Document:

EX-10.3

 Exhibit 10.3 

SEPARATION AGREEMENT 

This Separation Agreement (this “Agreement”) is entered into by and between, and shall inure to the benefit of and be
binding upon, the following parties: 
 STEWART A. MITCHELL, hereinafter referred to as “Employee”; and 

J. RAY McDERMOTT, S.A., a Panama corporation, and McDermott Dubai, License No. 5033, a branch of a foreign corporation,
collectively hereinafter referred to as the “Company.” 

W I T N E S S E T H: 

WHEREAS, Employee is currently an employee of the Company; 

WHEREAS, pursuant to a resignation letter in the form attached hereto as Exhibit A, Employee has tendered to McDermott International, Inc., a
Panamanian corporation of which the Company is a wholly owned subsidiary (“MII”), Employee’s resignation from all positions held as an officer, employee, member of the board of directors or board of managers (and member of any
and all committees thereof), of MII and its subsidiaries and joint venture entities, and from any and all positions or capacities with respect to any employee benefit plan sponsored or maintained by any such entity, effective January 27, 2014;
and 
 WHEREAS, Employee’s resignation from each such position shall be effective as of January 27, 2014, except that Employee
shall remain an employee of the Company through March 6, 2014, the “Resignation Date”, whereupon his resignation from employment with the Company shall take effect; and 

WHEREAS, Employee and the Company mutually desire to establish and agree on the terms and conditions of Employee’s separation from
service; 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements, covenants and obligations set forth herein, and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, Employee and the Company hereby agree as follows: 

Section 1. Termination Date and Type. For purposes of interpreting and applying the provisions of compensation arrangements
and employee benefit plans of MII or any of its subsidiaries (including the Company) applicable to Employee and subject to Section 2 hereof, (a) Employee’s date of termination shall be the Resignation Date, (b) Employee’s
termination of employment is voluntary by Employee and not by the Company, and (c) subject to complying with the requirements of this Agreement, Employee shall be entitled to the compensation and benefits provided in this Agreement. 

Section 2. Severance Benefits and Payments. Subject to the execution of this Agreement by Employee and the lapse of the seven
(7) day revocation period referenced in Section 7 hereof (the “Revocation Period”) without revocation of the Agreement or any part hereof by Employee, Employee shall be entitled to receive the following payments and
benefits, to which Employee would not otherwise be entitled, subject to the terms and conditions set forth in this Agreement: 

(a) End of service gratuity payment in the amount of $748,693.94, in lieu of any accrued pension benefits under the J. Ray
McDermott Third Country National Employee Pension Plan (as amended to date, the “TCN Pension Plan”); 
 (b)
Relocation allowance in the amount of $10,000; 
 (c) Accrued but unutilized vacation pay and premium in the amount of
$16,985.34; 

 All payments made pursuant to this Section 2 shall be subject to appropriate tax withholding where
applicable and are subject to all the terms and conditions of this Agreement. 
 Section 3. Release of Claims.  

(a) General Release by Employee. In consideration of the foregoing (including the payments and benefits under
Section 2 hereof, which the Company is not required to make or provide under any preexisting agreement, plan or policy), which Employee hereby expressly acknowledges as good and sufficient consideration for the releases provided below, Employee
hereby unconditionally and irrevocably releases, acquits and forever discharges, to the fullest extent permitted by applicable law, (i) the Company and all of its predecessors, successors and assigns, (ii) all of the Company’s past,
present and future affiliates, parent corporations (including MII), subsidiaries, divisions and joint venture entities and all of their respective predecessors, successors and assigns and (iii) all of the past, present and future officers,
directors, managers, shareholders, investors, employee benefit plan administrators, employees, agents, attorneys and other representatives of each of the entities described in the immediately preceding clauses (i) and (ii), individually and in
their respective representative capacities (the persons or entities referred to in the immediately preceding clauses (i), (ii) and (iii) being, individually, a “Releasee” and, collectively, the
“Releasees”), from any and every action, cause of action, complaint, claim, demand, administrative charge, legal right, compensation, obligation, damages (including consequential, exemplary and punitive damages), liability, cost or
expense (including attorney’s fees) that Employee has, may have or may be entitled to from or against any of the Releasees, whether legal, equitable or administrative, in any forum or jurisdiction, whether known or unknown, foreseen or
unforeseen, matured or unmatured, accrued or not accrued, which arises directly or indirectly out of, or is based on or related in any way to Employee’s employment with or termination of employment from the Company or Employee’s service
for or other affiliation with MII or any of its subsidiaries (including the Company) or joint venture entities, including any such matter arising from the negligence, gross negligence or reckless, willful or wanton misconduct of any of the
Releasees (together, the “Released Claims”); provided, however, that this Release does not apply to, and the Released Claims do not include: (i) any claims arising solely and specifically under the U.S. Age
Discrimination in Employment Act of 1967 after the date this Agreement is executed by Employee; (ii) any claim for indemnification (including under MII’s or the Company’s organizational documents or insurance policies) arising in
connection with an action instituted by a third party against MII or the Company or any of their affiliates or Employee, in his capacity as an officer, director, manager, employee, agent or other representative of MII or the Company or any of their
affiliates; (iii) any claims for vested benefits under the Company’s 401(k) plan or vested benefits under the McDermott International, Inc. Director and Executive Deferred Compensation Plan (“EDCP”); (iv) any claims relating
to Employee’s eligibility to continue participating in health coverage currently available to Employee in accordance with the U.S. Consolidated Omnibus Reconciliation Act, subject to the terms, conditions and restrictions of that Act;
(v) any claim arising from any breach or failure to perform any provision of this Agreement; or (vi) any claim for worker’s compensation benefits or any other claim that cannot be waived by a general release. 

(b) Release to be Full and Complete; Waiver of Claims, Rights and Benefits. The parties intend this Release to cover any
and all such Released Claims, whether they are contract claims, equitable claims, fraud claims, tort claims, discrimination claims, harassment claims, whistleblower or retaliation claims, personal injury claims, constructive or wrongful discharge
claims, emotional distress claims, pain and suffering claims, public policy claims, claims for debts, claims for expense reimbursement, wage claims, claims with respect to any other form of compensation, claims for attorneys’ fees, other claims
or any combination of the foregoing, and whether they may arise under any employment contract (express or implied), policies, procedures, practices or by any acts or omissions of any of the Releasees or whether they may arise under any state, local
or federal law (including UAE Federal Law No. 8 of 1980 as amended), statute, ordinance, rule or regulation, including all Texas employment discrimination laws, the Texas Commission on Human Rights Act, the Texas Labor Code, all U.S.
federal discrimination laws, the U.S. Age Discrimination in Employment Act of 1967, the U.S. Employee Retirement Income Security Act of 1974, Title VII of the U.S. 

  
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Civil Rights Act of 1964, the U.S. Civil Rights Act of 1991, the U.S. Rehabilitation Act of 1973, the U.S. Americans with Disabilities Act of 1990, the U.S. Equal Pay Act, the U.S. National Labor
Relations Act, the U.S. Fair Labor Standards Act, the U.S. Older Workers Benefit Protection Act, the U.S. Worker Adjustment and Retraining Notification Act, the U.S. Family and Medical Leave Act, the U.S. Sarbanes-Oxley Act of 2002 or common law,
without exception. As such, it is expressly acknowledged and agreed that this Release is a general release, representing a full and complete disposition and satisfaction of all of the Company’s and any Releasee’s real or alleged legal
obligations to Employee, with the only exceptions being as expressly stated in the proviso to Section 3(a) hereof. Employee understands and agrees, in compliance with any law, statute, ordinance, rule or regulation which requires a specific
release of unknown claims or benefits, that this Agreement includes a release of unknown claims, and Employee hereby expressly waives and relinquishes any and all Released Claims and any associated rights or benefits that Employee may have,
including any that are unknown to Employee at the time of the execution this Agreement. 
 (c) Certain Representations of
Employee. Employee represents and warrants that: (i) Employee is the sole and lawful owner of all rights, titles and interests in and to all Released Claims; and (ii) Employee has the fully legal right, power, authority and capacity to
execute and deliver this Agreement. 
 (d) Covenant Not to Sue. Employee expressly agrees that neither Employee nor
any person acting on Employee’s behalf will file or bring or permit to be filed or brought any lawsuit or other action before any court, agency or other governmental authority for legal or equitable relief against any of the Releasees involving
any of the Released Claims (including raising any complaint with the UAE Ministry of Labour or the Dubai or UAE Courts). In the event that such an action is filed against any of the Releasees, Employee agrees that such Releasees are entitled to
legal and equitable remedies against Employee, including an award of attorney’s fees. However, it is expressly understood and agreed that the foregoing sentence shall not apply to any charge filed by Employee with the Equal Employment
Opportunity Commission or to any action filed by Employee that is narrowly limited to seeking a determination as to the validity of this Agreement and enforcement thereof. Should Employee file a charge with the Equal Employment Opportunity
Commission, or should any governmental entity, agency or commission file a charge, action, complaint or lawsuit against any of the Releasees based on any Released Claim, Employee agrees not to seek or accept any resulting relief whatsoever. 

Section 4. Return of Materials, Nondisparagement and Cooperation Undertakings. 

