Document:

Exhibit 4.6

 

 

 

 

RULES
OF THE FRIENDS

 

LIFE GROUP PLC LONG

 

TERM INCENTIVE PLAN

 

approved by the Resolution
Limited Remuneration Committee on 4 December 2009 and adopted by Friends Life Group plc on 19 March 2010.

 

Further revised by the Resolution
Limited Remuneration Committee on 6 December 2011 and approved by the Friends Life Group plc Board on 27

February 2012

 

Further
revised by the Resolution Limited Remuneration Committee on 20 March 2013 and approved by the Friends Life Group plc Board on
21 March, subject to Resolution Limited shareholder approval received on 16 May 2013

 

And further revised by the
Resolution Limited

Remuneration Committee on 18 June 2013

 

 

 

 

    	 	 	 

     

    

 

RULES OF THE

FRIENDS LIFE GROUP PLC LONG TERM INCENTIVE PLAN

 

	1.		DEFINITIONS AND CONSTRUCTION

	1.1		In the Rules the expressions set out below shall have the following meanings:

 

	“Average Equity Price”	means, in relation to any shares or equity securities issued as consideration by an acquirer of RSL, the average closing middle market price of each share (or other equity security) issued as consideration over the 40 Business Days immediately prior to the announcement of such Takeover (or, if earlier, prior to the date on which the listing of the shares or equity securities was suspended pending publication of further information on the Takeover);
	 	 
	“Award”	a payment to be made to a Participant in respect of that Participant’s Units, subject to and in accordance with the Rules and calculated in accordance with Schedule 1;
	 	 
	“Bad Leaver”	has the meaning given in Rule 4.2;
	 	 
	“Business Days”	means a day (other than a Saturday or Sunday) on which banks are open for business in Guernsey or London;
	 	 
	“Company”	means Friends Life Group plc (formerly
    Friends Provident Holdings (UK) Limited), incorporated in England with number 6986155;
	 	 
	“Control”	in relation to a body corporate, means:

 

	 	(i)	the ability of a person to ensure that the activities and business of that body corporate are conducted in accordance with the wishes of that person;
	 	 	 
	 	(ii)  	the
    ownership of or entitlement to acquire the majority of the issued ordinary share capital or the
voting rights in that body corporate; or
	 	 	 
	 	(iii) 	the right to receive the majority of the income of that body corporate on any distribution by it of all of its income or right to receive a majority of the assets of that body corporate on a winding up,
	 	 	 
	 	and, in relation to a non-body corporate, means:
	 	 	 
	 	(iv)  	the ability of a person to ensure that the activities and business of another person are conducted in accordance with the wishes of that person, and cognate expressions shall be construed accordingly;

 

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	“Distributions”	means:

 

	 	(i)	distributions made by RHN1 to the General Partner in accordance with clause 7 of the RHN1 Partnership Agreement; and
	 	 	 
	 	(ii)	at each Measurement Date or on the Takeover Date, the Relevant RHN1 Value;

 

	“Eligible Executive” 	subject to Rule 4.3, a person who is a director or employee of a member of the RHN1 Group;
	 	 
	“Financial Advisers” 	means the Company’s auditors or such other independent investment bank or other financial advisers as the Company may appoint from time to time to advise in relation to the Plan;
	 	 
	“FL Group”	means the Company and
    its Subsidiaries and Subsidiary Undertakings from time to time;
	 	 
	“General Partner”	means RSL, as General Partner of RHN1;
	 	 
	“IRR Threshold”	has the meaning given in Schedule 3;
	 	 
	“Limited Partners”	means the limited partners of RHN1 from time to time;
	 	 
	“Measurement Date”	means each of:

 

	 	(i)	30 June 2014;
	 	 	 
	 	(ii)	30 June 2015; or
	 	 	 
	 	(iii)	30 June 2016;

 

	“Measurement Date Distribution”	means a Relevant
    Distribution     made as a result of the IRR Threshold being     equal
    to or greater than zero on a
    Measurement Date;
	“Measurement Price”	means
the closing middle market price of  a RSL ordinary share on a given date (as derived from the London Stock Exchange Daily
Official List);
	 	 
	“Partial Sale”	means the disposal of any part of the business of the FL Group (whether by share sale, asset sale, listing or any other means whatsoever) such that the business no longer forms part of the RHN1 Group; and excludes any single transaction whereby the RHN1 Group ceases to have any interest in the business of the FL Group (whether by a share sale, asset sale, listing or any other means whatsoever);

 

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	“Participant” 	an individual to whom a Unit has been granted or who is entitled to an Award which is still unpaid in whole or in part;
	 	 
	“the Plan”  	the
    Friends Life Group plc Long Term Incentive Plan
    constituted by these Rules, including the Schedules, as amended from time to time;
	 	 
	“RD Pool”	has the meaning given in Schedule 1;
	 	 
	“Relevant Distribution”	means any Distribution made after the IRR Threshold has been met as determined in Schedule 3 and made in respect of the earlier of (i) the period up to and including 30 June 2016; and (ii) in the case of a Takeover, the period up to and including the Takeover Date;
	 	 
	“Relevant RHN1 Value” 	in relation to a Measurement Date, means the average of the result of the following formulae:

 

	 	(i)	RSL Ordinary ISC x Measurement Price; plus
	 	 	 
	 	(ii)	the aggregate market value of any other class of equity instruments issued by RSL, at a value determined by the RSL Remco acting fairly and reasonably; minus
	 	 	 
	 	(iii)	RSL Net Assets,

 

	 	on each of the 40 Business Days commencing on the date following the relevant Measurement Date,
	 	 
	 	and, in relation to a Takeover Date, means the Takeover Price minus RSL Net Assets;
	 	 
	“Resolution Group” 	means RSL and its Subsidiaries and Subsidiary Undertakings from time to time, including the RHN1 Group;
	 	 
	“RHN1”	means Resolution Holdco No 1 LP;
	 	 
	“RHN1 Group”	means any companies that are from time to time owned directly or indirectly by RHN1 (including the FL Group);

 

	“RHN1 Partnership Agreement”	means the Limited Partnership Agreement entered into on 8 September 2009 between Resolution Limited, RCAP GP Limited and RCAP Investments S.a.r.l. in relation to RHN1 (as amended from time to time);
	 	 
	“RSL”	means Resolution Limited (company number 49558);
	 	 
	“RSL Net Assets”	means the value of:

 

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	 	(i)  	the assets and liabilities of RSL; minus
	 	 	 
	 	(ii)  	the value of any
ordinary shares held in treasury by RSL; minus
	 	 	 
	 	(iii)  	the value of any
subsidiary undertakings of RSL,
	 	 	 
	 	with the value of all such assets and liabilities being determined by the RSL Remco on a basis consistent with the basis used in the solus accounts of RSL most recently published prior to the relevant Measurement Date or the Takeover Date (as the case may be); plus
	 	 	 
	 	(iv)  	the market value
of any subsidiary undertakings of RSL not owned directly or indirectly by RHN1, the market value of any such subsidiary undertaking
to be determined by the RSL Remco acting fairly and reasonably;

 

	“RSL Ordinary ISC”  	means the number of ordinary shares in issue at close of business (excluding any ordinary shares held in treasury by RSL) on a given date;
	 	 
	“RSL Remco” 	 means the remuneration committee of RSL or, on or after the occurrence of a Takeover, the remuneration committee of RSL as constituted immediately before such event occurs;
	 	 
	“the Rules”	means the rules of the Plan as amended from time to time (including any schedule to them);
	 	 
	“Subsidiary” and “Subsidiary Undertaking”	have the same meanings as in Sections 1159 and 1162 of the Companies Act 2006; and
	 	 
	“Takeover” 	means any person or persons acting in concert (within the meaning ascribed to that expression in The City Code on Takeovers and Mergers) who did not previously have control of RSL, where “control” for these purposes shall have the meaning given in sub-paragraph (ii) of the definition “Control”;
	 	 
	“Takeover Date”	means (i) the date on which any offer for RSL which constitutes a Takeover becomes or is declared wholly unconditional; (ii) the date on which any scheme of arrangement relating to a Takeover becomes effective; or (iii) otherwise the date on which the Takeover becomes effective, provided, in each case, that such date shall be a date on or prior to 30 June 2016;

 

 

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	“Takeover Distribution”	means
a Relevant Distribution made as a result of the IRR Threshold being equal to or greater than zero on the Takeover Date;
	 	 
	“Takeover Price”	means:

 

	 	(i)	the aggregate consideration payable for the entire issued ordinary share capital of RSL on a Takeover, calculated by multiplying the maximum consideration paid for one ordinary share pursuant to the Takeover (the “Ordinary Share  Consideration”)  by the number  of  ordinary shares in issue at the close of business on the Takeover Date (excluding any ordinary shares held in treasury by RSL), with shares or other equity securities issued as consideration for such ordinary shares valued at the Average Equity Price; plus
	 	 	 
	 	(ii) 	the aggregate value of all options, convertible securities, warrants and other rights to subscribe for ordinary shares (or purchase of ordinary shares held in treasury) (“Subscription Rights”) in existence at the close of business on the Takeover Date, the value of a Subscription Right being (a) the Ordinary Share Consideration  multiplied  by  the  number  of  ordinary shares issuable on exercise of such Subscription Right; less (b) the exercise price payable on exercise of such Subscription Right; plus
	 	 	 
	 	(iii) 	  the aggregate value of any preference shares or other (non-convertible) equity securities of RSL in issue or irrevocably committed to be issued at the close of business on the Takeover Date (“Preference Shares”), the value of each Preference Share being (a) the highest price offered for the acquisition of such Preference Share in connection with the Takeover; or (b) if no such offer or acquisition has been made at the Takeover Date, the value at which such Preference Share was (or is to be) issued (less, in the case of Preference Shares not yet in issue,  any  outstanding  subscription  price  payable  for such share);

 

	“Unit”  	means a unit granted in accordance with Rule 2 and representing a contingent entitlement to receive an Award.

