Document:

EXHIBIT 10.1

AGREEMENT AND WAIVER

This Agreement and Waiver is entered into as of July 13, 2005, by and among
Diamond I, Inc., a Nevada corporation ("Diamond I"), and Jason P. Davis, Mike
Prasad, Ryan Hayden, Larry Shultz and Clayton D. Carter, the former shareholders
of Diamond I Technologies, Inc., a Nevada corporation (such persons being
referred to collectively herein as the "Shareholders").

WHEREAS, Diamond I and the Shareholders are party to an Agreement and Plan of
Reorganization, dated as of January 7, 2005, and amended as of January 17, 2005
(the "Reorganization Agreement"), pursuant to which Diamond I acquired Diamond I
Technologies, Inc., a Nevada corporation ("DiTech"); and
WHEREAS, Diamond I and the Shareholders have, since Diamond I's acquisition of
DiTech, worked diligently to fulfill their respective obligations under the
Reorganization Agreement; and
WHEREAS, Diamond I is obligated under the Reorganization Agreement to provide
certain levels of capital during the next year, failing which could cause the
ownership of DiTech to revert to the Shareholders, which obligation is
burdensome and contrary to the best interests of Diamond I and its shareholders;
and
WHEREAS, the Shareholders, and each of them, desire to waive their rights to
cause the reversion of ownership of DiTech from Diamond I to them; and
WHEREAS, Diamond I and the Shareholders desire to enter into this Agreement and
Waiver, in an effort to improve Diamond I's public perception; and

NOW, THEREFORE, Diamond I and the Shareholders hereby agree as follows:

1. WAIVER BY SHAREHOLDERS

In consideration of the shares of Diamond I common stock to be issued to the
Shareholders pursuant to Section 2 hereof, the Shareholders, and each of them,
hereby waive any and all current and future rights arising under Sections 2.7(a)
and 2.7(b) of the Reorganization Agreement; provided, however, that no capital
that may be provided by Diamond I to DiTech shall be charged against the
profitability of the Target System (as that term is defined in the
Reorganization Agreement) for purposes of determining the vesting and issuance
of the Operational Shares (as that term is defined in the Reorganization
Agreement) pursuant to Section 1.6(b)(iii) of the Reorganization Agreement.

2. ISSUANCE OF SHARES OF DIAMOND I COMMON STOCK

In consideration of the waiver of the Shareholders contained in Section 1
hereof, Diamond I shall issue to the shareholders a total of 1,000,000 shares of
its $.001 par value common stock, as follows: Jason P. Davis, 250,000 shares;
Mike Prasad, 200,000 shares; Ryan Hayden, 200,000 shares; Larry Shultz, 200,000
shares; and Clayton D. Carter, 150,000 shares.

3. REPRESENTATIONS OF DIAMOND I

Diamond I has all necessary corporate power and authority to enter into this
Agreement and Waiver and to carry out its obligations hereunder. The execution
and delivery of this Agreement and Waiver by Diamond I and the consummation by
Diamond I of the transactions contemplated hereby have been duly authorized by
all necessary corporate action. This Agreement and Waiver has been duly executed
and delivered by Diamond I and constitutes a legal, valid and binding obligation
of Diamond I.

4. REPRESENTATIONS OF THE SHAREHOLDERS

The Shareholders, and each of them, hereby represent and warrant to Diamond I
that:
A. the Shareholders, and each of them, are under no legal disability with
respect to entering into this Agreement and Waiver;
B. the Shareholders, and each of them, hereby represent and warrant that they
have reviewed all of Diamond I's filings with the Securities and Exchange
Commission, to date, and, with respect to such information, the Shareholders,
and each of them, further represent and warrant that they have had an
opportunity to ask questions of, and to receive answers from, the officers of
Diamond I;
C. the Shareholders, and each of them, represent and warrant to Diamond I that
the shares of Diamond I common stock being issued to them pursuant to this
Agreement and Waiver are being acquired for their own accounts and for
investment and not with a view to the public resale or distribution of such
shares and further acknowledge that the shares being issued have not been
registered under the Securities Act or any state securities law and are
"restricted securities", as that term is defined in Rule 144 promulgated by the
SEC, and must be held indefinitely, unless they are subsequently registered or
an exemption from such registration is available; and
D. the Shareholders, and each of them, consent to the placement of a legend
restricting future transfer on the share certificates representing the Diamond I
common stock delivered hereunder, which legend shall be in the following, or
similar, form: "THE STOCK REPRESENTED BY THIS CERTIFICATE HAS BEEN ISSUED IN
RELIANCE UPON THE EXEMPTION FROM REGISTRATION AFFORDED BY SECTION 4(2) OF THE
SECURITIES ACT OF 1933, AS AMENDED. THE STOCK MAY NOT BE TRANSFERRED WITHOUT
REGISTRATION EXCEPT IN TRANSACTIONS EXEMPT FROM SUCH REGISTRATION."

