-bank fiduciaries or agents that will be purchasing Notes for one or more accounts, each of which is reasonably believed by the Dealer to be a
Qualified Institutional Buyer, an Institutional Accredited Investor or Sophisticated Individual Accredited Investor. 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 3 

	 	(b)	Resales and other transfers of the Notes by the holders thereof shall be made only in accordance with the restrictions in the legend described in clause (e) below and to the
extent such resale is made to or through the Dealer, the Dealer will comply with the provisions of such legend and this Section 1.6. 

  

	 	(c)	No general solicitation or general advertising shall be used in connection with the offering of the Notes. Without limiting the generality of the foregoing, without the prior
written approval of the Dealer, neither the Issuer nor the Guarantor shall issue any press release or place or publish any “tombstone” or other advertisement relating to the Notes. Notwithstanding the foregoing, any publication by the
Issuer of a notice in accordance with Rule 135c under the Securities Act shall not be deemed to constitute general solicitation or general advertising hereunder and shall not require prior written approval of the Dealer. 

  

	 	(d)	No sale of Notes to any one purchaser shall be for less than $250,000 principal or face amount, and no Note shall be issued in a smaller principal or face amount. If the purchaser
is a non-bank fiduciary or agent acting on behalf of others, each person for whom such purchaser is acting must purchase at least $250,000 principal or face amount of Notes. 

  

	 	(e)	Offers and sales of the Notes by the Issuer through the Dealer acting as agent for the Issuer shall be made in accordance with Rule 506 under the Securities Act, and shall be
subject to the restrictions described in the legend appearing on Exhibit A hereto. A legend substantially to the effect of such Exhibit A shall appear as part of the Private Placement Memorandum used in connection with offers and sales of Notes
hereunder, as well as on each individual certificate representing a Note and each Master Note representing book-entry Notes offered and sold pursuant to this Agreement. 

  

	 	(f)	The Dealer shall furnish or shall have furnished to each purchaser of Notes for which it has acted as the Dealer a copy of the then-current Private Placement Memorandum unless such
purchaser has previously received a copy of the Private Placement Memorandum as then in effect. The Private Placement Memorandum shall expressly state that any person to whom Notes are offered shall have an opportunity to ask questions of, and
receive information from the Issuer and the Dealer and, on and after the Accession Delivery Date, the Guarantor, and shall provide the addresses and telephone numbers for obtaining further information regarding the Issuer and, on and after the
Accession Delivery Date, the Guarantor. 

  

	 	(g)	The Issuer and the Guarantor, jointly and severally, agree for the benefit of the Dealer and each of the holders and prospective purchasers from time to time of the Notes that, if
at any time (i) prior to the Accession Delivery Date, the Issuer, or (ii) on or after the Accession Delivery Date, the Guarantor, shall not be subject to Section 13 or 15(d) of the Exchange Act, the Issuer or the Guarantor will
furnish, upon request and at their expense, to the Dealer and to holders and prospective purchasers of Notes information required by Rule 144A(d)(4)(i) in compliance with Rule 144A(d). 

  

	 	(h)	In the event that any Note offered or to be offered by the Dealer would be ineligible for resale under Rule 144A, the Issuer shall promptly notify the Dealer (by telephone,
confirmed in writing) of such fact and shall promptly prepare and deliver to the Dealer an amendment or supplement to the Private Placement Memorandum describing the Notes that are ineligible, the reason for such ineligibility and any other relevant
information relating thereto. 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 4 

	 	(i)	The Issuer and the Guarantor represent that neither the Issuer nor the Guarantor is currently issuing commercial paper in the United States market in reliance upon the exemption
provided by Section 3(a)(3) of the Securities Act. The Issuer and the Guarantor agree that, if the Issuer or the Guarantor shall issue commercial paper after the date hereof in reliance upon such exemption (a) the proceeds from the sale of
the Notes will be segregated from the proceeds of the sale of any such commercial paper by being placed in a separate account; (b) the Issuer and the Guarantor will institute appropriate corporate procedures to ensure that the offers and sales
of notes issued by the Issuer or the Guarantor, as the case may be, pursuant to the Section 3(a)(3) exemption are not integrated with offerings and sales of Notes hereunder; and (c) the Issuer and the Guarantor will comply with each of the
requirements of Section 3(a)(3) of the Securities Act in selling commercial paper or other short-term debt securities other than the Notes in the United States. 

  

	 	(j)	The Issuer hereby confirms that it has filed with the SEC a notice on Form D in accordance with Rule 503 under the Securities Act and agrees that it will file such amendments to
such notice as Rule 503 may require. 

  

	 	1.7	Each of the Issuer and the Guarantor hereby represents and warrants to the Dealer, in connection with offers, sales and resales of Notes, as follows: 

  

	 	(a)	The Issuer and the Guarantor hereby confirm to the Dealer that (except as permitted by Section 1.6(i)) within the preceding six months neither the Issuer nor the Guarantor nor
any person other than the Dealer or the other dealers referred to in Section 1.2 hereof acting on behalf of the Issuer or the Guarantor has offered or sold any Notes, or any substantially similar security of the Issuer or the Guarantor
(including, without limitation, medium-term notes issued by the Issuer or the Guarantor), to, or solicited offers to buy any such security from, any person other than the Dealer or the other dealers referred to in Section 1.2 hereof. The Issuer
and the Guarantor also agree that (except as permitted by Section 1.6(i)), as long as the Notes are being offered for sale by the Dealer and the other dealers referred to in Section 1.2 hereof as contemplated hereby and until at least six
months after the offer of Notes hereunder has been terminated, neither the Issuer nor the Guarantor nor any person other than the Dealer or the other dealers referred to in Section 1.2 hereof (except as contemplated by Section 1.2 hereof)
will offer the Notes or any substantially similar security of the Issuer for sale to, or solicit offers to buy any such security from, any person other than the Dealer or the other dealers referred to in Section 1.2 hereof, it being understood
that such agreement is made with a view to bringing the offer and sale of the Notes within the exemption provided by Section 4(2) of the Securities Act and Rule 506 thereunder and shall survive any termination of this Agreement. Each of the
Issuer and the Guarantor hereby represents and warrants that it has not taken or omitted to take, and will not take or omit to take, any action that would cause the offering and sale of Notes hereunder to be integrated with any other offering of
securities, whether such offering is made by the Issuer or the Guarantor or some other party or parties, under circumstances that would cause the offering and sales of the Notes by the Issuer to fail to be exempt under Section 4(2) of the
Securities Act and Rule 506 thereunder. 

  

	 	(b)	 The Issuer represents and agrees that the proceeds of the sale of the Notes are not currently contemplated to be used for the purpose of buying, carrying or trading
securities within the 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 5 

	 	 
meaning of Regulation T and the interpretations thereunder by the Board of Governors of the Federal Reserve System. In the event that the Issuer determines
to use such proceeds for the purpose of buying, carrying or trading securities, whether in connection with an acquisition of another company or otherwise, the Issuer shall give the Dealer at least three business days’ prior written notice to
that effect but shall not be required to identify or disclose such securities. The Issuer shall also give the Dealer prompt notice of the actual date that it commences to purchase securities with the proceeds of the Notes. Thereafter, in the event
that the Dealer purchases Notes as principal and does not resell such Notes on the day of such purchase, to the extent necessary to comply with Regulation T and the interpretations thereunder, the Dealer will sell such Notes either (i) only to
offerees it reasonably believes to be Qualified Institutional Buyers or to Qualified Institutional Buyers it reasonably believes are acting for other Qualified Institutional Buyers, in each case in accordance with Rule 144A or (ii) in a manner
which would not cause a violation of Regulation T and the interpretations thereunder. 

  

	 	1.8	The Dealer agrees from time to time upon request of the Issuer to inform the Issuer whether it is holding Notes purchased from the Issuer that it has not yet sold or Notes that have
been sold and subsequently repurchased by the Dealer (specifying in which category each Note so held belongs) and the amount, issue date, maturity and interest rate, if applicable, of each such Note. 

  

	2.	Representations and Warranties of the Issuer and the Guarantor. 

 Each of the Issuer and the Guarantor represents and warrants as to itself that: 
  

	 	2.1	The Issuer is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation and has all the requisite power and
authority to execute, deliver and perform its obligations under the Notes, this Agreement and the Issuing and Paying Agency Agreement. 

  

	 	2.2	The Guarantor is a company duly organized, and validly existing and in good standing under the laws of the jurisdiction of its incorporation and has all the requisite power and
authority to execute, deliver and perform its obligations under the Guarantee and to execute and deliver the Accession Agreement and thereafter to perform its obligations under this Agreement. 

  

	 	2.3	This Agreement and the Issuing and Paying Agency Agreement have been duly authorized, executed and delivered by the Issuer and constitute legal, valid and binding obligations of the
Issuer enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at law). 

  

	 	2.4	The Notes have been duly authorized, and when issued as provided in the Issuing and Paying Agency Agreement, will be duly and validly issued and will constitute legal, valid and
binding obligations of the Issuer enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general
principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

  

	 	2.5	On and after the Accession Delivery Date, the Guarantee will be duly authorized, executed and delivered by the Guarantor and constitute the legal, valid and binding obligation of
the Guarantor enforceable against the Guarantor in accordance with its terms subject to applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at law). 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 6 

	 	2.6	Assuming compliance by the Dealer with the procedures applicable to it set forth in Section 1, the offer and sale of the Notes in the manner contemplated hereby do not require
registration of the Notes or the Guarantee under the Securities Act, pursuant to the exemption from registration contained in Section 4(2) thereof and Regulation D thereunder, and no indenture in respect of the Notes or the Guarantee is
required to be qualified under the Trust Indenture Act of 1939, as amended. 

  

	 	2.7	The Notes and the Guarantee will rank at least pari passu with all other unsecured and unsubordinated indebtedness of the Issuer and the Guarantor, respectively.

