Document:

Exhibit 101-RCF

		

			Exhibit 10.1 

		

		

			Execution Version

		

		
			 
		

		
			INCREASE OF COMMITMENTS AND FIRST AMENDMENT TO CREDIT AGREEMENT
		

		
			 
		

		
			This INCREASE OF COMMITMENTS AND FIRST AMENDMENT TO CREDIT AGREEMENT (this “Increase and Amendment Agreement”) dated as of May 13,  2019, is among TRANSOCEAN INC., a Cayman Islands exempted company (the “Borrower”), CITIBANK, N.A., as administrative agent for the Lenders (as defined below) under the Credit Agreement (the “Administrative Agent”), the Increasing Lenders and Additional Lenders (each as defined below), the other Lenders party hereto, each Issuing Bank (as defined in the Credit Agreement) and, solely for purposes of Sections 4 through 13 hereof, Transocean Ltd., a Swiss corporation (“Holdings”), each other Guarantor (as defined in the Credit Agreement described below) party hereto and each other Transaction Party (as defined in the Credit Agreement) party hereto.
		

		
			INTRODUCTION
		

		
			 
		

		
			A.The Borrower, the Administrative Agent, Citibank, N.A., in its capacity as collateral agent, and the lenders  party thereto from time to time (the “Lenders”) are parties to that certain Credit Agreement dated as of June 22, 2018 (the “Credit Agreement”;  capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement as amended hereby).
		

		
			B.Pursuant to Section 2.17 of the Credit Agreement, (i) the Borrower has requested that the Lenders increase their Commitments and certain Lenders (such Lenders, the “Increasing Lenders”) have agreed to such increase (the “Commitment Increase”) on, and subject to the occurrence of, the First Amendment Effective Date (as defined below) and have executed and delivered this Increase and Amendment Agreement as Increasing Lenders and (ii) the Borrower has requested, and the Administrative Agent and each Issuing Bank has agreed, that the Eligible Assignees that are not currently existing Lenders (each an “Additional Lender” and, together with the Increasing Lenders, the “Incremental Lenders”)  party hereto assume the obligations of a Lender under the Credit Agreement and each such Additional Lender has agreed to provide Commitments (such additional Commitments, “Additional Commitments” and, together with the Commitment Increase, the “Incremental Commitments”) under the Credit Agreement on, and subject to the occurrence of, the First Amendment Effective Date (as defined below) and have executed and delivered this Increase and Amendment Agreement as Additional Lenders.
		

		
			C.The parties hereto desire to introduce several amendments to the Credit Agreement, each such amendment to become effective on the First Amendment Effective Date.
		

		
			NOW, THEREFORE, in consideration of the premises and the mutual covenants, representations, and warranties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
		

			
	
			
				 Section 1.
			Defined Terms; Other Definitional Provisions.    The definitions of terms herein shall apply equally to the singular and plural forms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The 

		 

		

			 

		

 

		

			 

		

	words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein or in the Credit Documents), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Increase and Amendment Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections and Annexes shall be construed to refer to Sections of, and Annexes to, this Increase and Amendment Agreement, (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including intellectual property, cash, securities, accounts and contract rights, (f) with respect to the determination of any period of time, the word “from” means “from and including” and the word “to” means “to but excluding” and (g) reference to any law, rule or regulation means such as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time.

			
	
			
				 Section 2.
			Increase of Commitments.    

			
	
			
				 (a)
			Subject to the occurrence of the First Amendment Effective Date, (i) each of the Increasing Lenders hereby severally and not jointly agrees to a Commitment Increase such that, after giving effect to such Commitment Increase, such Increasing Lender has a Commitment in the amount set forth on Annex A attached hereto,  (ii) each of the Additional Lenders hereby severally and not jointly agrees to provide Additional Commitments such that, after giving effect to such Additional Commitments, such Additional Lender has a Commitment in the amount set forth on Annex A attached hereto and (iii) each of the Incremental Lenders agrees to make one or more Revolving Loans and purchase participations in L/C Obligations in an aggregate amount not to exceed its Commitment, after giving effect to its Incremental Commitment.

			
	
			
				 (b)
			The Incremental Commitments provided pursuant to this Increase and Amendment Agreement will constitute Commitments under, and as defined in, the Credit Agreement and are in addition to the Commitments under the Credit Agreement in effect immediately prior to the effectiveness of this Increase and Amendment Agreement. Each Increasing Lender, each Additional Lender, the Borrower,  the Administrative Agent and each Issuing Bank each acknowledge and agree that, upon the incurrence of Loans pursuant to the Incremental Commitments provided under this Increase and Amendment Agreement and Section 2.17 of the Credit Agreement, such Loans will constitute Revolving Loans for all purposes of the Credit Agreement and the other Credit Documents.

			
	
			
				 (c)
			Each Increasing Lender (a) confirms that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Increase and Amendment Agreement and to consummate the transactions contemplated hereby, (ii) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.1 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and 

		 

		

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	decision to enter into this Increase and Amendment Agreement, (iii) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Increase and Amendment Agreement, (iv) it is not a Defaulting Lender, and (v) if it is organized under the laws of a jurisdiction outside the United States, it has attached to this Increase and Amendment Agreement any documentation required to be delivered by it pursuant to the terms of the Credit Agreement to the extent not previously delivered, duly completed and executed by such Increasing Lender.

			
	
			
				 (d)
			Each Additional Lender (a) represents,  warrants and agrees that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Increase and Amendment Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.10(a) of the Credit Agreement (subject to such consents, if any, as may be required under Section 10.10(a) of the Credit Agreement), (iii) from and after the First Amendment Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the rights under the Credit Agreement and either it, or the Person exercising discretion in making its decision to acquire the rights under the Credit Agreement, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the financial statements referred to in Section 5.8 of the Credit Agreement and the most recent financial statements delivered pursuant to Section 6.6 of the Credit Agreement, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Increase and Amendment Agreement, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Increase and Amendment Agreement, and (vii) it has provided to the Administrative Agent any documentation required to be delivered by it pursuant to the terms of the Credit Agreement (including, without limitation, such documentation as may be applicable to such Additional Lender pursuant to Section 3.3(g) or 10.10(e) of the Credit Agreement), duly completed and executed by the Additional Lender; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a Lender.

			
	
			
				 (e)
			On and after the First Amendment Effective Date,  each Incremental Lender (x) will be obligated to make Revolving Loans and purchase participations in L/C Obligations in such amounts as will not cause its Revolving Credit Exposure at any time to exceed its aggregate Commitment (after giving effect to its Incremental Commitment) on the terms, and subject to the conditions, set forth in the Credit Agreement, (y) will be obligated to make Revolving Loans on the terms, and subject to the conditions, set forth in the Credit Agreement, and (z) has the rights and obligations of a Lender under the Credit Agreement and the other Credit Documents. Nothing contained in this Increase and Amendment Agreement will, or will be interpreted to, limit any rights or obligations of any Increasing Lender under the Credit Agreement with respect to any 

		 

		

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	already existing Commitments. On the First Amendment Effective Date, the outstanding amount of all Revolving Loans, and the participations of the Lenders in all outstanding L/C Obligations shall be reallocated among the Lenders in accordance with their respective Commitments (increased as set forth herein) and Applicable Percentages as provided in Section 2.17 of the Credit Agreement.

			
	
			
				 (f)
			The Borrower acknowledges and agrees that it will be liable, to the extent of its applicable Borrowings, for all Obligations with respect to each Incremental Commitment including, without limitation, any Loans made pursuant thereto.  Each Transaction Party acknowledges and agrees that all Obligations with respect to the Incremental Commitment including, without limitation, any Loans made pursuant thereto, will be secured as set forth in the Collateral Documents and guaranteed as set forth in the Guaranty Agreements and Guaranty Supplements.

			
	
			
				 (g)
			The Required Lenders and the Issuing Banks acknowledge and agree that the procedural requirements set forth in Section 2.17 of the Credit Agreement have been met in connection with this Increase and Amendment Agreement and, to the extent such procedures have not been followed, waive such requirements and consent to and ratify the Administrative Agent’s  actions in connection with this Increase and Amendment Agreement.

