Document:

ampy-ex43_275.htm

Exhibit 4.3

DESCRIPTION OF CAPITAL STOCK

Capital Stock

 

The total number of shares of all classes of stock which the Company shall have authority to issue is 300,000,000 shares, consisting of 250,000,000 shares of Common Stock and 50,000,000 shares of preferred stock, par value $0.01 per share (the “Preferred Stock”).

 

As of December 31, 2019, we had 37,566,540 shares of Common Stock and no shares of Preferred Stock outstanding. Summarized below are material provisions of our Second Amended and Restated Certificate of Incorporation (as amended, the “Certificate of Incorporation”) and second amended and restated bylaws (the “Bylaws”), as well as relevant sections of the Delaware General Corporation Law (the “DGCL”). The following summary is qualified in its entirety by the provisions of our Certificate of Incorporation and Bylaws, copies of which have been filed as exhibits to the registration statement of which this prospectus is a part, and by the applicable provisions of the DGCL.

 

Common Stock

 

Except as provided by law or in a preferred stock designation, holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders, will have the exclusive right to vote for the election of directors and do not have cumulative voting rights. Except as otherwise required by law, holders of common stock are not entitled to vote on any amendment to the Certificate of Incorporation (including any certificate of designations relating to any series of preferred stock) that relates solely to the terms of any outstanding series of preferred stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Certificate of Incorporation (including any certificate of designations relating to any series of preferred stock) or pursuant to the Delaware General Corporation Law (the “DGCL”). Subject to prior rights and preferences that may be applicable to any outstanding shares or series of preferred stock, holders of common stock are entitled to receive ratably in proportion to the shares of common stock held by them such dividends (payable in cash, stock or otherwise), if any, as may be declared from time to time by our board of directors out of funds legally available for dividend payments. All outstanding shares of common stock are fully paid and non-assessable, and the shares of common stock that will be issued under this prospectus will be fully paid and non-assessable. The holders of common stock have no preferences or rights of conversion, exchange, pre-emption or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock. In the event of any voluntary or involuntary liquidation, dissolution or winding-up of our affairs, holders of common stock will be entitled to share ratably in our assets in proportion to the shares of common stock held by them that are remaining after payment or provision for payment of all of our debts and obligations and after distribution in full of preferential amounts to be distributed to holders of outstanding shares of preferred stock, if any.

 

Preferred Stock

 

Our Certificate of Incorporation authorizes our board of directors, subject to any limitations prescribed by law, without further stockholder approval, to establish and to issue from time to time one or more classes or series of preferred stock, par value $0.01 per share, covering up to an aggregate of 50,000,000 shares of preferred stock. Each class or series of preferred stock will cover the number of shares and will have the powers, preferences, rights, qualifications, limitations and restrictions determined by the board of directors, which may include, among others, dividend rights, liquidation preferences, voting rights, conversion rights, preemptive rights and redemption rights. Except as provided by law or in a preferred stock designation, the holders of preferred stock will not be entitled to vote at or receive notice of any meeting of stockholders.

 

 

 

Anti-Takeover Effects of Provisions of our Second Amended and Restated Certificate of Incorporation, our Second Amended and Restated Bylaws and Delaware Law

 

Some provisions of Delaware law, and our Certificate of Incorporation and our Bylaws described below contain provisions that could make the following transactions more difficult: acquisitions of us by means of a tender offer, a proxy contest or otherwise or removal of our incumbent officers and directors. These provisions may also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest or in our best interests, including transactions that might result in a premium over the market price for our shares.

 

Delaware Law

 

We are not subject to the provisions of Section 203 of the DGCL, regulating corporate takeovers. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a three-year period following the time that such stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed manner. A “business combination” includes, among other things, a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An “interested stockholder” is a person who, together with affiliates and associates, owns, or did own within three years prior to the determination of interested stockholder status, 15% or more of the corporation’s outstanding voting stock. Under Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions:

	
 
	
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the transaction is approved by the board of directors before the date the interested stockholder attained that status;

	
 
	
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upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans, in some instances; or

	
 
	
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on or after such time, the business combination is approved by the board of directors and authorized at a meeting of stockholders by at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.

A Delaware corporation may “opt out” of Section 203 with an express provision in its original certificate of incorporation or an express provision in its certificate of incorporation or bylaws resulting from amendments approved by the holders of at least a majority of the corporation’s outstanding voting shares. We elected to “opt out” of the provisions of Section 203.

 

Second Amended and Restated Certificate of Incorporation and Second Amended and Restated Bylaws

 

Provisions of our Certificate of Incorporation and Bylaws may delay or discourage transactions involving an actual or potential change in control or change in our management, including transactions in which stockholders might otherwise receive a premium for their shares, or transactions that our stockholders might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price of our common stock.

