Document:

EX-10.8

 Exhibit 10.8 
 TREX COMPANY, INC. 
 2005 STOCK INCENTIVE PLAN 

RESTRICTED STOCK AGREEMENT 
 PERFORMANCE-BASED SHARES 
 Trex Company, Inc., a Delaware corporation (the
“Company”), hereby grants shares of its common stock, $.01 par value (“Shares”), to the Grantee named below, subject to the vesting conditions set forth in the attachment. Additional terms and conditions of the grant are set
forth in this cover sheet, in the attachment and in the Company’s 2005 Stock Incentive Plan (the “Plan”). 
 Grant Date:
                         
 Name of Grantee:                          

Target Number of Shares Covered by Grant:
                         
 Maximum Number of Shares of Stock Covered by Grant:                         

 Purchase Price per Share of Stock: $.01 
 Vesting Schedule: 
  

					
	 Vesting Date
	  	 Target
 # of Shares
	  	 Maximum
# of Shares

	 2015
	  		  	
		  	  
	  	  

	 2016
	  		  	
		  	  
	  	  

	 2017
	  		  	
		  	  
	  	  

 The actual vesting date each year shall be the date of the first regularly scheduled Compensation Committee meeting held
in that year. 
 By signing this cover sheet, you agree to all of the terms and conditions described in the attached
Agreement and in the Plan. You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent. 

 

			
	Grantee:	 	  

		 	(Signature)
		
	Company:	 	  

		 	Ronald W. Kaplan
		 	President and Chief Executive Officer

 This is not a stock certificate or a negotiable instrument. 

  
 1 

 TREX COMPANY, INC. 

2005 STOCK INCENTIVE PLAN 
 RESTRICTED STOCK AGREEMENT 
 PERFORMANCE-BASED SHARES 

 

			
	Restricted Stock/ Nontransferability	 	 This grant is an award of up to the maximum number of Shares set forth on the cover sheet, at the purchase price set forth on the
cover sheet, and subject to the vesting conditions described herein (the “Restricted Stock”).
  
 To the extent not yet vested, your Restricted Stock may not be transferred, assigned, pledged or hypothecated, whether by operation of law or otherwise, nor may the Restricted Stock be made subject to
execution, attachment or similar process.

		
	Issuance and Vesting	 	 The Company will issue your Restricted Stock in your name as of the Grant Date.

 
 The actual number of Shares that will vest each year, if any, will be determined
based on the Company’s attainment of the performance goals set forth on Schedule A for the time periods indicated; provided that you continue to provide services to the Company or a Subsidiary as an employee or a Service Provider
(“Services”) on each such vesting date. Each year, on the vesting date referred to on the cover sheet, the actual performance multiple, as referred to on the attached Schedule A, shall be applied to the Target # of Shares set forth on the
cover sheet to determine the actual number of Shares that shall vest (which in no event shall be more than the Maximum Number of Shares set forth on the cover sheet), with any fractional Shares being rounded to the nearest whole number.

 
 Upon the vesting of the Shares hereunder, the Company will issue you a share
certificate for such shares, free of the legend set forth on page 6 hereof. The Purchase Price for the Shares shall be deemed to be paid at that time by your services to the Company.

		
	Early Vesting	 	 Upon the termination of your Services, other than by reason of your death, permanent and total disability (within the meaning of
Section 22(e)(3) of the Code), Retirement, or termination by the Company without “Cause” or at your election with “Good Reason,” any Restricted Stock that has not vested hereunder shall immediately be deemed forfeited.

 
 In the event of the termination of your Services because of your death, permanent
and total disability (within the meaning of Section 22(e)(3) of the Code), or Retirement, or termination by the Company without “Cause” or at your election with “Good Reason”, any Restricted Stock that has not vested hereunder
shall immediately become fully vested.
  
 “Cause” means one of the
following reasons for which your employment with the Company is terminated: (1) Your willful or grossly negligent misconduct that is materially injurious to the Company; (2) Your embezzlement or misappropriation of funds or property of the Company;
(3) Your conviction of a felony or the entrance of a plea of guilty or nolo contendere to a felony; (4) Your conviction of any crime involving fraud, dishonesty, moral turpitude or breach of trust or the entrance of a plea of guilty or nolo
contendere to such a crime; or (5) Your willful failure or refusal by you to devote your full business time (other than on account of disability or approved leave) and attention to the performance of your duties and responsibilities if such breach
has not been cured within 15 days after written notice thereof is given to you by the Board of Directors.
  