 

 

	1.2		References to any statutory provision are to that provision as amended or re-enacted
from time to time, and, unless the context otherwise requires, words in the singular shall include the plural (and vice versa)
and words importing the masculine shall include the feminine (and vice versa).

 

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	2.		GRANT OF UNITS

	2.1		Subject to Rule 2.4, the RSL Remco may at any time grant Units under the Plan to one
or more Eligible Executives.

	2.2		The RSL Remco in deciding to grant Units to an Eligible Executive may take into account
the nature of the Eligible Executive’s services rendered, his position in the RHN1 Group, present and potential contribution
to the Company’s success and such other factors as they deem relevant.

	2.3		Each grant of Units shall be made on the terms set out in the Rules save that the
RSL Remco may grant Units on special terms, or subject to other or additional conditions, to any individual Participant.

	2.4		No grant of Units may be made to a person who is a director of RSL at the date of
grant even if such person is otherwise an Eligible Executive. For the avoidance of doubt, a Participant who becomes a director
of RSL following the grant of Units shall be entitled to retain his Units following such appointment.

	2.5		Each grant
shall be in respect of a specified number of Units. Grants under the Plan may not, subject to Rule 4.6, be made over more than
10,000 Units in total and no grant shall be made to the extent it results in either a single Participant having been granted more
than 20 per cent. of the RD Pool in total or all Participants in aggregate being entitled to more than 75 per cent. of the RD
Pool. A Unit may be granted to more than one Eligible
Executive provided that the aggregate amount of the Award payable on each Unit shall not exceed 1/10,000 of the RD Pool. Subject
to Rule 4, a Unit shall continue to be held by a Participant notwithstanding that an Award may have been made in respect of such
Unit.

	2.6		The allocation of Units is only notional and does not give any Participant any entitlement
to receive any payment or to receive any interest in the shares in the Company or in its assets, save as specifically provided
in these Rules. Units have no value unless and until allocated to an Eligible Executive.

	2.7		Grant of Units on one occasion will not entitle a Participant to be granted Units
on any future occasion.

	2.8		No Units may be granted under the Plan after 31 December 2019.

	3.		PAYMENT OF AWARDS

	3.1		As soon as reasonably practicable after the occurrence of each Relevant Distribution,
the RSL Remco shall calculate the total value of the Award applicable to each individual Participant in respect of his or her
Units in relation to that Relevant Distribution, in each case in accordance with Schedule 1.

	3.2		The RSL Remco’s calculation of the amount of the RD Pool (as defined in Schedule 1)
                                                                              shall be reviewed by the Financial Advisers in relation to the first Relevant Distribution (but no such review is required
                                                                              in                                                                               relation to any subsequent Relevant
                                                                              Distribution). The Financial Advisers will be asked to certify that the RD Pool has,
                                                                              in their opinion, for that Relevant Distribution been correctly calculated in accordance with the rules. If so certified,
                                                                              that amount shall                                                                               be
                                                                              used                                                                                                                    for
                                                                              the                                                                               purposes of
                                                                              the                                                                                                     Plan.

 

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	3.3		The Award shall, subject to Rules 3.3A, 3.4, 4 and 5, be delivered as follows:

	(a)		one-third of the Award shall be paid to each Participant as soon as practicable following
the calculation of the amount due to that Participant in accordance with Schedule 1;

	(b)		one-third of the Award will be deferred and delivered on the first business day falling
12 months after the date of the Relevant Distribution concerned; and

	(c)		one-third of the Award will be deferred and delivered on the first business day falling
24 months after the date of the Relevant Distribution concerned.

	3.3A		Where a Relevant Distribution is a Measurement Date Distribution or a Takeover Distribution,
the Award shall, subject to Rules 4 and 5, be delivered as follows:

	(a)		in respect of a Measurement Date Distribution, the Award shall be paid in full to
each Participant in ordinary shares in RSL valued at the closing mid-market price as derived from the London Stock Exchange Daily
Official List on the preceding Business Day (or, if the RSL Remco so determines, cash) to the prescribed value as soon as practicable
following the calculation of the amount due to that Participant in accordance with Schedule 1;

	(b)		in respect of a Takeover Distribution where the Takeover Date is a date on or prior
to 30 June 2014, the Award shall be paid at the times prescribed by Rule 3.3 above, with each payment made in accordance with Rule 3.4 below;

	(c)		in respect of a Takeover Distribution where the Takeover Date is a date after 30 June
2014 and on or before 30 June 2015, one-half of the Award shall be paid to each Participant on or about 1 September 2015 and one-half
of the Award will be deferred and delivered to each Participant on or about 1 September 2016, with each payment made in accordance
with Rule 3.4 below; and

	(d)		in respect of a Takeover Distribution where the Takeover Date is a date after 30 June
2015 and on or before 30 June 2016, the Award shall be paid in full to each Participant on or about 1 September 2016, with the
payment made in accordance with Rule 3.4 below.

	3.4		The Award will be delivered in ordinary shares in RSL valued at the closing mid-market
price as derived from the London Stock Exchange Daily Official List on the preceding Business Day to the prescribed value on each
occasion or, if the Company (with the consent of the RSL Remco) so determines, cash or other securities or other assets or of
deferred rights to receive a cash payment, which in each case have the same value, at the date of the Relevant Distribution concerned
(ignoring the provisions of Rule 3.5), as the relevant proportion of the Award. There is no guarantee that such shares, securities
or other assets will be of the same value at the time when they are delivered or paid to the Participant. 

	3.5		Receipt of those parts of each Award be delivered otherwise than in cash shall not
be subject to any condition other than that the relevant individual continues to be employed by a member of the Resolution Group,
the RHN1 Group or the FL Group continuously from the date of the Relevant Distribution concerned until the date on which the relevant
part of the Award is due to be delivered. If a Participant becomes a Bad Leaver, then, unless the RSL Remco otherwise agrees,
the Award will lapse and the Participant will be entitled to no further payment under the Plan. If a Participant ceases to be
an Eligible Executive in circumstances where he is not a Bad Leaver, then, subject to Rule 4.4, the Award will continue.

 

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	3.6		The RSL Remco may determine, when the value of any Award is calculated, that:

	(a)		a larger proportion of the Award than is specified in Rule 3.3(a) shall be paid immediately
in cash in accordance with that Rule 3.3(a); or

	(b)		for all individuals (or for specified individuals) the relevant period of deferral
in Rule 3.3(b) or (c) should be less than specified in that Rule.

	3.7		Any payment or delivery of any shares or other assets under the Plan shall be made
after deduction of any tax or other withholdings which the Company or any company which employs or formerly employed the Participant
is required by applicable law to withhold or deduct. The Company shall be entitled to sell the appropriate proportion of any shares,
securities or other assets that would otherwise be delivered in order to fund such tax or other withholdings. The Company may
also deduct from any payment or delivery an amount equal to any amount then owing by the Participant to the Company or to any
other member of the RHN1 Group.

	4.		TERMINATION OF EMPLOYMENT

	4.1		If a Participant ceases to be an Eligible Executive and is a Bad Leaver then any outstanding
Units held by that Participant or, where Units have been granted to more than one Participant in accordance with Rule 2.5, the
Participant’s interest in such Units and any part of that Participant’s Award which has not been paid on the date
on which the Participant’s employment terminates and payment or delivery of which has not then become due will lapse and/or
be forfeited, unless RSL Remco otherwise agrees, and the Company will have no further liability to that Participant.

	4.2		A Participant will be a Bad Leaver if:

	(a)		he or she has ceased to be an Eligible Executive in circumstances where the Participant’s
employment is terminated (or could lawfully have been so terminated) by the Participant’s employer with immediate effect
in accordance with the terms of the Eligible Executive’s contract of employment (other than where such termination takes
place or could have taken place only as a consequence of the Eligible Executive being unable to perform his duties because of
sickness, injury or other incapacity);

	(b)		the Participant has resigned from his or her employment other than where such resignation
was as a consequence of:

 

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	 	(i)	sickness, injury or other incapacity; or
	 	 	 
	 	(ii)	conduct on the part of his or her employer which the Participant was entitled to treat as a repudiatory breach of contract by the Participant’s employer; or
	 	 	 
	 	(iii)	such other circumstances as the RSL Remco may in any particular case agree; or

 

	(c)		unless the
RSL Remco otherwise agrees, the Participant ceases to be an Eligible Executive other than due to his or her employment with the
RHN1 Group terminating as a result of a Partial Sale and he has, on the date on which his employment terminates, less than 9 months
service (during the period commencing on 5 November 2009) with a member of the RHN1 Group; or

	(d)		following
cessation of employment, the Participant is in material breach of obligations binding on the Participant under his employment
arrangements (including, without limitation, obligations in relation to confidentiality or any non- solicitation or non-compete
obligations imposed on him) and the RSL Remco, resolves that the Participant should be treated as a Bad Leaver

 

	4.3		For the purposes of this Rule 4, the Participant will not cease to be an Eligible
Executive if, while ceasing to be employed by a member of the RHN1 Group, he remains in employment with any member of the Resolution
Group.

	4.4		If a Participant ceases to be an Eligible Executive and is not a Bad Leaver then the
Company may, by notice in writing to the Participant, require the Participant to release his rights under the Plan in exchange
for a cash payment. The cash payment shall be either:

	(a)		such amount as the Company (with the consent of the RSL Remco) agrees with the Participant;
or

	(b)		in the absence of that agreement, such amount as the Financial Advisers determine
to be, in their opinion, the fair value of the Participant’s Units or, where Units have been granted to more than one Participant
in accordance with Rule 2.5, the Participant’s interest in such Units at the date on which such notice is given and which
is agreed by the Company (with the consent of the RSL Remco). The amount so determined by the Financial Adviser shall, in the
absence of manifest error (and subject to that agreement), be final and binding on the Company and the Participant.