(a) Return of Materials. On or promptly after the Resignation Date, Employee shall return to MII or the Company, with no
request being required of MII or the Company: (i) any and all documents, records, files, reports, memoranda, books, papers, plans, letters and any other data in Employee’s possession regardless of the medium maintained, held or stored
(whether documentary, computer or other electronic storage or other) that relate in any way to the business or operations of MII or the Company or any of their past or present affiliates, subsidiaries, divisions or joint ventures (such entities
being, individually, a “Company Entity” and, collectively, the “Company Entities”) (and Employee shall not retain, recreate or deliver to anyone else such information); and (ii) any credit cards, keys, access
cards, calling cards, computer equipment and software, telephone, facsimile or other equipment or property of any of the Company Entities. 

(b) Nondisparagement. Employee shall refrain from making, directly or indirectly, in any public or private communication
(whether oral, written or electronic), any criticisms or negative or disparaging comments or other statements about the Company or any of the other Releasees, or about any aspect of the respective businesses, operations, financial results or
prospects of any of the Company Entities, including comments relating to Employee’s termination of employment. Notwithstanding the foregoing, it is understood and agreed that nothing in this Section 4(b) or in Section 5 hereof is
intended to prevent Employee from: (i) testifying truthfully in any legal proceeding brought by any governmental authority or other third party or to interfere with any obligation Employee may have to cooperate with or provide information to
any government agency or commission, subject to compliance with the provisions of Section 5(c) hereof, if applicable; (ii) advising Employee’s spouse of the terms and conditions of this Agreement; or (iii) consulting with
Employee’s own legal counsel, as contemplated by Section 7 of this Agreement. 

  
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 (c) Cooperation. Employee agrees to be reasonably available to the Company
Entities or their representatives (including their attorneys) to provide information and assistance as requested by MII or the Company. Such information and assistance may include testifying (and preparing to testify) as a witness in any proceeding
or otherwise providing information or reasonable assistance to the Company Entities in connection with any investigation, claim or suit, and cooperating with the Company Entities regarding any litigation, government investigation, regulatory matter,
claim or other disputed item involving any of the Company Entities that relate to matters within the knowledge or responsibility of Employee during Employee’s employment. Specifically, Employee agrees (i) to meet with the Company
Entities’ representatives, their counsel or other designees at reasonable times and places with respect to any matter within the scope of the foregoing provisions of this Section 4(c); (ii) to provide truthful testimony regarding any
such matter to any applicable court, agency or other adjudicatory body; (iii) to provide the Company Entities with immediate notice of contact or subpoena by any non-governmental adverse party (known to Employee to be adverse to any of the
Company Entities or their interests), and (iv) to not voluntarily assist any such non-governmental adverse party or such non-governmental adverse party’s representatives. Such cooperation required by Employee shall not unreasonably
interfere with Employee’s other business endeavors. 
 (d) Visa cancellation: Employee hereby agrees and
undertakes that he will co-operate with the cancellation of his visa on or around the Resignation Date and shall, no later than seven days from receipt of a request by the Company, provide to the Company his passport together with the passports of
any dependents sponsored by him, and shall sign and execute any documents for or in front of the competent immigration and labour authorities and any other competent authorities in Dubai, the UAE, as may be required, including visa and work permit
cancellation forms and any termination certificates required by the Company in the course of its standard policy and procedures. 

(e) Enforcement. The covenants set forth in the foregoing provisions of this Section 4 may be enforced pursuant to
the provisions of Section 5(f) hereof. 
 Section 5. Confidentiality and Non-Competition Agreement. 

(a) Definition of Trade Secrets and Confidential Business Information. Employee acknowledges and agrees that any and all
non-public information regarding the Company Entities and their customers and suppliers (including any and all information relating to the Company Entities’ respective business plans or practices, products, services, contracts with customers,
backlog, bids outstanding, target projects, financial or operational performance, finances, financial accounting policies, practices or systems, internal controls or internal control systems, financial projections or budgets, board of directors or
board committee proceedings, investor relations practices, capital expenditures, equipment, pricing strategies, marketing programs or plans, executive management or other personnel, human resources plans, policies, practices, records or systems,
information technology systems or other business systems, project management, business strategy, profits or overhead) is confidential and the unauthorized disclosure of such confidential information could result in irreparable harm to one or more of
the Company Entities. Such confidential information, in whatever form maintained, held or stored (whether documentary, computer or other electronic storage or other), includes each Company Entity’s proprietary interest in its trade secrets,
including its lists of customers and prospective customers, and other information that has recognized value and that is not generally available through other sources (collectively, “Trade Secrets”), and information regarding each
Company Entity’s various services, projects, products, procedures or systems that is treated as confidential by such Company Entity which may not rise to the level of a Trade Secret (collectively, “Confidential Business
Information”). Confidential Business Information does not include information that properly and lawfully has become generally known to the public other than as a result of any act or omission of Employee. Collectively, Trade Secrets and
Confidential Business Information (and including all the non-public information referred to in the first sentence of this Section 5(a) and all information relating to Employee’s separation from service with the Company) are referred to
herein as “Confidential Information.” 

  
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 (b) Importance of Confidential Information. The parties hereby agree that
Employee has been provided with Confidential Information during the period of Employee’s employment. By signing this Agreement, Employee acknowledges delivery to and receipt by Employee of Confidential Information. Employee further acknowledges
that the preservation and protection of the Confidential Information was an essential part of Employee’s employment with the Company and that Employee has had a duty of fidelity and trust to the Company Entities in handling the Confidential
Information. 
 (c) Nondisclosure or Misuse. Employee agrees that Employee will not disclose or take away any of the
Confidential Information, directly or indirectly, or use such information in any way. Without limiting the generality of the foregoing, Employee will not disclose any of the Confidential Information to any securities analysts, shareholders,
prospective investors, customers, competitors or any other third party, including any third party who has or may express an interest in acquiring any of the Company Entities or all or any significant portion of their respective outstanding equity
securities or assets. If Employee is legally required to disclose any Confidential Information, Employee shall, to the extent not prohibited by applicable law or legal process, promptly notify the Company in writing of such requirement so that the
Company or any of the other Company Entities may seek an appropriate protective order or other relief or waive compliance with the nondisclosure provisions of this Section 5 with respect to such Confidential Information. To the extent not
prohibited by applicable law, Employee agrees to cooperate with and not to oppose any effort by the Company or any other Company Entity to resist or narrow such request or to seek a protective order or other appropriate remedy. In any such case,
Employee will: (i) disclose only that portion of the Confidential Information that, according to written advice of Employee’s counsel, is required to be disclosed; (ii) use reasonable best efforts to obtain assurances that such
Confidential Information will be treated confidentially; and (iii) to the extent not prohibited by applicable law, promptly notify the Company in writing of the items of Confidential Information so disclosed. The foregoing obligations are in
addition to any confidentiality obligations Employee may have under any other agreements or arrangements with any of the Company Entities. 

(d) Return of Confidential Information. On or promptly after the Resignation Date, all documents or other information
containing or referring to any of the Confidential Information as may be in Employee’s possession, or over which Employee may have control, regardless of whether prepared by Employee, shall be returned by Employee to the Company in accordance
with the provisions of Section 4(a) hereof. 
 (e) Noncompetition Agreement. Employee acknowledges and agrees
that information, including the Confidential Information, Employee has acquired will enable Employee to irreparably injure the Company if Employee should engage in competition during the period beginning from the Resignation Date and extending
through the first anniversary thereof (the “Non-Compete Period”). Accordingly, as a material and substantial part of the agreements set forth herein, and particularly in consideration of the payments and the other benefits
provided to Employee pursuant to Section 2 hereof, Employee hereby agrees that the following covenants are reasonable and necessary covenants for the protection of the value of the agreements of Employee contained herein: 

(i) During the Non-Compete Period, Employee shall not, directly or indirectly, without the prior written approval of the
Company’s Chief Executive Officer (which approval shall not be unreasonably withheld), act in any capacity for, be employed by, provide services to, or contract with any of the entities identified as “Competitive Entities” (or any of
their respective subsidiaries or affiliated) in a written memorandum delivered concurrently with this Agreement from MII to Employee. 

(ii) During the Non-Compete Period, Employee shall not, directly or indirectly, solicit any Company Entity’s Protected
Customers for the purpose of engaging in any business which is the same as or similar to the business in which a Company Entity is engaged. The phrase “Protected Customers” means all persons or entities to whom a Company Entity has
sold, or proposed the sale of, any product or service within the period of three (3) years immediately prior to the Resignation Date. 

(iii) During the Non-Compete Period, Employee shall not, on Employee’s own behalf or on behalf of any other person or
entity, solicit, divert or recruit any person who is, during such time frame, an 

  
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employee of a Company Entity to leave such employment or in any other manner attempt, directly or indirectly, to influence, induce, or encourage any employee of a Company Entity to leave the
employment of that Company Entity. 
 (f) Enforcement of Covenants. Employee acknowledges that the injury that would
be suffered by the Company Entities as a result of a breach or threatened breach of the provisions of Section 4 hereof or this Section 5 would be immediate and irreparable and that, because of the difficulty of measuring economic loss of
any such breach or threatened breach, an award of monetary damages to the Company Entities for any such breach would be an inadequate remedy. Accordingly, in the event that the Company determines that Employee has breached or attempted to breach or
is threatening to breach any provision of Section 4 hereof or this Section 5, in addition to any other remedies at law or in equity that any of the Company Entities may have available to them, it is agreed that each of the Company Entities
shall be entitled, upon application to any court of proper jurisdiction, to temporary or permanent restraining orders or injunctions against Employee prohibiting such breach or attempted or threatened breach, without the necessity of:
(i) proving immediate or irreparable harm; (ii) establishing that monetary damages are inadequate or that the Company Entities do not have an adequate remedy at law; or (iii) posting any bond with respect thereto. 

