Document:

exv10w47

Exhibit 10.47

December 21, 2010

Mark A. Wilhelm

Safety National Casualty Corporation

1832 Schuetz Road

St. Louis, Missouri 63146

Re: Second Amendment to Stock Option Award Agreement

Dear Mark:

     This will confirm that, pursuant to action taken on the date hereof by the Compensation
Committee (the “Committee”) of the Board of Directors of Delphi Financial Group, Inc. (“Delphi”),
the Stock Option Award Agreement dated February 21, 2008, as amended by the Amendment thereto dated
December 19, 2008 (the “Award Agreement”), pursuant to which you were granted options to purchase
up to 225,000 shares of Delphi’s Class A Common Stock pursuant to Delphi’s 2003 Employee Long-Term
Incentive and Share Award Plan (the “Plan”), has been further amended as provided herein.
Capitalized terms used but not defined herein shall have the respective meanings set forth in the
Award Agreement.

     Specifically, the first paragraph of the Special Adjustment Provisions contained in Exhibit A
to the Award Agreement, which relates to the calculation of investment income for purposes of
determining Pre-Tax Operating Income, has been deleted in its entirety and replaced with the
following:

“Investment income: In lieu of actual investment income, for each of the 2008,
2009, 2010, 2011 and 2012 years, investment income shall be based on the average amount of
Investable Assets (as defined below) for such year, which shall be calculated as (a)
one-half of the sum of the beginning-of-year and end-of-year Investable Assets balances, in
both cases as adjusted pursuant to the following two paragraphs, multiplied by (b) the
crediting rate of 6.38% per annum. “Investable Assets” shall include cash, investments,
other investable balances (which shall be deemed to include real estate held for investment
purposes) and balances due from affiliates, and fixed maturity investments will be included
at amortized cost to

 

 

Mark A. Wilhelm

December 21, 2010

Page 2

eliminate any effects of classification for SFAS 115 purposes. The
average amount of Investable Assets, as so determined, will be (1) increased or decreased,
as applicable, to eliminate the effect of any Excluded Item (other than any such item
involving a realized investment gain or loss), (2) increased (decreased) by the amount of
dividends in excess of (lesser than) $2,000,000, (3) decreased by the amount of the
consideration paid (regardless of the form thereof) in connection with the acquisition of
any Acquired Entity as described above and (4) decreased for any capital contributed by
Delphi. For the avoidance of doubt, the adjustments for which the preceding sentence
provides shall apply with respect to the year in which the applicable event giving rise to
the adjustment occurs and shall also be applied in subsequent years so as to reflect the
continuing effects of such event.

For each year, the end-of-year Investable Assets balance shall be (i) decreased by the
amount of any realized investment gains recognized during such year, net of any current
federal income tax expenses resulting from the recognition of such gains, and (ii) increased
by the amount of any realized investment losses recognized during such year, net of any
current federal income tax benefits resulting from the recognition of such losses. All
determinations and calculations regarding tax expenses and benefits pursuant to the
preceding sentence shall be made by Delphi.

For each year (other than the 2008 year), the beginning-of-year Investable Assets balance
for such year shall be deemed to be equal to the end-of-year Investable Assets balance for
the preceding year, taking into account any adjustments thereto made pursuant to the
preceding paragraph.”

     Except as provided above, the Award Agreement shall remain in full force and effect according
to its terms.

     If you are in agreement with and consent to the terms and conditions of this Second Amendment,
please confirm such agreement and consent by executing both counterparts of this

 

 

Mark A. Wilhelm

December 21, 2010

Page 3

Second Amendment
and returning one fully executed counterpart to me. The other counterpart should be retained for
your files.

	 	 	 	 	 	 	 

	 

	 	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ CHAD W. COULTER
 

Chad W. Coulter
	 	 
	 

	 	 	 	Senior Vice President, Secretary	 	 
	 

	 	 	 	and General Counsel	 	 
	 
	 	 	 	 	 	 
	Agreed to and consented:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	/s/ MARK A. WILHELM
 

Mark A. Wilhelmexv4w1

Exhibit 4.1

KEY ENERGY SERVICES, INC.