 

Among other things, our Certificate of Incorporation and Bylaws:

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permit our board of directors to issue up to 50,000,000 shares of preferred stock, with any rights, preferences and privileges as they may designate;

	
 
	
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provide that the authorized number of directors may be changed only by resolution of the board of directors;

	
 
	
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provide that all vacancies, including newly created directorships, may, except as otherwise required by law, be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum (prior to such time, vacancies may also be filled by the affirmative vote of the holders of a majority of our then outstanding common stock);

	
 
	
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provide that our amended and restated Bylaws may only be amended by the affirmative vote of the holders of a majority of our then outstanding common stock or by resolution adopted by a majority of the directors;

	
 
	
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provide that special meetings of our stockholders may only be called by the board of directors, the chief executive officer or the chairman of the board or the board of directors;

	
 
	
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eliminate the personal liability of our directors for monetary damages resulting from breaches of their fiduciary duty to the extent permitted by the DGCL and indemnify our directors and officers to the fullest extent permitted by Section 145 of the DGCL;

	
 
	
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provide that stockholders seeking to present proposals before a meeting of stockholders or to nominate candidates for election as directors at a meeting of stockholders must provide notice in writing in a timely manner, and also specify requirements as to the form and content of a stockholder’s notice;

	
 
	
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not provide for cumulative voting rights, therefore allowing the holders of a majority of the shares of common stock entitled to vote in any election of directors to elect all of the directors standing for election, if they should so choose; and

	
 
	
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provide that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for (1) any derivative action or proceeding brought on our behalf, (2) any action asserting a claim of breach of a fiduciary duty owed by any of our directors or officers to us or our stockholders, (3) any action asserting a claim against us arising pursuant to any provision of the DGCL or our Certificate of Incorporation or Bylaws or (4) any action asserting a claim against us governed by the internal affairs doctrine.

The choice of forum provisions summarized above are not intended to apply to claims for which federal law creates exclusive jurisdiction, including the Exchange Act. We further note that the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created under the Securities Act, so there is uncertainty as to whether a court would enforce the forum selection provision with respect to claims under the Securities Act, and in any event, our stockholders cannot waive compliance with federal securities laws and the rules and regulations thereunder. Stockholders may be subject to increased costs to bring these claims, and choice of forum provisions could have the effect of discouraging claims or limiting investors’ ability to bring claims in a judicial forum that they find favorable.

 

Directors’ Liability and Indemnification of Directors and Officers

 

Section 145 of the DGCL authorizes a court to award, or a corporation’s board of directors to grant, indemnity to directors and officers in terms sufficiently broad to permit such indemnification under certain circumstances for liabilities, including reimbursements for expenses incurred arising under the Securities Act.

 

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Our Certificate of Incorporation provides that a director will not be personally liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director, except:

	
 
	
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for any breach of the duty of loyalty to us or our stockholders;

	
 
	
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for acts or omissions not in good faith or which involve intentional misconduct or knowing violations of law;

	
 
	
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for liability under Section 174 of the DGCL (relating to unlawful dividends, stock repurchases or stock redemptions); or

	
 
	
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for any transaction from which the director derived any improper personal benefit.

The effect of this provision is to eliminate our rights, and our stockholders’ rights, to recover monetary damages against a director for breach of a fiduciary duty of care as a director. This provision does not limit or eliminate our rights or those of any stockholder to seek non-monetary relief such as an injunction or rescission in the event of a breach of a director’s duty of care. The provisions will not alter the liability of directors under federal securities laws. In addition, our Certificate of Incorporation provides that we indemnify each director and the officers, employees and agents determined by our board of directors to the fullest extent provided by the laws of the State of Delaware. Our Certificate of Incorporation also requires us to advance expenses, including attorneys’ fees, to our directors and officers in connection with legal proceedings, subject to very limited exceptions.

 

Any amendment to or repeal of these provisions will not adversely affect any right or protection of our directors in respect of any act or failure to act that occurred prior to any amendment to or repeal of such provisions or the adoption of an inconsistent provision. If the DGCL is amended to provide further limitation on the personal liability of directors of corporations, then the personal liability of our directors will be further limited to the greatest extent permitted by the DGCL. In addition, we have entered into separate indemnification agreements with each of our directors and executive officers. We also maintain director and officer liability insurance.

 

Other Rights

 

Under the terms of our Certificate of Incorporation and the Bylaws, we are prohibited from issuing any non-voting equity securities to the extent required under Section 1123(a)(6) of the Bankruptcy Code and only for so long as Section 1123 of the Bankruptcy Code is in effect and applicable to the Company.

 

Transfer Agent and Registrar

 

The transfer agent and registrar for our Common Stock is American Stock Transfer & Trust Company, LLC.