5.  MISCELLANEOUS

A. Notices. All notices and other communications given or made pursuant hereto
shall be in writing and shall be deemed to have been duly given or made as of
the date delivered or mailed if delivered personally or mailed by registered or
certified mail (postage prepaid, return receipt requested) to the parties at the
following addresses (or at such other address for a party as shall be specified
by like notice, except that notices of changes of address shall be effective
upon receipt):
(1) If to Parent or Acquiror: Diamond I, Inc., 5555 Hilton Avenue, Suite 207,
Baton Rouge, Louisiana 70808
(2) If to the Shareholders: Messrs. Davis, Prasad and Hayden, 616 Nimes Road,
Los Angeles, California 90077
Larry Shultz ,2769 Deep Canyon Drive, Beverly Hills, California 90120

B. Arbitration. Any dispute arising under this Agreement and Waiver shall be
resolved by arbitration in Dallas, Texas, under the Rules of the American
Arbitration Association, as then in effect. The determination and award of the
arbitrator, which aware may include punitive damages, shall be final and binding
on the parties and may be entered as a judgment in any court of competent
jurisdiction. It is expressly agreed that the arbitrators, as part of their
award, can award attorneys' fees to the prevailing party.
C. Binding Effect; Benefit. This Agreement and Waiver shall inure to the benefit
of and be binding upon the parties hereto and their successors and permitted
assigns. Nothing in this Agreement and Waiver, express or implied, is intended
to confer on any person other than the parties hereto and their respective
successors and permitted assigns, any rights, remedies, obligations or
liabilities under or by reason of this Agreement and Waiver, including, without
limitation, third party beneficiary rights.
D. Severability. If any term or other provision of this Agreement and Waiver is
invalid, illegal or incapable of being enforced by any rule of law, or public
policy, all other conditions and provisions of this Agreement and Waiver shall
nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner
adverse to any party. Upon such determination that any term or other provision
is invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement and Waiver so as to effect the
original intent of the parties as closely as possible in an acceptable manner to
the end that transactions contemplated hereby are fulfilled to the extent
possible.
E. Entire Agreement. This Agreement and Waiver constitutes the entire agreement
and supersedes all prior agreements and undertakings, both oral and written,
among the parties, or any of them, with respect to the subject matter hereof
and, except as otherwise expressly provided herein, are not intended to confer
upon any other person any rights or remedies hereunder.
F. Assignability. This Agreement and Waiver shall not be assignable by either
party or by operation of law, except with the express written consent of each
other party.
G. Governing Law. This Agreement and Waiver shall be governed by, and construed
in accordance with, the laws of the State of Delaware applicable to contracts
executed in and to be performed in such State.
DIAMOND I:                         SHAREHOLDERS:
DIAMOND I, INC.                    /s/ JASON P. DAVIS
By: /s/ DAVID LOFLIN               Jason P. Davis, individually
David Loflin, President            /s/ MIKE PRASAD
                                   Mike Prasad, individually
                                   /s/ RYAN HAYDEN
                                   Ryan Hayden, individually
                                   /s/ LARRY SHULTZ
                                   Larry Shultz, individually
                                   /s/ CLAYTON D. CARTER
                                   Clayton D. Carter, individuallyExhibit 10.1

    
      

    

    Executive
      Change of Control Severance Benefit

     

    

    
      	
              1.