  

	 	2.8	Except as provided in Section 1.6(j) hereof, and assuming compliance by the Dealer with the procedures set forth in Section 1, no consent or action of, or filing or
registration with, any governmental or public regulatory body or authority, including the SEC, is required to authorize, or is otherwise required in connection with the execution, delivery or performance of, this Agreement, the Notes, the Guarantee
or the Issuing and Paying Agency Agreement, except for the filing of Form D pursuant to Rule 503 under the Securities Act or as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the
Notes. 

  

	 	2.9	Neither the execution and delivery of this Agreement, the Guarantee and the Issuing and Paying Agency Agreement, nor the issuance of the Notes in accordance with the Issuing and
Paying Agency Agreement, nor the fulfillment of or compliance with the terms and provisions hereof or thereof by the Issuer or the Guarantor, will (i) result in the creation or imposition of any mortgage, lien, charge or encumbrance of any
nature whatsoever upon any of the properties or assets of the Issuer or the Guarantor, or (ii) violate or result in a breach or a default under any of the terms of the charter documents or by-laws of the Issuer or the Guarantor, any contract or
instrument to which the Issuer or the Guarantor is a party or by which it or its property is bound, or any law or regulation, or any order, writ, injunction or decree of any court or government instrumentality, to which the Issuer or the Guarantor
is subject or by which it or its property is bound, which breach or default could reasonably be expected to have a material adverse effect on the condition (financial or otherwise), operations or business of the Issuer or the Guarantor or the
ability of the Issuer or the Guarantor to perform its obligations under this Agreement, the Notes, the Guarantee, or the Issuing and Paying Agency Agreement. 

  

	 	2.10	There is no litigation or governmental proceeding pending, or to the knowledge of the Issuer or the Guarantor threatened, against or affecting the Issuer or the Guarantor or any of
their subsidiaries which could reasonably be expected to result in a material adverse change in the condition (financial or otherwise), operations or business of the Issuer or the Guarantor or the ability of the Issuer or the Guarantor to perform
its obligations under this Agreement, the Notes, the Guarantee or the Issuing and Paying Agency Agreement. 

  

	 	2.11	Neither the Issuer nor the Guarantor is an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

  

	 	2.12	Neither the Private Placement Memorandum nor the Company Information contains any untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided that the Issuer makes no representation or warranty as to the Dealer Information. 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 7 

	 	2.13	Each (a) issuance of Notes by the Issuer hereunder and (b) amendment or supplement of the Private Placement Memorandum shall be deemed a representation and warranty by
each of the Issuer and the Guarantor to the Dealer, as of the date thereof, that, both before and after giving effect to such issuance and after giving effect to such amendment or supplement, (i) the representations and warranties given by the
Issuer and the Guarantor set forth above in this Section 2 remain true and correct on and as of such date as if made on and as of such date, (ii) in the case of an issuance of Notes, the Notes being issued on such date have been duly and
validly issued and constitute legal, valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally
and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and are guaranteed pursuant to the Guarantee, (iii) in the case of an issuance of Notes, since
the date of the most recent Private Placement Memorandum (as most recently amended or supplemented, including by incorporation of Company Information therein), there has been no material adverse change in the condition (financial or otherwise),
operations or business of the Issuer and its subsidiaries taken as a whole, or the Guarantor and its subsidiaries taken as a whole, which has not been disclosed to the Dealer in writing and (iv) neither the Issuer nor the Guarantor is in
default of any of its obligations hereunder or under the Notes, the Guarantee or the Issuing and Paying Agency Agreement. 

  

	 	2.14.	Under the laws of the Cayman Islands, neither the Issuer nor any of its revenues, assets or properties has any right of immunity from service of process or from the jurisdiction of
competent courts of the Cayman Islands or the United States or the State of New York in connection with any suit, action or proceeding, attachment prior to judgment, attachment in aid of execution of a judgment or execution of a judgment or from any
other legal process with respect to its obligations under this Agreement, the Issuing and Paying Agency Agreement or the Notes. Under the laws of Switzerland, neither the Guarantor nor any of its revenues, assets or properties has any right of
immunity from service of process or from the jurisdiction of competent courts of Switzerland or the United States or the State of New York in connection with any suit, action or proceeding, attachment prior to judgment, attachment in aid of
execution of a judgment or execution of a judgment or from any other legal process with respect to its obligations under this Agreement, the Guarantee, or the Notes. 

  

	 	2.15	Each of the Issuer and the Guarantor is permitted to make all payments under this Agreement, the Issuing and Paying Agency Agreement, the Guarantee, and the Notes to holders of the
Notes that are non-residents of the Cayman Islands or Switzerland, free and clear of and without deduction or withholding for or on account of any taxes or other governmental charges imposed by the Cayman Islands or Switzerland. There is no stamp or
documentary tax or other charge imposed by the Cayman Islands or Switzerland in connection with the execution, delivery, issuance, payment, performance, enforcement or introduction into evidence in a court of the Cayman Islands or Switzerland of
this Agreement, the Issuing and Paying Agency Agreement, the Guarantee or any Note. 

  

	 	2.16	 The choice of New York law to govern this Agreement, the Issuing and Paying Agency Agreement, the Guarantee and the Notes is, under the laws of the Cayman Islands
and Switzerland, a valid, effective and irrevocable choice of law, and the submission by the Issuer 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 8 

	 	 
and the Guarantor in Section 7.3 (b) of the Agreement to the jurisdiction of the courts of the United States District Court and the State of New
York located in the Borough of Manhattan is valid and binding upon the Issuer under the laws of the Cayman Islands and is valid and binding upon the Guarantor under the laws of Switzerland. 

  

	 	2.17	Any final judgment rendered by any court referred to in Section 2.16 in an action to enforce the obligations of the Issuer under this Agreement, the Issuing and Paying Agency
Agreement, the Guarantee or the Notes is capable of being enforced in the courts of the Cayman Islands and in the courts of Switzerland. 

  

	 	2.18	As a condition to the admissibility in evidence of this Agreement, the Issuing and Paying Agency Agreement, the Guarantee, or the Notes in the courts of the Cayman Islands or in the
courts of Switzerland, it is not necessary that this Agreement, the Issuing and Paying Agency Agreement, the Guarantee, or the Notes be filed or recorded with any court or other authority. 

  

	3.	Covenants and Agreements of the Issuer and the Guarantor. 

 Each of the Issuer and the Guarantor covenants and agrees as to itself that: 
  

	 	3.1	The Issuer and the Guarantor will give the Dealer prompt notice (but in any event prior to any subsequent issuance of Notes hereunder) of any amendment to, modification of or waiver
with respect to, the Notes, the Guarantee or the Issuing and Paying Agency Agreement, including a complete copy of any such amendment, modification or waiver. 

  

	 	3.2	The Issuer and the Guarantor shall, whenever there shall occur any material adverse change in the condition (financial or otherwise), operations or business of the Issuer and its
subsidiaries, taken as a whole, or the Guarantor and its subsidiaries, taken as a whole, or any adverse development or occurrence in relation to the Issuer or the Guarantor that would be material to holders of the Notes or potential holders of the
Notes (including any downgrading or receipt of any notice of intended or potential downgrading or any review for potential change that does not indicate the direction of the potential change in the rating accorded any of the securities of the Issuer
or the Guarantor by any nationally recognized statistical rating organization which has published a rating of the Notes), promptly, and in any event prior to any subsequent issuance of Notes hereunder, notify the Dealer (by telephone, confirmed in
writing) of such change, development or occurrence. 

  

	 	3.3	The Issuer and the Guarantor shall from time to time furnish to the Dealer such information as the Dealer may reasonably request, including, without limitation, any press releases
or material provided by the Issuer or the Guarantor to any national securities exchange or rating agency, regarding (i) the operations and financial condition of the Issuer or the Guarantor, (ii) the due authorization and execution of the
Notes and the Guarantee, (iii) the Issuer’s ability to pay the Notes as they mature and (iv) the Guarantor’s ability to fulfill its obligations under the Guarantee. 

  

	 	3.4	The Issuer and the Guarantor will take all such action as the Dealer may reasonably request to ensure that each offer and each sale of the Notes will comply with any applicable
state Blue Sky laws; provided, however, that neither the Issuer nor the Guarantor shall be obligated to file any general consent to service of process or to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or
subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 9 

	 	3.5	Neither the Issuer nor the Guarantor will be in default of any of its obligations hereunder or under the Notes, the Guarantee or the Issuing and Paying Agency Agreement, at any time
that any of the Notes are outstanding. 

  

	 	3.6	The Dealer acknowledges that the Issuer, prior to the issuance of Notes hereunder, has delivered to the Dealer: 

  

	 	(a)	an opinion of counsel to the Issuer, addressed to the Dealer, reasonably satisfactory in form and substance to the Dealer, 

  

	 	(b)	a copy of the executed Issuing and Paying Agency Agreement dated December 20, 2007, 

  

	 	(c)	a copy of resolutions adopted by the Board of Directors of the Issuer, reasonably satisfactory in form and substance to the Dealer and certified by the Secretary or similar officer
of the Issuer, authorizing execution and delivery by the Issuer of the original agreement of the Issuer and Dealer dated as of December 20, 2007, the Issuing and Paying Agency Agreement and the Notes and consummation by the Issuer of the
transactions contemplated hereby and thereby, 

  

	 	(d)	a copy of the executed Letter of Representations among the Issuer, the Issuing and Paying Agent and DTC and of the executed master note, 

  

	 	(e)	confirmation of the then current rating assigned to the Notes by each nationally recognized statistical rating organization then rating the Notes, and 

  

	 	(f)	such other certificates, opinions, letters and documents as the Dealer shall have reasonably requested. 