 

 4EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 AMENDMENT
NO. 2 TO SENIOR CREDIT AGREEMENT 
 AMENDMENT NO. 2 (this “Amendment”) dated as of February 29, 2020 to the Senior
Credit Agreement dated as of June 28, 2019 (as amended by the Amendment No. 1 dated January 17, 2020, and as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among HORNBECK OFFSHORE SERVICES, INC. (the “Borrower”), the other Persons from time to time party thereto as Guarantors, the financial institutions party thereto from time to time as Lenders and CIT Northbridge Credit LLC, as
collateral agent and administrative agent for the Lenders (in such capacity, the “Agent”). 
 WHEREAS, in accordance with
Section 14.1 of the Credit Agreement, the Borrower, the Guarantors, the Lenders and the Agent desire to cause the Credit Agreement to be amended on the terms set forth herein; and 

WHEREAS, this Amendment will become effective on the Amendment Effective Date on the terms and subject to the conditions set forth herein.

 Accordingly, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01    Definitions. Capitalized terms used and not otherwise defined herein have the meanings
assigned to them in the Credit Agreement as amended by this Amendment. 
 ARTICLE II 

AMENDMENTS TO THE CREDIT AGREEMENT 

Section 2.01    Amendments to Credit Agreement. Each of the parties hereto agrees that, effective on
the Amendment Effective Date, the Credit Agreement shall be amended as follows: 
 (a)    The following definitions set
forth in Section 1.1 of the Credit Agreement are hereby amended by deleting each such definition in its entirety and substituting the following in lieu thereof: 

Aggregate Receivables Formula Amount: means, at any time, an amount equal to the Tranche A-2
Receivables Formula Amount at such time. 
 Aggregate Restricted Cash Formula Amount: means, at any time, an amount equal to the
Tranche B-2 Restricted Cash Formula Amount at such time. 
 Commitment: means, for any Lender
of Tranche A-2 Loans and Tranche B-2 Loans, the obligation of such Lender to make Tranche A-2 Loans and Tranche B-2 Loans, in each case up to the principal amounts shown in Schedule 1.1(a). “Commitments” means the aggregate amount of all such Commitments of all Lenders. 

 Required Lenders: the Lenders holding more than 50% of (a) the aggregate
outstanding Commitments or (b) after termination of the Commitments (or the Commitments otherwise being reduced to zero), the aggregate outstanding Loans or, upon payment in full of all Loans, the aggregate remaining Obligations;
provided, that Commitments, Loans and other Obligations held by a Defaulting Lender and its Affiliates shall be disregarded in making such calculation, but any related Fronting Exposure shall be deemed held as a Loan by the Lender that funded
the applicable Loan. 
 Tranche A-2 Receivables Formula Amount: means, on any date of
determination, an amount equal to the sum of (a) (i) the Gross Receivables Amount (constituting eligible Receivables pursuant to Section 9.1.6) multiplied by (ii) 85%, minus (b) the Agent’s Reserves. 

(b)    The definition of “Blocked Account” set forth in Section 1.1 of the Credit
Agreement is hereby amended by deleting “the Tranche B-1 Blocked Account and” in its entirety therefrom. Each use of the term “Blocked Accounts” in the Credit Agreement and in all other
applicable Loan Documents (other than in the definition of “Liquidity” and clause (h) in the definition of “Permitted Investments”, in each case, set forth in Section 1.1 of the Credit Agreement and in the following
Sections of the Credit Agreement: 8.2.4 and 10.2.5) is hereby amended to replace each such term with the term “Blocked Account”. 

(c)    The definition of “Borrowing Base” set forth in Section 1.1 of the Credit
Agreement is hereby amended by deleting “$100,000,000” and substituting “$50,000,000” in lieu thereof. 

(d)    The definition of “Collateral Account” set forth in Section 1.1 of the Credit
Agreement is hereby amended by deleting “and each Blocked Account” in its entirety and substituting “, the Blocked Account and the Tranche B-1 Blocked Account” in lieu thereof. 

(e)    The definition of “Controlled Unrestricted Account” set forth in Section 1.1 of
the Credit Agreement is hereby amended by adding “or the Tranche B-1 Blocked Account” immediately after “Blocked Account” set forth therein. 

(f)    The definition of “Liquidity” set forth in Section 1.1 of the Credit Agreement
is hereby amended by inserting “and the Tranche B-1 Blocked Account” immediately after “the Blocked Account”. 

(g)    clause (h) of the definition of “Permitted Investments” set forth in
Section 1.1 of the Credit Agreement is hereby amended by deleting such clause in its entirety and substituting the following in lieu thereof: 

(h)    Investments in a Person that is not an Obligor, provided that if such Investment is being made with assets
that constitute Collateral (i) no Event of Default shall have occurred and be 

  
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continuing, (ii) no Cash Dominion Trigger Period then exists, or would exist after giving effect to such Investments and (iii) to the extent that the Tranche A Usage would exceed the
Tranche A-2 Receivables Formula Amount, as adjusted for such Investment, the Borrower shall have either (x) repaid Tranche A Loans or (y) provided Agent with a Notice of Rebalancing requesting the
release of amounts from the Blocked Account into the Tranche A Unrestricted Account (provided that such release shall not result in the amount on deposit in the Tranche B-2 Blocked Account to be less
than the Tranche B-2 Restricted Cash Formula Amount, in each case at such time after giving effect to such Investment), in the case of either (x) or (y), in the amount of such excess, 

(h)    The definition of “Protective Advance” set forth in Section 1.1 of the Credit
Agreement is hereby amended by deleting “2.1.5” and substituting “2.4” in lieu thereof. 