 “Good Reason” shall exist upon: (1) a material and adverse change in your status or position(s) as an officer or management employee of the Company, including, without limitation, any adverse
change in your status or position as an employee of the Company as a result of a material diminution in your duties or responsibilities (other than, if applicable, any such change directly attributable to the fact that the Company is no longer
publicly owned) or the assignment to you of any duties or responsibilities which

  
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		 	 are materially inconsistent with such status or position(s) (other than any isolated and inadvertent failure by the Company that is
cured promptly upon your giving notice), or any removal of you from or any failure to reappoint or reelect you to such position(s) (except in connection with your termination other than for Good Reason); (2) a 10% or greater reduction in your
aggregate base salary and targeted bonus, other than any such reduction proportionately consistent with a general reduction of pay across the executive staff as a group, as an economic or strategic measure due to poor financial performance by the
Company; (3) the failure by the Company to continue in effect any employee benefit plan (excluding any equity compensation plan) in which you are participating (or plans providing you with similar benefits that are not materially reduced in the
aggregate) other than as a result of the normal expiration of any such plan in accordance with its terms; or the taking of any action, or the failure to act, by the Company or any successor which would adversely affect your continued participation
in any of such plans on at least as favorable a basis to you or which would materially reduce your benefits under any of such plans; (4) Company’s requiring you to be based at an office that is both more than 50 miles from where your office is
located and further from your then current residence; or (5) a material breach by the Company of any agreement with you; provided, however, that if any of the conditions exists, you must provide notice to the Company no more than ninety (90)
calendar days following the initial existence of the condition and your intention to terminate your employment for Good Reason. Upon such notice, the Company shall have a period of thirty (30) calendar days during which it may remedy the
condition.
  
 In the event of a Change in Control, any Restricted Stock that
has not vested hereunder shall immediately become fully vested. “Change in Control” shall have the meaning given to such term in the Change in Control Severance Agreement between you and the Company.

 
 Notwithstanding the foregoing or any other provision herein to the contrary,
Restricted Stock shall also vest according to the terms and conditions, if so provided, in any separate agreement between you and the Company, including but not limited to any Employment Agreement, Severance Agreement or Change in Control Severance
Agreement.
  
 In the event Restricted Stock vests early (under any
circumstance), it shall vest at the “Target” amount (and not the “Maximum” amount) (regardless of the amount of the relevant performance period that precedes such event or the level of performance to date).

		
	Escrow	 	 The certificates for the Restricted Stock shall be deposited in escrow with the Secretary of the Company to be held in accordance
with the provisions of this paragraph. In the alternative, the Company may use the book-entry method of share recordation to indicate your share ownership and the restrictions imposed by this Agreement. If share certificates are issued, each
deposited certificate shall be accompanied by a duly executed Assignment Separate from Certificate in the form attached hereto as Exhibit A. The deposited certificates shall remain in escrow until such time or times as the certificates are to be
released or otherwise surrendered for cancellation as discussed below. Upon delivery of the certificates to the Company, you shall be issued an instrument of deposit acknowledging the number of Shares delivered in escrow to the Secretary of the
Company.
  
 All regular cash dividends on the Restricted Stock (or other
securities at the time held in escrow) shall be paid directly to you and shall not be held in escrow. However, in the event of any stock dividend, stock split, recapitalization or other change affecting the Shares as a class effected without receipt
of consideration, or in the event of a stock split, a stock dividend or a similar change in the Stock, any new, substituted or additional securities or other property which is by reason of such transaction distributed with respect to the Restricted
Stock shall be immediately delivered to the Secretary of the Company to be held in escrow hereunder, but only to the extent the Restricted Stock is at the time subject to the escrow requirements
hereof.

  
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		 	As your interest in the Restricted Stock vests as described above, the certificates for such vested Shares shall be released from escrow and delivered to you, at your
request.
		
	Withholding Taxes	 	You agree, as a condition of this grant, that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the vesting of Shares
acquired under this grant. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to the vesting of shares arising from this grant, the Company shall have the right to
require such payments from you, withhold Shares that would otherwise have been issued to you under this Agreement or withhold such amounts from other payments due to you from the Company or any Affiliate.
		
	 Section 83(b)

Election
	 	 Under Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”), the difference between the purchase price
paid for the Shares and their fair market value on the date any forfeiture restrictions applicable to such shares lapse will be reportable as ordinary income at that time. You may elect to be taxed at the time the Restricted Stock is acquired rather
than when such Restricted Stock ceases to be subject to such forfeiture restrictions by filing an election under Section 83(b) of the Code with the Internal Revenue Service within thirty (30) days after the Grant Date. You will have to make a tax
payment to the extent the purchase price is less than the fair market value of the shares on the Grant Date. No tax payment will have to be made to the extent the purchase price is at least equal to the fair market value of the Shares on the Grant
Date. The form for making this election is attached as Exhibit B hereto. Failure to make this filing within the thirty (30) day period will result in the recognition of ordinary income by you (in the event the fair market value of the Shares
increases after the date of purchase) as the forfeiture restrictions lapse.
  

YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY ELECTION UNDER SECTION 83(b), EVEN IF YOU REQUEST THE
COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE ANY 83(b) ELECTION.

		
	Retention Rights	 	This Agreement does not give you the right to be retained by the Company in any capacity. The Company reserves the right to terminate your service with the Company at any time
and for any reason.
		
	Shareholder Rights	 	You shall have the right to vote the Restricted Stock and, subject to the provisions of this Agreement, to receive any dividends declared or paid on such stock. Any distributions
you receive as a result of any stock split, stock dividend, combination of shares or other similar transaction shall be deemed to be a part of the Restricted Stock and subject to the same conditions and restrictions applicable thereto. The Company
may in its sole discretion require any dividends paid on the Restricted Stock to be reinvested in Shares, which the Company may in its sole discretion deem to be a part of the shares of Restricted Stock and subject to the same conditions and
restrictions applicable thereto. Except as described in the Plan, no adjustments are made for dividends or other rights if the applicable record date occurs before your stock certificate is issued.
		
	Adjustments	 	In the event of a stock split, a stock dividend or a similar change in the Shares, the number of Shares covered by this grant shall be adjusted (and rounded down to the nearest
whole number) pursuant to the Plan. Your Restricted Stock shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate
activity.

  
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	Legends	 	 All certificates representing the Restricted Stock issued in connection with this grant shall, where applicable, and if issued prior
to vesting, have endorsed thereon the following legend:
  

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES
SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR THE HOLDER’S PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE
SECRETARY OF THE COMPANY BY THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”

		
	Applicable Law	 	This Agreement will be interpreted and enforced under the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Agreement to the substantive law of another jurisdiction.
		
	The Plan	 	 The text of the Plan is incorporated in this Agreement by reference. Certain capitalized terms used in this Agreement are
defined in the Plan, and have the meaning set forth in the Plan.
  

This Agreement and the Plan constitute the entire understanding between you and the Company regarding this grant of Restricted Stock. Any prior
agreements, commitments or negotiations concerning this grant are superseded.

		
	Consent to Electronic Delivery	 	The Company may choose to deliver certain statutory materials relating to the Plan in electronic form. By accepting this grant you agree that the Company may deliver the Plan
prospectus and the Company’s annual report to you in an electronic format. If at any time you would prefer to receive paper copies of these documents, as you are entitled to receive, the Company would be pleased to provide copies. Please
contact Corporate Human Resources to request paper copies of these documents.

 By signing the cover sheet of this Agreement, you agree to all of the terms and conditions
described above and in the Plan. 

  
 5 

 EXHIBIT B 

ASSIGNMENT SEPARATE FROM CERTIFICATE 
 FOR VALUE RECEIVED,                          hereby sells, assigns and
transfers unto Trex Company, Inc., a Delaware corporation (the “Company”),
                        (               
         ) shares of common stock of the Company represented by Certificate No.
                         herewith and does hereby irrevocable constitute and appoint
                         Attorney to transfer the said stock on the books of the Company with full power of substitution
in the premises. 

Dated:                     
   , 20         
  

	
	  

	 Print Name

	
	  

	 Signature

 Spouse Consent (if applicable) 

                      
   (Purchaser’s spouse) indicates by the execution of this Assignment his or her consent to be bound by the terms herein as to his or her interests, whether as community property or otherwise, if any, in the shares of common stock
of the Company. 
  

	
	  

	 Signature

 INSTRUCTIONS: PLEASE DO NOT FILL IN ANY BLANKS OTHER THAN THE SIGNATURE LINE. THE PURPOSE OF THIS ASSIGNMENT IS
TO ENABLE THE COMPANY TO EXERCISE ITS “REPURCHASE OPTION” SET FORTH IN THE AGREEMENT WITHOUT REQUIRING ADDITIONAL SIGNATURES ON THE PART OF PURCHASER. 

  
 6 

 EXHIBIT C 

ELECTION UNDER SECTION 83(b) OF THE INTERNAL REVENUE CODE 
 The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described below and supplies the following information in accordance with
the regulations promulgated thereunder: 
  

	1.	The name, address and social security number of the undersigned: 

  

					
	Name:                           
                                         
                                         
                                 	  	
		
	Address:                          
                                         
                                         
                              	  	
		
	                           
                                         
                                         
                                         
     	  	
		
	Social Security No. :                     
                                         
                                         
            	  	

  

	2.	Description of property with respect to which the election is being made: 

                          shares of common stock, par value $.01 per share, of
Trex Company, Inc., a Delaware corporation (the “Company”). 
  

