Document:

Exhibit 10.1

 

AMENDMENT TO THE EMPLOYMENT AGREEMENT

BY AND BETWEEN

BENEFICIAL MUTUAL BANCORP, INC., BENEFICIAL MUTUAL SAVINGS BANK

AND Robert J. Maines

 

THIS AMENDMENT is adopted this 15th day of March, 2012, by and between BENEFICIAL MUTUAL BANCORP, INC., a federal corporation, BENEFICAL MUTUAL SAVINGS BANK, a Pennsylvania savings bank (the “Bank”), and Robert J. Maines (the “Executive”).

 

WHEREAS, the Bank, the Company and the Executive entered into an employment agreement on May 20, 2010 (the “Agreement”); and

 

WHEREAS, the parties to the Agreement agreed to amend the Agreement to phase out the severance pay provided under Section 11(f) of the Agreement as of May 20, 2013.

 

NOW THEREFORE, the undersigned hereby amend the Agreement as follows:

 

Effective March 15, 2012, Section 11(f) shall be deleted in its entirety and replaced with the following new Section 11(f)

 

“f.                                                                                  Without Cause or With Good Reason.

 

i.                                          In addition to termination pursuant to Sections 11a. through 11e., the Board may, by written notice to Executive, immediately terminate her employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, by written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason,” as defined below (a termination “With Good Reason”).

 

ii.                                       Subject to Section 12 of this Agreement, in the event of termination under this Section 11f. on or before May 20, 2013, Executive shall be entitled to receive a severance benefit equal to two (2) times the sum of Executive’s (i) current base salary and (ii) the most recent bonus paid to Executive by the Company and/or the Bank.  Executive’s severance benefit shall be payable ratably over a two (2) year period through the Bank’s regular payroll.  In addition, Executive shall receive continued medical, dental and life insurance coverage, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during the twenty-four (24) month period following her termination date.  In the event that the Company and the Bank are unable to provide such coverage by reason of Executive no longer being an employee, the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis.  The severance payments and benefits provided under this subparagraph (ii) are subject to Section 11f.(v) of this Agreement.

 

 

IN WITNESS WHEREOF, the parties have duly executed and delivered this Amendment to the Agreement, or have caused this Amendment to the Agreement to be duly executed and delivered in their name and on their behalf, as of the day and year first above written.

 

 

	
 
    	
BENEFICIAL   MUTUAL SAVINGS BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Gerard P. Cuddy
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BENEFICIAL   MUTUAL BANCORP, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Gerard P. Cuddy
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
EXECUTIVE
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Robert J. Maines
    

 

 

BENEFICIAL MUTUAL SAVINGS BANK

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT (the “Agreement”) by and between BENEFICIAL MUTUAL SAVINGS BANK, a Pennsylvania chartered savings bank (the “Bank”), ROBERT J. MAINES (the “Executive”) and BENEFICIAL MUTUAL BANCORP, INC.(the “Company”), the holding company of the Bank (solely as guarantor) is hereby entered into effective May 20, 2010 (the “Effective Date”).

 

WHEREAS, Executive serves in a position of substantial responsibility; and

 

WHEREAS, the Bank wishes to assure the services of Executive for the period provided in this Agreement; and

 

WHEREAS, Executive is willing to continue to  serve in the employ of the Bank on a full-time basis for said period.

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows:

 

1.                                      Employment.  Executive is employed as Senior Vice President and Director of Risk Management of the Bank.  Executive shall perform all duties and shall have all powers which are commonly incident to the office of the Director of Risk Management or which, consistent with the office, are delegated to him by the Chief Executive Officer of the Bank.

 

2.                                      Location and Facilities.  Executive will be furnished with the working facilities and staff as are necessary for him to perform his duties.  The location of such facilities and staff shall be at the principal administrative offices of the Bank, or at such other site or sites customary for such offices.

 

3.                                      Term.

 

a.                                      The term of this Agreement shall include: (i) the initial term, consisting of the period commencing on the date of this Agreement (the “Effective Date”) and ending on May 20, 2012, plus (ii) any and all extensions of the initial term made pursuant to this Section 3.

 

b.                                      Commencing on May 20, 2011 and continuing on each May 20th thereafter, the disinterested members of the Board of Directors may extend the Agreement term for an additional year, so that the remaining term of the Agreement again becomes two (2) years, unless Executive elects not to extend the term of this Agreement by giving proper written notice.  The Board of Directors will review the Agreement and Executive’s performance annually for purposes of determining whether to extend the Agreement term and will include the rationale and results of its review in the minutes of the meetings.  The Board of Directors will notify Executive as

 

 

soon as possible after each annual review whether it has determined to extend the Agreement.

 

4.                                      Base Compensation.

 

a.                                      The Bank agrees to pay Executive a base salary at the rate of $175,100 per year, payable in accordance with customary payroll practices.

 

b.                                      The Board shall review the rate of Executive’s base salary based upon factors it deems relevant, and may maintain or increase his salary, provided that no such action shall reduce the rate of salary below the rate set forth in paragraph a. of this Section 4.  All salary reviews will take place in connection with Executive’s annual performance review.

 

c.                                       In the absence of action by the Board, Executive shall continue to receive salary at the annual rate specified in paragraph a. of this Section 4. or, if another rate has been established under the provisions of this Section 4, the rate last properly established by action of the Board under the provisions of this Section 4.

 

5.                                      Bonuses.  Executive shall be entitled to participate in discretionary bonuses or other incentive compensation programs that the Company and the Bank may award from time to time to senior management employees pursuant to bonus plans or otherwise.

 

6.                                      Benefit Plans.  Executive shall also be eligible to participate in such medical, dental, pension, profit sharing, retirement and stock-based compensation plans and other programs and arrangements as may be approved from time to time by the Company and the Bank for the benefit of their employees.

 

7.                                      Vacation and Leave.

 

a.                                      Executive shall be entitled to vacation and other leave in accordance with the Bank’s policy for senior executives, or otherwise as approved by the Board.

 

b.                                      In addition to paid vacations and other leave, Executive shall be entitled, without loss of pay, to absent herself voluntarily from the performance of his employment for such additional periods of time and for such valid and legitimate reasons as the Board may, in its discretion, determine.  Further, the Board may grant to Executive a leave or leaves of absence, with or without pay, at such time or times and upon such terms and conditions as the Board in its discretion may determine.

 

8.                                      Expense Payments and Reimbursements.  Executive shall be reimbursed for all reasonable out-of-pocket business expenses that he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with applicable policies of the Bank.

 

9.                                      Reserved.

 

 

10.                               Loyalty and Confidentiality.

 

a.                                      During the term of this Agreement Executive:  (i) shall devote all his time, attention, skill, and efforts to the faithful performance of his duties hereunder; provided, however, that from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations which will not present any conflict of interest with the Company and the Bank or any of their subsidiaries or affiliates, unfavorably affect the performance of Executive’s duties pursuant to this Agreement, or violate any applicable statute or regulation and (ii) shall not engage in any business or activity contrary to the business affairs or interests of the Company and the Bank.

 

b.                                      Nothing contained in this Agreement shall prevent or limit Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the Company and the Bank, or, solely as a passive, minority investor, in any business.

 

c.                                       Executive agrees to maintain the confidentiality of any and all information concerning the operation or financial status of the Company and the Bank; the names or addresses of any of its borrowers, depositors and other customers; any information concerning or obtained from such customers; and any other information concerning the Company and the Bank to which he may be exposed during the course of his employment.  Executive further agrees that, unless required by law or specifically permitted by the Board in writing, he will not disclose to any person or entity, either during or subsequent to his employment, any of the above-mentioned information which is not generally known to the public, nor shall he employ such information in any way other than for the benefit of the Company and the Bank.

 

11.                               Termination and Termination Pay.  Subject to Section 12 of this Agreement, Executive’s employment under this Agreement may be terminated in the following circumstances:

 

a.                                      Death.  Executive’s employment under this Agreement shall terminate upon his death during the term of this Agreement, in which event Executive’s estate shall be entitled to receive the compensation due to Executive through the last day of the calendar month in which his death occurred.

 

b.                                      Retirement.  This Agreement will terminate on Executive’s Retirement Date.  For purposes of this Agreement, Retirement Date is defined as the date the Executive retires from the Bank under the retirement benefit plan or plans in which he participates pursuant to Section 6 of this Agreement.

 

 

c.                                       Disability.

 

i.                                          The Board or Executive may terminate Executive’s employment after having determined Executive has a Disability.  For purposes of this Agreement, “Disability” means a physical or mental infirmity that impairs Executive’s ability to substantially perform his duties under this Agreement and that results in Executive becoming eligible for long-term disability benefits under any long-term disability plans of the Company and the Bank (or, if there are no such plans in effect, that impairs Executive’s ability to substantially perform his duties under this Agreement for a period of one hundred eighty (180) consecutive days).  The Board shall determine whether or not Executive is and continues to be permanently disabled for purposes of this Agreement in good faith, based upon competent medical advice and other factors that they reasonably believe to be relevant.  As a condition to any benefits, the Board may require Executive to submit to such physical or mental evaluations and tests as it deems reasonably appropriate.

 

ii.                                       In the event of such Disability, Executive’s obligation to perform services under this Agreement will terminate.  The Bank will pay Executive, as Disability pay, an amount equal to sixty-six and two thirds percent (66 2/3%) of Executive’s bi-weekly rate of base salary in effect as of the date of his termination of employment due to Disability.  Disability payments will be made on a monthly basis and will commence on the first day of the month following the effective date of Executive’s termination of employment for Disability and end on the earlier of:  (A) the date Executive returns to full-time employment at the Bank in the same capacity as he was employed prior to his termination for Disability; (B) Executive’s death; (C) Executive’s attainment of age 65; or (D) the date the Agreement would have expired had Executive’s employment not terminated by reason of Disability.  Such payments shall be reduced by the amount of any short- or long-term disability benefits payable to Executive under any other disability programs sponsored by the Company and the Bank.  In addition, during any period of Executive’s Disability, Executive and his dependents shall, to the greatest extent possible, continue to be covered under all benefit plans (including, without limitation, retirement plans and medical, dental and life insurance plans) of the Company and the Bank, in which Executive participated prior to his Disability on the same terms as if Executive were actively employed by the Company and the Bank.

 

d.                                      Termination for Cause.