 

If the amount
determined by the Financial Advisers is not agreed by the Company (and consented to by the RSL Remco) within 30 days of the determination
being made, the notice given by the Company to the Participant shall lapse and cease to be of effect.

	4.5		As soon as reasonably practicable following agreement of the amount payable under Rule 4.4,
                                                                              the Company shall pay the relevant amount, subject to Rule 3.7, to the Participant and on such payment all outstanding Units,
                                                                              or interests in Units, held by that Participant and any Award which has not then become due for payment will lapse and/or be
                                                                              forfeited and the Company will have no further liability to that Participant.

 

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	4.6		If any Units (or any interest in them) or Awards lapse or are forfeited under this
Rule 4, such Units (or interests in Units) will, for the purpose of the limit referred to in Rule 2.5, be treated as if they had
never been granted and they may therefore be granted to another Eligible Executive.

	5.		AMENDMENT 

The Company, with the consent of the RSL Remco, may suspend, amend or alter
                                                                                    the Plan at any time, but no such change may impair or adversely affect the rights of a Participant in relation to
                                                                                    an existing grant of Units or existing Award in any material respect without that Participant’s consent.

	6.		RIGHTS OF PARTICIPANTS

	6.1		The action of the Company in establishing the Plan, and any action taken by it or
the RSL Remco or any delegate of the RSL Remco under or in respect of the Plan shall not be construed as giving to any person
the right to be retained in the employment of the Company or any other member of the Resolution Group, the RHN1 Group or the FL
Group.

	6.2		If a Participant shall cease for any reason to be in the employment of any member
of the Resolution Group, the RHN1 Group or the FL Group, he shall not be entitled, (and hereby agrees to waive any such entitlement
which he may otherwise have as a condition of his participation in the Plan), by way of compensation for loss of office or employment
or otherwise howsoever, to any sum or any benefit to compensate him for any consequential loss or curtailment of any right or
benefit accrued or in prospect under the Plan, and any such loss or curtailment shall not form part of any claim for damages for
breach of any contract of employment of the Participant or any other claim whatsoever. A Participant’s rights in relation
to the Plan in such circumstances shall only be those rights (if any) which he has under the Rules.

	6.3		Participants’ only rights under the Plan are to receive payment from the Company
in the circumstances set out in the Rules. Participants are unsecured creditors of the Company. The Company is not obliged to
maintain assets in a separate fund or trust or earmark assets to meet its liabilities under the Plan.

	6.4		Individuals will not, by virtue of the administration of the Plan or the exercise
of any power or discretion under it, have any claim against any employee or officer of the Company or any member of the RSL Remco.

	6.5		Units (and interests in Units) and Awards may not be transferred, assigned or charged,
except that the Company, in accordance with a recommendation of the RSL Remco, may adopt reasonable procedures to allow a Participant
to designate a beneficiary of any amount that may be paid in respect of the Participant after the Participant’s death.

	6.6		No payment made under the Plan shall be pensionable salary or remuneration for the
purposes of the Participant’s pension.

 

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	7.		ADMINISTRATION AND OPERATION OF THE PLAN

	7.1		The Plan will be administered by the Company which may, subject to the consent of
the RSL Remco, establish such regulations in relation to the operation of the Plan, not inconsistent with these Rules, as it may
from time to time determine.

	7.2		Participation in the Plan is personal to each Participant. It is a condition of participation
in the Plan that Participants keep entirely confidential the fact that they have been granted Units (or interests in Units) under
the Plan, the number of Units (or interests in Units) which they have been granted and the terms of the Plan.

	7.3		All determinations and decisions made for the purposes of the Plan by the Company,
or by the RSL Remco, or by both jointly (depending on the procedure for that particular provision of the Plan and including, without
limitation, the interpretation of any of the Rules) shall be final, conclusive and binding on all Participants.

	7.4		All costs of the establishment, operation and administration of the Plan shall be
borne by the Company.

	7.5		The Company may, in its discretion (but subject to the consent of the RSL Remco),
delegate to appropriate officers of the Company the administration of the Plan. All authority delegated under this Rule shall
be exercised in accordance with the provisions of the Plan and any guidelines for the exercise of such authority that may from
time to time be established by the Company.

	7.6		Any notices or cheques sent to a Participant shall be sent to the Participant by the
Company at the address last notified by him to the Company, at the Participant’s risk. Any notices to the Company shall
be sent to the Company’s registered office for the attention of the Company Secretary.

	8.		GOVERNING LAW

This Plan is governed by and shall be construed in accordance
with English law.

 

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SCHEDULE 1

 

 

CALCULATION OF AWARD AMOUNT ON A RELEVANT
DISTRIBUTION

 

Amount of Award

 

 

The amount of the Award due on a Relevant Distribution shall be calculated
as follows:

 

	1.		Each
                                         Unit shall, subject to paragraph 3 below, entitle the holder or holders to an aggregate
                                         amount equivalent to 1/10,000th of
                                         the value of the pool in relation to that Relevant Distribution (the “RD Pool”).

	2.		The RD Pool in respect of a Relevant Distribution shall be determined as follows:

	(a)		in the case of the first Relevant Distribution and any Relevant Distributions made
on or after 30 June 2014, the RD Pool shall be equal to:

 

2% of
(DMA – CMA)

 

where
DMA and CMA are determined as set out in Schedule 2 and are calculated immediately after the Relevant Distribution concerned;
and

 

	(b)		in the case of a Relevant Distribution made before 30 June 2014 which is not the first
Relevant Distribution, the RD Pool shall be equal to 2% of that Relevant Distribution.

 

	3.		For each individual the total value of the Award (A) to be made to that individual
shall be calculated as follows:

 

A = (UV
x N) x S/TP

 

Where:

 

	UV		is the amount due in respect of each Unit calculated in accordance with paragraphs
1 and 2 above expressed in pounds sterling;

	N		is the total number of Units held by the individual (solely or on a joint basis in
accordance with Rule 2.5) on the date of the Relevant Distribution unless the Relevant Distribution is a Measurement Date
Distribution or a Takeover Distribution, where “N” is:

	(i)		in respect of a Measurement Date Distribution, or a
Takeover Distribution where the Takeover Date is after 30 June 2015 and on or before 30 June 2016, one-third of the total number
of Units held by the individual (solely or on a joint basis in accordance with Rule 2.5) on the date of the Relevant Distribution;
or

 

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	(ii)		in respect of a Takeover Distribution where the Takeover Date is after 30 June 2014
and on or before 30 June 2015, two-thirds of the total number of Units held by the individual (solely or on a joint basis in accordance
with Rule 2.5) on the date of the Relevant Distribution;

	S		is the Total Period of Employment provided that the RSL Remco may decide to increase
the value of S in any particular case or in particular circumstances (i) where a single individual has been granted a Unit, up
to but not exceeding the value of TP; or (ii) where a Unit has been granted to more than one individual in accordance with Rule
2.5, up to a value which, when aggregated with the value of S for the other individual(s) who hold the same Units, does not exceed
the value of TP;

	TP		is the total period from 5 November 2009 to the date of the Relevant Distribution
(inclusive) expressed in days.

	4.		For the purpose of determining the value of S in this Schedule 1, “Total
Period of Employment” means the total period of employment which the individual had with any member of the RHN1 Group
during the period between 5 November 2009 and the date of the Relevant Distribution (inclusive) expressed in days except that
where an individual ceases to be an Eligible Employee as a result of a Partial Sale and is not upon cessation of employment, or
does not subsequently become, a Bad Leaver, the individual shall be deemed to be continuing in employment of the RHN1 Group at
the date of the Relevant Distribution.

 

 

 

 

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SCHEDULE 2

 

CALCULATION OF CMA AND DMA

 

The RSL Remco will procure the preparation of
a Contributions Made Account (the “CMA”) and a Distributions Made Account (the “DMA”) in
respect of each quarter of each financial year of the Company up to and including 31 March 2020.

 

The CMA shall (subject to such adjustments as
the RSL Remco acting fairly and reasonably considers necessary to ensure that the calculation operates as originally intended and
is not unduly impacted by intra-group transactions or other circumstances not intend to impact the original calculation) be calculated
as follows:

 

CMA(1) = CMA(0) + APCC

 

where:

 

	“APCC”	means the aggregate value of any Partner Capital Contributions made during the relevant quarter;
	
         

        “Partner Capital Contributions”
	
         

        means any capital contributions made to RHN1
        by the General Partner and the Limited Partners as notified to the RSL Remco by the General Partner; and

	
         

        “CMA(0)”
	
         

        means the amount of the CMA at the beginning of the relevant quarter.

 

The DMA shall be calculated as follows:

 

DMA(1) = DMA(0) + PD

 

where:

 

	“PD”	means the aggregate value of any Distributions made to RSL and the Limited Partners during the quarter as notified to the RSL Remco by the General Partner (including, for the avoidance of doubt, any made on the last day of such quarter); and
	
         

        “DMA(0)”
	
         

        means the amount of the DMA at the beginning of the relevant quarter.

 

Where it is necessary for the DMA to be calculated
in connection with a Distribution being made during a quarter, such that it is necessary to identify the DMA at the date of distribution,
references to the end of the relevant quarter shall be taken to be references to the date of distribution, and references to the
relevant quarter period shall be taken as being references to the period between the beginning of the quarter and such date of
distribution.

 

Where DMA(1) is calculated in respect
of a Measurement Date, the Relevant RHN1 Value will be treated as a Distribution made on that Measurement Date but it will then
be excluded from the calculation of DMA(1) for any subsequent quarter.

 

    	 	14	 

     

    

 

SCHEDULE 3

 

DETERMINATION OF WHETHER IRR THRESHOLD HAS BEEN MET

 

The RSL Remco will procure the preparation of
an IRR Account (the “IRRA”) in respect of each quarter of each financial year of the Company up to and including
31 March 2020.