			
	
			
				 Section 3.
			Amendments to Credit Agreement.    Effective on and as of the First Amendment Effective Date, the Credit Agreement is, subject to the satisfaction or waiver of the conditions precedent set forth in Section 4 hereof, hereby amended as follows: 

			
	
			
				 (a)
			Section 6.23 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

		
			“Section 6.23Collateral Coverage Ratio.  As of the end of each fiscal quarter of Holdings, the Borrower shall not permit the ratio of (a) Collateral Rig Value as of such date to (b) the Revolving Credit Commitments Amount as of such date, to be less than (i) 1.75 to 1.00 with respect to each fiscal quarter ended on or prior to March 31, 2019 and (ii) 2.00 to 1.00 with respect to each fiscal quarter ending on or after June 30, 2019 (the “Collateral Coverage Ratio”).”
		

			
	
			
				 (b)
			Schedule 1.1-C to the Credit Agreement is hereby amended and restated in its entirety in the form set out on Annex B hereto.

			
	
			
				 (c)
			Schedule 1.1-S to the Credit Agreement is hereby amended and restated in its entirety in the form set out on Annex C hereto.

			
	
			
				 Section 4.
			Representations and Warranties.    Each Transaction Party hereby represents and warrants that,  immediately before and immediately after giving effect to this Increase and Amendment Agreement: (a) the representations and warranties made by such Transaction Party set forth in the Credit Agreement (other than with respect to the representations and warranties set forth in Sections 5.15 and 5.16 of the Credit Agreement) and in the other Credit Documents (other than those that relate to the representations and warranties set forth in Sections 5.15 and 5.16 in the Credit Agreement) are true and correct in all material respects (or, as to any representations and warranties that are otherwise qualified as to materiality or Material Adverse 

		 

		

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	Effect, in all respects) on the First Amendment Effective Date, except to the extent any such representation or warranty is stated to relate to an earlier date in which case such representation and warranty shall be true and correct in all material respects (or, as to any representations and warranties that are otherwise qualified as to materiality or Material Adverse Effect, in all respects) on and as of such earlier date; (b) no Default or Event of Default has occurred and is continuing or would occur as a result of the Commitment Increase immediately after giving effect to this Increase and Amendment Agreement; (c) it has the organizational power, capacity, and authority to execute, deliver and carry out the terms and provisions of this Increase and Amendment Agreement and has taken all necessary company action to authorize the execution, delivery, and performance of this Increase and Amendment Agreement; (d) this Increase and Amendment Agreement constitutes the legal, valid, and binding obligation of such Transaction Party enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles of equity (regardless of whether considered in a proceeding in equity or at law); and (e) all material consents and approvals of, and filings and registrations with, all government agencies, authorities or instrumentalities required to have been obtained by such Transaction Party in connection with the execution, delivery and performance of this Increase and Amendment Agreement have been obtained and are in full force and effect.

			
	
			
				 Section 5.
			Conditions to Effectiveness.    The Incremental Commitments and amendments to the Credit Agreement set forth in this Increase and Amendment Agreement shall become effective on the date first set forth above (the “First Amendment Effective Date”) when each of the conditions set forth in this Section 5 shall have been satisfied:

			
	
			
				 (a)
			the Administrative Agent shall have received counterparts of this Increase and Amendment Agreement, duly executed and delivered on behalf of (i) Borrower, (ii)  Lenders constituting at least the Required Lenders, (iii) each Issuing Bank, (iv)  each Increasing Lender, (v) each Additional Lender, (vi) Holdings, (vii) each other Guarantor and (viii) each other Transaction Party;

			
	
			
				 (b)
			the Administrative Agent shall have received evidence satisfactory to it that the aggregate Incremental Commitments of all Incremental Lenders are at least $150,000,000 as of the First Amendment Effective Date;

			
	
			
				 (c)
			as of the First Amendment Effective Date, no Default or Event of Default shall have occurred and be continuing, or would occur immediately after giving effect to the transactions contemplated by this Increase and Amendment Agreement;

			
	
			
				 (d)
			each of the representations and warranties of the Transaction Parties set forth in Section 4 shall be true and correct in all material respects (or, as to any representations and warranties that are otherwise qualified as to materiality or Material Adverse Effect, in all respects) on the First Amendment Effective Date, except to the extent any such representation or warranty is stated to relate to an earlier date in which case such representation and warranty shall be true and correct in all material respects (or, as to any representations and warranties that are otherwise qualified as to materiality or Material Adverse Effect, in all respects) on and as of such earlier date;

		
			

		 

		

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				 (e)
			the Administrative Agent shall have received a duly completed and executed Note for each of the Additional Lenders that has requested such Note prior to the First Amendment Effective Date as provided in Section 2.8(e) of the Credit Agreement;

			
	
			
				 (f)
			the Collateral Rig Requirements (including, for the avoidance of doubt, the requirements of clause (xii) of the definition of “Collateral Rig Requirements” with respect to delivery of legal opinions as set forth therein) shall have been satisfied on and as of the First Amendment Effective Date, immediately after giving effect to this Increase and Amendment Agreement;

			
	
			
				 (g)
			the Administrative Agent shall have received a certificate of the President, a Vice-President or the Chief Executive Officer of the Borrower dated the First Amendment Effective Date and certifying as to the satisfaction of the conditions set forth in Section 5(c) and (d) of this Increase and Amendment Agreement;

			
	
			
				 (h)
			the Administrative Agent shall have received certificates of the secretary or an assistant secretary of each Transaction Party containing specimen signatures (or certifying as to specimen signatures previously provided to the Administrative Agent) of the persons authorized to execute Credit Documents on such Transaction Party’s behalf or any other documents provided for herein or therein, together with (x) copies of resolutions of the board of directors or other appropriate governing body of such Transaction Party authorizing the execution and delivery of this Increase and Amendment Agreement and the other Credit Documents to which such Transaction Party is a party (or certifying as to resolutions of such governing body previously provided to the Administrative Agent), (y) copies of such Transaction Party’s memorandum of association and articles of association or other organizational documents filed in its jurisdiction of incorporation, and bylaws and other governing documents, if any, of such Transaction Party (or certifying as to such documents previously provided to the Administrative Agent), and (z) a certificate of incorporation or organization and a certificate of good standing (or their equivalents), to the extent applicable in the relevant jurisdiction, from the appropriate Governmental Authority of such Transaction Party’s jurisdiction of incorporation or organization;

			
	
			
				 (i)
			the Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent, the Collateral Agent, the Lenders and the Issuing Banks and dated as of the First Amendment Effective Date) of (A) Baker Botts LLP, New York counsel for the Transaction Parties, (B) Ogier, Cayman Islands counsel for the Borrower and the other Transaction Parties organized under the laws of the Cayman Islands on the First Amendment Effective Date, and (C) Homburger AG, Swiss legal counsel for Holdings and the other Transaction Parties organized under the laws of Switzerland on the First Amendment Effective Date, in each case covering such matters with respect to the Transaction Parties, this Increase and Amendment Agreement and the other Credit Documents coming into effect on the First Amendment Effective Date, and the transactions contemplated by such Credit Documents, as the Administrative Agent shall reasonably request;

			
	
			
				 (j)
			the Administrative Agent shall have received all fees payable to the Administrative Agent and each Incremental Lender that the Borrower has agreed to pay in connection with this Increase and Amendment Agreement; and

		
			

		 

		

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				 (k)
			to the extent required to be paid by the Borrower pursuant to Section 10.13 of the Credit Agreement, the Administrative Agent (or its counsel) shall have received, to the extent invoiced no later than two Business Days prior to the First Amendment Effective Date, payment of all out-of-pocket expenses incurred in connection with the preparation, negotiation and execution of this Increase and Amendment Agreement.

			
	
			
				 Section 6.
			Acknowledgments and Agreements.    