(g) Right of Court or Arbitrator to Reform Restrictions. The Company and Employee state that it was their intent to
enter into a valid and enforceable agreement. Employee and the Company hereby acknowledge the reasonableness of the restrictions set forth in this Section 5, including the reasonableness of the geographic area, duration as to time and scope of
activity restrained. Employee agrees that if an arbitrator or court of competent jurisdiction finds that this Section 5 contains limitations as to geographic area, time or scope of activity to be restrained that are not reasonable and impose a
greater restraint than is necessary to protect the goodwill or other business interest of the Company Entities, the arbitrator or court may: (i) reform the covenants to the extent necessary to cause the limitations contained in this
Section 5 as to geographic area, time or scope of activity to be reasonable and to impose a restraint that is not greater than necessary to protect the goodwill or business interests of the Company Entities; and (ii) enforce this
Section 5 as so reformed. 
 (h) Repayment and Forfeiture. Employee agrees that in the event that
(i) Employee breaches any term of Sections 3 or 4 hereof or this Section 5, or (ii) Employee challenges the validity of all or any part of this Section 5, and all or any part of this Section 5 is found invalid or
unenforceable for any reason whatsoever by a court of competent jurisdiction or an arbitrator in a proceeding between Employee and a Company Entity, in addition to any other remedies at law or in equity the Company may have available to it, the
Company shall not be obligated to make any of the payments and may cease to make such payments or to provide for any of the benefits specified in Section 2 hereof, and shall be entitled to recoup from Employee any and all of the value of the
payments and benefits provided pursuant to Section 2 hereof that have vested or been paid pursuant to that Section. 
 Section 6.
Entire Agreement; Amendment; Third-Party Beneficiaries. Employee and the Company agree and acknowledge that this Agreement contains and comprises the entire agreement and understanding between the parties with respect to the subject matter
hereof, that no other representation, promise, covenant or agreement of any kind whatsoever has been made to cause either party hereto to execute this Agreement, that all agreements and understandings between the parties with respect to the subject
matter hereof are embodied and expressed in this Agreement and that this Agreement supersedes all prior agreements, negotiations, discussions, understandings and commitments, written or oral, between the parties hereto with respect to such subject
matter. The parties also agree that the terms of this Agreement shall not be amended or changed except in writing and signed by Employee and a duly authorized agent of the Company. The parties to this Agreement further agree that this Agreement
shall be binding on and inure to the benefit of Employee and the Company and the Company’s successors and assigns. Except to the extent otherwise provided in this Agreement with respect to the Company Entities and the Releasees (each such
Company Entity and each such Releasee hereby being expressly made a third-party beneficiary of this Agreement), the provisions of this Agreement shall not confer upon any third party any remedy, claim,
liability, reimbursement or other right in excess of those existing without reference to this Agreement. 

  
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 Section 7. Timing and Consultation with Counsel. Employee acknowledges that Employee
has been given a reasonable period of time, not less than twenty-one (21) days, within which to consider this Agreement and has been advised to discuss the terms of this Agreement with legal counsel of Employee’s own choosing. Employee
acknowledges that this Agreement was offered to Employee on February 27, 2014, and Employee was advised that if accepted (i) it must be executed on or prior to March 20, 2014, and (ii) the Agreement could be revoked, in writing,
for up to seven (7) days following the date of such acceptance. If Employee revokes this Agreement, Employee’s resignation shall nevertheless remain effective. Employee represents that Employee has relied on Employee’s own knowledge
and judgment and on the advice of independent legal counsel of Employee’s choosing and has consulted with such other independent advisors as Employee and Employee’s counsel deemed appropriate in connection with Employee’s review of
this Agreement and Employee’s rights with respect to Employee’s separation from service from the Company and other Company Entities and with respect to this Agreement. Based on Employee’s review, Employee acknowledges that Employee
fully and completely understands and accepts all the terms of this Agreement, including the Release in Section 3 hereof, and their legal effects, and Employee is entering into this Agreement voluntarily and of Employee’s own free will,
with full consideration of any and all rights which Employee may currently have. Employee further acknowledges that Employee is not relying on any representations or statements made by the Company or any other Company Entity, or by any of their
respective officers, directors, employees, affiliates, agents, attorneys or other representatives, regarding this Agreement, except to the extent such representations are expressly set forth in this Agreement. Employee also acknowledges that
Employee is not relying upon a legal duty, if one exists, on the part of the Company or any other Company Entity, or any of their respective officers, directors, employees, subsidiaries, affiliates, agents, attorneys or other representatives, to
disclose any information in connection with the execution of this Agreement or its preparation, it being expressly understood that Employee shall never assert any failure to disclose information on the part of any such person or entity as a ground
for challenging this Agreement or any provision hereof. 
 Section 8. Applicable Law; Venue. This Agreement shall be interpreted
and construed in accordance with the substantive laws of the State of Texas, without giving effect to any conflicts of laws provisions thereof that would result in the application of the laws of any other jurisdiction. THE EXCLUSIVE VENUE FOR THE
RESOLUTION OF ANY DISPUTE RELATING TO THIS AGREEMENT OR EMPLOYEE’S EMPLOYMENT (EXCEPT FOR ANY DISPUTE THAT MAY BE SUBJECTED TO ARBITRATION BY MUTUAL AGREEMENT OF THE PARTIES HERETO AFTER THE DATE HEREOF) SHALL BE IN THE STATE AND FEDERAL COURTS
LOCATED IN HARRIS COUNTY, TEXAS AND THE PARTIES HEREBY EXPRESSLY CONSENT TO THE JURISDICTION OF THOSE COURTS. 
 Section 9.
Section 409A; Other Tax Matters. This Agreement is intended to provide payments that are exempt from or compliant with the provisions of Section 409A of the U.S. Internal Revenue Code of 1986 (the “Code”) and
related regulations and Treasury pronouncements (“Section 409A”), and the Agreement shall be interpreted accordingly. Notwithstanding any provisions of an RSU to the contrary, no RSU shall be settled by reason of a change in control
of McDermott International, Inc. or disability of Employee unless such event is a change in control or disability, as applicable, within the meaning of Section 409A. Notwithstanding anything herein to the contrary, if on the date of
Employee’s separation from service Employee is a “specified employee,” as defined in Section 409A, then all or a portion of any severance payments, or benefits under this Agreement that would be subject to the additional tax
provided by Section 409A(a)(1)(B) of the Code if not delayed as required by Section 409A(a)(2)(B)(i) of the Code shall be delayed until the first day of the seventh month following Employee’s separation from service date (or, if
earlier, Employee’s date of death) and shall be paid as a lump sum (without interest) on such date. For purposes of this Agreement, a termination of Employee’s employment must be a “separation from service” for purposes of
Section 409A. Employee acknowledges and agrees that Employee has obtained no advice from the Company or any of the other Company Entities, or any of their respective officers, directors, employees, subsidiaries, affiliates, agents, attorneys or
other representatives, and that none of such persons or entities have made any representation regarding the tax consequences, if any, of Employee’s receipt of the payments, benefits and other consideration provided for in this Agreement.
Employee further acknowledges and agrees that Employee is personally responsible for the payment of all federal, state and 

  
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local taxes that are due, or may be due, for any payments and other consideration received by Employee under this Agreement. Employee agrees to indemnify the Company and hold the Company harmless
for any and all taxes, penalties or other assessments that Employee is, or may become, obligated to pay on account of any payments made and other consideration provided to Employee under this Agreement. 

Section 10. Miscellaneous Provisions.  

(a) Waivers. Any term or provision of this Agreement may be waived, or the time for its performance may be extended, by
the party hereto entitled to the benefit thereof. Any such waiver shall be validly and sufficiently given for the purposes of this Agreement if, as to either party hereto, it is in writing signed by such party or an authorized representative
thereof. Failure on the part of the Company or Employee at any time to insist on strict compliance by the other party with any provisions of this Agreement shall not constitute a waiver of the obligations of either party hereto in respect thereof,
or of either such party’s right hereunder to require strict compliance therewith in the future. No waiver of any breach of this Agreement shall be deemed to constitute a waiver of any other or subsequent breach. 