            	
              POLICY

            

    

    

    Transocean
      Inc. (together with its subsidiaries, unless the context requires otherwise,
      the
“Company”) will provide, or will cause the appropriate employing subsidiary to
      provide, the severance benefits as defined herein to designated executives
      who
      are terminated for other than Cause or who leave for Good Reason, in either
      case
      within 24 months after a Change of Control.

    

    
      	
              2.

            	
              PURPOSE

            

    

    

    The
      purpose of this policy is to define the severance policy of the Company for
      designated executives after a Change of Control.

    

    
      	
              3.

            	
              SCOPE

            

    

    

    This
      policy shall only apply to certain executives designated by the Company’s Board
      of Directors in its sole discretion. As a condition precedent to receipt of
      these severance benefits, each executive will be required to execute a binding
      release satisfactory to the Company pursuant to which such employee releases
      the
      Company and its affiliates from any liability in connection with employment
      by
      the Company and its affiliates. To the extent an executive is entitled to the
      benefits of this policy, such executive shall not be entitled to the benefits
      under the Company’s Executive Severance Benefit effective February 9,
      2005.

    

    
      	
              4.

            	
              PROCEDURE

            

    

    

    Executives
      who, within 24 months after a Change of Control, are terminated for other than
      Cause or leave the Company for Good Reason as defined under this policy shall
      be
      provided the following payments, benefits and other services as hereinafter
      defined, with payments to be made within eight (8) business days after execution
      of a satisfactory release.

    

    
      	 	
              4.1

            	
              Base
                Salary

            

    

    

    The
      Company will pay base salary up to the date of termination.

    

    
      	 	
              4.2

            	
              Bonus

            

    

    

    The
      Company will pay the executive a prorata share of the bonus opportunity up
      to
      the date of termination at the then projected year end rate of payout, in an
      amount, if any, as determined by the Executive Compensation Committee in its
      sole discretion.

    

    
      	 	
              4.3

            	
              Severance

            

    

    

    The
      executive will be eligible to receive a lump sum cash severance payment equal
      to
      2.99 times the sum of (a) base salary of the executive calculated using the
      higher of the annual base salary in effect at the time of termination or that
      in
      effect on the date of the Change of Control and (b) any target bonus at the
      100%
      level for which the executive is eligible for the fiscal year in which the
      termination of employment occurs.

     

    
      
      

      
        

      

    

    
      
      

    

     

    
      	 	
              4.4

            	
              Long
                Term Incentives

            

    

    

    Terminations
      of employment made under the provisions of this policy shall, unless otherwise
      governed by the specific award and plan, for purposes of any long term incentive
      plan (“LTIP”) awards held by the executive be deemed “For the Convenience of the
      Company”, as defined within the individual LTIP award documents.

    

    
      	 	
              4.5

            	
              Outplacement

            

    

    

    The
      executive will be eligible to receive outplacement services the duration and
      costs for which shall be determined by the then prevailing Human Resources’
practice concerning use of outplacement services, and in no event should exceed
      a cost to the Company of 5% of the base annual salary of the executive used
      to
      determine the severance payment in Section 4.3.

    

    
      	 	
              4.6

            	
              Excise
                Tax

            

    

    

    If
      any of
      the payments or benefits received by the executive designated to participate,
      whether or not pursuant to this policy, will be subject to the Excise Tax,
      then
      the Company shall pay to the executive an additional amount (“Gross-Up Payment”)
      such that the net amount retained by the executive, after deduction of any
      Excise Tax on the total payments and any federal, state and local income and
      employment taxes and Excise Tax upon the Gross-Up Payment, shall be equal to
      the
      amount executive would have otherwise received without such Excise Tax;
      provided, however, that if it shall be determined that the executive is entitled
      to a Gross-Up Payment, but that the total to be paid to executive does not
      exceed 110% of the greatest amount (the “Reduced Amount”) that could be paid to
      the executive such that the receipt of the total would not give rise to any
      Excise Tax, then no Gross-Up Payment shall be made to the executive and the
      total payments to executive in the aggregate shall be reduced to the Reduced
      Amount.