	3.	The date on which the property was transferred is
                             , 20    . 

 

	4.	The taxable year to which this election relates is calendar year 20    . 

 

	5.	Nature of restrictions to which the property is subject: 

 The shares of stock are subject to the provisions of a Restricted Stock Agreement between the undersigned and the Company. The shares of stock are subject to forfeiture under the terms of the Agreement.

  

	6.	The fair market value of the property at the time of transfer (determined without regard to any lapse restriction) was
$             per share, for a total of $            . 

 

	7.	The amount paid by taxpayer for the property was $            . 

 

	8.	A copy of this statement has been furnished to the Company. 

 Dated:                     , 20     

 

	
	  

	Taxpayer’s Signature
	
	  

	Taxpayer’s Printed Name

  
 7 

 PROCEDURES FOR MAKING ELECTION 

UNDER INTERNAL REVENUE CODE SECTION 83(b) 

The following procedures must be followed with respect to the attached form for making an election under Internal Revenue Code
section 83(b) in order for the election to be effective:2

 1. You must file one copy of the completed election form with the IRS Service Center where you file your federal income tax
returns within thirty (30) days after the Grant Date of your Restricted Stock. 
 2. At the same time you file the election
form with the IRS, you must also give a copy of the election form to the Secretary of the Company. 
 3. You must file
another copy of the election form with your federal income tax return (generally, Form 1040) for the taxable year in which the stock is transferred to you. 
  

 

	2 	Whether or not to make the election is your decision and may create tax consequences for you. You are advised to consult your tax advisor if you are unsure whether or
not to make the election. 

  
 8EX-10.20

 Exhibit 10.20 

EXTENSION AGREEMENT AND AMENDMENT NO. 1 TO CREDIT AGREEMENT 

This EXTENSION AGREEMENT AND AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”), dated effective as of
December 9, 2013 (the “Effective Time”), is by and among Diamond Offshore Drilling, Inc., a Delaware corporation (the “Borrower”), the Lenders party hereto, and Wells Fargo Bank, National Association, as an
issuing bank, as swing line lender, and as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). 
 WHEREAS, the Borrower, the lenders from time to time party thereto (the “Lenders”), and the Administrative Agent are parties to the Credit Agreement dated as of September 28,
2012 (as it may be amended, supplemented or modified from to time to time, the “Credit Agreement”, the capitalized terms of which are used herein as therein defined unless otherwise defined herein); 

WHEREAS, the Borrower has requested, and the Administrative Agent and the Required Lenders have agreed, to make certain amendments
to the Credit Agreement, each as provided for herein. Furthermore, certain of the Lenders have severally agreed to extend their respective Commitments on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants, representations and warranties contained herein, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 Section 1.     Amendments.  
 (a)     Section 1.01 of the Credit Agreement is hereby amended by adding the following new defined terms in their appropriate alphabetical order: 

“Declining Lender” has the meaning set forth in Section 2.22(b). 

“Extending Lender” has the meaning set forth in Section 2.22(b). 

“Extension Effective Date” has the meaning set forth in Section 2.22(c). 

“First Amendment” means that certain Extension Agreement and Amendment No. 1 to Credit
Agreement dated as of December 9, 2013 among the Borrower, the Lenders party thereto, and the Administrative Agent. 
 “First Amendment Effective Date” means December 9, 2013. 
 “Replacement Lender” has the meaning set forth in Section 2.19(b). 
 (b)    Section 1.01 of the Credit Agreement is hereby amended by restating the following definitions in their entirety as follows: 

“Commitment” means, with respect to each Lender, the commitment of such Lender to make
Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Credit Exposure hereunder, as such commitment may be
(a) increased from time to time pursuant to Section 2.02, (b) reduced or terminated from time to time pursuant to Section 2.08 or Section 2.19, (c) increased and/or extended from time to time pursuant to
Section 2.22 and (d) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The amount of each Lender’s Commitment as of the First Amendment Effective Date is set forth on
Schedule 2.01. 
 “Lenders” means the Persons listed on Schedule 2.01 and any
other Person that shall have become a party hereto pursuant to Section 2.02, Section 2.22 or pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.
Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender. 