(b) Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under applicable
law, that provision shall be severable and this Agreement shall be construed and enforced as if that illegal, invalid or unenforceable provision never comprised a part hereof, and the remaining provisions hereof shall remain in full force and effect
and shall not be affected by the illegal, invalid or unenforceable provision, and there shall be added automatically as part of this Agreement a provision as similar in its terms to such illegal, invalid or unenforceable provision as may be possible
and be legal, valid and enforceable. 
 (c) Further Assurances. Employee shall, on request by the Company from
time to time after the date hereof, execute, acknowledge and deliver to the Company such other documents and instruments as the Company may require to give effect to the provisions of this Agreement, including a confirmatory release of the Released
Claims as of the Resignation Date. 
 (d) Section Headings. Titles and headings to Sections and subsections hereof are
for the purpose of reference only and shall in no way limit, define or otherwise affect the provisions hereof. 
 (e)
Construction. In this Agreement, unless the context clearly indicates otherwise: (i) words used in the singular include the plural and words used in the plural include the singular; (ii) reference to any gender includes the other
gender and the neuter; (iii) the words “include,” “includes” and “including” shall be deemed to be followed by the words “without limitation”; (iv) the words “shall” and “will”
are used interchangeably and have the same meaning; (v) the word “or” shall have the inclusive meaning represented by the phrase “and/or”; (vi) the words “this Agreement,” “herein,”
“hereunder,” “hereof,” “hereto” and words of similar import shall be deemed references to this Agreement as a whole and not to any particular Section or other provision of this Agreement; (vii) reference to any law
(including statutes and ordinances) means such law (including all rules and regulations promulgated thereunder) as amended, modified, codified or reenacted, in whole or in part, and in effect at the time of determining compliance or applicability;
(viii) relative to the determination of any period of time, “from” means “from and including” and “through” means “through and including”; and (ix) all references to dollar amounts herein shall be in
respect of lawful currency of the United States. The language this Agreement uses shall be deemed to be the language that the parties hereto have chosen to express their mutual intent, and no rule of strict construction shall be applied against
either party hereto. 
 (f) Execution in Counterparts. This Agreement may be executed in any number of counterparts,
each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. 

[Signature page follows] 

  
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 I HAVE READ THE FOREGOING SEPARATION AGREEMENT, I FULLY UNDERSTAND ITS TERMS AND THAT I MAY BE WAIVING
SIGNIFICANT LEGAL RIGHTS BY EXECUTING IT, AND I HAVE VOLUNTARILY EXECUTED IT ON THE DATE WRITTEN BELOW, SIGNIFYING THEREBY MY ASSENT TO, AND WILLINGNESS TO BE BOUND BY, ITS TERMS: 

 

							
	Date: February 27, 2014	 		 		 	/s/ Stewart A. Mitchell         
		 		 		 	STEWART A. MITCHELL

 On this             day of
                , 2014, personally appeared the above-named Mr. Stewart A. Mitchell, who acknowledged that he executed the foregoing instrument for the
purposes and consideration therein expressed, and acknowledged the same to be his free act and deed. 
  

			
	  

	WITNESS

  

					
	McDERMOTT MIDDLE EAST, INC.
		
	By:	 	 /s/ Scott V. Cummins     

		 	Name:	 	 Scott V. Cummins

		 	Title:	 	 President

 Before me, a Notary Public in and for Harris County, Texas, personally appeared the above-named officer
of McDermott Middle East, Inc., who acknowledged that he executed the foregoing instrument for and on behalf of McDermott Middle East, Inc., a Panama corporation, and for the purposes and consideration therein expressed, and acknowledged the same to
be [his] free act and deed and the free act and deed of said corporation. 
 IN WITNESS WHEREOF, I have hereunto set my hand and official
seal, in the County of Harris and State of Texas, this 28th day of February, 2014. 
  

			
	 /s/ Traci D. Brown

		 	NOTARY PUBLIC

  

					
	J. RAY McDERMOTT, S.A.
		
	By:	 	 /s/ Gary L. Carlson

		 	Name:	 	 Gary L. Carlson

		 	Title:	 	 Senior Vice President and Chief 

Administration Officer

  
 - 9 - 

 Before me, a Notary Public in and for Harris County, Texas, personally appeared the above-named
officer of J. Ray McDermott, S.A., who acknowledged that he executed the foregoing instrument for and on behalf of J. Ray McDermott, S.A., a Panama corporation, and for the purposes and consideration therein expressed, and acknowledged the same
to be his free act and deed and the free act and deed of said corporation. 
 IN WITNESS WHEREOF, I have hereunto set my hand and official
seal, in the County of Harris and State of Texas, this 28th day of February, 2014. 
  

			
	 /s/ Traci D. Brown

	NOTARY PUBLIC

  
 - 10 - 

 EXHIBIT A 

Notice of Resignation 
 To the Board of
Directors of McDermott International, Inc. 
 Effective January 27, 2014, the undersigned, Stewart A. Mitchell, resigns from all positions held as an
officer of McDermott International, Inc., a Panamanian corporation (“McDermott”), and from all positions held as an officer, employee, member of the board of directors or board of managers (and member of any and all committees thereof) of
any of McDermott’s subsidiaries (whether corporations, limited liability companies, limited partnerships or other forms of entity) and joint venture entities, and from any and all positions or capacities with respect to any employee benefit
plan sponsored or maintained by any such entity, including but not limited to those as reflected on the attachment hereto. This resignation is not subject to any condition to effectiveness (including, but not limited to, acceptance by the Board of
Directors of McDermott) and is irrevocable. 
 Dated: February 27, 2014 

 

			
	 /s/ Stewart A. Mitchell

	Stewart A. Mitchell

  
 - 11 -EX-10.4

 Exhibit 10.4 

McDermott International, Inc. Director and Executive Deferred Compensation Plan 

As Amended and Restated May 6, 2014 

ARTICLE I 

Purpose 
 1.1
Purpose of Plan. The purpose of this McDermott International, Inc. Director and Executive Deferred Compensation Plan (the “Plan”) is to advance the interests of McDermott International, Inc., its subsidiaries and affiliates by
providing certain deferred compensation opportunities for directors and executives as well as retirement benefits that will attract and retain highly qualified key employees accountable for the successful conduct of its business. 

1.2 ERISA Status. This Plan, to the extent of executive participation, is governed by the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”). It has been designed to qualify for certain exemptions under Title I of ERISA that apply to plans that are unfunded and maintained primarily for the purpose of providing deferred compensation for a
select group of management or highly compensated employees. This Plan is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended, and regulations and rulings issued thereunder, to the extent applicable. 

1.3 Effective Date. The original effective date of this Plan was January 1, 2005, and this Plan was amended and restated as
of the close of business December 31, 2008, further amended and restated as of the close of business November 8, 2010, and further amended and restated as of the close of business November 8, 2011. The effective date of this amendment
and restatement is the close of business May 6, 2014 (the “Effective Date”). 
 ARTICLE II 

Definitions and Construction 

Definitions. Where the following words and phrases appear in this Plan, they shall have the respective meanings set forth below,
unless their context clearly indicates to the contrary. 
  

	 	2.1	Account. Collectively, means the Participant’s Company Account and the Participant’s Deferral Account. 

  

	 	2.2	Account Value. At any given time, the sum of all amounts credited to the Participant’s Account, adjusted for any income, gain or loss and any payments attributable to such account. 

 

	 	2.3	Beneficial Owner or Beneficial Ownership. Beneficial Owner or Beneficial Ownership has the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act.

  

	 	2.4	Beneficiary. Each person designated by a Participant, on a form provided by the Company for this purpose, to receive the Participant’s distribution under Article VI in the event of the
Participant’s death prior to receiving complete payment of his or her Account. In order to be effective under this Plan, any form designating a Beneficiary must be delivered to the Committee before the Participant’s death. In the absence
of such an effective designation of a Beneficiary, “Beneficiary” means the Participant’s spouse, or if there is no spouse on the date of the Participant’s death, the Participant’s estate, or heirs at law if there is no
administration of the Participant’s estate. 

  

	 	2.5	Board. The Board of Directors of McDermott International, Inc. or the board of directors of a company that is a successor to the Company. 

	 	2.6	Bonus. Any bonus paid to a Participant under any plan, policy or program of the Company providing for the payment of annual bonuses to employees or any extraordinary payment paid to a Participant if such
payment is designated by the Committee to be a Bonus for purposes of this Plan. Bonus shall not include any compensation under the 2009 McDermott International, Inc. Long-Term Incentive Plan and any successor plan thereto. 

 

	 	2.7	Cause. Cause means: 

  

	 	(a)	the overt and willful disobedience of orders or directives issued to a Participant who is an Eligible Employee that are within his scope of duties, or any other willful and continued failure of such a Participant to
perform substantially his duties with the Company (occasioned by reason other than physical or mental illness or disability) after a written demand for substantial performance is delivered to such Participant by the Committee or the Chief Executive
Officer of the Company which specifically identifies the manner in which the Committee or the Chief Executive Officer believes that such Participant has not substantially performed his duties, after which such Participant shall have 30 days to
defend or remedy such failure to substantially perform his duties; 

  

	 	(b)	the willful engaging by a Participant who is an Eligible Employee in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company; or 

 

	 	(c)	the conviction of a Participant who is an Eligible Employee with no further possibility of appeal or, or plea of nolo contendere by such Participant to, any felony or crime of falsehood. 