  

	 	3.7	After the second business day following the consummation of the Redomestication Transactions, the Issuer shall not issue Notes hereunder prior to the date (“Accession Delivery
Date”) upon which Dealer receives (including by facsimile or other electronic means) the following documents: 

  

	 	(a)	executed accession agreement in the form attached hereto (“Accession Agreement”), 

  

	 	(b)	opinions of counsel addressed to the Dealer and reasonably satisfactory in form and substance to the Dealer, in respect of the Issuer, the Guarantor, the Redomestication
Transactions, this Agreement, and the Guarantee from (i) Baker Botts L.L.P., (ii) the General Counsel or an Associate General Counsel of the Issuer and, upon completion of the Redomestication Transactions, the Guarantor,
(iii) Walkers, Cayman Islands counsel for the Issuer and Transocean-Acquisition, and (iv) Homburger AG, Swiss counsel for Guarantor, 

  

	 	(c)	a copy of the executed Issuing and Paying Agency Agreement as then in effect and an amendment thereto regarding the Redomestication Transaction, 

  

	 	(d)	a copy of the executed guarantee in the form attached hereto (“Guarantee”), 

  

	 	(e)	a copy of resolutions adopted by the Boards of Director of the Guarantor, reasonably satisfactory in form and substance to the Dealer and certified by the Secretary or similar
officer of the Guarantor, authorizing execution and delivery by the Guarantor of the Guarantee and consummation by the Guarantor of the transactions contemplated hereby and thereby, 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 10 

	 	(f)	prior to the issuance of any book-entry Notes represented by a master note registered in the name of DTC or its nominee, a copy of the executed Letter of Representations among the
Issuer, the Issuing and Paying Agent, the Guarantor and DTC, 

  

	 	(g)	prior to the issuance of any Notes in physical form, a copy of such form (unless attached to this Agreement or the Issuing and Paying Agency Agreement), 

  

	 	(h)	a certificate of the President or Vice President of the Issuer as to the consummation of the Redomestication Transactions, 

  

	 	(i)	a revised Private Placement Memorandum by the Issuer and the Guarantor reflecting the consummation of the Redomestication Transactions and execution of the Guarantee, and

  

	 	(j)	such other certificates, opinions, letters and documents as the Dealer shall have reasonably requested. 

  

	 	3.8	The Issuer and the Guarantor, jointly and severally, shall reimburse the Dealer for all of the Dealer’s reasonable out-of-pocket expenses related to this Agreement, including
expenses incurred in connection with its preparation and negotiation, and the transactions contemplated hereby (including, but not limited to, the printing and distribution of the Private Placement Memorandum), and, if applicable, for the reasonable
fees and out-of-pocket expenses of the Dealer’s counsel. 

  

	 	3.9	If the Issuer elects to consummate the Redomestication Transactions, the Issuer shall cause such Redomestication Transactions to be consummated substantially in accordance with the
Agreement and Plan of Merger and the Schemes of Arrangement and in compliance with all applicable laws, regulations and governmental and judicial approvals (including, without limitation, the court orders sanctioning the Redomestication Transactions
obtained from the Grand Court of the Cayman Islands) without any waiver of the conditions provided therein where such waiver would be adverse to the interests of the Dealer and the Note holders in any material respects. 

  

	4.	Disclosure. 

  

	 	4.1	The Private Placement Memorandum and its contents (other than the Dealer Information) shall be the sole responsibility of the Issuer and the Guarantor. The Private Placement
Memorandum shall contain a statement expressly offering an opportunity for each prospective purchaser to ask questions of, and receive answers from, the Issuer and, on and after the Accession Delivery Date, the Guarantor, concerning the offering of
Notes and to obtain relevant additional information which the Issuer possesses or can acquire without unreasonable effort or expense. 

  

	 	4.2	Prior to the Accession Delivery Date, the Issuer, and on and after the Accession Delivery Date, the Guarantor, agrees to promptly furnish the Dealer the Company Information upon or
promptly following the time it is filed with the SEC or otherwise becomes publicly available, provided that such Company Information shall be deemed furnished and delivered on the date such information has been posted on the SEC website accessible
through http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the SEC thereto. 

  

	 	4.3	(a) Each of the Issuer and the Guarantor further agrees to notify the Dealer promptly upon the occurrence of any event relating to or affecting the Issuer or the Guarantor that
would cause the Private Placement Memorandum to include an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they are made,
not misleading. 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 11 

 (b) In the event that the Issuer or the Guarantor gives the Dealer notice pursuant to Section 4.3(a)
and the Dealer notifies the Issuer that it then has Notes it is holding in inventory, the Issuer and the Guarantor agree promptly to supplement or amend the Private Placement Memorandum (including through documents incorporated by reference or
referred to therein) so that the Private Placement Memorandum, as amended or supplemented, shall not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein, in
light of the circumstances under which they are made, not misleading, and the Issuer and the Guarantor shall make such supplement or amendment available to the Dealer. 
 (c) In the event that (i) the Issuer or the Guarantor gives the Dealer notice pursuant to Section 4.3(a), (ii) the Dealer does not notify the Issuer or the Guarantor that it is then holding Notes in
inventory and (iii) the Issuer or the Guarantor chooses not to promptly amend or supplement the Private Placement Memorandum in the manner described in clause (b) above, then all solicitations and sales of Notes shall be suspended until
such time as the Issuer and the Guarantor have so amended or supplemented the Private Placement Memorandum, and made such amendment or supplement available to the Dealer. 
 (d) Without limiting the generality of Section 4.3(a), the Issuer and the Guarantor shall review, amend and supplement the Private Placement Memorandum (including through documents incorporated by reference or
referred to therein) on a periodic basis, but no less than at least once annually, to incorporate current financial information of the Issuer and the Guarantor to the extent necessary to ensure that the information provided in the Private Placement
Memorandum is accurate and complete. 
  

	5.	Indemnification and Contribution. 

  

	 	5.1	The Issuer and the Guarantor, jointly and severally, will indemnify and hold harmless the Dealer, each individual, corporation, partnership, trust, association or other entity
controlling the Dealer, any affiliate of the Dealer or any such controlling entity and their respective directors, officers, employees, partners, incorporators, shareholders, servants, trustees and agents (hereinafter the “Indemnitees”)
against any and all liabilities, penalties, suits, causes of action, losses, damages, claims, costs and expenses (including, without limitation, reasonable fees and disbursements of counsel) or judgments of whatever kind or nature (each a
“Claim”), imposed upon, incurred by or asserted against the Indemnitees (i) arising out of or based upon any allegation that the Private Placement Memorandum, the Company Information or any information provided by the Issuer or the
Guarantor to the Dealer included (as of any relevant time) or includes an untrue statement of a material fact or omitted (as of any relevant time) or omits to state any material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading or (ii) arising out of or based upon the breach by the Issuer or the Guarantor of any agreement, covenant or representation made in or pursuant to this Agreement. This indemnification
shall not apply if and to the extent that the Claim arises out of or is based upon (i) Dealer Information or (ii) the gross negligence or willful misconduct of the Dealer and, in the case of clause (ii), the Dealer is adjudicated by a
court of competent jurisdiction in a final nonappealable judgment to have acted with gross negligence or engaged in willful misconduct. 

  

	 	5.2	Provisions relating to claims made for indemnification under this Section 5 are set forth on Exhibit B to this Agreement. 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 12 

	 	5.3	In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in this Section 5 is held to be unavailable or insufficient
to hold harmless the Indemnitees, although applicable in accordance with the terms of this Section 5, the Issuer and the Guarantor, jointly and severally, shall contribute to the aggregate costs incurred by the Dealer in connection with any
Claim in the proportion of the respective economic interests of the Issuer, the Guarantor and the Dealer; provided, however, that such contribution by the Issuer and the Guarantor shall be in an amount such that the aggregate costs incurred by the
Dealer do not exceed the aggregate of the commissions and fees earned by the Dealer hereunder with respect to the issue or issues of Notes to which such Claim relates. The respective economic interests shall be calculated by reference to the
aggregate proceeds to the Issuer of the Notes issued hereunder and the aggregate commissions and fees earned by the Dealer hereunder. 

  

	6.	Definitions. 

  

	 	6.1	“Claim” shall have the meaning set forth in Section 5.1. 

  

	 	6.2	“Company Information” shall mean the Private Placement Memorandum together with: 

  

	 	(A)	at any given time prior to the Accession Delivery Date, to the extent applicable, (i) the Issuer’s most recent report on Form 10-K filed with the SEC and each report on
Form 10-Q or 8-K filed by the Issuer with the SEC since the most recent Form 10-K, (ii) the Issuer’s most recent annual audited financial statements and each interim financial statement or report prepared subsequent thereto, if not
included in item (i) above, (iii) the Issuer’s and its affiliates’ other publicly available recent reports, including, but not limited to, any publicly available filings or reports provided to their respective shareholders,
(iv) any other information or disclosure prepared pursuant to Section 4.3 hereof and (v) any information prepared or approved by the Issuer for dissemination to investors or potential investors in the Notes, and

  

	 	(B)	at any given time on or after the Accession Delivery Date, to the extent applicable, (i) the Guarantor’s most recent report on Form 10-K filed with the SEC and each report
on Form 10-Q or 8-K filed by the Guarantor with the SEC since the most recent Form 10-K, (ii) the Guarantor’s most recent annual audited financial statements and each interim financial statement or report prepared subsequent thereto, if
not included in item (i) above, (iii) the Guarantor’s and its affiliates’ other publicly available recent reports, including, but not limited to, any publicly available filings or reports provided to their respective
shareholders, (iv) any other information or disclosure prepared pursuant to Section 4.3 hereof and (v) any information prepared or approved by the Guarantor for dissemination to investors or potential investors in the Notes.

  

	 	6.3	“Dealer Information” shall mean material concerning the Dealer provided by the Dealer in writing expressly for inclusion in the Private Placement Memorandum.

  

	 	6.4	“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended. 

  

	 	6.5	“Indemnitee” shall have the meaning set forth in Section 5.1. 