 

i.                                          The Board may, by written notice to Executive in the form and manner specified in this paragraph, immediately terminate his employment at any time, for “Cause.”  Executive shall have no right to receive compensation

 

 

or other benefits for any period after termination for Cause except for vested benefits.  Termination for Cause shall mean termination because of, in the good faith determination of the Board, Executive’s:

 

(1)                                 Personal dishonesty;

 

(2)                                 Incompetence;

 

(3)                                 Willful misconduct;

 

(4)                                 Breach of fiduciary duty involving personal profit;

 

(5)                                 Intentional failure to perform stated duties under this Agreement;

 

(6)                                 Willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflects adversely on the reputation of the Company and the Bank, any felony conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist order; or

 

(7)                                 Material breach by Executive of any provision of this Agreement.

 

ii.                                       Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause by the Company and the Bank unless there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of a majority of the entire membership of the Board at a meeting of such Board called and held for the purpose (after reasonable notice to Executive and an opportunity for Executive to be heard before the Board with counsel), of finding that, in the good faith opinion of the Board, Executive was guilty of the conduct described above and specifying the particulars thereof.

 

e.                                       Voluntary Termination by Executive.  In addition to his other rights to terminate under this Agreement, Executive may voluntarily terminate employment during the term of this Agreement upon at least sixty (60) days prior written notice to the Board, in which case Executive shall receive only his compensation, vested rights and employee benefits up to the date of his termination.

 

f.                                        Without Cause or With Good Reason.

 

i.                                          In addition to termination pursuant to Sections 11a. through 11e., the Board may, by written notice to Executive, immediately terminate his employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, by written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days

 

 

following an event constituting “Good Reason,” as defined below (a termination “With Good Reason”).

 

ii.                                       Subject to Section 12 of this Agreement, in the event of termination under this Section 11f., Executive shall be entitled to receive a severance benefit equal to two (2) times the sum of Executive’s (i) current base salary and (ii) the most recent bonus paid to Executive by the Company and/or the Bank.  Executive’s severance benefit shall be payable ratably over a two (2) year period through the Bank’s regular payroll.  In addition, Executive shall receive continued medical, dental and life insurance coverage, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during the twenty-four (24) month period following his termination date.  In the event that the Company and the Bank are unable to provide such coverage by reason of Executive no longer being an employee, the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis.  The severance payments and benefits provided under this subparagraph (ii) are subject to Section 11f.(v) of this Agreement.

 

iii.                                    “Good Reason” shall exist if, without Executive’s express written consent, the Company and the Bank materially breach any of their respective obligations under this Agreement.  Without limitation, such a material breach shall be deemed to occur upon any of the following:

 

(1)                                 A material reduction in Executive’s responsibilities or authority in connection with his employment with the Company or the Bank;

 

(2)                                 Assignment to Executive of duties of a non-executive nature or duties for which he is not reasonably equipped by his skills and experience;

 

(3)                                 A reduction in salary or benefits contrary to the terms of this Agreement, or, following a Change in Control as defined in Section 12 of this Agreement, any reduction in salary or material reduction in benefits below the amounts to which Executive was entitled prior to the Change in Control;

 

(4)                                 Termination of incentive and benefit plans (other than the Bank’s tax-qualified plans), programs or arrangements, or reduction of Executive’s participation to such an extent as to materially reduce their aggregate value below their aggregate value as of the Effective Date;

 

(5)                                 A relocation of Executive’s principal business office by more than thirty (30) miles from its current location; or

 

 

(6)                                 Liquidation or dissolution of the Company or the Bank.

 

iv.                                   Notwithstanding the foregoing, a reduction or elimination of Executive’s benefits under one or more benefit plans maintained by the Company or the Bank as part of a good faith, overall reduction or elimination of such plans or benefits thereunder applicable to all participants in a manner that does not discriminate against Executive (except as such discrimination may be necessary to comply with law) shall not constitute an event of Good Reason or a material breach of this Agreement, provided that benefits of the same type or to the same general extent as those offered under such plans are not available to other officers of the Company and the Bank, or any company that controls either of them, under a plan or plans in or under which Executive is not entitled to participate subsequent to such reduction or elimination of benefits.

 

v.                                      The parties to this Agreement intend for the payments to satisfy the short-term deferral exception under Section 409A of the Code or, in the case of health and welfare benefits, not constitute deferred compensation (since such amounts are not taxable to Executive).  However, notwithstanding anything to the contrary in this Agreement, to the extent payments do not meet the short-term deferral exception of Section 409A of the Code and, in the event Executive is a “Specified Employee” (as defined herein) no payment shall be made to Executive under this Agreement prior to the first day of the seventh month following the Event of Termination in excess of the “permitted amount” under Section 409A of the Code.  For these purposes the “permitted amount” shall be an amount that does not exceed two times the lesser of: (A) the sum of Executive’s annualized compensation based upon the annual rate of pay for services provided to the Company for the calendar year preceding the year in which Executive has an Event of Termination, or (B) the maximum amount that may be taken into account under a tax-qualified plan pursuant to Section 401(a)(17) of the Code for the calendar year in which occurs the Event of Termination.  The payment of the “permitted amount” shall be made within sixty (60) days of the occurrence of the Event of Termination.  Any payment in excess of the permitted amount shall be made to Executive on the first day of the seventh month following the Event of Termination.  “Specified Employee” shall be interpreted to comply with Section 409A of the Code and shall mean a key employee within the meaning of Section 416(i) of the Code (without regard to paragraph 5 thereof), but an individual shall be a “Specified Employee” only if the Company is a publicly-traded institution or the subsidiary of a publicly-traded holding company.

 

g.                                       Continuing Covenant Not to Compete or Interfere with Relationships.  Regardless of anything herein to the contrary, following a termination by the Company and the Bank or Executive pursuant to Section 11f.:

 

 

i.                                          Executive’s obligations under Section 10c. of this Agreement will continue in effect; and

 

ii.                                       During the period ending one year after such termination of employment, Executive shall not serve as an officer, director or employee of any bank holding company, bank, savings bank, savings and loan holding company, or mortgage company (any of which, a “Financial Institution”) which Financial Institution offers products or services competing with those offered by the Bank from any office within thirty (30) miles from the main office or any branch of the Bank and shall not interfere with the relationship of the Company and the Bank and any of its employees, agents, or representatives.

 

12.                               Termination in Connection with a Change in Control.

 

a.                                      For purposes of this Agreement, a “Change in Control” means any of the following events:

 

i.                                          Merger:  The Company or the Bank merges into or consolidates with another corporation, or merges another corporation into the Company or the Bank, and as a result less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation.

 

ii.                                       Acquisition of Significant Share Ownership:  There is filed, or required to be filed, a report on Schedule 13D or another form or schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s voting securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities.

 

iii.                                    Change in Board Composition:  During any period of two consecutive years, individuals who constitute the Company’s or the Bank’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s or the Bank’s Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period

 

 

shall be deemed to have also been a director at the beginning of such period; or

 

iv.                                   Sale of Assets:  The Company or the Bank sells to a third party all or substantially all of its assets.

 

Notwithstanding anything in this Agreement to the contrary, in no event shall the reorganization of the Bank from the mutual holding company form of organization to the full stock holding company form of organization (including the elimination of the mutual holding company) constitute a “Change in Control” for purposes of this Agreement.

 

b.                                      Termination.  If within the period ending  twelve (12) months after a Change in Control, (i) the Company and the Bank shall terminate Executive’s employment Without  Cause, or (ii) Executive voluntarily terminates his employment With Good Reason, the Company and the Bank shall, within ten (10) calendar days of the termination of Executive’s employment, make a lump-sum cash payment to him equal to three (3) times the sum of Executive’s (i) base salary and (ii) the most recent bonus paid by the Company and/or Bank.  Also, in such event, Executive shall, for a thirty-six (36) month period following his termination of employment, receive continued medical, dental and life insurance coverage upon terms no less favorable than the most favorable terms provided to senior executives of the Bank during such period.  In the event that the Company or the Bank is unable to provide such coverage by reason of Executive no longer being an employee, the Company and the Bank shall provide Executive with comparable coverage under an individual policy.  The parties to this Agreement intend for the payments to satisfy the short-term deferral exception under Section 409A of the Code or, in the case of health and welfare benefits, not constitute deferred compensation (since such amounts are not taxable to Executive).  However, notwithstanding anything to the contrary in this Agreement, to the extent payments do not meet the short-term deferral exception of Section 409A of the Code and, in the event Executive is a “Specified Employee” (as defined herein) no payment shall be made to Executive under this Agreement prior to the first day of the seventh month following the Event of Termination in excess of the “permitted amount” under Section 409A of the Code.  For these purposes the “permitted amount” shall be an amount that does not exceed two times the lesser of: (A) the sum of Executive’s annualized compensation based upon the annual rate of pay for services provided to the Company for the calendar year preceding the year in which Executive has an Event of Termination, or (B) the maximum amount that may be taken into account under a tax-qualified plan pursuant to Section 401(a)(17) of the Code for the calendar year in which occurs the Event of Termination.  The payment of the “permitted amount” shall be made within sixty (60) days of the occurrence of the Event of Termination.  Any payment in excess of the permitted amount shall be made to Executive on the first day of the seventh month following the Event of Termination.  “Specified Employee” shall be interpreted to comply with Section 409A of the Code and shall mean a key

 

 

employee within the meaning of Section 416(i) of the Code (without regard to paragraph 5 thereof), but an individual shall be a “Specified Employee” only if the Company is a publicly-traded institution or the subsidiary of a publicly-traded holding company.

 

c.                                       The provisions of Section 12 and Sections 14 through 27, including the defined terms used in such sections, shall continue in effect until the later of the expiration of this Agreement or one (1) year following a Change in Control.

 

13.                               Indemnification and Liability Insurance.

 

a.                                      Indemnification.  The Company and the Bank agree to indemnify Executive (and his heirs, executors, and administrators), and to advance expenses related thereto, to the fullest extent permitted under applicable law and regulations against any and all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit, or proceeding in which he may be involved by reason of him having been a director or Executive of the Company, the Bank or any of their subsidiaries (whether or not he continues to be a director or Executive at the time of incurring any such expenses or liabilities) such expenses and liabilities to include, but not be limited to, judgments, court costs, and attorneys’ fees and the costs of reasonable settlements, such settlements to be approved by the Board, if such action is brought against Executive in his capacity as an Executive or director of the Company and the Bank or any of their subsidiaries.  Indemnification for expenses shall not extend to matters for which Executive has been terminated for Cause.  Nothing contained herein shall be deemed to provide indemnification prohibited by applicable law or regulation.  Notwithstanding anything herein to the contrary, the obligations of this Section 13 shall survive the term of this Agreement by a period of six (6) years.