The cessation of employment of a Participant in any situation involving any conditions or facts described under either subparagraph (a) or
(b) above shall not be deemed to be for “Cause” unless and until there shall have been delivered such Participant a copy of a resolution duly adopted by the affirmative vote of not less than
three-quarters (3/4) of the entire membership of the Committee at a meeting of such Committee called and held for such purpose (after reasonable notice is provided to the Participant and the Participant
is given an opportunity to be heard before the Committee), finding that, in the good faith opinion of the Committee, the Participant is guilty of the conduct described in subparagraph (a) or (b) above, and specifying the particulars
thereof in detail. 
  

	 	2.8	Change in Control. Means the occurrence or existence of any of the following facts or circumstances after the Effective Date: 

 

	 	(a)	any person (other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation or other entity owned, directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of stock of the Company) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing thirty percent (30%) or more of the combined voting power of
the Company’s then outstanding voting securities; 

  

	 	(b)	within any period of two (2) consecutive years (not including any period prior to the initial execution of this Plan), individuals who at the beginning of such period constitute the Board, and any new Directors
(other than a Director designated by a Person who has entered into an agreement with the Company to effect any transaction described in Clause (a), (c), (d) or (e) of this Section 2.7) whose election by the Board or nomination for
election by the stockholders of the Company, was approved by a vote of at least two-thirds (2/3) of the Directors, then still in office who either were Directors at the beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority of the Board; 

  

	 	(c)	a merger or consolidation of the Company, with any other corporation or other entity has been consummated, other than a merger or consolidation which results in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the combined voting power of the voting securities of the
Company or the surviving entity outstanding immediately after such merger or consolidation; 

  
 2 

	 	(d)	the shareholders of the Company approve a plan of complete liquidation of the Company 

  

	 	(e)	the consummation of a sale or disposition by the Company of all or substantially all of the Company’s assets other than to an entity that is under common control with the Company or to an entity for which at least
fifty percent (50%) of the combined voting power of its voting securities outstanding immediately after such sale or disposition are owned or controlled by the shareholders of the Company immediately prior to such sale or disposition; or

  

	 	(f)	within one year following the consummation of a merger or consolidation transaction involving the Company (whether as a constituent corporation, the acquiror, the direct or indirect parent entity of the acquiror, the
entity being acquired, or the direct or indirect parent entity of the entity being acquired): (i) individuals who, at the time of the execution and delivery of the definitive agreement pursuant to which such transaction has been consummated by
the parties thereto (a “Definitive Transaction Agreement”) (or, if there are multiple such agreements relating to such transaction, the first time of execution and delivery by the parties to any such agreement) (the “Execution
Time”), constituted the Board cease, for any reason (excluding death, disability or voluntary resignation but including any such voluntary resignation effected in accordance with any Definitive Transaction Agreement), to constitute a majority
of the Board; or (ii) the individual who, at the Execution Time, served as the Chief Executive Officer of the Company does not, for any reason (excluding as a result of death, disability or voluntary termination but including any such voluntary
termination effected in accordance with any Definitive Transaction Agreement), serve as the Chief Executive Officer of the Company or, if the Company does not continue as a registrant with a class of equity securities registered pursuant to
Section 12(b) of the Exchange Act, as the Chief Executive Officer of a corporation or other entity that is (A) a registrant with a class of equity securities registered pursuant to Section 12(b) of the Exchange Act and (B) the
surviving entity in such transaction or a direct or indirect parent entity of the surviving entity or the Company following the consummation of such transaction; provided, however, that a Change in Control shall not be deemed to have occurred
pursuant to this clause (f) in the case of a merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) at least 55% of the combined voting power of the voting securities of the Company or the surviving entity outstanding immediately after such merger or consolidation. 

However, in no event shall a “Change in Control” be deemed to have occurred with respect to a Participant if the
Participant is part of the purchasing group which consummates a transaction resulting in a Change in Control. A Participant shall be deemed “part of a purchasing group” for purposes of the preceding sentence if the Participant is an equity
participant in the purchasing company or group (except for: (i) passive ownership of less than three percent (3%) of the stock of the purchasing company; or (ii) ownership of equity participation in the purchasing company or group
which is otherwise not significant, as determined prior to the Change in Control by a majority of the non-employee continuing Directors). 

Anything in this definition to the contrary notwithstanding, no Change in Control shall be deemed to have occurred unless such
event constitutes an event specified in Code Section 409A(2)(A)(v) and the Treasury Regulations promulgated thereunder. 
  

	 	2.9	Code. The Internal Revenue Code of 1986, as amended. 

  

	 	2.10	Committee. The Compensation Committee of the Board, or such other administrative committee that is appointed by the Board to administer this Plan. 

 

	 	2.11	Company. McDermott International, Inc. and, except where the context clearly indicates otherwise, shall include the Company’s subsidiaries and affiliates, as well as any successor to any such
entities. 

  

	 	2.12	Company Account. The notional account maintained by the Committee reflecting each Participant’s Company Contributions, together with any income, gain or loss and any payments attributable to such
account. 

  
 3 

	 	2.13	Company Contribution. The total contributions credited to a Participant’s Company Account for each Plan Year pursuant to the provisions of Section 4.1 or 4.2. 

 

	 	2.14	Compensation. In the case of Participants who are Eligible Employees, (i) the salary and wages received by a Participant during any Plan Year or in respect of employment or service with the Company,
including any contributions made to a plan described in Sections 125, 132(f) or 401(k) of the Code pursuant to a salary reduction agreement entered into between a Participant and the Company and Bonuses; (ii) amounts, if any, deferred by
the Participant under this Plan; and (iii) to the extent specified by the Committee with respect to a Participant, other additional remuneration in any form. 

In the case of a Participant who is a Director and not an employee of the Company, the annual retainer and fees received by the
Participant during any Plan Year. 
 Cash payments under the 2009 McDermott International, Inc. Long-Term Incentive Plan and
any successor plan thereto shall be excluded with respect to a Participant unless otherwise specified by the Committee. 
  

	 	2.15	Deemed Investments. With respect to any Account, the hypothetical investment options with respect to which such Account is deemed to be invested in for purposes of determining the value of such Account
under this Plan, as selected from time to time by the Committee in its discretion. 

  

	 	2.16	Deferral Account. The notional account maintained by the Committee reflecting each Participant’s Deferral Contributions, together with any income, gain or loss and any payments attributable to such
amount. 

  

	 	2.17	Deferral Contribution. Compensation that is deferred by a Participant pursuant to Section 4.3 and credited to a Participant’s Deferral Account pursuant to the provisions of Section 4.3.

  

	 	2.18	Director. Any individual who is a member of the Board; provided, however, that any member of the Board who is employed by the Company shall be considered an Eligible Employee under this Plan and not a
Director (except for purposes of Section 2.7). 

  

	 	2.19	Disabled. A Participant will be considered Disabled if the Committee determines in its sole discretion that the Participant is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months. 

 

	 	2.20	Eligible Employee. An employee of the Company or its subsidiaries or affiliates who has an annual salary rate of $200,000 or more as of January 1 of the applicable Plan Year. 

 

	 	2.21	ERISA. The Employee Retirement Income Security Act of 1974, as amended. 

  

	 	2.22	Exchange Act. The Securities Exchange Act of 1934, as amended. 

  

	 	2.23	IRS. The Internal Revenue Service. 

  

	 	2.24	Participant. An Eligible Employee or Director who has been selected by the Committee as a Participant in this Plan or a portion thereof until such Eligible Employee or Director ceases to be a Participant
in accordance with Article III of this Plan. 

  

	 	2.25	Person. Person has the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Section 13(d) and 14(d) thereof, including a “group” (as that term is used in
Section 13(d)(3) thereof). 

  

	 	2.26	Plan Year. The twelve-consecutive month period commencing January 1 of each year. 

  

	 	2.27	Retirement. Retirement means, in the case of a Participant who is an Eligible Employee, Separation from Service with the Company on or after the first of the calendar month following the Participant’s
attainment of the age of 65. 

  
 4 

	 	2.28	Separation from Service. If the Participant is an Eligible Employee, a Separation from Service occurs on the date a Participant dies, retires or otherwise has a termination of employment with the Company.
A termination of employment occurs on the date after which the Participant and the Company reasonably anticipate that no further services will be performed by the Participant or that the level of bona fide services reasonably anticipated to
be performed after such date will permanently decrease to 49% or less of the average level of bona fide services provided in the immediately preceding 36 months. 

If the Participant is a Director, a Separation from Service occurs on the date the Participant ceases to be a Director of the Company, provided
that as of such date the Participant and the Company reasonably anticipate that no further services will be performed by the Participant or that the level of bona fide services reasonably anticipated to be performed after such date will
permanently decrease to 49% or less of the average level of bona fide services provided in the immediately preceding 36 months. 
  

	 	2.29	Specified Person. Specified Person shall have the meaning set forth in Code Section 409A(a)(2)(B)(i) and regulations and rulings promulgated by the IRS thereunder. 

 

	 	2.30	Unforeseeable Emergency. A severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary, or any
dependent (as defined in Section 409A of the Code) of the Participant; loss of a Participant’s property due to casualty; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of a
Participant. Whether a Participant is faced with an Unforeseeable Emergency is to be determined by the Committee in its sole discretion, based on the relevant facts and circumstances of each case. In any case, a distribution on account of
Unforeseeable Emergency may not exceed the amount necessary to relieve the emergency, plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent that the emergency may be relieved
through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or by cessation of deferrals under
this Plan. 