			
	
			
				 (a)
			Each Transaction Party acknowledges that on the date hereof all outstanding Secured Obligations are payable in accordance with their terms (except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles of equity, regardless of whether considered in a proceeding in equity or at law).  Each Transaction Party, the Administrative Agent, and each other party hereto does hereby adopt, ratify, and confirm the Credit Agreement, and acknowledges and agrees that the Credit Agreement, is and remains in full force and effect, and each Transaction Party acknowledges and agrees that its respective liabilities and obligations under the Credit Agreement and the other Credit Documents it is a party to are not impaired in any respect by this Increase and Amendment Agreement.

			
	
			
				 (b)
			This Increase and Amendment Agreement is a Credit Document for the purposes of the provisions of the other Credit Documents.

			
	
			
				 (c)
			The Administrative Agent, the Issuing Bank, and the Lenders hereby expressly reserve all of their rights, remedies, and claims under the Credit Documents.  Other than as expressly set forth herein, nothing herein shall constitute a waiver or relinquishment of (i) any Default or Event of Default under any of the Credit Documents, (ii) any of the agreements, terms, or conditions contained in any of the Credit Documents, (iii) any rights or remedies of the Administrative Agent, the Issuing Bank, or any Lender with respect to the Credit Documents, or (iv) the rights of the Administrative Agent, the Collateral Agent, the Issuing Bank, or any Lender to collect the full amounts owing to them under the Credit Documents.

			
	
			
				 Section 7.
			Reaffirmation of Guaranty.    Each Guarantor hereby ratifies, confirms, acknowledges, and agrees that its obligations under the Guaranty and the Guaranty Agreement, as applicable, are in full force and effect and that such Guarantor continues to unconditionally and irrevocably guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, all of the Guaranteed Obligations, as such Guaranteed Obligations may have been amended, extended, and increased by this Increase and Amendment Agreement, and its execution and delivery of this Increase and Amendment Agreement does not indicate or establish an approval or consent requirement by such Guarantor under the Guaranty or the Guaranty Agreement, as applicable, in connection with the execution and delivery of amendments, consents, or waivers to the Credit Agreement, the Notes, or any of the other Credit Documents.

			
	
			
				 Section 8.
			Reaffirmation of Collateral Documents.    Each Transaction Party (a) is party to certain Collateral Documents securing the Secured Obligations, (b) reaffirms the terms of and its obligations (and the security interests granted by it) under each Collateral Document to which it is a party, and agrees that each such Collateral Document will continue in full force and 

		 

		

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	effect to secure the Secured Obligations, as amended hereby, and (c) acknowledges, represents, warrants, and agrees that the Liens and security interests granted by it pursuant to the Collateral Documents  to which it is a party are valid, enforceable, and subsisting, and the Collateral Documents create a Lien on and security interest in the Collateral (subject to the Permitted Liens) to secure the Secured Obligations, and such Liens and security interests are perfected in accordance with the Credit Documents.

			
	
			
				 Section 9.
			Counterparts.    This Increase and Amendment Agreement may be signed in any number of counterparts, each of which shall be an original and all of which, taken together, constitute a single instrument.  This Increase and Amendment Agreement may be executed by facsimile or other electronic signature acceptable to the Administrative Agent (it being agreed signatures delivered via .pdf copies pursuant to electronic mail are acceptable) and all such signatures shall be effective as originals.

			
	
			
				 Section 10.
			Successors and Assigns.    This Increase and Amendment Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted pursuant to the Credit Agreement.

			
	
			
				 Section 11.
			Invalidity.    In the event that any one or more of the provisions contained in this Increase and Amendment Agreement shall for any reason be held invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Increase and Amendment Agreement.

			
	
			
				 Section 12.
			Governing Law.    THIS INCREASE AND AMENDMENT AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE, OR CAUSE OF ACTION (WHETHER IN CONTRACT, TORT, OR OTHERWISE) BASED UPON, ARISING OUT OF, OR RELATING TO THIS INCREASE AND AMENDMENT AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. SECTION 10.14 OF THE CREDIT AGREEMENT IS INCORPORATED HEREIN BY REFERENCE AS IF SET FORTH HEREIN IN ITS ENTIRETY AND SHALL APPLY MUTATIS MUTANDIS TO THIS INCREASE AND AMENDMENT AGREEMENT.

			
	
			
				 Section 13.
			Entire Agreement.  THIS INCREASE AND AMENDMENT AGREEMENT AND THE OTHER CREDIT DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES HERETO.  THERE ARE NO UNWRITTEN AGREEMENTS AMONG THE PARTIES HERETO.

		
			[Signature pages follow.]
		

		
			 
		

		
			

		 

		

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			EXECUTED to be effective as of the date first above written.
		

		
			BORROWER:
		

		
			 
		

		
			TRANSOCEAN INC.
		

		
			 
		

		
			By: /s/ C. Stephen McFadin
		

		
			Name: C. Stephen McFadin
		

		
			Title:  Director and President
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

Solely for purposes of Sections 4 through 13:
		

		
			 
		

		
			GUARANTORS:
		

		
			 
		

		
			 
		

		
			TRANSOCEAN LTD.
		

		
			 
		

		
			By: /s/ Stephen L. Hayes
		

		
			Name: Stephen L. Hayes
		

		
			Title:  Senior Vice President
		

		
			 
		

		
			TRANSOCEAN ASSET HOLDINGS 1 LIMITED
		

		
			 
		

		
			By: /s/ C. Stephen McFadin
		

		
			Name: C. Stephen McFadin 
		

		
			Title:  Director and President
		

		
			 
		

		
			TRANSOCEAN ASSET HOLDINGS 2  LIMITED
		

		
			 
		

		
			By: /s/ C. Stephen McFadin
		

		
			Name: C. Stephen McFadin
		

		
			Title: Director and President
		

		
			 
		

		
			TRANSOCEAN ASSET HOLDINGS 3  LIMITED
		

		
			 
		

		
			By: /s/ C. Stephen McFadin
		

		
			Name: C. Stephen McFadin
		

		
			Title: Director and President
		

		
			 
		

		
			TRITON VOYAGER ASSET LEASING GMBH
		

		
			 
		

		
			By: /s/ Stephen L. Hayes
		

		
			Name: Stephen L. Hayes
		

		
			Title:  Managing Director
		

		
			 
		

		
			 
		

		
			TRANSOCEAN BARENTS ASA
		

		
			 
		

		
			By: /s/ Iain Robert Inglis
		

		
			Name: Iain Robert Inglis
		

		
			Title:  Director
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			TRANSOCEAN SPITSBERGEN ASA
		

		
			 
		

		
			By: /s/ Iain Robert Inglis
		

		
			Name: Iain Robert Inglis
		

		
			Title:  Director
		

		
			 
		

		
			TRANSOCEAN SKYROS LIMITED
		

		
			 
		

		
			By: /s/ C. Stephen McFadin
		

		
			Name: C. Stephen McFadin
		

		
			Title:  Director and President
		

		
			 
		

		
			TRANSOCEAN VOYAGER 2 LIMITED 
		

		
			 
		

		
			By: /s/ C. Stephen McFadin
		

		
			Name: C. Stephen McFadin
		

		
			Title:  Director and President
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			Solely for purposes of Sections 4 through 13:
		

		
			 
		

		
			OTHER TRANSACTION PARTIES:
		

		
			 
		

		
			TRANSOCEAN OFFSHORE DEEPWATER DRILLING INC.
		

		
			 
		

		
			By: /s/ R. Thaddeus Vayda
		

		
			Name: R. Thaddeus Vayda
		

		
			Title: Vice President, Corporate Finance and Treasurer
		

		
			 
		

		
			TRANSOCEAN CANADA DRILLING SERVICES LTD.
		