    

    
      	 	
              4.7

            	
              Supplemental
                Retirement Plan

            

    

    

    For
      purposes of determining the executive’s benefits under the Company’s
      Supplemental Retirement Plan, the executive shall be assumed to have three
      (3)
      additional years of age and service credits for vesting and benefit accrual
      (subject to the maximum services period under the Company’s Retirement Plan),
      for purposes of calculating the amount under Section 4.1(a)(1) of the
      Supplemental Retirement Plan that would otherwise have been payable under the
      Company’s Retirement Plan; provided, further, that for purposes of determining
“final average earnings” under the Company’s Retirement Plan, the executive’s
      employment shall be deemed to have continued for three (3) years following
      termination with the annualized base salary rate and the annual incentive award
      used in the calculation of base and bonus compensation per Section 4.3 of this
      policy.

    

    
      	 	
              4.8

            	
              Other
                Benefits

            

    

    

    Any
      other
      termination benefits will be managed consistent with current severance practices
      for non-executive employees.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    
      	
              5.

            	
              DEFINITIONS

            

    

    

    “Cause”
      for termination by the Company of the executive’s employment shall mean (i) the
      willful and continued failure by the executive to substantially perform the
      executive’s duties with the Company (other than any such failure resulting from
      the executive’s incapacity due to physical or mental illness) after a written
      demand for substantial performance is delivered to the executive by the Board
      which demand specifically identifies the manner in which the Board believes
      that
      the executive has not substantially performed the executive’s duties, or (ii)
      the willful engaging by the executive in conduct which is demonstrably and
      materially injurious to the Company or its subsidiaries, monetarily or
      otherwise. For purposes of clauses (i) and (ii) of this definition, no act,
      or
      failure to act, on the executive’s part shall be deemed “willful” unless done,
      or omitted to be done, by the executive not in good faith and without reasonable
      belief that the executive’s act, or failure to act, was in the best interest of
      the Company.

    

    “Change
      in Control” - a Change in Control shall be deemed to have occurred for purposes
      of this policy if the event set forth in any one of the following paragraphs
      shall have occurred:

    

    (I.)
      any
      person or entity ( “Person”) is or becomes the Beneficial Owner (as defined in
      Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly,
      of securities of the Company (not including in the securities beneficially
      owned
      by such Person any securities acquired directly from the Company or its
      affiliates) representing 20% or more of the combined voting power of the
      Company’s then outstanding securities, excluding any Person who becomes such a
      Beneficial Owner in connection with a transaction described in clause (i) of
      paragraph (III) below; or

    

    (II.)
      the
      following individuals cease for any reason to constitute a majority of the
      number of directors then serving: individuals who, on the date hereof,
      constitute the Board and any new director (other than a director whose initial
      assumption of office is in connection with an actual or threatened election
      contest relating to the election of directors of the Company) whose appointment
      or election by the Board or nomination for election by the Company’s
      stockholders was approved or recommended by a vote of at least two-thirds (2/3)
      of the directors then still in office who either were directors on the date
      hereof or whose appointment, election or nomination for election was previously
      so approved or recommended; or 

    

    (III.)
      there is consummated a scheme of arrangement, merger or consolidation of the
      Company or any direct or indirect subsidiary of the Company with any other
      corporation, other than (i) a scheme of arrangement, merger or consolidation
      which would result in the voting securities of the Company outstanding
      immediately prior to such scheme of arrangement, merger or consolidation
      continuing to represent (either by remaining outstanding or by being converted
      into voting securities of the surviving entity or any parent thereof), in
      combination with the ownership of any trustee or other fiduciary holding
      securities under an employee benefit plan of the Company or any subsidiary
      of
      the Company, at least 65% of the combined voting power of the securities of
      the
      Company or such surviving entity or any parent thereof outstanding immediately
      after such merger or consolidation, or (ii) a scheme of arrangement, merger
      or
      consolidation effected to implement a recapitalization of the Company (or
      similar transaction) in which no Person is or becomes the Beneficial Owner,
      directly or indirectly, of securities of the Company (not including in the
      securities Beneficially Owned by such Person any securities acquired directly
      from the Company or its Affiliates other than in connection with the acquisition
      by the Company or its Affiliates of a business) representing 20% or more of
      the
      combined voting power of the Company’s then outstanding securities; or

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    (IV.)
      the
      stockholders of the Company approve a plan of complete liquidation or
      dissolution of the Company or there is consummated an agreement for the sale
      or
      disposition by the Company of all or substantially all of the Company’s assets,
      other than a sale or disposition by the Company of all or substantially all
      of
      the Company’s assets to an entity, at least 65% of the combined voting power of
      the voting securities of which are owned by stockholders of the Company in
      substantially the same proportions as their ownership of the Company immediately
      prior to such sale.