  

	 	6.6	 “Institutional Accredited Investor” shall mean an institutional investor that is an accredited investor within the meaning of Rule 501 under the
Securities Act and that has such knowledge and experience in financial and business matters that it is capable of evaluating and bearing the economic risk of an investment in the Notes, including, but not limited to, a bank, as defined in 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 13 

	 	 
Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution, as defined in Section 3(a)(5)(A) of the Securities
Act, whether acting in its individual or fiduciary capacity. 

  

	 	6.7	“Issuing and Paying Agency Agreement” shall mean the issuing and paying agency agreement described on the cover page of this Agreement, as such agreement may be amended or
supplemented from time to time. 

  

	 	6.8	“Issuing and Paying Agent” shall mean the party designated as such on the cover page of this Agreement, as issuing and paying agent under the Issuing and Paying Agency
Agreement, or any successor thereto in accordance with the Issuing and Paying Agency Agreement. 

  

	 	6.9	“Non-bank fiduciary or agent” shall mean a fiduciary or agent other than (a) a bank, as defined in Section 3(a)(2) of the Securities Act, or (b) a savings
and loan association, as defined in Section 3(a)(5)(A) of the Securities Act. 

  

	 	6.10	“Private Placement Memorandum” shall mean offering materials prepared in accordance with Section 4 (including materials referred to therein or incorporated by
reference therein, if any) provided to purchasers and prospective purchasers of the Notes, and shall include amendments and supplements thereto which may be prepared from time to time in accordance with this Agreement (other than any amendment or
supplement that has been completely superseded by a later amendment or supplement). 

  

	 	6.11	“Qualified Institutional Buyer” shall have the meaning assigned to that term in Rule 144A under the Securities Act. 

  

	 	6.12	“Rule 144A” shall mean Rule 144A under the Securities Act. 

  

	 	6.13	“SEC” shall mean the U.S. Securities and Exchange Commission. 

  

	 	6.14	“Securities Act” shall mean the U.S. Securities Act of 1933, as amended. 

  

	 	6.15	“Sophisticated Individual Accredited Investor” shall mean an individual who (a) is an accredited investor within the meaning of Regulation D under the Securities Act
and (b) based on his or her pre-existing relationship with the Dealer, is reasonably believed by the Dealer to be a sophisticated investor (i) possessing such knowledge and experience (or represented by a fiduciary or agent possessing such
knowledge and experience) in financial and business matters that he or she is capable of evaluating and bearing the economic risk of an investment in the Notes and (ii) having not less than $5 million in investments (as defined, for purposes of
this section, in Rule 2a51-1 under the Investment Company Act of 1940, as amended). 

  

	 	6.16	“Regulation D” shall mean Regulation D (Rules 501 et seq.) under the Securities Act. 

  

	7.	General 

  

	 	7.1	Unless otherwise expressly provided herein, all notices under this Agreement to parties hereto shall be in writing and shall be effective when received at the address of the
respective party set forth in the Addendum to this Agreement. 

  

	 	7.2	This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of laws provisions. 

 

	 	7.3	 (a) Each of the Issuer and the Guarantor agrees that any suit, action or proceeding brought by the Issuer or the Guarantor against the Dealer in connection with or
arising out of this 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 14 

	 	 
Agreement or the Notes or the offer and sale of the Notes shall be brought solely in the United States federal courts located in the Borough of Manhattan or
the courts of the State of New York located in the Borough of Manhattan. EACH OF THE DEALER, THE ISSUER AND THE GUARANTOR WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. 

 (b) Each of the Issuer and the Guarantor hereby irrevocably accepts and submits to the non-exclusive
jurisdiction of each of the aforesaid courts in personam, generally and unconditionally, for itself and in respect of its properties, assets and revenues, with respect to any suit, action or proceeding in connection with or arising out of this
Agreement or the Notes or the offer and sale of the Notes. 
 (c) Each of the Issuer and the Guarantor hereby irrevocably designates, appoints
and empowers Transocean Offshore Deepwater Drilling Inc., with offices at 4 Greenway Plaza, Houston, Texas, 77046, as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and its properties, assets and
revenues, service for any and all legal process, summons, notices and documents which may be served in any such action, suit or proceeding brought in the courts listed in Section 7.3(a) which may be made on such designee, appointee and agent in
accordance with legal procedures prescribed for such courts, with respect to any suit, action or proceeding in connection with or arising out of this Agreement or the Notes or the offer and sale of the Notes. If for any reason such designee,
appointee and agent hereunder shall cease to be available to act as such, each of the Issuer and the Guarantor agrees to designate a new designee, appointee and agent in The City of New York on the terms and for the purposes of this Section 7.3
satisfactory to the Dealer. Each of the Issuer and the Guarantor further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents out of any of the aforesaid courts in any such action, suit
or proceeding by serving a copy thereof upon the agent for service of process referred to in this Section 7.3 (whether or not the appointment of such agent shall for any reason prove to be ineffective or such agent shall accept or acknowledge
such service) or by mailing copies thereof by registered or certified airmail, postage prepaid, to it at its address specified in or designated pursuant to this Agreement. Each of the Issuer and the Guarantor agrees that the failure of any such
designee, appointee and agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. Nothing herein shall in any way be deemed
to limit the ability of the holders of any Notes or the Dealer to serve any such legal process, summons, notices and documents in any other manner permitted by applicable law or to obtain jurisdiction over the undersigned or bring actions, suits or
proceedings against the undersigned in such other jurisdictions, and in manner, as may be permitted by applicable law. Each of the Issuer and the Guarantor hereby irrevocably and unconditionally waives any objection which it may now or hereafter
have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Agreement brought in the courts listed in Section 7.3(a) and hereby further irrevocably and unconditionally waives and
agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 (d) To the extent that the Issuer or the Guarantor or any of their respective properties, assets or revenues may have or may hereafter become entitled to, or have attributed to it, any right of immunity, on the
grounds of sovereignty or otherwise, from any legal action, suit or proceeding 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 15 

 
in connection with or arising out of this Agreement or the Notes or the offer and sale of the Notes, from the giving of any relief in any thereof, from
setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for
the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceeding may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with
this Agreement, the Issuing and Paying Agency Agreement or the Notes, each of the Issuer and the Guarantor, respectively, hereby irrevocably and unconditionally waives, and agrees for the benefit of the Dealer and any holder from time to time of the
Notes not to plead or claim, any such immunity, and consents to such relief and enforcement. 
  

	 	7.4	This Agreement may be terminated, at any time, by the Issuer, upon one business day’s prior notice to such effect to the Dealer, or by the Dealer upon three business days’
prior notice to such effect to the Issuer. Any such termination, however, shall not affect the obligations of the Issuer and the Guarantor under Sections 3.8, 5 and 7.3 hereof or the respective representations, warranties, agreements, covenants,
rights or responsibilities of the parties made or arising prior to the termination of this Agreement. 

  

	 	7.5	This Agreement is not assignable by any party hereto without the written consent of the other parties; provided, however, that the Dealer may assign its rights and obligations under
this Agreement to any affiliate of the Dealer. 

  

	 	7.6	This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same
instrument. 

  

	 	7.7	This Agreement is for the exclusive benefit of the parties hereto, and their respective permitted successors and assigns hereunder, and shall not be deemed to give any legal or
equitable right, remedy or claim to any other person whatsoever ; provided, however, that Sections 7.3(b), (c) and (d) and Section 7.8 are hereby specifically and exclusively acknowledged to also be for the benefit of the
holders from time to time of the Notes, as third-party beneficiaries. 

  

	 	7.8	(a) Any payments to the Dealer hereunder or to any holder from time to time of Notes shall be in United States dollars and shall be free of all withholding and other taxes, and of
all other governmental charges of any nature whatsoever, in each case which are imposed by the respective jurisdictions in which each of the Issuer and the Guarantor is incorporated other than taxes or governmental charges based on or measured by
net income or receipts and any other taxes or governmental charges which are imposed because of a connection between the Dealer or holder with such jurisdiction other than the purchase, ownership or disposition of Notes. In the event any such
withholding is required by law, the Issuer and the Guarantor agree to (i) pay the same and (ii) pay such additional amounts to the Dealer or any such holder which, after deduction of any such withholding or other taxes or governmental
charges of any nature whatsoever imposed with respect to the payment of such additional amount, shall equal the amount withheld pursuant to clause (i). The Issuer and the Guarantor, jointly and severally, agree promptly to pay any stamp duty or
other taxes or governmental charges payable in connection with the execution, delivery, payment or performance of this Agreement, the Issuing and Paying Agency Agreement, the Guarantee or the Notes and shall indemnify and hold harmless the Dealer
and each holder of Notes from all liabilities arising from any failure to pay, or delay in paying, such taxes or charges. 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 16 

 (b) Each of the Issuer and the Guarantor agrees to indemnify and hold harmless the Dealer and each holder
from time to time of Notes against any loss incurred by the Dealer or such holder as a result of any judgment or order being given or made for any amount due hereunder or under the Notes or the Guarantee and such judgment or order being expressed
and paid in a currency (the “Judgment Currency”) other than United States dollars and as a result of any variation as between (i) the rate of exchange at which the United States dollar amount is converted into the Judgment Currency
for the purpose of such judgment or order, and (ii) the rate of exchange at which the Dealer or such holder is able to purchase United States dollars with the amount of Judgment Currency actually received by the Dealer or such holder. The
foregoing indemnity shall constitute separate and independent obligations of the Issuer and the Guarantor and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “rate of exchange”
shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency. 
  