 

b.                                      Insurance.  During the period in which indemnification of Executive is required under this Section, the Company and the Bank shall provide Executive (and his heirs, executors, and administrators) with coverage under a directors’ and officers’ liability policy at the expense of the Company and the Bank, at least equivalent to such coverage provided to directors and senior executives of the Company and the Bank.

 

14.                               Reimbursement of Executive’s Expenses to Enforce this Agreement.  The Company and the Bank shall reimburse Executive for all out-of-pocket expenses, including, without limitation, reasonable attorneys’ fees, incurred by Executive in connection with successful enforcement by Executive of the obligations of the Company and the Bank to Executive under this Agreement.  Successful enforcement shall mean the grant of an award of money or the requirement that the Company and the Bank take some action specified by this Agreement:  (i) as a result of court order; or (ii) otherwise by the Company and the Bank following an initial failure of the Company and the Bank to pay such money or take such action promptly after written demand therefor from Executive stating the reason that such money or action was due under this Agreement at or prior to the time of such demand.

 

 

15.                               Limitation of Benefits under Certain Circumstances.  If the payments and benefits pursuant to Section 12 of this Agreement, either alone or together with other payments and benefits which Executive has the right to receive from the Company and the Bank, would constitute a “parachute payment” under Section 280G of the Code, the payments and benefits pursuant to Section 12 shall be reduced or revised, in the manner determined by Executive, by the amount, if any, which is the minimum necessary to result in no portion of the payments and benefits under Section 12 being non-deductible to the Company and the Bank pursuant to Section 280G of the Code and subject to the excise tax imposed under Section 4999 of the Code.  The determination of any reduction in the payments and benefits to be made pursuant to Section 12 shall be based upon the opinion of the Company and the Bank’s independent public accountants and paid for by the Company and the Bank.  In the event that the Company, the Bank and/or Executive do not agree with the opinion of such counsel, (i) the Company and the Bank shall pay to Executive the maximum amount of payments and benefits pursuant to Section 12, as selected by Executive, which such opinion indicates there is a high probability do not result in any of such payments and benefits being non-deductible to the Company and the Bank and subject to the imposition of the excise tax imposed under Section 4999 of the Code and (ii) the Company and the Bank may request, and Executive shall have the right to demand that they request, a ruling from the IRS as to whether the disputed payments and benefits pursuant to Section 12 have such consequences.  Any such request for a ruling from the IRS shall be promptly prepared and filed by the Company and the Bank, but in no event later than thirty (30) days from the date of the opinion of counsel referred to above, and shall be subject to Executive’s approval prior to filing, which shall not be unreasonably withheld.  The Company, the Bank and Executive agree to be bound by any ruling received from the IRS and to make appropriate payments to each other to reflect any such rulings, together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code.  Nothing contained herein shall result in a reduction of any payments or benefits to which Executive may be entitled upon termination of employment other than pursuant to Section 12 hereof, or a reduction in the payments and benefits specified in Section 12 below zero.

 

16.                               Injunctive Relief.  If there is a breach or threatened breach of Section 11g. of this Agreement or the prohibitions upon disclosure contained in Section 10c. of this Agreement, the parties agree that there is no adequate remedy at law for such breach, and that the Company and the Bank shall be entitled to injunctive relief restraining Executive from such breach or threatened breach, but such relief shall not be the exclusive remedy hereunder for such breach.  The parties hereto likewise agree that Executive, without limitation, shall be entitled to injunctive relief to enforce the obligations of the Company and the Bank under this Agreement.

 

17.                               Successors and Assigns.

 

a.                                      This Agreement shall inure to the benefit of and be binding upon any corporate or other successor to the Company and the Bank which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company and the Bank.

 

 

b.                                      Since the Company and the Bank are contracting for the unique and personal skills of Executive, Executive shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company and the Bank.

 

18.                               No Mitigation.  Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to Executive in any subsequent employment.

 

19.                               Notices.  All notices, requests, demands and other communications in connection with this Agreement shall be made in writing and shall be deemed to have been given when delivered by hand or 48 hours after mailing at any general or branch United States Post Office, by registered or certified mail, postage prepaid, addressed to the Company and/or the Bank at their principal business offices and to Executive at his home address as maintained in the records of the Company and the Bank.

 

20.                               No Plan Created by this Agreement.  Executive, the Company and the Bank expressly declare and agree that this Agreement was negotiated among them and that no provision or provisions of this Agreement are intended to, or shall be deemed to, create any plan for purposes of the Employee Retirement Income Security Act or any other law or regulation, and each party expressly waives any right to assert the contrary.  Any assertion in any judicial or administrative filing, hearing, or process that such a plan was so created by this Agreement shall be deemed a material breach of this Agreement by the party making such an assertion.

 

21.                               Amendments.  No amendments or additions to this Agreement shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided.

 

22.                               Applicable Law.  Except to the extent preempted by federal law, the laws of the Commonwealth of Pennsylvania shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise.

 

23.                               Severability.  The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.

 

24.                               Headings.  Headings contained herein are for convenience of reference only.

 

25.                               Entire Agreement.  This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, other than written agreements with respect to specific plans, programs or arrangements described in Sections 5 and 6.

 

26.                               Arbitration.  Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three

 

 

arbitrators sitting in Philadelphia, Pennsylvania, in accordance with the rules of the American Arbitration Association then in effect.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right to be paid until the date of termination during the pendency of any dispute or controversy arising under or in connection with this Agreement.

 

27.                               Required Provisions.  In the event any of the foregoing provisions of this Section 27 are in conflict with the terms of this Agreement, this Section 27 shall prevail.

 

a.                                      The Bank’s board of directors may terminate Executive’s employment at any time, but any termination by the Bank, other than termination for Cause, shall not prejudice Executive’s right to compensation or other benefits under this Agreement.  Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause.

 

b.                                      If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings.  If the charges in the notice are dismissed, the Bank may in its discretion:  (i) pay Executive all or part of the compensation withheld while its contract obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were suspended.

 

c.                                       If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.

 

d.                                      If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Bank under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties.

 

e.                                       All obligations under this Agreement shall be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the Bank:  (i) by the Director of the OTS (or his or her designee), at the time the Federal Deposit Insurance Corporation (FDIC) enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Director of the OTS (or his or her designee) at the time the Director (or his designee) approves a supervisory merger to resolve problems related to the operations of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition.  Any rights of the parties that have already vested, however, shall not be affected by such action.

 

 

f.                                        Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments.

 

28.                               Source of Payments.  All payments provided for under this Agreement shall be timely paid in cash or check from the general funds of the Bank.  The Company, however, unconditionally guarantees payment and provision of all amounts and benefits due under this Agreement.  In the event the Bank does not pay such amounts or provide such benefits, they shall be paid or provided by the Company.

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective May 20, 2010.

 

 

	
ATTEST:
    	
 
    	
BENEFICIAL MUTUAL SAVINGS BANK
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   William J. Kline, Jr.
    	
 
    	
By:
    	
/s/   Edward G. Boehne
    
	
Corporate   Secretary
    	
 
    	
 
    	
For   the Entire Board of Directors
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
EXECUTIVE
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Lisa Smalley
    	
 
    	
By:
    	
/s/   Robert J. Maines
    
	
 
    	
 
    	
 
    	
Robert J. Maines
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
ATTEST:
    	
 
    	
BENEFICIAL MUTUAL BANCORP, INC.
    
	
 
    	
 
    	
(as guarantor)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   William J. Kline, Jr.
    	
 
    	
By:
    	
/s/   Edward G. Boehne
    
	
Corporate   Secretary
    	
 
    	
 
    	
For   the Entire Board of DirectorsESV -6.30.2014-Exhibit 10.1

VARIATION OF EMPLOYMENT AGREEMENT

THIS DEED OF VARIATION is dated 2 June 2014
among:
		
	(1)
	ENSCO GLOBAL RESOURCES LIMITED incorporated and registered in England and Wales with company number 07098531 whose registered office is at 100 New Bridge Street, London, EC4V 6JA ("EGRL"); 

		
	(2)
	CARL TROWELL of Sandhill, Sandhill Lane, Crawley Down West Sussex RH10 4LE (the "Employee"); and

		
	(3)
	ENSCO SERVICES LIMITED incorporated and registered in England and Wales with company number 04605864 whose registered office is at 100 New Bridge Street, London, EC4V 6JA.

together "the Parties".
Agreed terms
		
	1.
	The Employee commenced employment with EGRL on 2 June 2014 pursuant to the employment contract dated 3 May 2014 (the "Agreement") attached as the Schedule to this deed.

		
	2.
	The Parties agree that the Contract shall have effect, as from 2 June 2014, as though originally entered into between the Employee and ENSCO Services Limited instead of between the Employee and EGRL. All references to "the Company" in the Agreement shall therefore be deemed amended and interpreted as references to ENSCO Services Limited. 

		
	3.
	This deed and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

		
	4.
	Each Party irrevocably agrees that the courts of England and Wales shall have non-exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this deed or its subject matter or formation (including non-contractual disputes or claims).

This deed has been entered into on the date stated at the beginning of it and takes effect from 2 June 2014.

THE SCHEDULE
THIS DEED is dated 3 May 2014
Between:

		
	(1)
	ENSCO GLOBAL RESOURCES LIMITED incorporated and registered in England and Wales with company number 07098531 whose registered office is at 100 New Bridge Street, London, EC4V 6JA (the "Company"); and

		
	(2)
	CARL TROWELL of Sandhill, Sandhill Lane, Crawley Down West Sussex RH10 4LE (the "Employee").

Agreed terms
		
	1.
	Interpretation

		
	1.
	The definitions and rules of interpretation in this clause 1 apply in this Agreement.

		
	Appointment 
	the employment of the Employee by the Company pursuant to this Agreement.

		
	Board 
	the board of directors of Ensco plc from time to time (including any committee of the Board duly appointed by it).