 

The IRR Threshold shall be separately measured
on each Measurement Date or Takeover Date and shall be satisfied on each occasion on which a Distribution results in the IRRA being
equal to or greater than zero.

 

The IRRA shall (subject to such adjustments
as the RSL Remco acting fairly and reasonably considers necessary to ensure that the calculation operates as originally intended
and is not unduly impacted by intra-group transactions or other circumstances not intended to impact the original calculation)
be calculated as follows:

 

IRRA(1) = IRRA(0) - APCC - AR + PD

 

 

where:

 

	“APCC”	means the aggregate value of any Partner Capital Contributions made during the relevant quarter;
	
         

        “AR”
	
         

        means the Agreed Return in respect of the relevant quarter;

	
         

        “Partner Capital

        Contributions”
	
         

        means any capital contributions made to RHN1
        by the General Partner and the Limited Partners as notified to the RSL Remco by the General Partner;

	
         

        “PD”
	
         

        means the aggregate value of any Distributions
        made to RSL and the Limited Partners during the quarter as notified to the RSL Remco by the General Partner (including, for the
        avoidance of doubt, any made on the last day of such quarter);

	
         

        “IRRA(0)”
	
         

        means the amount of the IRRA at the beginning of the relevant quarter;

	
         

        the “Agreed

        Return”
	
         

        shall be calculated as follows:-

 

IRRA(0) x [1.12 ^ (N / Y) -1] -

 

PCC x [1.12 ^ (N(CC) / Y) -1] +

 

PD x [1.12 ^ (N(D) / Y) -1 ] 

save that:

 

 

	(i)		where more
than one Partner Capital Contribution has been made during a relevant quarter, the second row of the  calculation
of Agreed Return shall be repeated once for each such Partner Capital Contribution; and

 

 

    	 	15	 

     

    

 

	(ii)		where more than one Distribution has been made to RSL and the Limited Partners during
the relevant quarter, the third row of the calculation of Agreed Return shall be repeated once for each such Distribution to RSL
and the Limited Partners,

 

where:

 

	“PCC”	means a Partner Capital Contribution made during the relevant quarter;
	
         

        “N(CC)”
	
         

        means the number of days from the date on which
        the Partner Capital Contribution was made until the end of the relevant quarter concerned;

	
         

        “N(D)”
	
         

        means the number of days from the date on which
        any Distribution to RSL and the Limited Partners was made until the end of the relevant quarter;

	
         

        “N”
	
         

        means the number of days in the relevant quarter; and

	
         

        “Y”
	
         

        means 365 (or 366 in a leap year).

 

Where the Agreed Return is required to be calculated
in connection with a Distribution being made during a quarter, such that it is necessary to identify the IRRA at the date of distribution,
references to the end of the relevant quarter shall be taken to be references to the date of distribution, and references to the
relevant quarter period shall be taken as being references to the period between the beginning of the quarter and such date of
distribution.

 

Where the IRRA(1) is calculated for a Measurement
Date, the Relevant RHN1 Value will be treated as a Distribution made on that Measurement Date but it will then be excluded from
the calculation of IRRA(1) for any subsequent quarter.

 

 

 

 

    	 	16EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 FOURTH
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Fourth
Amendment”), dated as of March 25, 2016, by and among ATWOOD OCEANICS, INC., a Texas corporation (the “Parent”), ATWOOD OFFSHORE WORLDWIDE LIMITED, an exempted company organized under the laws of the Cayman Islands and
a Wholly-Owned Subsidiary of the Parent (the “Borrower”), the Lenders party hereto and NORDEA BANK AB, LONDON BRANCH, as Administrative Agent (in such capacity, the “Administrative Agent”). Unless otherwise
indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such terms in the Amended Credit Agreement (as defined below). 

W I T N E S S E T H: 

WHEREAS, the Parent, the Borrower, the Lenders from time to time party thereto, and the Administrative Agent are parties to an Amended and
Restated Credit Agreement, dated as of April 10, 2014 (as heretofore amended, restated, supplemented or otherwise modified, the “Credit Agreement” and, as modified by this Fourth Amendment and as may be otherwise amended,
restated, supplemented or otherwise modified from time to time, the “Amended Credit Agreement”); 
 WHEREAS, the Parent and
the Borrower request, among other amendments to the Credit Agreement contained herein, to amend the Credit Agreement to (i) (x) remove the maximum Leverage Ratio and maximum Secured Leverage Ratio financial covenants and (y) amend the
minimum Interest Expense Coverage Ratio financial covenant, (ii) add a minimum liquidity financial covenant, (iii) revise the incurrence based unlimited dividend basket to prohibit the Parent from paying Dividends, (iv) reduce the
aggregate principal amount of Commitments by $152,000,000 (the “Commitment Reduction”), (iv) provide flexibility to grant a second lien on the Collateral to secure a portion of the Junior Lien Debt (as defined below),
(v) (a) remove the Marshall Islands flag Vessel ATWOOD EAGLE, Official No. 1947 (the “Atwood Eagle Rig”) and the Marshall Islands flag Vessel ATWOOD FALCON, Official No. 1948 (the “Atwood Falcon
Rig”) as Collateral Rigs under the Credit Agreement and (b) release the Liens granted on each of the Atwood Eagle Rig and the Atwood Falcon Rig and Collateral associated with each of the Atwood Eagle Rig and the Atwood Falcon Rig (the
preceding clauses (v)(a) and (v)(b) collectively, the “Atwood Rigs Release”), (vi) add the Marshall Islands flag Vessel ATWOOD ADVANTAGE, Official No. 4433 (the “Atwood Advantage”), the
Marshall Islands flag Vessel ATWOOD ACHIEVER, Official No. 4649 (the “Atwood Achiever”) and the Marshall Islands flag Vessel ATWOOD ORCA, Official No. 4607 (the “Atwood Orca”) as Collateral Rigs under the
Credit Agreement and (vii) revise the Applicable Margin and Applicable Commitment Fee Percentage as set forth herein; 
 WHEREAS,
pursuant to Section 14.12(a) of the Credit Agreement and subject to the terms and conditions of this Fourth Amendment, the parties hereto wish to amend certain provisions of the Credit Agreement as herein provided; 

NOW, THEREFORE, it is agreed: 

I. Consent to the Atwood Rigs Release. Notwithstanding anything contained in any provision of the Credit Agreement or any other Credit
Document to the contrary, the Lenders party hereto hereby consent to the Atwood Rigs Release. The Lenders party hereto hereby consent, after giving effect to the Atwood Rigs Release, to the release of (x) each of Atwood Oceanics Pacific
Limited, Alpha Falcon Company, Alpha Falcon Drilling Company and Swiftdrill Malta from the Subsidiaries Guaranty and (y) the Capital Stock of each of Atwood Oceanics Pacific Limited, Alpha Falcon Company, Alpha Falcon Drilling Company and
Swiftdrill Malta from the Liens thereon created by the relevant Pledge Agreement. 

 
The Lenders hereby acknowledge that, from and after the Fourth Amendment Effective Date, the Collateral and Guaranty Requirements with respect to each of the Atwood Eagle Rig and the Atwood
Falcon Rig are no long required to be satisfied. The Administrative Agent and the Collateral Agent are hereby authorized to take any actions deemed appropriate in order to effect the foregoing. 

II. Amendments to the Credit Agreement. 

1. Section 1.01 of the Credit Agreement is hereby amended by inserting the following definitions in the appropriate
alphabetical order: 
 ““Bail-In Action” shall mean the exercise of any Write-Down and Conversion
Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.” 

““Bail-In Legislation” shall mean, with respect to any EEA Member Country implementing Article 55 of
Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.” 

““Collateral and Guaranty Requirement Collateral” shall mean any Collateral (including all Pledge
Agreement Collateral, all Security Agreement Collateral, all Insurance Collateral, all Earnings Collateral and all Collateral Rigs) with respect to which a security interests has been granted over such Collateral in accordance with the definition of
“Collateral and Guaranty Requirements”.” 
 ““Consolidated Liquidity” shall mean, on a
consolidated basis at any time, the sum of (a) the aggregate amount of Unrestricted Cash and Cash Equivalents of the Parent and its Subsidiaries and (b) the Total Unutilized Commitment as of the date of determination of Consolidated
Liquidity to the extent that the conditions precedent set forth in Section 7 (other than Section 7.02) are capable of being satisfied, and a Borrowing could be made, on and as of such date.” 

““EEA Financial Institution” shall mean (a) any credit institution or investment firm established in
any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.” 

““EEA Member Country” shall mean any of the member states of the European Union, Iceland, Liechtenstein,
and Norway.” 
 ““EEA Resolution Authority” shall mean any public administrative authority or any
person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.” 

““EU Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan
Market Association (or any successor person), as in effect from time to time.” 

  
 2 

 ““Extended Facility” shall mean the portion of the Facility
constituting Extended Commitments and Loans that mature on the Extended Commitment Maturity Date.” 

““Fourth Amendment” shall mean that certain Fourth Amendment to Amended and Restated Credit Agreement,
dated as of March 25, 2016, by and among the Parent, the Borrower, the Lenders party thereto, and the Administrative Agent.” 

““Fourth Amendment Effective Date” shall have the meaning provided in the Fourth Amendment.” 

““Junior Debt Intercreditor Agreement” shall mean a customary intercreditor agreement for similar
transactions of the type described in Section 10.01(xi) between the Administrative Agent, the Parent, the Borrower, the Subsidiary Guarantors, the Junior Lien Representative and the other parties thereto in form and substance reasonably
satisfactory to the Administrative Agent and which intercreditor agreement shall not have been objected to by the Required Lenders in accordance with the following sentence. The Administrative Agent shall post a copy of the Intercreditor Agreement
to the Lenders in accordance with the Administrative Agent’s internal procedures and the Lenders shall have 5 Business Days from the date of posting to object to the Intercreditor Agreement in a writing delivered to the Administrative
Agent.” 
 ““Junior Lien Debt” shall mean Indebtedness (i) of the Parent and/or any of its
Subsidiaries secured by the Collateral on a junior lien basis to the Obligations, on the terms and conditions set forth herein and in the Junior Debt Intercreditor Agreement and (ii) as to which a representative of the holders of such
Indebtedness, acting on behalf of such holders, shall have become party to the Junior Debt Intercreditor Agreement as a Junior Lien Representative.” 