“Maturity Date” means the fifth anniversary of the Effective Date, as such date may be extended
by the relevant Lenders pursuant to Section 2.22. 
 (c)    Section 2.02(b) of
the Credit Agreement is hereby amended by adding the following new sentence at the end of such Section 2.02(b): 
 If the Maturity Date has been extended for any Lender(s) pursuant to Section 2.22, the Notice of Commitment Increase shall also specify the Maturity Date applicable to the additional
Commitment of each CI Lender and Increasing Lender, as the case may be, which Maturity Date shall be (x) in the case of a CI Lender, a date on which Commitments of at least one existing Lender currently expire and (y) in the case of an
Increasing Lender, the Maturity Date applicable to such Increasing Lender’s Commitments in effect prior to such Commitment Increase. 

  
 1

 (d)    Section 2.19(b) of the Credit Agreement is
hereby amended by adding the following clause (vi) in numerical order and changing the existing clause (vi) to be clause (vii): 
 (vi)     any Lender is a Declining Lender (including, for the avoidance of doubt, any Lender that does not extend the Maturity Date of any of its Commitments pursuant to the
First Amendment, effective as of the First Amendment Effective Date), 

(e)    Section 2.19(b) of the Credit Agreement is hereby amended by inserting “(such
assignee being referred to as a “Replacement Lender”)” immediately following “(which assignee may be another Lender, if a Lender accepts such assignment)”. 

(f)    Section 2.19(b) of the Credit Agreement is hereby amended by deleting the word
“and” following the semicolon in clause (E), changing the period at the end of clause (F) to a semicolon followed by the word “and”, and adding the following as a new clause (G): 

(G)     in the case of any assignment of a Declining Lender’s Commitments, the relevant
Replacement Lender, after giving effect to such assignment, elects to extend its Commitment pursuant to Section 2.22 to a date which shall be the latest Maturity Date for any Commitments then in effect under this Agreement (after giving effect
to the latest Extension Effective Date). 
 (g)     Section 2.19(b) of the Credit
Agreement is hereby amended by adding the following new sentence at the end of such Section 2.19(b): 
 If
the Maturity Date has been extended for any Lender(s) pursuant to Section 2.22, the assignment pursuant to this Section 2.19(b) shall specify the Maturity Date applicable to the Commitment of such Replacement Lender pursuant to this
Section 2.19(b), which Maturity Date shall be the same as that for the Commitment of the Lender being replaced, unless such Lender is being replaced pursuant to Section 2.19(b)(vi), in which case such Maturity Date shall be the latest
Maturity Date for any Commitments then in effect under this Agreement (after giving effect to the latest Extension Effective Date). 
 (h)     The Credit Agreement is hereby amended by adding the following as a new Section 2.22: 

 

	 	Section	2.22     Extension of Maturity Date. 

(a)     Request for Extension. No earlier than 90 days prior and no later than 30
days prior to each anniversary of the Effective Date, upon notice to the Administrative Agent (which shall promptly, but in any event within three (3) Business Days after receipt of such notice, notify each Lender thereof), the Borrower may
request an extension of the Maturity Date for an additional one-year period; provided that no more than two (2) of such one-year extensions shall be permitted hereunder (including the extension effectuated pursuant to the First
Amendment). At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten (10) Business
Days from the date of delivery of such notice to the Lenders).  
 (b)    
Lender Elections to Extend; Payments to Declining Lenders. Each Lender that agrees in its sole discretion to extend its Commitment (an “Extending Lender”) shall notify the Administrative Agent within such specified time
period of its agreement to extend its Commitment, which notice shall be irrevocable. The Commitment of any Lender that declines or fails to respond to the Borrower’s request for an extension of the Maturity Date within such specified time
period (a “Declining Lender”) shall be terminated on the Maturity Date then in effect for such Lender (without regard to any extension by other Lenders) and on such date the aggregate Commitments of all Lenders shall be reduced by
the total Commitments of all Declining Lenders expiring on such Maturity Date (without giving effect to the applicable extension request) except to the extent one or more lenders (including other Lenders) shall have agreed to assume such Commitments
hereunder in accordance with Section 2.19(b). The Administrative Agent shall notify the Borrower and each Lender of the Lenders’ responses to each request made hereunder no later than three (3) Business Days after the expiration of
the time period within which each Lender is requested to respond as set forth above. Subject to Section 2.22(c) below, the Borrower shall pay in full the unpaid principal amount of all Loans owing to each Declining Lender, together with all
accrued and unpaid interest thereon and all fees accrued and unpaid under this Agreement that are due to such Declining Lender and all other amounts due to such Declining Lender under this Agreement, including any breakage fees or costs that are
payable to such Declining Lender pursuant to Section 2.16, on such Maturity Date (without giving effect to the applicable extension request) or, in the case of the earlier replacement of such Declining Lender pursuant to Section 2.19(b),
the requirements of Section 2.19(b) shall be satisfied with respect to such Declining Lender. 