	 	7.9	Each of the Issuer and Guarantor acknowledges and agrees that in connection with this purchase and sale of the Notes or any other services the Dealer may be deemed to be providing
hereunder, notwithstanding any preexisting relationship, advisory or otherwise, between the parties or any oral representations or assurances previously or subsequently made by the Dealer: (i) no fiduciary or agency relationship between the
Issuer or the Guarantor and any other person, on the one hand, and the Dealer, on the other, exists; (ii) the Dealer is not acting as advisor, expert or otherwise, to the Issuer or the Guarantor, including, without limitation, with respect to
the determination of the offering price of the Notes, and such relationship between the Issuer or the Guarantor, on the one hand, and the Dealer, on the other, is entirely and solely commercial, based on arms-length negotiations; (iii) any
duties and obligations that the Dealer may have to the Issuer or the Guarantor shall be limited to those duties and obligations specifically stated herein; and (iv) the Dealer and their respective affiliates may have interests that differ from
those of the Issuer and the Guarantor. Each of the Issuer and the Guarantor hereby waives any claims that the Issuer and the Guarantor, respectively, may have against the Dealer with respect to any breach of fiduciary duty in connection with the
purchase and sale of the Notes. 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 17 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date and year first above
written. 
  

									
	Transocean Inc., as Issuer	 		 	Barclays Capital Inc., as Dealer
					
	By:	 	 /s/ Chipman Earle
	 		 	By:	 	 /s/ Anne Daley Gordon

	Name:	 	Chipman Earle	 		 	Name:	 	Anne Daley Gordon
	Title:	 	Associate General Counsel and Corporate Secretary	 		 	Title:	 	Director

  

 n Commercial Paper Dealer Agreement 4(2) Program n 18 

 Addendum 
 The following
additional clauses shall apply to the Agreement and be deemed a part thereof. 
  

	1.	The other dealers referred to in clause (b) of Section 1.2 of the Agreement are J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated, and Goldman,
Sachs & Co. 

  

	2.	The addresses of the respective parties for purposes of notices under Section 7.1 are as follows: 

 For the Issuer: 
 Address: P.O. Box 10342; 70 Harbour Drive, 4th Floor, Block B; George Town, Grand Cayman
KY1-1003; Cayman Islands, B.W.I. 
 Attention: Steve McFadin 
 Telephone number: 345-745-4500 
 Fax number: 345-745-4504 
 With Copy to: Transocean Offshore Deepwater Drilling Inc. 
 Address: 4 Greenway Plaza, Houston, Texas 77046 
 Attention: Assistant Treasurer, Corporate Finance 
 Telephone number: 713-232-7173 
 Fax number:
713-626-9556 
 For the Dealer: 
 Address: 745
Seventh Avenue, 4th floor, New York, New York 10019-6801 
 Attention: Product Management-Commercial Paper 
 Telephone number: 212-526-0731 
 Fax number:
646-758-4641 
  

 n Commercial Paper Dealer Agreement 4(2) Program n 19 

 Exhibit A 
 Form of
Legend for Private Placement Memorandum and Notes Issued Prior to Accession Delivery Date 
 THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER APPLICABLE SECURITIES LAW, AND OFFERS AND SALES THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT (I) IT HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE ISSUER AND THE NOTES, (II) IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO
ANY DISTRIBUTION THEREOF AND (III) IT IS EITHER (A)(1) AN INSTITUTIONAL INVESTOR OR SOPHISTICATED INDIVIDUAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT AND WHICH, IN THE CASE OF AN INDIVIDUAL,
(i) POSSESSES SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS THAT HE OR SHE IS CAPABLE OF EVALUATING AND BEARING THE ECONOMIC RISK OF AN INVESTMENT IN THE NOTES AND (ii) HAS NOT LESS THAN $5 MILLION IN INVESTMENTS (AN
“INSTITUTIONAL ACCREDITED INVESTOR” OR “SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR”, RESPECTIVELY) AND (2)(i) PURCHASING NOTES FOR ITS OWN ACCOUNT, (ii) A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS
AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR (iii) A FIDUCIARY OR AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN ASSOCIATION) PURCHASING NOTES FOR
ONE OR MORE ACCOUNTS EACH OF WHICH ACCOUNTS IS SUCH AN INSTITUTIONAL ACCREDITED INVESTOR OR SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR; OR (B) A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE 144A UNDER THE ACT
THAT IS ACQUIRING NOTES FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH ACCOUNTS IS A QIB AND WITH RESPECT TO EACH OF WHICH ACCOUNTS THE PURCHASER HAS SOLE INVESTMENT DISCRETION; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT
THE SELLER MAY RELY UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY RULE 144A. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER THEREOF SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE
MADE ONLY (A) IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE ISSUER OR TO A PLACEMENT AGENT DESIGNATED BY THE ISSUER AS A PLACEMENT AGENT FOR THE NOTES, NONE OF WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH
NOTE, (2) THROUGH A PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR, SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A AND (B) IN MINIMUM AMOUNTS
OF $250,000. 
  

 n Commercial Paper Dealer Agreement 4(2) Program n 20 

 Form of Legend for Private Placement Memorandum and Notes Issued On or After the Accession Delivery Date

 THE NOTES AND THE GUARANTEE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER
APPLICABLE SECURITIES LAW, AND OFFERS AND SALES THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER
WILL BE DEEMED TO REPRESENT THAT (I) IT HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE ISSUER, THE GUARANTOR, THE NOTES AND THE GUARANTEE, (II) IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND
(III) IT IS EITHER (A)(1) AN INSTITUTIONAL INVESTOR OR SOPHISTICATED INDIVIDUAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT AND WHICH, IN THE CASE OF AN INDIVIDUAL, (i) POSSESSES SUCH KNOWLEDGE AND
EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS THAT HE OR SHE IS CAPABLE OF EVALUATING AND BEARING THE ECONOMIC RISK OF AN INVESTMENT IN THE NOTES AND (ii) HAS NOT LESS THAN $5 MILLION IN INVESTMENTS (AN “INSTITUTIONAL ACCREDITED
INVESTOR” OR “SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR”, RESPECTIVELY) AND (2)(i) PURCHASING NOTES FOR ITS OWN ACCOUNT, (ii) A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER
INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR (iii) A FIDUCIARY OR AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN ASSOCIATION) PURCHASING NOTES FOR ONE OR MORE ACCOUNTS EACH OF
WHICH ACCOUNTS IS SUCH AN INSTITUTIONAL ACCREDITED INVESTOR OR SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR; OR (B) A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE 144A UNDER THE ACT THAT IS ACQUIRING NOTES FOR ITS
OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH ACCOUNTS IS A QIB AND WITH RESPECT TO EACH OF WHICH ACCOUNTS THE PURCHASER HAS SOLE INVESTMENT DISCRETION; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY RELY UPON THE
EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY RULE 144A. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER THEREOF SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE MADE ONLY (A) IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE ISSUER OR TO A PLACEMENT AGENT DESIGNATED BY THE ISSUER AS A PLACEMENT AGENT FOR THE NOTES, NONE OF WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2) THROUGH A
PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR, SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A AND (B) IN MINIMUM AMOUNTS OF $250,000. 

 

 n Commercial Paper Dealer Agreement 4(2) Program n 21 

 Exhibit B 
 Further
Provisions Relating to Indemnification 
  

	(a)	The Issuer and the Guarantor, jointly and severally, agree to reimburse each Indemnitee for all expenses (including reasonable fees and disbursements of internal and external
counsel) as they are incurred by it in connection with investigating or defending any loss, claim, damage, liability or action in respect of which indemnification may be sought under Section 5 of the Agreement (whether or not it is a party to
any such proceedings). 

  

	(b)	 Promptly after receipt by an Indemnitee of notice of the existence of a Claim, such Indemnitee will, if a claim in respect thereof is to be made against the Issuer
or the Guarantor, notify the Issuer and the Guarantor in writing of the existence thereof; provided that (i) the omission so to notify the Issuer or the Guarantor will not relieve the Issuer or the Guarantor from any liability which it may have
hereunder unless and except to the extent it did not otherwise learn of such Claim and such failure results in the forfeiture by the Issuer or the Guarantor of substantial rights and defenses and (ii) the omission so to notify the Issuer or the
Guarantor will not relieve it from liability which it may have to an Indemnitee otherwise than on account of this indemnity agreement. In case any such Claim is made against any Indemnitee and it notifies the Issuer or the Guarantor of the existence
thereof, the Issuer and the Guarantor will be entitled to participate therein, and to the extent that it may elect by written notice delivered to the Indemnitee, to assume and direct the defense thereof, with counsel reasonably satisfactory to such
Indemnitee; provided that if the defendants in any such Claim include both the Indemnitee and either the Issuer or the Guarantor or both, and the Indemnitee shall have concluded that there may be legal defenses available to it which are different
from or additional to those available to the Issuer or the Guarantor, the Issuer and the Guarantor shall not have the right to direct the defense of such Claim on behalf of such Indemnitee, and the Indemnitee shall have the right to select separate
counsel to assert such legal defenses on behalf of such Indemnitee. Upon receipt of notice from the Issuer or the Guarantor to such Indemnitee of the election of the Issuer and the Guarantor to assume the defense of such Claim and approval by the
Indemnitee of counsel, the Issuer and the Guarantor will not be liable to such Indemnitee for expenses incurred thereafter by the Indemnitee in connection with the defense thereof (other than reasonable costs of investigation) unless (i) the
Indemnitee shall have employed separate counsel in connection with the assertion of legal defenses in accordance with the proviso to the next preceding sentence (it being understood, however, that neither the Issuer nor the Guarantor shall be liable
for the expenses of more than one separate counsel (in addition to any local counsel in the jurisdiction in which any Claim is brought), approved by the Dealer, representing the Indemnitee who is party to such Claim), (ii) the Issuer and the
Guarantor shall not have employed counsel reasonably satisfactory to the Indemnitee to represent the Indemnitee within a reasonable time after notice of existence of the Claim or (iii) the Issuer or the Guarantor has authorized in writing the
employment of counsel for the Indemnitee. The indemnity, reimbursement and contribution obligations of the Issuer and the Guarantor hereunder shall be in addition to any other liability the Issuer or the Guarantor may otherwise have to an Indemnitee
and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Issuer, the Guarantor and any Indemnitee. Each of the Issuer and the Guarantor agrees that without the Dealer’s prior
written consent, which consent shall not be unreasonably delayed or withheld, it will not settle, compromise or consent to the entry of any judgment in any Claim in respect of which indemnification may be sought under the indemnification provision
of the Agreement (whether or not the Dealer or any other Indemnitee is an actual or potential party to such Claim), unless such settlement, compromise or consent includes an unconditional release of each Indemnitee from all liability arising out of
such Claim. Neither the Issuer nor the Guarantor shall be 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 22 

	 	 
liable hereunder to any Indemnitee regarding any settlement, compromise or entry of judgment with respect to any Claim unless such settlement, compromise or
entry of judgment is consented to by the Issuer, which consent shall not be unreasonably withheld or delayed. 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 23 

 Exhibit C 
 Statement of Terms for Interest – Bearing Commercial Paper Notes of Transocean Inc. 
 THE PROVISIONS SET FORTH BELOW ARE QUALIFIED TO
THE EXTENT APPLICABLE BY THE TRANSACTION SPECIFIC [PRICING] [PRIVATE PLACEMENT MEMORANDUM] SUPPLEMENT (THE “SUPPLEMENT”) (IF ANY) SENT TO EACH PURCHASER AT THE TIME OF THE TRANSACTION. 
  