		
	Capacity 
	as agent, consultant, director, employee, owner, partner, shareholder or in any other capacity.

		
	Change in Control
	the occurrence of any of the following events: (i) a change in the ownership of Ensco plc, which occurs on the date that any one person, or more than one person acting in concert (as defined in the City Code on Takeovers and Mergers), acquires ownership of Shares that, together with Shares held by such person or persons acting in concert, constitutes more than fifty percent (50%) of the total voting power of the Shares, or (ii) the majority of the members of the Board is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election, or (iii) a sale of all or substantially all of the assets of Ensco plc; provided, however, a Change in Control of Ensco plc shall not be deemed to have occurred by virtue of the consummation of any transaction or series of related transactions immediately following which the beneficial holders of the voting Shares immediately before such transaction or series of transactions continue to have a majority of the direct or indirect ownership in one or more entities which, 

singly or together, immediately following such transaction or series of transactions, either (A) own all or substantially all of the assets of Ensco plc as constituted immediately prior to such transaction or series of transactions, or (B) are the ultimate parent with direct or indirect ownership of all of the voting Shares after such transaction or series of transactions.  For further clarification, a "Change in Control" of Ensco plc shall not be deemed to have occurred by virtue of the consummation of any transaction or series of related transactions effected for the purpose of changing the place of incorporation or form of organization of Ensco plc or the ultimate parent company of Ensco plc and its subsidiaries.
		
	Commencement Date 
	On or about June 1 2014.

		
	Company Policies 
	the policies of the Company and Ensco plc that are applicable to employees of the Company (including, without limitation, the Ensco plc Code of Business Conduct and any employment handbook), as may be amended from time to time. 

		
	Confidential Information 
	information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory) relating to the business, products, affairs and finances of any Group Company for the time being confidential to any Group Company and trade secrets including, without limitation, technical data and know-how relating to the business of any Group Company or any of their business contacts, including in particular (by way of illustration only and without limitation):

(a)    information relating to the business of exploring, acquiring, developing, exploiting and disposing of oil and natural gas resources (regardless of when conceived, made, developed or acquired);
(b)    information relating to the business or prospective business, current or projected plans or internal affairs of the Company or any Group Company

(c)     information relating to the current or prospective marketing or sales of any products or services of any Group Company, including non-public lists of customers' and suppliers' names, addresses and contacts; sales targets and statistics; market share and pricing information; marketing surveys; research and reports; non-public advertising and promotional material; strategies; and financial and sales data;
(d)    information relating to any actual or prospective business strategies of any Group Company;
(e)    information relating to any actual acquisitions, investments or corporate opportunities or prospective acquisition, investment targets or corporate opportunity;
(f)    know-how, trade secrets, unpublished information relating to any Group Company's intellectual property and to the creation, production or supply of any products or services of any Group Company;
(g)    information to which any Group Company owes an obligation of confidence to a third party (including, without limitation, customers, clients, suppliers, partners, joint venturers and professional advisors of any Group Company); and
(h)    other commercial, financial or technical information relating to the business or prospective business of any Group Company or to any past, current or prospective client, customer, supplier, licensee, officer or employee, agent of any Group Company or any member or person interested in the share capital or assets of any Group Company and any other person to whom any Group Company may provide or from whom they may receive information (whether marked confidential or not).
		
	Garden Leave 
	any period during which the Board has exercised its rights under clause 19.

		
	Good Reason 
	the occurrence of any of the following events (without the Employee's express written consent) arising during the 

Appointment: (i) a material reduction in the Employee's base salary or a material reduction in the aggregate overall compensation opportunity available to Employee, provided that the Board shall have the discretion to modify the Employee's overall compensation package subject to the foregoing restrictions, (ii) a material diminution in the Employee's authority, duties or responsibilities, (iii) in connection with the occurrence of a Change in Control, a permanent relocation in the geographic location at which the Employee must perform services to a location outside the London Metropolitan Area, or (iv) any other action or inaction that constitutes a material breach by the Company of its obligations under this Agreement.  In the case of the Employee's allegation of Good Reason, (A) the Employee shall provide notice to the Board of the event alleged to constitute Good Reason within ninety (90) days of the occurrence of such event, and (B) the Company shall have the opportunity to remedy the alleged Good Reason event within thirty (30) days from receipt of notice of such allegation.  If the Company does not cure the circumstance giving rise to Good Reason to the Employee's reasonable satisfaction, the Employee must terminate his employment with the Company within thirty (30) days following the end of the thirty (30) day cure period described in clause (B) above in order for his termination to be considered a termination for Good Reason.  
		
	Group Company 
	the Company, its Subsidiaries or Holding Companies from time to time and any Subsidiary of any Holding Company from time to time.

		
	Incapacity 
	any sickness, injury or other medical disorder or condition which prevents the Employee from carrying out his duties.

		
	Intellectual Property Rights
	patents, rights to Inventions, copyright and related rights, trademarks, trade names and domain names, rights in get-up, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs, rights in computer software, database 

rights, topography rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications (or rights to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world. 
		
	Invention 
	any invention, idea, discovery, development, improvement or innovation, whether or not patentable or capable of registration, and whether or not recorded in any medium.

		
	Long-Term Incentive Plans
	means the LTIP Performance Unit Award, the RSU Award and the Three-Year Cliff RSU Award and any other long-term incentive plans with the Company or any Group Company which the Employee may from time to time participate in.

		
	LTIP Performance Unit Award 
	means the Ensco plc 2012 Long-Term Incentive Plan Performance Unit Award Agreement.

		
	Pre-Contractual Statement 
	any undertaking, promise, assurance, statement, representation, warranty or understanding (whether in writing or not) of any person (whether party to this Agreement or not) relating to the Employee's employment under this Agreement which is not expressly set out in this Agreement.

		
	Restricted Area
	the Gulf of Mexico, the Santos, Campos and Espirito Santo basins off the coast of Brazil, the North Sea, the Arabian Gulf, and Kwanza and Lower Congo Basins off the coast of Angola. 

		
	Restricted Business 
	(i) the business of offshore drilling rig contracting and associated activities carried out by any Group Company and with which the Employee was involved to a material extent or for which he was responsible at any time in the 12 months before the Termination Date; and (ii) any other parts of the business of any Group Company with which the Employee was involved to a material extent or for which he was responsible at any time in the 12 months before the Termination Date. 

		
	Restricted Customer 
	any firm, company or person who, at any time during the 12 months before the Termination Date, was a customer or prospective customer of or was in the habit of dealing with any Group Company and with whom the Employee had material contact or about whom he became aware or informed in the course of employment.

		
	Restricted Person 
	anyone employed or engaged (including as a consultant or independent contractor) by any Group Company with whom the Employee dealt at any time in the 12 months before the Termination Date in the course of employment and who (i) has regular and significant contact with any customers or suppliers of any Group Company, (ii) is engaged in senior capacity, (iii) is paid a base annual salary or fee of £75,000 (or equivalent in foreign currency) or more, or (iv) could materially damage the interests of any Group Company if they were involved in any Capacity in any business concern which competes with any Restricted Business.

		
	RSU Award 
	means the Ensco plc 2012 Long-Term Incentive Plan Employee Three-Year Vesting Period Restricted Share Unit Award Agreement.

		
	Share
	means shares in the capital of Ensco plc.

		
	Subsidiary / Holding Company 
	in relation to a company mean "subsidiary" and "holding company" as defined in section 1159 of the Companies Act 2006.

		
	Termination Date
	the date of termination of the Employee's employment with the Company, however caused.

		
	Three-Year Cliff RSU Award
	means the Ensco plc 2012 Long-Term Incentive Plan Employee Three-Year Cliff Vesting Period Restricted Share Unit Award Agreement.

		
	2.
	The headings in this Agreement are inserted for convenience only and shall not affect its construction.

		
	3.
	A reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension, or re-enactment and includes any subordinate legislation for the time being in force made under it.

		
	4.
	Unless the context otherwise requires, a reference to one gender shall include a reference to the other gender.

		
	5.
	Unless the context otherwise requires, words in the singular include the plural and in the plural include the singular.

		
	2.
	Term of appointment

		
	1.
	The Appointment shall commence on the Commencement Date and shall continue, subject to the remaining terms of this Agreement, until terminated by either party giving the other not less than six months' prior notice in writing.

		
	2.
	No employment with a previous employer counts towards the Employee's period of continuous employment with the Company.

		
	3.
	The Employee consents to the transfer of his employment under this Agreement to a Group Company at any time during the Appointment provided that his terms and conditions of employment shall remain the same, and provided also that his role and status within the Company and any Group Company shall be commensurate with his current role and status.

		
	3.
	Employee warranties

		
	1.
	The Employee represents and warrants to the Company that, by entering into this Agreement or performing any of his obligations under it, he will not be in breach of any court order or any express or implied terms of any contract or other obligation binding on him (including, without limitation, any obligation or restriction on the Employee with respect to any prior employment) and undertakes to indemnify each Group Company against any claims, costs, damages, liabilities or expenses which any Group Company may incur as a result if he is in breach of any such obligations or restrictions.

		
	2.
	The Employee warrants that he is entitled to work in the United Kingdom without any additional approvals and will notify the Company immediately if he ceases to be so entitled during the Appointment.

		
	3.
	The Employee warrants that he is not subject to any restrictions which prevent him from holding office as a director.