  

	 	2.31	Vested Account. The sum of the Participant’s vested Company Account and the Participant’s Deferral Account. 

  

	 	2.32	Vested Percentage. The percentage as to which a Participant is vested in his or her Company Account as determined under Sections 5.4 and 5.5. 

 

	 	2.33	Years of Participation. The sum of whole Plan Years of participation in this Plan as an active Eligible Employee in continuous employment or as a Director in continuous service, excluding fractional years.

 ARTICLE III 

Participation 
 The
Committee, in its sole discretion, shall select and notify in writing those Eligible Employees or Directors of the Company who shall participate in this Plan or a portion thereof. An Eligible Employee or Director who has been selected by the
Committee as a Participant shall begin participation in this Plan effective on the date specified by the Committee in its notification and shall continue to participate in this Plan until the earlier of (a) the date the Committee notifies the
Participant that he or she is no longer eligible to participate in this Plan or (b) the date of his or her Separation from Service. A Participant who ceases to participate in this Plan pursuant to Clause (a) of the preceding sentence shall
be treated as if he or she had terminated his or her employment or directorship, as appropriate, with the Company but (i) his or her benefit, if any, payable upon Separation from Service shall not be payable until after his or her Separation
from Service, and (ii) his or her Vested Account shall be adjusted as provided in Article V. An Eligible Employee who is rehired by the Company following his or her Separation from Service shall become a Participant only if such Eligible
Employee is again 

  
 5 

 
selected to participate in this Plan by the Committee. A Director who again becomes a member of the Board following his or her Separation from Service shall become a Participant only if such
Director is again selected to participate in this Plan by the Committee. 
 ARTICLE IV 

Contributions 

4.1 Annual Company Contribution. As of the first day of each Plan Year, the Company shall declare a contribution percentage,
which may be zero, for each Participant’s Company Account. The contribution percentage declared for a Participant may, but need not be, the same as the contribution percentage declared for other Participants. Company Contributions shall be
credited as bookkeeping entries as of the first day of this Plan Year or at other such times as determined by the Committee to each Participant’s Company Account, in an amount equal to the contribution percentage declared for the Participant
multiplied by the Participant’s Compensation received during the prior Plan Year. 
 4.2 Discretionary Company
Contribution. The Committee may in its sole discretion at any time make an extraordinary contribution to the Company Account of any Participant. 

4.3 Participant Deferrals. For any Plan Year, the Committee may, in its sole discretion, allow a Participant to elect to defer
the payment by the Company of any whole percentage (or dollar amount) of his or her annual base salary, retainer or fees that would otherwise be paid during such Plan Year and/or of any whole percentage (or dollar amount) of any Bonus earned during
such Plan Year, and instead have such amounts credited as a bookkeeping entry to his or her Deferral Account. The Compensation otherwise payable to a Participant shall be reduced by the amount the Participant elected to have contributed to the
Participant’s Deferral Account, which shall be a Deferral Contribution. 
 4.4 Participant Elections. Unless a
different time is established by the Committee for a particular deferral election, prior to the first day of each Plan Year, each Participant shall file a written election with the Committee specifying (i) the type(s) and amount(s) of
Compensation that he or she wishes to defer pursuant to Section 4.3, if Deferral Contributions are permitted by the Committee for the relevant Plan Year, (ii) the payment date or payment commencement date pertaining to the portion of his
or her Vested Account that is attributable to contributions made in the relevant Plan Year, and (iii) the form of payment of the portion of his or her Vested Account that is attributable to contributions made in the relevant Plan Year. Such
election with respect to any Plan Year must be filed with the Committee no later than the last day of the immediately preceding Plan Year; provided, however, that an election made by a new Participant who is first eligible to participate in this
Plan may be made no later than the 30th day following the date on which he or she is initially eligible to participate in this Plan, but only with respect to Compensation earned after the
effective date of such election. If Deferral Contributions are permitted, a Participant who is (a) an Eligible Employee may elect to defer up to 50% of his or her annual salary and/or up to 100% of any Bonus earned in any Plan Year or
(b) a Director may elect to defer up to 100% of his or her annual retainer and fees earned in any Plan Year. 
 Except as set forth in
Section 6.3, a Participant shall not be permitted to change his or her election with respect to the timing or form of payment and any election made hereunder shall not apply with respect to prior Plan Years. Failure to make a timely Deferral
Contribution election will result in no Deferral Contributions for the relevant Plan Year. If a Participant fails to make a timely election specifying time and form of payment, payment of the portion of the Participant’s Vested Account that is
attributable to contributions made in the relevant Plan Year shall be paid in accordance with Section 6.4. 
 4.5 Suspension of
Deferral Contributions. Except as provided below, an election to make Deferral Contributions in a Plan Year shall be irrevocable on the last day of the immediately preceding Plan Year. To the extent expressly permitted under Code
Section 409A and regulations and rulings promulgated by the IRS 

  
 6 

 
thereunder, the deferral election of a Participant who is an Eligible Employee shall be suspended during any unpaid leave of absence granted in accordance with any applicable Company policy;
provided, however that such deferral election shall become fully operative as of the first day of the payroll period commencing coincident with or next following the Participant’s return to active employment following termination of the
approved unpaid leave in this Plan Year to which the Participant’s deferral pertains. In the event of an Unforeseeable Emergency, a Participant shall suspend deferrals in order to relieve the emergency, provided that the deferrals must be
suspended for the entire remainder of the applicable Plan Year. In the event of a Disability, the Participant may suspend deferrals by the later of the end of the taxable year of the Company in which the Disability arises, or the 15th of the third
month following the date that the Disability arises. 
 ARTICLE V  

Accounts 
 5.1
Company Accounts. The Committee shall establish and maintain an individual bookkeeping account for each Participant, which shall be the Participant’s Company Account. A separate “Company Sub Account” may be maintained for
each Participant for each Plan Year in respect of which Company Contributions are credited under this Plan for the benefit of the Participant. The Committee shall credit the amount of each Company Contribution made on behalf of a Participant to such
Participant’s Company Account pursuant to Section 4.1 and 4.2. The Committee shall further debit and/or credit the Participant’s Company Account with any income, gain or loss based upon the performance of the Deemed Investments
selected by the Participant and any payments attributable to such account on a daily basis, or at such other times as it shall determine appropriate. The sole purpose of the Participant’s Company Account is to record and reflect the
Company’s Plan obligations related to Company Contributions to the Participant under this Plan. The Company shall not be required to segregate any of its assets with respect to Plan obligations nor shall any provision of this Plan be construed
as constituting such segregation. 
 5.2 Deferral Accounts. The Committee shall establish and maintain an individual
bookkeeping account for each Participant, which shall be the Participant’s Deferral Account. A separate “Deferral Sub Account” may be maintained for each Participant for each Plan Year in respect of which Deferral Contributions are
credited under this Plan for the benefit of the Participant. The Committee shall credit the amount of each Deferral Contribution made on behalf of a Participant to such Participant’s Deferral Account as soon as administratively feasible
following the applicable deferral. The Committee shall further debit and/or credit the Participant’s Deferral Account with any income, gain or loss based upon the performance of the Deemed Investments selected by the Participant and any
payments attributable to such Account on a daily basis, or at such other times as it shall determine appropriate. The sole purpose of the Participant’s Deferral Account is to record and reflect the Company’s Plan obligations related to
Deferral Contributions of the Participant under this Plan. 
 5.3 Hypothetical Accruals to the Account. In accordance
with procedures established by the Committee and subject to this Section 5.3, each Participant may designate the Deemed Investments with respect to which his or her Account shall be deemed to be invested. If a Participant fails to make a proper
designation, then his Account shall be deemed to be invested in the Deemed Investments designated by the Committee in its sole discretion. A Participant may change such designation with respect to future Company and Deferral Contributions, as well
as amounts already credited to his or her Account in accordance with procedures established by the Committee. A copy of any available prospectus or other disclosure materials for each of the Deemed Investments shall be made available to each
Participant upon request. The Committee shall determine from time to time each of the Deemed Investments made available under this Plan and may change any such determinations at any time. Nothing herein shall obligate the Company to invest any part
of its assets in any of the investment vehicles serving as the Deemed Investments. 
 5.4 Vesting of Company Account. A
Participant’s vested percentage with respect to the Participant’s Company Account, adjusted by any income, gain or loss and any payments attributable thereto, shall be the lesser 

  
 7 

 
of (i) 20% times the Participant’s Years of Participation, and (ii) 100%. Except as provided in Section 5.5, upon Separation from Service or cessation of Plan
participation, whichever is earlier, a Participant shall forfeit all amounts credited to his or her Company Account other than his or her Vested Account value determined as of the close of business coincident with or next following the date of such
Separation from Service or cessation of Plan participation, as applicable, provided, however, that amounts not so forfeited shall continue to be debited and credited in accordance with Section 5.3 from and after Separation from Service.