		
			 
		

		
			By: /s/ C. Stephen McFadin
		

		
			Name: C. Stephen McFadin
		

		
			Title:  Vice President
		

		
			 
		

		
			GLOBALSANTAFE INTERNATIONAL DRILLING CORPORATION
		

		
			 
		

		
			By: /s/ C. Stephen McFadin
		

		
			Name: C. Stephen McFadin
		

		
			Title:  Director and President
		

		
			 
		

		
			TRITON VOYAGER ASSET LEASING GMBH
		

		
			 
		

		
			By: /s/ Stephen L. Hayes
		

		
			Name: Stephen L. Hayes
		

		
			Title: Managing Director
		

		
			 
		

		
			 
		

		
			TRANSOCEAN NORWAY OPERATIONS AS
		

		
			 
		

		
			By: /s/ Iain Robert Inglis
		

		
			Name: Iain Robert Inglis
		

		
			Title:  Director
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

TRANSOCEAN HOLDINGS 1 LIMITED
		

		
			 
		

		
			 
		

		
			By: /s/ C. Stephen McFadin
		

		
			Name: C. Stephen McFadin
		

		
			Title:  Director and President
		

		
			 
		

		
			 
		

		
			TRANSOCEAN HOLDINGS 2 LIMITED
		

		
			 
		

		
			By: /s/ C. Stephen McFadin
		

		
			Name: C. Stephen McFadin
		

		
			Title:  Director and President
		

		
			 
		

		
			 
		

		
			TRANSOCEAN HOLDINGS 3 LIMITED
		

		
			 
		

		
			By: /s/ C. Stephen McFadin
		

		
			Name: C. Stephen McFadin
		

		
			Title:  Director and President
		

		
			 
		

		
			TRANSOCEAN SERVICES AS
		

		
			 
		

		
			By: /s/ Iain Robert Inglis
		

		
			Name: Iain Robert Inglis
		

		
			Title:  Director
		

		
			 
		

		
			 
		

		
			TRITON NAUTILUS VAGYONKEZELO KFT
		

		
			 
		

		
			By: /s/ Attila Urbanovics
		

		
			Name: Attila Urbanovics
		

		
			Title: Managing Director
		

		
			 
		

		
			 
		

		
			OCEAN RIG CUBANGO OPERATIONS INC.
		

		
			 
		

		
			By: /s/ C. Stephen McFadin
		

		
			Name: C. Stephen McFadin
		

		
			Title:  Director and President
		

		
			 
		

		
			DRILLSHIP SKYROS OWNERS INC.
		

		
			 
		

		
			By: /s/ C. Stephen McFadin
		

		
			Name: C. Stephen McFadin
		

		
			Title:  Director and President
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			ADMINISTRATIVE AGENT/ISSUING BANKS/LENDERS:
		

		
			 
		

		
			CITIBANK, N.A., as Administrative Agent and Issuing Bank
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Maureen P. Maroney
		

		
			Name: Maureen P. Maroney
		

		
			Title:   Vice President

		 

		

			 

		

 

		

			 

		

Wells Fargo Bank, National Association, as an Increasing Lender and as an Issuing Bank
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Timothy P. Gebauer
		

		
			Name: Timothy P. Gebauer
		

		
			Title:  Director
		

		
			

		 

		

			 

		

 

		

			 

		

DNB Capital LLC, as an Increasing Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Philippe Wulfers
		

		
			Name: Philippe Wulfers
		

		
			Title: First Vice President
		

		
			 
		

		
			 
		

		
			By: /s/ Andrew Shohet
		

		
			Name: Andrew Shohet
		

		
			Title: Senior Vice President

		 

		

			 

		

 

		

			 

		

DNB Bank asa, new york branch, as an Issuing Bank
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Cathleen Buckley
		

		
			Name: Cathleen Buckley
		

		
			Title: Senior Vice President
		

		
			 
		

		
			 
		

		
			By: /s/ Sybille Andaur
		

		
			Name: Sybille Andaur
		

		
			Title: First Vice President

		 

		

			 

		

 

		

			 

		

Goldman Sachs Bank USA, as an Increasing Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Ryan Durkin
		

		
			Name: Ryan Durkin
		

		
			Title: Authorized Signatory
		

		
			

		 

		

			 

		

 

		

			 

		

Morgan Stanley Senior Funding, Inc., as an Increasing Lender
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Michael King
		

		
			Name: Michael King
		

		
			Title: Vice President
		

		
			

		 

		

			 

		

 

		

			 

		

Crédit Agricole Corporate and Investment Bank, as an Increasing Lender and as an Issuing Bank 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Page Dillehunt
		

		
			Name: Page Dillehunt
		

		
			Title: Managing Director
		

		
			 
		

		
			 
		

		
			By:  /s/ Michael Willis
		

		
			Name: Michael Willis
		

		
			Title: Managing Director

		 

		

			 

		

 

		

			 

		

Skandinaviska Enskilda Banken AB (publ), as an Increasing Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Bjarte Bøe
		

		
			Name: Bjarte Bøe
		

		
			Title:
		

		
			 
		

		
			 
		

		
			By: /s/ Per Olav Bucher-Johannessen
		

		
			Name: Per Olav Bucher-Johannessen
		

		
			Title:

		 

		

			 

		

 

		

			 

		

SpareBank 1 SR-Bank ASA, as an Increasing Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Stig Horsberg Eriksen
		

		
			Name: Stig Horsberg Eriksen
		

		
			Title: Director
		

		
			

		 

		

			 

		

 

		

			 

		

Citicorp North America, Inc., as an Additional Lender
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Maureen P. Maroney
		

		
			Name: Maureen P. Maroney
		

		
			Title: Vice President

		 

		

			 

		

 

		

			 

		

M&T Bank, as an Additional Lender
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Edward Tierney
		

		
			Name: Edward Tierney
		

		
			Title: Senior Vice President

		 

		

			 

		

 

		

			 

		

Nordea Bank Abp New York Branch, as an Additional Lender
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Henning Lyche Christianser
		

		
			Name: Henning Lyche Christianser
		

		
			Title: Senior Vice President 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Martin Lunder
		

		
			Name: Martin Lunder
		

		
			Title: Managing Director
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

NIBC BANK N.V., as a Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ W.A. van Wijngaarden
		

		
			Name: W.A. van Wijngaarden
		

		
			Title: Director
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Sven de Veij
		

		
			Name: Sven de Veij
		

		
			Title: Managing Director
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			BARCLAYS BANK PLC, as a Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Sydney G .Dennis
		

		
			Name: Sydney G. Dennis
		

		
			Title: Director
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

		

			
	
			
				
			ANNEX A. 

			
	
			
				
			INCREMENTAL COMMITMENTS

			
					
						 

					
					
						 

				
	
					
						Lender

					
					
						Incremental Commitment

				
	
					
						Nordea Bank ABP New York Branch

					
					
						$100,000,000

				
	
					
						M&T Bank

					
					
						$75,000,000

				
	
					
						Citicorp North America, Inc.

					
					
						$25,000,000

				
	
					
						Wells Fargo Bank, National Association

					
					
						$25,000,000

				
	
					
						Goldman Sachs Bank USA

					
					
						$25,000,000

				
	
					
						DNB Capital LLC

					
					
						$25,000,000

				
	
					
						Morgan Stanley Senior Funding, Inc.

					
					
						$25,000,000

				
	
					
						Crédit Agricole Corporate and Investment Bank

					
					
						$25,000,000

				
	
					
						Skandinaviska Enskilda Banken AB (publ)

					
					
						$20,000,000

				
	
					
						SpareBank 1 SR-Bank ASA

					
					
						$15,000,000

				
	
					
						 

					
						TOTAL INCREMENTAL COMMITMENTS

					
					
						 

					
						$360,000,000

				

		
			 
		

			
	
			
			 	
			

		
			

		 

		

			 

		

 

		

			 

		

		

			
	
			
				
			ANNEX B.

		
			 
		

		
			Schedule 1.1-C
		

		
			 
		

		
			COMMITMENT AMOUNTS AS OF MAY 13, 2019
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
						 

				
	
					
						PART I.  Lender

					
					
						Commitment

					
					
						Percentage

					
						 

				
	
					
						Citibank, N.A.

					
					
						$175,000,000

					
					
						12.867647%

				
	
					
						Citicorp North America, Inc.