““Junior Lien Debt Refinancing” shall have the meaning provided in Section 10.01(xi).”

 ““Junior Lien Representative” or “Junior Lien Representatives”, as applicable,
shall mean one or more collateral agents or representatives for the holders of the relevant Junior Lien Debt and such other Persons as may from time to time become party thereto in accordance with the terms thereof.” 

““Unrestricted Cash and Cash Equivalents” shall mean, when referring to cash or Cash Equivalents of the
Parent or any of its Subsidiaries, such cash or Cash Equivalents that (i) do not appear (or would not be required to appear) as “restricted” on a consolidated balance sheet of the Parent or of any such Subsidiary, (ii) are not
subject to any Lien in favor of any Person other than (a) the Collateral Agent for the benefit of the Secured Creditors, (b) the Junior Lien Representative for the benefit of the holders of the Junior Lien Debt or any Junior Lien
Refinancing (subject to the terms of the Junior Debt Intercreditor Agreement) and (c) inchoate Liens, banker’s Liens, rights of set-off and other similar Liens so long as, in the case of this clause (c), such inchoate Liens, banker’s
Liens, rights of set-off and other similar Liens are not incurred with the objective of providing any direct or indirect security in respect of Indebtedness or (iii) are otherwise generally available for use by the Parent or any such
Subsidiary.” 

  
 3 

 “”Write-Down and Conversion Powers” shall mean, with
respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are
described in the EU Bail-In Legislation Schedule.” 
 2. Section 1.01 of the Credit Agreement is hereby
amended by amending and restating the definition of “Applicable Commitment Fee Percentage” appearing therein in its entirety as follows: 

“”Applicable Commitment Fee Percentage” shall mean (x) prior to the Fourth Amendment Effective Date,
the percentage per annum determined in accordance with the pricing grid set forth below (the “Commitment Percentage Pricing Grid”) under the caption “Applicable Commitment Percentage Prior to the Fourth Amendment Effective
Date” and (y) on or after the Fourth Effective Amendment Date, the percentage per annum determined in accordance with the Commitment Percentage Pricing Grid set forth under the caption “Applicable Commitment Percentage Commencing on
the Fourth Amendment Effective Date”, in each case, based on the applicable corporate (or corporate family) ratings set forth in the Commitment Percentage Pricing Grid from each of Moody’s and S&P: 

Applicable Commitment Percentage Prior to the Fourth Amendment Effective Date 

 

					
	 Applicable Credit Ratings Levels

Assigned by the Ratings Agencies
	  	Applicable Commitment
Percentage	 
	 Category 1

Equal to or greater than BBB- and Baa3
	  	 	0.30	% 
	 Category 2

BB+ and Ba1
	  	 	0.35	% 
	 Category 3

Less than or equal to BB and Ba2 (or no Applicable Credit Rating is available from either Rating Agency)
	  	 	0.40	% 

 Applicable Commitment Percentage Commencing on the Fourth Amendment Effective Date 

 

					
	 Applicable Credit Ratings Levels

Assigned by the Ratings Agencies
	  	Applicable Commitment
Percentage	 
	 Category 1

Equal to or greater than BB and Ba2
	  	 	1.00	% 
	 Category 2

BB- and Ba3
	  	 	1.10	% 
	 Category 3

Less than or equal to B+ and B1 (or no Applicable Credit Rating is available from either Rating Agency)
	  	 	1.30	% 

  
 4 

 provided that; the calculation of the Applicable Commitment Fee Percentage pursuant to the
Commitment Percentage Pricing Grid shall be subject to the Ratings Guidelines.” 
 3. Section 1.01 of the
Credit Agreement is hereby amended by amending and restating the definition of “Applicable Margin” appearing therein in its entirety as follows: 

““Applicable Margin” shall mean (x) prior to the Fourth Effective Amendment Date, the percentage per
annum determined in accordance with the pricing grid set forth below (the “Applicable Margin Pricing Grid”) under the caption “Applicable Margin Prior to the Fourth Amendment Effective Date” and (y) on and after the
Fourth Amendment Effective Date, the percentage per annum determined in accordance with Applicable Margin Pricing Grid under the caption “Applicable Margin Commencing on the Fourth Amendment Effective Date”, in each case, based on the
applicable corporate (or corporate family) ratings set forth in the Applicable Margin Pricing Grid from each of Moody’s and S&P: 

Applicable Margin Prior to the Fourth Amendment Effective Date 

 

					
	 Applicable Credit Ratings Levels
Assigned by the Ratings Agencies
	  	Applicable Margin	 
	 Category 1

Equal to or greater than BBB- and Baa3
	  	 	1.75	% 
	 Category 2

BB+ and Ba1
	  	 	1.875	% 
	 Category 3

Less than or equal to BB and Ba2 (or no Applicable Credit Rating is available from either Rating Agency)
	  	 	2.00	% 

  
 5 

 Applicable Margin Commencing on the Fourth Amendment Effective Date 

 

					
	 Applicable Credit Ratings Levels

Assigned by the Ratings Agencies
	  	Applicable Margin	 
	 Category 1

Equal to or greater than BB and Ba2
	  	 	2.50	% 
	 Category 2

BB- and Ba3
	  	 	2.75	% 
	 Category 3

Less than or equal to B+ and B1 (or no Applicable Credit Rating is available from either Rating Agency)
	  	 	3.25	% 

 provided that; the calculation of the Applicable Margin pursuant to the Applicable Margin Pricing Grid
shall be subject to the Ratings Guidelines.” 
 4. Section 1.01 of the Credit Agreement is hereby amended by
inserting the following text in the definition of “Collateral” immediately before the period (“.”) at the end thereof: 

“; provided, that, notwithstanding the foregoing, the Collateral shall include any asset that is subject to a Lien or security
interest in favor of a Junior Lien Representative or the holders of the Junior Lien Debt or any Junior Lien Debt Refinancing.” 

5. Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of
“Collateral Rig” in its entirety as follows: 
 ““Collateral Rig” shall mean, as of the
Fourth Amendment Effective Date, each Rig listed on Schedule X and thereafter, each such Rig, other than a Rig that ceases to be a Collateral Rig as a result of a Collateral Disposition or an Event of Loss, but including any additional Rig
that becomes a Collateral Rig pursuant to Section 10.09 or the proviso at the end of the definition of “Collateral”.” 

6. Section 1.01 of the Credit Agreement is hereby amended by deleting the following text from the definition of
“Consolidated Indebtedness”: 
 “; it being understood that in determining compliance with Section 10.07 only, and in any
event, at the date of such determination of Consolidated Indebtedness, the amount of cash and Cash Equivalents held by the Parent and its Subsidiaries at such time and which would appear on a consolidated balance sheet of the Parent and its
Subsidiaries as part of the consolidated assets of the Parent and its Subsidiaries shall be deducted from the calculation of Consolidated Indebtedness”. 

7. Section 1.01 of the Credit Agreement is hereby amended by inserting the text “, the Junior Debt
Intercreditor Agreement” immediately after the text “the Resignation and Assignment Agreement” in the definition of “Credit Documents” appearing therein. 

8. Section 1.01 of the Credit Agreement is hereby amended by (x) deleting the text “or” appearing at
the end of clause (ii) in the definition of “Lender Default” appearing therein and (y) inserting the following text immediately after the text “the events described in the preceding clause (ii)” in the definition
of “Lender Default” appearing therein: 
 “or (iv) such Lender shall become the subject of a Bail-In Action”. 

  
 6 

 9. Section 1.01 of the Credit Agreement is hereby amended by amending
and restating the definition of “Material Subsidiary” in its entirety as follows: 
 ““Material Subsidiary”
shall mean (x) each Subsidiary of the Parent (other than the Borrower) which holds at any time (i) an ownership interest in one or more Collateral Rigs or (ii) a direct or indirect equity interest in any company or Person which holds
an ownership interest in one or more Collateral Rigs, provided that a Material Subsidiary which no longer holds either an ownership interest in any Collateral Rig or in any entity which holds an ownership interest in a Collateral Rig, such Material
Subsidiary shall thereafter cease to be a Material Subsidiary and (y) each Subsidiary of the Parent (other than Borrower and any Material Subsidiary pursuant to the preceding clause (x)) that becomes a guarantor of (or obligor under), or
provides security in respect of, any Junior Lien Debt or any Junior Lien Debt Refinancing; provided, that any Subsidiary that is a Material Subsidiary solely pursuant to the preceding clause (y) shall cease to be a Material
Subsidiary if such Subsidiary ceases to be a guarantor of (or obligor under), or provide security in respect of, such Junior Lien Debt or Junior Lien Debt Refinancing, and such Subsidiary shall automatically be released from its Subsidiaries
Guaranty and Security Documents and the Capital Stock of any such Subsidiary shall automatically be released from the Liens thereon created by the relevant Pledge Agreement, if any, and the Administrative Agent and the Collateral Agent shall be
authorized to take any actions deemed appropriate in order to effect the foregoing.” 
 10. Section 1.01 of
the Credit Agreement is hereby amended by deleting in their entirety the definitions of “Consolidated Secured Indebtedness”, “Leverage Ratio”, “Net Cash Proceeds”, “Ratio Change Conditions”, “Ratio Change
Effective Date” and “Secured Leverage Ratio” appearing therein. 
 11. Section 2.12 of the Credit
Agreement is hereby amended by replacing the text “(v) If” appearing therein with the following text: 
 “(u) If any Lender
that is an EEA Financial Institution has a corporate credit rating from Moody’s or S&P of less than Baa3 or BBB-, respectively, (v) if”. 