(i)    Section 1.1 of the Credit Agreement is hereby amended to insert the following new definitions in the
appropriate alphabetical order: 
 Exercise of Remedies: means the exercise of any secured creditor enforcement rights or remedies
that are available upon the occurrence of an Event of Default (it being understood that the sweeping of cash (or direction to sweep cash) under blocked account arrangements or the increase of the rate of interest applicable to all or any portion of
the Obligations pursuant to the provisions of the Loan Documents do not constitute an exercise of secured creditor remedies), including, without limitation, any or all of the following: (i) the acceleration of the Obligations, (ii) the
solicitation of bids from third parties to conduct in good faith the liquidation of any portion of the Collateral within a commercially reasonable time, (iii) the engagement or retention of sales brokers, marketing agents, investment bankers,
accountants, appraisers, auctioneers or other third parties for the purposes of valuing, marketing, and promoting the Collateral to conduct in good faith the sale of any portion of the Collateral within a commercially reasonable time, (iv) the
opposition of the use of cash collateral or sale of assets in an Insolvency Proceeding, any action to foreclose on its Lien on any portion of the Collateral, (v) notification of account debtors to make payment to Agent or its agents,
(vi) the sale or other disposition of all or substantially all of the Collateral by the Obligors with the consent of Agent (acting at the instruction of the Required Lenders during the existence of an Event of Default, whether or not any such
sale or other disposition is permitted by the express terms of the Loan Documents), (vii) any action to take possession of any portion of the Collateral, or (viii) commencement of any legal proceedings or actions against or with respect to any
portion of the Collateral. 

  
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 Waterfall: means: 

(a) prior to the Exercise of Remedies: 

(i) all prepayments pursuant to Section 5.3 of the Loan Agreement shall be first, to the Tranche A Loans and related Obligations,
until paid in full, and second, to the Tranche B Loans and the related Obligations, until paid in full. 
 (ii) all prepayments of
the Tranche A Loans and related Obligations pursuant to Section 5.3 shall be applied first, ratably, to pay interest and fees (including any applicable repayment Fee) due in respect of Protective Advances and the Tranche A Loans until
paid in full, and second, ratably, to pay the outstanding principal balance of all Protective Advances and Tranche A Loans, until paid in full . 

(iii) all prepayments of the Tranche B Loans and related Obligations pursuant to Section 5.3 of the Loan Agreement shall be applied, in
each case, ratably among the Lenders, first, to pay interest and fees due in respect of the Tranche B Loans, until paid in full, second, to pay the outstanding principal balance of Tranche B Loans, until paid in full, and third, to pay
all other related Obligations, until paid in full. 
 (b) from and after the Exercise of Remedies, (w) all payments made by any Obligor
on account of the Obligations, (x) all proceeds of insurance policies and awards or other payments with respect to any condemnation or similar proceeding, (y) all proceeds of Collateral (including all amounts or assets distributed on
account of any portion of the Obligations that would be a secured claim under section 506(a) of the Bankruptcy Code) received in connection with an Exercise of Remedies and (z) all cash adequate protection payments (other than from or in
respect of funds on deposit in the Tranche B-2 Blocked Account) shall be applied: 
 (i)
first, to pay fees, indemnification, costs and expenses then due to Agent under the Loan Documents, until paid in full; second, ratably, to pay fees, indemnification, costs and expenses then due to Lenders under the Loan Documents,
until paid in full; third, ratably, to pay interest due in respect of Protective Advances and the Loans, until paid in full; fourth, ratably (a) ratably, to pay the outstanding principal balance of all Protective Advances and
Loans, until paid in full, and (b) ratably, to the Secured Bank Product Providers based upon amounts then certified by the applicable Secured Bank Product Provider to Agent to be due and payable to such Secured Bank Product Provider on account
of Secured Bank Product Obligations; and fifth, to the Borrower or such other Person entitled thereto under applicable law. 

  
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 (j)    Section 2.1.1(a) of the Credit Agreement is hereby amended
by deleting “Tranche A-1 Loans or” in its entirety therefrom and inserting “available” between “Loans” and “to Borrower”. 

(k)    Section 2.1.1(b) of the Credit Agreement is hereby amended by deleting such section in its entirety and
substituting the following in lieu thereof: 
 (b) each Tranche B Lender agrees, severally and not jointly, to make Tranche B-2 Loans available to Borrower from the Closing Date through the Commitment Termination Date. 