					
					
						$25,000,000

					
					
						1.838235%

				
	
					
						Wells Fargo Bank, National Association

					
					
						$182,500,000

					
					
						13.419118%

				
	
					
						Goldman Sachs Bank USA

					
					
						$182,500,000

					
					
						13.419118%

				
	
					
						DNB Capital LLC

					
					
						$125,000,000

					
					
						9.191176%

				
	
					
						Morgan Stanley Senior Funding, Inc.

					
					
						$125,000,000

					
					
						9.191176%

				
	
					
						Nordea Bank ABP New York Branch

					
					
						$100,000,000

					
					
						7.352941%

				
	
					
						Crédit Agricole Corporate and Investment Bank

					
					
						$100,000,000

					
					
						7.352941%

				
	
					
						Skandinaviska Enskilda Banken AB (publ)

					
					
						$95,000,000

					
					
						6.985294%

				
	
					
						Barclays Bank PLC

					
					
						$75,000,000

					
					
						5.514706%

				
	
					
						M&T Bank

					
					
						$75,000,000

					
					
						5.514706%

				
	
					
						SpareBank 1 SR-Bank ASA

					
					
						$65,000,000

					
					
						4.779412%

				
	
					
						NIBC Bank N.V.

					
					
						$35,000,000

					
					
						2.573529%

				
	
					
						 

					
						TOTAL COMMITMENTS

					
					
						 

					
						$1,360,000,000

					
					
						 

					
						100.000000%

				

		
			 
		

		
			 
		

			
					
						PART II.  Initial Issuing Bank

					
					
						L/C Subcommitment Amount

				
	
					
						Citibank, N.A.

					
					
						$150,000,000

				
	
					
						Wells Fargo Bank, National Association

					
					
						$125,000,000

				
	
					
						Crédit Agricole Corporate and Investment Bank

					
					
						$50,000,000

				
	
					
						DNB Bank ASA, New York Branch

					
					
						$100,000,000

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

		

			
	
			
				
			ANNEX C.

			
	
			
				
			Schedule 1.1-S

		
			 
		

		
			SPECIFIED RIGS
		

		
			 
		

			
					
						Rig Name

					
					
						Year Built/

					
						Originally Delivered

					
					
						Jurisdiction of Flag

					
					
						Rig Owner

					
					
						Official Number

				
	
					
						Deepwater Invictus

					
					
						2014

					
					
						Marshall Islands

					
					
						Triton Voyager Asset Leasing GmbH

					
					
						4610

				
	
					
						Discoverer Inspiration

					
					
						2009

					
					
						Marshall Islands

					
					
						Triton Voyager Asset Leasing GmbH

					
					
						2878

				
	
					
						Deepwater Asgard

					
					
						2014

					
					
						Marshall Islands

					
					
						Triton Voyager Asset Leasing GmbH

					
					
						4609

				
	
					
						Transocean Barents

					
					
						2009

					
					
						Marshall Islands

					
					
						Transocean Barents ASA

					
					
						4907

				
	
					
						Transocean Spitsbergen

					
					
						2009

					
					
						Marshall Islands

					
					
						Transocean Spitsbergen ASA

					
					
						4905

				
	
					
						Deepwater Skyros

					
					
						2013

					
					
						Marshall Islands

					
					
						Transocean Skyros Limited

					
					
						5021

				
	
					
						Dhirubhai Deepwater KG2

					
					
						2009

					
					
						Marshall Islands

					
					
						Transocean Voyager 2 Limited

					
					
						3304Exhibit

Exhibit 10.1

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of May 13, 2019 (the “Effective Date”) between Hill-Rom Holdings, Inc., an Indiana corporation (the “Company”), and Carlos Alonso Marum (“Executive”), and supersedes and replaces in its entirety that certain employment agreement entered into between the Company and Executive, dated November 16, 2018 (the “Prior Employment Agreement”).
W I T N E S S E T H:
WHEREAS, the Company and Executive entered into the Prior Employment Agreement which sets forth the terms and conditions upon which Executive is currently employed by the Company as Senior Vice President, President International; and

WHEREAS, Executive has expressed interest in retiring from the Company upon achieving retirement age under the Company’s long-term equity incentive compensation plan; 
WHEREAS, the Company is willing to continue to employ Executive under the terms and conditions set forth in this Agreement until Executive achieves such retirement age; and 
WHEREAS, the Company and Executive (collectively referred to as the “Parties”) acknowledge and agree that the execution of this Agreement, as amended and restated, is necessary to memorialize the terms and conditions of their employment relationship and the planned termination of the employment relationship, as well as safeguard against the unauthorized disclosure or use of the Company’s confidential information and to otherwise preserve the goodwill and ongoing business value of the Company.
NOW THEREFORE, in consideration of Executive’s continued employment and the agreement of the Company to provide Executive with certain benefits as contained herein, as well as other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties agree as follows:
		
	1.
	Employment.  

		
	(a)
	Continuing from the Effective Date and ending on June 30, 2019, Executive shall continue to serve as Senior Vice President, President International for the Company, reporting to the Chief Executive Officer of the Company (the “CEO”).  During such period of employment, Executive agrees to perform all duties and responsibilities traditionally assigned to, or falling within the normal responsibilities of, an individual employed as Senior Vice President, President International of the Company.  Executive also agrees to perform any and all additional duties or responsibilities consistent with such position as may be assigned by the CEO in his discretion. 

		
	(b)
	Executive’s job duties and responsibilities as Senior Vice President, President International shall terminate effective June 30, 2019 (the “Effective Termination Date”). 

		
	(c)
	From July 1, 2019 through April 13, 2020, Executive shall continue as an active employee of the Company on a qualified unpaid leave of absence, consistent with Company policy. 

		
	(d)
	Executive’s employment with the Company shall terminate effective April 13, 2020 (the “Actual Termination Date”).  

		
	2.
	Efforts and Duty of Loyalty.  During the period of Executive’s continued employment as Senior Vice President, President International, Executive covenants and agrees to exercise reasonable efforts to perform all assigned duties in a diligent and professional manner and in the best interest of the Company.  Executive agrees to devote Executive’s full working time, attention, talents, skills and efforts to further the Company’s business interests.  Executive shall act at all times in accordance with the Company’s code of ethical business conduct, and all other applicable policies of the Company.  

		
	3.
	At-Will Employment.  Subject to the terms and conditions of the severance opportunity set forth below, Executive specifically acknowledges and accepts such employment on an “at-will” basis and agrees that both Executive and the Company retain the right to terminate this relationship at any time, with or without cause, for any reason not prohibited by applicable law upon notice as required by this Agreement.  

		
	4.
	Base Salary.  For services performed by Executive as Senior Vice President, President International through the Effective Termination Date, the Company shall continue to pay Executive’s base salary at the current annual rate of Four Hundred Eighty-Eight Thousand Dollars ($488,000) per year (“Base Salary”).  The Base Salary shall be paid in the same increments as the Company’s normal payroll.  For the period of Executive’s employment with the Company from July 1, 2019 through the Actual Termination Date, Executive shall be employed on a qualified unpaid leave of absence and shall not be paid any Base Salary.   

		
	5.
	Bonus.  Executive shall continue to participate in the Company’s short-term incentive compensation plan for fiscal year 2019, with such participation to continue through the Effective Termination Date.  Executive’s bonus target for fiscal year 2019 shall remain at 70% of Base Salary.  Executive’s actual bonus payment for fiscal year 2019 will be based upon the achievement of the performance measures and objectives established for Executive for fiscal year 2019 as well as Executive’s individual performance for fiscal year 2019, as determined by the CEO.  Executive’s bonus payment as determined under the preceding sentence will be pro-rated for the period of Executive’s participation in the short-term incentive compensation plan from October 1, 2018 through the Effective Termination Date.  Any bonus earned shall be paid to Executive at the same time and in the same manner as bonuses for fiscal year 2019 are paid to other active employees of the Company.  Executive shall not be eligible to participate in the Company’s short-term incentive compensation plan for fiscal year 2020.