12. Section 4.02 of the Credit Agreement is hereby amended by deleting the following text from clause
(a) thereof: 
 “; provided, further, that notwithstanding the foregoing, for purposes of a termination of Commitments in
connection with meeting the Ratio Change Conditions, the Borrower may, subject to contemporaneous compliance with Section 5.02(a), reduce the Commitments (regardless of whether constituting Total Unutilized Commitments) in any amount
sufficient to meet the requirements of clause (ii) of the definition of “Ratio Change Conditions”. 
 13.
Section 10.01 of the Credit Agreement is hereby amended by (x) deleting “and” at the end of clause (ix) thereof, (y) replacing the period (“.”) at the end of clause (x) thereof with a
semi-colon (“;”) and (z) inserting the following new clauses (xi) and (xii) thereto: 
 “(xi) Liens on
Collateral securing Junior Lien Debt or any extension, renewal, redemption, refinancing, replacement or exchange thereof (a “Junior Lien Debt Refinancing”) to the extent substantially concurrently with the entering into of such
Junior Lien Debt Refinancing the Junior Lien Representative thereunder enters into the 

  
 7 

 
Junior Debt Intercreditor Agreement; provided that (i) such Liens are subordinated to the Liens securing the Obligations in accordance with, and subject to, the Junior Debt
Intercreditor Agreement, (ii) the aggregate outstanding principal amount of Junior Lien Debt and Indebtedness incurred pursuant to a Junior Lien Debt Refinancing shall not exceed $400 million, (iii) such Junior Lien Debt or Indebtedness
incurred pursuant to a Junior Lien Debt Refinancing shall not mature prior to the Extended Commitment Maturity Date and (iv) (x) the weighted average life to maturity of such Junior Lien Debt is not less than the remaining weighted average
life to maturity of the Extended Facility and (y) the weighted average life to maturity of such Junior Lien Debt Refinancing is not less than the remaining weighted average life to maturity of the Junior Lien Debt being refinanced; and 

(xii) with respect to any asset that becomes Collateral pursuant to the proviso at the end of the definition of “Collateral” (other
than any Collateral and Guaranty Requirement Collateral), any Liens permitted under the agreement or agreements governing the relevant Junior Lien Debt or Junior Lien Debt Refinancing.” 

14. Section 10.02 of the Credit Agreement is hereby amended by (w) deleting “and” at the end of
clause (xi) thereof, (x) replacing the text “Sections 10.07 through 10.10 for the most recently ended Test Period (or at the time of such sale, in the case of Sections 10.09 and 10.10)”
appearing in subclause (E) of clause (xii) thereof with the text “Section 10.08 (for the most recently ended Test Period) and Sections 10.07, 10.09 and 10.10 (at the time of such sale)”,
(y) replacing the period (“.”) at the end of clause (xii) thereof with the text (“; and”) and (z) inserting the following new clause (xiii) thereto: 

“(xiii) with respect to any asset (other than a Collateral Rig, the equity interests of a Subsidiary of the Parent that holds a direct or
indirect equity interest in any company or Person which holds an ownership interest in one or more Collateral Rigs or any other assets constituting Collateral and Guaranty Requirement Collateral) that becomes Collateral pursuant to the proviso at
the end of the definition of “Collateral”, any conveyance, sale, lease, charter or other disposition of such Collateral permitted under the agreement or agreements governing the relevant Junior Lien Debt or Junior Lien Debt Refinancing
shall be permitted.” 
 15. Section 10.03(iii) of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 “(iii) so long as (x) no Default or Event of Default exists or would result therefrom and (y) after giving effect
to such Dividend, the Parent will be in pro forma compliance with each covenant set forth in Sections 10.07, 10.08 and 10.10, the Borrower may pay cash Dividends to the Parent or Atwood Deep Seas, Ltd.” 

16. Section 10.04(vii) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(vii) so long as no Default or Event of Default then exists or would result therefrom, additional Indebtedness of the Parent or of
Subsidiaries of the Parent, provided that (a) both before and after giving effect to such additional Indebtedness, the Parent and its Subsidiaries shall be in pro forma compliance with the financial covenants contained in Sections 10.07,
10.08 and 10.10, (b) other than as permitted by Section 10.01(xi), such additional Indebtedness shall not be secured by any Collateral and (c) such additional Indebtedness, if incurred by a Credit Party, shall be
in compliance with Section 10.15;” 

  
 8 

 17. Section 10.07 of the Credit Agreement is hereby amended and
restated in its entirety as follows: 
 “10.07 Minimum Liquidity. The Parent will not permit at any time
Consolidated Liquidity to be less than $150,000,000 for a period of 5 or more consecutive Business Days.” 
 18.
Section 10.08 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “10.08 Interest
Expense Coverage Ratio. Commencing with the fiscal quarter of the Parent ending September 30, 2018, the Parent will not permit the Interest Expense Coverage Ratio to be less than 1.15:1.00 on the last day of any fiscal quarter of the
Parent.” 
 19. Section 10.15(c) of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 “Notwithstanding the foregoing or anything else in this Agreement to the contrary, the Parent will not permit (x) any
Subsidiary Guarantor that owns a Collateral Rig or (y) any Subsidiary Guarantor that holds a direct or indirect equity interest in any company or Person that owns a Collateral Rig to (I) engage in any business or own any significant assets
or have any material liabilities other than (i) its ownership of the Capital Stock of the Credit Parties and the ownership of Collateral Rigs and chartering of the Collateral Rigs to other Subsidiaries of the Parent, (ii) those liabilities
which it is responsible for under this Agreement and the other Credit Documents to which it is a party, (iii) ordinary course liabilities and (iv) liabilities permitted by clause (II) below, provided that the Credit Parties may also engage
in those activities that are incidental to (x) the maintenance of its existence in compliance with applicable law or (y) legal, tax and accounting matters in connection with any of the foregoing activities and (II) issue or enter into any
guarantee or indemnity or otherwise become directly or contingently liable for the obligations of any other person, other than (i) in the ordinary course of its business as owner of its Collateral Rig, including any guarantee of the obligations
of any Credit Party in favor of any manager, (ii) in the ordinary course of its business as owner of a Collateral Rig, performance guarantees of performance of drilling contracts and financial guarantees of obligations such as those relating to
taxes, customs, duties and importation regulation, (iii) any Indebtedness permitted to be incurred by such Subsidiary Guarantors pursuant to Section 10.04(vii) (so long as, in the case of Indebtedness incurred pursuant to
Section 10.04(vii), such Indebtedness complies with the requirements of the preceding clause 10.15(c)(II)(ii) or clause 10.15(c)(II)(i)), or (iv) as contemplated by the Credit Documents; provided, that the
Subsidiary Guarantors shall be permitted to provide guarantees in respect of any Junior Lien Debt and/or Indebtedness incurred pursuant to a Junior Lien Debt Refinancing and incur any Liens on Collateral securing such guarantees to the extent
permitted pursuant to Section 10.01(xi) and, in each case, enter into such agreements and take such actions as are necessary to effectuate the foregoing.” 

20. Section 10 of the Credit Agreement is hereby amended by inserting the following new Section 10.17
thereto: 

  
 9 

 “10.17 Incurrence of Certain Indebtedness Prior to the Extended Commitment Maturity
Date. The Parent will not, and will not permit any of its Subsidiaries to, create or incur any Indebtedness that (x) matures before the Extended Commitment Maturity Date or (y) has a weighted average life to maturity that is less than
the remaining weighted average life to maturity of the Extended Facility if the proceeds of such Indebtedness are being used to repurchase, redeem, prepay or otherwise acquire Indebtedness that matures on or after the Extended Commitment Maturity
Date.” 
 21. Section 12.01(a) of the Credit Agreement is hereby amended by inserting the text
“(including the entering into of the Junior Debt Intercreditor Agreement and such amendments or modifications to the Credit Documents as are required to implement the Junior Lien Debt and Junior Lien Intercreditor Agreement)” immediately
after the text “and such other powers as are reasonably incidental thereto” appearing therein. 
 22.
Section 14.04(a) of the Credit Agreement is hereby amended by inserting the following text immediately after the text “14.04(b)” appearing therein: 

“and as permitted by Section 14.04(d)”. 

23. Section 14.04(b) of the Credit Agreement is hereby amended by (x) replacing the text “(x)
assign” appearing therein with the text “(x) subject to Section 14.04(d), assign”, (y) replacing the text “(i) shall” appearing in clause (y) thereof with the text “(i) subject to
Section 14.04(d), shall” and (z) replacing the text “(ii) shall” appearing in clause (y) thereof with the text “(ii) subject to Section 14.04(d), shall”. 

24. Section 14.04 of the Credit Agreement is hereby amended by inserting the following new clause
(d) thereto: 
 “(d) Notwithstanding any other provision of this Section 14.04, the prior written consent of the
Borrower (such consent not to be unreasonably withheld or delayed) shall be required for any assignment to an EEA Financial Institution whose corporate credit rating (at the time of such assignment) from Moody’s or S&P is less than Baa3 or
BBB-, respectively; provided that no such consent shall be required if any Default under Section 11.01 or 11.05 or any Event of Default is then in existence.” 

25. Section 14.07(a) of the Credit Agreement is hereby amended by replacing the text “Sections 10.07
and 10.08” with the text “Sections 10.07, 10.08 and 10.10”. 
 26. The following
shall be inserted as a new Section 14.20 of the Credit Agreement: 
 “14.20 Acknowledgement and Consent to Bail-In of EEA
Financial Institutions. Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial
Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and 

  
 10 

 (b) the effects of any Bail-in Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its
parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this
Agreement or any other Credit Document; or 
 (iii) the variation of the terms of such liability in connection with the exercise of the
write-down and conversion powers of any EEA Resolution Authority.” 
 27. SCHEDULE I of the Credit Agreement is
hereby amended and restated in its entirety in the form attached as Annex I hereto (which reflects the reduction in aggregate amount of Commitments by $152,000,000 on the Fourth Amendment Effective Date). 