(l)    Section 2.1.2 of the Credit Agreement is hereby amended by deleting such section in its entirety and
substituting the following in lieu thereof: 
 2.1.2    Loans on the Closing Date. On the Closing Date, each
Tranche A Lender shall deposit into the Tranche A Unrestricted Account an amount equal to an amount equal to the Tranche A-1 Receivables Formula Amount or the Tranche
A-2 Receivables Formula Amount, as applicable. On the Closing Date, each Tranche B Lender shall deposit into the Tranche B-1 Blocked Account or the Tranche B-2 Blocked Account, as applicable, an amount equal to the Tranche B-1 Restricted Cash Formula Amount or Tranche B-2 Restricted Cash
Formula Amount, as applicable. 
 The parties acknowledge and agree that the Commitments shall be fully drawn on the Closing Date;
provided, however, that in no event shall the aggregate amount of (1) Tranche A Loans outstanding at any time exceed the Aggregate Receivables Formula Amount, (2) Tranche B Loans outstanding at any time exceed the Aggregate
Restricted Cash Formula Amount or (3) Loans outstanding at any time exceed (x) the Borrowing Base or (y) the Commitments. None of the Lenders shall be required to make Loans in excess of its Commitment. Delivery by Borrower of any
Borrowing Base Report resulting in a release of any amounts from the Blocked Account into the Tranche A Unrestricted Account shall be deemed to be a Notice of Rebalancing in an aggregate amount equal to such requested release. The aggregate
principal amount of the Tranche A-2 Loans and the Tranche B-2 Loans shall not exceed $50,000,000 at any time. 

(m)    Section 2.1.3(a) of the Credit Agreement is hereby amended by deleting clause (i) of such section in
its entirety and replacing such clause with “[reserved];”. 
 (n)    Section 2.1.3(b) of the Credit
Agreement is hereby amended by deleting clause (i) of such section in its entirety and replacing such clause with “[reserved];”. 

(o)    Section 2.1.4 of the Credit Agreement is hereby amended by deleting the text “Tranche A-1 Loans,” and by deleting “, Tranche B-1 Loans” in their entirety therefrom. 

  
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 (p)    Section 2.4 of the Credit Agreement is hereby amended by
deleting such section in its entirety and substituting the following lieu thereof: 
 2.4    Protective Advances.
Agent, at the direction of the Required Lenders, shall be authorized to effect a rebalancing of the Tranche A-2 Loans from amounts on deposit in the Tranche B-2 Blocked
Account (“Protective Advances”) (a) if such Loans are necessary or desirable to preserve or protect Collateral, or to enhance the collectability or repayment of Obligations; or (b) to pay any other amounts chargeable to
Obligors under any Loan Documents, including interest, costs, fees and expenses, as long as such rebalancing does not cause (i) Tranche A Usage to exceed the Aggregate Receivables Formula Amount and (ii) Tranche A Usage and Tranche B Usage
to exceed the Borrowing Base. Lenders of Tranche A-2 Loans shall participate on a Pro Rata basis in Protective Advances outstanding from time to time. 

(q)    Section 5.2 of the Credit Agreement is hereby amended by deleting each use of the phrase “(on a Pro
Rata basis)” in their entirety therefrom. 
 (r)    Section 5.3.1 of the Credit Agreement is hereby amended
by deleting the phrase “on a Pro Rata basis (determined in accordance with clause (a) of the definition of “Pro Rata”)” in its entirety therefrom. 

(s)    Section 5.3.2 of the Credit Agreement is hereby amended by deleting the term “Agreement Among
Lenders” and substituting the term “Waterfall” in lieu thereof. 
 (t)    Section 5.6.1 of the
Credit Agreement is hereby amended by deleting each reference to “Agreement Among Lenders” and substituting the term “Waterfall” in lieu thereof. 

(u)    The second paragraph of Section 8.1 of the Credit Agreement is hereby deleted in its
entirety and replaced with the following: “Agent may, at the direction of the Required Lenders, establish reserves (“Agent’s Reserves”) for any Receivables from a customer in a
non-U.S. jurisdiction the security interest in which is not a perfected first priority security interest.” 

(v)    Section 8.2.4 of the Credit Agreement is hereby amended by (i) deleting each use of the term
“priorities set forth in the Agreement Among Lenders” and substituting the term “Waterfall” in lieu therefor and (ii) deleting the reference to “all Blocked Accounts” and substituting “the Blocked Account and
the Tranche B-1 Blocked Account” in lieu thereof. 
 (w)    The text of
Section 8.4.1 of the Credit Agreement is hereby deleted in its entirety and replaced with “[Reserved]”. 

(x)    The text of clause (h) of Section 9.1.6 of the Credit Agreement is hereby deleted in
its entirety and replaced with “[reserved]”. 
 (y)    The last sentence of
Section 9.1.26 of the Credit Agreement is hereby deleted in its entirety. 