(c)     Effective Date and Allocations. If the Maturity Date is extended in
accordance with this Section 2.22, the Administrative Agent and the Borrower shall determine the effective date of such extension, which in no instance shall be earlier than the anniversary of the Effective Date immediately following the
Borrower’s most recent extension request pursuant to clause (a) above 

  
 2

 
or later than the Maturity Date applicable prior to giving effect to such extension (the “Extension Effective Date”), and upon such effectiveness (i) the Administrative
Agent shall record in the register any Replacement Lender’s information as provided pursuant to an Administrative Questionnaire that shall be executed and delivered by such Replacement Lender to the Administrative Agent on or before such
Extension Effective Date, (ii) the Administrative Agent shall amend and restate Schedule 2.01 hereof (without any further action required of the Lenders) to set forth all Lenders (including any Replacement Lenders) that will be Lenders
hereunder after giving effect to such extension and the Administrative Agent shall distribute to each Lender (including each Replacement Lender) a copy of such amended and restated Schedule 2.01, (iii) each Replacement Lender that complies with
the provisions of this Section 2.22 shall be a “Lender” for all purposes under this Agreement, (iv) all calculations and payments of interest on the Loans shall take into account the actual Commitments of each Lender and the
principal amount outstanding of each Loan made by such Lender during the relevant period of time, and (v) each Lender’s share of the LC Exposure on such date shall automatically be deemed to equal such Lender’s Applicable Percentage
of the LC Exposure (such Applicable Percentage for such Lender to be determined as of such Extension Effective Date in accordance with its Commitment on such date as a percentage of the Aggregate Commitment on such date) without further action by
any party. 
 (d)     Representations and Warranties; No Default. Each
extension shall be deemed to constitute a representation and warranty by the Borrower on the applicable Extension Effective Date that, at the time of and immediately after giving effect to such extension, (i) the representations and warranties
of the Borrower set forth in this Agreement are true and correct in all material respects (except that such materiality qualifier shall not be applicable to the extent that any representations and warranties already are qualified or modified by
materiality in the text thereof) on and as of such Extension Effective Date, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of such Extension Effective Date, such
representations and warranties shall continue to be true and correct in all material respects (except that such materiality qualifier shall not be applicable to the extent that any representations and warranties already are qualified or modified by
materiality in the text thereof) as of such specified earlier date, and (ii) no Event of Default shall have occurred and be continuing. 
 (e)     Extension; Conditions to Effectiveness. If, but only if, Extending Lenders and Replacement Lenders have agreed to provide Commitments in an aggregate amount
greater than 50% of the aggregate amount of the Commitments outstanding immediately prior to the Extension Effective Date, the Maturity Date of such Extending Lenders and Replacement Lenders shall be extended by one year; provided that the
Commitment of each Extending Lender and each Replacement Lender shall be on the same terms and conditions as the Commitment of each other Extending Lender and Replacement Lender. In addition, as a condition precedent to such extension, the
Administrative Agent shall have received (i) a certificate of a Responsible Officer of the Borrower dated as of the applicable Extension Effective Date (A) certifying and attaching the resolutions adopted by the Borrower approving such
extension, and (B) certifying that the conditions of this Section 2.22 with respect to such extension have been satisfied, and (ii) such other documents reasonably requested by the Administrative Agent in connection therewith.

 (i)     Section 9.02(a)(iv) of the Credit Agreement is hereby amended by replacing the
reference to “Section 2.18(b)” with “Section 2.18(c)”. 

(j)    Schedule 2.01 to the Credit Agreement is hereby replaced in its entirety with Schedule
2.01 attached hereto. 
 Section 2.    Consent to Extension of
Maturity Date. Upon the effectiveness of this Amendment pursuant to Section 3 below, the Maturity Date of the Commitments of the Lenders who have severally agreed to extend their respective Commitments (each, an “Initial
Extending Lender” and collectively, the “Initial Extending Lenders”) is hereby extended to the sixth (6th) anniversary of the Effective Date as set forth on Schedule 2.01 to the Credit Agreement, as amended
by this Amendment. The Maturity Date with respect to the Commitments of each other Lender, if any, shall remain unchanged (i.e., shall remain the fifth (5th) anniversary of the Effective Date), as set forth on Schedule 2.01 to the Credit Agreement, as
amended by this Amendment. The extension of the Maturity Date at the Effective Time as set forth in this Section 2 shall be deemed to constitute the first exercise of the Borrower’s right to request an extension pursuant to
Section 2.22 of the Credit Agreement, as amended by this Amendment. The requirements of Section 2.22 of the Credit Agreement, as amended by this Amendment, with respect to notices and timing are hereby waived by all parties hereto with
respect to the extension described in this Section 2. 
 Section 3.    Conditions
Precedent. This Amendment shall become effective as of the Effective Time upon the satisfaction of the following conditions precedent: 
 (a)    Documentation. The Administrative Agent shall have received the following, each dated on or before the Effective Time, duly executed by all the parties thereto,
each in form and substance reasonably satisfactory to the Administrative Agent: 