	1.	General. (a) The obligations of the Issuer to which these terms apply (each a “Note”) are represented by one or more Master Notes (each, a “Master
Note”) issued in the name of (or of a nominee for) The Depository Trust Company (“DTC”), which Master Note includes the terms and provisions for the Issuer’s Interest-Bearing Commercial Paper Notes that are set forth in this
Statement of Terms, since this Statement of Terms constitutes an integral part of the Underlying Records as defined and referred to in the Master Note. 

 (b) “Business Day” means any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions are authorized or required by law, executive order or regulation to be
closed in New York City and, with respect to LIBOR Notes (as defined below) is also a London Business Day. “London Business Day” means, a day, other than a Saturday or Sunday, on which dealings in deposits in U.S. dollars are transacted in
the London interbank market. 
  

	2.	Interest. (a) Each Note will bear interest at a fixed rate (a “Fixed Rate Note”) or at a floating rate (a “Floating Rate Note”).

 (b) The Supplement sent to each holder of such Note will describe the following terms: (i) whether such Note is a Fixed
Rate Note or a Floating Rate Note and whether such Note is an Original Issue Discount Note (as defined below); (ii) the date on which such Note will be issued (the “Issue Date”); (iii) the Stated Maturity Date (as defined below);
(iv) if such Note is a Fixed Rate Note, the rate per annum at which such Note will bear interest, if any, and the Interest Payment Dates; (v) if such Note is a Floating Rate Note, the Base Rate, the Index Maturity, the Interest Reset
Dates, the Interest Payment Dates and the Spread and/or Spread Multiplier, if any (all as defined below), and any other terms relating to the particular method of calculating the interest rate for such Note; and (vi) any other terms applicable
specifically to such Note. “Original Issue Discount Note” means a Note which has a stated redemption price at the Stated Maturity Date that exceeds its Issue Price by more than a specified de minimis amount and which the Supplement
indicates will be an “Original Issue Discount Note”. 
 (c) Each Fixed Rate Note will bear interest from its Issue Date at the rate
per annum specified in the Supplement until the principal amount thereof is paid or made available for payment. Interest on each Fixed Rate Note will be payable on the dates specified in the Supplement (each an “Interest Payment Date” for
a Fixed Rate Note) and on the Maturity Date (as defined below). Interest on Fixed Rate Notes will be computed on the basis of a 360-day year of twelve 30-day months. 
 If any Interest Payment Date or the Maturity Date of a Fixed Rate Note falls on a day that is not a Business Day, the required payment of principal, premium, if any, and/or interest will be payable on the next
succeeding Business Day, and no additional interest will accrue in respect of the payment made on that next succeeding Business Day. 
  

 n Commercial Paper Dealer Agreement 4(2) Program n 24 

 (d) The interest rate on each Floating Rate Note for each Interest Reset Period (as defined below) will
be determined by reference to an interest rate basis (a “Base Rate”) plus or minus a number of basis points (one basis point equals one-hundredth of a percentage point) (the “Spread”), if any, and/or multiplied by a certain
percentage (the “Spread Multiplier”), if any, until the principal thereof is paid or made available for payment. The Supplement will designate which of the following Base Rates is applicable to the related Floating Rate Note: (a) the
CD Rate (a “CD Rate Note”), (b) the Commercial Paper Rate (a “Commercial Paper Rate Note”), (c) the Federal Funds Rate (a “Federal Funds Rate Note”), (d) LIBOR (a “LIBOR Note”), (e) the
Prime Rate (a “Prime Rate Note”), (f) the Treasury Rate (a “Treasury Rate Note”) or (g) such other Base Rate as may be specified in such Supplement. 
 The rate of interest on each Floating Rate Note will be reset daily, weekly, monthly, quarterly or semi-annually (the “Interest Reset Period”). The date or dates on which interest will be reset (each an
“Interest Reset Date”) will be, unless otherwise specified in the Supplement, in the case of Floating Rate Notes which reset daily, each Business Day, in the case of Floating Rate Notes (other than Treasury Rate Notes) that reset weekly,
the Wednesday of each week; in the case of Treasury Rate Notes that reset weekly, the Tuesday of each week; in the case of Floating Rate Notes that reset monthly, the third Wednesday of each month; in the case of Floating Rate Notes that reset
quarterly, the third Wednesday of March, June, September and December; and in the case of Floating Rate Notes that reset semiannually, the third Wednesday of the two months specified in the Supplement. If any Interest Reset Date for any Floating
Rate Note is not a Business Day, such Interest Reset Date will be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar month, such Interest Reset Date
shall be the immediately preceding Business Day. Interest on each Floating Rate Note will be payable monthly, quarterly or semiannually (the “Interest Payment Period”) and on the Maturity Date. Unless otherwise specified in the Supplement,
and except as provided below, the date or dates on which interest will be payable (each an “Interest Payment Date” for a Floating Rate Note) will be, in the case of Floating Rate Notes with a monthly Interest Payment Period, on the third
Wednesday of each month; in the case of Floating Rate Notes with a quarterly Interest Payment Period, on the third Wednesday of March, June, September and December; and in the case of Floating Rate Notes with a semiannual Interest Payment Period, on
the third Wednesday of the two months specified in the Supplement. In addition, the Maturity Date will also be an Interest Payment Date. 
 If any Interest
Payment Date for any Floating Rate Note (other than an Interest Payment Date occurring on the Maturity Date) would otherwise be a day that is not a Business Day, such Interest Payment Date shall be postponed to the next day that is a Business Day,
except that in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar month, such Interest Payment Date shall be the immediately preceding Business Day. If the Maturity Date of a Floating Rate Note falls on a day that is
not a Business Day, the payment of principal and interest will be made on the next succeeding Business Day, and no interest on such payment shall accrue for the period from and after such maturity. 
 Interest payments on each Interest Payment Date for Floating Rate Notes will include accrued interest from and including the Issue Date or from and including the last
date in respect of which interest has been paid, as the case may be, to, but excluding, such Interest Payment Date. On the Maturity Date, the interest payable on a Floating Rate Note will include interest accrued to, but excluding, the Maturity
Date. Accrued interest will be calculated by multiplying the principal amount of a Floating Rate Note by an accrued interest factor. This accrued interest factor will be computed by adding the interest factors calculated for each day in the period
for which accrued interest is being calculated. The interest factor (expressed as a decimal) for each such day will be computed by dividing the interest rate applicable to such day by 360, in the cases where the Base Rate is the CD Rate, Commercial
Paper Rate, Federal Funds Rate, LIBOR or Prime Rate, or by the actual number of days in the year, in the case where the Base Rate 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 25 

 
is the Treasury Rate. The interest rate in effect on each day will be (i) if such day is an Interest Reset Date, the interest rate with respect to the
Interest Determination Date (as defined below) pertaining to such Interest Reset Date, or (ii) if such day is not an Interest Reset Date, the interest rate with respect to the Interest Determination Date pertaining to the next preceding
Interest Reset Date, subject in either case to any adjustment by a Spread and/or a Spread Multiplier. 
 The “Interest Determination Date” where
the Base Rate is the CD Rate or the Commercial Paper Rate will be the second Business Day next preceding an Interest Reset Date. The Interest Determination Date where the Base Rate is the Federal Funds Rate or the Prime Rate will be the Business Day
next preceding an Interest Reset Date. The Interest Determination Date where the Base Rate is LIBOR will be the second London Business Day next preceding an Interest Reset Date. The Interest Determination Date where the Base Rate is the Treasury
Rate will be the day of the week in which such Interest Reset Date falls when Treasury Bills are normally auctioned. Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is
held on the following Tuesday or the preceding Friday. If an auction is so held on the preceding Friday, such Friday will be the Interest Determination Date pertaining to the Interest Reset Date occurring in the next succeeding week. 
 The “Index Maturity” is the period to maturity of the instrument or obligation from which the applicable Base Rate is calculated. 
 The “Calculation Date,” where applicable, shall be the earlier of (i) the tenth calendar day following the applicable Interest Determination Date or
(ii) the Business Day preceding the applicable Interest Payment Date or Maturity Date. 
 All times referred to herein reflect New York City time,
unless otherwise specified. 
 The Issuer shall specify in writing to the Issuing and Paying Agent which party will be the calculation agent (the
“Calculation Agent”) with respect to the Floating Rate Notes. The Calculation Agent will provide the interest rate then in effect and, if determined, the interest rate which will become effective on the next Interest Reset Date with
respect to such Floating Rate Note to the Issuing and Paying Agent as soon as the interest rate with respect to such Floating Rate Note has been determined and as soon as practicable after any change in such interest rate. 
 All percentages resulting from any calculation on Floating Rate Notes will be rounded to the nearest one hundred-thousandth of a percentage point, with five-one
millionths of a percentage point rounded upwards. For example, 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655). All dollar amounts used in or resulting from any calculation on Floating Rate Notes will be rounded, in the case of
U.S. dollars, to the nearest cent or, in the case of a foreign currency, to the nearest unit (with one-half cent or unit being rounded upwards). 
 CD
Rate Notes 
 “CD Rate” means the rate on any Interest Determination Date for negotiable certificates of deposit having the
Index Maturity as published by the Board of Governors of the Federal Reserve System (the “FRB”) in “Statistical Release H.15(519), Selected Interest Rates” or any successor publication of the FRB (“H.15(519)”) under the
heading “CDs (Secondary Market)”. 
 If the above rate is not published in H.15(519) by 3:00 p.m. on the Calculation Date, the CD
Rate will be the rate on such Interest Determination Date set forth in the daily update of H.15(519), available through the world wide website of the FRB at http://www.federalreserve.gov/releases/h15/Update, or any successor site or publication or
other recognized electronic source used for the purpose of displaying the applicable rate (“H.15 Daily Update”) under the caption “CDs (Secondary Market)”. 
  