		
	4.
	Duties

		
	1.
	The Employee shall serve as the President and Chief Executive Officer of Ensco plc.

		
	2.
	During the Appointment the Employee shall:

		
	(a)
	act as a member of the Board and, if so required by the Board,  act as a member of the board of directors of other Group Companies, in each case subject to the Employee's nomination and election (and annual re-election) to the Board or other boards of directors, as applicable;

		
	(b)
	carry out duties on behalf of any other Group Company including, if so required by the Board, acting as an officer or consultant of any such Group Company;

		
	(c)
	comply with the articles of association (as amended from time to time) of any Group Company of which he is a director;

		
	(d)
	abide by any statutory, fiduciary or common-law duties to any Group Company of which he is a director;

		
	(e)
	not do anything that would cause him to be disqualified from acting as a director;

		
	(f)
	comply with all requirements, recommendations or regulations, as amended from time to time, of all regulatory authorities relevant to any Group Company and any code of practice issued by the Company (as amended from time to time) relating to dealing in the securities of any Group Company;

		
	(g)
	comply with the requirements under both legislation and regulation as to the disclosure of inside information, insider dealing and market abuse;

		
	(h)
	comply with the Company's anti-corruption and bribery policy and related procedures and conduct the services to be provided by the Employee hereunder in strict compliance with the Bribery Act 2010, the U.S. Foreign Corrupt Practices Act of 1977 and any other law, regulation, order, decree or directive of any jurisdiction relevant to any Group Company or any of their affiliates having the force of law and relating to, without limitation, bribery, kickbacks, or similar business practices;

		
	(i)
	comply with the Ensco plc Code of Business Conduct, as amended from time to time;

		
	(j)
	unless prevented by Incapacity or as agreed in writing by the Board, devote the whole of his time, attention and abilities to the business of the Company and any Group Company of which he is an officer or consultant;

		
	(k)
	faithfully and diligently exercise such powers and perform such duties as may from time to time be assigned to him by the Board together with such person or persons as the Board may appoint to act jointly with him;

		
	(l)
	comply with all reasonable and lawful directions given to him by the Board;

		
	(m)
	promptly make such reports to the Board in connection with the affairs of any Group Company on such matters and at such times as are reasonably required;

		
	(n)
	report his own wrongdoing and any wrongdoing or proposed wrongdoing of any other employee or director of any Group Company to the Board immediately on becoming aware of it;

		
	(o)
	use his best endeavours to promote, protect, develop and extend the business of the Company and the other Group Companies;

		
	(p)
	consent to the Company monitoring and recording any use that he makes of the Company's electronic communications systems for the purpose of ensuring that the Company's rules are being complied with and for legitimate business purposes; and

		
	(q)
	comply with any electronic communication systems policy that the Company may issue from time to time.

		
	3.
	The Employee shall comply with all Company Policies. The Company Policies do not form part of this Agreement and the Company may amend them at any time. To the extent that there is any conflict between the terms of this Agreement and any Company Policy, this Agreement shall prevail.

		
	4.
	All documents, manuals, hardware and software provided for the Employee's use by the Company, and any data or documents (including copies) produced, maintained or stored on the Company's computer systems or other electronic equipment (including mobile phones), remain the property of the Company.

		
	5.
	Place of work

		
	1.
	The Employee's normal place of work is the Ensco plc's headquarters at 6 Chesterfield Gardens, 3rd Floor, London, United Kingdom, W1J 5BQ or such other place within the London Metropolitan Area as Ensco plc may establish as its corporate headquarters from time to time.

		
	2.
	The Employee agrees to travel on any Group Company's business (both within the United Kingdom or abroad) as may be required for the proper performance of his duties under the Appointment.  The Employee acknowledges and agrees that extensive and regular international travel will be required in the performance of his duties.  The Employees' business travel shall be undertaken in accordance with the Company's travel reimbursement policy in effect from time to time, which, as of the Commencement Date, provides for the Chief Executive Officer to travel business class both within the United Kingdom and when travelling internationally, or first class (if available) when travelling internationally for over three hours.

		
	6.
	Hours of work 

The hours of work of the Employee are not fixed but are such normal working hours of the Company and such additional hours as may be necessary to enable him properly to discharge his duties and services.  For information, the normal working hours of the Company are 9 a.m. to 6 p.m. Monday to Friday but it is recognised that normal working hours do not apply to this position.  The Employee will not be entitled to any additional pay for any overtime worked.
		
	7.
	Salary

		
	1.
	The Employee shall be paid an initial base salary of £600,000 per annum (inclusive of any fees due to the Employee by any Group Company as a director or officer of any Group Company).

		
	2.
	The Employee's salary shall accrue from day to day and be payable monthly in arrears on or before the end of each month directly into the Employee's bank or building society.

		
	3.
	The Employee's salary shall be reviewed by the Board annually, the first such review to take place not less than 12 months following the Commencement Date. In the event that there is a material change to UK income taxes rules a salary review shall be triggered (although the Company shall be under no obligation to increase the Employee's salary).  The Company is under no obligation to award an increase following a salary review. There will be no review of the salary after notice has been given by either party to terminate the Appointment.

		
	4.
	The Company may deduct from the salary, or any other sums owed to the Employee, any money owed to any Group Company by the Employee.

		
	8.
	Expenses

		
	1.
	The Company shall reimburse (or procure the reimbursement of) all reasonable expenses wholly, properly and necessarily incurred by the Employee in the course of the Appointment, subject to production of VAT receipts or other appropriate evidence of payment.  

		
	2.
	The Employee shall abide by the Company's policies on expenses as set out in Company Policies from time to time.

		
	3.
	Any credit card supplied to the Employee by the Company shall be used only for expenses properly incurred by him in the course of the Appointment in accordance with the Company's policies in effect from time to time.

		
	9.
	Incentive Plan

		
	1.
	The Employee shall be eligible to participate in the Ensco International Incorporated 2005 Cash Incentive Plan (the "ECIP"), subject to the terms of the ECIP as may be amended from time to time.  For the year 2014, the Employee's threshold, target and maximum level of bonus opportunity under the ECIP will be equal to 55%, 110% and 220%, respectively, of the Employee's base salary actually earned by the Employee in 2014.  The Board may, in its sole discretion, increase or decrease the Employee's bonus opportunity levels in future years.  The actual amount paid to the Employee under the ECIP each year, if any, will be calculated based on the level of achievement of the performance goals established by the Company under the ECIP for the year in question and the terms of the ECIP. 

		
	2.
	Any bonus payments shall not be pensionable.

		
	10.
	Benefits

		
	1.
	The Employee agrees and acknowledges that he is not eligible to participate in, or receive benefits under, the Ensco Savings Plan, including the employer matching and profit sharing provisions thereunder, or the 2005 Supplemental Executive Retirement Plan (the "US Retirement Plans").  During the Appointment the Employee shall be eligible to receive cash payments (the "Cash 

Payments") equal to the cash amounts that would have been contributed by the Company on the Employee's behalf to the US Retirement Plans had the Employee participated in such US Retirement Plans (assuming, for purposes of the calculation of the value of the company matching benefit, that the Employee deferred the maximum amount possible under the plan and the United States Internal Revenue Code and received the corresponding company matching benefit).  Such Cash Payments shall be made to the Employee on the first regular payroll date following each date on which the equivalent contributions would have been made or accrued by the Company to the US Retirement Plans had the Employee participated in the US Retirement Plans as of such date during the Appointment.  The Cash Payments shall be subject to all applicable deductions and withholding for income tax and National Insurance Contributions.  The Employee shall be solely responsible for the payment of any additional taxes or other withholding liabilities arising out of the Cash Payments.  In the event that there is a significant change to UK pension rules which would enable the Employee to make payments into the Ensco Limited Retirement Plan, this clause shall be subject to further review by the parties.
		
	2.
	The Employee shall be eligible to participate in the same benefit plans and programs in which other executive non-expatriate Company employees who are based in the United Kingdom are eligible to participate, subject to the terms, conditions and limitations of the applicable plans and programs in effect from time to time and any applicable HM Revenue & Customs limits and other limits or restrictions under applicable law.  The provision of any benefits shall not prevent the Company from terminating the Employee's employment at any time.

		
	3.
	The Company in its sole and absolute discretion reserves the right to discontinue, vary or amend any benefits plans and programs (including the level of the Employee's cover) at any time on reasonable notice to the Employee, provided that, subject to clauses 10.2 and 10.4, they are replaced with benefits providing a level of cover to the Employee (and, to the extent applicable, to his spouse, dependents and beneficiaries) equal to those provided to other executive non-expatriate Company employees who are based in the United Kingdom.

		
	4.
	Any insured benefit shall be subject to the Employee or, to the extent applicable, the Employee's spouse, dependants and beneficiaries, satisfying the normal underwriting requirements of the relevant insurance provider and the premium being at a rate which the Board considers reasonable.  If an insurance provider refuses for any reason to provide any insurance benefit to the Employee, the Company shall not be liable to provide to the Employee any replacement benefit of the same or similar kind or to pay any compensation in lieu of such benefit.  The Company's sole obligation in respect of insured benefits is to pay the premium from time to time required by the provider and to pay to the Employee such sums (if any) as may be received by the Company from the provider in respect 

of any claim made by the Employee under the scheme and, for the avoidance of doubt, the Company shall be under no obligation to take any action to enforce the terms of any insurance or otherwise to procure the benefit of any insurance for the Employee.
		
	11.
	Holidays

		
	1.
	The Employee shall be entitled to paid holiday in accordance with the Company's holiday policy in effect from time to time, but in any event the Employee shall be entitled to not less than 28 days' paid holiday in each holiday year in addition to the usual public holidays in England. The Company's holiday year runs between 1 January and 31 December. If the Appointment commences or terminates part way through a holiday year, the Employee's entitlement during that holiday year shall be calculated on a pro-rata basis rounded up to the nearest whole day. 

		
	2.
	Holiday may be taken at such time or times as the Employee may determine in his reasonable discretion taking into account the business needs of the Company, provided that any holiday during which the Employee will be materially incommunicado shall be subject to the prior approval of the Board.  The Employee may carry forward up to 5 days accrued but untaken holiday to the subsequent holiday year.  The Employee may not without the written consent of the Board carry forward more than 5 days holiday and any accrued but untaken holiday in excess of this at the end of each year shall be forfeited without compensation.

		
	3.
	The Employee shall have no entitlement to any payment in lieu of accrued but untaken holiday except on termination of the Appointment. Subject to clause 11.4 the amount of such payment in lieu shall be 1/260th of the Employee's salary for each untaken day of the entitlement under clause 11.1 for the holiday year in which termination takes place and any untaken days carried forward from the preceding holiday year.

		
	4.
	If the Company has terminated or would be entitled to terminate the Appointment under clause 18.1(a) to (l) or if the Employee has terminated the Appointment in breach of this Agreement any payment due under clause 11.3 shall be limited to the Employee's statutory entitlement under the Working Time Regulations 1998 and any paid holidays (including paid public holidays) taken shall be deemed first to have been taken in satisfaction of that statutory entitlement.

		
	5.
	If on termination of the Appointment the Employee has taken in excess of his accrued holiday entitlement, the Company shall be entitled to recover from the Employee by way of deduction from any payments due to the Employee or otherwise one day's pay calculated at 1/260th of the Employee's salary for each excess day.