AND

THE GUARANTORS NAMED HEREIN,

AND

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

 

FOURTH SUPPLEMENTAL INDENTURE

Dated as of March 1, 2011

to

Indenture

Dated as of November 29, 2007

83/8% Senior Notes due 2014

 

 

     This FOURTH SUPPLEMENTAL INDENTURE, dated as of March 1, 2011 (this “Fourth Supplemental
Indenture”), among KEY ENERGY SERVICES, INC., a Maryland corporation (the “Company”), the
Guarantors and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as
Trustee (the “Trustee”), under the Indenture (as defined below). Capitalized terms used herein and
not otherwise defined shall have the meaning assigned to them in the Indenture.

WITNESSETH:

     WHEREAS, the Company has issued its 83/8% Senior Notes due 2014 (the “Securities”) pursuant to
an Indenture, dated as of November 29, 2007 (as supplemented by the First Supplemental Indenture,
dated January 22, 2008, the Second Supplemental Indenture, dated January 13, 2009 and the Third
Supplemental Indenture, dated July 31, 2009, the “Indenture”) among the Company, the Guarantors
and the Trustee;

     WHEREAS, the Company has offered to purchase for cash any and all outstanding Securities (the
“Tender Offer”);

     WHEREAS, in connection with the Tender Offer, the Company has requested that Holders of the
Notes deliver their consents with respect to the deletion of certain provisions of the Indenture;

     WHEREAS, Section 9.2 of the Indenture provides that the Company, the Guarantors and the
Trustee may amend or supplement the Indenture, the Securities or the Subsidiary Guarantees, with
the consent of the Holders of at least a majority in aggregate principal amount of the then
outstanding Securities (including consents obtained in connection with the purchase of, or tender
offer or exchange offer for, the Securities);

     WHEREAS, the Holders of at least a majority in aggregate principal amount of the outstanding
Securities have duly consented to the proposed modifications set forth in this Fourth Supplemental
Indenture in accordance with Section 9.2 of the Indenture;

     WHEREAS, the Company has heretofore delivered, or is delivering contemporaneously herewith, to
the Trustee (i) a copy of resolutions of the Board of Directors of the Company authorizing the
execution of this Fourth Supplemental Indenture, (ii) evidence of the consent of the Holders set
forth in the immediately preceding paragraph and (iii) the Officers’ Certificate and the Opinion of
Counsel described in Section 9.6 of the Indenture; and

     WHEREAS, all conditions necessary to authorize the execution and delivery of this Fourth
Supplemental Indenture and to make this Fourth Supplemental Indenture valid and binding have been
complied with or performed.

     NOW, THEREFORE, in consideration of the foregoing and notwithstanding any provision of the
Indenture which, absent this Fourth Supplemental Indenture, might operate to limit such action, the
parties hereto, intending to be legally bound hereby, agree as follows:

ARTICLE ONE

AMENDMENTS

	 	 	SECTION 1.01 Amendments.

     (a) Subject to Section 2.01 hereof, the Indenture is hereby amended by deleting in
their entireties Sections 4.2, 4.3, 4.4, 4.5, 4.6, 4.7, 4.8, 4.10, 4.12, 4.17, 4.18, 4.19,
6.1(a)(3), 6.1(a)(5),

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     6.1(a)(6), 6.1(a)(7), 6.1(a)(8), 10.9(a) and Article V and, in each case, inserting the
words “Intentionally Omitted” in lieu thereof.

     (b) Subject to Section 2.01 hereof, the Indenture is hereby further amended by deleting
from Section 10.9(b)(1) and (2) of the Indenture the phrase “if the sale or other
disposition complies with Section 4.7” in each instance in which it appears therein.