		
	6.
	Equity Awards.  As of the Effective Date, Executive shall not be eligible to receive any additional equity or other long-term incentive awards under the Company’s equity-based incentive compensation plan.  Executive shall continue to accrue service for purposes of vesting of unvested equity awards outstanding as of the Effective Termination Date based on Executive’s employment through the Actual Termination Date. 

		
	7.
	Other Benefits.  

		
	a.
	Continuing from the Effective Date and ending on the Effective Termination Date, Executive will be entitled to participate in and receive such benefits and perquisites, including retirement and health and welfare benefits (such as participation in the supplemental executive retirement plan (the “SERP”), supplemental long-term disability insurance coverage, a Company-paid 

Executive physical examination, reimbursement for a portion of tax preparation and estate and financial planning services and flexible paid time off in accordance with the Company’s policy on accrual and use applicable to employees as in effect from time to time, including, but not limited to, forty (40) hours of sick leave), in each case, as are available to other senior executives of the Company.  Executive’s participation will be subject to the terms of the applicable plan documents and generally applicable Company policies. 

(b)    For the period of Executive’s employment beginning July 1, 2019 and ending on the Actual Termination Date, Executive will be entitled to continue to participate in the Company’s health and welfare benefit programs and the SERP as an active employee with such participation subject to the terms of the applicable plan documents.
(c)    Effective April 14, 2020, Executive will become ineligible to participate in the Company’s health and welfare programs and the SERP and continuation coverage in the Company’s healthcare programs under COBRA will be triggered at such time.
		
	8.
	Release.  The continuation of Executive’s employment through the Actual Termination Date, and the benefits attributable to such continuation of employment as set forth in Paragraphs 6 and 7, are contingent upon Executive materially complying with the restrictive covenants contained herein and executing a separation and release agreement (the “Release”).  Further, the Company’s obligation to provide the benefits pursuant to Paragraphs 6 and 7 shall be deemed null and void should Executive fail or refuse to execute and deliver to the Company the Company’s then standard Release (without modification) within any time period as may be prescribed by law or, in absence thereof, twenty-one (21) days after the Effective Date of this Agreement.  

		
	9.
	Reaffirmation.  Upon termination of Executive’s employment, Executive agrees, if requested to reaffirm in writing Executive’s post-employment obligation as set forth in this Agreement, that Executive will make such reaffirmation.

		
	10.
	Restrictive Covenants. The capitalized terms used, but not defined herein in Paragraphs 10(a) through 10(h), will have the meanings given to such terms in Paragraph 10(i).

		
	(a)
	Return of Company Property.  All records, files, drawings, documents, data in whatever form, business equipment (including computers, cell phones, etc.), and the like relating to, or provided by, the Company shall be and remain the sole property of the Company.  At the Effective Termination Date, Executive shall immediately return to the Company all such items without retention of any copies and without additional request by the Company.  

		
	(b)
	Confidential Information.  Executive acknowledges that the Companies possess certain trade secrets as well as other confidential and proprietary information which they have acquired or will acquire at great effort and expense.  Such information may include, without limitation, confidential information, whether in tangible or intangible form, regarding the Companies’ products and services, marketing strategies, business plans, operations, costs, current or prospective customer information (including customer identities, contacts, requirements, creditworthiness, preferences, and like matters), product concepts, designs, prototypes or specifications, research and development efforts, technical data and know‐how, sales information, including pricing and other terms and conditions of sale, financial information, internal procedures, techniques, forecasts, methods, trade information, trade secrets, software programs, project requirements, inventions, trademarks, trade names, and similar information 

regarding the Companies’ business(es) (collectively referred to herein as “Confidential Information”).  Executive further acknowledges that, as a result of Executive’s employment with the Company, Executive has had or will have access to, has or will become acquainted with, and/or may have helped develop, such Confidential Information.  Confidential Information shall not include information readily available in the public so long as such information was not made available through fault of Executive or wrong doing by any other individual.

		
	(c)
	Restricted Use of Confidential Information.  Executive agrees that all Confidential Information is and shall remain the sole and exclusive property of the Company and/or its affiliated entities.  Except as may be expressly authorized by the Company in writing, or other than in the course of Executive’s employment and for the benefit of the Company, Executive agrees not to disclose, or cause any other person or entity to disclose, any Confidential Information to any third party while employed by the Company and for as long thereafter as such information remains confidential (or as limited by applicable law).  Further, Executive agrees to use such Confidential Information only in the course of Executive’s duties in furtherance of the Company’s business and agrees not to make use of any such Confidential Information for Executive’s own purposes or for the benefit of any other entity or person.  The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to Executive; (ii) becomes generally known to the public subsequent  to disclosure to Executive through no wrongful act of Executive or any representative of Executive; or (iii) Executive is required to disclose by applicable law, regulation or legal process, or is requested by subpoena, court order or a governmental, regulatory or self-regulatory body with the apparent authority to disclose any Confidential Information (provided that in such case Executive shall (A) provide the Company with prior notice of the contemplated disclosure, (B) cooperate with the Company at its expense in seeking a protective order or other appropriate protection of such information, and (C) disclose only that Confidential Information which Executive is legally required to disclose).

		
	(d)
	Non-Solicitation.  During Executive’s employment through the Actual Termination Date and for a period of twelve (12) months thereafter, Executive agrees not to directly or indirectly engage in the following prohibited conduct:

		
	(i)
	Solicit, offer products or services to, or accept orders for, any Competitive Products or otherwise transact any competitive business on behalf of any Competitor;

		
	(ii)
	Attempt on behalf of any Competitor to entice or otherwise cause any third party to withdraw, curtail or cease doing business with the Company (or any Affiliate thereof), specifically including customers, vendors, independent contractors and other third-party entities;

		
	(iii)
	Except in the course of Executive’s employment and for the benefit of the Company, disclose to any person or entity the identities, contacts or preferences of any customers of the Company (or any Affiliate thereof), or the identity of any other persons or entities having business dealings with the Company (or any Affiliate thereof);

		
	(iv)
	Induce any individual who has been employed by or had provided services to the Company (or any Affiliate thereof) within the six (6) month period immediately 

preceding the effective date of Executive’s termination of employment to terminate such relationship with the Company (or any Affiliate thereof);

		
	(v)
	Assist, coordinate or otherwise offer employment to, accept employment inquiries from, or employ any individual who is or had been employed by the Company (or any Affiliate thereof) at any time within the six (6) month period immediately preceding such offer, or inquiry;

		
	(vi)
	Communicate or indicate in any way to any customer of the Company (or any Affiliate thereof), prior to Executive’s Effective Termination Date, any interest, desire, plan, or decision to separate from the Company; other than by way of long-term retirement plans; or

		
	(vii)
	Otherwise attempt on behalf of any Competitor to directly or indirectly interfere with the Company’s business, the business of any of the Companies or their relationship with their employees, consultants, independent contractors or customers.

		
	(e)
	Limited Non-Compete.  For the above-stated reasons, and as a condition of employment to the fullest extent permitted by law, Executive agrees during the Relevant Non‐Compete Period not to directly or indirectly engage in the following competitive activities:

		
	(i)
	Executive shall not have any ownership interest in, work for, advise, consult, or have any business connection or business or employment relationship in any competitive capacity with any Competitor unless Executive provides written notice to the Company of such relationship prior to entering into such relationship and, further, provides sufficient written assurances to the Company’s satisfaction that such relationship will not jeopardize the Company’s legitimate interests or otherwise violate the terms of this Agreement;

		
	(ii)
	Executive shall not engage in any research, development, production, sale or distribution of any Competitive Products on behalf of a Competitor;

		
	(iii)
	Executive shall not market, sell, or otherwise offer or provide any Competitive Products within any Geographic Territory on behalf of a Competitor; or

		
	(iv)
	Executive shall not distribute, market, sell or otherwise offer or provide any Competitive Products to any customer of the Company on behalf of a Competitor.