  
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 (z)    Section 10.2.5 of the Credit Agreement is hereby amended
by deleting such section in its entirety and substituting the following in lieu thereof: 
 Disposition of Assets. Borrower shall
not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless (i) Borrower or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the fair
market value (the calculation of which shall be set forth in an officer’s certificate delivered to the Agent) of the Property subject to such Asset Sale; (ii) (A) at least 75% of the aggregate consideration received by Borrower and
its Restricted Subsidiaries from such Asset Sale and all other Asset Sales since the Closing Date on a cumulative basis is in the form of cash or Cash Equivalents and (iii) (A) no Event of Default shall have occurred and be continuing,
(B) no Cash Dominion Trigger Period then exists and (C) to the extent that the Tranche A Usage would exceed the Tranche A-2 Receivables Formula Amount, as adjusted for such Asset Sale, the Borrower
shall have either (x) repaid Tranche A Loans or (y) provided Agent with a Notice of Rebalancing requesting the release of amounts from the Blocked Account into the Tranche A Unrestricted Account (provided that such release shall not
result in the amount on deposit in the Tranche B-2 Blocked Account to be less than the Tranche B-2 Restricted Cash Formula Amount, at such time after giving effect to
such Asset Sale), in the case of either (x) or (y), in the amount of such excess. 

(aa)    Section 10.2.10 of the Credit Agreement is hereby amended by deleting such section in its entirety and
substituting the following in lieu thereof: 
 10.2.10    Transfer of Collateral. Notwithstanding anything to the
contrary in the foregoing Sections 10.1 and 10.2, no Obligor shall undertake any transaction that, directly or indirectly, results in the transfer or disposition of any Collateral to any Person that is not an Obligor (a
“Collateral Transfer”), including, without limitation, pursuant to any Asset Sale, Investment, Permitted Investment, Permitted Lien, incurrence of Permitted Refinancing Indebtedness, Restricted Investment, Restricted Payment,
designation of any Unrestricted Subsidiary, or otherwise, until Borrower shall have provided evidence satisfactory to Agent (at the instruction of the Required Lenders) that either (i) such Collateral Transfer shall not result in
(x) Tranche A Usage exceeding the Aggregate Receivables Formula Amount or (y) Tranche A Usage and Tranche B Usage exceeding the Borrowing Base, or (ii) prior to giving effect to such Collateral Transfer, Borrower shall have deposited,
or shall have caused to be deposited, such amounts as directed by Agent in the Tranche B-2 Blocked Account sufficient to ensure that the amount on deposit in the Tranche
B-2 Blocked Account equals the Tranche B-2 Restricted Cash Formula Amount. 

(bb)    Section 11.2 of the Credit Agreement is hereby amended by deleting the use of the term “Lenders”
and substituting “Required Lenders” in lieu thereof. 
 (cc)    The third and fifth sentences of
Section 12.1.4 of the Credit Agreement are hereby amended by deleting the use of the term “Lenders” in each instance and substituting “Required Lenders (or such other percentage of the Lenders as may be
required in accordance with the terms hereof)” in lieu thereof. 

  
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 (dd)    clause (d) of Section 12.2.1 of
the Credit Agreement is hereby amended by deleting “with the consent of Lenders” and substituting “with the consent of the Required Lenders (subject to Section 14.1.1)” in lieu
thereof. 
 (ee)    Section 12.2.4 of the Credit Agreement is hereby amended by (i) deleting the first
reference to “Lenders” and substituting “Required Lenders” in lieu thereof and (ii) deleting “and without giving effect to the limitations on actions by Lenders contained in the Agreement Among Lenders” in its
entirety therefrom. 
 (ff)    Section 12.3(a) of the Credit Agreement is hereby amended by deleting each use of
the term “Lenders” and substituting “Required Lenders” in lieu thereof. 
 (gg)    Section 12.7
of the Credit Agreement is hereby amended by deleting the last sentence of such section in its entirety and inserting the following new sentence in lieu thereof: 

Notwithstanding any other provisions set forth in this Agreement or the other Loan Documents, (i) without limiting the Agent’s
obligation to make the calculations required to be made by Agent under the Agreement and the other Loan Documents, the Agent shall not take any discretionary action or exercise any discretionary powers under this Agreement and/or any other Loan
Document, except at the written direction of the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents) and (ii) each reference to “acceptable to
Agent” (or any similar language) shall be construed to mean “acceptable to Agent (at the direction of Required Lenders)”; provided that nothing in this Section 12.7 shall limit any discretion or
authority of the Agent to take any action provided for in Section 12.6. 
 (hh)    Section
12.8 of the Credit Agreement is hereby amended by deleting the first sentence of such section in its entirety and inserting the following new sentence in lieu thereof: 

CNC shall resign as Agent on the earliest to occur of (i) the appointment of a successor agent by the Lenders and (ii) April 1,
2020. 
 (ii)    Section 12.11 of the Credit Agreement is hereby amended by deleting the first sentence of such
section in its entirety. 
 (jj)    Section 12.12 of the Credit Agreement is hereby amended by deleting “,
other than CNC,” in its entirety. 
 (kk)    Section 14.1.1 of the Credit Agreement is hereby amended by
inserting “the Required Lenders or ” immediately after “the prior written agreement of” set forth in the third and fourth line thereof. 