 n Commercial Paper Dealer Agreement 4(2) Program n 26 

 If such rate is not published in either H.15(519) or H.15 Daily Update by 3:00 p.m. on the Calculation
Date, the Calculation Agent will determine the CD Rate to be the arithmetic mean of the secondary market offered rates as of 10:00 a.m. on such Interest Determination Date of three leading nonbank dealers1 in negotiable U.S. dollar certificates of deposit in New York City selected by the Calculation Agent for negotiable U.S. dollar certificates of deposit of major United States money
center banks of the highest credit standing in the market for negotiable certificates of deposit with a remaining maturity closest to the Index Maturity in the denomination of $5,000,000. 
 If the dealers selected by the Calculation Agent are not quoting as set forth above, the CD Rate will remain the CD Rate then in effect on such Interest
Determination Date. 
 Commercial Paper Rate Notes 
 “Commercial Paper Rate” means the Money Market Yield (calculated as described below) of the rate on any Interest Determination Date for commercial paper having the Index Maturity, as published in H.15(519)
under the heading “Commercial Paper-Nonfinancial”. 
 If the above rate is not published in H.15(519) by 3:00 p.m. on the
Calculation Date, then the Commercial Paper Rate will be the Money Market Yield of the rate on such Interest Determination Date for commercial paper of the Index Maturity as published in H.15 Daily Update under the heading “Commercial
Paper-Nonfinancial”. 
 If by 3:00 p.m. on such Calculation Date such rate is not published in either H.15(519) or H.15 Daily Update,
then the Calculation Agent will determine the Commercial Paper Rate to be the Money Market Yield of the arithmetic mean of the offered rates as of 11:00 a.m. on such Interest Determination Date of three leading dealers of U.S. dollar commercial
paper in New York City selected by the Calculation Agent for commercial paper of the Index Maturity placed for an industrial issuer whose bond rating is “AA,” or the equivalent, from a nationally recognized statistical rating organization.

 If the dealers selected by the Calculation Agent are not quoting as mentioned above, the Commercial Paper Rate with respect to such
Interest Determination Date will remain the Commercial Paper Rate then in effect on such Interest Determination Date. 
 “Money Market
Yield” will be a yield calculated in accordance with the following formula: 
  

							
	Money Market Yield =	  	D x 360	 		  	x 100
	  	 	  
	  	360 - (D x M)	 		  

 where “D” refers to the applicable per annum rate for commercial paper quoted on a bank
discount basis and expressed as a decimal and “M” refers to the actual number of days in the interest period for which interest is being calculated. 
 Federal Funds Rate Notes 
 “Federal Funds Rate” means the rate on any Interest Determination Date for Federal Funds
as published in Reuters (or any successor service) on page FEDFUNDS1 under the heading “EFFECT” (or any other page as may replace the specified page on that service) (“Reuters Page FEDFUNDS1”). 
  

	1	Such nonbank dealers referred to in this Statement of Terms may include affiliates of the Dealer. 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 27 

 If the above rate does not appear on Reuters Page FEDFUNDS1 or is not so published by 3:00 p.m. on the
Calculation Date, the Federal Funds Rate will be the rate on such Interest Determination Date as published in H.15 Daily Update under the heading “Federal Funds/(Effective)”. 
 If such rate is not published as described above by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the Federal Funds Rate to be
the arithmetic mean of the rates for the last transaction in overnight U.S. dollar federal funds arranged by each of three leading brokers of Federal Funds transactions in New York City selected by the Calculation Agent prior to 9:00 a.m. on such
Interest Determination Date. 
 If the brokers selected by the Calculation Agent are not quoting as mentioned above, the Federal Funds Rate
will remain the Federal Funds Rate then in effect on such Interest Determination Date. 
 LIBOR Notes 
 The London Interbank offered rate (“LIBOR”) means, with respect to any Interest Determination Date, the rate for deposits in U.S. dollars having
the Index Maturity that appears on the Designated LIBOR Page as of 11:00 a.m., London time, on such Interest Determination Date. 
 If no rate
appears, LIBOR will be determined on the basis of the rates at approximately 11:00 a.m., London time, on such Interest Determination Date at which deposits in U.S. dollars are offered to prime banks in the London interbank market by four major banks
in such market selected by the Calculation Agent for a term equal to the Index Maturity and in principal amount equal to an amount that in the Calculation Agent’s judgment is representative for a single transaction in U.S. dollars in such
market at such time (a “Representative Amount”). The Calculation Agent will request the principal London office of each of such banks to provide a quotation of its rate. If at least two such quotations are provided, LIBOR will be the
arithmetic mean of such quotations. If fewer than two quotations are provided, LIBOR for such interest period will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in New York City, on such Interest Determination Date by three
major banks in New York City, selected by the Calculation Agent, for loans in U.S. dollars to leading European banks, for a term equal to the Index Maturity and in a Representative Amount; provided, however, that if fewer than three banks so
selected by the Calculation Agent are providing such quotations, the then existing LIBOR rate will remain in effect for such Interest Payment Period. 
 “Designated LIBOR Page” means Reuters Screen LIBOR01 Page or any replacement page or pages on which London interbank rates of major banks for the Index Currency are displayed. 
 Prime Rate Notes 
 “Prime Rate” means the
rate on any Interest Determination Date as published in H.15(519) under the heading “Bank Prime Loan”. 
 If the above rate is not
published in H.15(519) prior to 3:00 p.m. on the Calculation Date, then the Prime Rate will be the rate on such Interest Determination Date as published in H.15 Daily Update opposite the caption “Bank Prime Loan”. 
 If the rate is not published prior to 3:00 p.m. on the Calculation Date in either H.15(519) or H.15 Daily Update, then the Calculation Agent will
determine the Prime Rate to be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen US PRIME1 Page (as defined below) as such bank’s prime rate or base lending rate as of 11:00 a.m., on
that Interest Determination Date. 
  

 n Commercial Paper Dealer Agreement 4(2) Program n 28 

 If fewer than four such rates referred to above are so published by 3:00 p.m. on the Calculation Date,
the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by 360 as of the close of business on such Interest
Determination Date by three major banks in New York City selected by the Calculation Agent. 
 If the banks selected are not quoting as
mentioned above, the Prime Rate will remain the Prime Rate in effect on such Interest Determination Date. 
 “Reuters Screen US Prime1
Page” means the display designated as page “USPrime1” of the Reuters Service, or any successor service, or any replacement page or pages on that service, for the purpose of displaying prime rates or base lending rates of major U.S.
banks. 
 Treasury Rate Notes 
 “Treasury Rate”
means: 
 (1) the rate from the auction held on the Interest Determination Date (the “Auction”) of direct obligations of the United
States (“Treasury Bills”) having the Index Maturity specified in the applicable pricing supplement above under the caption “INVESTMENT RATE”, as that rate appears on Reuters Screen USAUCTION10 or USAUCTION11 Page under the
heading “Investment Rate” (or any other page as may replace the specified page on that service or a successor service). 
 (2) if
the rate referred to in clause (1) is not so published by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield (as defined below) of the rate for the applicable Treasury Bills as published in H.15 Daily Update, under the caption
“U.S. Government Securities/Treasury Bills/Auction High”, or 
 (3) if the rate referred to in clause (2) is not so published
by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield of the auction rate of the applicable Treasury Bills as announced by the United States Department of the Treasury, or 
 (4) if the rate referred to in clause (3) is not so announced by the United States Department of the Treasury, or if the Auction is not held, the
Bond Equivalent Yield of the rate on the particular Interest Determination Date of the applicable Treasury Bills as published in H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or 
 (5) if the rate referred to in clause (4) not so published by 3:00 p.m. on the related Calculation Date, the rate on the particular Interest
Determination Date of the applicable Treasury Bills as published in H.15 Daily Update, under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or 
 (6) if the rate referred to in clause (5) is not so published by 3:00 p.m. on the related Calculation Date, the rate on the particular Interest
Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m. on that Interest Determination Date, of three primary United States
government securities dealers selected by the Calculation Agent, for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity specified in the Supplement, or 
 (7) if the dealers so selected by the Calculation Agent are not quoting as mentioned in clause (6), the Treasury Rate in effect on the particular Interest
Determination Date. 
  

 n Commercial Paper Dealer Agreement 4(2) Program n 29 

 “Bond Equivalent Yield” means a yield (expressed as a percentage) calculated in accordance with the following
formula: 
  

							
	Bond Equivalent Yield =	  	D x N	 		  	x 100
	  	 	  
	  	360 - (D x M)	 		  

 where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank
discount basis and expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the applicable Interest Reset Period. 
  