 5.5 Accelerated Vesting. The vesting provisions in Section 5.4 notwithstanding, the Participant shall have a
Vested Percentage of 100% for his or her entire Account upon the soonest of the following to occur during the Participant’s employment with the Company: (i) the date of Separation from Service as a result of the Participant’s death or
disability or termination by the Company for any reason other than Cause, (ii) the Participant’s Disability, (iii) the Participant’s Retirement (if the Participant is not a Director), or (iv) the date a Change in Control
occurs. Each Participant who was employed by the Company on December 31, 2008 shall have a vested percentage of 100% of amounts allocated to his or her Account as of December 31, 2008 and future gains and losses thereon. Amounts allocated
on or after January 1, 2009 and gains and losses thereon shall vest in accordance with Section 5.4 and the first sentence of this Section 5.5. 

5.6 Vesting of Deferral Account. A Participant’s Vested Percentage with regard to his or her Deferral Account shall at all
times be 100%. 
 5.7 Nature and Source of Payments. The obligation to make distributions under this Plan with respect
to each Participant and any Beneficiary in accordance with the terms of this Plan shall constitute a liability of the entity within the Company which employed the Participant or for whom the Participant rendered services when the obligation was
accrued, and no other entity shall have such obligation and any failure by a particular entity to live up to its obligation under this Plan shall have no effect on any other entity. All distributions payable hereunder shall be made from the general
assets of the Company, and nothing herein shall be deemed to create a trust of any kind between the Company and any Participant or other person. No special or separate fund shall be established nor shall any other segregation of assets be made to
assure that distributions will be made under this Plan. No Participant or Beneficiary shall have any interest in any particular asset of the Company by virtue of the existence of this Plan. Each Participant and Beneficiary shall, with respect to his
or her rights and benefits under this Plan (including Accounts), be an unsecured general creditor of the Company. 
 5.8
Statements to Participants. Periodically, as determined by the Committee, but not less frequently than annually, the Committee shall transmit to each Participant a written statement regarding the Participant’s Account for the period
beginning on the date following the effective date of the preceding statement and ending on the effective date of the current statement. 

ARTICLE VI 
 Payment
of Benefits 
 6.1 Occasions for Distributions. The Company shall distribute a Participant’s Vested Account
following the events and in the manner set forth in this Article VI. A Participant’s Vested Account shall be debited in the amount of any distribution made from the Account as of the date of the distribution. The occasions for
distributions shall be (i) the Participant’s Separation From Service, including upon Retirement (if the Participant is not a Director) or death, (ii) Disability, (iii) the occurrence of an Unforeseeable Emergency, or
(iv) the completion of fixed period of deferral. 
 6.2 Distribution Elections. A Participant shall elect the time
and form of payment of his or her Vested Account in the manner set forth in Section 4.4. A Participant who fails to timely file a distribution election for a Plan Year shall be deemed to have elected to receive the portion of his or her Vested
Account attributable to the relevant Plan Year in a single lump-sum payment within 30 days after his or her Separation from Service, or on 

  
 8 

 
the first day of the seventh month following his Separation from Service if he or she is a Specified Person as of the date of the Separation from Service. If a Participant’s Vested Account
is less than $50,000, it will be distributed in a single lump-sum distribution irrespective of any election to the contrary. 
 6.3
Change of Former Timing of Payments. A Participant may make a subsequent election no later than 12 months prior to the date that he or she would be eligible to receive a distribution under this Plan, to change the timing and form of
payment of the distribution; provided, however, that the payment, or first payment in the case of a series of payments, under the subsequent election shall be deferred to a date that is at least five (5) years after the date the Participant
would have been eligible to receive, or begin receiving, the distribution under the prior election. To be effective, any such election must be in writing timely made and received by the Committee, and cannot be effective for at least 12 months after
the date on which the election is made. The requirement in this Section 6.3 that the first payment with respect to which any election thereunder applies must be deferred for at least five (5) years shall not apply to a payment on account
of the Participant’s death, Disability or in the event of an Unforeseeable Emergency. 
 6.4 Distribution on Account of
Separation from Service or Disability. Subject to Section 6.8, upon a Participant’s Disability or Separation from Service, the Company shall distribute, or begin distributing, to the Participant (or the Participant’s
Beneficiary) within a reasonable period of time (commencing not later than 30 days after such separation), the Participant’s Vested Account. Such distribution(s) shall be in the form specified on the distribution election form(s) filed
with the Committee that covers the relevant Vested Account. If no effective election form exists, the distribution shall be distributed in the form of a lump-sum payment equal to the relevant portion of the Participant’s Vested Account.

 6.5 Continuation of Hypothetical Accruals to the Vested Account After Commencement of Distributions. If any Vested
Account of a Participant is to be distributed in a form other than a lump sum, then such Vested Account shall continue to be adjusted for hypothetical income, gain or loss and any payment or distributions attributable to the Vested Account as
described in Section 5.1, and 5.2, until the entire Vested Account has been distributed. 
 6.6 Unforeseeable Emergency
Distribution. In the event that the Committee, upon the written request of a Participant, determines in its sole discretion that such Participant has incurred an Unforeseeable Emergency, as defined in Section 2.30, such Participant may
be entitled to receive a distribution of part or all of the Participant’s Vested Account, in an amount not to exceed the lesser of (a) the amount determined by the Committee in accordance with Section 2.30, or (b) the value of
such Participant’s Vested Account at the time of the emergency. Such amount shall be paid in a single lump-sum payment as soon as administratively practicable after the Committee has made its determination with respect to the availability and
amount of such distribution; provided, however, that the payment shall not be made after the later of the end of the taxable year of the Company with respect to which the Unforeseeable Emergency arises or the 15th day of the third month following
the date of the occurrence of the Unforeseeable Emergency. If a Participant’s Account is deemed to be invested in more than one Deemed Investment, such distribution shall be made pro rata from each of such Deemed Investments. For
purposes of the foregoing, such distribution shall be made from the Participant’s Account beginning with the oldest Account in the following order: First, such amount shall be debited from the Participant’s Deferral Account, and
second, from the Participant’s Company Account (subject to forfeitures with respect to the non-vested portion of the Company Account utilized for such distribution). 

6.7 Distribution on Account of Completion of a Fixed Deferral Period. At the time of a Participant’s election to
participate in this Plan, the Participant may elect to receive the Distribution of a Participant’s Vested Account (established only in respect of the relevant Plan Year), or any applicable Vested Plan Year Company
Sub-Account or Plan Year Deferral Sub-Account on the completion of a fixed deferral period elected by the Participant on forms provided by the Committee. 

6.8 Limitation on Distributions to Certain Key Employees. Notwithstanding any other provision of this Plan to the contrary, to
the extent that a Participant is a Specified Person and the Participant’s distribution is on 

  
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account of Separation from Service, distributions may not be made before the date which is six months after the date of the Separation from Service. Payments to which the Participant would
otherwise be entitled during the six-month period described above shall be delayed and paid in a lump sum on the first day of the seventh month after the date of the Separation from Service. 

ARTICLE VII 

Committee 
 7.1
Authority. The Committee has full and absolute discretion in the exercise of each and every aspect of the rights, power, authority and duties retained or granted it under this Plan, including without limitation, the authority to determine
all facts, to interpret this Plan, to apply the terms of this Plan to the facts determined, to make decisions based upon those facts and to make any and all other decisions required of it by this Plan, such as the right to benefits, the correct
amount and form of benefits, the determination of any appeal, the review and correction of the actions of any prior administrative committee, and the other rights, powers, authority and duties specified in this Article and elsewhere in this Plan.
The Committee may correct any defect or any omission or reconcile any inconsistency in this Plan or any agreement or document related to this Plan in the manner and to the extent the Committee deems necessary or appropriate. Notwithstanding any
provision of law, or any explicit ruling or implicit provision of this document, any action taken, or finding, interpretation, ruling or decision made by the Committee in the exercise of any of its rights, powers, authority or duties under this Plan
shall be final and conclusive as to all parties, including without limitation all Participants, former Participants and beneficiaries, regardless of whether the Committee or one or more if its members may have an actual or potential conflict of
interest with respect to the subject matter of the action, finding, interpretation, ruling or decision. No final action, finding, interpretation, ruling or decision of the Committee shall be subject to de novo review in any
judicial proceeding. No final action, finding, interpretation, ruling or decision of the Committee may be set aside unless it is held to have been arbitrary and capricious by a final judgment of a court having jurisdiction with respect to the issue.
To the extent Plan distributions are payable in a form other than a single lump sum (e.g., installments), the Committee shall determine the methodology for computing such payments. 

7.2 Delegation of Authority. The Committee may delegate any of its powers or responsibilities to one or more members of the
Committee or any other person or entity. 
 7.3 Procedures. The Committee may establish procedures to conduct its
operations and to carry out its rights and duties under this Plan. Committee decisions shall be made by majority action. The Committee may act by written consent. 

7.4 Compensation and Expenses. The members of the Committee shall serve without compensation for their services, but all
expenses of the Committee and all other expense incurred in administering this Plan shall be paid by the Company 
 7.5
Indemnification. The Company shall indemnify the members of the Committee and/or any of their delegates against the reasonable expenses, including attorney’s fees, actually and appropriately incurred by them in connection with the
defense of any action, suit or proceeding, or in connection with any appeal thereto, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with this Plan and against all amounts paid by
them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) and against all amounts paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to
matters as to which it shall be adjudged in a suit of final adjudication that such Committee member is liable for fraud, deliberate dishonesty or willful misconduct in the performance of his or her duties; provided that within 60 days after the
institution of any such action, suit or proceeding a Committee member has offered in writing to allow the Company, at its own expense, to handle and defend any such action, suit or proceeding. 