(ll)    Section 14.1.1(c) of the Credit Agreement is hereby amended by deleting “Tranche A-1 Accounts Formula Amount” and “Tranche B-1 Restricted Cash Formula Amount” in their entirety and changing “Tranche
A-2 Accounts Formula Amount” to “Tranche A-2 Receivables Formula Amount”. 

  
 8 

 (mm)    Section 14.1.2 of the Credit Agreement is hereby amended
to delete “(including, without limitation, the Agreement Among Lenders)” and “the Agreement Among Lenders,”. 

(nn)    Exhibit B to the Credit Agreement is hereby amended, restated and replaced in the form attached hereto as
Annex I. 
 (oo)    Schedule 1.1(a) of the Credit Agreement is hereby amended, restated and replaced in the form
attached hereto as Annex II. 
 Section 2.02    Notwithstanding anything in the Credit Agreement to the contrary,
the parties acknowledge and agree that, effective as of the Amendment Effective Date: 
 (a)     the Agreement Among
Lenders shall be terminated and shall be of no further force and effect; and 
 (b)    all Tranche A-1 Loans and all Tranche B-1 Loans have been repaid in full (and cannot be reborrowed) and the Commitments to provide Tranche A-1
Loans and Tranche B-1 Loans have been terminated; 
 (c)    as of the date
hereof, there are no Secured Bank Product Obligations or ABL Hedging Obligations (as defined in the Intercreditor Agreement) outstanding. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.01    Representations and Warranties. To induce the other parties hereto to enter into this
Amendment, the Borrower and each Guarantor represents and warrants to the Administrative Agent and each Lender that, on and as of the Amendment Effective Date: 

(a)    The execution, delivery and performance by the Borrower or such Guarantor, respectively, of this Amendment have been
duly authorized by all necessary limited liability company or corporate and, if required, member, or shareholder action, and do not and will not violate the Organizational Documents of the Borrower or such Guarantor, respectively. 

(b)    This Amendment has been duly executed and delivered by the Borrower and such Guarantor, respectively, constitutes a
legal, valid and binding obligation of the Borrower and such Guarantor, respectively, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

(c)    the representations and warranties of the Obligors contained in the Credit Agreement (other than
Section 9.1.7(b) or 9.1.7(c) of the Credit Agreement) are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by
materiality in the text thereof) on and as of the Amendment Effective Date, except that any representation and warranty which by its terms is made as of a specified date shall be true and correct only as of such specified date; provided that,
notwithstanding the foregoing, the Obligors make no representation and warranty with respect to Section 9.1.17 solely insofar as such representations and warranties relate to the Borrower’s anticipated failure to make an interest payment
on its 5.000% Senior Notes due 2021 in the amount of $11,250,000 due on March 1, 2020 and any cross-defaults related thereto. 

  
 9 

 ARTICLE IV 

CONDITIONS TO EFFECTIVENESS 

Section 4.01    Effects of this Amendment. 

(a)    This Amendment shall become effective upon the satisfaction of the following conditions (such date, the
“Amendment Effective Date”): 
 (i)    the Agent shall have received this Amendment duly executed and
delivered by the Borrower, the Guarantors, the Agent and each of the Required Lenders; and 
 (ii)    that certain
Payoff Letter, dated February 29, 2020 (the “Payoff Letter”), among the Obligors, CIT Northbridge Funding I LLC (“CIT”), the other Lenders, and the Agent, shall be effective and the Borrower shall have paid to
CIT the Payoff Amount (as defined in the Payoff Letter) in accordance with the terms thereof. 
 (b)    Except as
expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Agent under the existing Credit Agreement or any other Loan
Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the existing Credit Agreement or any other provision of the existing Credit Agreement or of any other
Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Except as expressly set forth herein, nothing herein shall be deemed to be a waiver, amendment, modification or other change of, any
of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. For the avoidance of doubt, and without limiting the foregoing, except as expressly
set forth herein, nothing herein shall be construed to waive or modify any of the requirements, restrictions or other provisions with respect to the Borrowing Base (or any of the definitions related thereto) set forth in the Credit Agreement,
including without limitation, Section 9.1.6 of the Credit Agreement. 
 (c)    From and after the Amendment
Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import, and each reference to the Credit Agreement in any other Loan Document shall
be deemed a reference to the Credit Agreement as amended hereby. This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 