		
	6.
	If either party has served notice to terminate the Appointment, the Board may require the Employee to take any accrued but unused holiday entitlement during the notice period. Any accrued but unused holiday entitlement shall be deemed to be taken during any period of Garden Leave under clause 19.

		
	7.
	During any continuous period of absence due to Incapacity of one month or more the Employee shall not accrue holiday under this contract and the Employee's entitlement under clause 11.1 for the holiday year in which such absence takes place shall be reduced pro rata save that it shall not fall below the Employee's entitlement under the Working Time Regulations 1998.

		
	12.
	Incapacity

		
	1.
	Subject to the Employee's compliance with this Agreement and the Company's sickness absence procedures (as amended from time to time), the Employee shall continue to receive his full salary and contractual benefits during any period of absence due to Incapacity for up to an aggregate of 12 weeks in any 52-week period. Such payment shall be inclusive of any statutory sick pay due in accordance with applicable legislation.  

		
	2.
	With respect to any medical condition or suspected medical condition that the Board believes has, or will have, an impact on the Employee's ability to perform his duties hereunder, the Employee agrees to consent to medical examinations (at the Company's expense) by a doctor nominated by the Company. The Employee agrees that any report produced in connection with any such examination may be disclosed to relevant personnel within the Company who shall treat it as extremely confidential and not discuss it with anyone outside the Company save that the Company may discuss the contents of the report with the relevant doctor and any relevant legal advisor.

		
	3.
	If the Incapacity is or appears to be occasioned by actionable negligence, nuisance or breach of any statutory duty on the part of a third party in respect of which damages are or may be recoverable, the Employee shall immediately notify the Board of that fact and of any claim, compromise, settlement or judgment made or awarded in connection with it and all relevant particulars that the Board may reasonably require. The Employee shall if required by the Board, refund to the Company that part of any damages or compensation recovered by him relating to the loss of earnings for the period of the Incapacity as the Board may reasonably determine less any costs borne by him in connection with the recovery of such damages or compensation, provided that the amount to be refunded shall not exceed the total amount paid to the Employee by the Company in respect of the period of Incapacity.

		
	4.
	The rights of the Company to terminate the Appointment under the terms of this Agreement apply even when such termination would or might cause the Employee to forfeit any entitlement to sick pay, permanent health insurance or other benefits.

		
	13.
	Outside interests

		
	1.
	Subject to clause 13.2, during the Appointment the Employee shall not, except as a representative of the Company or with the prior written approval of the Board, whether paid or unpaid, be directly or indirectly engaged, concerned or have any financial interest in any Capacity in any other business, trade, profession or occupation (or the setting up of any business, trade, profession or occupation), 

save that this clause shall not apply to any family business (being a business owned or managed by a member of his immediate family), provided that: (i) the Employee has no management responsibility in such business; (ii) that the business is not similar to or competitive with any business for the time being carried on by any Group Company; and (iii) that the Employee's engagement, concern or interest in any family business shall not affect the performance of his duties and obligations under this Agreement.  
		
	2.
	Notwithstanding clause 13.1, the Employee may hold an investment by way of shares or other securities of not more than one percent (1%) of the total issued share capital of any company (whether or not it is listed or dealt in on a recognised stock exchange) where such company does not carry on a business similar to or competitive with any business for the time being carried on by any Group Company.  Subject to the Ensco plc Code of Business Conduct, as amended from time to time, the Employee may also hold a non-executive directorship in a company which does not carry on a business similar to or competitive with any business being carried on by any Group Company, provided that the Board consents to any such position, such consent not to be unreasonably withheld, and that such non-executive directorship does not affect the performance of the Employee's duties and obligations under this Agreement.

		
	14.
	Confidential Information

		
	1.
	The Employee acknowledges that in the course of the Appointment he will have access to Confidential Information. The Employee has therefore agreed to accept the restrictions in this clause 14.

		
	2.
	The Employee shall not (except in the proper course of his duties), either during the Appointment or at any time after its termination (however arising), use or disclose to any person, company or other organisation whatsoever (and shall use his best endeavours to prevent the publication or disclosure of) any Confidential Information. This shall not apply to:

		
	(a)
	any use or disclosure authorised by the Board or required by law;

		
	(b)
	any information which is already in, or comes into, the public domain other than through the Employee's unauthorised disclosure;

		
	(c)
	any protected disclosure within the meaning of section 43A of the Employment Rights Act 1996; or

		
	(d)
	any information which is part of the Employee's general skill and knowledge prior to the Commencement Date.

		
	15.
	Intellectual property

		
	1.
	The Employee shall give the Company full written details of all Inventions and of all works embodying Intellectual Property Rights made wholly or partially by him at any time during the course of the Appointment which relate to, or are reasonably capable of being used in, the business of any Group 

Company. The Employee acknowledges that all Intellectual Property Rights subsisting (or which may in the future subsist) in all such Inventions and works shall automatically, on creation, vest in the Company absolutely. To the extent that they do not vest automatically, the Employee holds them on trust for the Company. The Employee agrees promptly to execute all documents and do all acts as may, in the opinion of the Company, be necessary to give effect to this clause 15.1.
		
	2.
	The Employee hereby irrevocably waives all moral rights under the Copyright, Designs and Patents Act 1988 (and all similar rights in other jurisdictions) which he has or will have in any existing or future works referred to in clause 15.1.

		
	3.
	The Employee irrevocably appoints the Company to be his attorney in his name and on his behalf to execute documents, use the Employee's name and do all things which are necessary or desirable for the Company to obtain for itself or its nominee the full benefit of this clause.  A certificate in writing, signed by any director or the secretary of the Company, that any instrument or act falls within the authority conferred by this Agreement shall be conclusive evidence that such is the case so far as any third party is concerned.

		
	16.
	Ceasing to be a director

		
	1.
	Except with the prior approval of the Board, or as provided in the articles of association of any Group Company of which he is a director, the Employee shall not resign as a director of any Group Company.

		
	2.
	If during the Appointment the Employee ceases to be a director of any Group Company (otherwise than by reason of his death, resignation or disqualification pursuant to the articles of association of the relevant Group Company, as amended from time to time, or by statute or court order) the Appointment shall continue with the Employee as an employee only and the terms of this Agreement (other than those relating to the holding of the office of director) shall continue in full force and effect. The Employee shall have no claims in respect of such cessation of office.

		
	3.
	The Employee shall, with respect to any period during which he is a member of the Board (and, to the extent coverage is available at commercially reasonable costs, for six years thereafter), be entitled to be covered by a policy of directors' and officers' liability insurance on terms no less favourable than those in place from time to time for other members of the Board.

		
	17.
	Payment in lieu of notice

		
	1.
	Notwithstanding clause 2, the Company may, in its sole and absolute discretion, terminate the Appointment at any time and with immediate effect by notifying the Employee that the Company is exercising its right under this clause 17.1 and that it will make within 28 days a payment in lieu of notice (the "Payment in Lieu") to the Employee. This Payment in Lieu will be equal to the basic salary (as at the Termination Date) which the Employee would have been entitled to receive under this Agreement during the notice period referred to at clause 2 (or, if notice has already been given, 

during the remainder of the notice period), less income tax and National Insurance contributions. For the avoidance of doubt, the Payment in Lieu shall not include any element in relation to:
		
	(a)
	any ECIP, bonus or commission payments that might otherwise have been due during the period for which the Payment in Lieu is made;

		
	(b)
	any payment in respect of benefits which the Employee would have been entitled to receive during the period for which the Payment in Lieu is made; and

		
	(c)
	any payment in respect of any holiday entitlement that would have accrued during the period for which the Payment in Lieu is made.

		
	2.
	The Employee shall have no right to receive a Payment in Lieu unless the Company has exercised its discretion in clause 17.1. Nothing in this clause 17 shall prevent the Company from terminating the Appointment in breach.

		
	3.
	Notwithstanding clause 17.1 the Employee shall not be entitled to any Payment in Lieu if the Company would otherwise have been entitled to terminate the Appointment without notice in accordance with clause 18.1(a) to (l). In that case the Company shall also be entitled to recover from the Employee any Payment in Lieu (or instalments thereof) already made.

		
	18.
	Termination without notice

		
	1.
	The Company may also terminate the Appointment with immediate effect without notice and with no liability to make any further payment to the Employee (other than in respect of amounts accrued due at the Termination Date) if the Employee:

		
	(a)
	is disqualified from acting as a director or resigns as a director from any Group Company without the prior written approval of the Board;

		
	(b)
	is guilty of a material breach of the rules or regulations as amended from time to time of any regulatory authorities relevant to any Group Company or any code of practice issued by the Company (as amended from time to time);

		
	(c)
	is guilty of any gross negligence or serious misconduct affecting the business of any Group Company or wilfully breached a fiduciary duty to any Group Company;

		
	(d)
	commits any serious or repeated breach or non-observance of any of the material provisions of this Agreement or refuses or neglects to comply with any reasonable and lawful directions of the Board, in each case having been given a 30 day period within which to remedy the breach (where such breach is capable of remedy), and having failed to do so to the reasonable satisfaction of the Board;

		
	(e)
	is declared bankrupt or makes any arrangement with or for the benefit of his creditors or has a county court administration order made against him under the County Court Act 1984;

		
	(f)
	is convicted of any criminal offence (other than an offence under any road traffic legislation in the United Kingdom or elsewhere for which a fine or non-custodial penalty is imposed) or any offence under any regulation or legislation relating to insider dealing or market abuse;

		
	(g)
	ceases to be eligible to work in the United Kingdom;

		
	(h)
	is guilty of any fraud or dishonesty;

		
	(i)
	acts in any manner which in the reasonable opinion of the Board brings or is likely to bring the Employee or any Group Company materially into disrepute or is materially adverse to the interests of any Group Company;

		
	(j)
	is in breach of the Bribery Act 2010, the U.S. Foreign Corrupt Practices Act of 1977 or the Company's anti-corruption and bribery policy and related procedures in effect from time to time;

		
	(k)
	any material violation of the Ensco plc Code of Business Conduct, as amended from time to time;

		
	(l)
	is guilty of a serious breach of any rules or policies issued by the Company from time to time, including its electronic communications systems polices, policies relating to a drug and alcohol free workplace, and policies relating to harassment, discrimination and retaliation; 

		
	(m)
	becomes of unsound mind (which includes lacking capacity under the Mental Capacity Act 2005), or a patient under any statute relating to mental health; or

		
	(n)
	is unable by reason of Incapacity to perform his duties under this Agreement for an aggregate period of 12 weeks in any 52-week period.