		
	(f)
	Non-Disparagement.  Executive agrees not to make any written or oral statement that may defame, disparage or cast in a negative light so as to do harm to the personal or professional reputation of (i) the Company, (ii) its Executives, officers, directors or trustees or (iii) the services and/or products provided by the Company and its subsidiaries or affiliate entities.  Similarly, in response to any written inquiry from any prospective employer or in connection with a written inquiry in connection with any future business relationship involving Executive, the Company agrees not to provide any information, and the senior officers shall not make any written or oral statement, that may defame, disparage or cast in a negative light so as to do harm to the personal or professional reputation of Executive.  The Parties acknowledge, however, that nothing contained herein shall be construed to prevent or prohibit the Company or Executive from providing truthful information in response to any court order, discovery 

request, subpoena or other lawful request, rebutting statements by others or making normal competitive-type statements.

		
	(g)
	Further Covenants.

		
	(i)
	The U.S. Defend Trade Secrets Act of 2016 (“DTSA”) provides that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition, the DTSA provides that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.  Accordingly, the Parties have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law.  The parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.

		
	(ii)
	Nothing in this Agreement prevents Executive from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity Executive is not prohibited from providing information voluntarily to the United States Securities and Exchange Commission pursuant to Section 21F of the Exchange Act.

		
	(h)
	Acknowledged Need for Limited Restrictive Covenants.  Executive acknowledges that the Companies have spent and will continue to expend substantial amounts of time, money and effort to develop their business strategies, Confidential Information, customer identities and relationships, goodwill and Executive relationships, and that Executive will benefit from these efforts.  Further, Executive acknowledges the inevitable use of, or near-certain influence by Executive’s knowledge of, the Confidential Information disclosed to Executive during the course of employment if Executive is allowed to compete against the Company in an unrestricted manner and that such use would be unfair and extremely detrimental to the Company.  Accordingly, based on these legitimate business reasons, Executive acknowledges each of the Companies’ need to protect their legitimate business interests by reasonably restricting Executive’s ability to compete with the Company on a limited basis or solicit its employees or customers, in each case, as provided herein.

		
	(i)
	Non-Compete Definitions.  For purposes of this Agreement, the Parties agree that the following terms shall apply:

		
	(i)
	“Affiliate” includes any parent, subsidiary, joint venture, sister company, or other entity controlled, owned, managed or otherwise associated with the Company;

		
	(ii)
	“Assigned Customer Base” shall include all accounts or customers formally assigned to Executive within a given territory or geographical area or contacted by Executive at any time during the eighteen (18) month period preceding Executive’s date of separation;

		
	(iii)
	“Competitive Products” shall include any product or service that directly or indirectly competes with, is substantially similar to, or serves as a reasonable substitute for, any product or service in research, development or design, or manufactured, produced, sold or distributed by the Company;

		
	(iv)
	“Competitor” shall mean the list of companies on Exhibit B, which can be changed at any time prior to 90 days before termination of employment by or of Executive by written notice to Executive, so long as the list does not exceed fifteen (15) companies and each of which is a material competitor of the Company.

		
	(v)
	“Directly or indirectly” shall be construed such that the foregoing restrictions shall apply equally to Executive whether performed individually or as a partner, shareholder, officer, director, manager, Executive, salesperson, independent contractor, broker, agent, or consultant for any other individual, partnership, firm, corporation, company, or other entity engaged in such conduct.

		
	(vi)
	“Geographic Territory” shall include any territory in which the Company has provided any services or sold any products at any time during the twenty-four (24) month period preceding Executive’s date of separation;

		
	(vii)
	“Relevant Non-Compete Period” shall include the period of Executive’s employment with the Company through the Actual Termination Date as well as a period of twelve (12) months after such Actual Termination Date, regardless of the reason for such termination provided.

		
	(j)
	Consent to Reasonableness.  In light of the above-referenced concerns, including Executive’s knowledge of and access to the Companies’ Confidential Information, Executive acknowledges that the terms of such restrictive covenants are reasonable and necessary to protect the Company’s legitimate business interests and will not unreasonably interfere with Executive’s ability to obtain alternate employment.  As such, Executive hereby agrees that such restrictions are valid and enforceable, and affirmatively waives any argument or defense to the contrary.  Executive acknowledges that this limited noncompetition provision is not an attempt to prevent Executive from obtaining other employment in violation of IC § 22-5-3-1 or any other similar statute.  Executive further acknowledges that the Company may need to take action, including litigation, to enforce this limited non-competition provision, which efforts the Parties stipulate shall not be deemed an attempt to prevent Executive from obtaining other employment.

		
	(k)
	Survival of Restrictive Covenants.  Executive acknowledges that the above restrictive covenants shall survive the termination of this Agreement and the termination of Executive’s employment for any reason.  Executive further acknowledges that any alleged breach by the Company of any contractual, statutory or other obligation shall not excuse or terminate the obligations hereunder or otherwise preclude the Company from seeking injunctive or other 

relief.  Rather, Executive acknowledges that such obligations are independent and separate covenants undertaken by Executive for the benefit of the Company.

		
	(l)
	Post-Termination Notification.  For the duration of Executive’s Relevant Non-Compete Period or other restrictive covenant period, whichever is longer, Executive agrees to promptly notify the Company no later than five (5) business days of Executive’s acceptance of any employment or consulting engagement.  Such notice shall include sufficient information to ensure Executive compliance with Executive’s non-compete obligations and must include at a minimum the following information: (i) the name of the employer or entity for which Executive is providing any consulting services; (ii) a description of Executive’s intended duties; and (iii) the anticipated start date.  Such information is required to ensure Executive’s compliance with Executive’s non-compete obligations as well as all other applicable restrictive covenants.  Such notice shall be provided in writing to the Office of SVP, Corporate Secretary and Chief Legal Officer at 130 East Randolph Street, Suite 1000, Chicago, Illinois 60601.  Failure to timely provide such notice shall be deemed a material breach of this Agreement.  Executive further consents to the Company’s notification to any new employer of Executive’s rights and obligations under this Agreement.

		
	(m)
	Scope of Restrictions.  If the scope of any restriction contained in any preceding paragraphs of this Agreement is deemed too broad to permit enforcement of such restriction to its fullest extent, then such restriction shall be enforced to the maximum extent permitted by law, and Executive hereby consents and agrees that such scope may be judicially modified accordingly in any proceeding brought to enforce such restriction.

		
	(n)
	Specific Enforcement/Injunctive Relief.  Executive agrees that it would be difficult to measure any damages to the Company from a breach of the above-referenced restrictive covenants, but acknowledges that the potential for such damages would be great, incalculable and irremediable, and that monetary damages alone would be an inadequate remedy.  Accordingly, Executive agrees that the Company shall be entitled to immediate injunctive relief against such breach, or threatened breach, in any court having jurisdiction.  In addition, if Executive violates any such restrictive covenant, Executive agrees that the period of such violation shall be added to the term of the restriction.  In determining the period of any violation, the Parties stipulate that in any calendar month in which Executive engages in any activity in violation of such provisions, Executive shall be deemed to have violated such provision for the entire month, and that month shall be added to the duration of the non-competition provision.  Executive acknowledges that the remedies described above shall not be the exclusive remedies, and the Company may seek any other remedy available to it either in law or in equity, including, by way of example only, statutory remedies for misappropriation of trade secrets, and including the recovery of compensatory or punitive damages.  Executive further agrees that the Company shall be entitled to an award of all costs and attorneys’ fees incurred by it in any attempt to enforce the terms of this Agreement if the Company prevails.

		
	(o)
	Publicly Traded Stock.  The Parties agree that nothing contained in this Agreement shall be construed to prohibit Executive from investing Executive’s personal assets in any stock or corporate security traded or quoted on a national securities exchange or national market system provided, however, such investments do not require any services on the part of Executive in the operation or the affairs of the business or otherwise violate the Company’s code of ethics.