(1)    counterparts of this Amendment duly executed by the Borrower, the Required Lenders and the
Administrative Agent; 

  
 3

 (2)    a certificate from a Responsible Officer of the Borrower
dated as of the Effective Time hereof stating that, both before and after giving effect to this Amendment and the extension of the Commitments pursuant to this Amendment (i) all representations and warranties of the Borrower set forth in the
Credit Agreement are true and correct in all material respects (except that such materiality qualifier shall not be applicable to the extent that any representations and warranties already are qualified or modified by materiality in the text
thereof) on and as of the Effective Time, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the Effective Time, such representations and warranties shall continue to be
true and correct in all material respects (except that such materiality qualifier shall not be applicable to the extent that any representations and warranties already are qualified or modified by materiality in the text thereof) as of such
specified earlier date, and (ii) no Event of Default shall have occurred and be continuing; 

(3)    a secretary’s certificate of the Borrower dated the Effective Time and certifying (i) that
that there have been no changes to the organizational documents of the Borrower since the Effective Date or attaching such amendments, (ii) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors
of the Borrower authorizing the execution and delivery of this Amendment and the Loan Documents executed in connection herewith, if any, the performance of the Credit Agreement as amended hereby and the other Loan Documents and the extension of the
Commitments pursuant hereto, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, and (iii) as to the incumbency and specimen signature of each officer of the Borrower executing this
Amendment, any Loan Document delivered in connection herewith, if any, or any other document delivered in connection herewith on behalf of the Borrower; 
 (4)    such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the
Borrower; 
 (5)    a legal opinion of Duane Morris LLP, counsel for the Borrower, in form and
substance reasonably acceptable to the Administrative Agent; and 
 (6)     such other documents and
governmental certificates as the Lender Parties may reasonably request. 
 (b)    Extended
Commitments. The aggregate Commitments being extended on the Effective Time pursuant to this Amendment must be (giving effect to the agreements of the Initial Extending Lenders hereunder) at least $375,000,000. 

(c)    Payment of Fees and Expenses. On the Effective Time, the Borrower shall have paid the fees
required to be paid to the Administrative Agent on the Effective Time, including, without limitation, an extension fee for the account of each Initial Extending Lender equal to 4.0 basis points on the amount of such Initial Extending Lender’s
Commitment being extended pursuant hereto and all other costs and expenses which are payable pursuant to Section 9.03 of the Credit Agreement. 
 Section 4.    Representations and Warranties. The Borrower represents and warrants to the Administrative Agent that the representations and warranties set
forth in Article III of the Credit Agreement are true and correct on the Effective Time as if made on and as of the Effective Time, except to the extent any such representations and warranties are expressly limited to an earlier date, in
which case they are true and correct as of such earlier date, and as if each reference in said Article III to “this Agreement” or “the Loan Documents” included reference to this Amendment. 

Section 5.    Miscellaneous. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this
Agreement,” “hereunder” or words of like import shall mean and be a reference to the Credit Agreement, as affected and amended by this Amendment. This Amendment may be executed in any number of counterparts, all of which taken
together shall constitute one and the same amendatory instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. Transmission by facsimile or electronic transmission (e.g., PDF) of an executed
counterpart of this Amendment shall be deemed to constitute due and sufficient delivery of such counterpart. 
 [Signature
Pages Follow] 

  
 4

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed
and delivered by their respective duly authorized officers as of the Effective Time. 
  

			
	BORROWER :
	
	DIAMOND OFFSHORE DRILLING, INC.
		