	3.	Final Maturity. The Stated Maturity Date for any Note will be the date so specified in the Supplement, which shall be no later than 397 days from the date of issuance. On its
Stated Maturity Date, or any date prior to the Stated Maturity Date on which the particular Note becomes due and payable by the declaration of acceleration, each such date being referred to as a Maturity Date, the principal amount of each Note,
together with accrued and unpaid interest thereon, will be immediately due and payable. 

  

	4.	Events of Default. The occurrence of any of the following shall constitute an “Event of Default” with respect to a Note: (i) default in any payment of
principal of or interest on such Note (including on a redemption thereof); (ii) the Issuer or the Guarantor makes any compromise arrangement with its creditors generally including the entering into any form of moratorium with its creditors
generally; (iii) a court having jurisdiction shall enter a decree or order for relief in respect of the Issuer or the Guarantor in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
or there shall be appointed a receiver, administrator, liquidator, custodian, trustee or sequestrator (or similar officer) with respect to the whole or substantially the whole of the assets of the Issuer or the Guarantor and any such decree, order
or appointment is not removed, discharged or withdrawn within 60 days thereafter; or (iv) the Issuer or the Guarantor shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or taking possession by a receiver, administrator, liquidator, assignee, custodian, trustee or sequestrator (or similar
official), with respect to the whole or substantially the whole of the assets of the Issuer or the Guarantor or make any general assignment for the benefit of creditors. Upon the occurrence of an Event of Default, the principal of each obligation
evidenced by such Note (together with interest accrued and unpaid thereon) shall become, without any notice or demand, immediately due and payable. 2 

  

	5.	Obligation Absolute. No provision of the Issuing and Paying Agency Agreement under which the Notes are issued shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on each Note at the times, place and rate, and in the coin or currency, herein prescribed. 

  

	6.	Supplement. Any term contained in the Supplement shall supercede any conflicting term contained herein. 

  

	2	Unlike single payment notes, where a default arises only at the stated maturity, interest-bearing notes with multiple payment dates should contain a default provision permitting
acceleration of the maturity if the Issuer defaults on an interest payment. 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 30 

 Exhibit D 
 Form of
Accession Agreement 
 ACCESSION AGREEMENT 
 This Accession Agreement, dated as of [December     , 2008], is delivered pursuant to Section 3.7(a) of the Amended and Restated Commercial Paper Dealer Agreement, dated as of
December 3, 2008, by Transocean Inc. as Issuer and Barclays Capital Inc. as Dealer (the “Dealer Agreement”). Capitalized terms used herein but not defined herein are used with the meanings given to them in the Dealer Agreement.

 By executing and delivering this Accession Agreement, the undersigned, Transocean Ltd., a Swiss corporation registered in Zug,
Switzerland, hereby becomes a party to the Dealer Agreement as the Guarantor thereunder with the same force and effect as if originally named as the Guarantor therein and hereby assumes all of the obligations and liabilities of Guarantor thereunder
whether incurred before, on or after the date hereof. 
 The undersigned hereby represents and warrants that each of the representations and
warranties contained in Section 2 of the Dealer Agreement applicable to it is true and correct on and as of the date hereof as if made on and as of the date hereof. 
 IN WITNESS WHEREOF, the undersigned has caused this Accession Agreement to be duly executed and delivered as of the date first written above. 
  

			
	TRANSOCEAN LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 n Commercial Paper Dealer Agreement 4(2) Program n 31 

 Exhibit E 
 Form of
Guarantee 
 GUARANTEE 
 GUARANTEE,
dated as of [December     , 2008], of Transocean Ltd., a Swiss corporation (the “Guarantor”). 
 The Guarantor, for
value received, hereby agrees as follows for the benefit of the holders from time to time of the Notes hereinafter described: 
  

	1.	The Guarantor irrevocably guarantees payment in full, as and when the same becomes due and payable, of the principal of and interest, if any, on the promissory notes (the
“Notes”) issued by Transocean Inc., a company organized under the laws of the Cayman Islands and a wholly-owned subsidiary of the Guarantor (the “Issuer”), from time to time before, on or after the date hereof, pursuant to the
Issuing and Paying Agent Agreement, dated as of December 20, 2007, as the same may be amended, supplemented or modified from time to time, between the Issuer and Citibank, N.A. (the “Agreement”). 

  

	2.	The Guarantor’s obligations under this Guarantee shall be unconditional, irrespective of the validity or enforceability of any provision of the Agreement or the Notes.

  

	3.	This Guarantee is a guaranty of the due and punctual payment (and not merely of collection) of the principal of and interest, if any, on the Notes by the Issuer and shall remain in
full force and effect until all such amounts have been validly, finally and irrevocably paid in full, and shall not be affected in any way by any circumstance or condition whatsoever, including without limitation (a) the absence of any action
to obtain such amounts from the Issuer, (b) any variation, extension, waiver, compromise or release of any or all of the obligations of the Issuer under the Agreement of the Notes or of any collateral security therefore or (c) any change
in the existence or structure of, or the bankruptcy or insolvency of, the Issuer or by any other circumstance (other than by complete, irrevocable payment), that might otherwise constitute a legal or equitable discharge or defense of a guarantor or
surety. The Guarantor waives all requirements as to diligence, presentment, demand for payment, protest and notice of any kind with respect to the Agreement and the Notes. 

  

	4.	In the event of a default in payment of principal of or interest on any Notes, the holders of such Notes may institute legal proceedings directly against the Guarantor to enforce
this Guarantee without first proceeding against the Issuer. 

  

	5.	This Guarantee shall remain in full force and effect or shall be reinstated (as the case may be) if at any time any payment by the Issuer of the principal of or interest, if any, on
the Notes, in whole or in part, is rescinded or must otherwise be returned by the holder upon the insolvency, bankruptcy or reorganization of the Issuer or otherwise, all as though such payment had not been made. 

  

	6.	This Guarantee shall be governed by and construed in accordance with the laws of the State of New York. 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 32 

	7.	(a) The Guarantor hereby irrevocably accepts and submits to the non-exclusive jurisdiction of the United States federal courts located in the Borough of Manhattan and the courts of
the State of New York located in the Borough of Manhattan. 

 (b) The Guarantor hereby irrevocably designates, appoints and
empowers Transocean Offshore Deepwater Drilling, Inc., with offices at 4 Greenway Plaza, Houston, Texas, 77046, as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and its properties, assets and revenues,
service for any and all legal process, summons, notices and documents which may be served in any such action, suit or proceeding brought in the courts listed in Section 7(a) which may be made on such designee, appointee and agent in accordance
with legal procedures prescribed for such courts, with respect to any suit, action or proceeding in connection with or arising out of this Guarantee. If for any reason such designee, appointee and agent hereunder shall cease to be available to act
as such, the Guarantor agrees to designate, appoint and empower a new designee, appointee and agent in the City of New York on the terms and for the purposes of this Section 7 satisfactory to two or more of the following: Goldman,
Sachs & Co., J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated, and Barclays Capital Inc. (each, a “Dealer”). The Guarantor further hereby irrevocably consents and agrees to the service of any and all legal
process, summons, notices and documents out of any of the aforesaid courts in any such action, suit or proceeding by serving a copy thereof upon the agent for service of process referred to in this Section 7 (whether or not the appointment of
such agent shall for any reason prove to be ineffective or such agent shall accept or acknowledge such service) or by mailing copies thereof by registered or certified airmail, postage prepaid, to it at its address specified in or designated
pursuant to this Guarantee. The Guarantor agrees that the failure of any such designee, appointee and agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any
action or proceeding based thereon. Nothing herein shall in any way be deemed to limit the ability of the holders of any Notes to serve any such legal process, summons, notices and documents in any other manner permitted by applicable law or to
obtain jurisdiction over the undersigned or bring actions, suits or proceedings against the undersigned in such other jurisdictions, and in such other manner, as may be permitted by applicable law. The Guarantor hereby irrevocably and
unconditionally waives any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Guarantee brought in the courts listed in
Section 7(a) and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

 

	8.	 To the extent that the Guarantor or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to it, any right of
immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding in connection with or arising out of this Guarantee, from the giving of any relief in any thereof, from setoff or counterclaim, from the jurisdiction of
any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement
of any judgment, in any jurisdiction in which proceeding may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Guarantee, the 

  

 n Commercial Paper Dealer Agreement 4(2) Program n 33 

	 	 
Guarantor hereby irrevocably and unconditionally waives, and agrees for the benefit of any Dealer and any holder from time to time of the Notes not to plead
or claim, any such immunity, and consents to such relief and enforcement. 

  

	9.	Any payments under this Guarantee shall be in United States dollars and shall be free of all withholding, stamp and other similar taxes and of all other governmental charges of any
nature whatsoever imposed by any jurisdiction in which the Guarantor is located or from which any such payment is made. In the event any withholding is required by law, the Guarantor agrees to (i) pay the same and (ii) pay such additional
amounts which, after deduction of any such withholding, stamp or other taxes or governmental charges of any nature, whatsoever imposed with respect to the payment of such additional amount, shall equal the amount withheld pursuant to clause (i).

  

	10.	The Guarantor agrees to indemnify each holder from time to time of Notes against any loss incurred by such holder as a result of any judgment or order being given or made for any
amount due hereunder or thereunder and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than United States dollars and as a result of any variation as between (i) the rate of exchange at
which the United States dollar amount is converted into the Judgment Currency for the purpose of such judgment or order, and (ii) the rate of exchange at which such holder is able to purchase United States dollars with the amount of Judgment
Currency actually received by such holder. The foregoing indemnity shall constitute a separate and independent obligation of the Guarantor and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term
“rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency. 

 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly executed as of the day and year first above written. 
  

			
	Transocean Ltd.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 n Commercial Paper Dealer Agreement 4(2) Program n 34

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