		
	11.
	Notice of Claim and Contractual Limitations Period.  Executive acknowledges the Company’s need for prompt notice, investigation, and resolution of any claims that may be filed against it due to the number of relationships it has with employees and others (and due to the turnover among such individuals with knowledge relevant to any underlying claim).  Accordingly, Executive agrees prior to initiating any litigation of any type (including, but not limited to, employment discrimination litigation, wage litigation, defamation, or any other claim) to notify the Company, within one hundred and eighty (180) days after the claim accrued, by sending a certified letter addressed to the Company’s General Counsel setting forth:  (a) claimant’s name, address, and phone; (b) the name of any attorney representing Executive; (c) the nature of the claim; (d) the date the claim arose; and (e) the relief requested.  This provision is in addition to any other notice and exhaustion requirements that might apply.  For any dispute or claim of any type against the Company (including but not limited to employment discrimination litigation, wage litigation, defamation, or any other claim), Executive must commence legal action within the shorter of one (1) year of accrual of the cause of action or such shorter period that may be specified by law.

		
	12.
	Non-Jury Trials.  Notwithstanding any right to a jury trial for any claims, Executive waives any such right to a jury trial, and agrees that any claim of any type (including but not limited to employment discrimination litigation, wage litigation, defamation, or any other claim) lodged in any court will be tried, if at all, without a jury.

		
	13.
	Choice of Forum.  Executive acknowledges that the Company is primarily based in Indiana, and Executive understands and acknowledges the Company’s desire and need to defend any litigation against it in Illinois.  Accordingly, the Parties agree that any claim of any type brought by Executive against the Company or any of its employees or agents must be maintained only in a court sitting in Cook County, Illinois, or, if a federal court, the Northern District of Illinois.  Executive further understands and acknowledges that in the event the Company initiates litigation against Executive, the Company may need to prosecute such litigation in such state where Executive is subject to personal jurisdiction.  Accordingly, for purposes of enforcement of this Agreement, Executive specifically consents to personal jurisdiction in the State of Illinois.

		
	14.
	Choice of Law.  This Agreement shall be deemed to have been made within the County of Cook, State of Illinois and shall be interpreted and construed in accordance with the laws of the State of Illinois.  Any and all matters of dispute of any nature whatsoever arising out of, or in any way connected with the interpretation of this Agreement, any disputes arising out of the Agreement or the employment relationship between the Parties hereto, shall be governed by, construed by and enforced in accordance with the laws of the State of Illinois without regard to any applicable state’s choice of law provisions.

		
	15.
	Titles.  Titles are used for the purpose of convenience in this Agreement and shall be ignored in any construction of it.

		
	16.
	Severability.  The Parties agree that each and every paragraph, sentence, clause, term and provision of this Agreement is severable and that, in the event any portion of this Agreement is adjudged to be invalid or unenforceable, the remaining portions thereof shall remain in effect and be enforced to the fullest extent permitted by law.  Further, should any particular clause, covenant, or provision of this Agreement be held unreasonable or contrary to public policy for any reason, the Parties acknowledge and agree that such covenant, provision or clause shall automatically be deemed modified such that the contested covenant, provision or clause will have the closest effect permitted by applicable law to the original form and shall be given effect and enforced as so modified to whatever extent would be reasonable and enforceable under applicable law.

		
	17.
	Assignment-Notices.  The rights and obligations of the Company under this Agreement shall inure to its benefit, as well as the benefit of its parent, subsidiary, successor and affiliated entities, and shall be binding upon the successors and assigns of the Company.  This Agreement, being personal to Executive, cannot be assigned by Executive, but Executive’s personal representative shall be bound by all its terms and conditions.  Any notice required hereunder shall be sufficient if in writing and mailed to the last known residence of Executive or to the Company at its principal office with a copy mailed to the Office of the General Counsel.

		
	18.
	Amendments and Modifications.  Except as specifically provided herein, no modification, amendment, extension or waiver of this Agreement or any provision hereof shall be binding upon the Company or Executive unless in writing and signed by both Parties.  The waiver by the Company or Executive of a breach of any provision of this Agreement shall not be construed as a waiver of any subsequent breach.  Nothing in this Agreement shall be construed as a limitation upon the Company’s right to modify or amend any of its manuals or policies in its sole discretion and any such modification or amendment which pertains to matters addressed herein shall be deemed to be incorporated herein and made a part of this Agreement.

		
	19.
	Outside Representations.  Executive represents and acknowledges that in signing this Agreement Executive does not rely, and has not relied, upon any representation or statement made by the Company or by any of the Company’s employees, officers, agents, stockholders, directors or attorneys with regard to the subject matter, basis or effect of this Agreement other than those specifically contained herein.

		
	20.
	Other Remedies.  Executive agrees to remain bound by the terms and conditions of the Company’s Limited Recapture Agreement, and any applicable laws, rules and regulations.

		
	21.
	Voluntary and Knowing Execution.  Executive acknowledges that Executive has been offered a reasonable amount of time within which to consider and review this Agreement; that Executive has carefully read and fully understands all of the provisions of this Agreement; and that Executive has entered into this Agreement knowingly and voluntarily.

		
	22.
	Liability Insurance.  The Company shall cover Executive under directors and officers liability insurance both during and, while potential liability exists, after the termination of Executive’s employment in the same amount and to the same extent as the Company covers its other officers and non-independent directors.

		
	23.
	Tax Matters.

		
	(a)
	Withholding.  The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.  

		
	(b)
	Code Section 409A Notification.  Executive acknowledges that Executive has been advised of the American Jobs Creation Act of 2004, which includes Internal Revenue Code Section 409A, and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”), and which also significantly changed the taxation of nonqualified deferred compensation plans and arrangements.  

		
	(i)
	The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Code Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in accordance therewith.  If any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause Executive to incur any additional tax or interest under Code Section 409A, the Company shall, after consulting with Executive, reform such provision to try to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code Section 409A.  To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Executive and the Company of the applicable provision without violating the provisions of Code Section 409A.

		
	(ii)
	A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment that are considered “nonqualified deferred compensation” under Code Section 409A unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”  If Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment that is considered non-qualified deferred compensation under Code Section 409A payable on account of a “separation from service,” and with regard to which an exemption from such section does not apply, such payment or benefit shall be made or provided at the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of Executive, and (B) the date of Executive’s death (the “Delay Period”).  Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Paragraph 26(b)(ii) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

		
	(iii)
	With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A, (A) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (B) the amount of expenses eligible for reimbursement, or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided in any other taxable year, and (C) such payments shall be made on or before the last day of Executive’s taxable year following the taxable year in which the expense occurred.  

		
	(iv)
	For purposes of Code Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.  In no event may Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that is considered nonqualified deferred compensation.  In no event shall the timing of 

Executive’s execution of a Release, directly or indirectly, result in Executive designating the calendar year of payment, and if a payment that is subject to execution of the Release could be made in more than one taxable year, payment shall be made in the later taxable year.

		
	(v)
	Executive acknowledges that, notwithstanding anything contained herein to the contrary, both Parties shall be independently responsible for assessing their own risks and liabilities under Code Section 409A that may be associated with any payment made under the terms of this Agreement or any other arrangement which may be deemed to trigger Code Section 409A.  Further, the Parties agree that each shall independently bear responsibility for any and all taxes, penalties or other tax obligations as may be imposed upon them in their individual capacity as a matter of law.

		
	24.
	Entire Agreement.  This Agreement constitutes the entire employment agreement between the Parties hereto concerning the subject matter hereof and shall supersede all prior and contemporaneous agreements between the Parties in connection with the subject matter of this Agreement.  Nothing in this Agreement, however, shall affect any separately‐executed written agreement addressing any other issues.  

		
	25.
	Counterparts.  This Agreement may be executed in separate counterparts, each of which shall be deemed to be an original and both of which taken together shall constitute one and the same agreement.

IN WITNESS WHEREOF, the Parties have signed this Agreement effective as of the day and year first above written.

	
		
	EXECUTIVE
	HILL-ROM HOLDINGS, INC.

	

Signed: /s/ Carlos Alonso Marum

Name:  Carlos Alonso Marum
 
Dated:  May 3, 2019
	

Signed: /s/ Ken Meyers

Name: Ken Meyers, Chief Human Resources Officer

Dated: May 13, 2019

CAUTION:  READ BEFORE SIGNING

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