28. SCHEDULE X of the Credit Agreement is hereby amended and restated in its entirety in the form attached as Annex
II hereto. 
 29. Each party hereto agrees that each of the Credit Documents is hereby amended such that each reference
to the address of the Administrative Agent, Collateral Agent or Security Trustee for purpose of notice or any other purpose shall be deemed to be amended to be a reference to: Nordea Bank AB, London Branch, 6th Floor, 5 Aldermanbury Square, London
EC2V 7AZ, United Kingdom. 
 III. Conditions to the Effectiveness of this Fourth Amendment. This Fourth Amendment shall become
effective on the first date when the following conditions have been satisfied (or waived in the sole discretion of the Required Lenders) (such date, which shall be communicated to the Borrower and the Lenders by the Administrative Agent, the
“Fourth Amendment Effective Date”): 
 1. the Parent, the Borrower and the Required Lenders each shall have
signed a counterpart hereof (whether the same or different counterparts) indicating its agreement to this Fourth Amendment and shall have delivered (including by way of facsimile or other electronic transmission) the same to White & Case
LLP, 1155 Avenue of the Americas, New York, NY 10036; Attention: May Yip (facsimile number: 212-354-8113 / email: myip@whitecase.com) and Jason Pham (facsimile number: 212-354-8113 / email: jason.pham@whitecase.com); 

2. the Administrative Agent shall have received (a) a certificate, dated the Fourth Amendment Effective Date and
reasonably acceptable to the Administrative Agent, from each of the owners of the Atwood Advantage, the Atwood Achiever and the Atwood Orca (collectively, the “New Rig Owners”) and each Subsidiary of the Parent (other than any
Subsidiary that was a Subsidiary Guarantor prior to the Fourth Amendment Effective Date) which holds a direct or indirect equity interest in a New Rig Owner (collectively with the New Rig Owners, the “New Credit Parties”) signed by
the chief executive officer, the president, any vice president, director, or any other Authorized Representative of such New Credit Party, and attested to by the secretary, any assistant secretary or any other Authorized Representative of such New
Credit Party (other than the Authorized Representative of such New Credit Party signing the certificate of such New Credit Party) substantially in the form of Exhibit E to the Credit Agreement, with appropriate insertions, together with copies of
the certificate of incorporation and by-laws (or 

  
 11 

 
equivalent organizational documents), as applicable, of such New Credit Party and the resolutions of such New Credit Party (or, where applicable, the general partner of such New Credit Party)
referred to in such certificate; and (b) all information and copies of all documents and papers, including records of corporate, limited liability company and partnership proceedings, governmental approvals, good standing certificates and
bring-down telegrams or facsimiles, if any, which the Administrative Agent may have reasonably requested in connection therewith, such documents and papers, where appropriate, to be certified by proper partnership, corporate or governmental
authorities; 
 3. the Collateral and Guaranty Requirements with respect to each of the Atwood Advantage, the Atwood Achiever
and the Atwood Orca shall have been satisfied, and each Credit Document (including the Security Documents and Subsidiaries Guaranty) related thereto shall be in full force and effect; 

4. the Administrative Agent shall have received a report, in form and scope reasonably satisfactory to the Administrative
Agent, from BankAssure Insurance Services Inc., Aon Risk Services Southwest, Inc. or such other firm of independent marine insurance brokers as is reasonably acceptable to the Administrative Agent with respect to the insurance maintained by the
Credit Parties in respect of the New Collateral Rigs as of the Fourth Amendment Effective Date, together with a certificate from such broker certifying that such insurances (i) are placed with such insurance companies and/or underwriters and/or
clubs, in such amounts, against such risks, and in such form, as are customarily insured against by companies operating in the offshore drilling industry for the protection of the Collateral Agent and/or the Lenders as secured party and mortgagee,
(ii) otherwise conform with the insurance requirements of each respective Collateral Rig Mortgage and (iii) include, without limitation, the Required Insurance; 

5. the Administrative Agent shall have received legal opinions addressed to the Administrative Agent and each of the Lenders
(in form and substance reasonably satisfactory to the Administrative Agent) from US counsel to each of the Credit Parties (which shall be Baker Botts L.L.P, or another law firm reasonably acceptable to the Administrative Agent) and, as applicable,
local counsel to each of the Credit Parties; 
 6. the Administrative Agent shall have delivered executed documents related
to the release of the Atwood Falcon and Atwood Eagle from their respective Collateral Rig Mortgages and the release or termination of any Subsidiaries Guaranty, Pledge Agreement or similar agreement no longer required to be in effect under the
Collateral and Guaranty Requirements in connection therewith; 
 7. after giving effect to the Fourth Amendment (including
the Atwood Rigs Release and the addition of the Atwood Advantage, the Atwood Achiever and the Atwood Orca as Collateral Rigs), the Borrower shall be in pro forma compliance with the collateral maintenance covenant set forth in
Section 10.09 of the Credit Agreement; 
 8. the Borrower shall have paid (i) to the Administrative Agent
all reasonable, out-of-pocket costs, fees and expenses (including, without limitation, legal fees and expenses) and other compensation contemplated by this Fourth Amendment for which a detailed invoice has been provided to the Borrower at least 2
Business Days before the Fourth Amendment Effective Date and (ii) such other fees as may from time to time be agreed between the Borrower and the Administrative Agent, including pursuant to that certain Fee Letter, dated as of February 22,
2016, between the Borrower, the Parent and the Administrative Agent (as may be amended, restated or otherwise modified prior to the date hereof); 

  
 12 

 9. the Administrative Agent shall have received all documentation and other
information about each New Credit Party as has been requested in writing by the Administrative Agent that it determines is required by regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including without limitation the PATRIOT Act; 

10. no Default or Event of Default shall exist as of the Fourth Amendment Effective Date after giving effect to this Fourth
Amendment; 
 11. each of the representations and warranties contained in the Credit Agreement and the other Credit Documents
are true and correct in all material respects on the Fourth Amendment Effective Date after giving effect to this Fourth Amendment, with the same effect as though such representations and warranties had been made on and as of the Fourth Amendment
Effective Date (it being understood that any representation or warranty that by its terms is made as of a specific date shall be true and correct in all material respects as of such specific date); and 

12. the Administrative Agent shall have received a certificate from the chief executive officer, the president, any vice
president, director, or any other Authorized Representative of the Parent certifying that the conditions set forth in Subsections (3), (7), (10) and (11) of this Section III shall have been satisfied.

 IV. Miscellaneous Provisions. 

1. In order to induce the Lenders to enter into this Fourth Amendment, the Borrower hereby ratifies and reaffirms its obligations under the
Credit Agreement and the other Credit Documents and represents and warrants that (i) no Default or Event of Default exists as of the Fourth Amendment Effective Date after giving effect to this Fourth Amendment and (ii) all of the
representations and warranties contained in the Credit Agreement and the other Credit Documents are true and correct in all material respects on the Fourth Amendment Effective Date after giving effect to this Fourth Amendment, with the same effect
as though such representations and warranties had been made on and as of the Fourth Amendment Effective Date (it being understood that any representation or warranty that by its terms is made as of a specific date shall be true and correct in all
material respects as of such specific date). 
 2. This Fourth Amendment is limited precisely as written and shall not be deemed to
(i) be a waiver of or a consent to the modification of or deviation from any other term or condition of the Credit Agreement and the other Credit Documents or any of the other instruments or agreements referred to therein, or
(ii) prejudice any right or rights which any of the Lenders or the Administrative Agent now have or may have in the future under or in connection with the Amended Credit Agreement, the other Credit Documents or any of the other instruments or
agreements referred to therein. The Administrative Agent, the Collateral Agent and the Lenders expressly reserve all their rights and remedies except as expressly set forth in this Fourth Amendment. 

3. This Fourth Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of
which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. Delivery by facsimile or electronic transmission of an executed counterpart to this Fourth Amendment shall
be effective as delivery of an original executed counterpart of this Fourth Amendment. A complete set of counterparts shall be lodged with the Borrower and the Administrative Agent. 

  
 13 

 5. THIS FOURTH AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 6. The Amended Credit Agreement and the other Credit
Documents shall continue to be in full force and effect in accordance with their terms. From and after the Fourth Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall
be deemed to be references to the Amended Credit Agreement. From and after the Fourth Amendment Effective Date, this Fourth Amendment shall for all purposes constitute a Credit Document. 

*       *       * 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and
deliver this Fourth Amendment as of the date first above written. 
  

			
	ATWOOD OCEANICS, INC.
		