ARTICLE V 
 REAFFIRMATION

 Section 5.01    Reaffirmation. Notwithstanding the effectiveness of this Amendment and the
transactions contemplated hereby, (i) the Borrower and each Guarantor, respectively acknowledges and agrees that each Loan Document (other than the Agreement Among Lenders, which is terminated) to which it is a party is hereby confirmed and
ratified and shall remain in full force and effect according to its respective terms (in the case of the Credit Agreement, as amended hereby), (ii) the Borrower and each Guarantor hereby confirms and ratifies its continuing unconditional
obligations under the Credit Agreement and the other Loan Documents with respect to all of the Obligations and Guaranteed Obligations (as defined in the 

  
 10 

 
Guaranty and Security Agreement), as applicable, (iii) the Borrower and each Guarantor acknowledges and agrees that it has no offsets, claims or defenses to or in connection with the
Obligations and Guaranteed Obligations, as applicable, and (iv) the Borrower and each Guarantor hereby reaffirms its prior grant and the validity of the Liens granted by it pursuant to the Guaranty and Security Agreement and the other Loan
Documents, with all such Liens continuing in full force and effect after giving effect to this Amendment. 
 ARTICLE VI 

MISCELLANEOUS 

Section 6.01    Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 6.02    Expenses. The Borrower agrees to
reimburse the Agent and the Lenders for all out-of-pocket fees, charges and disbursements of counsel in connection with this Amendment, in each case to the extent
required pursuant to Section 3.4 of the Credit Agreement. 
 Section 6.03    Counterparts. This
Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. The exchange of copies of
this Amendment and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Amendment as to the parties hereto and may be used in lieu of the original Amendment and signature pages for all
purposes. 
 Section 6.04    Headings. Section headings used herein are for convenience of reference
only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. 

Section 6.05    Direction to Agent. Each of the Lenders party hereto hereby (i) confirms that it
is a Lender under the Credit Agreement as of the date hereof and (ii) authorizes and directs the Agent to enter into this Amendment. 

[Remainder of page intentionally left blank; signatures begin on following page] 

  
 11 

 IN WITNESS WHEREOF, this Agreement has been executed and delivered as of the date set
forth above. 
  

			
	 BORROWER:
  

HORNBECK OFFSHORE SERVICES, INC.

	
	/s/ James O. Harp, Jr.
	By:	 	James O. Harp, Jr.
	Title:	 	Executive Vice President and Chief Financial Officer
		
		 	 Address:
 103 Northpark Boulevard, Suite
300
 Covington, LA 70433
 Attn: James O. Harp, Jr.

Telecopy: james.harp@hornbeckoffshore.com

  

			
	 GUARANTORS:
  

HORNBECK OFFSHORE SERVICES, LLC HORNBECK OFFSHORE OPERATORS, LLC

HOS PORT, LLC

	
	/s/ James O. Harp, Jr.
	By:	 	James O. Harp, Jr.
	Title:	 	Executive Vice President and Chief Financial Officer
		
		 	 Address:
 103 Northpark Boulevard, Suite
300
 Covington, LA 70433
 Attn: James O. Harp, Jr.

Telecopy: james.harp@hornbeckoffshore.com

 [Signature Page to Amendment No. 2 to Senior Credit Agreement] 

 
			
	HORNBECK OFFSHORE SERVICES DE MEXICO, S. DE R.L. DE C.V.
	
	/s/ Samuel A. Giberga
	By:	 	Samuel A. Giberga
	Title:	 	Vice President
		
		 	 Address:
 103 Northpark Boulevard, Suite
300
 Covington, LA 70433
 Attn: James O. Harp, Jr.

Telecopy: Samuel.giberga@hornbeckoffshore.com

 [Signature Page to Amendment No. 2 to Senior Credit Agreement] 

 
			
	HORNBECK OFFSHORE NAVEGACAO, LTDA.
	
	/s/ Robert Thomas Gang
	By:	 	Robert Thomas Gang
	Title:	 	Administrator
		
		 	 Address:
 Avenida Paisagista Jose
Silva de
 Azevadi Neto n200, Sala 201 Bloco 04 Barra
 da
Tijuca, Rio de Janeiro, RJ CEP 2275-056
 Attn: Robert Thomas Gang

 [Signature Page to Amendment No. 2 to Senior Credit Agreement] 

 
			
	 AGENT:
  

CIT NORTHBRIDGE CREDIT LLC,
 as Agent

	
	/s/ Jacqueline P. Iervese
	By:	 	Jacqueline P. Iervese
	Title:	 	Director
	Address:	 	11 West 42nd Street, 13th Floor
		 	New York, New York 10036
		 	Attn: Peter Skavla
		 	Telecopy: peter.skavla@cit.com

 [Signature Page to Amendment No. 2 to Senior Credit Agreement] 

 [Lender Signature Pages are on file with the Agent]

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