	By:	 	/s/ Scott Kornblau
		 	Scott Kornblau
		 	Treasurer

  
  

 
  
 Signature Page to Extension Agreement and Amendment No. 1 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	LENDER PARTIES:
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION,

	as Administrative Agent, Swingline Lender, an Issuing Bank, a Lender and an Initial Extending Lender
		
	By:	 	/s/ T. Alan Smith

 
			
	Name:	 	T. Alan Smith
	Title:	 	Managing Director

  
  

 
  
 Signature Page to Extension Agreement and Amendment No. 1 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	JPMORGAN CHASE BANK, N.A.,
	as an Issuing Bank, a Lender and an Initial Extending Lender
		
	By:	 	/s/ Robert Traband

 
			
	 Name:
	 	 Robert Traband

	 Title:
	 	 Managing Director

  
  

 
  
 Signature Page to Extension Agreement and Amendment No. 1 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	 HSBC BANK USA, NATIONAL
 ASSOCIATION,

	as an Issuing Bank, a Lender and an Initial Extending Lender
		
	By:	 	/s/ Steven Smith

 
			
	Name:	 	Steven Smith
	Title:	 	Director #20290

  
  

 
  
 Signature Page to Extension Agreement and Amendment No. 1 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	BANK OF CHINA, NEW YORK BRANCH,
	as an Issuing Bank, a Lender and an Initial Extending Lender
		
	By:	 	/s/ Haifeng Xu

 
			
	Name:	 	Haifeng Xu
	Title:	 	Executive Vice President

  
  

 
  
 Signature Page to Extension Agreement and Amendment No. 1 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	CITIBANK, N.A.,
	as a Lender and an Initial Extending Lender
		
	By:	 	/s/ Jim Reilly

 
			
	Name:	 	Jim Reilly
	Title:	 	Managing Director

  
  

 
  
 Signature Page to Extension Agreement and Amendment No. 1 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	SUNTRUST BANK,
	as a Lender and an Initial Extending Lender
		
	By:	 	/s/ Shannon Juhan

 
			
	Name:	 	Shannon Juhan
	Title:	 	Vice President

  
  

 
  
 Signature Page to Extension Agreement and Amendment No. 1 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	PNC BANK, NATIONAL ASSOCIATION,
	as a Lender and an Initial Extending Lender
		
	By:	 	/s/ John Berry

 
			
	Name:	 	John Berry
	Title:	 	Vice President

  
  

 
  
 Signature Page to Extension Agreement and Amendment No. 1 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	GOLDMAN SACHS BANK USA,
	as a Lender and an Initial Extending Lender
		
	By:	 	/s/ Mark Walton

 
			
	Name:	 	Mark Walton
	Title:	 	Authorized Signatory

  
  

 
  
 Signature Page to Extension Agreement and Amendment No. 1 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	THE BANK OF NEW YORK MELLON,
	as a Lender and an Initial Extending Lender
		
	By:	 	/s/ Hussam S. Alsahlani

 
			
	Name:	 	Hussam S. Alsahlani
	Title:	 	Vice President

  
  

 
  
 Signature Page to Extension Agreement and Amendment No. 1 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 
			
	ROYAL BANK OF CANADA,
	as a Lender and an Initial Extending Lender
		
	By:	 	/s/ Jay T. Sartain

 
			
	Name:	 	Jay T. Sartain
	Title:	 	Authorized Signatory

  
  

 
  
 Signature Page to Extension Agreement and Amendment No. 1 to Credit Agreement 
 Diamond Offshore Drilling, Inc. 

 SCHEDULE 2.01 

 

													
	 LENDER
	  	NON-EXTENDED
COMMITMENT	 	  	EXTENDED
COMMITMENT	 	  	AGGREGATE
COMMITMENT	 
	 Wells Fargo Bank, National Association
	  	$	0	  	  	$	95,000,000.00	  	  	$	95,000,000.00	  
	 JPMorgan Chase Bank, N.A.
	  	$	0	  	  	$	95,000,000.00	  	  	$	95,000,000.00	  
	 HSBC Bank USA, National Association
	  	$	0	  	  	$	95,000,000.00	  	  	$	95,000,000.00	  
	 Bank of China, New York Branch
	  	$	0	  	  	$	95,000,000.00	  	  	$	95,000,000.00	  
	 Citibank, N.A.
	  	$	0	  	  	$	95,000,000.00	  	  	$	95,000,000.00	  
	 SunTrust Bank
	  	$	0	  	  	$	95,000,000.00	  	  	$	95,000,000.00	  
	 PNC Bank, National Association
	  	$	0	  	  	$	60,000,000.00	  	  	$	60,000,000.00	  
	 Goldman Sachs Bank USA
	  	$	0	  	  	$	40,000,000.00	  	  	$	40,000,000.00	  
	 The Bank of New York Mellon
	  	$	0	  	  	$	40,000,000.00	  	  	$	40,000,000.00	  
	 Royal Bank of Canada
	  	$	0	  	  	$	40,000,000.00	  	  	$	40,000,000.00	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	0	  	  	$	750,000,000	  	  	$	750,000,000	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
  
  

Schedule 2.01 to Credit Agreement 
 Diamond Offshore Drilling, Inc.

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