	By:	 	 /s/ Mark W. Smith

		 	Name: Mark W. Smith
		 	Title:   Senior Vice President and Chief Financial
		 	           Officer
	
	ATWOOD OFFSHORE WORLDWIDE LIMITED
		
	By:	 	 /s/ Margaret C. Fitzgerald

		 	Name: Margaret C. Fitzgerald
		 	Title:   Director

 Signature Page to Fourth Amendment to Atwood Amended and Restated Credit Agreement 

 
			
	 NORDEA BANK AB, LONDON BRANCH, as

        Administrative Agent and a Lender

		
	By:	 	 /s/ Michael Sheppard

		 	Name: Michael Sheppard
		 	Title:   Vice President
		
	By:	 	 /s/ Peter Braithwaite

		 	Name: Peter Braithwaite
		 	Title:   Head of Customer Service

 Signature Page to Fourth Amendment to Atwood Amended and Restated Credit Agreement 

 
			
	SIGNATURE PAGE TO THE FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG ATWOOD OCEANICS, INC., ATWOOD OFFSHORE WORLDWIDE LIMITED, VARIOUS LENDERS PARTY HERETO AND
NORDEA BANK AB, LONDON BRANCH, AS ADMINISTRATIVE AGENT
	
	NAME OF INSTITUTION: Skandinaviska Enskilda Banken AB (publ), as a Lender
		
	By:	 	 /s/ Arne Juell-Skielse
            

		 	Name: Arne Juell-Skielse
		 	Title:
		
	By:	 	 /s/ Helene Hellners            

		 	Name: Helene Hellners
		 	Title:

 Signature Page to Fourth Amendment to Atwood Amended and Restated Credit Agreement 

 
			
	SIGNATURE PAGE TO THE FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG ATWOOD OCEANICS, INC., ATWOOD OFFSHORE WORLDWIDE LIMITED, VARIOUS LENDERS PARTY HERETO AND
NORDEA BANK AB, LONDON BRANCH, AS ADMINISTRATIVE AGENT
	
	NAME OF INSTITUTION: Crédit Agricole CIB, as a Lender
		
	By:	 	 /s/ Vincent Menot             

		 	Name: Vincent Menot
		 	Title:   Credit Analyst (CA - CIB Norway)

 Signature Page to Fourth Amendment to Atwood Amended and Restated Credit Agreement 

 
			
	SIGNATURE PAGE TO THE FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG ATWOOD OCEANICS, INC., ATWOOD OFFSHORE WORLDWIDE LIMITED, VARIOUS LENDERS PARTY HERETO AND
NORDEA BANK AB, LONDON BRANCH, AS ADMINISTRATIVE AGENT
	
	NAME OF INSTITUTION: Barclays Bank PLC, as a Lender
		
	By:	 	 /s/ Vanessa Kurbatskiy            

		 	Name: Vanessa Kurbatskiy
		 	Title:   Vice President

 Signature Page to Fourth Amendment to Atwood Amended and Restated Credit Agreement 

 
			
	SIGNATURE PAGE TO THE FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG ATWOOD OCEANICS, INC., ATWOOD OFFSHORE WORLDWIDE LIMITED, VARIOUS LENDERS PARTY HERETO AND
NORDEA BANK AB, LONDON BRANCH, AS ADMINISTRATIVE AGENT
	
	NAME OF INSTITUTION: NIBC Bank N.V., as a Lender
		
	By:	 	 /s/ Sven de Veij            

		 	Name: Sven de Veij
		 	Title:   Executive Director
		
	By:	 	 /s/ S.M. Movers            

		 	Name: S.M. Movers
		 	Title:   Managing Director

 Signature Page to Fourth Amendment to Atwood Amended and Restated Credit Agreement 

 
			
	SIGNATURE PAGE TO THE FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG ATWOOD OCEANICS, INC., ATWOOD OFFSHORE WORLDWIDE LIMITED, VARIOUS LENDERS PARTY HERETO AND
NORDEA BANK AB, LONDON BRANCH, AS ADMINISTRATIVE AGENT
	
	NAME OF INSTITUTION: UNICREDIT BANK AG, as a Lender
		
	By:	 	 /s/ Marquart

		 	Name: Marquart            
		 	Title:   Managing Director
		
	By:	 	 /s/ Laudahn            

		 	Name: Laudahn
		 	Title:   Director

 Signature Page to Fourth Amendment to Atwood Amended and Restated Credit Agreement 

 
			
	SIGNATURE PAGE TO THE FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG ATWOOD OCEANICS, INC., ATWOOD OFFSHORE WORLDWIDE LIMITED, VARIOUS LENDERS PARTY HERETO AND
NORDEA BANK AB, LONDON BRANCH, AS ADMINISTRATIVE AGENT
	
	NAME OF INSTITUTION:  Regions Bank, as a Lender
		
	By:	 	 /s/ Kelly L. Elmore III

		 	Name: Kelly L. Elmore III
		 	Title: Managing Director

 Signature Page to Fourth Amendment to Atwood Amended and Restated Credit Agreement 

 
			
	SIGNATURE PAGE TO THE FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG ATWOOD OCEANICS, INC., ATWOOD OFFSHORE WORLDWIDE LIMITED, VARIOUS LENDERS PARTY HERETO AND
NORDEA BANK AB, LONDON BRANCH, AS ADMINISTRATIVE AGENT
	
	NAME OF INSTITUTION: CREDIT INDUSTRIEL ET COMMERCIAL, as a Lender
		
	By:	 	 /s/ Andrew McKuln

		 	Name: Andrew McKuln
		 	Title: Managing Director
		
	By:	 	 /s/ Adrienne Molloy

		 	Name: Adrienne Molloy
		 	Title: Managing Director

 Signature Page to Fourth Amendment to Atwood Amended and Restated Credit Agreement 

 
			
	SIGNATURE PAGE TO THE FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG ATWOOD OCEANICS, INC., ATWOOD OFFSHORE WORLDWIDE LIMITED, VARIOUS LENDERS PARTY HERETO AND
NORDEA BANK AB, LONDON BRANCH, AS ADMINISTRATIVE AGENT
	
	NAME OF INSTITUTION Credit Suisse AG, Cayman Islands Branch, as a Lender
		
	By:	 	 /s/ Mikhail Faybusovich

		 	Name: Mikhail Faybusovich
		 	Title:   Authorized Signatory
		
	By:	 	 /s/ Warren Van Heyst

		 	Name: Warren Van Heyst
		 	Title:   Authorized Signatory

 Signature Page to Fourth Amendment to Atwood Amended and Restated Credit Agreement 

 
			
	 SIGNATURE PAGE TO THE FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG
ATWOOD OCEANICS, INC., ATWOOD OFFSHORE WORLDWIDE LIMITED, VARIOUS LENDERS PARTY HERETO AND NORDEA BANK AB, LONDON BRANCH, AS ADMINISTRATIVE AGENT
  

	 NAME OF INSTITUTION: Whitney Bank, as a Lender

 

	By:	 	/s/ H. Elder Gwin                        
		 	Name: H. Elder Gwin
		 	Title: Vice President

 Signature Page to Fourth Amendment to Atwood Amended and Restated Credit Agreement 

 
			
	 SIGNATURE PAGE TO THE FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG
ATWOOD OCEANICS, INC., ATWOOD OFFSHORE WORLDWIDE LIMITED, VARIOUS LENDERS PARTY HERETO AND NORDEA BANK AB, LONDON BRANCH, AS ADMINISTRATIVE AGENT
  

	 NAME OF INSTITUTION: ITF International Transport Finance Suisse AG, as a Lender

 

	By:	 	 /s/ Carsten
Gutknecht-Stöhr            

		 	Name: Carsten Gutknecht-Stöhr
		 	 Title: Managing Director
  

	By:	 	 /s/ Athanasios
Koilakos            

		 	Name: Athanasios Koilakos
		 	Title: Vice President

 Signature Page to Fourth Amendment to Atwood Amended and Restated Credit Agreement 

 Annex I 

SCHEDULE I 
 EXTENDED
COMMITMENT 
  

					
	 Lender
	  	Extended Commitment	 
	 Nordea Bank AB, London Branch
	  	$	180,000,000.00	  
	 DNB Capital LLC
	  	$	148,500,000.00	  
	 Wells Fargo Bank, N.A
	  	$	130,500,000.00	  
	 Crédit Agricole Corporate and Investment Bank
	  	$	99,000,000.00	  
	 BNP Paribas S.A.
	  	$	94,500,000.00	  
	 Barclays Bank PLC
	  	$	90,000,000.00	  
	 HSBC Bank USA, N.A.
	  	$	90,000,000.00	  
	 ING Capital LLC
	  	$	90,000,000.00	  
	 UniCredit Bank AG
	  	$	63,000,000.00	  
	 Crédit Industriel et Commercial
	  	$	40,500,000.00	  
	 Credit Suisse AG, Cayman Islands Branch
	  	$	36,000,000.00	  
	 Whitney Bank
	  	$	36,000,000.00	  
	 ITF International Transport Finance Suisse AG
	  	$	22,500,000.00	  
	 Total
	  	$	1,120,500,000.00	  
		  	  
	  
	 

 NON-EXTENDED COMMITMENT 
  

					
	 Lender
	  	Non-Extended Commitment	 
	 Skandinaviska Enskilda Banken AB (publ)
	  	$	103,500,000.00	  
	 NIBC Bank N.V.
	  	$	72,000,000.00	  
	 Natixis, New York Branch
	  	$	54,000,000.00	  
	 Regions Bank
	  	$	45,000,000.00	  
	 Total
	  	$	274,500,000.00	  
		  	  
	  
	 

 Annex III 

SCHEDULE X 
 COLLATERAL

 RIGS 
  

									
	 Name
	  	 Rig Owner
	  	 Official Number
	  	 Type
	  	 Water Depth

	 ATWOOD
 AURORA
	  	 Alpha Aurora
 Company
	  	2628	  	Jack-up	  	350 ft.
					
	 ATWOOD
 BEACON
	  	 Atwood Beacon
 S.à r.l.
	  	1726	  	Jack-up	  	400 ft.
					
	 ATWOOD
 OSPREY
	  	 Alpha Osprey
 Company
	  	3638	  	 Semi-
 submersible
	  	8,200 ft.
					
	 ATWOOD
 MAKO
	  	 Alpha Mako
 Company
	  	4606	  	Jack-up	  	400 ft.
					
	 ATWOOD
 MANTA
	  	 Alpha Manta
 Company
	  	4608	  	Jack-up	  	400 ft.
					
	 ATWOOD
 CONDOR
	  	 Alpha
 International

Drilling Company
 S.à r.l.
	  	3914	  	 Semi-
 submersible
	  	10,000 ft.
					
	 ATWOOD
 ACHIEVER
	  	Alpha Achiever Company	  	4649	  	Drillship	  	12,000 ft.
					
	 ATWOOD
 ADVANTAGE
	  	 Atwood Advantage
 S.à r.l.
	  	4433	  	Drillship	  	12,000 ft.
					
	ATWOOD ORCA	  	 Alpha Orca
 Company
	  	4607	  	Jack-up	  	400 ft.

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