    

    Notwithstanding
      the foregoing, a “Change in Control” shall not be deemed to have occurred by
      virtue of the consummation of any transaction or series of integrated
      transactions immediately following which the record holders of the common stock
      of the Company immediately prior to such transaction or series of transactions
      continue to have substantially the same proportionate ownership in an entity
      which owns all or substantially all or the assets of the Company immediately
      following such transaction or series of transactions.

    

    “Excise
      Tax” shall mean any excise tax imposed under section 4999 of the
      Code.

    

    “Good
      Reason” for termination by the executive of the executive’s employment shall
      mean the occurrence (without the executive’s express written consent) within 24
      months after any Change in Control of any one of the following acts by the
      Company, or failures by the Company to act:

    

    (I.)
      a
      reduction in the executive’s annual base salary as in effect on the date of the
      Change in Control or as the same may be increased from time to time except
      for
      across-the-board salary reductions similarly affecting all senior executives
      of
      the Company and all senior executives of any Person in control of the
      Company;

    

    (II.)
      the
      failure by the Company to continue in effect any compensation plan in which
      the
      executive participates immediately prior to the Change in Control which is
      material to the executive’s total compensation, including but not limited to the
      Company’s Long Term Incentive Plan and the Performance Award and Cash Bonus Plan
      or any substitute plans adopted prior to the Change in Control, unless an
      equitable arrangement (embodied in an ongoing substitute or alternative plan)
      has been made with respect to such plan or unless the Company eliminates the
      compensation plan for all participants, or the failure by the Company to
      continue the executive’s participation therein (or in such substitute or
      alternative plan) on a basis not materially less favorable, both in terms of
      the
      amount or timing of payment of benefits provided and the level of the
      executive’s participation relative to other participants, as existed immediately
      prior to the Change in Control;

    

    (III.)
      the failure by the Company to continue to provide the executive with benefits
      substantially similar to those enjoyed by the executive under any of the
      Company’s pension, savings, life insurance, medical, health and accident, or
      disability plans in which the executive was participating immediately prior
      to
      the Change in Control (except for across-the-board changes similarly affecting
      all senior executives of the Company and all senior executives of any Person
      in
      control of the Company), the taking of any other action by the Company which
      would directly or indirectly materially reduce any of such benefits or deprive
      the executive of any material fringe benefit or perquisite enjoyed by the
      executive at the time of the Change in Control, or the failure by the Company
      to
      provide the executive with the number of paid vacation days to which the
      executive is entitled on the basis of years of service with the Company in
      accordance with the Company’s normal vacation policy in effect at the time of
      the Change in Control. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    The
      executive’s right to terminate the executive’s employment for Good Reason shall
      not be affected by the executive’s incapacity due to physical or mental illness.
      The executive’s continued employment shall not constitute consent to, or a
      waiver of rights with respect to, any act or failure to act constituting Good
      Reason hereunder.

    

    
      	
              6.

            	
              RESPONSIBILITY

            

    

    

    Except
      as
      otherwise stated herein, this policy will be administered by the Vice President
      of Human Resources. This policy is subject to review, change or cancellation
      at
      any time at the sole discretion of the Executive Compensation Committee of
      Transocean Inc., provided, however, that the policy shall not be changed as
      to
      the designated executives after a Change of Control.

    

    
      	
              7.

            	
              SECTION
                409A

            

    

    

    Notwithstanding
      anything in this policy to the contrary, if any payment or benefit under this
      policy would result in the imposition of an additional tax under Section 409A
      of
      the Internal Revenue Code and related regulations and United States Department
      of the Treasury pronouncements, that provision of this policy will be reformed
      to avoid imposition of the applicable tax.

    

    
      	
              8.

            	
              EFFECTIVE
                DATE

            

    

    

    The
      effective date of this policy is July 15, 2005.

     

    5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]