     (c) Effective as of the date hereof, none of the Company, the Trustee or other parties
to or beneficiaries of the Indenture shall have any rights, obligations or liabilities under
such Articles, Sections or Clauses and such Articles, Sections or Clauses shall not be
considered in determining whether an Event of Default has occurred or whether the Company
has observed, performed or complied with the provisions of the Indenture.

     SECTION 1.02 Amendment of Definitions. Subject to Section 2.01 hereof, the Indenture is
hereby amended by deleting any definitions from the Indenture with respect to which references
would be eliminated as a result of the amendments of the Indenture pursuant to Section 1.01 hereof.
To the extent any clause, definition, paragraph, Section or Article of the Indenture has been
deleted from the Indenture pursuant to Article One of this Supplemental Indenture, any reference in
any provision of the Indenture, any Note or any Subsidiary Guarantee to such clause, definition,
paragraph, Section or Article shall be disregarded in, and be deemed eliminated from, such
provisions.

ARTICLE TWO

MISCELLANEOUS

     SECTION 2.01 Effect of Supplemental Indenture. Except as amended hereby, all of the terms of
the Indenture shall remain and continue in full force and effect and are hereby confirmed in all
respects. From and after the date of this Fourth Supplemental Indenture, all references to the
Indenture (whether in the Indenture or in any other agreements, documents or instruments) shall be
deemed to be references to the Indenture as amended and supplemented by this Fourth Supplemental
Indenture.

     SECTION 2.02 Effectiveness. The provisions of this Fourth Supplemental Indenture shall be
effective only upon execution and delivery of this instrument by the parties hereto.
Notwithstanding the foregoing sentence, the provisions of this Fourth Supplemental Indenture shall
become operative only at such time as a majority in principal amount of the outstanding Notes are
accepted for purchase by the Company pursuant to the Tender Offer, with the result that the
amendments to the Indenture effective by this Fourth Supplemental Indenture shall be deemed to be
revoked retroactively to the date hereof if such purchase shall not occur.

     SECTION 2.02 Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE
USED TO CONSTRUE THIS FOURTH SUPPLEMENTAL INDENTURE.

     SECTION 2.03 No Representations by Trustee. The recitals contained herein shall be taken as
the statement of the Company, and the Trustee assumes no responsibility for the correctness or
completeness of the same.

     SECTION 2.04 Counterparts. This Fourth Supplemental Indenture may be executed in any number
of counterparts, each of which shall be an original, but such counterparts shall constitute but one
and the same instrument.

     SECTION 2.05 Ratification of Indenture; Supplemental Indenture Part of Indenture. Except as
expressly amended hereby, the Indenture and the Notes issued thereunder are in all respects
ratified and confirmed, and all of the terms, conditions and provisions thereof shall remain in
full force and effect. This Supplemental Indenture is executed as, and shall constitute an
indenture supplemental to the

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Indenture and shall be construed in connection with and form a part of the Indenture for all
purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be
bound hereby.

(signature page follows)

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     IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be
duly executed as of the date hereof.

	 	 	 	 	 
	 	KEY ENERGY SERVICES, INC.

 	 
	 	By:  	/s/ T.M. Whichard III
 	 
	 	 	Name:  	T.M. Whichard III 	 
	 	 	Title:  	Senior Vice President
and Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	KEY ENERGY SERVICES, LLC

KEY ENERGY SERVICES CALIFORNIA, INC.

KEY ENERGY SERVICES MEXICO, INC.

KEY ENERGY SERVICES (MEXICO), LLC

MISR KEY ENERGY INVESTMENTS, LLC

MISR KEY ENERGY SERVICES, LLC

KEY ENERGY MEXICO, LLC

KEY MARINE SERVICES, LLC

 	 
	 	By:  	/s/ T.M. Whichard III
 	 
	 	 	Name:  	T.M. Whichard III 	 
	 	 	Title:  	Senior Vice President
and Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

 	 
	 	By:  	/s/ Julie Hoffman-Ramos
 	 
	 	 	Name:  	Julie Hoffman-Ramos 	 
	 	 	Title:  	Senior Associate 	 
	 

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