		
	2.
	The rights of the Company under clause 18.1 are without prejudice to any other rights that it might have at law to terminate the Appointment or to accept any breach of this Agreement by the Employee as having brought the agreement to an end. Any delay by the Company in exercising its rights to terminate shall not constitute a waiver thereof.

		
	19.
	Garden Leave

		
	1.
	Following service of notice to terminate the Appointment by either party, or if the Employee purports to terminate the Appointment in breach of contract, the Board may by written notice place the Employee on Garden Leave for a maximum period of 6 months.

		
	2.
	During any period of Garden Leave:

		
	(a)
	the Company shall be under no obligation to provide any work to the Employee and may revoke any powers the Employee holds on behalf of the Company or any Group Company;

		
	(b)
	the Company may require the Employee to carry out alternative duties or to only perform such specific duties as are expressly assigned to the Employee, at such location (including 

the Employee's home) as the Company may decide, provided always that any such alternate duties are commensurate with the Employee's current role and status;
		
	(c)
	the Employee shall be entitled to receive an amount equal to his basic salary together with all contractual benefits (including any payments in relation to his ECIP) in the usual way and subject to the terms of any benefit arrangement;

		
	(d)
	the Employee shall remain an employee of the Company and bound by the terms of this Agreement (including any implied duties of good faith and fidelity);

		
	(e)
	the Employee shall ensure that the Board knows where he will be and how he can be contacted during each working day (except during any periods taken as holiday in the usual way);

		
	(f)
	the Company may exclude the Employee from any premises of the Company or any Group Company; and

		
	(g)
	the Company may require the Employee not to contact or deal with (or attempt to contact or deal with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the Company or any Group Company, save that he may contact any such person in a purely personal capacity on matters unrelated to any Group Company or any business conducted by any Group Company.

		
	20.
	Separation Payment

Subject to clauses 20.2 and 20.4, if at any time during the Appointment the Employee's employment is terminated by the Company for any reason other than one of the reasons specified in clause 18.1(a) to (l), or by the Employee for Good Reason, the Company shall, within 28 days following the Termination Date, pay to the Employee a lump sum equal to (i) the base salary (less income tax and National Insurance contributions) that the Employee would have earned had he remained employed by the Company during period from the Termination Date until the third anniversary of the Commencement Date, or (ii) 24 months' base salary (less income tax and National Insurance contributions), whichever is the greater (the "Separation Payment").  For the avoidance of doubt, no Separation Payment shall be paid to the Employee if the Employee voluntarily resigns at any time or if the Company terminates Employee's employment under clause 18.1(a) to (l).
		
	1.
	Subject to clause 20.4, if at any time during the period of 24 months following a Change in Control the Employee resigns for Good Reason or the Employee's employment is terminated by the Company for any reason other than one of the reasons specified in clause 18.1(a) to (l), the Company shall, within 28 days following the Termination Date, pay to the Employee a lump sum equal to (i) 24 months' base salary plus (ii) two times the average of the Employee's actual bonus paid under the ECIP for the three years preceding the Termination Date (the "ECIP Payment"); provided, however, 

if the Employee has been employed less than three full years, the ECIP Payment shall be equal to two times the average of any bonuses received by the Employee (or, if only one bonus has been received, the amount of that bonus) pursuant to the ECIP since his employment with the Company began; provided, further, if the Employee has not yet received a bonus payment under the ECIP, the ECIP Payment amount shall be equal to two times the Employee's annual base salary that is effective as of the Termination Date (in each case, less income tax and National Insurance contributions) (collectively, such payments are referred to herein as the "Change in Control Payment").  For the avoidance of doubt, no Change in Control Payment shall be paid to the Employee if the Employee resigns for any reason other than a Good Reason or if the Company terminates Employee's employment under clause 18.1(a) to (l).  The Employee acknowledges and agrees that if a Change in Control Payment is made, he shall not be entitled to any further payment under the ECIP and he shall waive any and all entitlements which he might otherwise have under the terms of the ECIP.  Further, in the event that the Employee is entitled to a Change in Control Payment under the terms of this clause 20.2, the Employee shall not be entitled to receive any Separation Payment.
		
	2.
	If the Company elects to make a Payment in Lieu, any Separation Payment or Change in Control Payment (if applicable) shall be reduced by an amount equal to the Payment in Lieu, provided that, if the Employee is eligible to receive a Separation Payment or Change in Control Payment, the Employee shall at a minimum be entitled to receive a payment equal to 24 months' base salary.

		
	3.
	Any Separation Payment is payable in addition to the Employee's entitlements under the Long-Term Incentive Plans.

		
	4.
	Notwithstanding clause 20.1 or 20.2, if within 6 months following the Termination Date the Board becomes aware of facts that would otherwise reasonably have entitled the Company to terminate the Appointment in accordance with clause 18.1(a) to (l), the Company shall have no obligation to make any Separation Payment or Change in Control Payment and, at the Board's sole discretion, shall recover from the Employee any Separation Payment or Change in Control Payment already made. 

		
	21.
	Obligations on termination

		
	1.
	On termination of the Appointment (however arising) or, if earlier, at the start of a period of Garden Leave, the Employee shall:

		
	(a)
	resign immediately without compensation from any directorship, office or trusteeship that he holds in or on behalf of any Group Company;

		
	(b)
	subject to clause 21.2, immediately deliver to the Company all documents, books, materials, records, correspondence, papers and information (on whatever media and wherever located) relating to the business or affairs of any Group Company or its business contacts, any keys, 

credit card and any other property of any Group Company, which is in his possession or under his control;
		
	(c)
	irretrievably delete any information relating to the business of any Group Company stored on any magnetic or optical disk or memory and all matter derived from such sources which is in his possession or under his control outside the Company's premises; and

		
	(d)
	provide a signed statement that he has complied fully with his obligations under this clause 21.1 together with such reasonable evidence of compliance as the Company may request.

		
	2.
	Where the Employee has been placed on Garden Leave he shall not be required by clause 21.1 to return until the end of the Garden Leave period any property provided to him as a contractual benefit for use during the Appointment.

		
	3.
	The Employee hereby irrevocably appoints the Company to be his attorney to execute and do any such instrument or thing and generally to use his name for the purpose of giving the Company or its nominee the full benefit of clause 21.1(a).

		
	4.
	Save as otherwise set out in this Agreement or as set out under the rules of the Long-Term Incentive Plans, a termination of the Appointment however arising the Employee shall not be entitled to any compensation for the loss of any rights or benefits under any share option, bonus, ECIP, long-term incentive plan or other profit sharing scheme operated by any Group Company in which he may participate.

		
	22.
	Post-termination restrictions

		
	1.
	In order to protect the Confidential Information and business connections of the Company and each Group Company to which he has access as a result of the Appointment, the Employee covenants with the Company (for itself and as trustee and agent for each Group Company) that he shall not at any time during the 12 month period after the Termination Date:

		
	(a)
	solicit or endeavour to entice away from the Company or any Group Company the business or custom of a Restricted Customer with a view to providing goods or services to that Restricted Customer in competition with any Restricted Business; 

		
	(b)
	offer to employ or engage or otherwise endeavour to entice away from the Company or any Group Company any Restricted Person; or

		
	(c)
	employ or engage or otherwise facilitate the employment or engagement of any Restricted Person, whether or not such person would be in breach of contract as a result of such employment or engagement; 

		
	(d)
	in any Capacity carry on or be concerned or engaged or interested in any part of any trade, profession, individual, partnership, firm, corporation, business or other entity which competes with any part of Restricted Business in the Restricted Area; 

		
	(e)
	in any Capacity carry on, own, manage, operate, join, control, participate in, loan money to, sell or lease equipment to, sell or lease real property to any trade, profession, company, partnership, firm, corporation, business or other entity which competes with any part of the Restricted Business in the Restricted Area; or

		
	(f)
	be involved with or engaged in the provision of goods or services to (or otherwise have any business dealings with) any Restricted Customer in the course of any business concern which is in competition with any Restricted Business.

		
	2.
	The Employee covenants that he shall not, at any time after Termination Date, represent himself as connected with the Company or any Group Company in any Capacity, other than as a former employee, or use any registered business names or trading names associated with the Company or any Group Company.

		
	3.
	Except to the extent required by law, the Employee covenants that he shall not, at any time after the Termination Date, make any public statements (or authorise any statements to be reported as being attributed to him) that are critical, disparaging or derogatory about, or which injure the reputation of, any Group Company or any of their owners, investors, employees, directors, officers or customers.

		
	4.
	None of the restrictions in clause 22 shall prevent the Employee from being engaged or concerned in any other business concern, provided that the Employee's duties or work shall relate solely to services or activities of a kind which are not competitive with the Restricted Business.

		
	5.
	The restrictions imposed on the Employee by this clause 22 apply to him acting:

		
	(a)
	directly or indirectly; and

		
	(b)
	on his own behalf or on behalf of, or in conjunction with, any firm, company or person.

		
	6.
	The periods for which the restrictions in clause 22 apply shall be reduced by any period that the Employee spends on Garden Leave immediately before the Termination Date.

		
	7.
	If the Employee receives an offer to be involved in a business concern in any Capacity during the Appointment, or before the expiry of the last of the covenants in this clause 22, the Employee shall give the person making the offer a copy of this clause 22 and shall tell the Company the identity of that person as soon as possible.

		
	8.
	The Company and the Employee entered into the restrictions in this clause 22 having been separately legally advised. The Employee agrees that the restrictions in this clause 22 are reasonable as regards their duration, extent, geographical area, scope of activity and application for the protection of the legitimate business interests of the Company or any Group Company (including, without limitation, in light of the nature and wide geographic scope of the Company's business activities, the Employee's level of control over and contact with the business, and the amount of remuneration, trade secrets and Confidential Information that the Employee will receive in connection with the performance of 

his duties under this Agreement and the Company's or any Group Company's goodwill with which the Employee will become further associated).  In particular, and without limiting the foregoing, the Employee expressly acknowledges and agrees that the Restricted Business is carried on by the Company throughout the Restricted Area and that the definition of Restricted Area in this Agreement is reasonable and necessary to protect the legitimate business interests of the Company and the Group Companies.
		