  
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 ARTICLE VIII  

Amendment and Termination 
 The
Company retains the power to amend this Plan or to terminate this Plan at any time by action of the Board. No such amendment or termination shall adversely affect any Participant or Beneficiary with respect to his or her right to receive a benefit
in accordance with Article VI, determined as of the later of the date that the Plan amendment or termination is adopted or the date such Plan amendment or termination is effective, unless the affected Participant or Beneficiary consents to such
amendment or termination. No amendment or termination of this Plan shall be made in a manner that results in noncompliance with the requirements of Code Section 409A, to the extent applicable. 

ARTICLE IX 

Miscellaneous 

9.1 Plan Does Not Confer Right to be a Director or an Employee. Nothing contained in this Plan shall be deemed to give any
Participant the right to be retained in the employment or directorship of the Company, to interfere with the rights of the Company to discharge any Participant at any time or to interfere with a Participant’s right to terminate his employment
or directorship at any time. 
 9.2 Nonalienation and Nonassignment. Except for debts owed to the Company by a Participant or
Beneficiary, and in accordance with Section 9.5, no amounts payable or to become payable under this Plan to a Participant or Beneficiary shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance
or charge, whether voluntary, involuntary, by operation of law or otherwise, and any attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same by a Participant or Beneficiary prior to distribution as herein
provided shall be null and void. 
 9.3 Tax Withholding. The Company shall have the right to deduct from any payments
to a Participant or Beneficiary under this Plan any taxes required by applicable law to be withheld with respect to such payments. In addition, the Company shall have the right to deduct from any Participant’s base salary or other compensation
any applicable employment taxes or other required withholdings with respect to a Participant. 
 9.4 FICA Withholding/Employee
Deferrals/Company Contributions. If the Participant is an employee of the Company, for each payroll period, the Company shall withhold from that portion of the Participant’s Compensation that is not being deferred under this Plan, the
Participant’s share of FICA and other applicable taxes that are required to be withheld with respect to (i) Employee Deferrals, and (ii) Company Contributions as they vest and become subject to such FICA withholding. To the extent
that there are insufficient funds to satisfy all applicable tax withholding requirements in a timely manner, the Company reserves the right to reduce the Participant’s Employee Deferrals, as required to provide available funds for applicable
tax withholding requirements. To the extent there are still insufficient funds to satisfy all such applicable tax withholding requirements, the Participant shall timely remit cash funds to the Company sufficient to cover such withholding
requirements. 
 9.5 Setoffs. As a condition to the receipt of any benefits hereunder, the Committee, in its sole
discretion, may require a Participant or Beneficiary to first execute a written authorization, in the form established by the Committee, authorizing the Company to offset from the benefits otherwise due hereunder any and all amounts, debts or other
obligations, incurred in the ordinary course of the service relationship, owed to the Company by the Participant. Where such written authorization has been so executed by a Participant, benefits hereunder shall be reduced accordingly. The Committee
shall have full discretion to determine the application of such offset and the manner in which such offset will reduce benefits under this Plan; provided, however, that the amount offset in 

  
 11 

 
any one taxable year does not exceed $5,000 and the offset is taken at the same time and in the same amount as the debt otherwise would have been due from the Participant, but only at the
time that an amount is otherwise payable to a Participant under this Plan. 
 9.6 Number and Gender. Wherever
appropriate herein, words used in the singular shall be considered to include the plural and words used in the plural shall be considered to include the singular. The masculine gender, where appearing in this Plan, shall be deemed to include the
feminine gender. 
 9.7 Headings. The headings of Articles and Sections herein are included solely for convenience, and
if there is any conflict between such headings and the text of this Plan, the text shall control. 
 9.8 Applicable
Law. Except to the extent preempted by U.S. federal law, the terms and provisions of this Plan shall be construed in accordance with the laws of the State of Texas, other than any conflicts of laws provisions thereof which would result in
the application of the laws of any other jurisdiction. 
 9.9 Successors. All obligations under this Plan shall be
binding upon the Company and any successors and assigns, in accordance with its terms, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or other transaction, involving all or substantially
all of the business and/or assets of the Company. 
 9.10 Claims Procedure. The Committee shall have sole discretionary
authority with regard to the adjudication of any claims made under this Plan. All claims for benefits under this Plan shall be submitted in writing, shall be signed by the claimant and shall be considered filed on the date the claim is received by
the Committee. In the event a claim is denied, in whole or in part, the claims procedures set forth below shall be applicable. 
 Upon the filing of
a claim as above provided and in the event the claim is denied, in whole or in part, the Committee shall within ninety (90) days, or forty five (45) days for disability-related claims, provide the claimant with a written statement which
shall be delivered or mailed to the claimant to his or her last known address, which statement shall contain the following: 
  

	(a)	the specific reason or reasons for the denial of benefits; 

  

	(b)	a specific reference to the pertinent provisions of this Plan upon which the denial is based; 

  

	(c)	a description of any additional material or information necessary for the claimant to perfect his claim for benefits and an explanation of why such material and information is necessary; and 

 

	(d)	an explanation of the review procedure provided below. 

 If special circumstances require additional time for
processing the claim, the Committee shall advise the claimant prior to the end of the initial ninety (90) day or forty-five (45) day period, setting forth the reasons for the delay and the
approximate date the Committee expects to render its decision. Any such extension shall not exceed ninety (90) days, or thirty (30) days for disability related claims. 

Within ninety (90) days after receipt of the written notice of denial of a claim as provided above, a claimant or his or her authorized representative
may request a review of the denial upon written application to the Committee, may review pertinent documents and may submit issues and comments in writing to the Committee. Within sixty (60) days (or forty-five days in the case of a
disability-related claim) after receipt of a written request for review, or within one hundred and twenty (120) days (or ninety days for disability-related claims) in the event of special circumstances which require an extension of time for
processing such application for review, the Committee shall notify the claimant of its decision by delivery by Certified or Registered Mail to his or her last known address. The decision of the Committee shall be in writing and shall include the
specific reasons for the decision and specific references to the pertinent provisions of this Plan on which such decision is based. The 

  
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Committee shall advise the claimant prior to the end of the initial sixty (60) day or forty-five day period, as applicable, if additional time is needed to process such application for
review. The decision of the Committee shall be final and conclusive. 
 9.11 Claims/Disputes. Any dispute or claim arising out
of this Plan or the breach thereof, which is not settled under this Plan’s administrative claims procedure and which is pursued beyond such claims procedure, shall be brought in Federal District Court, in Harris County, Texas. 

9.12 Conduct Injurious to the Company. Notwithstanding anything in this Plan to the contrary, any and all benefits otherwise
payable to any Participant hereunder, except to the extent of any prior distributions under this Plan, shall be forever forfeited if it is determined by the Committee, in its sole discretion, that such Participant has engaged in conduct injurious to
the Company, including but not limited to the following: 
  

	(a)	dishonesty while in the employ of the Company or while serving as a director of the Company; 

  

	(b)	imparting, disclosing or appropriating proprietary information for himself or herself or to or for any other person, firm, corporation, association or entity for any reason or purpose whatsoever, except if required by
applicable law or at the Company’s direction; 

  

	(c)	performing any act or engaging in any course of conduct which has or may reasonably have the effect of demeaning the name or business reputation of the Company; or 

 

	(d)	providing goods or services to or becoming an employee, owner, officer, agent, consultant, advisor or director of any firm or person in any geographic area which competes with the Company in any phase of any of the
business lines or services offered by the Company as of the Participant’s Retirement Date or the date the Participant ceases to be a Director. 

9.13 Compliance with Code Section 409A. This Plan is intended to meet the requirements of Section 409A of the Code, as
applicable, in order to avoid any adverse tax consequences resulting from any failure to comply with Section 409A of the Code and, as a result, this Plan shall be operated in a manner consistent with such compliance. Except to the extent
expressly set forth in this Plan, the Participant (and/or the Participant’s Beneficiary, as applicable) shall have no right to dictate the taxable year in which any payment hereunder that is subject to Section 409A of the Code should be
paid. 
 9.14 No Guarantee of Tax Consequences. None of the Board, officers or employees of the Company, the Company or
any affiliate of the Company makes any commitment or guarantee that any federal, state or local tax treatment will apply or be available to any individual or person participating hereunder or eligible to participate hereunder. 

9.15 Entire Agreement. This Plan document constitutes the entire Plan governing the Company and each Participant with respect to
the subject matters hereof and supersedes all prior written and oral and all contemporaneous written and oral agreements and understandings, with respect to the subject matters hereof. This Plan may not be changed orally, but only by an amendment in
writing signed by the Company, subject to the provisions in this Plan regarding amendments thereto. 
 IN WITNESS WHEREOF,
McDermott International, Inc. has caused this Plan to be executed by its duly authorized officer, effective as provided herein. 
  

			
	McDermott International, Inc.
		
	By:	 	 /s/ David Dickson

	Title:	 	 President and Chief Executive Officer

	Date:	 	 May 6, 2014

  
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