	9.
	Each of the restrictions in this clause 22 is intended to be separate and severable. If any of the restrictions shall be held to be void but would be valid if part of their wording were deleted, such restriction shall apply with such deletion as may be necessary to make it valid or effective.

		
	10.
	If the Employee's employment is transferred to any firm, company, person or entity other than a Group Company (the "New Employer") pursuant to the Transfer of Undertakings (Protection of Employment) Regulations 2006, the Employee will, if required, enter into an agreement with the New Employer containing post-termination restrictions corresponding to those restrictions in this clause 22, protecting the confidential information, trade secrets and business connections of the New Employer provided that the restrictions with the New Employer are commensurate with those already in place.

		
	11.
	The Employee agrees, during and after the termination of his employment, to provide such assistance as the Company or any Group Company may require in the conduct of any internal investigation, arbitration, inquiry and/or the defence or prosecution of any current or future claim that may be made against, or brought by, the Company or any Group Company, where the Employee has in his possession any information or knowledge which the Company or any Group Company reasonably considers is relevant to any such investigation or proceedings (including, without limitation, by giving statements, meeting with the Company or any Group Company's legal or professional advisers, and attending and giving evidence at any legal proceedings).  The Employee's reasonable out-of-pocket expenses properly incurred in providing assistance pursuant to this clause 21.11 will be reimbursed by the Company, subject to the production of appropriate receipts, and, unless the Employee is acting under subpoena or court order, the Employee will be reimbursed based on a to be agreed-upon hourly rate in the event he provides assistance pursuant to this clause 21.11 to any Group Company at the Company's request following the termination of his employment. 

		
	12.
	The Employee will, at the request and expense of the Company, enter into a separate agreement with any Group Company in which he agrees to be bound by restrictions corresponding to those restrictions in this clause 22 (or such of those restrictions as the Company deems appropriate) in relation to that Group Company, provided that those new restrictions would be commensurate with those already in place.

		
	23.
	Disciplinary and grievance procedures

		
	1.
	The Employee is subject to the Company's disciplinary and grievance procedures, copies of which are available from the Company's Human Resources Department. These procedures do not form part of the Employee's contract of employment.

		
	2.
	If the Employee wants to raise a grievance, he may apply in writing to the Board in accordance with the Company's grievance procedure.

		
	3.
	If the Employee wishes to appeal against a disciplinary decision he may apply in writing to Board in accordance with the Company's disciplinary procedure.

		
	4.
	The Board may suspend the Employee from any or all of his duties for a period of up to 30 days during any period in which the Company is investigating any serious disciplinary matter involving the Employee or while any disciplinary procedure against the Employee is outstanding. 

		
	5.
	During any period of suspension:

		
	(a)
	the Employee shall continue to receive his basic salary and all contractual benefits in the usual way and subject to the terms of any benefit arrangement;

		
	(b)
	the Employee shall remain an employee of the Company and bound by the terms of this Agreement;

		
	(c)
	the Employee shall ensure that the Board knows where he will be and how he can be contacted during each working day (except during any periods taken as holiday in the usual way);

		
	(d)
	the Board may exclude the Employee from his place of work or any other premises of the Company or any Group Company; and

		
	(e)
	the Board may require the Employee not to contact or deal with (or attempt to contact or deal with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the Company or any Group Company, other than in a purely personal capacity on matters unrelated to any Group Company or any business conducted by any Group Company.

		
	24.
	Data protection

		
	1.
	The Employee acknowledges and agrees that in order to keep and maintain records relating to the Appointment, it will be necessary for the Company to record, keep and process personal data (which may include sensitive data as defined by the Data Protection Act 1998) relating to the Employee, in hard or soft copy, including without limitation data such as references, bank details and other personal details. This personal data will be held for administration purposes; for the provision of management information for business purposes or in connection with any other legitimate interests, such as marketing activities, corporate planning or in relation to any actual or potential sale of the Company; and to permit the Company to comply with its legal obligations.

		
	2.
	The Employee acknowledges and agrees that to the extent that it is reasonably necessary in connection with the Appointment and/or the performance of the Company's responsibilities as an employer and/or in connection with any other legitimate interest, provided the Company complies with its obligations under the Data Protection Act 1998, the Company may:

		
	(a)
	disclose the Employee's personal and sensitive data to others, including without limitation other employees of the Company, Group Companies, the Company's professional advisers, pension scheme providers, product or service providers, potential or future employers, potential purchasers of the Company or any Group Company or the business in which the Employee works, other third parties (such as payroll processors and/or any actual or prospective purchasers), Government bodies, including, without limitation, HM Revenue & Customs, the pensions regulator, industry bodies and other regulatory and non-regulatory authorities; and 

		
	(b)
	transfer such data outside the European Economic Area to Group Companies, service providers and other third parties which may be located in countries that do not have laws to protect the Employee's data.  Where such transfer takes place the Company shall take appropriate steps to satisfy itself that the entity to which the Employee's personal and sensitive data is transferred has in place the appropriate technical and organisational measures to protect such data against unauthorised or unlawful processing and against accidental loss or destruction of or damage to the data. 

		
	25.
	Collective agreements

There is no collective agreement which directly affects the Appointment.
		
	26.
	Reconstruction and amalgamation

Save as otherwise provided at clause 20.2 and 20.3 above, if the Appointment is terminated at any time by reason of any reconstruction or amalgamation of the Company or any Group Company, whether by winding up or otherwise, and the Employee is offered employment with any concern or undertaking involved in or resulting from the reconstruction or amalgamation on terms which (considered in their entirety) are no less favourable to any material extent than the terms of this Agreement, the Employee shall have no claim against the Company or any such undertaking arising out of or connected with the termination.
		
	27.
	Company Warranty 

		
	1.
	The Company represents and covenants to the Employee that:

		
	(a)
	it has taken all necessary corporate and other action and obtained all necessary shareholder, board and other consents and approvals required for it to enter into and perform its obligations under this Agreement and the Long-Term Incentive Plans;

		
	(b)
	the terms of this Agreement and the Long-Term Incentive Plans do not contravene the terms of any such consents and approvals; and

		
	(c)
	the performance of the provisions of this Agreement and the Long-Term Incentive Plans will not result in a breach of or constitute a default under any agreement, statute, law, regulation, contractual or other restriction binding upon the Company.

		
	28.
	Notices

		
	1.
	A notice given to a party under this Agreement shall be in writing in the English language and signed by or on behalf of the party giving it. It shall be delivered by hand or sent to the party at the address or fax number given in this Agreement or as otherwise notified in writing to the other party.

		
	2.
	Any such notice shall be deemed to have been received:

		
	(a)
	if delivered by hand, at the time the notice is left at the address or given to the addressee;

		
	(b)
	in the case of pre-paid first class UK post or other next working day delivery service, at 9.00 am on the second business day after posting or at the time recorded by the delivery service; 

		
	(c)
	in the case of pre-paid airmail, 9.00 am on the fifth Business Day after posting or at the time recorded by the delivery service; or 

		
	(d)
	in the case of fax, at the time of transmission.

		
	3.
	A notice shall have effect from the earlier of its actual or deemed receipt by the addressee. For the purpose of calculating deemed receipt:

		
	(a)
	all references to time are to local time in the place of deemed receipt; and

		
	(b)
	if deemed receipt would occur on a Saturday or Sunday or a public holiday when banks are not open for business, deemed receipt is at 9.00 am on the next business day.

		
	4.
	A notice required to be given under this Agreement shall not be validly given if sent by e-mail.

		
	5.
	This clause does not apply to the service of any proceedings or other documents in any legal action.

		
	29.
	Entire agreement

		
	1.
	This Agreement constitutes the whole agreement between the parties (and in the case of the Company, as agent for any Group Companies) and supersedes all previous discussions, correspondence, negotiations, arrangements, understandings and agreements between them. Notwithstanding the foregoing sentence and except as explicitly noted otherwise in this Agreement, this clause 29.1 shall be without prejudice to terms of the ECIP or the Long-Term Incentive Plans.

		
	2.
	Each party acknowledges that in entering into this Agreement it has not relied on and shall have no remedy in respect of any Pre-Contractual Statement.

		
	3.
	Each party agrees that its only liability in respect of those representations and warranties that are set out in this Agreement (whether made innocently or negligently) shall be for breach of contract.

		
	4.
	Nothing in this Agreement shall limit or exclude any liability for fraud.

		
	30.
	Variation

No variation or agreed termination of this Agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).
		
	31.
	Counterparts

This Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be an original, and all the counterparts together shall constitute one and the same instrument.
		
	32.
	Third party rights

No person other than a party to this Agreement may enforce any of its terms. 
		
	33.
	Governing law and jurisdiction

		
	1.
	This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

		
	2.
	The parties irrevocably agree that the courts of England and Wales shall have non-exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes or claims).

This Agreement may be executed in multiple counterparts, all of which taken together shall constitute one document, and any signatory may sign any such counterpart.  An executed counterpart transmitted by facsimile (fax) or email shall be deemed to be an original.This document has been executed as a deed of variation and is delivered and takes effect on 2 June 2014.

	
		
	Executed as a deed by ENSCO Global Resources Limited acting by John Mark Burns, a director,
in the presence of:

Martina Costello - Executive Assistant

Flat 1, 20 Bakers Row London EC1R 3DB
[Name, address and occupation of witness]
	

/s/ John Mark Burns
John Mark Burns

	and Paul Mark Walker, its secretary, in the presence of:

Andrew McIntyre, PA

Ensco, Badentoy Avenue, Portlethen
[Name, address and occupation of witness]
	/s/ Paul Mark Walker
Paul Mark Walker

	Executed as a deed by ENSCO Services Limited by Derek Andrew Sangster, a director, 
in the presence of:

Chloe George - Personal Assistant

6 Chesterfield Gardens, London W1J 5BQ
[Name, address and occupation of witness]

and Julian Richard Hall, its secretary,
in the presence of:

Andrew McIntyre

Ensco, Badentoy Avenue, Portlethen
[Name, address and occupation of witness]
	

/s/ Derek Andrew Sangster
Derek Andrew Sangster

/s/ Julian Richard Hall
Julian Richard Hall

	Signed as a deed by Carl Trowell in the presence of:

Ethleen Figaro
___________________________
[Name, address and occupation of witness]
	/s/ Carl Trowell
Carl Trowell

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